Technology leasing industry ushered in the spring

The financial crisis urges High-tech enterprises to reduce investment risk and capital turnover pressure through technology leasing, and promote the rapid growth of technology leasing business.　　Although the Chinese technology Leasing market "cake" amounted to hundreds of billions of dollars, but still in the horse race stage. With the Bohai Sea Leasing Shell St Huitong (000415), the A-share market is about to usher in the first rental shares, leasing industry will also say farewell to "still hold pipa half cover" hazy beauty.　　And as one of the leasing business of Technology leasing, Spring Thunder in recent years, a super billion market is forming.　　The so-called technology leasing, refers to the scientific research, testing, High-tech development and other scientific research equipment required for the operation of leasing, these devices include electronic testing and measuring instruments, it servers, laboratories and scientific instruments. To the financial crisis as a watershed, technology leasing has been in a tepid state of development, and after the financial crisis, many High-tech enterprises through the technology leasing methods to reduce investment risk and capital turnover pressure, which makes the technology leasing business rapid growth. "The financial crisis is the best publicity for Technology leasing," the biggest enterprise of the domestic technology leasing industry Beijing Oriental Zhongke Integration Technology Co., Ltd. (Oriental Integration) President and chief operating Officer Genli said, "China's technology leasing is currently in the growth period, its market size of hundreds of millions of yuan, the business prospects are extremely broad." "Foreign experience: nearly 30% scientific research equipment from leasing technology leasing originated in the United States in the 1960s, after the rapid development in Europe and Japan, is now a more common internationally, molded to meet customer testing and measurement of technology products demand a service model." In some developed countries, more than 30% of the testing requirements for research and production are met through leasing services.　　The 2006 World Lease yearbook data showed that the United States reached 31.1% in the market penetration rate (that is, the share of the leasing industry in Fixed asset investments), 30.8% in Romania, 20.2% in Canada, 19% in Hungary, 18.6% in the Czech Republic and 15.3% in Germany. The development of technology leasing has benefited greatly from the reduction of the use cost of scientific and technological instruments and equipment. On the one hand, technology leasing lowers the cost of investment and is easy to tax. Through the purchase of instruments and equipment, often need to invest more money, resulting in capital flow of the crowding, and leasing is a trickle, small input to achieve high efficiency. At the same time, the cost of leasing can be directly amortized into the cost, to a certain extent, tax deductible. In particular, some large listed companies, compared to their pursuit of high return on investment, leasing instruments than the purchase of more economic. On the other hand, the purchase of instrument utilization rate is not high easy to cause waste. Many enterprises buy the instrument inventory time is longer than the use of time, low utilization rate, basically between 30–50%, some instruments a year even not use the last time.　　Therefore, for some instruments of low utilization rate, foreign enterprises are usually rented. Thus, the technology leasing industry has bred a group of industry giants. Ranked WorldOne of Japan's Orix (ORIX) group, which manages assets over 80 billion dollars. The largest technology leasing company in the United States (ELRC). NASQ), with 14 operations centers throughout the United States, Canada, Europe and China.　　The Tak Yick Leasing Group, one of the five largest European leasing companies, has managed assets of up to € 25 billion, not only for the mechanical, automotive and computer industries, but also for real estate, intangible assets, rights certificates and patents. China's technology leasing market of billions of "cake" technology leasing in Europe and the United States have been fully developed, and emerging markets are in the initial stage. According to the World Lease yearbook, Global leasing transactions rose from $103.8 billion in 1987 to $633.6 billion in 2006, with an annual compound growth rate of 10% per cent over the same period of economic growth (Figure 1). However, the leasing industry has a very uneven global distribution. In 2006, North America and Western Europe accounted for 79% per cent of global leasing business, while Asia and Russia were 15%, South America was 3%, Africa and Australia were only 2% and 1% (Figure 2).　　As a result, the International Finance Corporation (IFC) predicts that the major growth points of the future global leasing industry will be in emerging markets, including China. Technology leasing in China's development prospects are more significant. On the one hand, compared with 30% of foreign penetration rate, the proportion of China's technology leasing is still less than 1%, market penetration has a huge room for improvement (table 1). On the other hand, the technology equipment market capacity is huge, tens of billions of dollars a year of scientific research equipment trading volume, providing a huge potential for technology leasing.　　Therefore, the Chinese technology Leasing market "cake" can reach hundreds of billions of dollars. However, the technology leasing industry has a higher entry threshold. First of all, technology leasing belongs to capital-intensive industries, and requires strong financial strength as the backing. Because technology leasing equipment mainly in high-end instruments, an instrument usually priced up to hundreds of thousands of yuan, or even millions of dollars, if there is no rich product for customers to choose, it is difficult to occupy a place in the leasing industry. Secondly, high technology content. Technology leasing is not just the equipment leasing to customers, more is to provide a service, to provide customers with installation, maintenance, repair, metering and other technical services. Again, leasing requires a nationwide sales network. Only by spreading the distribution network can we improve the use efficiency of various instruments.　　