1. 國外開展跨境融資租賃業務到底怎麼做
第一部分：當地法律考量（Local Legal Considerations）
開展跨境融資租賃業務最根本的考量是分析當地的法律環境，向當地富有經驗的律師的咨詢總是必不可少的。相關融資租賃業務的考量因素包括。
其一、外資所有權和公司治理的限制；
其二、當地的牌照規定；
其三、目標國對可能提供給客戶的金融產品（Financing Procts）的種類限制；
其四、承租人無條件支付租金（ hell-or-high-water）條款在當地法律中是否可行；
其五、出租人保護和行使其租賃設備所有權的能力，或者針對第三人或承租人出租人實現其租賃設備上第一位擔保物權的能力；
其五、目標國的就業和勞動法；
其六、隱私保護法律；
其七、遵守本國出口控制和相關法律和規章；
其八、其它相關法律（高利貸限制、反洗錢、合同是否用當地語言等）。
具體展開如下，但需注意的是：在一些國家，如澳大利亞和加拿大，各省或州的法律也許差別很大。
一、外資所有權和公司治理的限制（Foreign Ownership and Mangement Restrictions）
在一些國家，當地法律禁止外資在從事租賃的公司中佔有100%的股份。因而，外國公司必須和當地的公司或個人合作來操作融資租賃，合資企業（joint venture）最為常見。例如，印度（本地股份至少佔25%），印尼（本地股份至少佔25%），菲律賓（本地股份至少佔40%）。這些本地股份規定有時比較含糊，在一些情況下，完全可以消弱它們對公司財務和治理影響。
在一些國家，盡管沒有本地股份的規定，但有要求本地治理的規定。例如，在一些國家（包括奧地利、澳大利亞、印度、日本、南朝鮮、馬來西亞、新加坡和泰國），一個或兩個董事必須要求是當地居民或公民。在另一些國家，一半或大多數董事必須是當地人（包括阿根廷和汶萊）。
二、牌照規定（Licensing Requirements）
在一些國家，開展租賃業務需要向政府機關申請牌照。例如，在巴西，需要向巴西中央銀行申請租賃牌照。其它需要牌照的國家（或地區）包括香港和波多黎各。有時，這些規定是敷衍的，僅需要填寫表格、按期更新和繳費。有時，取得和保持牌照是昂貴和嚴格的。例如，在巴西，租賃公司須符合最低的注冊資本規定、嚴格的經營准則和繁多的報告義務。
在另外一些國家，租賃公司是否需要牌照取決於其提供的金融產品。例如，在墨西哥非受監管的公司（non-regulated company）可以操作經營性租賃（operating lease），在當地稱為「純租賃」(pure lease)，區別於「融資租賃」(financial lease)。 純租賃和融資租賃的一個重要區別是承租人的期終選擇權。在墨西哥，純租賃包含期終的公平市場價值購買選擇權，但不會是固定價格的選擇權（無論這是名義價格或含有市場因素）。大多數法律專家認為，包含任何固定價格購買選擇權都會導致一個租約變為融資租賃，而融資租賃可能只有那些有牌照的、受監管的融資租賃公司才可提供。同樣的牌照規范適用於其它拉美國家（如哥倫比亞、秘魯、委內瑞拉）。
類似的牌照制度也存在於許多歐洲國家，特別是南歐。例如，在法國經營租賃通常是非受監管的活動。然而，包含承租人固定價格購買選擇權的租賃（在租賃物用於商業時法語叫credit-l,在用於消費叫location avec option d』achat）只能由受「法蘭西銀行」監管的有牌照的公司提供。另外一些國家比利時、西班牙、義大利的牌照制度也或多或少參差不齊。不幸的是，盡管這些國家同為歐盟成員國，在一個國傢具有合法牌照的融資租賃公司並不一定可以在另外的歐盟國家獲得牌照豁免。其中一些國家牌照規定的嚴格和對不符合規定的處罰是不容低估的。
因許多歐盟國家有關牌照的規定不同，如何才能符合諸多國家的不同規定？一個解決方案是在歐盟境內通過一個受歐盟成員國中央銀行監管的銀行來操作。根據《歐盟第二銀行規章》（EU's Second Banking Directive），只要符合條件，受歐盟成員國中央銀行監管的銀行可以為在大多其它歐盟國家融資服務（包括租賃）「頒發通行證」，而不需要符合其它歐盟國家的規定（即跨境經營）。這種「頒發通行證」模式的細節不是本文討論的內容，但有幾點需要指出。首先，作為一個持牌銀行所涉的監管規定繁多，一般比獲得另一個租賃牌照麻煩得多，任何不合規都可能會受到嚴厲處罰。其次，遵行歐盟各國實行的《歐盟第二銀行規章》的條件也不太容易，有時還會產生另外的問題（即，納稅問題）。
三、金融產品的其它提供限制（Other Limitations on Financing Proct Offerings）
在一些國家，國外的租賃公司不可以合法得提供的某些金融產品，或者是因為產品本身的原因被禁止，或者外資融資租賃公司不可能得到所需的牌照或地位。
四、可執行性問題 （Enforceability Issues）
在許多國家，其制定法沒有像美國《統一商法典》（Uniform Commercial Code）第2A章那樣對動產租賃（personal property leasing）作出規定。在多數情況下，當地法院參照合同法或不動產租賃(real property leasing)的法律來解釋租賃協議和決定租賃協議的可執行性。在許多國家，承租人無條件支付租金（ hell-or-high-water）條款或者不可執行或者由法院根據個案情況決定。這在大陸法系國家較常見，包括大多拉美國家和德國。在這些國家，如果出租人違約，或者（更為重要的是）如果租賃物有缺陷或不能達到廠家或賣方所說的質量標准，即使租約含有承租人無條件支付租金（ hell-or-high-water）條款，法院也會允許承租人停止支付租金和/或解除租約。這種風險很難控制，值得出租人在業務擴展時仔細衡量。
在一些國家，承租人無條件支付租金（ hell-or-high-water）條款只在某些租賃中可執行。例如，在具有英美法源遠的澳大利亞、紐西蘭和若干其它亞太國家，如果一個租約含有承租人購買選擇權條款（大多情況下，甚至是公平市場價值的購買選擇權），該租約會被認為是分期付款購買合同（hire-purchase contract）。在以上一部分國家中，承租人無條件支付租金（ hell-or-high-water）條款在租賃合同中可執行，在分期付款購買合同（hire-purchase contract）不可執行。正因為此原因，在這些亞太國家中，租賃合同一般不包含承租人購買選擇權條款。
另外賠償條款、自由轉讓條款、續約條款、違約和補償條款在有的國家也可能得不到執行。所以，在做跨國租賃業務時，最好讓當地律師審查一下租賃合同，搞清楚那些條款在當地不可執行，以便評估風險。
五、抵押擔保和相關問題（Collateral Security and Related Issues）
正如許多國家缺少如《統一商法典》第2A章規定的動產租賃制定法一樣，許多國家同樣缺少如《統一商法典》第9章規定的有擔保的交易。在租賃業務國際擴展決策中，非常重要的一件事情是了解出租人在多大程度上可以保護和行使其對租賃物的所有權和出租人在多大程度上可以取得和行使第一位的抵押物權或其它擔保物權。
許多國家的法律體系類似美國，法律一般認可和保護出租人對租賃物的所有權和（或）允許出租人就融資財產行使第一位的抵押權。如加拿大的《動產擔保法》（Personal Property Security Acts）差不多就是以美國的《統一商法典》第9章為藍本。
但在一些國家，或者因為缺少現行有效的動產擔保法律，或者因為當地法律體系的性質，就租賃的動產不可能取得可執行的、第一位的擔保物權。有時候，這取決於所涉財產的類型。例如，在墨西哥能取得第一位擔保物權的唯一辦法是質押（pledge），而質押只能通過佔有擔保物來實現，很顯然這對租賃物來說根本不可行。但飛機和輪船例外，它們適用抵押登記制度。對於在墨西哥的純租賃來說，如果承租人違約，出租人須通過普通的法律程序來回復租賃物的所有權，這種法律程序漫長而昂貴，而且所有權回復很少能確保成功。
在一些因為缺少現行有效的動產擔保法律的國家，地方法律和慣例有時能部分地減少此種風險。還是以墨西哥為例，一般情況下，對於每期的租金承租人會簽署憑出租人指示支付的本票（promissory notes payable to the order of the lessor）。如果有一期租金未付，出租人可以啟動簡易法律程序（summary legal proceedings ）(區別於漫長的普通法律程序)向承租人收租金。在簡易法律程序下，出租人有權取得承租人的財產。
最後，評估在目標國的法律下當承租人違約時出租人所能得到的動產擔保法上的救濟和其它相關救濟時，應該考慮到當地有關破產或倒閉的法律（local bankruptcy or insolvency law）規定。眾所周知，這些法律各國差別很大，會使出租人面臨額外的信用和擔保風險。
六、就業和勞動法（Employment and Labor Laws）
充分了解當地的就業和勞動法的性質和後果非常重要。在僱傭當地雇員之前，要詳細地與當地律師就僱傭和解僱當地雇員的法律義務探討交流。在許多情況下，這些義務往往和本國有很大不同，非常可能增加公司成本。例如，在許多國家，僱傭員工意味著僱主有義務支付資金給政府發起來的退休/養老金計劃。這些規定千差萬別，可能產生意想不到的開支。
在某些國家（如荷蘭、法國和德國），一旦雇員達到某一數量標准（法國是50人），當地法律規定要建立工會。在這些國家，幾乎所有僱主想要實行的任何有關就業環境的變化都需要事先和工會磋商（包括裁員、重組導致的僱主變化、業務性質改變、補償和福利變化等）。盡管各國規定不盡相同，但在某些時候沒有工會的同意僱主很難改變任何東西。
另一個考量是當地法律對就業終止的規定。雖然美國存在一些解僱員工的限制（如反歧視法），但美國基本上是一個就業合同「自由」的國家。但在其他許多國家，情況有很大不同。在一些國家，僱主常要求就「不公平解僱」賠償（如愛爾蘭）。在這些有類似規定的國家，勞動法庭或類似機構可以審查僱主的解僱理由（雇員表現等），可能要求僱主支付非常高的遣散費。在一些國家（如日本）即使解僱一名表現很差的員工也絕非易事。
七、隱私/資料保護法律（Privacy/Data Protection Laws）
應該請教當地的律師當地隱私或資料保護的范圍和適用問題。這些法律常常調整涉及客戶和/雇員的機密信息的收集、處理、儲存、傳遞、分享和/或使用。例如，資料保護法尤禁止把客戶和雇員的信息跨境傳遞給沒有同等資料保護法的國家（即使接受方是傳遞方的關聯公司也不得例外）。因為美國基本沒有類似於歐盟國家那樣的資料保護法，所以麻煩來了，因為總部在美國的租賃公司一般希望能收到它歐洲子公司發來的這些信息，以便其審查全球信貸風險和評估雇員。
美國政府為了在這方面支持美國公司，與歐盟磋商簽訂了所謂的《安全港協議》（safe-harbor agreement）。在此協議中，美國的公司可以自願採用和公布一項符合歐盟隱私法規定的隱私政策，並向美國商務部登記。歐洲的公司也允許在合規的條件下與美國的「安全港」公司共享客戶和雇員的機密信息。
隱私/資料保護法律在世界各地越來越盛行。除了在幾乎每個歐盟國家，類似法律也在阿根廷和澳大利亞實行。
八、本國出口控制和相關法律法規（Export Control and Related Laws and Regulations）
這包括：（1）有的法律規定國外的子公司須取得本國出口許可證書；（2）法律禁止同某些國家交易（例如，伊朗、古巴等）；（3）有關防止軍事武器技術擴散的法律。
九、其它法律考量（Other Legal Considerations）
除了上訴法律考量因素，准備在國外拓展業務的融資租賃公司應該和當地的律師就可能對當地融資租賃操作可能發生影響的大量其它當地法律的適用范圍深入探討。例如，有些國家的法律直接或間接地要求融資合同（或其它文件）應當使用當地的語言（例如印尼和加拿大魁北克省）。在有些國家（或地區），當地的商業慣例要求文件用當地語言書就（如：日本、南朝鮮、台灣、中華人民共和國、大多拉丁美洲國家和許多歐洲國家）。
值得注意的是，在一些非英語國家文件可以用英語書就而且有時也經常這樣做。但還是使用當地語言為好，因為在訴訟中，法官理解協議的時候要依靠法庭指定的翻譯。而這種翻譯質量往往參差不齊，法律條款很可能被翻譯得面目全非，造成法官理解的偏差。但很顯然，使用當地語言書就的文件，無論是法定與否，都 會增加額外的商業成本。
2. 鏈上會議是不是騙子
摘要
產業動態：
Coinbase計劃今年在產品、工程和設計部門擴招2000名員工
米哈游成立元宇宙品牌HoYoverse，打造沉浸式虛擬世界體驗
育碧員工仍強烈反對公司的NFT區塊鏈計劃
「元宇宙」社交軟體啫喱主動下架，暫停新用戶進入
因引發大量爭議，英國世界自然基金會宣布終止NFT項目
政策相關：
銀保監會：防範以「元宇宙」名義進行的非法集資
江西出台意見加快區塊鏈技術應用和產業發展
福田區政府工作報告：多領域拓展元宇宙等技術應用場景
央行：關閉境內虛擬貨幣交易和代幣發行融資平台
江西：探索成立元宇宙聯盟，支持南昌規劃建設元宇宙試驗區
浙江宣布對虛擬貨幣「挖礦」用電實行差別電價，每千瓦時加價0.50元
技術創新：
摩根大通等公司工程師：量子密鑰分發網路可保護區塊鏈免受量子計算攻擊
投融資情況：
元宇宙社交平台BUD完成1500萬美元A+輪融資，啟明創投領投
區塊鏈初創公司5ire從GEM獲得1億美元的資本承諾
Stronghold推出1億美元投資基金，專注金融科技、Web3和區塊鏈領域
Gnosis Safe生態基金會Safe Foundation正尋求以12.5億美元完成1億美元融資
行業應用：
大運會首次發行主題數字藏品
特別關註：數字貨幣
尚比亞央行預計將在第四季度完成CBDC研究
牙買加總理：牙買加央行將於2022年推出數字貨幣
陀螺點評
政策方面，本周據江西日報訊，江西省將探索成立元宇宙聯盟，支持南昌規劃建設元宇宙試驗區，而江西科技廳更是將2022年定位為VR產業發展質量突破年，全省VR及相關產業營業收入力爭實現800億元。實際上，南昌發展元宇宙早有端倪，早在2016年，南昌宣布打造全球首個城市級VR產業基地，後更是先後引進了華為、阿里、騰訊、微軟、高通等一批知名VR相關領域頭部企業，而在今年的十四五規劃中，南昌也明確提及了布局重大科技創新VR科創城，旨在打造世界VR產業發展引領區。此外，南昌作為江西的省會，盡管在經濟總量、人才技術方面與周邊省會仍有一定差距，但其在航空、汽車、光學設備、精密儀器等領域產業基礎雄厚，加之其極力推進的VR產業，南昌在元宇宙產業發展已具備一定先機。無獨有偶，近日江西印發區塊鏈專項政策《江西省加快推動區塊鏈技術應用和產業發展的實施意見》，可以看出，江西在元宇宙產業相關領域的決心十足，而是否能依託VR產業實現元宇宙領域的彎道超車，仍將拭目以待。
應用方面，繼冬奧的數字藏品熱潮後，成都大運會首發數字藏品「大運數字會徽」正式面世，據悉，該數字藏品基於成都大運會會徽1:1建模而成，在唯一藝術平台上進行。近段時間以來，隨著數字藏品熱度不斷增加，以提供產品構建以及撮合交易為主的數字藏品交易平台也紛紛涌現，不僅BATJ等互聯網企業先後入局，視覺中國、天下秀、海南國際文化藝術品交易中心等也正積極推出。盡管相比於海外的NFT，我國數字藏品剝離了其金融與炒作屬性，目前多數藏品平台均對二次銷售或轉贈有著明確的禁令，但仍不乏有部分平台逐步在開放該市場，諸如鯨探則提出180天後可轉增支付寶好友，而本次大運會會徽發行平台唯一藝術上甚至可以直接實現衍生品二次買賣。但仍需提醒消費者，一方面，當下數字藏品元數據多儲存於中心化機構，機構規模、技術實力過小，對數據的安全性以及智能合約漏洞把控較低，危險性也陡然增加；而另一方面，目前的數字藏品市場，數字性顯著高於藝術性，尚未存在完善的價格發現機制，而對其二次買賣的限制也直接消弭其交易屬性，當下對高價的數字藏品買賣仍需高度警惕。
產業方面，據消息稱，育碧員工仍強烈反對公司的NFT區塊鏈計劃，而此前，育碧推出的NFT平台Ubisoft Quartz也受到眾多游戲玩家的抵制，而法國工會Solidaires Informatique甚至在社交平台上公開指責NFT相關技術是一種「無用的、昂貴的、破壞生態的技術」，甚至在聲明中將之與洗錢等非法行為掛上等號。究其根本，NFT所倡導的資產稀缺性與金融屬性與當下游戲行業主流的公平無壁壘觀點相悖，部分人士認為賺錢性質會直接對游戲的趣味性帶來影響，以育碧公司在《幽靈行動：斷點》中發行的 NFT 道具頭盔為例，玩家需要通過至少600小時的游戲時間才能領取。此外，該模式會吸引眾多投機玩家人為造成游戲內資產的稀缺性。而出於NFT的可交易性，對其的交易與炒作實質上從另一角度提升了游戲費用及游戲門檻。這也不外乎大型PC游戲和主機游戲平台對NFT呈現審慎態度，Steam平台甚至直接推出規定禁止NFT與鏈游，但育碧方同時也表示將會繼續推進NFT游戲計劃，後續NFT在大型游戲的走向仍舊成謎。
Part 1產業動態
Coinbase計劃今年在產品、工程和設計部門擴招2000名員工
Coinbase首席人事官LJ Brock宣布，Coinbase今年計劃在產品、工程和設計團隊擴招多達2000名員工，來擴展現有的產品並構建新產品。
LJ Brock表示，Coinbase還在擴展以包含託管用戶生成內容（如NFT）的產品，同時Coinbase錢包的計劃也「雄心勃勃」，團隊將努力增強其安全性、易用性和可訪問性。
米哈游成立元宇宙品牌HoYoverse，打造沉浸式虛擬世界體驗
陀螺科技消息，今日（2月14日），由米哈游創立的新品牌HoYoverse正式宣布推出。
據官網公告，HoYoverse旨在通過各類娛樂服務為全球玩家創造和傳遞沉浸式虛擬世界體驗，使命是打造一個「由內容驅動的宏大虛擬世界」，游戲、動畫和其它多種娛樂類型在這里融合，為玩家提供高自由度和沉浸感。
育碧員工仍強烈反對公司的NFT區塊鏈計劃
上周，游戲巨頭育碧（Ubisoft Entertainment）與其許多員工圍繞在該公司視頻游戲中採用加密的計劃之間的沖突加劇。2月10日，育碧在給員工的一封郵件中概述了對使用區塊鏈技術的想法。在公司內部留言板上發布的這一聲明引發了數百條來自員工的負面評論。有人說，對於育碧的員工來說，這是「非常尷尬的一天」。自發布育碧Quartz平台以來，該公司一直面臨著粉絲和員工的批評。該平台允許射擊游戲《幽靈行動》（Ghost Recon）的玩家購買和出售某些作為NFT的設備。去年12月，該公司召開了一次員工會議，為這一計劃辯護。此後，盡管內部一片嘩然，該公司仍繼續推進這一計劃。（The Straits Times）
「元宇宙」社交軟體啫喱主動下架，暫停新用戶進入
