论文部分内容阅读
中小企业被认为是意大利经济的生力军。90年代末期,随着意大利成为欧洲货币联盟的成员国(第二阶段),其利息率大幅下降从而鼓励公司更多地借贷。在意大利,融资租赁一方面使公司获得了资产,另一方面也免除了租金的税收成本。虽然一些租赁公司是更大金融公司和银行的一部分,但更多的租赁公司是独立的。按照定义,租赁是一项资本需求业务,成本低是其成功的关键因素。《意大利证券法》的颁布和实施是放松对租赁行业低成本融资的控制的关键,它提供了一个合法的框架,在此框架内,租赁公司可低成本地在资本市场上募集资金。在意大利,租赁和证券化齐头并进,租赁资产证券化在意大利ABS市场上占比近20%,且增长势头良好。
Small and medium-sized enterprises are considered to be a new force in the Italian economy. In the late 1990s, as Italy became a member of the European Monetary Union (Phase II), its interest rates dropped sharply, encouraging companies to borrow more. In Italy, financial leasing, on the one hand, gives the company access to assets and, on the other hand, eliminates the tax cost of rent. Although some leasing companies are part of larger financial companies and banks, more leasing companies are independent. By definition, leasing is a capital-demanding business and low cost is a key factor in its success. The promulgation and implementation of the Italian Securities Act is the key to easing the control of low-cost financing in the leasing industry by providing a legal framework within which leasing companies can raise capital cheaply in the capital markets. In Italy, leasing and securitization go hand in hand, and leased asset securitization accounts for nearly 20% of the Italian ABS market with good growth momentum.