日前，国家金融监督管理总局制定发布《金融租赁公司融资租赁业务管理办法》（下称《办法》），对 金租公司融资租赁业务进行系统性、精细化规范。《办法》共计8章68条，内容贯穿融资租赁业务全流 程，并根据尽职调查、审查审批、合同订立与执行、租后管理、风险管理与内部控制等各业务环节，分 别提出了相应管理要求。 在业内人士看来，更体系化的业务管理办法一方面可以规范融资租赁业务发展、防控风险，另一方面有 利于金租公司加速回归租赁本源，更好发挥产业领域的金融服务模式优势。 直击估值虚高等痛点 对于文件出台背景，金融监管总局有关司局负责人在答记者问时表示，近年来，在监管引领下，金租公 司业务经营模式日趋丰富，专业能力持续提升，服务实体经济质效明显增强。为适应行业发展实际，加 强相关业务的风险管理，有必要制定出台与业务适配性更强的监管制度规定。《办法》的出台，有利于 规范金融租赁公司的经营行为，防控业务风险，提升金融服务水平。 金租公司开展的融资租赁业务可以分为直接租赁业务和售后回租业务，根据国家会计制度规定应当纳入 经营租赁会计科目核算的则为经营性租赁业务。新规根据直接租赁、售后回租、经营性租赁等不同业务 中的风险点，提出了差 ...

Core Insights - The financial leasing industry in China is undergoing a significant transformation, shifting from sale-leaseback models to direct leasing and operational leasing, driven by regulatory changes and market demands [1][2][3] Industry Trends - The introduction of the "Gold Lease Document No. 8" in October 2023 mandates a reduction in sale-leaseback business by 15 percentage points in new business compared to the first three quarters of 2023, aiming for direct leasing to constitute at least 50% of new business by 2026 [2][3] - Direct leasing assets are projected to reach 640.54 billion yuan by the end of 2024, reflecting a year-on-year growth of 52.73%, with direct leasing investments amounting to 352.30 billion yuan, up 25.16% year-on-year [3] Business Model Evolution - The industry is increasingly focusing on operational leasing, which emphasizes asset management and integrates financial tools into real business scenarios, aligning with regulatory expectations to support the real economy [4][5] - Operational leasing allows companies to maintain off-balance-sheet financing, enabling them to concentrate resources on core technology and market expansion [5] Challenges and Opportunities - The transition to direct and operational leasing involves complex processes and requires companies to enhance their capabilities across various dimensions, including risk management and industry integration [6][7] - The industry faces challenges in talent acquisition and funding diversification, necessitating the development of specialized professionals in leasing, law, and technology to support growth [7]

Core Insights - The financial leasing industry in China is undergoing a significant transformation, shifting from sale-leaseback models to direct leasing and operational leasing, driven by regulatory changes and market demands [1][2][3] Group 1: Industry Transformation - The introduction of the "Gold Lease Document No. 8" in October 2023 mandates a reduction in sale-leaseback business by 15 percentage points compared to the first three quarters of 2023, aiming for direct leasing to constitute at least 50% of new business by 2026 [2][3] - The direct leasing model allows financial leasing companies to participate in the entire fixed asset investment process of enterprises, directly linking financial capital with industrial equipment [3][4] Group 2: Operational Leasing Focus - Operational leasing is gaining traction as it emphasizes asset management and avoids disguised lending, aligning with regulatory requirements to support the real economy [4][5] - The operational leasing model allows companies to maintain off-balance sheet financing, enabling them to focus on core technology development and market expansion [4][5] Group 3: Challenges and Opportunities - The transition to direct and operational leasing involves complex processes and requires companies to enhance their capabilities across various dimensions, including risk management and industry integration [6][7] - The financial leasing industry is encouraged to diversify funding sources, such as issuing financial bonds and asset securitization products, to reduce costs and improve asset turnover [7]