融资租赁中英文对照外文翻译文献

中小企业融资英文文献Title: Financing Options for Small and Medium-sized EnterprisesIntroduction:Small and medium-sized enterprises (SMEs) play a crucial role in driving economic growth, job creation, and innovation. However, one of the major challenges faced by SMEs is accessing adequate financing. This article aims to explore various financing options available for SMEs, highlighting their advantages and disadvantages.1. Traditional Bank Loans:Traditional bank loans have long been the primary source of financing for SMEs. They offer a fixed amount of capital, typically with a defined repayment period and interest rate. Bank loans provide stability and reliability, making them suitable for long-term investments and capital expenditures. However, the loan application process can be time-consuming and require a strong credit history, which may be challenging for some SMEs.2. Equity Financing:Equity financing involves raising capital by selling shares or ownership stakes in the company to investors. This type of financing is especially beneficial for high-growth potential SMEs. Equity investors provide not only financial resources but also expertise and industry connections. However, SMEs need to dilute their ownership and share profits with investors, which may limit their control over business decisions.3. Venture Capital (VC):Venture capital firms invest in SMEs with high growth potential in exchange for equity. VC funding is especially attractive for innovative startups and technology-driven enterprises. Apart from financial support, venture capitalists often provide valuable guidance and mentorship. However, securing VC funding can be highly competitive, and SMEs often have to demonstrate a unique and scalable business model to attract investors.4. Crowdfunding:Crowdfunding platforms allow SMEs to raise funds from a large number of individuals through online campaigns. It provides an opportunity for SMEs to engage with their target audience and build a loyal customer base. In return for their contributions, supporters may receive rewards or early access to the company's products or services. However, the success of a crowdfunding campaign depends on the SME's ability to effectively market their project and generate interest.5. Government Grants and Subsidies:Many governments offer grants and subsidies to support SMEs. These funds are typically targeted towards specific sectors or industries and aim to encourage innovation and economic growth. Government programs vary across countries, and SMEs must meet certain eligibility criteria. While government funding can provide a significant financial boost, the application process can be complex, and the availability of funds may be limited.6. Supplier Financing:Supplier financing involves negotiating extended payment terms with suppliers, allowing SMEs to free up working capital and manage cash flow. This form of financing is particularly useful for businesses with low credit ratings or limited access to traditional loans. However, SMEs need to establish strong relationships with their suppliers to negotiate favorable terms.Conclusion:In conclusion, small and medium-sized enterprises have various financing options available to them. It is crucial for SMEs to assess their specific needs and goals when considering different financing sources. Combining multiple financing options may also be a viable strategy for addressing diverse funding requirements. By exploring these options, SMEs can overcome financing challenges and continue to contribute to economic growth and development.。

中小型企业融资决策-外文翻译外文资料翻译译文中小型企业融资决策融资租赁(金融租赁)也被称为设备租赁(设备租赁),或现代租赁(现代租赁),基本上是全部或大部分的资产所有权转移风险和报酬的租赁。

终极所有权的资产转移,也可能不转移。

它指的具体内容承租人出租人在租赁对象和特定需求的供应商选择、供应商融资购买租赁财产,和使用出租给承租人,承租人对出租人分期支付租金,在租赁期内租赁对象的所有权属于出租人所有,承租人有权使用租赁项目。

任期届满,承租人支付租金在完成融资租赁合同履行义务,租赁对象所有权归属的承租人。

尽管融资租赁交易,租赁公司购买设备的身份,但购买的实质性内容设备供应商的选择等设备的具体要求,由承租人购买合同谈判的条件享受和锻炼,承租人租赁对象本质上是买方。

,是一个融资租赁贷款和贸易和技术更新的扩展新的综合金融行业。

因为它扩展的贷款和组合特征,有一个问题在租赁公司可以回收、处理租赁,所以企业的融资信贷和担保的主要要求,非常适合中小企业融资。

此外,负债融资租赁,不反映在企业的财务报表责任,不影响企业的信用状况。

这种多渠道融资需求的中小企业而言是非常有利的。

传统性质的租赁和融资租赁的区别就是:传统租赁以承租人租赁使用物件的时间租金、融资成本和融资租赁租金的租户占用时间。

市场经济发展到一定阶段和适应一个强大的融资,在1950年代在美国有一个新的类型的交易,因为它适应了现代经济发展的要求,在60 到70年世界上快速发展,如今已成为一个企业更新设备融资的主要方式之一,被称为“朝阳产业。

“中国在1980年代早期在这个操作模式的介绍了10年的快速发展,与发达国家相比,租赁的优势远未结束,市场潜力是巨大的。

租赁的主要特征租赁的主要特征是:对象的所有权,租赁是出租人为了控制租户租金还款的风险采取的一种形式所有权,在合同结束时最终有可能转移给承租人,租赁租赁人选择购买产品,从租户负责维护出租人只提供金融服务。

租金计算原则是:出租人租赁对象购买价格的基础上,由承租人向出租人资金时间的基础上,根据双方同意租赁利率。

融资租赁合同英文2篇篇1RENTAL CONTRACT FOR FINANCIAL LEASINGContract No. [Insert Contract Number]Date of Contract: [Insert Date]Party A: [Insert Name of Lessor]Party B: [Insert Name of Lessee]In accordance with the principles of the Contract Law of the People's Republic of China and other relevant laws and regulations, Party A and Party B, through friendly consultation, agree to conclude this Rental Contract for Financial Leasing on the terms and conditions set out below:Article 1: Contract ObjectThe subject matter of this Contract is the leasing of financial assets, specifically [Insert Description of Leased Assets].Article 2: Lease TermThe term of this lease shall be from the date of this Contract for a period of [Insert Lease Term].Article 3: Lease Payment1. The lessee shall pay the lessor a total lease rent of [Insert Total Lease Amount] in accordance with the payment schedule attached to this Contract.2. Any late payment shall be subject to a penalty fee as stipulated in the Contract.Article 4: Rights and Obligations of the Parties1. Rights of Party A (Lessor):(a) To receive lease payments as stipulated in the Contract.(b) Other rights as agreed between the parties.2. Obligations of Party A (Lessor):(a) To deliver the leased assets in good condition.(b) To ensure that the leased assets are used solely for the purpose agreed in the Contract.3. Rights of Party B (Lessee):(a) To use the leased assets in accordance with the terms of this Contract.(b) Other rights as agreed between the parties.4. Obligations of Party B (Lessee):(a) To make timely lease payments as stipulated in the Contract.(b) To properly maintain and care for the leased assets.Article 5: Transfer of LeaseWithout the consent of both parties, neither party shall transfer its rights or obligations under this Contract to a third party.Article 6: Termination of ContractThis Contract may be terminated under any of the following circumstances:1. Either party commits a material breach of contract and fails to cure such breach within a reasonable period.2. Any other circumstance as agreed between the parties.篇2Financial Lease ContractParty Information:Lessor: [Lessor Name]Lessee: [Lessee Name]Article 1: Contract PurposeThis Contract outlines the terms and conditions under which Lessor agrees to lease certain assets to Lessee for a specified period of time.Article 2: Leased AssetsThe leased assets, their specifications, and the value are detailed in Annex I to this Contract.Article 3: Lease TermThe lease term shall be for a duration specified in this Contract, unless otherwise extended or terminated in accordance with its terms.Article 4: RentLessee shall pay rent to Lessor at a rate and frequency specified in this Contract. The rent shall be paid in full and on time.Article 5: Payment TermsAll payments shall be made in the currency specified in this Contract and shall be made on the due dates specified. Any late payments shall be subject to penalties as stipulated in this Contract.Article 6: Ownership and Risk TransferDuring the term of this Contract, ownership of the leased assets shall remain with Lessor. Risk of loss or damage to the leased assets shall pass to Lessee from the date of commencement of the lease term.Article 7: Use and Care of Leased AssetsLessee shall use the leased assets solely for the purpose intended and shall maintain them in good condition. Any damage or loss caused by negligence or misuse shall be borne by Lessee.Article 8: TerminationThis Contract may be terminated only in accordance with its terms or upon breach of any provision by either party. In such case, all rights and obligations shall be resolved in accordance with this Contract.Article 9: Default and RemediesIf Lessee fails to pay rent on time or breaches any other term of this Contract, Lessor may exercise any remedy available under applicable law, including but not limited to acceleration of rent, repossession of the leased assets, or seeking damages.Article 10: Law and JurisdictionThis Contract shall be governed by the laws of[Country/State]. Any dispute arising out of or in connection with this Contract shall be subject to the jurisdiction of the courts located in [Court Location].Article 11: MiscellaneaAny amendment or modification to this Contract must be made in writing and signed by both parties. This Contract constitutes the entire agreement between the parties and supersedes any prior oral or written agreements.IN WITNESS WHEREOF, the parties have executed this Contract in their respective presence on the date stated at the beginning of this document.Lessor: _____________________ (Signature)Date: _____________________ (Date)Lessee: _____________________ (Signature)。

UNIDROIT Convention on International Financial Leasing(Ottawa, 28 May 1988)THE STATES PARTIES TO THIS CONVENTION,RECOGNISING the importance of removing certain legal impediments to the international financial leasing of equipment, while maintaining a fair balance of interests between the different parties to the transaction,AWARE of the need to make international financial leasing more available,CONSCIOUS of the fact that the rules of law governing the traditional contract of hire need to be adapted to the distinctive triangular relationship created by the financial leasing transaction,RECOGNISING therefore the desirability of formulating certain uniform rules relating primarily to the civil and commercial law aspects of international financial leasing,HAVE AGREED as follows:CHAPTER I - SPHERE OF APPLICATION AND GENERAL PROVISIONSArticle 11. - This Convention governs a financial leasing transaction as described in paragraph 2 in which one party (the lessor),(a) on the specifications of another party (the lessee), enters into an agreement (the supply agreement) with a third party (the supplier) under which the lessor acquires plant, capital goods or other equipment (the equipment) on terms approved by the lessee so far as they concern its interests, and(b) enters into an agreement (the leasing agreement) with the lessee, granting to the lessee the right to use the equipment in return for the payment of rentals.2. - The financial leasing transaction referred to in the previous paragraph is a transaction which includes the following characteristics:(a) the lessee specifies the equipment and selects the supplier without relying primarily on the skill and judgment of the lessor;(b) the equipment is acquired by the lessor in connection with a leasing agreement which, to the knowledge of the supplier, either has been made or is to be made between the lessor and the lessee; and(c) the rentals payable under the leasing agreement are calculated so as to take into account in particular the amortisation of the whole or a substantial part of the cost of the equipment.3. - This Convention applies whether or not the lessee has or subsequently acquires the option to buy the equipment or to hold it on lease for a further period, and whether or not for a nominal price or rental.4. - This Convention applies to financial leasing transactions in relation to all equipment save that which is to be used primarily for the lessee's personal, family or household purposes.Article 2In the case of one or more sub-leasing transactions involving the same equipment, this Convention applies to each transaction which is a financial leasing transaction and is otherwise subject to this Convention as if the person from whom the first lessor (as defined in paragraph 1 of the previous article) acquired the equipment were the supplier and as if the agreement under which the equipment was so acquired were the supply agreement.Article 31. - This Convention applies when the lessor and the lessee have their places of business in different States and:(a) those States and the State in which the supplier has its place of business are Contracting States; or(b) both the supply agreement and the leasing agreement are governed by the law of a Contracting State.2. - A reference in this Convention to a party's place of business shall, if it has more than one place of business, mean the place of business which has the closest relationship to the relevant agreement and its performance, having regard to the circumstances known to or contemplated by the parties at any time before or at the conclusion of that agreement.Article 41. - The provisions of this Convention shall not cease to apply merely because the equipment has become a fixture to or incorporated in land.2. - Any question whether or not the equipment has become a fixture to or incorporated in land, and if so the effect on the rights inter se of the lessor and a person having real rights in the land, shall be determined by the law of the State where the land is situated.Article 51. - The application of this Convention may be excluded only if each of the parties to the supply agreement and each of the parties to the leasing agreement agree to exclude it.2. - Where the application of this Convention has not been excluded in accordance with the previous paragraph, the parties may, in their relations with each other, derogate from or vary the effect of any of its provisions except as stated in Articles 8(3) and 13(3)(b) and (4).Article 61. - In the interpretation of this Convention, regard is to be had to its object and purpose as set forth in the preamble, to its international character and to the need to promote uniformity in its application and the observance of good faith in international trade.2. - Questions concerning matters governed by this Convention which are not expressly settled in it are to be settled in conformity with the general principles on which it is based or, in the absence of such principles, in conformity with the law applicable by virtue of the rules of private international law.CHAPTER II - RIGHTS AND DUTIES OF THE PARTIESArticle 71. - (a) The lessor's real rights in the equipment shall be valid against the lessee's trustee in bankruptcy and creditors, including creditors who have obtained an attachment or execution.(b) For the purposes of this paragraph "trustee in bankruptcy" includes a liquidator, administrator or other person appointed to administer the lessee's estate for the benefit of the general body of creditors.2. - Where by the applicable law the lessor's real rights in the equipment are valid against a person referred to in the previous paragraph only on compliance with rules as to public notice, those rights shall be valid against that person only if there has been compliance with such rules.3. - For the purposes of the previous paragraph the applicable law is the law of the State which, at the time when a person referred to in paragraph 1 becomes entitled to invoke the rules referred to in the previous paragraph, is :(a) in the case of a registered ship, the State in which it is registered in the name of the owner (for the purposes of this sub-paragraph a bareboat charterer is deemed not to be the owner);(b) in the case of an aircraft which is registered pursuant to the Convention on International Civil Aviation done at Chicago on 7 December 1944, the State in which it is so registered;(c) in the case of other equipment of a kind normally moved from one State to another, including an aircraft engine, the State in which the lessee has its principal place of business;(d) in the case of all other equipment, the State in which the equipment is situated.4. - Paragraph 2 shall not affect the provisions of any other treaty under which the lessor's real rights in the equipment are required to be recognised.5. - This article shall not affect the priority of any creditor having:(a) a consensual or non-consensual lien or security interest in the equipment arising otherwise than by virtue of an attachment or execution, or(b) any right of arrest, detention or disposition conferred specifically in relation to ships or aircraft under the law applicable by virtue of the rules of private international law.Article 81. - (a) Except as otherwise provided by this Convention or stated in the leasing agreement, the lessor shall not incur any liability to the lessee in respect of the equipment save to the extent that the lessee has suffered loss as the result of its reliance on the lessor's skill and judgment and of the lessor's intervention in the selection of the supplier or the specifications of the equipment.(b) The lessor shall not, in its capacity of lessor, be liable to third parties for death, personal injury or damage to property caused by the equipment.(c) The above provisions of this paragraph shall not govern any liability of the lessor in any other capacity, for example as owner.2. - The lessor warrants that the lessee's quiet possession will not be disturbed bya person who has a superior title or right, or who claims a superior title or right and acts under the authority of a court, where such title, right or claim is not derived from an act or omission of the lessee.3. - The parties may not derogate from or vary the effect of the provisions of the previous paragraph in so far as the superior title, right or claim is derived from an intentional or grossly negligent act or omission of the lessor.4. - The provisions of paragraphs 2 and 3 shall not affect any broader warranty of quiet possession by the lessor which is mandatory under the law applicable by virtue of the rules of private international law.Article 91. - The lessee shall take proper care of the equipment, use it in a reasonable manner and keep it in the condition in which it was delivered, subject to fair wear and tear and to any modification of the equipment agreed by the parties.2. - When the leasing agreement comes to an end the lessee, unless exercising a right to buy the equipment or to hold the equipment on lease for a further period, shall return the equipment to the lessor in the condition specified in the previous paragraph.Article 101. - The duties of the supplier under the supply agreement shall also be owed to the lessee as if it were a party to that agreement and as if the equipment were to be supplied directly to the lessee. However, the supplier shall not be liable to both the lessor and the lessee in respect of the same damage.2. - Nothing in this article shall entitle the lessee to terminate or rescind the supply agreement without the consent of the lessor.Article 11The lessee's rights derived from the supply agreement under this Convention shall not be affected by a variation of any term of the supply agreement previously approved by the lessee unless it consented to that variation.Article 121. - Where the equipment is not delivered or is delivered late or fails to conform to the supply agreement:(a) the lessee has the right as against the lessor to reject the equipment or to terminate the leasing agreement; and(b) the lessor has the right to remedy its failure to tender equipment in conformity with the supply agreement,as if the lessee had agreed to buy the equipment from the lessor under the same terms as those of the supply agreement.2. - A right conferred by the previous paragraph shall be exercisable in the same manner and shall be lost in the same circumstances as if the lessee had agreed to buy the equipment from the lessor under the same terms as those of the supply agreement.3. - The lessee shall be entitled to withhold rentals payable under the leasing agreement until the lessor has remedied its failure to tender equipment inconformity with the supply agreement or the lessee has lost the right to reject the equipment.4. - Where the lessee has exercised a right to terminate the leasing agreement, the lessee shall be entitled to recover any rentals and other sums paid in advance, less a reasonable sum for any benefit the lessee has derived from the equipment.5. - The lessee shall have no other claim against the lessor for non-delivery, delay in delivery or delivery of non-conforming equipment except to the extent to which this results from the act or omission of the lessor.6. - Nothing in this article shall affect the lessee's rights against the supplier under Article 10.Article 131. - In the event of default by the lessee, the lessor may recover accrued unpaid rentals, together with interest and damages.2. - Where the lessee's default is substantial, then subject to paragraph 5 the lessor may also require accelerated payment of the value of the future rentals, where the leasing agreement so provides, or may terminate the leasing agreement and after such termination:(a) recover possession of the equipment; and(b) recover such damages as will place the lessor in the position in which it would have been had the lessee performed the leasing agreement in accordance with its terms.3. - (a) The leasing agreement may provide for the manner in which the damages recoverable under paragraph 2 (b) are to be computed.(b) Such provision shall be enforceable between the parties unless it would result in damages substantially in excess of those provided for under paragraph 2 (b). The parties may not derogate from or vary the effect of the provisions of the present sub-paragraph.4. - Where the lessor has terminated the leasing agreement, it shall not be entitled to enforce a term of that agreement providing for acceleration of payment of future rentals, but the value of such rentals may be taken into account in computing damages under paragraphs 2(b) and 3. The parties may not derogate from or vary the effect of the provisions of the present paragraph.5. - The lessor shall not be entitled to exercise its right of acceleration or its right of termination under paragraph 2 unless it has by notice given the lessee areasonable opportunity of remedying the default so far as the same may be remedied.6. - The lessor shall not be entitled to recover damages to the extent that it has failed to take all reasonable steps to mitigate its loss.Article 141. - The lessor may transfer or otherwise deal with all or any of its rights in the equipment or under the leasing agreement. Such a transfer shall not relieve the lessor of any of its duties under the leasing agreement or alter either the nature of the leasing agreement or its legal treatment as provided in this Convention.2. - The lessee may transfer the right to the use of the equipment or any other rights under the leasing agreement only with the consent of the lessor and subject to the rights of third parties.CHAPTER III - FINAL PROVISIONSArticle 151. - This Convention is open for signature at the concluding meeting of the Diplomatic Conference for the Adoption of the Draft Unidroit Conventions on International Factoring and International Financial Leasing and will remain open for signature by all States at Ottawa until 31 December 1990.2. - This Convention is subject to ratification, acceptance or approval by States which have signed it.3. - This Convention is open for accession by all States which are not signatory States as from the date it is open for signature.4. - Ratification, acceptance, approval or accession is effected by the deposit of a formal instrument to that effect with the depositary.Article 161. - This convention enters into force on the first day of the month following the expiration of six months after the date of deposit of the third instrument of ratification, acceptance, approval or accession.2. - For each State that ratifies, accepts, approves, or accedes to this Convention after the deposit of the third instrument of ratification, acceptance, approval or accession, this Convention enters into force in respect of that State on the first day of the month following the expiration of six months after the date of the deposit of its instrument of ratification, acceptance, approval or accession.Article 17This Convention does not prevail over any treaty which has already been or may be entered into; in particular it shall not affect any liability imposed on any person by existing or future treaties.Article 181. - If a Contracting State has two or more territorial units in which different systems of law are applicable in relation to the matters dealt with in this Convention, it may, at the time of signature, ratification, acceptance, approval or accession, declare that this Convention is to extend to all its territorial units or only to one or more of them, and may substitute its declaration by another declaration at any time.2. - These declarations are to be notified to the depositary and are to state expressly the territorial units to which the Convention extends.3. - If, by virtue of a declaration under this article, this Convention extends to one or more but not all of the territorial units of a Contracting State, and if the place of business of a party is located in that State, this place of business, for the purposes of this Convention, is considered not to be in a Contracting State, unless it is in a territorial unit to which the Convention extends.4. - If a Contracting State makes no declaration under paragraph 1, the Convention is to extend to all territorial units of that State.Article 191. - Two or more Contracting States which have the same or closely related legal rules on matters governed by this Convention may at any time declare that the Convention is not to apply where the supplier, the lessor and the lessee have their places of business in those States. Such declarations may be made jointly or by reciprocal unilateral declarations.2. - A Contracting State which has the same or closely related legal rules on matters governed by this Convention as one or more non-Contracting States may at any time declare that the Convention is not to apply where the supplier, the lessor and the lessee have their places of business in those States.3. - If a State which is the object of a declaration under the previous paragraph subsequently becomes a Contracting State, the declaration made will, as from the date on which the Convention enters into force in respect of the new Contracting State, have the affect of a declaration made under paragraph 1, provided that the new Contracting State joins in such declaration or makes a reciprocal unilateral declaration.Article 20A Contracting State may declare at the time of signature, ratification, acceptance, approval or accession that it will substitute its domestic law for Article 8(3) if its domestic law does not permit the lessor to exclude its liability for its default or negligence.Article 211. - Declarations made under this Convention at the time of signature are subject to confirmation upon ratification, acceptance or approval.2. - Declarations and confirmations of declarations are to be in writing and to be formally notified to the depositary.3. - A declaration takes effect simultaneously with the entry into force of this Convention in respect of the State concerned. However, a declaration of which the depositary receives formal notification after such entry into force takes effect on the first day of the month following the expiration of six months after the date of its receipt by the depositary. Reciprocal unilateral declarations under Article 19 take effect on the first day of the month following the expiration of six months after the receipt of the latest declaration by the depositary.4. - Any State which makes a declaration under this Convention may withdraw it at any time by a formal notification in writing addressed to the depositary. Such withdrawal is to take effect on the first day of the month following the expiration of six months after the date of the receipt of the notification by the depositary.5. - A withdrawal of a declaration made under Article 19 renders inoperative in relation to the withdrawing State, as from the date on which the withdrawal takes effect, any joint or reciprocal unilateral declaration made by another State under that article.Article 22No reservations are permitted except those expressly authorised in this Convention.Article 23This Convention applies to a financial leasing transaction when the leasing agreement and the supply agreement are both concluded on or after the date on which the Convention enters into force in respect of the Contracting States referred to in Article 3(1)(a), or of the Contracting State or States referred to in paragraph 1(b) of that article.Article 241. - This Convention may be denounced by any Contracting State at any time after the date on which it enters into force for that State.2. - Denunciation is effected by the deposit of an instrument to that effect with the depositary.3. - A denunciation takes effect on the first day of the month following the expiration of six months after the deposit of the instrument of denunciation with the depositary. Where a longer period for the denunciation to take effect is specified in the instrument of denunciation it takes effect upon the expiration of such longer period after its deposit with the depositary.Article 251. - This Convention shall be deposited with the Government of Canada.2. - The Government of Canada shall:(a) inform all States which have signed or acceded to this Convention and the President of the International Institute for the Unification of Private Law (Unidroit) of:(i) each new signature or deposit of an instrument of ratification, acceptance, approval or accession, together with the date thereof;(ii) each declaration made under Articles 18, 19 and 20;(iii) the withdrawal of any declaration made under Article 21 (4);(iv) the date of entry into force of this Convention;(v) the deposit of an instrument of denunciation of this Convention together with the date of its deposit and the date on which it takes effect;(b) transmit certified true copies of this Convention to all signatory States, to all States acceding to the Convention and to the President of the International Institute for the Unification of Private Law (Unidroit).IN WITNESS WHEREOF the undersigned plenipotentiaries, being duly authorised by their respective Governments, have signed this Convention.DONE at Ottawa, this twenty-eighth day of May, one thousand nine hundred and eighty-eight, in a single original, of which the English and French texts are equally authentic.##。