「元宇宙」社交軟體啫喱APP在沖上蘋果應用商店總榜第一後，即陷入疑似泄露用戶信息的傳聞。13日晚間，啫喱APP發布公告稱，選擇在大規模升級系統期間，主動從應用商店下架暫停新用戶進入，專注於提升現有用戶體驗。
啫喱APP在公告中稱，最近幾天，啫喱遭遇了連續的、有組織的攻擊，在各大平台被惡意造謠、在應用商店被水軍刷差評。對此，啫喱已果斷採取法律行動。（瀟湘晨報）
因引發大量爭議，英國世界自然基金會宣布終止NFT項目
英國世界自然基金會（WWF）在其網站上宣布，它將終止一個旨在通過NFT銷售為保護工作提供資金的項目，因為此舉引發了大量爭議。WWF UK寫道：「我們感謝所有通過購買NFT來慷慨支持我們保護工作的人。我們現在已經與合作夥伴就停止此嘗試達成一致。我們認識到，NFT是一個備受爭議的問題，關於這個新市場，我們都有很多東西需要學習，這就是為什麼我們現在將全面評估這項嘗試的影響，並思考我們如何才能最好地繼續創新，讓我們的支持者參與進來。」 NFT發布原定於2月3日。這些NFT代表了13種瀕危動物物種，如大熊貓、加拉帕戈斯企鵝和克羅斯河大猩猩。該系列總共包括7900個NFT，這與每個物種在野外的實際生存成員數量相對應。據該項目的Discord稱，NFT的鑄造成本在0.05 ETH（約150美元）至0.25 ETH（約750美元）之間，並將在Polygon上鑄造。（The Block）
Part 2政策相關
銀保監會：防範以「元宇宙」名義進行的非法集資
據官方消息，銀保監會發布關於防範以「元宇宙」名義進行非法集資的風險提示，具體內容如下：
近期，一些不法分子蹭熱點，以「元宇宙投資項目」「元宇宙鏈游」等名目吸收資金，涉嫌非法集資、詐騙等違法犯罪活動，現將有關手法及風險提示如下：
一、編造虛假元宇宙投資項目。有的不法分子翻炒與元宇宙相關的游戲製作、人工智慧、虛擬現實等概念，編造包裝名目眾多的高科技投資項目，公開虛假宣傳高額收益，借機吸收公眾資金，具有非法集資、詐騙等違法行為特徵。
二、打著元宇宙區塊鏈游戲旗號詐騙。有的不法分子捆綁「元宇宙」概念，宣稱「邊玩游戲邊賺錢」「投資周期短、收益高」，誘騙參與者通過兌換虛擬幣、購買游戲裝備等方式投資。此類游戲具有較強迷惑性，存在捲款跑路等風險。
三、惡意炒作元宇宙房地產圈錢。有的不法分子利用元宇宙熱點概念渲染虛擬房地產價格上漲預期，人為營造搶購假象，引誘進場囤積買賣，須警惕此類投機炒作風險。
四、變相從事元宇宙虛擬幣非法謀利。有的不法分子號稱所發虛擬幣為未來「元宇宙通行貨幣」，誘導公眾購買投資。此類「虛擬貨幣」往往是不法分子自發的空氣幣，主要通過操縱價格、設置提現門檻等幕後手段非法獲利。
江西出台意見加快區塊鏈技術應用和產業發展
據南昌新聞網消息，近日，江西省省工信廳、省網信辦聯合印發《江西省加快推動區塊鏈技術應用和產業發展的實施意見》（以下簡稱《意見》），提出到2025年，全省區塊鏈產業綜合競爭力全面提升，技術自主創新能力大幅增強，與新一代信息技術的融合發展更加密切，在賦能實體經濟、提升公共服務供給和強化政府治理能力等方面取得積極成效。形成一批具有競爭力的知名企業、知名品牌和代表性產品，打造2到3個區塊鏈產業發展集聚區。《意見》明確建設區塊鏈名園，培育區塊鏈名企業，打造區塊鏈名品。
福田區政府工作報告：多領域拓展元宇宙等技術應用場景
陀螺科技訊，「元宇宙」首次寫入深圳區政府報告，2022年1月21日福田區八屆人大第二次會議上的政府工作報告中指出 ，要深入實施數字經濟發展三年行動方案，探索建立數字經濟監測評價體系，大力發展數字新基建、數字新科技、數字新智造、數字新金融、數字新文化、數字新商貿六大數字產業，積極引進數字經濟領軍龍頭企業和示範項目，推動區塊鏈、量子信息、類腦智能等未來產業的技術轉化成果加速落地，多領域拓展數字人民幣、元宇宙等技術應用場景，扎實推進深圳數據交易中心建設，打造數字經濟發展新高地。
央行：關閉境內虛擬貨幣交易和代幣發行融資平台
2月11日，中國人民銀行發布《2021年第四季度中國貨幣政策執行報告》（以下簡稱《報告》）。
《報告》指出，防範化解重大金融風險取得重要成果。集中整治金融亂象，嚴厲打擊金融違法犯罪活動。清退無牌互聯網資管機構、無牌支付機構、股權眾籌平台、違規網路互助平台。P2P網貸平台全部退出經營。關閉境內虛擬貨幣交易和代幣發行融資平台。（央視財經）
江西：探索成立元宇宙聯盟，支持南昌規劃建設元宇宙試驗區
江西省科技廳已宣布將2022年定位為VR產業發展質量突破年，全省VR及相關產業營業收入力爭實現800億元。聚集省內現有科創平台、龍頭企業等創新力量，探索成立元宇宙聯盟，打造國內一流的元宇宙研發平台，重點布局元宇宙硬體入口、底層架構、人工智慧、內容與場景四個方向的規范標准制定和開發工具監制重新梳理完善虛擬現實關鍵核心技術和「卡脖子」技術目錄，開展元宇宙發展重點和發展路徑探索；支持南昌規劃建設元宇宙試驗區，打造數字經濟產業集聚區，重點發展VR/AR、人工智慧與5G、數字文創等數字經濟重點產業。（江西日報）
浙江宣布對虛擬貨幣「挖礦」用電實行差別電價，每千瓦時加價0.50元
近日，浙江省發改委發布關於虛擬貨幣挖礦用電實行差別電價政策有關事項的通知。據通知內容顯示，為整治虛擬貨幣挖礦活動，深入推進節能減排，助力如期實現碳達峰、碳中和目標，浙江省內虛擬貨幣挖礦用電將實行差別電價，加價標准為每千瓦時0.50元。
此外，浙江省發改委同時要求各級發展改革部門要加強對虛擬貨幣挖礦用電的動態甄別工作，針對同一電力用戶，若存在虛擬貨幣挖礦用電與其他用電混用的，其全部用電量將執行差別電價政策。政策執行時間不足一個抄表周期的，可按對應抄表周期內日平均用電量乘以應執行差別電價政策的天數確定。（浙江省發展改革委官網）
Part 3技術創新
摩根大通等公司工程師：量子密鑰分發網路可保護區塊鏈免受量子計算攻擊
來自摩根大通公司、東芝公司和Ciena公司的一組量子計算工程師發布論文表示，他們已經證明，新開發的量子密鑰分發（QKD）網路，可用於保護區塊鏈上的通信。量子密鑰分發是一種由量子物理學驅動的超安全雙向通信網路，作為保護區塊鏈免受量子計算攻擊的一種方式。（QKD）網路（metro）
Part 4投融資情況
元宇宙社交平台BUD完成1500萬美元A+輪融資，啟明創投領投
2月14日，元宇宙社交平台BUD Technologies, Inc.（以下簡稱「BUD」）宣布完成1500萬美元A+輪融資，本輪融資由啟明創投領投，老股東源碼資本、GGV紀源資本、雲九資本超額跟投，穆棉資本擔任本輪獨家財務顧問。本輪資金將主要用於海外業務研發和增長等方面。
區塊鏈初創公司5ire從GEM獲得1億美元的資本承諾
區塊鏈初創公司5ire宣布，已從GEM Global Yield LLC SCS (GGY)獲得1億美元的資本承諾，以尋求IPO申請。此外，在本次注資之前，5ire以1.1億美元估值完成2100萬美元種子輪融資，Alphabit、Marshland Capital、Launchpool Labs、Moonrock Capital等參投。（EconomicTimes.IndiaTimes）
Stronghold推出1億美元投資基金，專注金融科技、Web3和區塊鏈領域
支付和金融基礎設施公司Stronghold宣布推出1億美元投資基金Stronghold Capital，將面向三個核心領域進行投資：被忽視和代表性不足的創始人和基金經理、支付和金融科技生態系統、Web3和區塊鏈生態系統。Stronghold首席執行官兼聯合創始人Tammy Camp將擔任Stronghold Capital的基金經理。
該基金已經通過Maple Finance的DeFi貸款投資Alameda Research，並投資Precursor Ventures，該公司支持有前途的種子階段創新者，並正在尋求投資創始人為女性、LGBTQ+或黑人、土著、有色人種（BIPOC）的公司。Stronghold首席執行官Tammy Camp表示，「Stronghold Capital將創造機會開發新產品和商業模式，從而改善每個人的金融基礎設施。」（Businesswire）
Gnosis Safe生態基金會Safe Foundation正尋求以12.5億美元完成1億美元融資
2 月 16 日，Gnosis Safe 生態基金會 Safe Foundation 正尋求以 12.5 億美元估值完成 1 億美元融資，本輪融資目前已得到 6500 萬美元融資承諾，1kx、Dragonfly Capital、Coinbase Ventures、Blockchain Capital 和 Zee Prime 參投。本輪融資將用於擴大團隊成員，為 Safe Foundation 提供運營資金，並以法定貨幣的形式提供三年的經濟支持。
據悉，本輪融資能否順利完成，取決於 Gnosis 社區 GIP-29（從 Gnosis Ltd 分拆 Gnosis Safe 項目，建立 SafeDAO 並發布 SAFE Token）提案能否順利通過，若提案通過，Gnosis Safe 將建立獨立的 SafeDAO，並創建一個 SAFE Token 來管理 Gnosis Safe 生態系統和基礎設施，同時保護項目的一些關鍵資產，例如 IP、域名和 GitHub 存儲庫；若提案未能通過，本次融資則將無法完成。GIP-29 投票預計將於北京時間 2 月 16 日晚關閉。
Part 5行業應用
大運會首次發行主題數字藏品
成都第31屆世界大學生夏季運動會（簡稱「成都大運會」）將於2022年6月在四川成都舉辦。為了讓更多人分享大運精神，成都大運會將系列推出大運主題數字藏品，這是大運會歷史首次發行數字類文創產品，其中成都大運會首發數字藏品「大運數字會徽」正式面世。大運數字會徽是基於成都大運會會徽1:1建模而成，2月14日18點開售，價格為19.9元，全球限量發行1萬個，經中國首家數字藝術電商平台進行全球發售。（成都日報·錦觀新聞）
特別關註：數字貨幣
尚比亞央行預計將在第四季度完成CBDC研究
尚比亞央行表示，預計將在2022年第四季度完成一項研究，以探討推出央行數字貨幣（CBDC）的好處。該行一直在權衡創建數字貨幣的利弊，表示這項研究的結果將有助於確定啟動CBDC是否有益。
尚比亞銀行與非洲大陸的一些同行一樣，希望推出一種數字貨幣，因為它認為這有可能縮小金融排斥差距並降低交易成本。但是，在啟動CBDC之前，央行表示需要了解該研究的結果。央行代理通訊主任Nkatya Kabwe稱，研究結果將成為是否在尚比亞引入央行數字貨幣的政策考慮的一部分。（CoinDesk）
牙買加總理：牙買加央行將於2022年推出數字貨幣
牙買加銀行（The Bank of Jamaica）將在今年很快推出其數字貨幣。牙買加總理安德魯·霍爾尼斯（Andrew Holness）表示，新計劃將為該國的數字支付基礎服務，並促進進一步的計劃，如金融普惠、提高交易速度和降低公民的銀行成本。霍爾尼斯在推特上透露這一消息以及其他幾個即將實施的計劃。「在2021年成功試點後，牙買加銀行將於2022年推出我們自己的數字牙買加元。」 據悉，2021年12月，牙買加銀行表示已成功完成發行2.3億數字牙買加元的試點項目。（Coinquora）
3. 新設外資企業辦理外匯登記證 外匯管理局要一個申請表 下了好幾回外管局都說不對 求那表
http://www.safe.gov.cn/model_safe/laws/law_detail.jsp?ID=80404000000000000,31&id=4 這個是國家外匯管理局這個文件的鏈聯，表格在附件裡面。文件名稱是
國家外匯管理局關於印發《境內居民通過境外特殊目的公司融資及返程投資外匯管理操作規程》的通知
告訴你文件名字可能比看文號更好找些。裡面就有新設外商投資企業登記的內容。
4. 誰能給我一份並購融資的英文文獻啊，急！！！！
Automatically translated text:
The definition of lease financing
Finance leases (Financial Leasing) also known as the Equipment Leasing (Equipment Leasing), or modern leasing (Modern Leasing), and is essentially transfer ownership of the assets of all or most of the risks and rewards of the lease. The ultimate ownership of assets to be transferred, or may not transfer.
It refers to the specific content of the lessee to the lessor under the lease object and the specific requirements of the supplier selection, vendor financing to purchase rental property, and the use of leased to a lessee, the lessee to the lessor to pay instalments rent, the lease term lease ownership of objects belonging to the lessor of all, the tenant has the right to use the leased items. Term expired, and finished the lessee to pay rent under the lease contract financing to fulfil obligations in full, leasing objects that vesting ownership of all the lessee. Despite the finance lease transactions, the lessors have the identity of the purchase of equipment, but the substantive content of the purchase of equipment suppliers such as the choice of the specific requirements of the equipment, the conditions of the purchase contract negotiations by the lessee enjoy and exercise, lessee leasing object is essentially the purchaser. , Is a finance lease extension of loans and trade and technology updates in the new integrated financial instry. Because of its extension of loans and combination of features, there is a problem in leasing companies can recycling, treatment of leasing, and so the financing for the enterprise credit and secured the main requirement, it is very suitable for SME financing. In addition, the leasing of sheet financing, not reflected in the financial statements of the enterprise liability, does not affect the credit status of enterprises. This multi-channel financing needs of SMEs in terms of it is very beneficial.
Leasing and financing lease of a traditional nature of the difference is: traditional lease to the tenant leasing the use of objects of the time rent, and finance lease financing costs to the tenant occupying the time of rental. The market economy develops to a certain stage and the adaptation of a strong financing, in the 1950s in the United States have a new type of trading, as it adapted to the requirements of modern economic development, in the 60 to 70 the rapid development in the world, and today has become a business update equipment one of the main means of financing, known as the "sunrise instry." China in the early 1980s after the introction of this operational modalities for over 10 years has been the rapid development, compared with developed countries, the advantages of leasing is far from being played out, the market potential is huge.
[Edit] the main characteristics of the leasing
