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研究生:林其泰
研究生(外文):Lin, Chi-Tai
論文名稱:中國融資租賃業之研究
論文名稱(外文):The Study of China's Financial Leasing Industry
指導教授:黃仁德黃仁德引用關係
指導教授(外文):Hwang, Jen-Te
學位類別:碩士
校院名稱:國立政治大學
系所名稱:中國大陸研究英語碩士學程(IMCS)
學門:社會及行為科學學門
學類:區域研究學類
論文種類:學術論文
論文出版年:2009
畢業學年度:97
語文別:英文
論文頁數:135
中文關鍵詞:中國融資租賃業五力分析PEST分析關鍵成功要素
外文關鍵詞:China's financial leasing industryFive forces modelPEST analysis frameworkCritical success factors
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Statistics in the 2008 World Leasing Yearbook showed that China’s leasing volume was only US$5.35 billion for the year 2006, lagging far behind that of other high-GDP countries. However, leasing in China did experience extraordinary high growth rates over the past few years and seems to have ample room for growth in the future.
As we know, each industry has its own set of critical success factors (CSFs) and a match between these factors and a firm’s strengths may ensure the firm’s successful performance. Thus, the main purpose of this paper is to explore CSFs for leasing in China and explain the major influences behind these factors. This research is analyzed based on the PEST analysis framework and Porter’s five forces model. The CSFs identified in this study can provide guidelines to develop leasing in China as well as for those planning to enter China’s leasing market.
Based on the findings, the business environment for leasing in China, though better than it has ever been, still leaves much to be desired. For leasing to further develop, the following CSFs must be handled with care: Public awareness and understanding; An enabling legal framework; Credit risk management capabilities; Diversified funding sources; Qualified and well-trained staff; A vibrant second-hand equipment market, and Information technology infrastructure and know-how.
The identified CSFs also lead to several strong policy recommendations. Among these are the following: Embarking on campaigns promoting leasing; Passing the Financial Leasing Law as soon as possible; Removing tax disincentives to leasing; Establishing a national credit information center; Providing funding support and credit guarantee schemes in favor of SME leasing; and Strengthening information technology infrastructure. Without improvement of these critical elements, the outlook for China’s leasing sector may not be so promising after all.
Chapter 1 Introduction…………………………………………………………………… 1
1.1 Background and Motivation……………………………………………………... 1
1.2 Purpose…………………………………………………………………………… 6
1.3 Scope……………………………………………………………………………... 6
1.4 Limitation………………………………………………………………………… 7
1.5 Methodology……………………………………………………………………... 7

Chapter 2 Terminology Overview of This Study................................................................ 9
2.1 An Overview of Financial Leasing………………………………………………. 9
2.1.1 Definitions of Financial Leasing…………………………………………. 9
2.1.2 Types of Leases…………………………………………………………… 11
2.1.3 Advantages of Financial Leasing ………………………………………… 17
2.1.4 Comparison between Leasing and Other Financing Ways……………….. 21
2.2 An Overview of Critical Success Factors (CSFs)……………………………….. 22
2.2.1 Definitions of CSFs………………………………………………………. 22
2.2.2 Importance of CSFs………………………………………………………. 22
2.2.3 Research Methods of CSFs……………………………………………….. 23
2.3 The PEST Macro Environment Analysis………………………………………… 23
2.4 The Five Forces Industry Analysis………………………………………………. 26
2.5 Summary…………………………………………………………………………. 29

Chapter 3 Global Review of the Leasing Industry………………………………………. 30
3.1 The U.S. Leasing Industry……………………………………………………….. 30
3.1.1 History of Leasing in the U.S…………………………………………….. 31
3.1.2 Market Review……………………………………………………………. 32
3.1.3 Reasons behind the Success of the U.S. Leasing Market………………… 35
3.2 Japan’s Leasing Industry………………………………………………………… 37
3.2.1 History of Leasing in Japan………………………………………………. 37
3.2.2 Market Review……………………………………………………………. 37
3.2.3 Reasons behind the Success of Japan’s Leasing Market…………………. 39
3.3 Taiwan’s Leasing Industry……………………………………………………….. 41
3.3.1 History of Leasing in Taiwan……………………………………………... 41
3.3.2 Market Review……………………………………………………………. 42
3.3.3 Challenges Faced by Taiwan’s Leasing Market………………………….. 45
3.4 China’s Leasing Industry………………………………………………………… 47
3.4.1 History of Leasing in China……………………………………………… 47
3.4.2 Market Review……………………………………………………………. 49
3.4.3 Types of Lessors………………………………………………………….. 51
3.5 Comparison of the Four Leasing Markets………………………………………. 55
3.6 Summary…………………………………………………………………………. 56

Chapter 4 The Environmental Scan of China’s Leasing Industry………………………... 57
4.1 Political (Legal) Environment……………………………………………………. 57
4.1.1 Lease Law………………………………………………………………… 58
4.1.2 Lease Supervision………………………………………………………… 61
4.1.3 Lease Accounting…………………………………………………………. 64
4.1.4 Lease Taxation……………………………………………………………. 66
4.2 Economic Environment………………………………………………………….. 69
4.2.1 The Prospects of the Economy…………………………………………… 69
4.2.2 The Prospects of the Individual Industry…………………………………. 73
4.2.3 The Prospects of the SME Sector………………………………………… 74
4.3 Social Environment………………………………………………………………. 76
4.3.1 Contradiction between Chinese Values and Leasing Philosophy………… 76
4.3.2 Lack of Knowledge about Leasing……………………………………….. 77
4.3.3 Lack of Monthly Payment Concept………………………………………. 79
4.4 Technological Environment……………………………………………………… 80
4.4.1 Leasing as a Funding Source for Innovation……………………………... 80
4.4.2 Leasing as a Tool for Sharing the Obsolescence Risk……………………. 81
4.4.3 Leasing Supported by Modern Technology………………………………. 81
4.5 Summary…………………………………………………………………………. 84

Chapter 5 The Competitive Environment of China’s Leasing Industry…………………. 85
5.1 Bargaining Power of Suppliers…………………………………………………... 85
5.1.1 Staffing……………………………………………………………………. 85
5.1.2 Funding…………………………………………………………………… 87
5.2 Bargaining Power of Buyers……………………………………………………... 92
5.2.1 The Banking sector……………………………………………………….. 93
5.2.2 The Stock Market…………………………………………………………. 96
5.2.3 The Bond Market…………………………………………………………. 98
5.3 Entry Barriers…………………………………………………………………….. 99
5.3.1 Government Regulation..…………………………………………………. 99
5.3.2 Cost Disadvantages……………………………………………………….. 102
5.3.3 Economies of Scale……………………………………………………….. 103
5.4 Substitutes………………………………………………………………………... 106
5.5 Rivalry among Competitors…………………………………………………….... 111
5.5.1 Number of Competitors…………………………………………………... 113
5.5.2 Product Differentiation…………………………………………………… 113
5.5.3 Barriers to Market Exit…………………………………………………… 113
5.5.4 Strategic Importance of the Business Unit………………………………... 114
5.6 Summary…………………………………………………………………………. 116

Chapter 6 Conclusions and Policy Recommendations…………………………………... 117
6.1 Research Conclusions……………………………………………………………. 117
6.2 Policy Recommendations………………………………………………………… 123

References………………………………………………………………………………….. 130
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