融资租赁合同英文7篇篇1RENTAL CONTRACT OF FINANCIAL LEASINGContract No. [合同编号]Lessor (hereinafter referred to as “Party A”)：[出租人姓名/公司名称]Lessee (hereinafter referred to as “Party B”)：[承租人姓名/公司名称]In accordance with the General Principles of the Civil Law of the People’s Republic of China, based on the parties’ equality and mutual respect, after full and careful consideration, Party A and Party B jointly agree on the terms and conditions of this Financial Lease Contract as follows:Article 1 Contract PurposeThis Contract is intended for Party B to obtain the right to use financial assets (the leased financial asset) by paying leaserentals in advance while Party A rents the same to Party B based on ownership of such financial assets. The purpose of this lease is for Party B to carry out its business activities.Article 2 Lease TermThe term of this Lease Contract shall be for a period of [Lease Term, in years] years. The date of commencement shall be on the first day of the month following the date of signing this Contract. The duration of the lease shall be clearly stated in the Lease Schedule attached to this Contract.Article 3 Leased Financial AssetsThe leased financial assets are as follows: [Details of the leased financial assets, including type, quantity, specifications, etc.]Article 4 Lease RentalsThe lease rentals shall be calculated based on [Basis for calculation]. Party B shall pay rent at regular intervals to Party A as stipulated in the Lease Schedule.Article 5 Rights and Obligations of Parties1. Party A shall ensure that the leased financial assets are in good condition before the commencement of the lease term and comply with the purpose stated in this Contract.2. Party B shall use the leased financial assets in accordance with this Contract and ensure proper maintenance. Any damage or loss caused by Party B shall be fully compensated by Party B.3. During the term of this Contract, Party B shall not assign, rent out or create any security interest over the leased financial assets without prior consent from Party A.4. At the end of the lease term, Party B shall return the leased financial assets to Party A in its original condition except for normal wear and tear.Article 6 Early Termination and Default1. Any breach by Party B from fulfilling its obligations under this Contract shall be considered as a default and allow Party A to terminate this Contract early and claim compensation for any losses incurred.2. In case of any event that may affect Party A’s ownership rights or interests in the leased financial assets, Party B shall immediately notify Party A and take necessary measures tosafeguard Party A’s rights. F ailure to do so shall be considered as a breach of this Contract by Party B.Article 7 Force MajeureIn case of force majeure events such as natural disasters or government policies that affect performance under this Contract, both parties shall be exempt from liability after providing evidence of such events.Article 8 Dispute ResolutionAny disputes arising from this Contract shall be settled through friendly consultations between both parties. If no settlement can be reached, either party may submit the dispute to [Dispute Settlement Institution] for arbitration or file a lawsuit at a court located in [Location].Article 9 Miscellaneous1. This Contract shall be executed in both Chinese and English languages with equal legal effects. Any discrepancies between the two languages shall be resolved by reference to the Chinese version.2. This Contract is made in [Number of copies] copies with both parties holding equal number of copies. All copies shall have the same legal effects.3. Any amendments or modifications to this Contract must be made in writing and approved by both parties before being effective.4. This Contract shall be governed by and construed in accordance with the laws of the People’s Republic of China. The legal relationship arising out of this Contract shall also be governed by such laws unless otherwise specified by both parties under separate agreement in writing and in accordance with applicable laws.篇2Finance Lease ContractThis Finance Lease Contract is made and effective as of_______ (Date) by and between ________ (Lessee) and ________ (Lessor), wherein the Lessee agrees to lease the assets specified in this Contract from the Lessor, and the Lessor agrees to lease such assets to the Lessee on the terms and conditions set out below.Article 1: Lease Object1.1 The subject matter of this lease is ________ (describe the leased asset, such as a machine, equipment, vehicle, real property, etc.).Article 2: Term of Lease2.1 The term of this lease shall commence on ________ (Commencement Date) and shall continue for a period of________ (Lease Term, specifying the duration).Article 3: Rental Payment3.1 The Lessee shall pay to the Lessor a total rent of ________ (Total Rental Amount) in accordance with the payment schedule attached to this Contract.Article 4: Ownership and Risk4.1 The Lessor retains full ownership of the leased asset throughout the term of this lease. The Lessee has the right to use the asset during the lease term but bears the risk of loss or damage to the asset from any cause.Article 5: Lessee's Obligations5.1 The Lessee shall use the leased asset only in accordance with its intended purpose and shall not alter or damage it without the Lessor's consent.5.2 The Lessee shall make all necessary repairs and maintenance to keep the asset in good condition, except for normal wear and tear.Article 6: Lessor's Rights and Obligations6.1 The Lessor shall ensure that the asset is delivered to the Lessee in good condition at the commencement of the lease term.6.2 The Lessor has the right to enter the premises where the asset is located for inspection or maintenance during reasonable hours.Article 7: Termination7.1 This lease may be terminated early by either party in the event of a breach by the other party that is not cured within a reasonable period.Article 8: Default and Remedies8.1 If the Lessee defaults in payment or履行其他义务, the Lessor may exercise any remedy available by law or equity, including repossessing the asset and/or claiming damages.Article 9: Legal Jurisdiction9.1 This Contract shall be governed by the laws of ________ (specify jurisdiction) and any dispute arising from or related to this Contract shall be subject to the jurisdiction of the courts located in ________ (specify location).Article 10: Miscellaneous10.1 Both parties shall perform their obligations under this Contract in a good faith and cooperate to ensure its smooth implementation.10.2 This Contract constitutes the entire agreement between the parties and no modifications shall be made unless agreed to by both parties in writing.10.3 Any notice required or permitted under this Contract shall be in writing and shall be deemed delivered when personally delivered or sent by registered mail.In witness thereof, the parties have executed this Finance Lease Contract in duplicate, with each party retaining a copy.Lessor: _________________________ (Signature)Date: _________________________ (Date of Signature)Lessee: _________________________ (Signature) Date:_________________________ (Date of Signature)_________________________________________ (Legal Address)_________________________________________ (Legal Address)_________________________________________ (Contact Information) _________________________________________ (Contact Information) _____________职业法律顾问：_____________(法律顾问姓名）已对此合同进行了审查，并确认其符合所有适用的法律和法规要求。

