就整个融资租赁行业而言，超过80%的资金来源都是银行借款，融资方式以同业借款、抵押贷款、保理等银行信贷产品为主，期限多在一年以内。但是，融资租赁公司在资金使用上具有长期的性质，这种资金来源方式导致其资产与负债在期限上不匹配。

The whole financial leasing businesses,More than 80% of the capital source are bank loan,Financing way to trade borrowing/mortgage/Factoring and bank credit product mainly,More time in a year of less than.but,Lease finance company in the capital have the long-term use of nature,This kind of capital source way lead to the assets and liabilities on the time limit does not match.

　　按照2007年颁布的《金融租赁公司管理办法》对金融租赁公司业务范围的规定，除资本金外，其资金来源理论上还包括吸收非银行股东1年期（含）以上定期存款、接受承租人的租赁保证金、向商业银行转让应收租赁款、发行金融债券、同业拆借、向金融机构借款、境外外汇借款等。

According to the promulgated in 2007[Financial leasing company management measures]On the financial leasing company business scope regulations,In addition to the capital,The capital source theory also includes absorption non-bank shareholders one-year(contain)Above deposit/Accept the tenant rental deposit/To the commercial bank transfer accounts receivable of lease/Issuing financial bonds/Interbank lending/Borrowing from financial institutions/Foreign exchange loan, etc.

　　但实际上，定期存款只限定于控股银行以外的小股东，小股东获取定期存款收益，而租赁收益与存款收益之间的差额利润多被控股银行获取，对小股东缺乏有效激励。

But in fact,Deposit is only holding a bank other than the small shareholders,Small shareholders obtain deposit income,And rental income and deposit income difference between the more profit by holding bank acquisition,For small shareholders lack of effective incentive.

　　发行金融债券也顾虑重重。对于以金融机构身份接受监管的金融租赁公司而言，金融债券的发行门槛高，需要累计三年的经营业绩指标，发行条件十分严格，且能够获得的发行额度极为有限，即使能够发行，所利用的资金数量、时间也十分有限。

Issuing financial bonds can also full of worries.For financial institutions to identity accept supervision of financial leasing companies,Financial issue of bonds threshold high,Need accumulated three years of business performance indicators,Issue conditions are very strict,And to get the issue of line is extremely limited,Even if can issue,The amount of money used by/Time is also very limited.

　　工银租赁金融市场部董事总经理左兴华解释道，“金融债市场的发展本身滞后于企业债，企业债市场的三个通道：人民银行通道，交易所通道和发改委通道，现在都搞得风生水起。而金融债，特别是对金融租赁公司的发债通道是较为封闭的，这里面存在很多障碍。比如，门槛上，发债金融租赁公司必须满足盈利水平、净资本等多个经营指标全部高于同业平均水平等条件，这一点大多数金融租赁公司难以达到；再比如，发债面临人民银行、银监会两个监管机构的分头审批，这个审批周期可能得要一年时间，时间成本太高；另外，发债额度有限，最多发行到资本金的规模，这对于租赁公司业务的快速发展是远远不够的。”

Work silver lease finance marketing director general manager ZuoXingHua explained,"Financial bond market development itself QiYeZhai lag behind,QiYeZhai market three channel:People's bank channel,Exchange channel and development and reform commission (NDRC) channel,Now make flawed.And financial bond,Especially for financial leasing companies FaZhai channel is relatively closed,There exist many obstacles.For example,threshold,FaZhai financial leasing companies must meet the profit level/Net capital, and other business index is higher than the average of all the condition such as level,This most financial leasing company is difficult to achieve;For another example,The people's bank of FaZhai face/The CBRC two regulators separately for examination and approval,The examination and approval period may have to a year,Time cost is too high;In addition,FaZhai line co., LTD.,,The most issue to the size of the capital,This to lease the rapid development of the business is far from enough."

　　2009年8月，人民银行、银监会发布金融租赁公司发行金融债的有关规定，允许金融租赁公司发行金融债券。此后华融租赁、交银租赁分别于2010年5月和7月在全国银行间债券市场发行10亿元、20亿元金融债。还有若干家金融租赁公司早早就提出了发债计划，但截至目前迟迟未能成行。

In August 2009,People's bank of/The CBRC issued financial leasing company is to issue the relevant provisions of the financial bond,Allow financial leasing companies issuing financial bonds.Since then wisewin lease/Pay silver lease respectively in May, 2010 and July in the national inter-bank bond market issue 1 billion yuan/2 billion yuan financial bond.There are several house financial leasing company were put forward FaZhai plan,But so far it delayed.