In addition, the technology leasing has a higher risk of equipment elimination, the leasing provider to the technology, technology development has in-depth understanding and make forward-looking forecasts. Higher market thresholds correspond to higher market concentration. In Japan, the Orix alone accounted for about 65% per cent of the market, and the remaining dozens of accounted for about 35%, and in North America the market was dominated by three larger companies, and in Europe it was largely monopolized by five companies. However, in the initial stage of the Chinese market, a large number of competitors, low market concentration is the main characteristics. Currently engaged in technology leasing enterprises in the domestic marketAs many as hundreds of, mainly to regional companies mainly, the market is more dispersed, in the first echelon of the eastern integration, its market share is only about 10%.　　This shows that China's technology leasing industry is still in the stage of horse racing. System Soft rib is the biggest obstacle of technology leasing why is it difficult to expand in China? This has its own reasons.　　Technology leasing belongs to the High-tech industry, the need for a strong financial strength, high-quality talent equipped, covering a wide range of service network and the industry and market development trend of accurate grasp, and so on, these elements need to be in the long-term exploration of continuous accumulation and improvement. External factors are also difficult to blame. In the consumption concept of the people, the weakness of the choice of rent bias is quite prevalent. Moreover, China's credibility mechanism is not perfect, leasing has a greater destabilizing factors. In addition, the burden of overweight is also a major obstacle. As the technology leasing industry has just arisen, a variety of supporting policies and regulations are not perfect.　　Leasing companies in the purchase of equipment, the need to pay value-added tax, the instrument to lease out, the need to pay sales tax in accordance with turnover, the enterprise's income also pay income tax. In Genli's view, however, the biggest obstacle to the development of the technology leasing industry comes from institutional constraints. According to the current financial system, in the use of State administrative appropriation, only the acquired assets can be entered into the table and transferred to the capital accumulation, and the assets formed by the leasing can not be entered into the table and the expenses incurred are listed as the current profit and loss. Therefore, under the restriction of the state-owned assets value-added preservation hard, the large users of universities, national scientific research institutions, state-owned enterprises and other technology equipments usually choose the more economically less economical purchase way. "In foreign countries, universities and national scientific research institutions are the main customers of the technology leasing industry, and the contribution of these institutions is negligible at home."　　Genli said, however, he is also full of expectations for the future, "sooner or later China will be in line with international, when technology leasing will usher in a burst of growth." Sample: Pioneer Oriental integration in the field of domestic technology leasing, oriental integration is not the second leader. It was founded in 1993 by the Chinese Academy of Sciences, founded initially mainly engaged in scientific and technological instrumentation agent business.　　Due to the Chinese Academy of Sciences, in just a few years, the company quickly become China's largest instrument dealers, the exclusive agent Agilent (Agilent), Fluke (Fluke), Terry (Tektronix) and other dozens of international electronic test equipment manufacturers in China business. 2000, Oriental Integration to seek the transformation of instrumentation dealers to the integrated service providers, in the distribution business based on the introduction of instrumentation leasing services, and in 2006 to introduce strategic shareholder Orix, began the technology leasing business nationwide layout. With the support of Chinese and foreign Power shareholders, the Oriental integration has initially built a nationwide instrument and instrument testing Public Platform service network system.　　Although the scale is still small, but after years of exploration, oriental integration has formed a relatively effective business model: in the scientific and technological trend of accurate judgment on the basis of the government, High-tech Park, the strength of the increase in equipment rental rate. In order to grasp the trend of science and technology, Oriental integration formed a professional and technical evaluation team, learning the experience of foreign shareholders and the prediction mechanism of the first-line market feedback, to a large extent, to ensure that the purchase of equipment, "the right to rent."　　According to Genli, due to the speed of technology equipment eliminated faster, so that technology leasing industry than the general lease risk, technology leasing break-even point is the technology equipment rental rate of 70%, and the eastern integration of the rental rate as high as 90%. For the promotion of technology leasing barriers, oriental integration in recent years, with the government, High-tech Park cooperation in the way to jointly promote the technology leasing in the vast number of small and medium-sized science and technology enterprises in the application.　　At present, the East integration and Beijing Zhongguancun Haidian Park, Shanghai Zhangjiang Science and Technology Park and Suzhou Industrial Park, such as High-tech Park Management Committee carried out cooperation, mainly by the CMC to pay the way to the park to provide free technology equipment leasing business. With the High-tech Park cooperation, the realization of the three win, become a key to pry open the market. Since 2006, the eastern integration of business growth has been basically maintained in the annual 50-60% above, especially since the financial crisis in 2008, many High-tech enterprises at home and abroad through the technology leasing to reduce investment risk and capital turnover pressure, which makes the business growth of eastern integration more rapid. "In the past 3 years, our leasing business has grown by 400%," Genli said. "The contribution of the technology leasing business to the eastern integration profit has reached about 35%." "