【关键字】租赁文献出处：YANG J. The Research on Financial Leasing and China’s Small Micro Enterprises[J]. International Business and Management, 2012, 5(1): 33-37.文献一：The Research on Financial Leasing and ’s Small Micro Enterprises Abstract：The financing difficulties is ’s small micro enterprises existence a universal problem, it has become the main small micro enterprises development of a bottleneck. The financial leasing in the service of small micro enterprises has marked effect. First, to broaden the financing channels of small micro enterprises, second, reduce the fund pressure of small micro enterprises, and the third, promote the technology innovation of small micro enterprises, fourth, promote the market development of small micro enterprises. Due to lack of necessary knowledge on financial leasing, corresponding policies imperfect, lack of the necessary capital supply, affecting the development of financial leasing. To promote the development of financial leasing, should establish uniform management system, improve the relevant policies, expand the funding sources of financial leasing.Key words: Small micro enterprises; Financial leasing; Role; Problems; SuggestionsINTRODUCTION：Small micro enterprises in the process of economic development of China plays a more and more prominent role, however, China’s small micro enterprises generally faced the difficulty of shortage of funds. How to solve the financing problems of small micro enterprises is a hot issue in ’s economic development. Studies have shown that financial leasing is an effective way to solve the financing difficulties of small micro enterprises in . Positive development of financial leasing, can effectively resolve the financing problems of small micro enterprises, thereby promoting economic development.Financial Leasing as a new way to trade, it put the traditional rental, trade and financial way all organic combination up, be understood as a financing bank loans and capital markets after the third road. Financial leasing has the dual function of financing and financial objects, has its unique advantages in the service of the real economy, especially in services to small micro enterprises. In 2010 June, Chinese financial authorities issued further completes the small micro enterprise financial service work certain opinions, requirement to the development of the financial leasingbusiness. The full display financial leasing’s function, may promote the small micro enterprise’s development effectively.1. FINANCIAL LEASING IS THE IDEAL FINANCING OPTIONS FOR SMES INBecause ’s small micro enterprises financing channel is narrow, the financial leasing in service for small companies can give full play to the advantages provided a condition.The enterprise financing way has stockholder’s rights financing and the creditor’s rights financing two types. Stockholder’s rights financing can be divided into two forms: public offering and private collect. The public to raise financing is IPO financing. From the present situation of the development of ’s capital market see, through the IPO of the financing of enterprise are only a small part, thousands of companies listed on the inside and outside is only a very small part of the tens of millions of enterprises. Do not need to undergo a rigorous listing of the audit through a private placement financing, relatively speaking, easier to achieve financing, however, due to the operation of the private equity funds to achieve legalization, even though the public has a lot of private equity funds exist, but really be able to supply the amount of money is relatively limited. On the creditor’s rights financing, at present ’s form of creditor’s rights financing is single, mainly bank credit channel. Bank considering security problems, often to provide money for a credit ratings, the strength of large enterprises, in addition, due to the bank credit market degree is relatively low, not established truly mature enterprise credit rating system, especially the rating system of the small micro enterprises, so that the bank credit activity impossible cover a much wider range of debt financing needs, only to meet a range of financing demand. So, small and medium-sized enterprises, especially small micro enterprises financing constraints become enterprise development of a bottleneck. Financial leasing way was invented in the 1950s, as a kind of long-term debt financing, is by the lesser according to the lessee’s need, in advance in accordance with the contract, the lessee to designated betray a person to buy the lessee designate d fixed assets, in the lessor has the fixed assets under the premise of ownership, to the lessee pays the rent for conditions, will be a period of time fixed assets and earnings of the right to transfer to the lessee. Financial lease financing way has several obvious features: First, the lessee may have a full financing. Second, can save the lessee's capital investment, reduce business cash flow pressure. Third, the leased equipment is selec ted according to their needs to determine by the lessee. Fourth, lease activities involve at least three parties, can form the mutual restrict. Fifth, after the expiry ofthe lease, the lessee of the equipment used dispose of the three options remain to purchase, renew or surrender of tenancy rights. At the same time, the financial leasing has the function of financing and product promotion function. Financial leading’s characteristic and the function speaking of the financing channel narrow small micro enterprise, is one relatively ideal financing solution way. Therefore, financial leasing has superiority serves for the small micro enterprises, it easier to become one kind of substitution choice of small micro enterprises long-term creditor's rights debt financing.2. THE ROLE PLAYED BY FINANCIAL LEASING SERVICES TO SMESFinancial leasing advantage decided it has a unique role in service for small micro enterprises. Financial leasing has the following advantages: First, provides professional services for small micro enterprises. Leasing companies often choose some specific industry to carry out leasing business, can provide enterprises with professional services. In the process of cooperation with the enterprise, the leasing company in addition to providing financing service outside, with the development of it industry, enterprise to the understanding of the profit model, and master the management of the enterprise, which objectively can play on small micro enterprises guidance. Second, procedure is simple, flexible service. Usually, the small micro enterprises has short, anxious, the quick characteristic to the fund demand. Compared with the bank credit, financial leasing to the lessee of assets and liabilities of the requirements is not high, do not need to strict examination and approval, only need to the lessee of the future cash flow of an investigation. The small micro enterprises with rents the company to work out the different contract, satisfies the tenant to the cash flow request, the rent payment pattern may also process nimbly. Therefore, financial leasing way more accord with small micro enterprises capital demand characteristic. Third, helps small micro enterprises to reduce operation risk. Not afford to buy production equipment, the lessee obtained through financial leasing equipment, the project put into operation as early as the early benefit from improved operating efficiency. The financial leasing reduces the outflow of funds for the enterprise equipping. Financial leasing scheme is designed with a certain degree of flexibility, leasing companies can be tailored according to the enterprise’s cash flow rent repayment plan, avoid enterprise repayment pressure too concentrated, thereby reducing the financial risk. Entered into a lease contract, the equipment prices, rentals and other important issues are to determine the one-time, the lease term remains fixed, thus reducing the uncertaintydue to price fluctuations in the process of renting. Because financial leasing has the advantage, therefore, it plays a unique role in service for small micro enterprises.2.1 Expand the Small Micro ’sFinancing Channel Bank considers to the safety of the credit funds to set up corresponding assets loan mortgage conditions, the small micro enterprises are restricted by many factors, it is difficult to obtain loan from the bank. Compared with the cumbersome procedure of the bank loans, financial leasing often do not require the lessee to provide credit guarantee finance simplicity, therefore, the financial leasing for those in the early days, there’s no mortgage assets, the lack of complete credit history, asset-liability ratio higher small micro enterprises, especially small micro enterprises in the start-up stage to provide a realistic financing channels.2.2 Red uce the Small Micro Enterprise’s Fund Pressure Compared with corporate self-purchase of equipment, through financial leasing, the lessee pays the rent way to obtain the right to use of machinery and equipment, a combination of financing and investment, to create the operating profit. Although the equipment not getting the ownership of the equipment, but, the enterprise to pay the rent for the far less than the amount needed for the lump sum investment financing volume. With the aid of financial leasing, the lessee is by equipment, return the money, namely to rent way to pay for the equipment. The rent installment payment amount by the lessee and the lessor is both in their cash flow condition considered after certain, beneficial to the lessee cash flow, managing enterprise capital expenditure, reduce the financial pressure. In addition, because of the financial leasing is not included in the company’s balance sheet, through financial leasing enterprises can reduce the rate of assets and liabilities, for the enterprise development laid the foundation for other financing activities2.3 Promote the Small Micro Enterprise’s Technological Innovation Financial leasing can make both supply and demand meet directly, reduce the intermediate link, so as to facilitate the equipment into the fields, and drive enterprise production development, financial leasing to become the link of enterprises cohesion production and sales. Due to the strength of strong small micro enterprises reduce the full risk of equipment investment, so that enterprises have more energy to track changes in the market, accelerate technical innovation pace, produces more competitive products. Small micro enterprises through financial leasing to reduce the burden of equipment investment, quickly get the needed technology and equipment. This way can shortenthe technological transformation of the enterprise and equipment renewal cycle, through the continuous rent advanced equipment to shorten the time machine equipment use, thus speeding up production equipment renewal, maintain production technology lead, and seizes the market opportunities.2.4 Promote the Small Micro Enterprise to Develop the Market Financing and the sale are two difficult problems which the small micro enterprises faces. Financial leasing has not only solved enterprise's financing problem, moreover the help enterprise has developed the market. May reduce the selling expenses through financial leasing, reduces purchases the threshold, enhancement customer purchase ability, to reduce sells link's account receivable and the time sale risk. At the same time, because financial leasing is one kind manages the behavior, between the lessor and the tenant maintains continually the good communication condition, the tenant can act according to the customer feedback the information, carries on the renewal and the consummation to the product, maintains the product the lead. Through financial leasing, may communicate the finance, the trade, to produce three markets, the guidance capital reasonable order is mobile, promotion financial capital, industrial capital and trade capital fusion.3. THE PROBLEMS OF ’S FINANCIAL LEASING AND WHY2011 China financial leasing industry development report shows, to the end of 2011, 286 Chinese operations in the book all types of financial leasing companies, financial leasing contract balance of approximately 930 billion yuan. Should say, financial leasing industry development scale and the development of the Chinese economy condition is don’t match3.1 Problems of Financial LeasingAlthough financial leasing business started in 1981, but look on the whole, it is still a new business in , is still in the initial stage of development, the external market environment, the legal environment is still not perfect and mature. As the main body of market rental company professional skills, management level, risk control ability has yet to be further improved. 2011 financial leasing industry development report listed the problems of ’s financial leasing industry: First, to financial leasing profession understanding existence erroneous zone. The Department concerned thought that financial leasing will boost the inflation, thus, the financial leasing company has adopted the scale control policy, rented enterprise’s sources of fund to come under the influence. Second, financial leasing business in areas around the development is not balanced.As 90% of all types of financial leasing companies are concentrated in 30 cities, including , , , while the rest of the country more than 200 Earth-level above the city, including some capital cities, has not a financial leasing company. Third, relevant laws and regulations are not perfect. The development of financial leasing industry still lacks a unified and effective judicial safeguard. Fourth, financial leasing company’s risk awareness is still relatively weak. The country rela ted supervisory department’s supervision system is not perfect. Many lease enterprises did not set up effective risk control mechanism. Some lease enterprise on a smaller scale, but business promoting soon, capital adequacy ratio even less than 1%. Some comprehensive lease in the business enterprise develop, after-sales back to the proportion of the rent is too big. In addition, ’s financial leasing industry regulation is not uniform. China’s financial leasing industry, according to the different nature of the investor, by the People’s Bank of China, the CBRC, the CSRC, the Ministry of Commerce of China, both funded by commercial banks or the four asset management companies, non-bank financial institutions supervision by the CBRC, also includes by each kind of non-financial enterprise investment, the Ministry of Commerce of China is responsible to supervise, not to include the financial organ to rent the company。

金融资产证券化中英文对照外文翻译文献(文档含英文原文和中文翻译)Securitization of Financial assetsAsset-Backed Securitization (ABS) is a financial tool which allows financial institutions (usually commercial banks) to move unmarketable assets (e.g.lease assets mortgage assets or commercial papers) from their balance sheets in exchange for a long term loan which can be ploughed back into more profitable investments. More precisely ,the financial assets are converted into bonds (so called notes ) and the proceeds of their market issuance become a long term loan for the assets owner (the originator ).We will look at the ABS operation mainlyfrom the point of view of this financial institution.Our analysis will concentrate on the critical phase of the ABS operation avoiding to describe in detail the role of some of the participating operators, such as banks and insurance companies, which provide the credit protection (risk hedging) of the operation .It should be noted that the issue of credit protection is an interesting research topic in itself .However ,the corresponding features such as credit guarantees and cash flow riskiness are beyond the scope of this paper .In an ABS, the assets are sold by the originator to a special purpose vehicle (SPV), an institution created solely for that purpose .The SPV funds the purchase through issuing debt securities-the notes-which are collateralized by the assets. Note that the assets transfer is a true sale. Thus , if the originator becomes insolvent or is involved in bankruptcy the transferred financial assets will not be part of the bankruptcy the transferred financial assets will not be part of the bankruptcy assets. This makes the notes an interesting investment opportunity .In apass through payment scheme the final investors who buy these notes receive periodic inflows (interests on their investments). These are directly relatedto the periodic installments paid by the holders of the assets (e.g. lessees or mortgage holders) to the originator (e.g. the lessor ). Using the ABS structure the originator bypasses the problem of an impossible outright sale of its assets and thus reduces its overall exposure to them. For instance ,lease or mortgage contracts which tie up the capital of leasing companies can be moved into notes. This replacement of illiquid assets improves the return on equity (ROE).From the point of view of the originator, an ABS allows the achievement of three mainFinancial objectives:1.Replacement of the assets in the balance sheet, therebyimproving ROE and allowing ( if the originator is a bank)a more flexible keeping of the asset/liability compositionconstraints imposed by the control authorities (i.e. the Central Bank).2.Diversification of fund sources. Althrough the originatormay be low rated, its notes usually get a higher rating(e.g. AAA) due to the presence of banks and insurancecompanies which guarantee the whole operation .This implies that such notes can be dealt on the main financialmarkets allowing the originator to reach markets which would otherwise be unaccessible for him since attended only by more established companies.3.Higher rated notes are more reliable investments and thusare allowed to pay lower interest rates to holders. If the cost to get a higher rating is lower than the saving obtained by issuing notes which higher rating, then the global cost to acquire funds decreases. Let us assume that an institution with a BB rating can get money at a rate such as Libor (London interbank offering rate) plus 150 basis points. Such an institution, as originator, may decide pay an additional 100 basis points to get credit warranties 1 and be able to issue notes with rating AAA at the cost of Libor plus 10 basis points. In this case an ABS will produce a saving on interest rates of 40 basis points. This situation applies in practice, since there is no efficient market for the underlying assets. The interest in this financial operation drastically increased in the last years all over Europe. In Italy, one of the most recent and relevant ABS has been performed by the pulic institution in charge of the management of the social security system, i.e. the Istituto Nazionale dellaPrevidenza Sociale (INPS).This operation has allowed INPS to move delinquent contributions from its balance sheet.Other transactions of this type took place in the area of public housing agencies.The interest in this financial operation drastically increased in the last years all over Europe. In Italy, one of the most recent and relevant ABS has been performed by the public institution in charge of the management of the social security system, i.e. the Istituto Nazionale della Previdenza Sociale (INPS). This operation has allowed INPS to move delinquent con-tributions from its balance sheet. Other transactions of this type took place in the area of public housing agencies.Many papers dealing with ABS from a modeling point of view have appeared in the last few years. Since an extensive review is beyond the scope of this paper we will only mention the papers by Kang and Zenios [6,7] and by Mansini and Speranza [12,13] and refer to the references given therein. For a better insight in the complex problem of securitization we suggest the textbooks [3,5,15].In particular, motivated by the analysis of a real-worldcase, Mansini in [11] and then Mansini and Speranza in [12] have studied the problem of optimally selecting the assets to refund the loan. In other case only lease assets are considered, although many other types of assets have the same basic characteristics. In their paper the outstanding principal of the assets is computed based on constant general installments (the so called French amortization). The resulting problem of selecting assets at unique date can be modeled as a d-dimensional knapsack problem, which is hardly tractable by exact algorithms but is typically solved by constructive heuristics (see e.g.[1,16]) or metaheuristics (see e.g.[2,4]. The authors also show that in the special case where all lease assets share the same financial characteristics (amortization rule, internal interest rate and term ) all but one constraint turn out to be redundant and hence the model reduces to a classical 0-1 knapsack problem (KP), which is relatively easy to handle (cf.[8,9,14]). See [10] for a general introduction to knapsack problems. Their work does not take into account the occurrence of a different rule for the asset amortization. In many practical applications (both for lease and mortgage contracts) thecustomers receiving the assets choose to pay back their debt by constant periodic principal installments (the rule is known as Italian amortization). Up to now this common rule has been totally ignored in models formalization.The objective of this paper is twofold .First of all we innovate with respect to previous modeling approaches by introducing a general model to select financial assets at multiple dates. The motivation derives from the practical need of finding alternative and possibly more effective formulations for the problem of asset selection in ABS to achieve a better utilization for the long term loan.Secondly, we analyze the frequently encountered practical case in which the assets (lease or mortgage contracts) are paid back by constant periodic principal installments ( Italian amortization rule). In this way the paper aim to provide analysis of an alternative amortization rule available in practices as well as the development of better tools for the institutions responsible for the planning and management of ABS.Before defining the new model we should give a more detailed sketch of the ABS process. To help the reader invisualizing and better understanding the structure of an ABS process. The SPV issues notes on the financial market receiving funds from institutional investors who purchase the notes and hold them until maturity subject to the availability of acceptable short-term financing. The proceeds obtained by the notes’issuance are used by the SPV to make revolving purchases of the unrated assets from the originator. The latter receives a long term loan which is payable solely by assets. In particular, the originator has to select the assets to be handed over for the loan reimbursement. These assets are“converted into” the notes issued by the SPV.The assets which are included in an ABS process have to be selected in a way such that the sum of their outstanding principals never exceeds the outstanding principal of the received loan (from now on simply the main outstanding principal) at any point in time. Now in order to maximize the financial gain of the operation the critical problem for the originator consists of minimizing the gap between the main outstanding principal and the outstanding principal of the selected assets over all points in time. This gap constitutes a loss of profit due to missing moreprofitable investments with higher yields.Actually the area of the main outstanding principal covered by the sum of outstanding principals of the handed-over assets yields a return for the originator ( e.g. the lessor) depending on the difference between the percent interest rate per year that the originator got from its customers (e.g. the lessees) and the lower percent interest rate paid to the note holders. If the sum of the outstanding principals of the selected assets has a global reimbursement profile which decreases more rapidly than that of the main outstanding principal, then the originator gets funds from its customers in advance with respect to the deadline at which it should pay the capital installment to the SPV. Such funds have to be reinvested in some predefined type of investments indicated in the ABS agreement. These investments last for a brief period (from the date in which they are available to the following date of reimbursement for the main loan) and usually yield a very low interest rate. Given the rate B payed for the notes it frequently happens that B is close to zero and may also be negative involving a loss for the originator. This justifies the interest in minimizing thegap between the two profiles and stresses the importance of studying alternative shapes for the outstanding principals.Another important aspect in an ABS process is the risk of assets prepayment (cf.Schwartz and Torous [18]).A decline in interest rates may cause an earlier repayment of the outstanding principals of the assets and hence has a negative effect on the value of the objective function over time since the gap towards the main outstanding principal increases.For some types of assets such as auto loans or credit card receivables this prepayment is unusual. However, leasing-like assets do face the risk of interest-rate based prepayment. Since prepayment events are non-predictable they cannot be taken explicitly into account in a deterministic off-line optimization model. Implicitly, it is assumed that all assets have the same probability of prepayment. In all cases where the risk of early paybacks is particularly high, a re-optimization of the whole ABS process at a later point in time is strongly recommended.Concerning the time line, in our case the assets arehanded over by the originator and purchased by the SPV starting at a closing date (initial date for the loan) and on a Fixed basis thereafter during the so called revolving period.. Each date at which a purchase takes place is called settlement date. The assets handed over by the originator at the closing date and thereafter at the settlement dates are collectively referred to as the initial and subsequent portfolios, respectively. Issued notes yield an interest payable on periodic bases (usually quarterly) and are redeemed at different final maturity dates. For this reason, notes are divided into tranches characterized by different deadlines.The reimbursement to the holders of the principals of a tranche of notes corresponds to a reimbursement installment of the main outstanding principal. Hence, the outline of the outstanding principal of the loan has as many installments (steps)as the number of notes with different maturity issued on the market.The main source of payment of interest and principal on notes are recoveries arising out of the assets. In particular, the cash-flow deriving from assets is used by the SPV to satisfy its obligations to the holders of notes.Naturally, the outstanding principal of an asset depends on the rule used for amortization.As mentioned above, two different rules mainly appear in practice, In the first rule, usually known as French amortization, the general periodic installment (sum of periodic interests and principal installment) is constant over time. In this case the customers who hold assets (mortgage or lease contracts) have to pay the same geometrically over time .In this case the customers who hold assets (mortgage or lease contracts) have to pay the same constant amount at each deadline. Since the principal installments increase geometrically over time (see figure 2(b) ), the outstanding principal can be approximated by a concave piece-wise linear function.Source: D. Bertsimas and R. Demir. Securitization of Financial Assets: Approximation in Theory and Practice. Computational Optimization and Applications, 2008(29), P147-171翻译:金融资产证券化资产证券化(ABS)是一种金融工具,它可以让金融机构(通常是商业银行)的流动资产(如租赁资产滞销,抵押资产或商业证件)在他们的资产负债表中转换为长期贷款。