　　一些金融租赁公司则瞄向海外发债，如招银租赁正计划在香港发行3至5亿美元的债券，用于购买飞机船舶与大型设备等；2011年11月底，工银租赁以境外SPV（特殊项目公司）为发行人，发行了7.5亿美元境外美元债券。

Some financial leasing companies, on the other hand, none FaZhai overseas,If ZhaoYin lease is planning to issue in Hong Kong 3 to a $500 million bond,Used to buy aircraft ship and large equipment, etc;By the end of November, 2011,Work with silver lease SPV abroad(Special project company)For the issuer,Release the $750 million dollar bonds abroad.

　　上述少数融资租赁公司发行的债券总量约60亿元，相对于快速膨胀的融资租赁总资产，其规模占比还相当小。有些租赁公司也正在谋求上市，但总体而言，债券市场、资本市场的融资大门并未打通。

The above a few financial leasing company is to issue bonds, total amount of about 6 billion yuan,Relative to the rapid expansion of the financing lease total assets,Its size is rather than for small.Some of the leasing company is also seeking listing,But in general,Bond market/The capital market financing gate did not get through.

　　《金融租赁公司管理办法》规定，金融租赁公司资本充足率不低于8%；在同业拆借比例上，金融租赁公司同业拆入资金余额不得超过金融租赁公司资本净额的100%。

[Financial leasing company management measures]provisions,Financial leasing company capital adequacy ratio of not less than 8%;In the interbank lending scale,Financial leasing company trade borrowed inter-bank funds balance shall not exceed the financial leasing companies 100% of the net capital.

　　而同业拆借只能作为头寸调节的临时工具，难以从深层次上解决金融租赁的资金来源问题。再者，流动性不仅指快速融资的便利，更为重要的是租赁资产的流动性，亦即回收租金的保障或证券化转让租赁资产的便利。当前保理、资产证券化、物权转让等渠道不畅，对于资产规模高速扩张的银行系金融租赁公司来说，流动性明显不足。

But interbank lending only as position adjustment temporary tool,From the deep to solve financial leasing funds problem.moreover,Liquidity refers to not only fast financing convenience,More important is the leased asset liquidity,That recovery rent security or transfer of the leased asset securitization of convenience.The current factoring/Asset securitization/Real right transfer of the channel is not smooth,For asset scale rapid expansion of bank system for financial leasing companies,Liquidity is not enough.

　　对融资渠道的持续探索 On the financing channels of continuous exploration

　　租赁是一个典型的资金密集型行业。金融租赁需要经过3至5年，甚至更长的时间才能够回收资本。租赁公司从外部筹集资金，特别是筹集最重要的长期资金的难度大、成本高，制约了公司规模的扩大以及在国际租赁市场上的竞争力。同时，资金筹措的高成本使得租赁公司面临业务高风险和低收益的严重不匹配，不利于租赁公司持续健康发展。因而融资渠道自金融租赁公司诞生以来，几乎是一个最核心的问题。

The lease is a typical capital intensive industry.Financial leases after 3 to 5 years,Even more long time to recovery capital.Leasing companies to raise money from outside,Especially to raise the most important long-term capital difficult/High cost,Restrict the company of the enlargement of scale and in the international leasing market competitiveness.At the same time,The high cost of financing lease companies face make business high risk and low income serious mismatch,Leasing company to the sustained and healthy development.Thus the financing channels from financial leasing company since birth,Almost is one of the most core problem.

　　发达国家租赁业的资金来源或许可以成为一种借鉴和参考。

The developed countries in the leasing industry capital source may become a reference and reference.

　　如美国专业租赁公司筹措资金的渠道主要有：商业银行、保险公司、团体投资人的投资；以股份公司形式发行股票；发行公司债券；短期商业票据签发；发行特种基金，等等。

Such as the United States professional leasing company financing channels are mainly:Commercial Banks/Insurance company/Institutional investors investment;As a joint stock company form stock issue;Issuance of corporate bonds;Issued short-term commercial paper;Issue special fund,, etc.

　　美国租赁业十分发达，租赁渗透率达30%以上，其中一个重要原因在于政府给予租赁业很多优惠，如租金进入成本、投资减税政策、加速折旧等。

The United States leasing industry is very developed,Lease permeability of more than 30%,One important reason is that the government give leasing industry many preferential,Such as rent into cost/Investment tax cuts/Such as accelerated depreciation.

