按图索骥:透过租赁行业发展历程构建信评体系

Research on the Credit Scoring Framework for Leasing Companies

国内融资租赁行业经历了"探索期""调整期""恢复发展期""快速发展期""爆发式增长期"五个阶段,对应的监管程度也经历了由松入严的切换。本文将融资租赁行业划分为"经营租赁"和"金融租赁",前者在信用评估时需考虑产业债相关通用的财务指标,具体而言包括三大现金流净流入占总收入比重、资产负债率以及净利润占总收入比重,后者还需要考虑监管所要求的偿付能力指标等。目前来看无论是金融租赁还是经营租赁,信用风险均处在可控的情形。

The domestic financial leasing sector has gone through five distinct stages: exploration, adjustment, recovery, rapid development and explosive growth. The corresponding degree of regulatory supervision has also undergone a shift from loose to strict. This article looks at the state of the leasing industry, distinguishing between general leasing and financial leasing. It concludes that in the case of the former, there is a need for considering general financial indicators related to industrial bonds in credit evaluation, specifically the debt-to-asset ratio and the three major sources of net cash flow as a proportion of total income. Additionally, the proportion of net profit to total revenue needs to be taken into consideration. For the latter group, solvency indicators required by regulation also need to be reviewed. The article also concludes that credit risks in financial leasing and general leasing are under control.