小微企业融资外文文献翻译the XXX credit to small and medium enterprises (SMEs)。

However。

micro enterprises (MEs) which are smaller than SMEs。

have been XXX。

using a path XXX finance。

such as family and friends。

due to the lack of access to formal finance。

Path dependence is also evident。

XXX finance.翻译：乌干达的小微企业融资：路径依赖和其他融资决策的决定因素XXX：Winifred XXX-XXX博士摘要：发展中国家的融资文献主要关注正规金融机构向中小型企业（SMEs）提供信贷的角色。

然而，小微企业（MEs）比SMEs更小，却被忽视了。

本文使用路径依赖框架，研究了乌干达小微企业的融资决策，识别了影响它们获得融资的因素。

研究发现，由于缺乏正规融资渠道，小微企业严重依赖非正规融资来源，如家人和朋友。

路径依赖也很明显，过去的融资决策和与非正规融资来源的关系影响了当前的融资决策。

本研究建议政策应着重改善小微企业获得正规融资的渠道，并促进金融素养，减少对非正规融资来源的依赖。

Access to credit is crucial for small and medium enterprises (SMEs) and micro enterprises。

as they are considered to be the main drivers of economic growth。

In e countries。

XXX role than SMEs。

XXX-agricultural self-XXX。

XXX due to the way they are XXX。

金融资产证券化中英文对照外文翻译文献Financial Asset nAsset-Backed n (ABS) ___ ns。

typically commercial banks。

to remove unmarketable assets。

such as lease assets。

mortgage assets。

or commercial papers。

from their balance sheets in exchange for a long-term loan that can be ___。

the financial assets are transformed into bonds。

known as notes。

and the proceeds from their market issuance e a long-term loan for the asset owner。

also known as the originator。

This article will primarily focus on the n of ABS.ABS nThe ABS ___:1.___ a pool of financial assets that it intends to securitize.2.___ of the assets to a special purpose vehicle (SPV)。

which is created for the sole purpose of holding the assets and issuing the notes.3.The SPV issues the notes。

which are backed by the cash flows generated by the underlying assets.4.The notes are sold to investors in the capital markets。

融资租赁合同英文6篇篇1Finance Lease ContractThis Finance Lease Contract (hereinafter referred to as the "Contract") is made and concluded on __Date__, between Party A, the Lessor, and Party B, the Lessee, under the principles of equality, fairness, honesty and credit.Article 1: Contract Parties1.1 Party A: __Lessor's Name__ (hereinafter referred to as "the Lessor").1.2 Party B: __Lessee's Name__ (hereinafter referred to as "the Lessee").Article 2: Lease Object2.1 The Lessor agrees to lease to the Lessee the following equipment/asset: __Description of the leased asset__.2.2 The leased asset shall be used by the Lessee for the purpose of __Purpose of lease__.Article 3: Lease Term3.1 The lease term shall be __Term of the lease__ starting from the date of commencement.Article 4: Rental Payment4.1 The Lessee shall pay the Lessor a total rent of __Total rent amount__.4.2 The rent shall be paid in __Payment terms__ to the Lessor's designated account.Article 5: Lease Commencement and Delivery of the Leased Asset5.1 The Lessor shall deliver the leased asset to the Lessee on __Delivery date__.5.2 Upon delivery, the Lessor shall provide necessary documents and guarantees for the leased asset.Article 6: Rights and Obligations of the Parties6.1 The Lessor shall ensure that the leased asset is in good condition and functions properly.6.2 The Lessee shall use the leased asset in accordance with its intended purpose and shall not engage in any activities that may damage the asset or affect its value.6.3 The Lessee shall bear all costs related to the maintenance and repair of the leased asset during the lease term.Article 7: Termination of Lease7.1 The lease may be terminated under any of the following circumstances: a) expiration of lease term; b) mutual agreement between the parties; c) material breach by one party causing the other party to suffer substantial losses; etc.篇2FINANCIAL LEASE CONTRACTParty A (hereinafter referred to as the "Lessor")Party B (hereinafter referred to as the "Lessee")In accordance with the principles of the Contract Law of_______ (the country's name) and other relevant laws and regulations, Party A and Party B, through friendly consultation, agree to conclude this Financial Lease Contract for the leasing of certain assets.Article 1: Lease ObjectParty A agrees to lease to Party B, and Party B agrees to lease from Party A, the following equipment/asset details (hereinafter referred to as the "Leased Asset"): [Specify details of the asset including make, model, quantity, etc.]Article 2: Lease TermThe term of this lease shall be [specify term in months or years]. The lease shall commence on _______ (start date) and shall terminate on _______ (end date).Article 3: Lease RentParty B shall pay Party A a total rent of _______ (specify amount) for the Leased Asset. The rent shall be paid in installments/monthly/quarterly/annually as per the schedule agreed between both parties.Article 4: Lease PaymentLessee shall make timely payments as per the agreed schedule. Any delay in payment shall be subject topenalties/interest as agreed upon by both parties.Article 5: Ownership and Risk TransferDuring the term of this lease, ownership of the Leased Asset shall remain with Party A. Risk of loss or damage to the Leased Asset shall be transferred to Party B.Article 6: Use and Care of Leased AssetParty B shall use the Leased Asset in accordance with its intended purpose and shall take proper care of it. Any damage caused by misuse or negligence shall be borne by Party B.Article 7: TerminationThis lease may be terminated by either party in the event of breach by the other party. Termination shall be subject to terms and conditions stated in this Contract.Article 8: WarrantyParty A guarantees that the Leased Asset is in good working condition and free from any hidden defects. Any defects discovered during the lease term shall be rectified by Party A at its cost.Article 9: InsuranceParty B shall arrange for insurance of the Leased Asset against risks specified in this Contract. The cost of insurance shall be borne by Party B.Article 10: Force MajeureIn case of force majeure events, performance of either party may be suspended or terminated in accordance with relevant laws and regulations.Article 11: MiscellaneaBoth parties shall comply with all applicable laws and regulations pertaining to this lease. Any disputes arising between the parties shall be settled through friendly negotiation. If negotiation fails, either party may refer the matter to a court of law.This Contract shall be binding on both parties and shall be witnessed by two competent witnesses. Any amendments or modifications to this Contract shall be made in writing and signed by both parties. This Contract is made in duplicate, with each party retaining one copy for their records.Signed by Lessor: ________________________ Date:________________Signed by Lessee: ________________________ Date:________________(Insert witness signature and date)(Insert seal or stamp) 声明符合中国的相关合同格式规范。

第一部分外文文献原文（中文7287字）中文题目：房地产开发企业信托融资研究Financing of China's real estate development enterprises trust1、Connotation of real estate investment trusts1.1 Define Real estate investment trustsReal Estate Investment Trusts (referred REITs) is a way of issuing vouchers pooled income funds qualified majority of investors, through the issuance of equity (fund units), a collection of public investors funds management by specialized agencies, through diversified investment Select different regions, different types of real estate projects portfolio of financial trust products. Compared with traditional financial products, the biggest feature of REITs is the accumulation of many small investors funds, the use of management and experience in professional management team, relying on credit rating agencies, lawyers, regulators and the Securities Commission of Certified Public Accountants conduct diversified portfolio, enjoy preferential tax on realized investment returns. REITS since the 1960s in the United Statesavailable, not only in the country has been widely developed, but was quickly introduced and used in Japan, Singapore, South Korea, Hong Kong and other countries and regions.REITs In essence a trust fund to meet the trust established in accordance with the statutory purpose of the constituent elements of trust, trust party of trust, the trust property has the characteristics of independence, by the "Trust Law" and other relevant laws. At the same time, the real estate investment trust because of its unique characteristics, the trustee qualifications, duties, tax rates and other benefits were clearly defined and limited, and therefore the nature of real estate investment trusts has forced law.1.2 Situation of real estate investment trustsSince the regulation of real estate, real estate financing channels for enterprises there has been a big change. Under the tightening of bank loans, corporate bonds, the stock market closed the door refinancing situation, the development of enterprises have another way, so trust financing has been rapid development. Related research report: January to August 2010, the real estate trustproducts issue size has more than 104.7 billion yuan, and 2009 full-year real estate trust issue size of 44.9 billion yuan compared with more than doubled. Where the August issue size of 22.1 billion yuan, issue number is 50. According to Wind Info statistics, in 2010, the domestic 15 listedreal estate companies through a trust financing, won a total of 11.45 billion yuan of funds, the average real estate companies and financing 763 million yuan. Among them, the amount of financing more than 1 billion yuan of real estate companies have five, the amount of financing between 500 million to 1 billion yuan of real estate companies, there are three, and listed companies is less than 500 million yuan of the amount of financing, there are seven. Table section 1 2010 the real estate business trust financing data sources: According to the listed company announcements finishing after the central bank tightened bank credit, real estate trusts have sprung up everywhere, strong support for the development of real estate investment business activities. Relative to bank loans, the financing of real estate trust schemes can reduce the overall cost of financing real estate companies, saving financial costs, and greater flexibility in the period, infavor of the real estate company's continued development. However, the introduction of exploratory practice of real estate investment trusts, despite it being closely watched theorists, and sought after by the industry, but the industry is looking at, but not its long-term financing of the function, but Think of it as a so-called "bridge financing", or obtain bank financing is "stepping stone." Thus, it is actually a very large extent so that loss of the meaning of existence. Meanwhile, the real estate investment trust in the process, the vast majority are in the form of loans, to take the form of debt remains, and this is tantamount to simply replace the existing bank loans, does not solve the fundamental problem of asymmetric risk and return and the risks in the process of CITIC TOEIC is also increasing. REITs in our theory and reality contrast function should be further practice, observation, improved in order to play a positive role in the real estate financing as it should.1.3 Feasibility Analysis China to develop real estate investment trustsFirst, policy support. December 21, 2008, the State Council issued the "Opinions on Promoting the healthydevelopment of the real estate market" (Guo Ban Fa [2008] No. 131), which highlighted "reasonably support the financing needs of the real estate development business." In a specific aspect of measures made it clear that "the pilot in real estate investment trusts, expand direct financing channels." Currently, the State Council has approved the Beijing, Shanghai, Tianjin city for real estate investment trusts pilot cities.Secondly, the law gradually improved. From 2005 onwards, China Banking Regulatory Commission have released a number of regulatory documents on real estate trust business. So far, the CBRC regulatory policies on the real estate trustbusiness and in addition to the minimum capital requirements, secondary qualifications, "four cards are complete", but also include a ban on working capital loans granted to developers, real estate sale is prohibited repurchase prohibit Trust company to grant land reserve loans trust funds, and to invest with repurchase financing behavior regarded as a disguised form of loan management and a series of regulatory policies, initially formed a real estate trust business regulatory policy system.Finally, the financing of investment trust has taken shape, specifically in the following two aspects: First, the rapid growth of personal financial assets. After the release of high-speed economic reform economic growth has brought rapid growth in personal income, personal investment demand also increased significantly; secondly, our organization is growing ranks of investors. With the reform of the social security system and social welfare system, China has established a huge variety of social welfare funds, these social welfare fund will be institutional investors.2、The US REITs Inspiration to ChinaCurrently, the Western developed countries have formed the core of REITs to traditional financing channels based diversified real estate financing mode. Summarizes the development of US REITs and characteristics of the development of US REITs inspiration to our country mainly in the following three aspects.2.1 Improve the legal and tax system is the cornerstone of the development of REITsUS experience shows, REITs need to improve the development of laws, regulations and tax system to providea good external environment. "Real Estate Investment Trust Act" adopted by the United States in 1960 defined the basic institutional framework of REITs, the same year Congress also passed a bill to amend the "Internal Revenue Code" to make REITs enjoy the same special tax treatment and mutual funds. According to US tax law, as long as the investment trust's income distribution to beneficiaries, investment trusts do not need to pay taxes. Dividends and capital gains received by the shareholders according to pay taxes. Most US states have followed the federal treaty, nor does it require REITs to pay state income tax. Meanwhile, the US tax law amendment in 1960, and in giving preferential tax treatment of REITs also its organizational structure, shareholder structure, asset composition, income sources and the distribution ratio, it is also made clear. In addition, publicly traded REITs must also be completed in accordance with the provisions of the "Securities Act" can be traded after the registration process, submitreports and public disclosure of information in accordance with the requirements of the "Securities Exchange Act" and to comply with the listing requirements of the SEC to develop guidelines and requirements . All these rules andregulations, to protect the interests of investors in REITs maximum extent, thus ensuring the healthy development of REITs.2.2 Market demand is the fundamental driving force for the development of REITsInternational experience shows that demand for both is to promote the emergence and development of REITs important force. First, from the financing needs of the real estate industry, the second is the demand from investors, mainly the role of institutional investors. After World War II the United States to speed up the process of urbanization has brought rapid development of the real estate industry, but the traditional way of real estate finance and can not meet the huge demand for financing, calls for new financial services on an objective manner, and is adapted to the needs of REITs generated. On the other hand, REITs development requires broad participation of institutional investors. Currently more than 50 percent of US REITs held by institutional investors, research shows that the introduction of institutional investors, REITs greatly enhance the quality of management decision-making and improve the performance of REITs and market transparency,reducing the abnormal fluctuations in investment, and promote REITs healthy development of the industry.2.3 REITs own continuous change and innovation is to ensure that its developmentREITs from the United States, so far, nearly 50 years of history. Since the 1990s, REITs rapid development in the United States, and gradually become the mainstream of commercial real estate investments. And an important experience which is itself always adhere to the constant change and innovation, specifically, mainly in the following aspects: First, the diversification of forms of ownership. From the initial establishment of the only equity-type, the collateral type and mixed type, and later launched a type of mortgage REITs and other forms of participation, in order to adapt to the different needs of the market; the second is the structure in the form of innovation. To securitization of private real estate investment open the way to the creation of structures and DOWNREITs structure UPREITs cooperation with real estate business partnership. Both structures appear to provide for the development of a long-term growth of REITs architecture to further promote the rapid development ofREITs; the third is change management structure. With the adjustment of relevant laws and regulations, most REITs previously by an external management must beapplied, into the internal management, to avoid conflicts of interest that exist in the external management, improve the company's overall operating performance; four is the scale of operation trend. Because of the advantages of scale in the mid-1990s, REITs a series of major scale expansion activity occurs on the market. In the form of scale expansion, both purchased in the form of single asset and portfolio of assets, there are different forms of REITs merger; five changes in business strategy, mainly held to actively adjust asset structure, focusing on the liquidity of assets; actively adjust debt structure, the use of lower financial leverage; avoid risks, implement a sound investment strategy.3、Improve China's real estate investment trusts Countermeasures3.1 A sound policy environment for the development of REITsREITs should be the future of one of the main ways the real estate business equity financing, but the legal systemin our country there are many REITs imperfections, such as our no special "Industry Investment Fund Law", and that the existing legal provisions Investment Fund only invest in the "tradable shares of listed companies, bonds and cash, high liquid assets." Also missing, missing special laws related laws are also important factors affecting the development of REITs. Thus, on the one hand, China should accelerate the construction associated with the REITs legislation only improve the legal basis, the real estate trust can be more healthy and rapid development. On the other hand, the development of real estate trust business guidelines as soon as possible, to achieve a standardized regulation. Trust as a direct financing instruments, modalities include many types of loans, equity investments, mezzanine financing, real estate projects in the selection criteria, it is also necessary to vary with bank credit, in order to reflect the flexibility and uniqueness of the trust. Currently the real estate trust has grown to become one of the most trust business more than trust, the business scale and product innovation after another, but it has been the lack of a unified service standards, regulatory policies are scattered among multiple files, therefore,recommended that the regulatory authorities formulated a unified the real estate trust business guidelines to facilitate the development of market regulation and risk prevention.3.2 Vigorously pursue real estate investment trust product innovationFirst, the term structure designed to improve trust products. The introduction of the term structure of elasticity in product design, that trust can advance or delay the end of the trust scheme according to the project schedule. This delay period can alsobe seen as a risk buffer arrangement for enterprises raise funds or trust company handling cash collateral provided time. Second, enhance the security of trust products. Risk control process, can be introduced relevant specialized agencies, risk intervention plan control process throughout the Trust, the Trust plans to credit enhancement. At the same time, you can introduce good reputation influential credit rating agency credit ratings on trust products. By credit rating agencies in the independent, objective and impartial manner, through standardized risk rating process and risk index system, the credit status of the trustproducts to make an accurate assessment of the risk lies tips to maximize and protect the interests of investors. Finally, change the income trust products payment. To meet the different preferences of investors, trust and investment companies can increase revenue payment methods, such as different programs take different income payer or regional economic crossbar by dividing earnings for the same program, using the corresponding benefits payment.3.3 Develop and improve the secondary market trust productsFirst, build trust trading distribution platform, consider the establishment of a trust information exchange center, centralized platform to build trust contract the transfer of information, is responsible for the development of each company accepted the trust plans to collect information on potential transactions wishes of customers, the transfer of information disclosure, the trust plans customers can share transaction information in this way reduces the trust transfer contract during transaction costs. Secondly, the implementation of standardized trust products in the entire industry. As the existing real estate trust products basic arrangement isdesigned as the core of a particular project, the lack of standardization of products, without having to copy, leading investors to choose difficult to judge, is not conducive to trust products circulation. Standardization of the trust contract, trust plan for the future should be possible to develop standardized equity certificates to facilitate circulation.3.4 Develop favorable REIT tax systemIn other countries, 80% of real estate investments by tax-driven, 20 percent driven by investment philosophy, tax drive is worth promoting. Property involved in real estate trust business includes not only funds, but also including land, property and other types, such property transfer, transfer, value added tax issues caused more prominent, the tax burden is too heavy to directly inhibit the innovation and development of space services. As the real estate trust for the development of China's real estate industry, and even run the entire national economy plays a positive role inpromoting, therefore, we need to introduce relevant laws, regulations, tax breaks for real estate investment trust, in order to encourage their development. Specifically, international experience,follow the tax fairness, to avoid duplication of tax, to facilitate the collection and management principles, the suspension of tax at the time of transfer of property, real estate and other related to the expiration of the trust real property transfer, in accordance with existing national regulations by the original property property parties and new parties to pay property taxes on the property occurs if there is no real transfer of the property returned to the client, it should be exempt from taxation.3.5 Foster qualified institutional investorsAt present, China's insurance companies, pension funds, corporate pension funds, investment funds, financial products have a certain size and exhibit a strong vitality. REITs lower risk, income and stability characteristics of such institutions to meet the requirements of investors. Meanwhile Empirical analysis shows that adding REITs in the portfolio can reduce investment risk and improve profitability. Therefore, the relevant government departments should encourage corporate pension funds, investment funds, financial products active configuration REITs products.第二部分中英译文题目：房地产开发企业信托融资研究一、房地产投资信托基金的内涵（一）房地产投资信托基金的界定房地产投资信托基金（简称 REITs）是一种以发行收益凭证的方式汇集特定多数投资者的资金，通过发行股票（基金单位），集合公众投资者资金，由专门机构经营管理，通过多元化的投资，选择不同地区、不同类型的房地产项目进行投资组合的金融信托产品。