　　日本租赁资金来源包括：大企业、银行、保险的投资；银行贷款；保险业借款；基金借款；发行债券以及上市。与中国的金融租赁公司类似，银行贷款占到相当大比例日本租赁公司90%的资金来源靠银行贷款。公司债占1.1%左右，资本金占2.5%左右，另外，租赁公司还可以发商业票据。

Japanese leasing funds sources include:Big enterprise/The bank/Insurance investment;Bank loans;Insurance money;Fund loan;Issue bonds and listed.And China's financial leasing company similar,Bank loans account for a considerable proportion Japanese leasing company 90% of the capital source on bank loans.Corporate bonds accounted for 1.1%,Capital accounts for 2.5%,In addition,Leasing company can also send commercial paper.

　　而韩国租赁公司70%的资金来源于发行公司债券，且发行量可以是自有资金的十倍，这使得租赁公司具有了长期资金的保证。

And South Korea leasing company 70% of the capital from the issuance of corporate bonds,And circulation can be self-capital is ten times,This makes the leasing company with a long-term capital guarantee.

　　中国的租赁公司对融资渠道的探索也从未止步。较银监会监管下的金融租赁公司，商务部监管之下的厂商系租赁公司、独立第三方的租赁公司在市场融资渠道的开拓上走得更远。

China's leasing company on the financing channels of exploration and never stop.A banking regulatory commission under the supervision of financial leasing company,The ministry of commerce under the supervision of the manufacturer is leasing company/Independent third party leasing company in the market financing channels on development go further.

　　如渤海租赁(000415,股吧)通过租赁产业基金、海外租赁基金等方式进入私募股权投资市场，并以借壳上市的方式打开了公募股权融资的渠道；鑫桥联合融资租赁主要采取ABS（资产支持债券）和私募产业基金融资；中银航空租赁通过出口信贷、新元债券从国际市场融资；远东国际租赁公司则于2011年3月在香港正式挂牌上市，成为我国首个IPO发行的融资租赁公司。

Such as bohai lease(000415,guba)Through the lease industry fund/Overseas leasing funds way into the private equity market,And to borrow shell listed way opened the public offerings right financing channels;Xin bridge joint financing lease mainly adopt ABS(Asset-backed bonds)And private industry fund financing;Bank of China aviation leasing through the export credit/From the international market that bond financing;The far east international leasing company is in March 2011 in Hong Kong listed officially,Become China's first IPO issue of financing leasing company.

　　对于现今的20家金融租赁公司而言，中长期资金来源目前主要依靠资本金补充、保理、发债三大渠道获得。发债未成行业气候，前二者的重要性于是愈发突出，在全部资金来源的占比几乎达90%。

For today's 20 financial leasing companies,Long-term capital source at present mainly rely on capital supplement/factoring/FaZhai three sources.FaZhai not into industry climate,The importance of the former two more so outstanding,In all capital source for than almost 90%.

　　资本金补充即向原有股东定向增发，或吸收新股东。例如，工银租赁分别于2009年9月和2011年12月两次获得其大股东工商银行(601398,股吧)各30亿元增资，目前注册资本达到80亿元；民生租赁也于2011年底通过吸收新股东增资扩股将注册资本增至50.95亿元。

Capital is added to the original shareholders directional shares,Or to absorb new shareholders.For example,Silver lease work respectively in September 2009 and December 2011 twice won the big commercial bank of shareholders(601398,guba)The 3 billion yuan endowment,At present registered capital 8 billion yuan;The people's livelihood lease in the end of 2011 through to absorb new shareholders increase endowment spread will increase the registered capital 5.095 billion yuan.

　　融资租赁保理业务是指，通过受让租赁公司融资租赁合同项下应收租金，由银行向租赁公司提供应收租金融资、管理、催收以及承租人信用风险担保等金融服务。

Financing lease factoring means,Through the transfer leasing company financing lease contract rental receivable,The bank to provide financing leasing company accounts receivable rent/management/Collection and the lessee credit risk guarantee, and other financial services.

　　不得不说，租赁公司中，银行系租赁公司这一特殊的阵营因为背靠银行股东，拥有明显的资金优势，一方面资金来源稳定且成本较低，另一方面便于与银行展开保理合作。

Have to say,Leasing company,Bank system leasing company this special camps because back on bank shareholders,Has the obvious advantage of money,On the one hand capital source stability and low cost,On the other hand, facilitate with bank expansion factoring cooperation.

　　早在2009年，工银租赁先后与工行私人银行部联合发行了个人理财产品，与招商银行(600036,股吧)联合发售了信用借款型信托理财产品，成功进行了应收租赁款保理创新，首次融入了美元资金。

As early as in 2009,Work silver lease successively and icbc k, private jointly launched a personal finance products,And China merchants bank(600036,guba)Joint selling the credit loan type trust financial products,The success of lease receivable factoring innovation,For the first time into the dollar funds.