The main characteristics of the leasing is: the ownership of objects as leasing is the lessor in order to control the risk of the tenant rent reimbursement taken a form of ownership, at the end of the contract could eventually be transferred to the lessee, the lease purchase items from lease people choose, maintenance from the tenant responsible for the lessor to provide financial services only. Rent calculation principles are: to lease the lessor objects based on the purchase price, occupied by the lessee to the lessor of funds based on time, according to a mutually agreed rental rates. It is essentially dependent on the traditional leasing financial transactions, is a special kind of financial instruments.
[Edit] the type of lease financing
1. Simple financing lease
Financing lease is a simple, by the lessee choose to purchase the rental property, the lessor on the lease project through risk assessment after the rental lease to the lessee the use of objects. Throughout the lease period the lessee does not enjoy the right to use the title, and is responsible for repair and maintenance of leasing objects. The lessor's lease is good or bad thing without any liability, equipment depreciation in the tenant side.
2. Leveraged lease financing
Leveraged leasing practices similar to syndicated loans, is a specialized leasing to large-scale projects with the tax benefits of lease financing, mainly led by a leasing company as a trunk, and for the lease of a very large project financing. First set up a leasing company from the operation of the main institutions - a project-based fund management company set up projects to provide more than 20% of the total amount of funds, and the remaining part was the main source of funds banks and social absorb idle idle funds, the use of 100 percent enjoy low tax benefits "in the eight Bo" leverage for the leasing project large amount of funds. The remaining financing and leasing practices are basically the same, but because of the complexity of the contract covers a wide range and even greater. As can enjoy tax benefits, operating norms, comprehensive benefits, and recovery of rent safe, low-cost, and are generally used for aircraft, ships, communications equipment and large complete sets of equipment lease financing.
3. Commissioned by the Financial Leasing
Is a way to have the funds or equipment entrusted to non-bank financial institutions in the financing lease, the lessor is also the first client, the second is the trustee of the lessor at the same time. The lessor to accept the client's money or lease of the subject matter, according to the client's written by the client designated for the lessee of the leasing business. In the subject of the lease term lease of the property of the client, the lessor only charges, not to take risks. Such leasing commissioned a major characteristic is not to lease the right to operate the enterprise, "by the right" business. E-commerce is on the lease by lease rental as a business platform.
The second is the lessor or lessee commissioned by the lease purchase of a third person, the lessor under the contract to pay the purchase price, also known as commissioned by the lease purchase financing.
4. Project finance leasing
Lessee to project their own property and to ensure efficiency, and the lessor signed a finance lease contract, the lessor to the lessee of the property and other projects without recourse to the proceeds, we can only rent charged to the project's cash flow and profitability to determine. The seller (that is leasing goods manufacturers) through their holding leasing companies to promote their procts in this way, and expand market share. Communications equipment, medical equipment, transportation equipment, or even the right to operate highway can be used this way. Others, including the return of leasing, also known as sale and leaseback financing leasing; financing to leasing, also known as the financing to leasing.
[Edit] the risk of lease financing
Finance leases from the risk of many uncertain factors, is multifaceted and interrelated, in the full understanding of the operational activities of the characteristics of various risks can be comprehensive, scientific analysis of risks to formulate corresponding measures. The risk of financing leasing main categories as follows:
(1) proct market risks. In the market environment, regardless of the financing lease, loan or investment, as long as the funds used to purchase equipment or to carry out technological transformation, first of all, should consider leasing equipment procts market risks, which need to know to sell the procts, market share rate and occupancy, proct trends in the development of the market, the consumption structure and the mentality of the consumers and consumption capacity. If these factors are not fully understand, the survey are not careful, and may increase the market risk.
(2) financial risks. For the leasing of a financial nature, financial risks throughout the entire business activities. The lessor, the biggest risk is that the lessee is also rent capacity, it has a direct impact on the operation of leasing companies and survival, therefore, the risk of also rent from the project began, it should be cause for concern.
Currency also have risks, especially international payments, methods of payment, payment date, time, the remittance channels and means of payment options improperly, will increase the risk.
(3) Trade risk. For the leasing of a trade properties, the risks of trade negotiations to orders from the acceptance testing there is a risk. The merchandise trade in the modern development of a relatively complete, the community is also supporting the establishment of corresponding institutions and preventive measures, such as a letter of credit, transport insurance, commodity inspection, commercial arbitration and the risk of credit counseling have taken precautions and remedial measures, but because people's awareness and understanding of the risks of different degrees, and some means of a commercial nature, coupled with the inexperience of the management of enterprises and other factors, all of these instruments have not been used, making trade risk still exists.
(4) technical risks. One of the benefits of lease financing before other enterprises is the introction of advanced technology and equipment. In the actual course of the operation, or advanced technology, advanced technology is mature, mature technology for the legal rights and interests of others, is an important risk a technical reasons. Serious, e to technical problems so that equipment in a state of paralysis. Other risks include the economic environment, force majeure, and so on.
[Edit] the accounting treatment of lease financing
[Edit], the tenant on the accounting treatment of lease financing
1, the start of the lease accounting treatment
At the start of the lease, the tenant will usually be the start of the lease rental assets in the original book value of the minimum lease payments and the present value of the lower of the two leased assets as recorded value of the minimum lease payments as a long-term payables recorded value, and the difference between the two records is not recognised financing costs. However, if the assets of the leasing assets of the enterprise small proportion of the total, the tenant may be the start of the lease in the minimum lease payment records of assets and long-term rent payments. This time, the "proportional" not usually refers to fixed assets financed by leasing the lessee total assets total less than 30% (including 30%). Under such circumstances, rent for the financing of long-term assets and the determination of the amount e, the tenant may, at its option, which can be used minimum lease payments, and can also be used leasing assets in the original book value of the minimum lease payments and the present value of the two in the lower. Then what "leasing the original book value of assets" refers to the start of the lease rental, as reflected in the accounts, the book value of the leased asset.