融资租赁合同英文6篇篇1RENTAL CONTRACT FOR FINANCIAL LEASINGContract No. [Insert Contract Number]Date of Contract: [Insert Date]Between:Lessor: [Insert Lessor’s Name and Address]Lessee: [Insert Lessee’s Name and Address]Preamble:This Contract is made and entered into by and between the above-named Lessor and Lessee, hereinafter referred to as the Parties, in respect of the financing lease of certain assets specified in the Contract.Article 1: Contract ObjectiveThe Lessor agrees to rent out and the Lessee agrees to rent and operate certain assets under the terms and conditions specified in this Contract. The assets leased are described in Article 3.Article 2: Term of LeaseThe term of this lease shall be [Insert Term Length], commencing on the date of signing this Contract. The term may be extended upon mutual agreement of the Parties.Article 3: Description of AssetsThe assets to be leased are identified as [Insert Description of Assets]. The Lessor shall ensure that the assets are in good condition at the start of the lease term. The Lessee shall bear all costs related to maintenance and repairs during the term of the lease.Article 4: Rent PaymentThe Lessee shall pay rent to the Lessor in accordance with the schedule attached to this Contract. Any delay in payment shall be subject to penalties as stipulated in Article 5.Article 5: Penalties for Delay in PaymentIf the Lessee fails to make timely payment of rent, he shall pay a penalty to the Lessor, calculated at a rate of [Insert Penalty Rate] per day for each day of delay.Article 6: Ownership and Risk TransferDuring the term of this lease, ownership of the leased assets shall remain with the Lessor. The risk of loss or damage to the assets shall be borne by the Lessee until such loss or damage is fully compensated by the Lessee to the Lessor.Article 7: Use and OperationThe Lessee shall use the leased assets only for the purpose specified in this Contract and shall not sublease or transfer them without the prior written consent of the Lessor. The Lessee shall comply with all applicable laws and regulations pertaining to the operation of the leased assets.Article 8: Termination of LeaseArticle 9: InsuranceThe Lessee shall obtain insurance for the leased assets against risks such as fire, theft, and accident, and shall maintain such insurance throughout the term of this lease. The Lessor shall be named as co-insured on all policies related to the leased assets.Article 10: Dispute ResolutionAny dispute arising between the Parties in connection with this Contract shall be settled through friendly negotiation. If no settlement can be reached, either Party may submit the dispute to [Insert Court/Arbitration Tribunal] for resolution.Article 11: Miscellanea篇2Financing Lease ContractThis Financing Lease Contract (hereinafter referred to as the "Contract") is made and effective as of [Date], between the following two parties:Lessor: [Name of Lessor]Lessee: [Name of Lessee]RECITALS:Both parties agree to lease certain assets under financing lease terms, with the Lessor willing to grant the lease and the Lessee willing to accept the lease on the terms and conditions set out below.1. LEASED PROPERTYThe Lessor agrees to lease to the Lessee and the Lessee agrees to lease from the Lessor the following property: [Description of leased property, including make, model, year, serial number, quantity, etc.] (hereinafter referred to as the "Leased Property").2. LEASE TERMThe term of this Lease shall commence on [Start Date] and shall continue for a period of [Lease Term, specifying whether it is a fixed term or open-ended].3. RENTALSThe Lessee shall pay the Lessor rentals for the Leased Property in accordance with the following schedule: [Detailed schedule of rentals, including amounts, due dates, payment methods, etc.]4. USE AND CONDITION OF LEASED PROPERTYThe Lessee shall use the Leased Property solely for the purpose intended and shall maintain it in good condition. Any damages or loss incurred during the term of this Lease shall be promptly reported to the Lessor and shall be borne by the Lessee.5. TRANSFER OF OWNERSHIPThroughout the term of this Lease, ownership of the Leased Property shall remain with the Lessor. At the end of the Lease Term, ownership shall transfer to the Lessee unless otherwise agreed by both parties.6. DEFAULT AND TERMINATIONIf the Lessee fails to comply with any of its obligations under this Contract, the Lessor may terminate this Contract immediately and take possession of the Leased Property. Other remedies available to the Lessor in such circumstances shall be specified in this section.7. INDEMNITY AND LIABILITYThe Lessee shall indemnify and hold harmless the Lessor from any claims, losses, or expenses arising from this Lease or the Leased Property. The parties shall also specify any specific liabilities under this section.8. LAW AND GOVERNING LAWThis Contract shall be governed by and interpreted in accordance with the laws of [Country/State]. Any disputes arising from or in connection with this Contract shall be settled throughnegotiation or, if negotiation fails, through legal proceedings in [Place of Jurisdiction].9. MISCELLANEOUSSIGNATURES:Lessor:Name: ________________________Date: ________________________Lessee:Name: ________________________Date: ________________________This Financing Lease Contract has been duly executed by both parties on the date stated above.(Signature Block for Notary Public or Witnesses)NOTARY PUBLIC/WITNESS: _________________________(Signature)DATE: _________________________篇3RENTAL CONTRACT FOR FINANCIAL LEASINGContract No. [Insert Contract Number]Date of Contract: [Insert Date]BETWEEN:Les sor: [Insert Lessor’s Name]Lessee: [Insert Lessee’s Name]PREAMBLE:This Contract is made and executed in accordance with the principles of law, on the basis of mutual respect and equality, toensure the proper execution of the financial leasing transaction between the Lessor and the Lessee.ARTICLE 1: CONTRACT OBJECTThe Lessor agrees to lease to the Lessee and the Lessee agrees to rent from the Lessor the equipment specified in the attached List of Leased Assets (the “Leased Assets”), for the purpose of financing the Lessee’s business operations.ARTICLE 2: LEASE TERMThe term of this Lease shall be as specified in the attached Schedule, commencing on [Start Date] and ending on [End Date].ARTICLE 3: RENTAL PAYMENTSThe Lessee shall make rental payments to the Lessor in accordance with the attached Rental Schedule, ensuring timely payments as stipulated.ARTICLE 4: LEASED ASSETSThe condition, quantity, and specifications of the Leased Assets shall be as stated in the List of Leased Assets. The Lessee shall be responsible for the safe custody and maintenance of the Leased Assets.ARTICLE 5: OWNERSHIP AND RISK TRANSFERENCEDuring the term of this Lease, ownership of the Leased Assets shall remain with the Lessor. Risk of loss or damage to the Leased Assets shall be transferred to the Lessee upon acceptance.ARTICLE 6: USE AND CARE OF LEASED ASSETSThe Lessee shall use the Leased Assets exclusively for its business operations and shall exercise reasonable care in their custody. Any loss or damage caused by the negligence of the Lessee shall be borne by the Lessee.ARTICLE 7: TERMINATION OF LEASEThis Lease may be terminated by either party in accordance with Article XX of this Contract, upon occurrence of certain specified events. In such case, the Lessee shall return the Leased Assets to the Lessor in good condition, except for normal wear and tear.ARTICLE 8: DEFAULT AND REMEDIESIf the Lessee defaults in payment of rentals or violates any other term of this Contract, the Lessor may exercise any remedy provided by law or contract, including acceleration of rentals, repossessing the Leased Assets, and seeking damages.ARTICLE 9: INDEMNITYThe Lessee shall indemnify and hold harmless the Lessor from any claims, losses, or expenses arising out of the Lessee’s use or operation of the Leased Assets.ARTICLE 10: MISCELLANEOUSSIGNATURES:LESSOR:Name: _________________________Signature: _________________________Date: _____________LESSEE:Name: _________________________Signature: _________________________Date: _____________篇4Financial Lease ContractThis Financial Lease Contract is made and shall be executed by and between the Lessor identified below and the Lessee identified below.LESSOR:Name: ______________________________________________Address: ______________________________________________LESSEE:Name: ______________________________________________Address: ______________________________________________Article 1: Contract ObjectThis Contract is to lease the Lessor's equipment/asset to the Lessee for a certain period of time, with the Lessee paying rental to the Lessor.Article 2: Leased Equipment/AssetThe equipment/asset to be leased is described in detail in Annex I of this Contract.The lease term is from ________ (Start Date) to ________ (End Date).Article 4: RentalThe Lessee shall pay the Lessor a total rental of ________ (Rent Amount) which shall be paid in equal installments of ________ per month/quarter/year, as specified in Annex II of this Contract.Article 5: Payment TermsAll rentals shall be paid on time. Late payments shall be subject to penalties as agreed upon by both parties. Details are outlined in Annex III.Article 6: Equipment Condition and MaintenanceThe Lessee shall be responsible for maintaining the equipment/asset in good condition. Any damages during the lease term shall be repaired by the Lessee. Details of maintenance and repairs are outlined in Annex IV.Article 7: TerminationThis Contract can be terminated by either party under certain circumstances specified in Annex V.Throughout the term of this Contract, the ownership of the leased equipment/asset shall remain with the Lessor. The Lessee shall not have any right to sell, pledge or dispose of the equipment/asset without the Lessor's consent.Article 9: Default and RemediesIf the Lessee defaults on rental payments or violates any other terms of this Contract, the Lessor has the right to terminate this Contract and take appropriate legal remedies. Details are outlined in Annex VI.Article 10: Force MajeureIn case of force majeure events, both parties shall be relieved from their obligations under this Contract to the extent of such events. Details of force majeure events are outlined in Annex VII.Article 11: Jurisdiction and LawThis Contract shall be governed by the laws of ________ (Country/State). Any disputes arising from this Contract shall be subject to the jurisdiction of the courts of ________ (Court's Location).Article 12: MiscellaneousIn witness whereof, the parties have executed this Financial Lease Contract in duplicate originals, each party retaining one original and acknowledging receipt of the other.Lessor: ____________________ (Signature)Date: ____________________Lessee: ____________________ (Signature)Date: ____________________Annex I - Description of Leased Equipment/AssetAnnex II - Rental ScheduleAnnex III - Payment PenaltiesAnnex IV - Maintenance and RepairAnnex V - Termination ClauseAnnex VI - Default and Remedies篇5Financing Lease ContractThis Financing Lease Contract (hereinafter referred to as the "Contract") is made and effective as of [Date], between the following two parties:Lessor: [Name of Lessor]Lessee: [Name of Lessee]Article 1: Contract ObjectivesThe Lessor agrees to lease the equipment specified in Article 3 to the Lessee, and the Lessee agrees to lease the equipment for the purpose stated in this Contract.Article 2: Lease ItemsThe subject matter of this lease is described in detail in Article 3. The Lessor shall ensure that the leased items are in good condition and comply with all applicable laws and regulations.Article 3: Equipment Description[Detailed description of the equipment to be leased, including make, model, serial number, year of manufacture, etc.]Article 4: Lease TermThe lease term shall be [specify term, e.g., three years]. The commencement date shall be the date of full payment by the Lessee to the Lessor for the equipment and any other required costs.Article 5: Lease PaymentsThe Lessee shall make timely payments to the Lessor in accordance with the payment schedule specified in this Contract. Late payments shall be subject to penalties as outlined in this Contract.Article 6: Rights and Obligations of the LessorThe Lessor shall ensure the equipment is in proper working condition during the term of the lease. Any repairs or maintenance required shall be conducted by the Lessor at its cost.Article 7: Rights and Obligations of the LesseeThe Lessee has the right to use the equipment for the purposes stated in this Contract. The Lessee shall operate and maintain the equipment in accordance with manufacturer's specifications and shall not sublease or otherwise transfer the equipment without prior written consent from the Lessor.Article 8: TerminationThis Contract may be terminated by either party under certain circumstances specified in this Article. Termination shall be subject to terms and conditions outlined in this Contract.Article 9: Default and PenaltiesIf any party fails to fulfill its obligations under this Contract, the other party may seek remedies as specified in this Article, including penalties for late payments or other defaults.Article 10: Jurisdiction and Applicable LawThis Contract shall be governed by the laws of [specify jurisdiction]. Any disputes arising from this Contract shall be resolved in the courts of [specify jurisdiction].Article 11: MiscellaneousVarious provisions and matters not specifically mentioned in this Contract shall be further agreed upon by both parties. Any amendments or modifications to this Contract must be made in writing and signed by both parties.Conclusion:In witness of the mutual understanding and agreement between the Lessor and the Lessee, this Contract is herebysigned in duplicate by both parties. Each party shall hold one duplicate for record.Lessor: [Signature of Lessor]Date: [Date]Lessee: [Signature of Lessee]Date: [Date](Note: This is a general template for a financing lease contract. It is recommended to consult legal professionals for specific legal advice before entering into any contract.)篇6Finance Lease ContractThis Finance Lease Contract (hereinafter referred to as the "Contract") is entered into by and between the Lessor (hereinafter referred to as "甲方") and the Lessee (hereinafter referred to as "乙方") on the terms and conditions set out below:Article 1: Contract PartiesThe Lessor and the Lessee identified below agree to the terms of this Contract.Article 2: Lease ObjectThe subject matter of this lease is the equipment specified in Article 3, which shall be leased by the Lessee from the Lessor for use in accordance with the terms of this Contract.Article 3: Equipment SpecificationThe leased equipment, including its model, specifications, quantity, and manufacturer, is specified in the attached Equipment List.Article 4: Lease TermThe term of this lease shall be specified in the attached Schedule of Lease Term.Article 5: Rental PaymentThe Lessee shall pay the Lessor a rental as specified in the attached Schedule of Rental Payment.Article 6: Lease Equipment Delivery and ReturnThe Lessor shall deliver the leased equipment to the Lessee at the beginning of the lease term and shall be responsible for its proper functioning. At the end of the lease term, the Lessee shall return the equipment in good condition.Article 7: Lessor's Rights and Obligations1. The Lessor shall deliver the leased equipment to the Lessee in good condition.2. The Lessor shall provide necessary maintenance services during the lease term.3. The Lessor has the right to inspect the leased equipment at any time during the lease term to ensure its proper use and condition.Article 8: Lessee's Rights and Obligations1. The Lessee shall use the leased equipment only for the purpose specified in this Contract.2. The Lessee shall make timely rental payments to the Lessor.3. The Lessee shall return the equipment at the end of the lease term in good condition.4. The Lessee has the right to use the leased equipment during the lease term.Article 9: TerminationThis Contract may be terminated by either party in the event of a breach by the other party that is not cured within a reasonable period of time.Article 10: Dispute ResolutionAny disputes arising from or in connection with this Contract shall be resolved through friendly negotiation. If no settlement can be reached, either party may submit the dispute to _______ (specify court/arbitration institution) for resolution.Article 11: Miscellaneous1. This Contract constitutes the entire agreement between the parties and no modifications shall be made except in writing signed by both parties.2. This Contract shall be governed by the laws of _______ (specify jurisdiction).3. This Contract is in duplicate, with each party holding one original.In witness whereof, the parties have executed this Finance Lease Contract on _______ (Date).。

