金融租赁已从根本上重塑了整个租赁业。

Financial leasing has fundamentally reshaped the whole rental business.

　　从2008年到2012年底，金融租赁公司走过了爆发式增长的五个年头。去年末，全国20家金融租赁公司资本金达到588亿元，租赁业务总量达约6600亿元。虽然成员数量只占到整个租赁行业的4%，但注册资本金占比达到32%，业务总量占比达到43%。

From 2008 to the end of 2008,Financial leasing companies through the explosive growth of five years.Late last year,National 20 financial leasing company capital of 58.8 billion yuan,Leasing business totaled about $660 billion.Although the number of members account for only 4% of the entire leasing industry,But registered capital accounted for 32%,The total business accounted for 43%.

　　这20家金融租赁公司大致可分三类：银行系、金融资产管理公司（AMC）系和其他的金融租赁公司。目前，四家AMC均成立了金融租赁公司。其中，长城国兴金融租赁有限公司（下称“长城租赁”）是长城AMC的子公司，其资本收益率（ROE）居行业首位。

The 20 financial leasing companies can be divided into roughly three categories:Bank system/Financial assets management companies(AMC)System and other financial leasing companies.At present,Four amcs have set up financial leasing company.Among them,The Great Wall GuoXing financial leasing co., LTD(Hereinafter referred to as"The Great Wall the lease")Is a subsidiary of the Great Wall of AMC,The return on capital(ROE)The industry's first.

　　与银行系相比，AMC系金融租赁公司特点何在？长城租赁ROE居首位原因何在？更宏观地看，经过五年爆发式增长后，下一个五年，金融租赁公司的黄金年代能否持续？近日，带着这些问题，《第一财经日报》专访了长城租赁副董事长、总经理贺晓初。

Compared with the banking system,AMC system what is the characteristics of financial leasing companies?The Great Wall leasing ROE in the first place why?A more macro view of,After five years of explosive growth,The next five years,The golden age of financial leasing company can be sustained?In recent days,With these problems,[First financial daily]An interview with the wall leasing, vice chairman of the board of directors/The general manager He Xiaochu.

　　不能视为“影子银行” Not as a"The shadow banking"

　　第一财经日报：有一种观点认为，融资租赁公司也是“影子银行”的一种，应该加强监管。你如何看待这种观点。租赁公司是否算作“影子银行”的一种？

First financial daily:One view,Financial leasing companies"The shadow banking"One of the,Should strengthen the supervision.How do you think about this idea.Leasing company whether to count"The shadow banking"One of the?

　　贺晓初：要回答这个问题，首先要明确的是，什么是“影子银行”。“影子银行”是美国次贷危机爆发后首次提出的一个金融学概念，定义为“银行监管体系之外，可能引发系统性风险和监管套利等问题的信用中介体系”，主要是围绕证券化推动的金融创新工具和衍生产品。由于中国证券化和金融创新程度有限，因此这个定位在中国并不完全适用和准确。

He Xiaochu:To answer this question,First of all to clear,What is the"The shadow banking"."The shadow banking"Is the us subprime mortgage crisis after the outbreak of the first proposed a concept of finance,Is defined as"Banking regulation system,Could trigger a systemic risk and regulatory arbitrage credit intermediary system",Mainly around the securitization of financial innovative tools and products.Due to China's securitization and financial innovation is limited,So this is not a fully applicable and accurate positioning in China.

　　央行行长周小川曾提出，“影子银行”是指行使商业银行功能但却基本不受监管或仅受较少监管的非银行金融机构。

Central bank governor, zhou xiaochuan, was put forward,"The shadow banking"Refers to exercise the function of commercial bank but only basic unregulated or less by the regulation of non-bank financial institutions.

　　在中国，是否游离于银行监管体系外，成为识别“影子银行”的重要标准之一。这样看来，将信托视为影子银行其实不妥，金融租赁公司是处于我国银监会实时监管下的金融机构，更不能视为“影子银行”。

In China,,Whether or not to drift outside the banking supervision system,Be identified"The shadow banking"One of the important criteria.In this regard,The trust as a shadow Banks actually wrong,Financial leasing company is in China's banking regulatory commission (CBRC) in real time under the supervision of financial institutions,More cannot be regarded as"The shadow banking".

　　建议允许租赁业吸收机构存款 Suggest allowing leasing absorb deposits

　　日报：利率市场化实质性启动，从资产、负债两个层面看，金融租赁公司受到了哪些影响？对金融租赁公司的业务模式、盈利空间又将产生什么影响？

daily:Interest rate marketization substantive start,From the asset/The two level debt,Financial leasing companies affected by what?On the operation modes of financial leasing companies/Profit margins and will produce what effect?

　　贺晓初：利率市场化后，利率的形成机制将完全由市场机制形成，对金融租赁公司而言，要实行更为灵活的定价机制以顺应市场变化。

He Xiaochu:After the marketization of interest rates,Interest rate formation mechanism will be fully formed by market mechanism,For financial leasing companies,To implement more flexible pricing mechanism to adapt to market changes.