Lessee in the calculation of the minimum lease payments at the current value, if the lessor that the interest rate implicit in the lease, the lessor should be used as the interest rate implicit in the discount rate, otherwise, shall be stipulated in the lease contract interest rate as the discount rate . If the lessor's interest rate implicit in the lease and rental rates stipulated in the contract are not available, it should be used over the same period interest rates on bank loans as the discount rate. Which is implicit in the lease rates, in the inception of the lease, the minimum lease payments and the present value of the unsecured portion of the resial value of the current value of assets and equivalent to the original book value of the discount rate.
2, the initial direct costs of the accounting treatment
Initial direct costs refer to the lease negotiations and the signing of the lease agreement occurred in the course of the lease can be directly attributable to the cost of the project. Lessee in the initial direct costs usually have stamp ty, commission, attorney fees, travel expenses, such as the costs of negotiations. Lessee in the initial direct costs should be recognised as an expense in the current period. Accounts for its handling: debit "management fees" and other subjects, credited to "bank" and other subjects.
3, no finance charge assessed
In the finance lease, the lessee to the lessor to pay the rent, include the repayment of principal and interest in two parts. Lessee to pay rent, on the one hand to rece long-term payables, on the other hand, while not confirmed by the leasing costs for a certain method to confirm the current financing costs, the first rent (that is, initially matching each rental payment) Under the circumstances, the lease term is the first phase of rent paid no interest, should only rece the long-term payments, not to confirm the current financing costs.
Not sharing in the finance costs, the lessee should be used to calculate certain way. According to the guidelines, the lessee can be used in real interest rates, the straight-line method can also be used and the number of years of combined law. In using the effective interest method, in accordance with the inception of the lease is a lease assets and liabilities are recorded based on the value of different financing costs assessment rate options are also different. No finance charge assessed specific divided into the following types:
(1), leasing assets and liabilities to a minimum lease payments accounted for the present value of value to the investor and the interest rate implicit in the lease for the discount rate. Under such circumstances, investors should be the interest rate implicit in the lease for the assessment rate.
(2), leasing assets and liabilities to a minimum lease payments for the present value of recorded value, and to lease contract provides for the interest rate as the discount rate. In such circumstances, should be stipulated in the lease contract as the rate of assessment rates.
(3), leasing assets and liabilities to the original book value of the leased asset accounted for the value of the lessee does not exist resial value guarantees and preferential purchase right to choose. In such circumstances, should be re-calculation of the cost-sharing rate financing. Financing cost-sharing rate refers to the inception of the lease, the minimum lease payments equal to the present value of lease assets in the original book value of the discount rate. In the lessee or related to the leased asset resial value of the third-party security situation, and the similar, the end of the lease, not recognised all the financing costs should be shared End, and lease liabilities should also be reced to zero.
(4), leasing assets and liabilities to the original book value of the leased asset accounted for the value of the lessee does not exist guaranteed resial value, but there is preferential option to purchase. In such circumstances, should be re-calculation of the cost-sharing rate financing. At the end of the lease, not recognised all the financing costs should be shared End, and lease liabilities should also be reced to zero.
(5), leasing assets and liabilities to the original book value of the leased asset value accounted for, and the existence of the lessee guaranteed resial value.
Under such circumstances, the cost-sharing should be re-financing rate. Related to the lessee or third parties on the resial value of leased assets as security has been provided or not at the end of the lease renewal and to pay a penalty of circumstances, the end of the lease, not recognised all the financing costs should be shared End, and lease liabilities should also be reced to the guaranteed resial value, or to be paid by the breach.
Lessee shall pay each of the rent shall be the amount of rent paid, debit "long-term payables - to finance leases," subjects, credited to "bank" subjects, if payment of rent, which includes compliance costs, At the same time debit should be "manufacturing costs", "management fees" and other subjects. At the same time should be recognized in accordance with the current amount of the finance charge, debit "financial costs" subjects, credited the "no finance charge" subjects.
4, the leased asset depreciation Provision
Tenants should finance the lessee Provision for depreciation of fixed assets, should address two main issues:
(1), depreciation policy
Provision for asset depreciation, lease, the tenant should be its own assets Provision line depreciation method. If the lessee or third parties relating to the leased asset security has been provided, should be credited for the amount of depreciation on fixed assets, and the inception of the lease accounting resial value after decting the value of the balance. If the lessee or third parties relating to the leased asset resial value of the security has been provided, the total amount of depreciation should be credited for the start of the lease value of fixed assets recorded.
(2), the depreciation period
Identify the leased asset depreciation period, should be in accordance with the lease contract. If reasonable certainty that the lessee at the end of the lessee will obtain ownership of the leased asset, the lessee can be identified with all of the assets of the remaining useful life, and should therefore be the start of the lease to lease the remaining useful life of assets as depreciation period; If you can not reasonably determine whether the lease to the lessee at the end of the lease ownership of the assets to be made to the lease period and the remaining useful life of the leased asset in the shorter of the two as the depreciation period.
5, the accounting treatment of compliance costs
Many types of compliance costs, rent for the financing of fixed assets improved expenditure, technical advice and service charges, fees should be increased staff training credited to the extension of sharing costs, debit "long-term prepaid expenses," and "accrued expenses" , "manufacturing costs", "management fees" and other subjects, the fixed assets regular maintenance, insurance, etc. can be directly charged to expense in the current period, debit "manufacturing costs," and "operating expenses" and other subjects, credited to "bank deposits, "wait until the subjects.
6, or the accounting treatment of rent
Since the rent or the amount of uncertainty, unable to adopt a rational approach to its system for sharing, in the actual event, debit "manufacturing costs," and "operating expenses" and other subjects, credited to "bank" and other subjects.
7, at the end of the lease accounting treatment
At the end of lease, the tenant on the lease is usually the disposition of the assets of three circumstances:
(1), the return of the leased asset. Debit "long-term payables - to finance leases," and "accumulated depreciation" subjects, credited "fixed assets - fixed assets financed by leasing all" subjects.
(2), renewable lease concession assets. If the lessee to exercise the right to choose renewable concession, the lease shall be deemed to have been made the presence of the corresponding accounting treatment. If no expiry of renewal, to the lessor under the lease contract to pay a penalty, debit "operating expenses" subjects, credited to "bank" and other subjects.
(3), stay purchase the leased asset. In the lessee enjoy preferential purchase right to choose, purchase price paid, debit "long-term payables - to finance lease," credited "bank" and other subjects at the same time, will be fixed assets from "all fixed assets financed by leasing" Details Details of the other subjects into subjects.
因字數有限就無法翻譯成中文了
5. 急求一篇關於中小企業融資的英文文獻,字書10000字左右,萬分感謝
Automatically translated text:
The definition of lease financing
Finance leases (Financial Leasing) also known as the Equipment Leasing (Equipment Leasing), or modern leasing (Modern Leasing), and is essentially transfer ownership of the assets of all or most of the risks and rewards of the lease. The ultimate ownership of assets to be transferred, or may not transfer.
It refers to the specific content of the lessee to the lessor under the lease object and the specific requirements of the supplier selection, vendor financing to purchase rental property, and the use of leased to a lessee, the lessee to the lessor to pay instalments rent, the lease term lease ownership of objects belonging to the lessor of all, the tenant has the right to use the leased items. Term expired, and finished the lessee to pay rent under the lease contract financing to fulfil obligations in full, leasing objects that vesting ownership of all the lessee. Despite the finance lease transactions, the lessors have the identity of the purchase of equipment, but the substantive content of the purchase of equipment suppliers such as the choice of the specific requirements of the equipment, the conditions of the purchase contract negotiations by the lessee enjoy and exercise, lessee leasing object is essentially the purchaser. , Is a finance lease extension of loans and trade and technology updates in the new integrated financial instry. Because of its extension of loans and combination of features, there is a problem in leasing companies can recycling, treatment of leasing, and so the financing for the enterprise credit and secured the main requirement, it is very suitable for SME financing. In addition, the leasing of sheet financing, not reflected in the financial statements of the enterprise liability, does not affect the credit status of enterprises. This multi-channel financing needs of SMEs in terms of it is very beneficial.
Leasing and financing lease of a traditional nature of the difference is: traditional lease to the tenant leasing the use of objects of the time rent, and finance lease financing costs to the tenant occupying the time of rental. The market economy develops to a certain stage and the adaptation of a strong financing, in the 1950s in the United States have a new type of trading, as it adapted to the requirements of modern economic development, in the 60 to 70 the rapid development in the world, and today has become a business update equipment one of the main means of financing, known as the "sunrise instry." China in the early 1980s after the introction of this operational modalities for over 10 years has been the rapid development, compared with developed countries, the advantages of leasing is far from being played out, the market potential is huge.
[Edit] the main characteristics of the leasing
The main characteristics of the leasing is: the ownership of objects as leasing is the lessor in order to control the risk of the tenant rent reimbursement taken a form of ownership, at the end of the contract could eventually be transferred to the lessee, the lease purchase items from lease people choose, maintenance from the tenant responsible for the lessor to provide financial services only. Rent calculation principles are: to lease the lessor objects based on the purchase price, occupied by the lessee to the lessor of funds based on time, according to a mutually agreed rental rates. It is essentially dependent on the traditional leasing financial transactions, is a special kind of financial instruments.
[Edit] the type of lease financing
1. Simple financing lease
Financing lease is a simple, by the lessee choose to purchase the rental property, the lessor on the lease project through risk assessment after the rental lease to the lessee the use of objects. Throughout the lease period the lessee does not enjoy the right to use the title, and is responsible for repair and maintenance of leasing objects. The lessor's lease is good or bad thing without any liability, equipment depreciation in the tenant side.
2. Leveraged lease financing
Leveraged leasing practices similar to syndicated loans, is a specialized leasing to large-scale projects with the tax benefits of lease financing, mainly led by a leasing company as a trunk, and for the lease of a very large project financing. First set up a leasing company from the operation of the main institutions - a project-based fund management company set up projects to provide more than 20% of the total amount of funds, and the remaining part was the main source of funds banks and social absorb idle idle funds, the use of 100 percent enjoy low tax benefits "in the eight Bo" leverage for the leasing project large amount of funds. The remaining financing and leasing practices are basically the same, but because of the complexity of the contract covers a wide range and even greater. As can enjoy tax benefits, operating norms, comprehensive benefits, and recovery of rent safe, low-cost, and are generally used for aircraft, ships, communications equipment and large complete sets of equipment lease financing.
3. Commissioned by the Financial Leasing
Is a way to have the funds or equipment entrusted to non-bank financial institutions in the financing lease, the lessor is also the first client, the second is the trustee of the lessor at the same time. The lessor to accept the client's money or lease of the subject matter, according to the client's written by the client designated for the lessee of the leasing business. In the subject of the lease term lease of the property of the client, the lessor only charges, not to take risks. Such leasing commissioned a major characteristic is not to lease the right to operate the enterprise, "by the right" business. E-commerce is on the lease by lease rental as a business platform.
The second is the lessor or lessee commissioned by the lease purchase of a third person, the lessor under the contract to pay the purchase price, also known as commissioned by the lease purchase financing.
4. Project finance leasing
Lessee to project their own property and to ensure efficiency, and the lessor signed a finance lease contract, the lessor to the lessee of the property and other projects without recourse to the proceeds, we can only rent charged to the project's cash flow and profitability to determine. The seller (that is leasing goods manufacturers) through their holding leasing companies to promote their procts in this way, and expand market share. Communications equipment, medical equipment, transportation equipment, or even the right to operate highway can be used this way. Others, including the return of leasing, also known as sale and leaseback financing leasing; financing to leasing, also known as the financing to leasing.
[Edit] the risk of lease financing
Finance leases from the risk of many uncertain factors, is multifaceted and interrelated, in the full understanding of the operational activities of the characteristics of various risks can be comprehensive, scientific analysis of risks to formulate corresponding measures. The risk of financing leasing main categories as follows:
(1) proct market risks. In the market environment, regardless of the financing lease, loan or investment, as long as the funds used to purchase equipment or to carry out technological transformation, first of all, should consider leasing equipment procts market risks, which need to know to sell the procts, market share rate and occupancy, proct trends in the development of the market, the consumption structure and the mentality of the consumers and consumption capacity. If these factors are not fully understand, the survey are not careful, and may increase the market risk.
(2) financial risks. For the leasing of a financial nature, financial risks throughout the entire business activities. The lessor, the biggest risk is that the lessee is also rent capacity, it has a direct impact on the operation of leasing companies and survival, therefore, the risk of also rent from the project began, it should be cause for concern.
Currency also have risks, especially international payments, methods of payment, payment date, time, the remittance channels and means of payment options improperly, will increase the risk.
(3) Trade risk. For the leasing of a trade properties, the risks of trade negotiations to orders from the acceptance testing there is a risk. The merchandise trade in the modern development of a relatively complete, the community is also supporting the establishment of corresponding institutions and preventive measures, such as a letter of credit, transport insurance, commodity inspection, commercial arbitration and the risk of credit counseling have taken precautions and remedial measures, but because people's awareness and understanding of the risks of different degrees, and some means of a commercial nature, coupled with the inexperience of the management of enterprises and other factors, all of these instruments have not been used, making trade risk still exists.