　　新命题：提高资金利用率、 The new proposition:Improve the utilization rate of capital/

　　加强流动性管理 To strengthen liquidity management

　　对银行系金融租赁公司而言，资金来源不愁，但资金成本却必须要考虑。融资租赁公司要想扩大租赁经营规模，除了增资扩股和增加银行贷款外，更应该从公司内部着手，减少对资本金的依赖，在提高资金利用率上下功夫。

To bank system financial leasing companies,Source of fund not sorrow,But the cost of money but must consider.Lease finance company wants to expand the operation scale lease,In addition to increase endowment spread and increase the bank loans,More should be from within the company,To reduce the dependence of capital,In improving capital utilization rate fluctuation kongfu.

　　左兴华提出，在实际的经营中，可以通过调整资金结构，提高资金利用率的方式，来改善自己的资金紧张现状。尤其是可以通过控制风险资金的占用比例，将租赁项目所需要的实际占用资金量，控制在一个较低的水平。

ZuoXingHua put forward,In the actual operation of,By adjusting the capital structure,To improve the utilization ratio of capital way,To improve their financial strain status.Especially can through the control risk capital occupancy ratio,Will lease the project need actual occupancy wrongdoing,Control in a lower level.

　　2012年，工银租赁提出了由“债务融资型”向“资产投资型”转变，以及由“资本消耗型”向“资本节约型”转变的两个发展思路，这反映出，资产管理已成为租赁公司结构调整和盈利模式转型的重要渠道之一。

In 2012,,Work is proposed by silver lease"Debt financing type"to"Assets investment"transformation,And the"Capital consumption"to"Capital economical"The change of the two development thought,This reflects,Asset management has become a leasing company structure adjustment and profit model transformation is one of the important channels.

　　“债务融资型”是指以向承租人提供融资为主要业务模式，盈利主要来源于租息与筹资成本之间的利差，竞争优势体现在筹资能力强弱。“资产投资型”是指以资产运营为主要业务模式，盈利主要来源于资产的投资、交易和处置，竞争优势体现在对资产估值、管理、投资和处置。

"Debt financing type"Refers to the lessee to provide financing as the main business model,Profit mainly comes from rent and interest rates and the spreads between the financing cost,Competitive advantage is embodied in financing ability strong or weak."Assets investment"Refers to operating assets as the main business model,Profit mainly comes from assets investment/Trading and disposal,Competitive advantage reflected in the asset valuation/management/Investment and disposal.

　　基于上述两个转变，工银租赁大力开展了租赁资产转让业务。该项业务的开展不仅在规模控制要求下为新项目腾挪了空间，还有利于盘活低收益租赁资产，主动调配整体资产结构，减少资本占用，提高了资本回报。

Based on the above two transformation,Work to develop the silver lease the leased asset transfer business.The business development not only in scale under the control requirements for the new project transfer to other use a space,There are conducive to revitalize the low income of the leased asset,Active allocate overall assets structure,Reduce capital occupancy,Improve the return on capital.

　　而实现“资本节约型”发展，关乎租赁公司流动性管理的能力水平。这意味着一方面是在资本占用不变的情况下，尽量提高收益水平；另一方面是在收益水平不变的情况下，尽量减少资本占用。

And realize"Capital economical"development,For leasing company liquidity management ability level.This means that one is in the occupied capital changeless circumstance,Try to improve the income level;On the other hand is in income level under the condition of constant,Try to reduce capital occupancy.

　　解决路径是，加大客户结构调整力度，如积极开发大中型民营客户，提高对客户的议价能力；逐步调整行业投向，向新兴战略性产业、高端装备制造业及创新科技企业倾斜；加大资产出售力度，将低收益、租期长的租赁资产，通过卖断式保理、租赁资产转让、资产证券化等方式进行盘活，从而释放出资本占用和资产规模；此外，还要充分利用境外资本市场，发挥境外平台的作用。

Solve path is,Increase customer structure adjustments,Such as the positive development of large and medium-sized private clients,To improve the customer's bargaining power;Gradually adjust to industry,To emerging strategic industry/High-end equipment manufacturing industry and the innovation science and technology enterprise tilt;Increasing efforts to sell assets,Will low income/Lease long lease assets,Through the sell off type factoring/Leased assets transfer/Activate asset securitization, and other ways,So as to release the capital occupancy and asset scale;In addition,To make full use of the overseas capital market,Play the role of overseas platform.

　　工银租赁预计，到2017年该公司可实现境外租赁业务600亿元。

Silver lease is expected to work,By 2017 the company can realize foreign leasing business is 60 billion yuan.