　　从资产方面讲，利差空间将会缩窄，常规租赁业务的盈利水平下降；从负债方面讲，公司的融资成本将有可能上升，从已经完成利率市场化改革的国家的经验来看，改革后的利率一般都上涨。

In terms of assets,Carry the space will be narrowed,Regular rental business profitability decline;In terms of debt,The company's financing costs will likely rise,Were done from the interest rate marketization reform experience of the country,Interest rates are generally rising after the reform.

　　租赁公司面对这种形势，可以采取两方面的措施，一是加大租赁业务创新的力度，探索新的业务模式，寻找新的利润增长点；二是进行融资创新，实现多元化的融资渠道，通过上市、发债、证券化等方式，降低融资成本，减少对银行贷款的过度依赖。

Leasing companies in the face of such situation,Can take measures from two aspects,One is stepping up its leasing business innovation,Explore new business model,Looking for new profit growth point;2 it is financing innovation,Diversification of financing channels,Through the listed/Debt issuance/Securitization, etc.,Reduce the cost of financing,Reduce the over-reliance on bank loans.

　　日报：一直以来，租赁公司面临着资金来源渠道狭窄的问题。在你看来，资产证券化对于租赁公司而言，作用何在？

daily:Has always been,Leasing companies face capital source channel narrow issue.In your opinion,Asset securitization for leasing companies,What is the role of?

　　贺晓初：资产证券化对于租赁公司来讲，可谓一举多得。

He Xiaochu:Asset securitization for leasing companies,A fully staffed.

　　首先，通过资产证券化可以将一部分资产转移出去，这样可以减少对资本金的消耗，提高金融租赁公司的资本充足率水平。其次，租赁资产多为三年期以上，而银行借款基本是一年期以内，这种资产负债期限结构的失衡，容易造成流动性风险。资产证券化可以增强租赁资产的流动性，也可以获取更多的中长期资金，利于改善资产负债期限结构。此外，租赁公司通过租赁资产证券化还可大幅降低融资成本。

First of all,Through asset securitization can be part of the assets transferred out,So that we can reduce the capital cost,Raise the level of capital adequacy of financial leasing company.The second,Leasing assets for more than three years,The basic is within one-year bank lending,The imbalance between the term structure of assets and liabilities,Easy to cause liquidity risk.Asset securitization can enhance the liquidity of the leased asset,Can also get more long-term funding,Conducive to improve the term structure of assets and liabilities.In addition,Leasing companies through the leased asset securitization can also sharply reduce the financing cost.

　　日报：租赁公司普遍面临资金来源匮乏的问题。作为行业内人士，拓宽融资渠道，你希望政策层面在哪些方面有突破？

daily:Leasing company generally face a funding shortage problem.As industry insiders,Broaden the financing channels,You want the policy level in what aspects have a breakthrough?

　　贺晓初：拓宽融资渠道除了放开资产证券化业务外，还有两个比较好的渠道，是目前政策面还没有提及的。

He Xiaochu:Broaden the financing channels in addition to let go of asset securitization,There are two good channel,Is the policy surface has not been mentioned.

　　一是让租赁公司具备同业存放资格，交易对手包括银行、保险公司、财务公司等金融类公司。目前我公司虽然有15亿三个月期限同业拆借资格，但交易量比较小，主要是由于期限过短，与资产期限严重不匹配，容易造成流动性风险。如果金融租赁公司具备了同业存放资格，就可以引入大量的长期限资金，有助于解决资金供应和期限等方面的问题。

One is to get the rental company qualified trade store,Counterparties, including Banks/The insurance company/Finance companies and other financial companies.Now my company has 15 thirty million months term interbank lending,But the relatively small volume,Mainly because deadlines are too short,Serious don't match with the term of assets,Easy to cause liquidity risk.If the financial leasing company have trade qualification,You can introduce a lot of long term capital,Help to solve the problem of money supply and duration, etc.

　　二是具备吸收机构存款的资格，长城租赁有一批优质客户，资金充裕，如果金融租赁公司具备了吸收机构存款的资格，将在很大程度上解决资金瓶颈问题。

2 it is to have the qualification for accept deposits of institutions,The Great Wall lease have a batch of high quality customers,Flush with cash,If the financial leasing company has accept deposits of institutions,Will to a great extent, solve the capital bottleneck problem.

　　计划年内增资并引进战投 Capital increase plan year and introduce war

　　日报：很多银行系金融租赁公司将飞机、船舶、大型设备视为主营业务板块。长城租赁则定位于中小企业，原因何在？

daily:Many Banks will aircraft financial leasing company/The ship/Large equipment as main business sectors.Great Wall leasing is aimed at small and medium-sized enterprises,What is the reason?

　　贺晓初：在目前的起步和快速发展阶段，长城租赁的目标客户最终锁定在中小企业，这是基于公司自身特点和市场需求的现实选择。

He Xiaochu:Start and rapid development in the current stage,The Great Wall leasing target customer finally locked in small and medium-sized enterprises,This is based on the company's own characteristics and the realistic choice of the market demand.