外文题目： Bankruptcy Costs and the Financial Leasing Decision 出处： FINANCIAL MANAGEMENT 作者： Sivarama Krishnan and Charles Moyer 原文：Abstract: The theory of financial leasing views financial leases as substitutes forsecured debt. Empirical studies have reported a high positive correlation between lease ratiosand debt ratios and that lessors earn higher rates of return than lenders. These resultscontradict traditional leasing theory. They are explained in this paper by recognizing the rolebankruptcy costs play in the lease/borrow decision and the nature of the assets to be acquiredby a firm. Leasing is shown to involve lower bankruptcy costs than borrowing. Ourempirical analysis shows that lessee firms have lower retained earnings relative to totalassets, higher growth rates, lower coverage ratios, higher debt ratios, and higher operatingrisk than non-lessee firms. Lessee firms also have significantly lower Altman Z-scores, ameasure of bankruptcy potential. Overall, our results indicate that as bankruptcy potentialincreases, lease financing becomes an increasingly attractive financing option. We also findevidence to support an industry clientele effect in financial leasing.This paper re-examines the lease/borrow decision, giving explicit recognition to the rolebankruptcy costs play and to the relative transactions costs of leasing and borrowing. Ourfocus is on noncancellable, long-term financial leases because they are most nearly theequivalent of debt financing. We limit our consideration of financial leasing to capital leases,as defined in FASB Statement #13. Because capital leases generally do not meet the leasedefinition requirements of the Internal Revenue Service (Revenue Procedure75-21), theyprovide a unique opportunity to test non-tax theories of leasing. The paper emphasizes lesseefirm characteristics that induce significant leasing behavior, rather than the characteristics ofspecific lease contracts. Leasing is shown to have lower expected bankruptcy costs to thelessor than borrowing has to the lender, resulting in lower financing costs for the lessee thanthe borrower, ceteris paribus. Offsetting the lower bankruptcy costs associated with leasingare the generally higher transactions costs of leasing relative to borrowing. The tradeoffbetween bankruptcy costs and transactions costs may explain the preference for borrowingby more creditworthy firms and for leasing by less creditworthy firms. We find support forthe bankruptcy cost argument as an explanation for the lease versus borrow decision. Ourresults are consistent with a pecking order theory of financing where firms with greaterfinancial distress potential and high debt leverage, ceteris paribus, may find financingalternatives to leasing unavailable. Also, we find that leasing is a significantly less commonmethod of financing for firms in manufacturing industries, where asset specificity is greater,than for firms in most other major industry groupings.1.Literature ReviewThe theory of financial leasing (e.g.. Bower (1973),Brealey and Young (1980), Brick,Fung, and Subrahmanyam(1987), Lewellen, Long, and McConnell (1976), Miller and Upton(1976), and Myers, Dill, and Bautista (1976))traditionally has focused on the differential taxposition of the lessee and the lessor as the primary rationale for leasing. Brick, Fung, and Subrahmanyam (1987) extended the tax-based analysis to consider economies of scale inStructuring lease contracts and the cost of managing cash flows in the presence of default risk and interest rate uncertainty. De la Torre and Benjamin (1991), Krahan and Meran (1987), and Lease, McConnell, and Schallheim(1990) consider the role of information asymmetries between the lessee and the lessor regarding the residual value of the leased asset as a further explanation for lease financing.Empirical studies of leasing, including Crawford, Harper, and McConnell (CHM) (1981), Gudikunst and Roberts(1978), Roenfeldt and Henry (1979), Schallheim, Johnson,Lease, and McConnell (1987), and Sorensen and Johnson(1977) have reported high ex ante returns for lessors, and by implication, high lease rates paid by lessees. For example, Crawford, Harper, and McConnell found that lessors' ex ante rates of return were significantly higher than the yield on BBB-rated bonds during the same time period. Lease,McConnell, and Schallheim (1990) documented high realized returns on financial leasing contracts, although the realized returns were less than the expected returns. Further, they found that realized salvage values tended to exceed greatly the actual salvage values on which the lease contract was based.In addition, Ang and Peterson (1984) and Bowman (1980)found that debt and lease financing were significantly, positively correlated, implying that debt and lease financing are complements not substitutes. Ang and Peterson found that tax rate differences between leasing and non-leasing firms cannot explain the complementary relationship between debt and lease financing. Marston and Harris (1988)provide one possible explanation for this apparent anomaly. They studied changes in the debt ratio and lease ratio for individual firms over time and found them to be inversely related—confirming that debt and lease financing are substitutes. That is, for each firm, debt and lease financing are substitutes, but firms employing lease financing typically use higher levels of debt compared to firms that do not use lease financing.Finucane (1988) also found evidence of a positive relationship between debt and lease financing. Finucane shows that firms in certain industries, including air transportand retailing, rely more heavily on lease financing than others. A cross-sectional analysis revealed that the lease ratio(capitalized leases to total assets) is related to several variables, including the level of mortgage debt and the bond rating for the firm. Firms with lower bond ratings were found to lease more frequently—a result that is consistent with our expected bankruptcy cost hypothesis. Tax-related factors were not found to be important in explaining the level of leasing by a firm. V ora and Ezzell (1991) found significant tax rate differences between lessees and lessors, although they found that the lessee's tax rate is not necessarily lower than the respective lessor's.Smith and Wakeman (1985) offer a comprehensive analysis of the rationale for leasing that helps to explain many of these seemingly anomalous empirical findings. For example, the high rates of return expected and actually earned by lessors may be attributed to either a comparative advantage of the lessor in disposing of assets at the termination of a lease or the ability of the lessor to exercise market power and to price discriminate among various asset user groups. Smith and Wakeman argue further that the Ang and Peterson finding that leasing and borrowing are complementary can be explained across firms by examining the characteristics of firms' investment opportunity sets.Lewis and Schallheim (1992) model the debt/lease financing decision as a substitution between debt and non-debt tax shields. In their model, non-debt tax shields are sold, vialeasing, thereby reducing the potential redundancy with interest deductions and making the marginal value of debt positive. The lessee responds by issuing additional debt, which accounts for the positive relationship between debt and lease financing. The benefit from leasing in this model is realized even if the marginal tax rate is the same for the lessee and lessor.In the next section we present a non-tax rationale for financial (capital) leasing that offers additional insight regarding the relationship between debt and lease financing.II. A Non-Tax Rationale for LeasingBarro (1976), Benjamin (1978), Jackson and Kronman(1979), Scott (1977), and Smith and Warner (1979) suggest that secured debt is a financial contracting mechanism aimed at reducing the potential agency costs of debt. Stulz and Johnson (1985) formalize the earlier analysis and show that secured debt reduces potential risk-taking behavior of the borrower and thus reduces monitoring costs to the lender. Leeth and Scott (1989) found that secured debt is positively associated with loan default probability, asset marketability, and loan size. Retaining the option to issue secured debt also controls the underinvestment problems identified by Myers(1977).Many of the properties of secured debt can be extended to financial (capital) leasing, because capital leases impose consequences on a firm that are similar to secured debt financing. Following Leeth and Scott (1989) and Scott(1977), it can be argued that leases have lower expected bankruptcy costs for the lessor than secured debt has for the lender, thereby making leasing a preferred financing alternative for firms with a higher potential for financial distress. The legal treatment of the claims of lessors is different from the treatment of the claims of secured lenders in bankruptcy. The claims of secured creditors are diluted considerably more than comparable claims of lessors in bankruptcies followed by reorganization. A debtor may file a petition for relief either under Chapter 11 of the Bankruptcy Code for the purpose of reorganization or under Chapter 7 for liquidation. Upon filing the petition, the debtor obtains immediate relief in the form of an automatic stay that prevents creditor actions or enforcements against the debtor. While the stay is in force, creditors (and lessors) are not able to enforce liens. The stay also prevents any act to obtain possession of any property, regardless of who holds the title.The stay is terminated at the end of 30 days unless the bankruptcy court orders its continuance. The treatment of lessors and secured creditors appears to be identical at this stage. In subsequent states of the reorganization proceedings however, there are significant differences.The claims of the secured lender enjoy priority in the distribution of the proceeds of the collateral. If the value of the collateral is less than the amount of the debt, the secured lender is entitled to the value of the collateral, and the difference is treated as an unsecured claim. The secured creditor may suffer when the asset is retained in reorganization. In most reorganizations, the secured creditor must settle for an exchange of securities that erodes the value of the secured creditor's claims. Warner (1977) discusses the implications of this treatment for the period prior to the passage of the Bankruptcy Reform Act of 1978 (th e”1978”Act). The 1978 Act has improved the protection available to secured creditors, but protection of secured creditors is substantially less than that afforded lessors in similar circumstances.A lessor also suffers an erosion of rights in the event of bankruptcy by the lessee.Normally, it is not possible to take enforcement action during the period of the automaticstay. Furthermore, the event of bankruptcy itself does not represent a default on the terms ofthe lease, per se. The 1978 Act provides that the debtor or the bankruptcy court can enforce continuance of a lease. While a debtor is in reorganization, the debtor must agree to assumethe lease, subject to bankruptcy court approval, within 60 days of the date the bankruptcypetition is filed, although this period may be extended by the court. However, the debtor maynot assume the lease if there has been any default, unless the debtor (1) cures, or providesadequate assurance that the debtor will promptly cure, the default; (2) compensates, orprovides adequate assurance that the debtor will promptly compensate, the lessor for anyactual pecuniary loss arising from such default; and (3) provides adequate assurance of thefuture performance under the lease contract. Curing the default requires payment to thelessor of all past-due claims and compliance with any other obligations. The debtor mustguarantee that the lease payments will be kept current and that the lessee's other obligationsunder the lease will be fulfilled (Mapother (1984)). Also, the Bankruptcy Code gives thedebtor the right to reject any executory contract(including leases) within 60 days of filing.外文题目： Bankruptcy Costs and the Financial Leasing Decision出处： FINANCIAL MANAGEMENT 作者： Sivarama Krishnan and Charles Moyer译文：破产成本与融资租赁决策摘要：金融租赁理论观点认为金融租赁是融资租赁担保债务的替代品。

