融资租赁真比贷款香？中小企业选错融资方式可能亏大了！

Core Insights - The article discusses the fundamental differences between financing leasing and traditional bank loans, highlighting the complexities and hidden costs associated with each option [2][3][4] Financing Leasing - Financing leasing operates like a "sandwich art," where financial institutions purchase equipment for companies and lease it back, leading to additional hidden costs such as service fees and nominal prices [2] - A manufacturing company experienced a financing leasing cost of nearly 10% when accounting for a 3% service fee on a 5 million production line [2] - Flexibility in financing leasing allows companies to adjust repayment schedules based on cash flow, but over-reliance can lead to a cycle of "equipment for funds," limiting technological upgrades [3][4] Traditional Bank Loans - Traditional bank loans are characterized by a straightforward approach, where companies directly obtain funds from banks, resulting in higher efficiency despite a more complex approval process [3] - A comparison showed that a loan with 8% interest was more cost-effective than a financing leasing option that exceeded 15% in total costs [3] - Loans provide clearer visibility into financial health, as they directly increase liabilities without the hidden costs associated with leasing [3][4] Tax Implications - Financing leasing offers tax advantages, such as reduced depreciation periods and VAT deductions, which can significantly lower tax burdens for companies [4] - However, early termination of leasing contracts can result in substantial penalties, as illustrated by a construction company facing a penalty equal to 50% of the equipment's residual value [4] Decision-Making Considerations - The choice between financing leasing and loans should consider the company's short-term liquidity needs versus long-term cost control [4] - Companies are advised to establish dynamic evaluation models that align with their cash flow characteristics and risk tolerance when making financing decisions [4]