(4) technical risks. One of the benefits of lease financing before other enterprises is the introction of advanced technology and equipment. In the actual course of the operation, or advanced technology, advanced technology is mature, mature technology for the legal rights and interests of others, is an important risk a technical reasons. Serious, e to technical problems so that equipment in a state of paralysis. Other risks include the economic environment, force majeure, and so on.
[Edit] the accounting treatment of lease financing
[Edit], the tenant on the accounting treatment of lease financing
1, the start of the lease accounting treatment
At the start of the lease, the tenant will usually be the start of the lease rental assets in the original book value of the minimum lease payments and the present value of the lower of the two leased assets as recorded value of the minimum lease payments as a long-term payables recorded value, and the difference between the two records is not recognised financing costs. However, if the assets of the leasing assets of the enterprise small proportion of the total, the tenant may be the start of the lease in the minimum lease payment records of assets and long-term rent payments. This time, the "proportional" not usually refers to fixed assets financed by leasing the lessee total assets total less than 30% (including 30%). Under such circumstances, rent for the financing of long-term assets and the determination of the amount e, the tenant may, at its option, which can be used minimum lease payments, and can also be used leasing assets in the original book value of the minimum lease payments and the present value of the two in the lower. Then what "leasing the original book value of assets" refers to the start of the lease rental, as reflected in the accounts, the book value of the leased asset.
Lessee in the calculation of the minimum lease payments at the current value, if the lessor that the interest rate implicit in the lease, the lessor should be used as the interest rate implicit in the discount rate, otherwise, shall be stipulated in the lease contract interest rate as the discount rate . If the lessor's interest rate implicit in the lease and rental rates stipulated in the contract are not available, it should be used over the same period interest rates on bank loans as the discount rate. Which is implicit in the lease rates, in the inception of the lease, the minimum lease payments and the present value of the unsecured portion of the resial value of the current value of assets and equivalent to the original book value of the discount rate.
2, the initial direct costs of the accounting treatment
Initial direct costs refer to the lease negotiations and the signing of the lease agreement occurred in the course of the lease can be directly attributable to the cost of the project. Lessee in the initial direct costs usually have stamp ty, commission, attorney fees, travel expenses, such as the costs of negotiations. Lessee in the initial direct costs should be recognised as an expense in the current period. Accounts for its handling: debit "management fees" and other subjects, credited to "bank" and other subjects.
3, no finance charge assessed
In the finance lease, the lessee to the lessor to pay the rent, include the repayment of principal and interest in two parts. Lessee to pay rent, on the one hand to rece long-term payables, on the other hand, while not confirmed by the leasing costs for a certain method to confirm the current financing costs, the first rent (that is, initially matching each rental payment) Under the circumstances, the lease term is the first phase of rent paid no interest, should only rece the long-term payments, not to confirm the current financing costs.
Not sharing in the finance costs, the lessee should be used to calculate certain way. According to the guidelines, the lessee can be used in real interest rates, the straight-line method can also be used and the number of years of combined law. In using the effective interest method, in accordance with the inception of the lease is a lease assets and liabilities are recorded based on the value of different financing costs assessment rate options are also different. No finance charge assessed specific divided into the following types:
(1), leasing assets and liabilities to a minimum lease payments accounted for the present value of value to the investor and the interest rate implicit in the lease for the discount rate. Under such circumstances, investors should be the interest rate implicit in the lease for the assessment rate.
(2), leasing assets and liabilities to a minimum lease payments for the present value of recorded value, and to lease contract provides for the interest rate as the discount rate. In such circumstances, should be stipulated in the lease contract as the rate of assessment rates.
(3), leasing assets and liabilities to the original book value of the leased asset accounted for the value of the lessee does not exist resial value guarantees and preferential purchase right to choose. In such circumstances, should be re-calculation of the cost-sharing rate financing. Financing cost-sharing rate refers to the inception of the lease, the minimum lease payments equal to the present value of lease assets in the original book value of the discount rate. In the lessee or related to the leased asset resial value of the third-party security situation, and the similar, the end of the lease, not recognised all the financing costs should be shared End, and lease liabilities should also be reced to zero.
(4), leasing assets and liabilities to the original book value of the leased asset accounted for the value of the lessee does not exist guaranteed resial value, but there is preferential option to purchase. In such circumstances, should be re-calculation of the cost-sharing rate financing. At the end of the lease, not recognised all the financing costs should be shared End, and lease liabilities should also be reced to zero.
(5), leasing assets and liabilities to the original book value of the leased asset value accounted for, and the existence of the lessee guaranteed resial value.
Under such circumstances, the cost-sharing should be re-financing rate. Related to the lessee or third parties on the resial value of leased assets as security has been provided or not at the end of the lease renewal and to pay a penalty of circumstances, the end of the lease, not recognised all the financing costs should be shared End, and lease liabilities should also be reced to the guaranteed resial value, or to be paid by the breach.
Lessee shall pay each of the rent shall be the amount of rent paid, debit "long-term payables - to finance leases," subjects, credited to "bank" subjects, if payment of rent, which includes compliance costs, At the same time debit should be "manufacturing costs", "management fees" and other subjects. At the same time should be recognized in accordance with the current amount of the finance charge, debit "financial costs" subjects, credited the "no finance charge" subjects.
4, the leased asset depreciation Provision
Tenants should finance the lessee Provision for depreciation of fixed assets, should address two main issues:
(1), depreciation policy
Provision for asset depreciation, lease, the tenant should be its own assets Provision line depreciation method. If the lessee or third parties relating to the leased asset security has been provided, should be credited for the amount of depreciation on fixed assets, and the inception of the lease accounting resial value after decting the value of the balance. If the lessee or third parties relating to the leased asset resial value of the security has been provided, the total amount of depreciation should be credited for the start of the lease value of fixed assets recorded.
(2), the depreciation period
Identify the leased asset depreciation period, should be in accordance with the lease contract. If reasonable certainty that the lessee at the end of the lessee will obtain ownership of the leased asset, the lessee can be identified with all of the assets of the remaining useful life, and should therefore be the start of the lease to lease the remaining useful life of assets as depreciation period; If you can not reasonably determine whether the lease to the lessee at the end of the lease ownership of the assets to be made to the lease period and the remaining useful life of the leased asset in the shorter of the two as the depreciation period.
5, the accounting treatment of compliance costs
Many types of compliance costs, rent for the financing of fixed assets improved expenditure, technical advice and service charges, fees should be increased staff training credited to the extension of sharing costs, debit "long-term prepaid expenses," and "accrued expenses" , "manufacturing costs", "management fees" and other subjects, the fixed assets regular maintenance, insurance, etc. can be directly charged to expense in the current period, debit "manufacturing costs," and "operating expenses" and other subjects, credited to "bank deposits, "wait until the subjects.
6, or the accounting treatment of rent
Since the rent or the amount of uncertainty, unable to adopt a rational approach to its system for sharing, in the actual event, debit "manufacturing costs," and "operating expenses" and other subjects, credited to "bank" and other subjects.
7, at the end of the lease accounting treatment
At the end of lease, the tenant on the lease is usually the disposition of the assets of three circumstances:
(1), the return of the leased asset. Debit "long-term payables - to finance leases," and "accumulated depreciation" subjects, credited "fixed assets - fixed assets financed by leasing all" subjects.
(2), renewable lease concession assets. If the lessee to exercise the right to choose renewable concession, the lease shall be deemed to have been made the presence of the corresponding accounting treatment. If no expiry of renewal, to the lessor under the lease contract to pay a penalty, debit "operating expenses" subjects, credited to "bank" and other subjects.
(3), stay purchase the leased asset. In the lessee enjoy preferential purchase right to choose, purchase price paid, debit "long-term payables - to finance lease," credited "bank" and other subjects at the same time, will be fixed assets from "all fixed assets financed by leasing" Details Details of the other subjects into subjects.
6. 內部控制與銀行融資的關系是怎麼說的，或者有沒有這方面的文獻
這個能用嗎?也是文獻呢
Interim Measures on Information Disclosure of Commercial Banks
Order No.6 of the People's Bank of China
May 15, 2002
Chapter I General Provisions
Article 1 These rules are formulated on the basis of "Law on the People's bank of China of the People's Republic of China" and "Commercial Banking Law of the People's Bank of China", which aim to strengthen market discipline of commercial banks, standardize information disclosure of commercial banks, effectively safeguard legitimate interests of depositors and other stakeholders and promote safe, sound and efficient operation of commercial banks.
Article 2 These rules are to be applied to commercial banks that are established legally within the territory of the People's Republic of China, including domestic commercial banks, wholly foreign funded banks, joint venture banks and branches of foreign banks.
Article 3 Commercial banks should disclose information according to these rules, which are the minimum requirements for commercial banks' information disclosure. While abiding by these rules, commercial banks can disclose more information than what has been required by these rules at their own discretion.
In addition to these rules, listed commercial banks should also conform to relevant information disclosure rules published by regulatory body of the securities instry.
Article 4 Information disclosure of commercial banks should be proceeded consistent with laws and regulations, the uniform domestic accounting rules and relevant rules of the PBC.
Article 5 Commercial banks should disclose information in a standardized fashion, while ensuring authenticity, accuracy, integrity and comparability.
Article 6 Annual financial statements disclosed by commercial banks should be subject to auditing by accounting firms that are certified to be engaged in finance-related auditing.
Article 7 The People's Bank of China is to supervise commercial banks' information disclosure according to relevant laws and regulations.
Chapter II Information to be Disclosed
Article 8 Commercial banks should disclose financial statements, and information on risk management, corporate governance and big events of the year according to these rules.
Article 9 Commercial banks' financial statements should include accounting report, annex and notes to this report and description of financial position.
Article 10 Accounting report disclosed by commercial banks should include balance sheet, statement of income (profit and loss account), statement of owner's equity and other additional charts.
Article 11 Commercial banks should indicate inconsistence between the basis of preparation and the basic preconditions of accounting in their notes to the accounting report.
Article 12 Commercial banks should explain in their notes to the accounting report the important policy of accounting and accounting estimates, including: Accounting standards, accounting year, reporting currency, accounting basis and valuation principles; Type and scope of loans; Accounting rules for investment; Scope and method of provisions against asset losses; Principle and method of income recognition; Valuation method for financial derivatives; Conversion method for foreign currency business and accounting report; Preparation method for consolidated accounting report; Valuation and depreciation method for fixed assets; Valuation method and amortization policy for intangible assets; Amortization policy for long-term deferred expenses; Accounting practice for income tax.
Article 13 Commercial banks should indicate in their notes to the accounting report crucial changes of accounting policy and estimates, contingent items and post-balance sheet items, transfer and sale of important assets.
Article 14 Commercial banks should indicate in their annex and notes to the accounting report the total volume of related party transactions and major related party transactions. Major related party transactions refer to those with trading volume exceeding 30 million yuan or 1% of total net assets of the commercial bank.
Article 15 Commercial banks should indicate in their notes to the accounting report detailed breakdown of key categories in the accounting report, including:
(1) Due from banks by the breakdown of domestic and overseas markets.
(2) Interbank lending by the breakdown of domestic and overseas markets.
(3) Outstanding balance of loans at the beginning and the end of the accounting year by the breakdown of credibility loans, committed loans, collateralized loans and pledged loans.
(4) Non-performing loans at the beginning and end of the accounting year resulted from the risk-based loan classification.
(5) Provisions for loan losses at the beginning and the end of the accounting year, new provisions, returned provisions and write-offs in the accounting year. General provisions, specific provisions and special provisions should be disclosed separately.
(6) Outstanding balance and changes of interest receivables.
(7) Investment at the beginning and the end of the accounting year by instruments.
(8) Interbank borrowing in domestic and overseas markets.
(9) Calculation, outstanding balance and changes of interest payables.
(10) Year-end outstanding balance and other details of off-balance sheet categories, including bank acceptance bills, external guarantees, letters of guarantee for financing purposes, letters of guarantee for non-financing purposes, loan commitments, letters of credit (spot), letters of credit (forward), financial futures, financial options, etc.
(11) Other key categories.
Article 16 Commercial banks should disclose in their notes to the accounting report status of capital adequacy, including total value of risk assets, amount and structure of net capital, core capital adequacy ratio and capital adequacy ratio.
Article 17 Commercial banks should disclose auditing report provided by the appointed accounting firms.
Article 18 Description of financial position should cover the general performance of the bank, generation and distribution of profit and other events that have substantial impact on financial position and performance of the bank.
Article 19 Commercial banks should disclose following risks and risk management details:
(1) Credit risk. Commercial banks should disclose status of credit risk management, credit exposure, credit quality and earnings, including business operations that generate credit risks, policy of credit risk management and control, organizational structure and division of labor in credit risk management, procere and methods of classification of asset risks, distribution and concentration of credit risks, maturity analysis of over-e loans, restructuring of loans and return of assets.
(2) Liquidity risk. Commercial banks should disclose relevant parameters that can represent their status of liquidity, analyze factors affecting liquidity and indicate their strategy of liquidity management.
(3) Market risk. Commercial banks should disclose risks brought by changes of interest rates and exchange rate on the market, analyzing impacts of such changes on profitability and financial positions of the bank and indicating their strategy of market risk management.