　　随着融资租赁公司的不断发展，对资金的需求不断扩大。融资租赁公司要持续拓宽资金来源，在融资方式上进一步创新，尤其是根据金融租赁的中长期性和投资功能来确定稳定可行的资金来源渠道。

With the continuous development of financing leasing company,The need for the funds to expand.Financing the leasing company will have to continue broaden the source of fund,In the financing way further innovation,Especially according to financial leasing in long-term and investment function to determine stable feasible capital source channel.

　　资产证券化是当前金融改革的一个大趋势，金融租赁业也必须要借助金融市场来融资，租赁资产证券化正是打通金融租赁公司和金融市场的一个通道。

Asset securitization is the current financial reform a big trend,Financial leasing industry must also to use financial market financing,The leased asset securitization is through financial leasing companies and financial market a channel.

　　大力推进资产证券化成为行业共识。以工银租赁为例，该公司推行的资产证券化项目包括境外平台飞机资产项目和境外船舶资产证券化项目；境内银行间市场证券化项目；证券市场资产证券化项目。

Vigorously promote asset securitization to become the industry consensus.Work with silver lease as an example,The company carries out the asset securitization project including foreign platform plane capital projects and overseas ship asset securitization project;Domestic inter-bank market securitization project;Securities market asset securitization project.

　　据了解，工银租赁各证券化项目试点均在稳定推进中，其中证券市场资产证券化项目已于11月12日获得证监会核准，将按照有关规定择机完成发行，这是金融租赁业的首支资产证券化产品。

It is understood,Work silver lease the securitization pilot projects are in the stable in advance,The securities market asset securitization project has been on November 12, the CSRC for approval,In accordance with the relevant regulations, the timing will complete the issuance,This is the first branch of financial leasing industry asset securitization product.

　　此外，一些业内人士建议，可以引进类似保险、基金这样的非银行金融机构进入租赁行业。目前受政策限制，基金、保险公司还不能投资租赁资产。但基金、保险资金的性质和租赁公司的资产性质最为匹配，如保险资金是长钱短用，而租赁目前是短钱长用，如果保险资金可以投资租赁业，或许可以形成双赢的局面。

In addition,Some experts suggest,Can introduce similar insurance/Fund such non-bank financial institutions into the leasing industry.At present by the policy,fund/The insurance company is not the leased asset investment.But the fund/The nature of the insurance funds and leasing company's assets to match most properties,Such as insurance funds is long money with short,And the lease is currently short of money long use,If insurance funds can invest leasing industry,Perhaps can form a win-win situation.

　　文/丁玉萍

Text/DingYuPing

　　资金来源问题是金融租赁业长续发展必须要绕过去的一个“坎”。

Capital source problem is the financial leasing industry long renewal development must be around the past"candy".

　　目前金融租赁公司的融资渠道主要有股东增资和银行借款两种，后者占到80%以上，单纯依靠银行融资易造成租赁公司资产负债期限严重不匹配。虽然已有一些租赁公司发行或正在筹备发行金融债券，但受制于各种原因，发债融资未成规模，目前金融租赁公司全部发行在外的债券不及行业总资产规模的1%。

At present financial leasing company's financing channel is the main shareholder capital increase and bank loan two,The latter account for more than 80%,Simply rely on bank financing easy leasing company assets and liabilities caused serious time limit does not match.Although there is some leasing company is to issue or are preparing to issuing financial bonds,But subject to various reasons,FaZhai financing not into scale,At present financial leasing company all outstanding bonds less than 1% of the industry total asset scale.

　　中国租赁公司的市场融资途径还没有完全打通。工商银行副行长、工银租赁董事长李晓鹏指出，租赁业的资金来源，在资产证券化、设立资产投资基金、资产转让交易等方面，对租赁业还存在一些准入门槛，这是租赁公司在发展中遇到的共性问题，需要租赁公司自身进一步加强调查研究，提出解决方案，并积极配合相关政府部门研究解决。

China's leasing company market financing way is still not fully get through.Commercial bank vice President/Work LiXiaoPeng silver lease the chairman pointed out,Leasing industry funds,In the asset securitization/The establishment of an asset investment fund/Asset transfer transactions, etc,For leasing industry still has some admittance threshold,This is leasing company in the development in the common problems,Need to lease company oneself further strengthen investigation and study,Puts forward solutions,And actively cooperate with relevant government departments to study and solve.

