The industry's long-awaited "new energy industry plan" has finally set off a mystical veil in the long-awaited calling. This plan, spanning 10 years from 2011 to 2020, is expected to be fully introduced by the end of September. With regard to the preliminary disclosure of the planning plan, the cumulative increase in the total investment in the planning period by 5 trillion yuan has become the focus of attention. How to seize this historic opportunity to properly and effectively use the 5 trillion investment, eliminate the old investment style of “walking the old road with new shoesâ€, promote the leap-forward development of emerging energy, and promote the transformation of energy structure, and become an urgent response. Cracked propositions.
The joy and worry behind the 5 trillion investment
“The emerging energy industry is definitely a strategic industry of the future. This is indisputable,†Qu Yankai, executive vice president of the Leasing Industry Working Committee of the China Association of Enterprises with Foreign Investment, said in an interview with reporters on August 16. "If we use the normal 1?4 leverage, the country's 5 trillion yuan investment will drive 20 trillion yuan of investment in the entire society. For an industry, this will be a huge number. The market outlook will be very broad. If the new investment arrangement can be supported by an efficient investment system, the leverage can be enlarged."
The huge cake that huge investment is expected to bring will undoubtedly delight the industry. However, how to seize the opportunity to efficiently use this 5 trillion yuan investment to form an effective form of investment, investment arrangements, there is no lack of worry about the people. ** The well-known leasing industry expert and chief planner of Modern Leasing Network Sha Quan pointed out: “If the government’s investment is in the form of direct appropriations, it is difficult to meet the needs of funds on the one hand, and on the other hand, due to too much outsourcing of funds, investment funds can easily be lost. ."
Qu Yankai expressed the same concern. “The previous 4 trillion yuan of investment has played a huge role in expanding domestic demand and stimulating economic growth, but there are also many shortcomings. For example, in the form of investment arrangements, the main forms of investment in the form of bank loans and enlarged equity capital are investment arrangements. It did not promote private investment very well. At the same time, it also caused the pressure on the financial structure of most state-owned enterprises to be too high.†When the new round of investment boom reached, these drawbacks began to appear gradually. “Given the special nature of the energy industry and the characteristics of the state-owned enterprises, the equity financing method does not satisfy their capital requirements, and the SASAC’s hard assessment index of asset-liability ratios also makes it difficult for state-owned enterprises to raise funds through debt financing channels such as bank loans. In the case of private enterprises, due to the high risk of their own operations, it is common for them to want to lend and fail to make loans."
The root of the problem lies in the current imperfect investment and financing system in China, which leads to poor investment and financing channels. "For a long time, the state's investment system has continued to be the basic logic of whoever decides who raises money, who buys and manages, who uses it, and risks and benefits are self-sustained. It lacks a resource allocation mechanism where equipment is partly invested by third parties. , And equipment investment often accounts for at least 30% of investment projects, can not achieve the effectiveness of resources allocated through the market.†Qu Yankai said. To solve this problem, “In the investment of new energy, especially the investment and financial structure of new projects, we should establish a new concept and innovate the resource allocation mechanism, so that new energy investment can be used in a real way. 'To play a role in bringing about a flourishing social investment. And the leasing of this asset management and development concept is undoubtedly the best tool to promote the reform of the new energy industry investment system.'
**Leasing or emerging energy booster preferred
Chi Fulin, member of the National Committee of the Chinese People's Political Consultative Conference (CPPCC) and Dean of the China (Hainan) Reform Institute, pointed out in an interview with the media that the modern rental industry, which has a well-developed system, is actually a resource for investment, equipment, professional services, and human resources. The resource allocation industry of resources, its market penetration rate (the ratio of leasing to all fixed asset investments), has become one of the important yardsticks for measuring the maturity of the market economy.
Qu Yankai believes that **Leasing is first of all an innovation in the allocation of resources in the market. **Leasing is an innovative transaction in which the lessor obtains the leased property according to the lessee’s needs and provides it to the lessee for rent collection. **The basic logic of leasing is “I don’t buy it, you don’t buy it with youâ€, which implies a separate allocation mechanism for asset ownership and utilization. Different entities perform transposition configurations based on their core advantages. It has changed the traditional methods of resource allocation, such as self-determination, fundraising, and the acquisition of core advantages, self-management, self-disposal, and profit and loss.