(4) Operation risk. Commercial banks should disclose risks brought by flaws and mistakes of internal proceres, staff and system or by external shocks and indicate the integrity, rationality and effectiveness of their internal control mechanism.
(5) Other risks. Other risks that may bring severe negative impact to the bank.
Article 20 Commercial banks should disclose following information on corporate governance:
(1) Shareholders' meeting ring the year.
(2) Members of the board of directors and its work performance.
(3) Members of the board of supervisors and its work performance.
(4) Members of the senior management and their profiles.
(5) Layout of branches and function departments.
Article 21 Chronicle of events disclosed by commercial banks in the year should at least include the following contents:
(1) Names of the ten biggest shareholders and changes ring the year.
(2) Increase or decrease of registered capital, splitting up and merger.
(3) Other important information that is necessary for the general public to know.
Article 22 Information of foreign bank branches is to be collected and disclosed by the primary reporting branch.
Foreign bank branches don't need to disclose information that is only mandated and required for disclosure by institutions with legal person status.
Foreign bank branches should translate into Chinese and disclose the summary of information disclosed by their head offices.
Article 23 Commercial banks need not disclose information of unimportant categories. However, if the omission or misreporting of certain categories or information may change or affect the assessment or judge of the information users, commercial banks should regarded the categories as key information categories and disclose them.
Chapter III Management of Information Disclosure
Article 24 Commercial banks should prepare in Chinese their annual reports with all the information to be disclosed and publish them within 4 month after the end of each accounting year. If they are not able to disclose such information on time e to special factors, they should apply to the People's Bank of China for delay of disclosure at least 15 days in advance.
Article 25 Commercial banks should submit their annual reports to the People's Bank of China prior to disclosure.
Article 26 Commercial banks should make sure that their shareholders and stakeholders could obtain the annual reports on a timely basis.
Commercial banks should put their annual reports in their major operation venue, so as to ensure such reports are readily available for the general public to read and check. The PBC encourage commercial banks to disclose main contents of their annual reports to the public through media.
Article 27 Boards of directors in commercial banks are responsible for the information disclosure. If there is no board of directors in the bank, the president (head) of the bank should assume such a responsibility.
Boards of directors and presidents (heads) of commercial banks should ensure the authenticity, accuracy and integrity of the disclosed information and take legal responsibility for their commitments.
Article 28 Commercial banks and their involved staff that provide financial statements with false information or concealing important facts should be punished according to the " Rules on Punishment of Financial Irregularities".
Accounting firms and involved staff that provide false auditing report should be punished according to the "Interim Measures on Finance-related Auditing Business by Accounting Firms".
Chapter IV Supplementary Provisions
Article 29 Commercial banks with total assets below RMB 1 billion or with total deposits below RMB 500 million are exempted from the compulsory information disclosure. However, the People's Bank of China encourages such commercial banks to disclose information according to these rules.
Article 30 The People's Bank of China is responsible for the interpretation of these rules.
Article 31 These rules shall enter into force as of the date of promulgation and are to be applied to all commercial banks except city commercial banks.
City commercial banks should adopt these rules graally from January 1, 2003 to January 1, 2006.
中國人民銀行令[2002]第6號
2002年5月15日
第一章 總 則
第一條 為加強商業銀行的市場約束，規范商業銀行的信息披露行為，有效維護存款人和相關利益人的合法權益，促進商業銀行安全、穩健、高效運行，依據《中華人民共和國中國人民銀行法》、《中華人民共和國商業銀行法》等法律法規，制定本辦法。
第二條 本辦法適用於在中華人民共和國境內依法設立的商業銀行，包括中資商業銀行、外資獨資銀行、中外合資銀行、外國銀行分行。
第三條 商業銀行應按照本辦法規定披露信息。本辦法規定為商業銀行信息披露的最低要求。商業銀行可在遵守本辦法規定基礎上自行決定披露更多信息。
上市商業銀行除應遵守本辦法規定披露信息外，還應遵守證券監督管理機關有關信息披露的規定。
第四條 商業銀行披露信息應當遵守法律法規、國家統一的會計制度和中國人民銀行的有關規定。
第五條 商業銀行應遵循真實性、准確性、完整性和可比性的原則，規范地披露信息。
第六條 商業銀行披露的年度財務會計報告須經獲准從事金融相關審計業務的會計師事務所審計。
第七條 中國人民銀行根據有關法律法規對商業銀行的信息披露進行監督。
第二章 信息披露的內容
第八條 商業銀行應按照本辦法規定披露財務會計報告、各類風險管理狀況、公司治理、年度重大事項等信息。
第九條 商業銀行財務會計報告由會計報表、會計報表附註和財務情況說明書組成。
第十條 商業銀行披露的會計報表應包括資產負債表、利潤表（損益表）、所有者權益變動表及其他有關附表。
第十一條 商業銀行應在會計報表附註中說明會計報表編制基礎不符合會計核算基本前提的情況。
第十二條 商業銀行應在會計報表附註中說明本行的重要會計政策和會計估計，包括：會計報表編制所依據的會計准則、會計年度、記賬本位幣、記賬基礎和計價原則；貸款的種類和范圍；投資核算方法；計提各項資產減值准備的范圍和方法；收入確認原則和方法；衍生金融工具的計價方法；外幣業務和報表折算方法；合並會計報表的編制方法；固定資產計價和折舊方法；無形資產計價及攤銷政策；長期待攤費用的攤銷政策；所得稅的會計處理方法等。
第十三條 商業銀行應在會計報表附註中說明重要會計政策和會計估計的變更；或有事項和資產負債表日後事項；重要資產轉讓及其出售。
第十四條 商業銀行應在會計報表附註中披露關聯方交易的總量及重大關聯方交易的情況。
重大關聯方交易是指交易金額在3000萬元以上或占商業銀行凈資產總額1%以上的關聯方交易。
第十五條 商業銀行應在會計報表附註中說明會計報表中重要項目的明細資料，包括：
（一） 按存放境內、境外同業披露存放同業款項；
（二） 按拆放境內、境外同業披露拆放同業款項;
（三） 按信用貸款、保證貸款、抵押貸款、質押貸款分別披露貸款的期初數、期末數；
（四） 按貸款風險分類的結果披露不良貸款的期初數、期末數；
（五） 貸款損失准備的期初數、本期計提數、本期轉回數、本期核銷數、期末數；一般准備、專項准備和特種准備應分別披露；
（六） 應收利息余額及變動情況；
（七） 按種類披露投資的期初數、期末數；
（八） 按境內、境外同業披露同業拆入款項；
（九） 應付利息計提方法、余額及變動情況；
（十） 銀行承兌匯票、對外擔保、融資保函、非融資保函、貸款承諾、開出即期信用證、開出遠期信用證、金融期貨、金融期權等表外項目，包括上述項目的年末余額及其他具體情況；
（十一） 其他重要項目。
第十六條 商業銀行應在會計報表附註中披露資本充足狀況，包括風險資產總額、資本凈額的數量和結構、核心資本充足率、資本充足率。
第十七條 商業銀行應披露會計師事務所出具的審計報告。
第十八條 財務情況說明書應當對本行經營的基本情況、利潤實現和分配情況以及對本行財務狀況、經營成果有重大影響的其他事項進行說明。
第十九條 商業銀行應披露下列各類風險和風險管理情況：
（一） 信用風險狀況。商業銀行應披露信用風險管理、信用風險暴露、信貸質量和收益的情況，包括產生信用風險的業務活動、信用風險管理和控制政策、信用風險管理的組織結構和職責劃分、資產風險分類的程序和方法、信用風險分布情況、信用風險集中程度、逾期貸款的賬齡分析、貸款重組、資產收益率等情況。
（二） 流動性風險狀況。商業銀行應披露能反映其流動性狀況的有關指標，分析影響流動性的因素，說明本行流動性管理策略。
（三） 市場風險狀況。商業銀行應披露因市場匯率、利率變動而產生的風險，分析匯率、利率的變化對銀行盈利能力和財務狀況的影響，說明本行的市場風險管理策略。
（四） 操作風險狀況。商業銀行應披露由於內部程序、人員、系統的不完善或失誤，或外部事件造成的風險，並對本行內部控制制度的完整性、合理性和有效性作出說明。
（五） 其他風險狀況。其他可能對本行造成嚴重不利影響的風險因素。
第二十條 商業銀行應披露下列公司治理信息：
（一） 年度內召開股東大會情況；
（二） 董事會的構成及其工作情況；
（三） 監事會的構成及其工作情況；
（四） 高級管理層成員構成及其基本情況；
（五） 銀行部門與分支機構設置情況。
第二十一條 商業銀行披露的本行年度重要事項，至少應包括下列內容：
（一） 最大十名股東名稱及報告期內變動情況；
（二） 增加或減少注冊資本、分立合並事項；
（三） 其他有必要讓公眾了解的重要信息。
第二十二條 外國銀行分行的信息由主報告行匯總後披露。
外國銀行分行無須披露本辦法規定的僅適用於法人機構的信息。
外國銀行分行應將其總行所披露信息摘要譯成中文後披露。
第二十三條 商業銀行無須披露非關鍵性項目。但若遺漏或誤報某個項目或信息會改變或影響信息使用者的評估或判斷時，商業銀行應將該項目視為關鍵性項目予以披露。
第三章 信息披露的管理
第二十四條 商業銀行應將信息披露的內容以中文編製成年度報告，於每個會計年度終了後的四個月內披露。因特殊原因不能按時披露的，應至少提前十五日向中國人民銀行申請延遲。
第二十五條 商業銀行應將年度報告在公布前報送中國人民銀行。
第二十六條 商業銀行應確保股東及相關利益人能及時獲取年度報告。
商業銀行應將年度報告置放在商業銀行的主要營業場所，確保公眾能方便、及時地查閱。中國人民銀行鼓勵商業銀行通過媒體向公眾披露年度報告的主要信息。
第二十七條 商業銀行董事會負責本行的信息披露。未設立董事會的，由行長（單位主要負責人）負責。
商業銀行的董事會、行長（單位主要負責人）應當保證所披露的信息真實、准確、完整，並就其保證承擔相應的法律責任。
第二十八條 對在信息披露中提供虛假的或者隱瞞重要事實的財務會計報告的商業銀行及有關責任人員，按照《金融違法行為處罰辦法》予以處理。
對出具虛假審計報告的會計師事務所及有關責任人員，按照《會計師事務所從事金融相關審計業務暫行辦法》予以處理。
第四章 附 則
第二十九條 資產總額低於10億元人民幣或存款余額低於5億元人民幣的商業銀行，可免於披露信息。中國人民銀行鼓勵此類商業銀行按照本辦法規定披露信息。
第三十條 本辦法由中國人民銀行負責解釋。
第三十一條 本辦法自公布之日起在除城市商業銀行以外的商業銀行范圍內施行。
城市商業銀行自2003年1月1日起到2006年1月1日分步施行本辦法。
7. 求翻譯一段融資協議，門外人真的看不懂，或者解釋一下大致內容，幾個專業名詞也行，十分感謝！
2.11 Pro Rata Rights Agreement
\Pro Rata Rights Agreement" means a written agreement between the Com-
pany and the Investor (and holders of other SAFEs, as appropriate) giving
the Investor a right to purchase its pro rata share of private placements of
securities by the Company occurring after the Equity Financing, sub-
ject to customary exceptions. Pro rata for purposes of the Pro Rata Rights
Agreement will be calculated based on the ratio of (a) the number of shares
of capital stock of the Company owned by the Investor immediately prior to
the issuance of the securities to (b) the total number of shares of outstand-
ing capital stock of the Company on a fully diluted basis, calculated as of
immediately prior to the issuance of the securities
2.12 SAFE
\SAFE" means an instrument containing a future right to the Company's
capital stock, similar in form and content to this instrument, purchased by
investors for the purpose of funding the Company's business operations.
2.13 SAFE Preferred Stock
\SAFE Preferred Stock" means the shares of a series of the Company's pre-
ferred stock issued to the Investor in an Equity Financing, which will have
the identical rights, privileges, preferences and restrictions as the shares of
Standard Preferred Stock, other than with respect to the per share
liquidation preference, which will equal the SAFE Price or the
Discount Price (as applicable), as well as price-based antidilution protec-
tion and dividend rights, which will be based on such SAFE Price or the
Discount Price (as applicable).
2.14 SAFE Price
\SAFE Price" means the price per share equal to the quotient obtained by
dividing (i) the Valuation Cap by (ii) either (A) the Company Capitalization
as of immediately prior to the Equity Financing or (B) the capitalization of
the Company used to calculate the price per share of the Standard Preferred
Stock, whichever calculation results in a lower price.
2.11專利權利協議
「專業權利協議」是指Com-
pany和投資者（以及其他外管局持有人，酌情）給予
投資者有權購買其按比例分配的私人配售
本公司發行的證券發行在股權融資後，
對於習慣例外。按比例權利的目的按比例
協議將根據（a）股份數量的比例計算
本公司之前由投資者擁有的本公司股本
發行證券（b）股份總數 -
以完全攤薄為基準計算的本公司股本
在發行證券之前
2.12安全
「安全」是指包含本公司未來權利的文書
資本存量，形式和內容類似於本儀器，由
投資者為本公司業務經營提供資金。
2.13安全優先股
「安全優先股」是指本公司的一系列預售股份，
向投資者發行股權融資的股票
股權相同的權利，特權，偏好和限制
標准優先股，除了每股
清算偏好，這將等於國家外匯管理局的價格
折扣價（如適用），以及基於價格的抗血清保護
將根據「國家外匯管理局」或「國家外匯管理局」的規定進行股利分配
折扣價（適用）。
2.14安全價格
\ SAFE價格「是指每股價格等於由此獲得的商
（i）估值上限（ii）（A）本公司資本化
直至股權融資之前或（B）資本化
本公司曾計算出每股標准普通股的價格
庫存，以較低的價格計算。
8. 急求一篇關於中小企業融資的英文文獻，要有中文翻譯
Automatically translated text:
The definition of lease financing
Finance leases (Financial Leasing) also known as the Equipment Leasing (Equipment Leasing), or modern leasing (Modern Leasing), and is essentially transfer ownership of the assets of all or most of the risks and rewards of the lease. The ultimate ownership of assets to be transferred, or may not transfer.