　　近年来，金融租赁公司在拓宽融资渠道、解决资产流动性方面作出了各种尝试和努力，如增资扩股、扩大授信额度、充分利用同业拆借渠道、拓展境外融资等。

In recent years,Financial leasing company in to broaden the financing channels/Solve the liquidity made various attempts and hard work,Such as increase endowment spread/Expanding line of credit/Make full use of interbank lending channel/Expand overseas financing, etc.

　　尤其是，一些金融租赁公司正积极尝试通过资产证券化的方式在资本市场上融资。

especially,Some financial leasing companies are actively trying to through the way of asset securitization in the capital market financing.

　　最新消息显示，11月12日，“工银租赁专项资产管理计划”已获得中国证监会审批通过，这是国内金融租赁公司首支获批发行的资产证券化产品，从而迈出了金融租赁公司在证券市场发行专项计划的第一步。

The latest news show,On November 12,,"Work silver lease special asset management plan"Has obtained the China securities regulatory commission approval through the,This is the domestic financial leasing companies won the first branch of the wholesale done asset securitization product,Thus made financial leasing company in securities market special plan issued the first step.

　　事实上，在资金来源短期内不会很快放开的现实条件下，金融租赁公司要想可持续性发展，对存量资产加强管理和丰富流动性就显得更为迫切。

In fact,In the source of funds in the short term will not quickly let go of realistic conditions,Financial leasing companies to sustainable development,Stock assets to strengthen management and abundant liquidity becomes even more urgent.

　　如何走出依赖资本的发展途径？这是金融租赁行业普遍需要思考的问题。对此，工银租赁提出了由“债务融资型”向“资产投资型”的转变要求，实现租赁公司由“资本消耗型”向“资本节约型”加快经营转型。

How to rely on the development of the capital out of the way?This is the financial leasing industry generally need thought.this,Work is proposed by silver lease"Debt financing type"to"Assets investment"Change requirements,To realize the leasing company"Capital consumption"to"Capital economical"To speed up the transformation of business.

　　首创保税租赁、跨境租赁 工银租赁探索航空租赁新模式

First bonded lease/Cross-border lease work silver lease explore aviation leasing new mode

　　文/丁玉萍

Text/DingYuPing

　　2012年11月上旬，工银租赁公司与老挝航空公司签署了两架空客A320飞机租赁协议，这是老挝航空首次以租赁的方式引进飞机，开创了老挝航空飞机引进的新模式。

In early November 2012,Work silver leasing company and Laos airlines signed two frame airbus A320 aircraft leasing agreement,This is Laos air for the first time in the lease ways of introducing the plane,Create the Lao aviation aircraft introduce new mode.

　　这两架A320飞机正是工银租赁向空客公司首批订购的42架A320系列飞机订单中的第2架和第3架飞机，计划将于2012年12月和2013年3月交付老挝航空。

The two frame A320 aircraft is working silver lease to airbus the first order of 42 frame A320 series aircraft orders second in the frame and the third aircraft,Plan will in December 2012 and March 2013 delivery Laos aviation.

　　2011年6月，工银租赁与空客公司签署42架A320系列飞机订购协议，实现了直接向飞机制造商批量订购飞机的重要突破。此次购机在租赁公司直接纳入政府购机计划、直接从国外批量采购飞机、获得与国外公司同等购机条件等诸多方面均为“首次”，为中国金融租赁公司的发展探索了新的道路。在今年8月，工银租赁又斥资35亿美元向空客公司增订50架A320系列飞机。

In June 2011,Work silver lease and airbus A320 aircraft signed 42 frame order agreement,Realized directly to the aircraft manufacturers batch ordering the important breakthrough.The buyers in the leasing company directly into the government buying machine plan/Directly from foreign batch purchase of aircraft/With foreign companies for the same buying machine condition, etc are"first",For the development of China's financial leasing companies to explore a new way.In August,Work silver lease and $3.5 billion to airbus A320 aircraft revised 50 frame.

　　据工银租赁航空金融事业部董事总经理姜波透露，首次购买的42架飞机中，已有20架跟客户签署了意向协议，支付了定金。

According to the working silver lease aviation financial department director general manager JiangBo revealed,For the first time to buy in 42 plane,For 20 frame with the client agreement signed intention,Paid the deposit.

　　自成立开始，工银租赁就定下了“专业化、市场化、国际化”的发展战略，坚持“大业务、大市场、大客户”的市场定位，突出飞机、船舶和大型设备的业务特色，目前已在这些领域处于市场领先地位。

Since its start,Work silver lease will set the"professional/marketization/internationalization"Development strategy,Adhere to the"business/Big market/Big customer"Market positioning,Outstanding plane/The ship and large equipment business characteristics,At present already in these areas in the market leading position.