融资租赁合同英文6篇篇1Financial Lease ContractThis Financial Lease Contract is made and shall be executed by and between the Lessor identified below and the Lessee identified below.LESSOR:Name: ______________________________________________Address: ______________________________________________LESSEE:Name: ______________________________________________Address: ______________________________________________Article 1: Contract ObjectThis Contract is to lease the Lessor's equipment/asset to the Lessee for a certain period of time, with the Lessee paying rental to the Lessor.Article 2: Leased Equipment/AssetThe equipment/asset to be leased is described in detail in Annex I of this Contract.Article 3: Lease TermThe lease term is from ________ (Start Date) to ________ (End Date).Article 4: RentalThe Lessee shall pay the Lessor a total rental of ________ (Rent Amount) which shall be paid in equal installments of ________ per month/quarter/year, as specified in Annex II of this Contract.Article 5: Payment TermsAll rentals shall be paid on time. Late payments shall be subject to penalties as agreed upon by both parties. Details are outlined in Annex III.Article 6: Equipment Condition and MaintenanceThe Lessee shall be responsible for maintaining the equipment/asset in good condition. Any damages during the lease term shall be repaired by the Lessee. Details of maintenance and repairs are outlined in Annex IV.Article 7: TerminationThis Contract can be terminated by either party under certain circumstances specified in Annex V.Article 8: OwnershipThroughout the term of this Contract, the ownership of the leased equipment/asset shall remain with the Lessor. The Lessee shall not have any right to sell, pledge or dispose of the equipment/asset without the Lessor's consent.Article 9: Default and RemediesIf the Lessee defaults on rental payments or violates any other terms of this Contract, the Lessor has the right to terminate this Contract and take appropriate legal remedies. Details are outlined in Annex VI.Article 10: Force MajeureIn case of force majeure events, both parties shall be relieved from their obligations under this Contract to the extent of such events. Details of force majeure events are outlined in Annex VII.Article 11: Jurisdiction and LawThis Contract shall be governed by the laws of ________ (Country/State). Any disputes arising from this Contract shall be subject to the jurisdiction of the courts of ________ (Court's Location).Article 12: MiscellaneousAny amendments or modifications to this Contract must be made in writing and signed by both parties. This Contract constitutes the entire agreement between the parties and no modifications shall be made except in writing. Any notices required by this Contract shall be given in writing and delivered to the addresses specified in Article 1.In witness whereof, the parties have executed this Financial Lease Contract in duplicate originals, each party retaining one original and acknowledging receipt of the other.Lessor: ____________________ (Signature)Date: ____________________Lessee: ____________________ (Signature)Date: ____________________Annex I - Description of Leased Equipment/AssetAnnex II - Rental ScheduleAnnex III - Payment PenaltiesAnnex IV - Maintenance and RepairAnnex V - Termination ClauseAnnex VI - Default and Remedies篇2RENTAL CONTRACT OF FINANCIAL LEASINGLease Contract No.: [Insert Contract Number]Date of Contract Signing: [Insert Date]Lessor: [Insert Lessor’s Name]Lessee: [Insert Lessee’s Name]In accordance with the principles of the Civil Law and relevant financial leasing laws and regulations, both parties have entered into this financial leasing contract after equal, voluntary,and through thorough discussion. This contract has been reviewed and agreed upon by both parties.Article 1: Lease ObjectThe subject matter of this lease is the financing lease of [Insert Description of the leased asset]. The leased asset is owned by the Lessor and will be leased to the Lessee under this agreement.Article 2: Lease TermThe lease term shall be from the date of asset transfer to the Lessee until the end date specified in this contract, which shall be clearly stated in the lease schedule. The lease term shall not exceed the maximum permitted term as stipulated by relevant laws and regulations.Article 3: Lease Amount and Payment TermsThe total lease amount shall be determined according to the agreed valuation of the leased asset and payment schedule stated in this contract. The Lessee shall pay the Lessor on time according to the agreed payment schedule. Late payments shall be subject to penalties stated in this contract.Article 4: Rights and Obligations of Lessor and LesseeThe Lessor shall ensure the ownership of the leased asset and maintain its condition as stipulated in this contract. The Lessee has the right to use the asset during the lease term in accordance with this contract. The Lessee shall comply with all applicable laws and regulations concerning the use of the asset and shall be responsible for any damage or loss caused by negligence or improper use.Article 5: Lease Extensions and RenewalsAt the end of the lease term, both parties may negotiate lease extensions or renewals based on mutual agreement and compliance with relevant laws and regulations.Article 6: Termination of ContractEither party may terminate this contract in accordance with the terms and conditions stated in this contract, including but not limited to breach of contract by either party or circumstances beyond reasonable control. Termination shall be subject to the provisions of Article _______ of this contract.Article 7: Disposal of Leased Asset at End of Lease TermAt the end of the lease term, the Lessee shall return the asset to the Lessor in good condition, except for normal wear and tear.Any damage or loss caused by negligence or improper use by the Lessee shall be compensated by the Lessee.Article 8: MiscellaneaBoth parties shall comply with all other terms and conditions stated in this contract, including but not limited to confidentiality, dispute resolution, and applicable laws. Any amendments or modifications to this contract must be agreed upon by both parties in writing. Failure to comply with any term or condition of this contract may result in legal action taken by either party.nThis financial leasing contract is made in both English and [Insert Local Language], with equal legal validity. Any discrepancies or discrepancies in interpretation shall be resolved through consultation between both parties. Both parties hereby confirm that they have read, understood, and agreed to all terms and conditions stated in this contract. This contract shall be effective from the date of signing by both parties.nLessor:Name: _________________________Signature: _________________________Date: _________________________Lessee:Name: _________________________Signature: _________________________Date: _________________________(Note: This is a sample contract and should be reviewed by legal professionals before use. The specific terms and conditions should be tailored to meet the needs of both parties involved.)篇3Financial Lease ContractThis Financial Lease Contract (hereinafter referred to as the "Contract") is made on [Date] by and between [Lessor Name] (hereinafter referred to as the "Lessor") and [Lessee Name] (hereinafter referred to as the "Lessee").Parties:1. Lessor: ________________2. Lessee: ________________Preamble:The Lessor agrees to lease the equipment specified in this Contract to the Lessee for the purpose of financing the Lessee's operational requirements. The Lessee agrees to pay the rent specified in this Contract for the leased equipment.Article 1: Lease Object1.1 The object of this lease is _________ (describe the equipment or asset being leased).Article 2: Term of Lease2.1 The term of this lease shall be ________ (specify duration,e.g., three years).Article 3: Rent3.1 The rent for the leased equipment shall be ________ (specify amount and payment schedule).Article 4: Payment4.1 The Lessee shall make payments in accordance with the payment schedule specified in Article 3. Late payments shall be subject to penalties as stipulated in this Contract.Article 5: Ownership and Risk5.1 The ownership of the leased equipment shall remain with the Lessor until full payment of rent is received. Risk of loss or damage to the equipment shall be borne by the Lessee until such time as ownership is transferred to the Lessee upon full payment of rent.Article 6: Use and Care of Equipment6.1 The Lessee shall use the equipment only for the purpose intended and shall ensure proper care and maintenance of the equipment. Any damage or loss caused by negligence shall be borne by the Lessee.Article 7: Termination7.1 This Contract may be terminated only in accordance with the provisions set out in this Article. Either party may terminate the Contract if the other party breaches a fundamental provision of this Contract and fails to cure such breach within a reasonable period of time.Article 8: Indemnification8.1 Either party shall indemnify the other party for any losses incurred due to breaches of this Contract.Article 9: Miscellaneous9.1 This Contract shall be governed by the laws of ________ (specify jurisdiction). Any disputes arising out of or in connection with this Contract shall be settled through friendly negotiation. If no settlement can be reached, either party may submit the dispute to ________ (specify court or arbitration institution) for resolution.9.2 This Contract constitutes the entire agreement between the parties and no modifications shall be made to it unless agreed to by both parties in writing. No oral representations or modifications shall be valid. This Contract may be executed in multiple counterparts, each of which shall be deemed an original and equally binding as if executed in a single document.In conclusion, the parties have read and understood this Contract and agree to its terms and conditions. The Lessor and Lessee have signed this Contract to witness their agreement.Lessor: _____________________ (Signature)Date: _____________________Lessee: _____________________ (Signature)Date: _____________________[NOTE: Additional pages may be attached for specific terms, conditions, schedules, etc.]篇4FINANCIAL LEASE CONTRACTParty A: LessorParty B: LesseeIn consideration of the mutual promises and agreements contained herein, both parties agree as follows:Article 1: Lease ObjectParty A agrees to lease the financial asset specified in the Annex to this Contract to Party B for the purpose of financing.Article 2: Lease TermThe term of this lease is specified in the Annex. The commencement date of the lease shall be determined upon the actual delivery of the leased asset to Party B.Article 3: Lease RentThe rent for the lease shall be determined based on the specifications, nature, and quantity of the leased asset, as well as the duration of the lease term. Details are specified in the Annex.Article 4: PaymentParty B shall make timely payments to Party A in accordance with the agreed rent schedule. Any late payment shall be subject to penalties as stipulated in the Annex.Article 5: Delivery and Acceptance of the Leased AssetParty A shall deliver the leased asset to Party B in accordance with the terms and conditions specified in the Annex. Upon receipt of the asset, Party B shall inspect and accept it within a reasonable time frame. Any defects or discrepancies shall be reported promptly.Article 6: Use and Care of the Leased AssetParty B shall use the leased asset in accordance with its intended purpose and with reasonable care. Any damage or loss caused by Party B's negligence shall be fully borne by Party B.Article 7: Termination of LeaseThis lease may be terminated prematurely by either party in the case of a breach by the other party that is not cured within a reasonable period. In addition, the lease shall be terminated at the end of the agreed lease term.Article 8: Ownership and Risk TransferDuring the term of the lease, ownership of the leased asset shall remain with Party A. Risk of loss or damage to the asset shall be transferred to Party B upon delivery.Article 9: Warranty and RepresentationsParty A represents and warrants that it has full right and authority to enter into this lease and that the leased asset is free from any encumbrances or claims by third parties.Article 10: Default and RemediesIf Party B defaults in its obligations under this lease, Party A may exercise any remedy available under applicable law, including but not limited to acceleration of rent, repossessing the leased asset, or seeking damages.Article 11: Law and JurisdictionThis lease shall be governed by the laws of [insert applicable jurisdiction] and any disputes arising from this lease shall be subject to the jurisdiction of the courts of [insert applicable jurisdiction].Article 12: MiscellaneousThis lease constitutes the entire agreement between the parties and no modifications shall be made unless agreed uponby both parties in writing. Any notices required under this lease shall be delivered in accordance with the contact information provided in the Annex.IN WITNESS WHEREOF, both parties have executed this Financial Lease Contract in duplicate originals, with each party retaining one original for their records.篇5Financing Lease ContractThis Financing Lease Contract (hereinafter referred to as the "Contract") is made and effective as of [Date], between the following two parties:Lessor: [Name of Lessor]Lessee: [Name of Lessee]1. Lease ObjectThe Lessor agrees to lease to the Lessee the equipment listed in Appendix A (the "Leased Equipment"), on the terms and conditions specified in this Contract.2. Lease TermThe lease term begins on [Lease Start Date] and continues for a period of [Lease Term in Months or Years] months/years.3. Rental PaymentsThe Lessee shall pay the Lessor rental amounts as specified in Appendix B, in accordance with the payment schedule agreed upon by both parties.4. Ownership and Risk TransferThroughout the term of this lease, ownership of the Leased Equipment remains with the Lessor. The Lessee bears all risks related to the Leased Equipment, including but not limited to loss, damage, and liability for any claims arising from use or operation of the Leased Equipment.5. Use and Care of Leased EquipmentLessee shall use the Leased Equipment solely for the purpose intended and in accordance with the manufacturer's instructions. Lessee shall maintain the Leased Equipment in good condition and notify Lessor promptly of any defects or damage.6. TerminationThis Contract may be terminated by either party in the event of a breach by the other party that is not cured within areasonable period of time. Additionally, the lease may be terminated upon mutual agreement between the parties or upon occurrence of any event specified in Appendix C.7. Default and ConsequencesIf Lessee fails to make timely rental payments or breaches any other term of this Contract, Lessor may exercise any remedy available under applicable law, including but not limited to acceleration of rent due, repossessing the Leased Equipment, and seeking damages for any losses incurred.8. Legal Jurisdiction and ComplianceBoth parties shall adhere to the laws of the jurisdiction where this Contract is executed. Any disputes arising from this Contract shall be resolved in accordance with the laws of said jurisdiction and through legal means available to both parties.9. IndemnificationLessee shall indemnify and hold Lessor harmless from any claims, suits, losses, damages, liabilities, and expenses (including reasonable legal fees) arising out of or in connection with this Contract or the use of the Leased Equipment, except for those losses attributable to the negligence or willful misconduct of Lessor.10. MiscellaneousThis Contract constitutes the entire agreement between the parties and no modification shall be made to it unless agreed upon by both parties in writing. Any notice required under this Contract shall be given in writing and addressed to the party's respective addresses specified in Appendix D.IN WITNESS WHEREOF, the parties have executed this Financing Lease Contract by their duly authorized representatives.Lessor: _____________________Authorized Representative: _____________________Date: _____________________Lessee: _____________________Authorized Representative: _____________________Date: _____________________Appendix A: List of Leased Equipment(to be completed with equipment details)Appendix B: Rental Payment Schedule(to be completed with payment details)Appendix C: Events leading to Termination(to be completed with specific events)Appendix D: Notice Addresses(to be completed with contact and address details)Note: This is a general template for a Financing Lease Contract and should be customized to fit specific circumstances and comply with local laws. It is advisable to have legal counsel review any contract before execution.篇6Financial Lease ContractThis Financial Lease Contract (hereinafter referred to as the "Contract") is entered into by and between [Insert Full Name of Lessor] (hereinafter referred to as the "Lessor") and [Insert Full Name of Lessee] (hereinafter referred to as the "Lessee").Preamble:In consideration of the mutual promises and agreements contained herein, the Lessor agrees to lease to the Lessee and the Lessee agrees to lease from the Lessor the equipment specified in the Annexure A (hereinafter referred to as the"Leased Equipment") under the terms and conditions stipulated below.Article 1: Lease ObjectThe subject matter of this Contract is the leasing of the Leased Equipment, details of which are specified in Annexure A.Article 2: Term of LeaseThe term of this lease shall be [Insert Duration], commencing on [Insert Commencement Date] and terminating on [Insert Termination Date].Article 3: RentalThe Lessee shall pay to the Lessor a total rent of [Insert Total Rent] payable in accordance with the schedule attached as Annexure B.Article 4: Possession and Use of Leased EquipmentThe Lessee shall have exclusive possession and right to use the Leased Equipment for the term of this lease. The Lessor guarantees the condition of the Leased Equipment at the commencement of the lease.Article 5: Maintenance and RepairsThe Lessee shall be responsible for the maintenance and repairs of the Leased Equipment, except in cases of force majeure or pre-existing conditions disclosed by the Lessor prior to the commencement of the lease.Article 6: TerminationThis Contract may be terminated by either party in the event of default by the other party, or upon mutual agreement in writing. Details of termination procedures are specified in Annexure C.Article 7: Risk of LossRisk of loss or damage to the Leased Equipment shall be borne by the Lessee until such loss or damage is mitigated, recovered or repaired, unless caused by events beyond the Lessee's control.Article 8: Default and RemediesIf the Lessee defaults in payment of rent or otherwise breaches any term of this Contract, the Lessor may exercise any remedy available under applicable law.Article 9: WarrantyThe Lessor warrants that it has good title to the Leased Equipment and that no third party rights exist that would hinder its leasing to the Lessee.Article 10: Jurisdiction and Applicable LawThis Contract shall be governed by and construed in accordance with the laws of [Insert Jurisdiction]. Any dispute arising out of or in connection with this Contract shall be settled by arbitration in accordance with the rules of [Insert Arbitrator/Arbitration Institution].Article 11: MiscellaneousThis Contract constitutes the entire agreement between the parties and no modification shall be effective unless made in writing and signed by both parties. Any notice required to be given by either party shall be in writing and shall be deemed given when delivered personally or when deposited in the mail.In witness whereof, the parties have executed this Contract in [Insert Place] on [Insert Date].Lessor: _______________________________________________ (Signature)Date: _______________________________________________ (Date)Lessee: _______________________________________________ (Signature)Date: _______________________________________________ (Date)。

融资租赁合同英文7篇篇1RENTAL CONTRACT FOR FINANCIAL LEASINGContract No. [Insert Contract Number]Date of Contract: [Insert Date]Introduction: This agreement pertains to the lease financing of equipment, machinery, and/or other related assets, between the Lessor and the Lessee as outlined below.Lessor: [Insert Name of Lessor]Lessee: [Insert Name of Lessee]Article 1: Lease ObjectThe subject matter of this lease is the equipment and machinery listed in the attached Schedule A, along with any amendments or additions made during the term of this contract.Article 2: Term of LeaseThe term of this lease shall be specified in the attached Schedule B, commencing on the date of this agreement and terminating at the end of the agreed duration. The lease may be renewable upon mutual agreement.Article 3: Lease RentThe lessee shall pay the lessor a fixed rent, details of which are specified in Schedule B. Any rent increase shall be subject to mutual agreement between the parties.Article 4: Ownership and RiskThe ownership of the leased items shall remain with the lessor. The lessee bears the risk of loss or damage to the leased items from the date of commencement of this lease.Article 5: Use and Care of Leased ItemsLessee shall use the leased items only for their intended purpose and shall bear any costs associated with maintenance and repairs. Lessee shall ensure proper care and protection of the leased items.Article 6: TerminationThis lease may be terminated by either party in the event of breach by the other party, or for any other legitimate cause. Insuch cases, the non-breaching party shall have the right to reclaim the leased items in their original condition.Article 7: Default and PenaltiesIf lessee fails to make timely payments or comply with any term of this agreement, lessor may charge penalties as specified in this agreement, which shall be clearly stated in Schedule B.Article 8: Insurance and Security InterestsLessee shall obtain insurance for the leased items against risks such as fire, theft, and other contingencies. Lessor shall have a security interest in such insurance policies.Article 9: Force Majeure EventsNeither party shall be liable for delays or failures due to force majeure events beyond their reasonable control. The affected party shall notify the other promptly and use reasonable efforts to mitigate any resulting damage.Article 10: Dispute ResolutionAny disputes arising from this agreement shall be resolved through negotiation. If negotiations fail, the parties may seek legal recourse in the jurisdiction specified in Schedule B.Article 11: MiscellaneousThis agreement may be amended only by a written agreement signed by both parties. No oral agreements shall be binding on either party. The laws of [Insert Jurisdiction] shall govern this agreement. Both parties hereby agree to these terms and conditions, which constitute the entire agreement between them pertaining to the subject matter hereof. This agreement shall be binding on both parties and their respective legal representatives and assigns.In witness thereof, the parties have signed this agreement on the date stated at the beginning of this document.LESSOR: _____________________LESSEE: _____________________DATE: _____________________SCHEDULE A (to be attached) - Detailed List of Leased ItemsSCHEDULE B (to be attached) - Additional Terms and Conditions[Signatures of Lessor and Lessee] [Notary's/Witness's Signature (if applicable)][Date] [Place] [Stamp/Seal (if applicable)] [End of Contract]篇2RENTAL CONTRACT FOR FINANCIAL LEASINGContract No. [Insert Contract Number]Date of Contract: [Insert Date]Between:Lessor: [Insert Lessor’s Name and Address]Lessee: [Insert Lessee’s Name and Address]PREAMBLEThis Rental Contract for Financial Leasing is made by and between the above-mentioned Lessor and Lessee, hereinafter referred to as the Parties, on the terms and conditions agreed upon by both parties.ARTICLE 1: CONTRACT OBJECTIVEThe Lessor agrees to lease the leased asset specified in this Contract to the Lessee under the terms and conditions specifiedin this Contract for the purpose of financing the Lessee’s business activities.ARTICLE 2: LEASED ASSET2.1 The leased asset (hereinaf ter referred to as “Asset”) is described in detail in the appendix to this Contract, including all its specifications, attachments, parts, upgrades, etc.2.2 The Lessor shall ensure that the Asset is in good condition and suitable for the intended purpose.ARTICLE 3: LEASE TERM3.1 The term of this lease shall commence on [Insert Start Date] and shall continue for a period of [Insert Lease Term] years/months unless otherwise terminated as specified in this Contract.3.2 The Lessee shall have the option to renew this lease upon expiration under terms and conditions agreed by both parties.ARTICLE 4: RENTAL AND PAYMENT4.1 The rent for the Asset shall be [Insert Rental Amount] payable in advance on a quarterly/monthly basis.4.2 Any delay in payment shall be subject topenalties/interest as agreed upon by both parties.4.3 The Lessee shall ensure timely payment of all outstanding amounts due to the Lessor under this Contract.ARTICLE 5: USE AND CARE OF THE ASSET5.1 The Lessee shall use the Asset exclusively for the purpose intended and shall take good care of it.5.2 Any modification or alteration to the Asset without the Lessor’s consent shall be prohibited.5.3 In case of loss or damage to the Asset, the Lessee shall promptly notify the Lessor and compensate for any resulting losses.ARTICLE 6: TERMINATION OF LEASE6.1 This Contract may be terminated by either party in case of default by the other party that is not rectified within a reasonable period.6.2 In case of expiration or termination of this Contract, the Lessee shall return the Asset to the Lessor in good condition, except for normal wear and tear.ARTICLE 7: DEFAULT AND REMEDIES7.1 If the Lessee defaults in payment of rent or fails to comply with any other obligation under this Contract, the Lessor may exercise any remedy available under applicable law, including but not limited to acceleration of rent due, repossessing the Asset, and/or seeking damages.ARTICLE 8: MISCELLANEOUS8.1 This Contract shall be governed by and construed in accordance with the laws of [Insert Country/State].8.2 Any dispute arising out of or in connection with this Contract shall be resolved through friendly negotiation first and if such negotiation fails, through litigation/arbitration as agreed by both parties.8.3 Any notice required or permitted under this Contract shall be given in writing and delivered personally or sent by mail or email to the address specified by each party.8.4 This Contract may not be modified except by a written agreement signed by both parties.8.5 Failure by either party to exercise any right or remedy available under this Contract shall not be a waiver of such right or remedy. Failure by either party to enforce any provision of this Contract shall not be a waiver of future enforcement of such provision or any other provision in this Contract. In witness whereof, the parties have executed this Contract in___________(place) on the date specified above.Lessor: _________________________ (Signature) Date:_____________ (Date)Lessee: _________________________ (Signature) Date:_____________ (Date) 附：租赁资产明细表及附件等。