　　此外，长城租赁的这种战略也是差异化竞争的最佳选择。目前，银行系金融租赁公司，将首要目标集中在股东银行的优质客户上，如航空、船舶及大型机械设备等领域的大型客户，这种定位趋同的局面将导致金融租赁公司之间以及金融租赁公司与商业银行的激烈竞争，租赁公司很难获得满意的市场份额和资本回报。

In addition,Great Wall leasing of this strategy is differentiation competition, the best choice.At present,Bank is a financial leasing company,Primary focus will be on the shareholder bank customers with high quality,Such as air/Vessels and large mechanical equipment in areas such as large customer,The positioning between the situation of convergence will lead to financial leasing companies and financial leasing companies and commercial Banks to the fierce competition,Leasing company is difficult to obtain satisfactory market share and return on capital.

　　长城租赁坚持走差异化发展道路，以中小企业为目标客户，避开银行系租赁的强有力竞争，在细分市场中寻求发展空间。

The Great Wall lease adhere to the different development road,To small and medium-sized enterprises as the goal customer,To avoid the bank system rental of strong competition,In the segment of the market space for development.

　　日报：长城租赁脱胎于AMC，与其他金融股租赁公司相比，你如何看待长城租赁的这种股东背景？融资方面，长城租赁是否面临更高的资金成本？

daily:The Great Wall lease based on AMC,Compared with other financial leasing company,How do you see the Great Wall the lease of the shareholder background?financing,If lease face higher capital costs of the Great Wall?

　　贺晓初：长城AMC的营销网络是长城租赁的核心竞争优势之一。在金融租赁公司设立分支机构还受限的情况下，对于占我国企业总数99%的大量中小企业，长城租赁充分借助长城AMC办事处遍及全国各地的触角，快速有效地捕捉交易机会。

He Xiaochu:AMC marketing network of the Great Wall is one of the core competitive advantages of Great Wall leasing.Set up branches in financial leasing company limited cases,About 99% of the total number of enterprises in our country a large number of small and medium-sized enterprises,Great Wall leasing fully with the help of the Great Wall AMC tentacles around the offices throughout the country,Quickly and efficiently capture trading opportunities.

　　与此同时，长城租赁在重组新疆金融租赁的基础上建立，保留了原公司部分业务骨干，对租赁业务更加熟悉。长城资产以不良资产管理为主业，对于项目风险的识别、把控和化解具有较为成熟的经验。因此，对于规模和体制上不具有优势的中小企业，长城租赁对项目的设计、筛选和管理有着一定的优势。

At the same time,Great Wall lease based on restructuring of financial leasing in xinjiang,Retain the original part of the company business backbone,More familiar to leasing business.The Great Wall asset to non-performing assets management business,To the project risk identification/Handle and resolve has a mature experience.so,For the size and system has the advantages of small and medium-sized enterprises,Lease to the project design of the Great Wall/Screening and management has certain advantages.

　　长城租赁是长城资产管理公司的独资子公司。相对银行系金融租赁公司，确实面临着更高的融资成本。现在多家银行已经有了自己的租赁公司，这些银行通过交叉授信的方式，为自己旗下的租赁公司获取了大量的低成本资金，这个优势长城租赁是没有的。

The Great Wall is a wholly owned subsidiary of the Great Wall asset management company.Relative bank is a financial leasing company,Actually face higher funding costs.Many Banks now has built up his own company,These Banks through cross credit,For its leasing company to obtain a large number of low-cost funds,The advantage of the Great Wall is no lease.

　　但通过五年的成长，长城租赁向各家银行等金融机构展示了自己的能力和信誉，银行授信快速增长，授信规模达到277.6亿元。与此同时，融资成本也可控，资金成本逐渐下降。

But through five years of growth,Great Wall leasing to Banks and other financial institutions shows their own ability and credibility,Rapid growth of bank credit,Credit scale to 27.76 billion yuan.At the same time,Financing costs are controllable,The cost of capital down gradually.

　　日报：过去的五年，整个金融租赁行业资产规模迅速增长。从中长期看，长城租赁的发展愿景是什么？

daily:In the past five years,The financial leasing industry assets to grow rapidly.From the long run,Lease what is the vision of the Great Wall?

　　贺晓初：未来五年是长城租赁快速发展时期，要实现风险可控下的大发展：资产规模和净利润逐年上一个台阶，盈利能力依然保持行业前列，业务规模增速超过行业平均水平。长城租赁计划在今年完成内部增资，使注册资本达到24亿，并力争在年底前通过引进战略投资者，再增资6亿，使注册资本达到30亿。

He Xiaochu:Rapid development in the next five years the Great Wall is the lease period,In order to achieve risk under the control of big development:A higher level assets and net profit year after year,Profitability remains the industry forefront,Business growth is more than the industry average.The Great Wall leasing plan complete internal capital increase in this year,The registered capital of 2.4 billion,And strive to through by the end of the introduction of strategic investors,Capital increase of 600 million again,The registered capital of 3 billion.