　　这得益于工银租赁在行业实施的众多模式创新。

This benefits from work in the implementation of silver leasing industry many mode innovation.

　　航空租赁市场前景看好 Aviation leasing market has a good prospect

　　目前全球航空运输业所用的飞机2/3以上是通过租赁方式获得，中国也不例外。据统计，中国的民用客机有60%左右是由各航空公司通过融资租赁或经营租赁的方式获得。

At present the global aviation transportation used 2/3 of the aircraft is through leasing way of receiving,China is no exception.According to the statistics,China's civil aircraft has 60% is by the airlines through a financing lease or an operating lease way of receiving.

　　中国的飞机租赁市场仍然潜力巨大。据波音公司预测，从现在到未来2030年的近20年内，中国将需要引进5000架新飞机，价值6000亿美元。

China's aircraft leasing market is still huge potential.According to Boeing prediction,From now until the next 2030 years of nearly 20 years,China will need to introduce 5000 new aircraft,Value of $600 billion.

　　根据民航局的“十二五”发展规划，2015年，中国的运输机队数量将从2010年的1597架增加至2015年的2750架，通用航空机队2015年也将增至2000架以上。

According to the civil aviation administration of"1025"Development planning,In 2015,,China's transportation fleet number from 2010 in 1597 to 2015 years of frame increase 2750 frame,General aviation fleet in 2015 will also be increased to 2000 rack above.

　　中国民航大学校长、中航协通用航空委员会主任吴桐水近日表示，目前，我国航空租赁业务已具有一定比重，国内租赁公司占据国内飞机租赁市场约10%的份额，国内通用航空租赁市场也获得初步发展。但是，与国外比较而言还有很大差距。

China's civil aviation university President/Catic association general aviation committee director WuTong water said recently,At present,In China's aviation leasing business already has a certain proportion,Domestic leasing company occupies the domestic aircraft leasing market share of about 10%,The domestic general aviation leasing market also get preliminary development.but,In comparison with foreign also has the very big disparity.

　　民航业的快速发展为航空租赁业提供了巨大空间，航空租赁也必将进一步促进中国航空事业的发展。2011年，中银航空租赁、交银租赁、工银租赁都纷纷和中国商飞签署了订单协议，对我国航空制造业也是极大推动。如工银租赁在2011年10月与中国商飞签署了45架C919订单，是C919大型客机最大启动用户之一。

The rapid development of civil aviation for aviation leasing industry provide great space,Aviation leasing and will further promote the development of the cause of China's aviation.In 2011,,Bank of China aviation leasing/Pay silver lease/Silver lease work have ShangFei and China signed the order agreement,To our country aerospace manufacturing is also greatly promoted.Such as work silver lease in October 2011 and China ShangFei signed 45 frame C919 order,Is C919 airliner maximum start one of the user.

　　目前，工银租赁拥有和管理的飞机有77架。除开创直接批量购机外，先后在我国租赁业开展了具有重要引领意义的保税租赁、人民币跨境租赁等典型创新工作。

At present,Work with silver leasing and management of the aircraft have 77 frame.In addition to create a direct batch buying machine outside,Successively in our country leasing industry has an important significance to carry out the leading of the bonded lease/RMB cross-border leasing typical innovation work.

　　开创国内保税租赁模式 A domestic bonded lease mode

　　2009年，工银租赁为南航安排了两架新波音777货机保税租赁项目，项目总金额3.18亿美元。设立单一项目公司作为飞机引进的载体，使得融资租赁公司的飞机租赁项目也能享受到与航空公司进口飞机一样的税收待遇。

In 2009,,Work for China southern silver lease arranged two frame the new Boeing 777 winch bonded leasing project,The total amount of $318 million.A single project company as the introduction of the carrier,Make financial leasing company aircraft leasing programs can also enjoy and airlines plane import tax treatment.

　　据姜波介绍，项目开展期间，工银租赁全程安排了飞机购买、实地交付、减免税申请，组织了包括检疫、边防在内的联合查验，是国内金融租赁公司首次全程介入飞机租赁环节。这一项目开创了中国飞机租赁业保税租赁的历史，被誉为“中国SPV”模式。该模式的创立，打破了国外租赁公司对我国飞机租赁市场的垄断。

According to JiangBo introduced,During the project,Work the silver lease arrangement of the plane to buy/Field delivery/Application for duty reduction or exemption,Organizations including the quarantine/The frontier, the joint inspection,Is the domestic financial leasing companies for the first time in the whole aircraft leasing link.The project started Chinese aircraft leasing industry bonded lease history,Is regarded as"China SPV"mode.The model is founded,To break the foreign leasing company to our country aircraft leasing market monopoly.