It refers to the specific content of the lessee to the lessor under the lease object and the specific requirements of the supplier selection, vendor financing to purchase rental property, and the use of leased to a lessee, the lessee to the lessor to pay instalments rent, the lease term lease ownership of objects belonging to the lessor of all, the tenant has the right to use the leased items. Term expired, and finished the lessee to pay rent under the lease contract financing to fulfil obligations in full, leasing objects that vesting ownership of all the lessee. Despite the finance lease transactions, the lessors have the identity of the purchase of equipment, but the substantive content of the purchase of equipment suppliers such as the choice of the specific requirements of the equipment, the conditions of the purchase contract negotiations by the lessee enjoy and exercise, lessee leasing object is essentially the purchaser. , Is a finance lease extension of loans and trade and technology updates in the new integrated financial instry. Because of its extension of loans and combination of features, there is a problem in leasing companies can recycling, treatment of leasing, and so the financing for the enterprise credit and secured the main requirement, it is very suitable for SME financing. In addition, the leasing of sheet financing, not reflected in the financial statements of the enterprise liability, does not affect the credit status of enterprises. This multi-channel financing needs of SMEs in terms of it is very beneficial.
Leasing and financing lease of a traditional nature of the difference is: traditional lease to the tenant leasing the use of objects of the time rent, and finance lease financing costs to the tenant occupying the time of rental. The market economy develops to a certain stage and the adaptation of a strong financing, in the 1950s in the United States have a new type of trading, as it adapted to the requirements of modern economic development, in the 60 to 70 the rapid development in the world, and today has become a business update equipment one of the main means of financing, known as the "sunrise instry." China in the early 1980s after the introction of this operational modalities for over 10 years has been the rapid development, compared with developed countries, the advantages of leasing is far from being played out, the market potential is huge.
[Edit] the main characteristics of the leasing
The main characteristics of the leasing is: the ownership of objects as leasing is the lessor in order to control the risk of the tenant rent reimbursement taken a form of ownership, at the end of the contract could eventually be transferred to the lessee, the lease purchase items from lease people choose, maintenance from the tenant responsible for the lessor to provide financial services only. Rent calculation principles are: to lease the lessor objects based on the purchase price, occupied by the lessee to the lessor of funds based on time, according to a mutually agreed rental rates. It is essentially dependent on the traditional leasing financial transactions, is a special kind of financial instruments.
[Edit] the type of lease financing
1. Simple financing lease
Financing lease is a simple, by the lessee choose to purchase the rental property, the lessor on the lease project through risk assessment after the rental lease to the lessee the use of objects. Throughout the lease period the lessee does not enjoy the right to use the title, and is responsible for repair and maintenance of leasing objects. The lessor's lease is good or bad thing without any liability, equipment depreciation in the tenant side.
2. Leveraged lease financing
Leveraged leasing practices similar to syndicated loans, is a specialized leasing to large-scale projects with the tax benefits of lease financing, mainly led by a leasing company as a trunk, and for the lease of a very large project financing. First set up a leasing company from the operation of the main institutions - a project-based fund management company set up projects to provide more than 20% of the total amount of funds, and the remaining part was the main source of funds banks and social absorb idle idle funds, the use of 100 percent enjoy low tax benefits "in the eight Bo" leverage for the leasing project large amount of funds. The remaining financing and leasing practices are basically the same, but because of the complexity of the contract covers a wide range and even greater. As can enjoy tax benefits, operating norms, comprehensive benefits, and recovery of rent safe, low-cost, and are generally used for aircraft, ships, communications equipment and large complete sets of equipment lease financing.
3. Commissioned by the Financial Leasing
Is a way to have the funds or equipment entrusted to non-bank financial institutions in the financing lease, the lessor is also the first client, the second is the trustee of the lessor at the same time. The lessor to accept the client's money or lease of the subject matter, according to the client's written by the client designated for the lessee of the leasing business. In the subject of the lease term lease of the property of the client, the lessor only charges, not to take risks. Such leasing commissioned a major characteristic is not to lease the right to operate the enterprise, "by the right" business. E-commerce is on the lease by lease rental as a business platform.
The second is the lessor or lessee commissioned by the lease purchase of a third person, the lessor under the contract to pay the purchase price, also known as commissioned by the lease purchase financing.
4. Project finance leasing
Lessee to project their own property and to ensure efficiency, and the lessor signed a finance lease contract, the lessor to the lessee of the property and other projects without recourse to the proceeds, we can only rent charged to the project's cash flow and profitability to determine. The seller (that is leasing goods manufacturers) through their holding leasing companies to promote their procts in this way, and expand market share. Communications equipment, medical equipment, transportation equipment, or even the right to operate highway can be used this way. Others, including the return of leasing, also known as sale and leaseback financing leasing; financing to leasing, also known as the financing to leasing.
[Edit] the risk of lease financing
Finance leases from the risk of many uncertain factors, is multifaceted and interrelated, in the full understanding of the operational activities of the characteristics of various risks can be comprehensive, scientific analysis of risks to formulate corresponding measures. The risk of financing leasing main categories as follows:
(1) proct market risks. In the market environment, regardless of the financing lease, loan or investment, as long as the funds used to purchase equipment or to carry out technological transformation, first of all, should consider leasing equipment procts market risks, which need to know to sell the procts, market share rate and occupancy, proct trends in the development of the market, the consumption structure and the mentality of the consumers and consumption capacity. If these factors are not fully understand, the survey are not careful, and may increase the market risk.
(2) financial risks. For the leasing of a financial nature, financial risks throughout the entire business activities. The lessor, the biggest risk is that the lessee is also rent capacity, it has a direct impact on the operation of leasing companies and survival, therefore, the risk of also rent from the project began, it should be cause for concern.
Currency also have risks, especially international payments, methods of payment, payment date, time, the remittance channels and means of payment options improperly, will increase the risk.
(3) Trade risk. For the leasing of a trade properties, the risks of trade negotiations to orders from the acceptance testing there is a risk. The merchandise trade in the modern development of a relatively complete, the community is also supporting the establishment of corresponding institutions and preventive measures, such as a letter of credit, transport insurance, commodity inspection, commercial arbitration and the risk of credit counseling have taken precautions and remedial measures, but because people's awareness and understanding of the risks of different degrees, and some means of a commercial nature, coupled with the inexperience of the management of enterprises and other factors, all of these instruments have not been used, making trade risk still exists.
(4) technical risks. One of the benefits of lease financing before other enterprises is the introction of advanced technology and equipment. In the actual course of the operation, or advanced technology, advanced technology is mature, mature technology for the legal rights and interests of others, is an important risk a technical reasons. Serious, e to technical problems so that equipment in a state of paralysis. Other risks include the economic environment, force majeure, and so on.
[Edit] the accounting treatment of lease financing
[Edit], the tenant on the accounting treatment of lease financing
1, the start of the lease accounting treatment
At the start of the lease, the tenant will usually be the start of the lease rental assets in the original book value of the minimum lease payments and the present value of the lower of the two leased assets as recorded value of the minimum lease payments as a long-term payables recorded value, and the difference between the two records is not recognised financing costs. However, if the assets of the leasing assets of the enterprise small proportion of the total, the tenant may be the start of the lease in the minimum lease payment records of assets and long-term rent payments. This time, the "proportional" not usually refers to fixed assets financed by leasing the lessee total assets total less than 30% (including 30%). Under such circumstances, rent for the financing of long-term assets and the determination of the amount e, the tenant may, at its option, which can be used minimum lease payments, and can also be used leasing assets in the original book value of the minimum lease payments and the present value of the two in the lower. Then what "leasing the original book value of assets" refers to the start of the lease rental, as reflected in the accounts, the book value of the leased asset.
Lessee in the calculation of the minimum lease payments at the current value, if the lessor that the interest rate implicit in the lease, the lessor should be used as the interest rate implicit in the discount rate, otherwise, shall be stipulated in the lease contract interest rate as the discount rate . If the lessor's interest rate implicit in the lease and rental rates stipulated in the contract are not available, it should be used over the same period interest rates on bank loans as the discount rate. Which is implicit in the lease rates, in the inception of the lease, the minimum lease payments and the present value of the unsecured portion of the resial value of the current value of assets and equivalent to the original book value of the discount rate.
2, the initial direct costs of the accounting treatment
Initial direct costs refer to the lease negotiations and the signing of the lease agreement occurred in the course of the lease can be directly attributable to the cost of the project. Lessee in the initial direct costs usually have stamp ty, commission, attorney fees, travel expenses, such as the costs of negotiations. Lessee in the initial direct costs should be recognised as an expense in the current period. Accounts for its handling: debit "management fees" and other subjects, credited to "bank" and other subjects.
3, no finance charge assessed
In the finance lease, the lessee to the lessor to pay the rent, include the repayment of principal and interest in two parts. Lessee to pay rent, on the one hand to rece long-term payables, on the other hand, while not confirmed by the leasing costs for a certain method to confirm the current financing costs, the first rent (that is, initially matching each rental payment) Under the circumstances, the lease term is the first phase of rent paid no interest, should only rece the long-term payments, not to confirm the current financing costs.
Not sharing in the finance costs, the lessee should be used to calculate certain way. According to the guidelines, the lessee can be used in real interest rates, the straight-line method can also be used and the number of years of combined law. In using the effective interest method, in accordance with the inception of the lease is a lease assets and liabilities are recorded based on the value of different financing costs assessment rate options are also different. No finance charge assessed specific divided into the following types:
(1), leasing assets and liabilities to a minimum lease payments accounted for the present value of value to the investor and the interest rate implicit in the lease for the discount rate. Under such circumstances, investors should be the interest rate implicit in the lease for the assessment rate.
(2), leasing assets and liabilities to a minimum lease payments for the present value of recorded value, and to lease contract provides for the interest rate as the discount rate. In such circumstances, should be stipulated in the lease contract as the rate of assessment rates.
(3), leasing assets and liabilities to the original book value of the leased asset accounted for the value of the lessee does not exist resial value guarantees and preferential purchase right to choose. In such circumstances, should be re-calculation of the cost-sharing rate financing. Financing cost-sharing rate refers to the inception of the lease, the minimum lease payments equal to the present value of lease assets in the original book value of the discount rate. In the lessee or related to the leased asset resial value of the third-party security situation, and the similar, the end of the lease, not recognised all the financing costs should be shared End, and lease liabilities should also be reced to zero.
(4), leasing assets and liabilities to the original book value of the leased asset accounted for the value of the lessee does not exist guaranteed resial value, but there is preferential option to purchase. In such circumstances, should be re-calculation of the cost-sharing rate financing. At the end of the lease, not recognised all the financing costs should be shared End, and lease liabilities should also be reced to zero.
(5), leasing assets and liabilities to the original book value of the leased asset value accounted for, and the existence of the lessee guaranteed resial value.
Under such circumstances, the cost-sharing should be re-financing rate. Related to the lessee or third parties on the resial value of leased assets as security has been provided or not at the end of the lease renewal and to pay a penalty of circumstances, the end of the lease, not recognised all the financing costs should be shared End, and lease liabilities should also be reced to the guaranteed resial value, or to be paid by the breach.
Lessee shall pay each of the rent shall be the amount of rent paid, debit "long-term payables - to finance leases," subjects, credited to "bank" subjects, if payment of rent, which includes compliance costs, At the same time debit should be "manufacturing costs", "management fees" and other subjects. At the same time should be recognized in accordance with the current amount of the finance charge, debit "financial costs" subjects, credited the "no finance charge" subjects.
4, the leased asset depreciation Provision
Tenants should finance the lessee Provision for depreciation of fixed assets, should address two main issues:
(1), depreciation policy
Provision for asset depreciation, lease, the tenant should be its own assets Provision line depreciation method. If the lessee or third parties relating to the leased asset security has been provided, should be credited for the amount of depreciation on fixed assets, and the inception of the lease accounting resial value after decting the value of the balance. If the lessee or third parties relating to the leased asset resial value of the security has been provided, the total amount of depreciation should be credited for the start of the lease value of fixed assets recorded.
(2), the depreciation period
Identify the leased asset depreciation period, should be in accordance with the lease contract. If reasonable certainty that the lessee at the end of the lessee will obtain ownership of the leased asset, the lessee can be identified with all of the assets of the remaining useful life, and should therefore be the start of the lease to lease the remaining useful life of assets as depreciation period; If you can not reasonably determine whether the lease to the lessee at the end of the lease ownership of the assets to be made to the lease period and the remaining useful life of the leased asset in the shorter of the two as the depreciation period.