Second, **Leasing is a mechanism innovation. **Leasing itself is a modern financial services industry with emerging third-party asset investment and asset management, with both financial and service characteristics. ** The leasing market function is highly diverse and can be understood as an innovative trading product, a ** service that replaces ** with melt, an innovation of sales model, an investment institution in addition to equity investment It also rents out assets other than debt investments by purchasing equipment to obtain asset-rising assets, and a third-party asset management mechanism. At the same time, the main body of institutional investment for renting is also diversified, including financial institutions, industrial manufacturers and distributors, and investment institutions.
Qu Yankai pointed out that, overall, the way of renting and configuring resources is very flexible. In the ownership of the leased assets, the four-power factorization of occupancy, use, income, and disposition, the lessor retains possession, and can use the leased equipment to use, profit, and dispose of the equipment. This enables transnational, trans-regional, cross-industry, and cross- Investment in the field has been successfully achieved.
He believes that from the perspective of the emerging energy industry, the government's investment in equipment through leasing can effectively prevent the occurrence of capital loss during the investment process, and can also enlarge the scale of investment through leasing companies and guide Market investment behavior. Specifically, from the perspective of enterprises, state-owned enterprises can activate assets in the form of after-sales leaseback and rent them back by way of operating leases, which can reduce the asset-liability ratio. It is no doubt that SOEs have loosened their investment and bonds; In terms of enterprises, **Leasing is an important means to enrich the capital chain and break the financial barriers. **The four-shoring of lease ownership and the protection of claims under property rights guarantees make the lessor’s credit requirements to the lessee far lower than the bank’s. The bank does not dare to provide funds and the lessor can flexibly deal with the situation according to the actual situation. The form helps private enterprises to achieve the effect of **; at the same time, in the area where some private capital in emerging energy is inconvenient to enter, it can adopt the “public-occupied country rent†approach, that is, the establishment of private capital ** leasing companies, the purchase of equipment rent and the use of state-owned enterprises On the one hand, it ensures the state-owned nature and economic security of these areas. On the other hand, it also maximizes the accumulation of idle funds from the public and mobilizes the enthusiasm of social capital.
** Sha Quan, a well-known expert in the leasing industry, believes: “Only through the government’s investment in emerging energy to stimulate the participation of the entire society in the construction of new energy sources, our 5 trillion yuan investment can be considered highly efficient and it can truly stimulate emerging energy. In this sense, **Leasing should be the preferred booster for emerging energy development."
"Booster" still needs policy "ignition"
“**Leasing has been introduced into China since it was first introduced into China in 1981. It has made an indelible contribution to promoting the leap-forward development of China’s telecommunications industry and aviation industry. China’s mechanical engineering industry has risen in contravention of this financial crisis. Lease this form is inseparable." Qu Yankai said. “But unfortunately, after 30 years of development, **Leasing is still 'green', and it has not played its due role in many industries. The awareness of ** leasing by the public is still very low.â€
Referring to the development obstacles facing the development of leasing, Qu Yankai believes that the main focus is on the following aspects: Not only does the community have no clear understanding of leasing, even some practitioners have misunderstandings, lack of understanding of leasing, and lack of categories. Complete and well-functioning trading subject system; the government has not issued sufficient supportive policies to support the development of the leasing industry; since the promulgation of the “Property Lawâ€, the conflicts between public law and private law have been involved in the special industry of multi-party transactions involving multi-party contracts. Obvious manifestation; market access threshold is too high; tax application does not take into account the characteristics of the separation of tenant ownership and use rights; lack of a unified industry standards, especially statistics. To overcome these obstacles, Qu Yankai believes that in addition to raising people’s awareness of **lease, the government needs to pay close attention to the leasing industry and give it a certain amount of support. Shaquan also believes that the healthy development of the ** leasing industry and the good agreement between ** leasing and the emerging energy industry urgently require strong support from government policies.
It is reported that in industrialized countries represented by the United States, the penetration rate of ** leasing is generally maintained at about 30%. Especially in the field of energy conservation, more than 80% of energy-saving equipment in industrialized countries has been acquired by way of leasing. In China, according to the statistics of modern leasing network, the estimated value of China's leasing market penetration in May 2010 was 6.10%.