　　这一业务创新具有重要意义，保税租赁的推出大大增强了租赁公司的竞争能力，与境外租赁公司相比，有税收方面的优势；相对贷款业务而言，又具有成本方面的优势。

The business innovation has the important meaning,Bonded lease launch greatly improves the lease in the company's ability to compete,Compared with foreign leasing company,A tax advantage;In terms of relative loan business,But also has the advantage of cost.

　　探索境外飞机租赁 Explore overseas aircraft leasing

　　业务模式 Business model

　　2010年6月，工银租赁的母公司中国工商银行在爱尔兰设立工银国际金融租赁公司，通过财务咨询、业务顾问等方式，与工银亚洲、工银澳门、工银多哈等海外分行有效地实现了业务联动，海外飞机租赁业务得到较快发展。

In June 2010,Work the parent of silver lease commercial bank of China set up in Ireland work silver international financial leasing company,Through the financial consulting/Business consultant, etc,And work silver Asia/Work silver macau/Work, such as silver doha overseas branch effectively realize the business linkage,Overseas aircraft leasing business get rapid development.

　　两年来，该公司在爱尔兰拥有和管理各类飞机37架，资产规模超过20亿美元，是目前中国在爱尔兰最大的中资企业。

Two years,The company in Ireland have and management of all kinds of aircraft and frame,Asset scale of more than $2 billion,Is the Chinese in Ireland's largest chinese-invested enterprises.

　　此外，工银租赁积极推动了人民币跨境结算业务的开展，并成功实施了我国首例跨境人民币结算租赁项目，实现了国际租赁业务的新突破，也为我国人民币国际化探索了新的道路。

In addition,Work silver lease actively promote the cross-border settlement business development,And successfully implemented the first cross-border RMB settlement leasing project,To realize the international leasing business to the new breakthrough,For China to explore a new way RMB internationalization.

　　工银爱尔兰公司不断扩大欧洲市场的开拓，并利用加拿大进出口银行出口信贷支持完成了境外首架公务机项目，为下一步进入北美市场做好准备。

Work silver Irish company constantly expand the European market development,Canada and the export and import bank of China export credit support finished outside the first frame executive project,For the next step into the north American market ready.

　　“到2014年，工银租赁机队规模将超过200架，船队将超过300艘，其中很大一部分将注入爱尔兰公司，”工银租赁总裁丛林日前表示，“未来工行和工银租赁将充分利用爱尔兰在飞机、船舶、大型设备租赁业务的优势，继续拓展欧洲租赁市场业务、积极介入欧洲金融市场。”

"By 2014,Work silver lease fleet size will be more than 200 frame,Fleet will be more than 300 ships,A large part of the injection Irish company,"Work silver lease President bush has said,"Icbc and future work silver lease will make full use of Ireland in the plane/ship/The advantage of large equipment leasing business,Continue to expand Europe rental market business/Actively involved in European financial market."

　　调整客户结构 Adjust customer structure

　　布局公务机市场 Layout executive market

　　商用、公务机租赁市场正在成为金融租赁业新的利润增长点，工银租赁也开始涉足这一领域。今年5月，工银租赁与巴西航空工业公司签署谅解备忘录。该协议为巴西航空在中国及全球市场出售商用和公务喷气飞机创造了融资机会。根据该谅解备忘录，未来五年内计划支持金额将达到25亿美元。

commercial/Corporate aircraft leasing market is becoming a financial leasing industry new profit growth point,Work silver lease began to set foot in this field.In may this year,Work silver lease and Brazil aviation industry company signed memorandum of understanding.This agreement is Brazil airlines in China and the global market commercial and business jet aircraft created financing opportunities.According to this memorandum of understanding,The next five years plan support amount will reach $2.5 billion.

　　这是工银租赁首次利用国外进出口银行的低成本资金开展境外公务机租赁项目，并与巴西航空工业公司签署10架公务机购买协议，成为国内首条公务机生产线启动用户。

This is the first work silver lease use foreign import and export bank's low cost capital for the executive leasing project,And with Brazil aviation industry company signed 10 frame executive purchase agreement,Become the first executive production line start user.

　　截至今年10月，工银租赁境内外总资产超过1200亿元。在公司新的五年发展规划里，战略目标是到2017年末，资产规模达到3000亿元。预计未来五年航空租赁资产规模将达到800亿元。

So far this year oct.,Work silver lease and total assets of more than 120 billion yuan.In the new five-year development planning in,Strategic goal is to the end of 2017,Asset scale up to 300 billion yuan.Estimated in the future five years aviation leasing asset scale will reach 80 billion yuan.