Characteristic Analysis of Financial Leasing and the Convention on International Leasing

本研究的主要发现是《国际统一私法协会国际融资租赁公约》的特点和租赁交易的社会功能。该公约的一个独特之处是具有用户保护性，这是承租国和出租国在外交会议上进行艰苦讨论的结果。该公约的使用者保护性质具有强制性。租赁交易最重要的社会功能是避税。用户购买资产时，可以享受法律规定的资产使用年限内的折旧。当用户通过租赁交易获得资产时，他可以随心所欲地决定租赁期限。如果他决定的期限短于法律规定的资产寿命，租金通常高于资产的折旧额。因此，用户可以减少他的利润额，并节省他的税款。这笔节省的税款由用户和出租人共享。如果使用者选择了比法律规定的资产寿命更长的期限，租金通常低于资产的折旧额。在这种情况下，不是使用者，而是出租人可以减少他的利润额，节省他的税款。这笔节省的税款也由用户和出租人共享。后一种租赁交易被称为杠杆租赁。从会计的角度来看，在日本，使用者可以将其巨额债务隐藏在会计文件中。尽管这种做法对投资者和融资者来说是非常有问题的，但上述一点是租赁交易在日本流行的主要原因之一。

Major findings of this research are a character of the UNIDROIT Convention on International Financial Leasing arid social functions of leasing transaction.The UNIDROIT Convention on International Financial Leasing was adopted in Ottawa on May 28,1988. A unique point of this convention is a user-protection- character, which is a result of the hard discussion between lessee- and lessor- countries in the diplomatic conference. Some points of user-protection-character of this convention are compulsory.The most important social function of leasing transaction is tax avoidance. When a user purchases assets, he can enjoy depreciation during period of the life of assets described by law. When a user acquires the assets through leasing transaction, he can decide leasing period as he likes. In case he decides shorter period than the life of the assets described by law, rent is usually higher than the depreciation amount of the assets. Accordingly, the user can decrease the amount of his profits and save his tax. This saved tax is shared by the user and the lessor. In case the user chooses longer period than the life of the assets described by law, rent is usually lower than the depreciation amount of the assets. In this case, not the user but the lessor can decrease the amount of his profits and save his tax. This saved tax is also shared by user and the lessor. The latter type of leasing transaction is called as leveraged lease.From the view point of accounting, the user can hide his substantial debt in accounting document in Japan. Although this practice is very problematic for investors and financiers, the above point is one of the main reasons why leasing transactions become popular in Japan.