众筹投资融资外文文献翻译(含：英文原文及中文译文)文献出处：Klöhn L, Hornuf L, Schilling T. The Regulation of Crowdfunding in the German Small Investor Protection Act: Content, Consequences, Critique, Suggestions[J]. Social Science Electronic Publishing, 2015.英文原文The Regulation of Crowdfunding in the German Small InvestorProtection ActContent, Consequences, Critique, Suggestions（L Klöhn ，L Hornuf ，T Schilling）The German Bundestag has adopted the Small Investor Protection Act on 23 April 2015, which will enter into force in the coming weeks. By this Act the German legislator establishes for the first time – among other things –a regulation of the German crowdfunding market. This article describes the content of the act as relevant to crowdfunding, identifies its probable consequences, and examines the most important rules with respect to their regulatory effects. The authors conclude that despite some modifications that have been made in the course of the legislative process there still is an urgent need of improvement regarding some provisions.1 The German Crowdfunding and Crowdinvesting MarketThe promise of the Grand Coalition of the current German government to create a “reliable legal framework” for “new forms offinancing such as crowdfunding”2 is, supposedly, poised t o be fulfilled. On 23 April 2015, the German Bundestag (Federal Parliament) passed the Small Investor Protection Act (Kleinanlegerschutzgesetz) in its second and third reading,3 which for the first time contains regulation specifically for project and company financing through specialized internet platforms (crowdfunding and crowdinvesting)4. If the German Bundesrat (Federal Council)5 approves the act – which is assumed to be the case –it will enter into force in the coming weeks.6 The first Discussion Draft7 and the Draft Act of the German Federal Government8, which successively had been circulated since July 2014, have engendered criticism not only from the part of the German crowdinvesting industry,9 but also from academic literature.10 The Finance Committee of the Bundestag (Finanzausschuss) has engaged in an attempt to address these concerns in a last-minute recommendation,11 which resulted in the adoption of the Small Investor Protection Act reflecting the proposed amendments.The crowdfunding and crowdinvesting market is interesting not only from a legal perspective but also from an economic point of view: In Germany there are now approximately 80 crowdfunding platforms through which companies, real estate acquisitions, and projects from various other business and consumer areas are financed. The market for internet-based company financing (crowdinvesting)13 alone has reachedan impressive volume:14 At 18 May 2015, German crowdinvesting portals such as Seedmatch, Companisto, and Innovestment had underta ken more than 174 financings with a volume of almost € 41 million (excluding real estate and movie crowdinvesting). The following figures show the development of the market as well as the distribution of the total issuance volume of the 174 financings.Few investors were rewarded by their investments. In only four cases17 they were offered a premature exit possibility in the context of a follow-on financing through a venture capital fund. For example, when the start-up Smarchive (today: Gini) acquired financing by the venture capitalist T-Venture, investors could obtain a 25 % return within a year by timely accepting the start-up’s re-purchase offer. Other investors were less fortunate, in particular in at least 22 cases in which (preliminary) insolvency proceedings were commenced or applied for, or the opening of such proceedings was rejected for lack of assets, or operations ceased –sometimes a few weeks after the financing.2 Legal Situation Preceding the Small Investor Protection Act and IssuancesBefore the adoption of the Small Investor Protection Act neither crowdfunding nor crowdinvesting were specifically regulated in Germany.18 Its legal framework was found in general laws governing banking, capital markets, and trade regulation.19 The parties involved incrowdinvesting tried to avoid falling within the scope of this regulation to the greatest extent they could.Initially, crowdinvesting platforms brokered silent partnership interests and profit- participation rights, these being investments as defined by the German Investment Act (Vermögensanlagengesetz –VermAnlG). As these offerings did not exceed the threshold of € 100,000 per year, they qualified for an exemption from the prospectus requirement, § 2 no. 3 lit. b) Investment Act (as valid prior to the amendment). Since about November 2012, the platforms have moved to brokering subordinated profit-participating loans, these being roughly defined as loans (1) for which the interest rate depends on profits or revenue of the borrower, (2) which give the lender no rights in management of the borrower, (3) through which the lender has no exposure to losses of the borrower, and (4) which rank below other debts in an insolvency proceeding20 (partiarische Nachrangdarlehen). Because profit- participating loans did not qualify as investments under the Investment Act they permitted issuances in unlimited amount without a prospectus.21 Such offerings have experienced enormous demand in some cases. For example, the start-up Protonet took in € 200,000 in profit-participating loans in 48 minutes on 29 November 2012. Five issuers have taken in amounts of over € 1 million.3 Comparative Law EnvironmentThe German legislator does not enter virgin territory by regulating crowdfunding and crowdinvesting. Comparable regulation already exists in the United States (US), where the federal government has fashioned a tightly-knit legal fabric two years ago with the CROWDFUND Act (Title III of the JOBS Act).25 At the center of this regulation is an exemption from the prospectus requirement for the offering of securities through defined “funding portals” up to an amount of US$ 1 million. In place of the prospectus requirement there are less stringent disclosure obligations depending on the amount of capital collected. In addition, the US legislation provides for strict subscription limits for investors and detailed duties of the “funding portals”, and prevents the development of a secondary market by a resale prohibition on shares issued without a prospectus for one year after the offering. Other national legislators have adapted and modified parts of this regulatory scheme, most prominently the United Kingdom, France, Italy, and Austria.4 Content4.1 Exemption from the Prospectus RequirementThe German Small Investor Protection Act closely follows the basic approach taken in the US model. The centerpiece of the act with respect to crowdfunding and crowdinvesting is the newly created § 2a Investment Act (VermAnlG), which establishes an exemption from the prospectus requirement stipulated in § 6 Investment Act for investments as definedby the Act. This “crowdfunding exemption” is required, because § 1 para.2 Investment Act as amended by the Small Investor Protection Act defines investments covered by the Act to include profit-participating loans, subordinated loans, and similar forms of financing – the forms of investment currently brokered by crowdinvesting platforms.The exemption applies only if the following conditions are fulfilled: The offering must be of investments within the meaning of § 1 para.2 no. 3, 4 or 7 Investment Act as amended by the Small Investor Protection Act, that is, of profit- participating loans, subordinated loans, or other similar financing forms and investments, which are subject to a prospectus requirement for the first time because of the revisions contained in the Small Investor Protection Act.The aggregate value of these investments issued by the company must not exceed € 2.5 million.The investments must be offered exclusively by means of investment consulting or investment brokerage via an internet platform. The exception does not extend to an issuer executing a direct offering without an internet brokerage platform (as was done in the case of the Bavarian company Giesinger Bräu).The crowdinvesting platform must have a legal obligation to monitor the subscription limit described below; it must be an investment service enterprise within the definition of the German Securities Trading Act(Wertpapierhandelsgesetz –WpHG) or be subject to monitoring by general trade regulatory authorities under §34f Trade Regulation Act (GewO).- Finally, the exemption cannot be relied upon if an investment of the issuer is being offered publicly under para. 1 no. 3 Investment Act or if a previous investment offering of the company in reliance on the exception has not been fully satisfied and redeemed.4.2 Investment Information SheetDespite the absence of a prospectus requirement, Investment Act require the issuer to prepare an investment information sheet (Vermögensinformationsblatt –VIB) and to submit it to the German Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienst- leistung saufsicht – BaFin). The investment information sheet, thus, has the function of making essential information about the investment available to potential investors. Investment Act requires that the investment information sheet contain a notice that no prospectus was prepared for the offering. Moreover, para. 6 Investment Act requires that the investment information sheet include a highlighted warning notice on its first page to be worded as follows: “The purchase of this investment is associated with significant risks and can result in a total loss of the money invested.”4.3 Subscription LimitsAs does the CROWDFUND Act, the exemption from the prospectus requirement in para. Investment Act requires investors which are not corporate entities to stay within certain subscription limits. Unlike the US model, German law only limits the amount that an investor may invest in the same issuer (single issuer limit), but not the amount that an investor may invest in the entire crowdfunding market (aggregate limit).As under the US statute, the exact amount of the subscription limit depends on the investor’s freely available assets and mo nthly net income: If the investor provides a statement that he or she has freely available assets of at least € 100,000, he or she can invest up to a maximum of € 10,000 in an issuer. If the investor does not have that amount of assets, the limit is twice the investor’s monthly net income, but in any case not more than€ 10,000. In all other cases (i.e. particularly if the investor does not provide the statement on assets and income), the investor is limited to a maximum investment of € 1,000.While the Draft Small Investor Protection Act did not make a distinction between potentially different types of investors such as, e.g., small and professional investors, the current subscriptions limits only apply to “investors which are not corporate entities”.4.4 AdvertisementWhile the Draft Small Investor Protection Act provided for a strict regulation of advertisement for investment offers, the legislator droppedthe major limitations in the course of the legislative procedure. The remaining provisions merely require notices and warnings, which have to be published together with the advertisement. Investment Act, the issuer has the obligation to include the same warning notice underlining the risk of a total loss of the investment as in the investment information sheet.In the case of advertisements in electronic media containing less than 210 letters, the legislator, as a concession in particular to crowdfunding portals, reduced these requirements to the provision of a clearly highlighted link labeled “warning” and referring to a separate document with the warning notice.Finally, the Small Investor Protection Act expands the enforcement powers of the German Federal Financial Supervisory Authority (BaFin). Investment Act authorizes BaFin to prohibit issuers and offerors certain types of investment advertising in order to address wrongful advertising practices.中文译文“德国小投资者保护法案”中的众筹条例：内容、后果、批评、建议作者：L Klöhn ，L Hornuf ，T Schilling德国联邦议院于2015年4月23日采用了《小投资者保护法案》, 该法案将在未来几周内生效。

本科毕业设计（论文）中英文对照翻译(此文档为word格式,下载后您可任意修改编辑!)作者：Groot M期刊：International Business Research，第5卷，第2期，pp:31-41 原文The research of financing difficulty in SMES作者：Groot M1. IntroductionThe principles of the European Union funding of SME have gradually emerged and are constantly analyzed for improvement.Unfulfilled or only partially achieved expectations to the property less, deviations from the model for better or worse, complaints, problems, deficiencies noticed in the comparison, all of them are challenges needed to be met by training operations that EU experts will bring out. Given the political interest which European structures manifested in this direction, this process will undoubtedly continue, because it allows better management of financial resources and an increase with large positive effects. Furthermore, access to finance is the most important factor promoting employment, growth and innovation in SME in Europe. Given the size of the Structural Funds, the European Commission tried not to leave to chance the "right to know". The research period focused in this paper encompasses the years 2007 - 2009. (Note 1) The research methodology used was based on document analysis, secondary data analysis and statistical analysis. The analysis of levels of funding granted through different EU financial instruments has been conducted on basis of statistical analysis of financial information from European Commission budget. 2. Structural and Cohesion Financing Sources for SME According to the Guidelines on financing of small and medium enterprises, funding may be made by calling the internal sources (equity capital) and / or external funding sources (http://www.finantare.ro/ghid-finantari.html). The internal funding sources are:* Contributions of the owners or associated members. * Resources generated by the company's activity (retaining profit). Internal funding sources have some advantages, such as preserving the independence and financial autonomy, because it creates no additional binding (interest, guarantees), or maintaining borrowing capacity, being a reliable mean of financial support of the enterprise's needs. They also bear disadvantages because the owners have fewer funds to invest in other more profitable activities than the activity which generated the financial overflow (alternative cost). External financing sources of SME include: loans, grants, and capital market instruments. The needed borrowing is obtained by the analysis of the evolution indicators of costs that are generated by the SME development. This need should be determined from the planning stage of development. Depending on the characteristics of this necessary, one develops the company's financing policy. External financing is necessary if the SME does not have sufficient internal resources to cover the investments necessary for the planned activities. Regardless of the country, it is intended to facilitate access of SME to external financing sources, especially venture capital, micro-loans, financial mezzanine, and the development of a stimulating legal and business environment. Attracting capital is one of the conditions necessary for both establishing a successful business (especially SME) and for ensuring its development. The use of own resources or loans is often insufficient for start-up firmsor those with strong growth potential. Investors hesitate to invest in start-up companies because of high transaction costs and because the returns do not compensate for risk. Therefore, these companies usually seek a venture capital, which may provide the amounts necessary for entering the market and developing faster. The venture capital is essential for the innovative SME' financing and for the assurance of the best investment opportunities. However, in Europe, venture capital market is fragmented, which affects cross-border investments and growth potential of venture capital funds and reduces the level of investment. Therefore, given the need to improve SME' access to financing (and especially for the innovative ones), the European Commission established facilitating cross-border investments as one of the main objectives, and initiated some measures to overcome regulatory and tax obstacles at EU and each Member State level. To become competitive, European venture capital markets wish to increase their efficiency and profitability, and a way to achieve this goal is by extending the benefits of a single venture capital market to facilitate cross-border transactions. The European Commission will evaluate the options for the introduction of a private placement regime to facilitate cross-border investments to stimulate the development of venture capital funds in Europe and will assist Member States to promote programs which stimulate investments.Regarding financial mezzanine, this is a hybrid financing instrumentthat combines features of equity and loan and increases the possibilities of companies' financial option. In fact, financial mezzanine can be an important complementary source of financing firms. The most important instruments of mezzanine financing include private placement instruments (private mezzanine) and capital market instruments (public mezzanine).Mezzanine capital is an appropriate solution especially when the requirements for financing may not be covered by traditional loans. Hybrid forms of financing can be employed also in less dynamic periods (e.g. maturity phase) to optimize the financial mix. Cases of refinancing are also suitable for using mezzanine capital. In these stages of the business, financial mezzanine is an attractive option for companies with positive cash flows and developing perspectives to attract additional funds. Mezzanine financing is inappropriate for restructuring, because in these phases capital flows are volatile and more difficult to predict. Further, financial mezzanine is not recommended for companies with an unstable position on the market and negative forecasts of development, with a high debt rate and accounting and financial weaknesses.The mezzanine financial instruments are little used now, compared with traditional financial loans, but amid a trend of change and rapid evolution of financial markets, where the survival and development of the companies will require substantial resources, it is estimated that this formof financing will grow significantly.3. Current Scenarios for Financing SME The increasing attention paid in the last decade to SME in most countries of the world, as a result of the recognition of their major contribution to economic development and generating new jobs in the economy, is reflected in the development of various public financing schemes. There are two significantly different concepts at the basis of their design and operation: 1. Financing schemes for SME based on governmental economic policies, which aim to achieve certain economic and social objectives by financing with priority some certain categories of firms. Adherents of this approach are the Japanese, who are currently preferentially financing through a variety of public schemes, small businesses which develop strongly and with great potential for job creation (Klein et al., 2003).2. Financing schemes for SME focused on market requirements, which aim to provide financial resources, but under the same or very close conditions to the market conditions. The main concern is to avoid causing distortions in market competition, which might advantage certain categories of firms. These schemes, which forecast modest subsidies to SME financing costs, have a less sensitive role in stimulating them. In Europe, there are especially in Germany and the UK approaches based largely on this model, while in the period 2007-2009, the previous approach was predominantly used.Romanian SME' requirements consider the types of investment needed during the development of their commercial activities, the risks related to investments which will be financed, and the factors to be considered when selecting a funding source. In choosing the source of funding for SME several aspects should be carefully considered: what kind of source of funding is best suited to the business' objectives, what financing size can meet the needs of the business and its own assessment of the company, which will be made in order to assess the ability of the business, to have access to financing and to repay it. When the financing source is chosen, the following factors should be taken into account (Nicolescu &Nicolescu, 2008). 4. An Outline of Financing SME in Romania In Romania, public schemes which promote SME financing can be divided mainly into four categories (Figure 1). Financing schemes by grants provide, under certain conditions, grants for SME. Generally, these grants address companies from certain economic sectors or areas of the country. Most often, there are financed investments in equipment and, more rarely, in capital. The basic principle of providing grants is financial co-participation, which implies the allocation by the SME of a part of the funds necessary for the whole project at a clearly stated minimum level. Such schemes were operationalized through some foundations (CRIMM, FIMAN) or governmental agencies (the National Agency of Small and Medium Enterprises, the National Agency for Regional Development, theNational Employment Agency) and ministries (Ministry of Transport, Ministry of Labor and Social Protection, etc.).EU Structural Funds are managed by the European Commission and have as destination financing the structural aid measures at communitarian level, in order to promote the regions with delays in development, reconversion of areas affected by industrial decline, combating long-term unemployment, and promoting the employability of young people or rural development. If one considers that Romania would benefit by 2013 from structural funds of about 28-30 billion Euros from the EU, it is of great importance to known the level of the Romanian SME connected with the accessing of these forms of financing.5. Concluding DiscussionConsidering the results presented above, one can identify and outline areas where the following priority actions are recommended: 1. Gradual establishment of a system of guarantee funds for financing entrepreneurs at national and regional level. 2. Significant reduction of the amount of guarantees and fees required by banks in lending in accord with the EU practices. 3. Simplifying procedures for obtaining credit. 4. Interest subsidy on loans to SME, at least in certain sectors with competitive advantages and for certain groups (youth, disabled persons, etc.). 5. Developing a national training program for entrepreneurs in order toaccess structural funds based on the principle of public - private partnership. 6. Providing adequate grace period on loans for investment. It is also necessary to give credits for investment for a longer period of time, at least 5-7 years. These two measures would facilitate a comprehensive and rapid development of SME. 7. Transforming a state bank in a development bank (investments) for SME.译文中小企业的融资困境研究作者：格鲁特1.引言欧盟中小企业融资的原则问题已经显现出来并需要不断地进行分析改进。