5, the accounting treatment of compliance costs
Many types of compliance costs, rent for the financing of fixed assets improved expenditure, technical advice and service charges, fees should be increased staff training credited to the extension of sharing costs, debit "long-term prepaid expenses," and "accrued expenses" , "manufacturing costs", "management fees" and other subjects, the fixed assets regular maintenance, insurance, etc. can be directly charged to expense in the current period, debit "manufacturing costs," and "operating expenses" and other subjects, credited to "bank deposits, "wait until the subjects.
6, or the accounting treatment of rent
Since the rent or the amount of uncertainty, unable to adopt a rational approach to its system for sharing, in the actual event, debit "manufacturing costs," and "operating expenses" and other subjects, credited to "bank" and other subjects.
7, at the end of the lease accounting treatment
At the end of lease, the tenant on the lease is usually the disposition of the assets of three circumstances:
(1), the return of the leased asset. Debit "long-term payables - to finance leases," and "accumulated depreciation" subjects, credited "fixed assets - fixed assets financed by leasing all" subjects.
(2), renewable lease concession assets. If the lessee to exercise the right to choose renewable concession, the lease shall be deemed to have been made the presence of the corresponding accounting treatment. If no expiry of renewal, to the lessor under the lease contract to pay a penalty, debit "operating expenses" subjects, credited to "bank" and other subjects.
(3), stay purchase the leased asset. In the lessee enjoy preferential purchase right to choose, purchase price paid, debit "long-term payables - to finance lease," credited "bank" and other subjects at the same time, will be fixed assets from "all fixed assets financed by leasing" Details Details of the other subjects into subjects.
字數太多，翻譯另答~~~~~~
9. 外匯管理局網上應用平台
最好是做一下調整，這個影響你之後的信息指標的。具體操作就是在調整延期付匯那裡點進去後，點增加，把日期改成你付款時候的日期，再把你之前做的那一筆刪除，然後提交就可以了。
10. 請問美國私募基金是怎樣融資的
盡管私募基金的投資方式不盡相同，但是私募基金大多僱用專業人士負責基金管理，採用精確的數量模型，對投資交易實行所謂的程序化投資決策管理。比如長期資本管理公司的合夥人中就有1997年諾貝爾經濟學獎獲得者默頓和斯克爾斯等人，並且僱用了一些大學里的博士弟子操盤，通過定價模型計算各種相關證券的價格差異，捕捉交易機會。
發展概況
私募基金是相對於公募的共同基金而言的一種基金類型。私募基金一般屬於合夥人制的小型私人投資公司，主要投資於公開交易的證券和衍生金融產品，是一種高風險的投機基金。 90年代以來，隨著金融全球化趨勢的加深和各種投資工具的創新，美國私募基金業獲得極大的發展，基金的數量和規模每年都以20%的速度增長，現在已經成為美國金融領域一支成長最快的力量。目前，美國至少有4200家私募基金，資本總額超過3000億美元。
美國的私募基金投資領域廣泛，投資手法多樣。1998年，美國先鋒對沖基金研究公司等機構對美國私募基金的投資策略進行了研究，他們按投資策略的不同將美國的私募基金劃分為16類。但是一般來說，美國的私募基金主要有兩大類：一類是宏觀基金，另一類是相對價值基金。宏觀基金主要利用各國宏觀經濟的不穩定性進行宏觀經濟的不均衡套利活動。宏觀基金收集世界各國的宏觀經濟情況並進行研究，當發現一國的宏觀經濟變數偏離均衡值，便集中資金對目標國的股市、利率、匯率、實物進行大筆的反向操作。當該國宏觀經濟形勢發生變化，資產價格將會大幅貶值，宏觀基金將從中獲得巨額的收益。一般認為宏觀基金風險巨大，其對全球金融體系的破壞性較大，常常被人們指責為金融危機的製造者。宏觀基金的代表是索羅斯領導的著名的量子基金。相對價值基金與宏觀基金不同，它一般不冒較大的市場風險，只對密切相關的證券的相對價格進行投資。由於證券的相對價格差異一般較小，如果不用杠桿效應的話，私募基金就無法取得高額的收益，因此，相對價值基金更傾向於使用高杠桿操作。最著名的相對價值基金是美國的長期資本管理公司(LTCM)。由於LTCM運用高度的杠桿操作，僅僅5 年的時間，這家公司就以投資失敗而告終(LTCM成立於1993年，1994年2月正式開始運營，1998年9月投資徹底失敗)。
按照私募基金的注冊地，我們還可將美國的私募基金劃分為美國國內注冊的基金和境外注冊的基金。現在，只有不到一半的美國私募基金在國內注冊，一半以上在美國境外注冊。境外注冊的基金又稱為離岸基金，這些基金一般注冊在西歐的盧森堡、英國的海峽群島、開曼群島、百慕大等一些避稅天堂里，專門在美國境外從事離岸證券投資。這樣，這些基金一方面逃避了美國政府的監管，同時也為投資者逃避了利潤所得稅。
設立程序與組織結構
美國關於私募基金的相關法令主要包含在1933年頒布的《證券法》、1934年頒布的《證券交易法》、1940年頒布的《投資公司法》和《投資顧問法》內，同時私募基金還受各個州《藍天法》(BlueSky Law)的監管。
根據美國1940年頒布的《投資公司法》的規定，在美國只能設立固定面額證券公司、單位信託投資公司和公開募股管理型公司。但是《證券法》中的D規則卻為私人合夥投資於證券市場設立了第506號「安全港」(Safe Harbor)條款，《證券法》的S規則則為外國人私人證券投資設立了「安全港」條款，這些條款規定符合一定條件的投資者可以不按《投資公司法》規定的三種方式設立合夥制的投資機構。這樣就為美國的私募基金提供了一種繞開金融監管的途徑。
美國的法律規定，投資於私募基金的投資者必須是「有資格的投資者」。所謂「有資格的投資者」是指，個人投資者必須擁有500萬美元以上的證券資產，並且最近兩年的年均收入高於20萬元，或包括配偶的收入高於30萬元；如以法人機構的名義進行投資，則機構的財產至少在100萬美元以上。在1996年9月1日之前，不多於100個「有資格購買者」設立的私募基金不必經過美國證券委員會(SEC)的批准，1996年9月1日後，根據美國的《國民證券市場改革法》(National Securities Markets Improvement Act)的規定，這一人數限制增至500人。同時，SEC允許私募基金吸納擁有2500萬美元以上的機構投資者加入。
私募基金一般由兩類合夥人組成。第一類稱一般合夥人(GeneraI Partner)，相當於基金經理，指的是創設基金的個人或團體。一般合夥人處理私募基金的所有交易活動及日常管理。第二類是受限合夥人(Limited Partner)。受限合夥人提供大部分資金但不參與基金的投資活動。在籌劃設立私募基金時，一般合夥人通過與受限合夥人簽訂《合夥人協議》來規定雙方的權利與義務。《合夥人協議》是限制和規范私募基金內部關系的基本文件，一般包含以下一些內容：
1.基金的投資目標、策略和風險因素；
2.一般合夥人與受限合夥人的地位；
3.合夥人投資、增資、撤資的規定；
4.激勵薪酬的計算細節；
5.管理費用的使用與計算細節；
6.是否允許使用財務杠桿及比例限制；
7.財務年度末分紅的相關規定等等。
一般來說，《合夥人協議》對一般合夥人進行基金投資目標方面的限制比較泛泛，這樣基金經理就有足夠的靈活性進行投資操作，保證投資活動能夠順利進行。而關於一般合夥人與受限合夥人的地位及是否允許使用財務杠桿等內容則必須明確。投資者在加入私募基金時一般都要聘請律師參與《合夥人協議》的簽署過程，這樣能夠保證投資人簽署的協議與自己心中的目標相一致。
私募基金的一般合夥人在前期准備就緒後，就可以出售基金單位了，美國法律對私募基金出售的規定非常嚴格，不允許私募基金進行任何的廣告宣傳。投資者一般通過四種方式參與投資：(1)依據上流社會的所謂可靠信息；(2)直接認識某個基金的經理人員；(3)通過其他的基金轉入；(4)由投資銀行、證券中介公司或投資咨詢公司的特別介紹。一般合夥人向事先確定的每一個潛在的投資者送交私人募集的買賣契約文件(包括《合夥人協議》)，向他們提供與有經驗的投資者進行面談的機會，或者提供投資咨詢。最後，與投資者簽署《合夥人協議》，吸納投資者的資金。這樣，一家私募基金便宣告成立。
運作特點
美國的私募基金在投資策略和運作方式上與共同基金有很大的不同之處，主要表現在以下幾個方面：
1.投資者主要是一些大的投資機構和一些富人。如前文所述，私募基金的合夥人要取得投資資格需要一定的條件，這些條件決定了只有富人才能參與私募基金。如索羅斯領導的量子基金的投資者都是超級大富翁，或者是金融寡頭、工業巨頭。量子基金的投資者不足100人，每個投資者的投資額至少100萬美元，多則1000萬美元。
2.一般是封閉式的合夥基金，不上市流通。在基金封閉期間，合夥投資人不能隨意抽資(或抽資前必須提前告知，提前時間從30日至3年不等)。基金的封閉期限一般為5年或10年。確定這一期限的根據是，經濟周期一般為4～5年，而基金的投資期限一般要大於一個經濟周期，因為只有這樣才能夠保證基金經理有充足的時間來運作基金。
3.黑箱操作，投資策略高度保密。根據美國的法律，私募基金無須像共同基金那樣，在監管機構登記、報告、披露信息。美國的監管當局認為私募基金的投資者成熟、理性，有足夠的能力對基金經理人的活動進行監管，證管部門和公眾都無需知道其運作情況。私募基金的經理人在與合夥人(投資者)簽訂的《合夥人協議》中一般要求極大的操作自由度，對投資組合和操作方式也不透露，外界很難獲得私募基金的系統性信息。
4.高度杠桿操作。私募基金的投資目的在於獲得高額利潤，但是基金自身的資金實力畢竟有限，因此，私募基金一般都大規模地運用財務杠桿(通過信用借貸的方式)，擴大資金規模，突破基金自有資金不足的限制。一般情況下，基金運作的財務杠桿倍數為2～5倍，最高可達20倍，一旦出現緊急情況，私募基金的杠桿倍數會更高。如長期資本管理公司(LTMC)在運作期間，幾乎向世界上所有的大銀行融通過資金，使用的財務杠桿倍數極高。在1998年8月LTCM出現巨額虧損前夕，其杠桿比率高達56.8倍，並在此基礎上建立了1.25萬億美元的金融衍生交易倉盤，總杠桿比率高達568倍。在高度財務杠桿的作用下，如果基金經理預測准確，則基金能夠獲取最大限度的回報；一旦基金經理預測失誤，財務杠桿也會成倍地放大損失的數額。
5.主要投資於金融衍生市場，投機性強。私募基金的背後一般沒有實物資產支撐，專門在金融市場從事各種買空、賣空交易，並從中獲取高額的投資收益。盡管私募基金的投資方式不盡相同，但是私募基金大多僱用專業人士負責基金管理，採用精確的數量模型，對投資交易實行所謂的程序化投資決策管理。比如長期資本管理公司的合夥人中就有1997年諾貝爾經濟學獎獲得者默頓和斯克爾斯等人，並且僱用了一些大學里的博士弟子操盤，通過定價模型計算各種相關證券的價格差異，捕捉交易機會。
6.組織結構比較簡單。私募基金屬於合夥制企業，不設董事會，由一般合夥人負責基金的日常管理和投資決策。在美國，約1/4的私募基金總資產不超過1000萬美元，它們的運作像一個小作坊，通常是在僅有一兩個人的辦公室里工作。私募基金一般不設自己的研究機構，更多地依靠外部的研究信息資源。
7.採取與業績掛鉤的薪酬激勵機制。私募基金的經理除了能夠獲得基金資產的一定比例的固定管理費外，還可以提取一定比例的投資利潤作為獎勵。這一比例通常在5%～25%之間。這種激勵機制能夠吸引大批的有才華的高級專業人士加盟私募基金，並為私募基金創造出優良的業績。根據資料分析，1988～1994年，私募基金的年平均收益率高達18.5%，遠高於其他類型的投資收益，如同期的摩根斯坦利資本指數的投資收益是8.1%，萊曼兄弟綜合債券指數是8.6%。
8.操作手法多樣，更多地呈現全球化的特徵。私募基金經營機制靈活，沒有短期的利潤指標和確定的資金投向的限制，在投資工具、財務杠桿、投資策略等各個方面也沒有限制，這樣基金經理就能在范圍更廣的投資領域選擇投資戰略，以期獲取長期的高額利潤。私募基金一般運用「對沖」的操作手法，進行反周期交易，也就是說在證券價格下跌時買進，在價格上升時賣出。比如，相對價格債券套利基金(Relative Value Funds)通過從一些相關金融產品定價的微小差異中套利，從而保證在牛市、熊市中都能賺錢。
主要投資策略
經過幾十年的發展，美國私募基金的操作理論、投資策略早已超越了早期的簡單地利用股市買賣進行對沖操作的方式，現代的私募基金大量地涉足期權、期貨等投資領域，大膽地運用各種投資策略，操作手法多種多樣(詳見表1)。總的來說，美國私募基金的主要操作手段有以下幾種：
(1)運用期貨進行對沖盈利。期貨合同可以防止利率風險、市場風險和匯率風險，具體到期貨的種類又可分為利率期貨(長期、短期)對沖、遠期股指期貨合約對沖、貨幣期貨合約對沖等等。
(2)運用期權進行對沖操作，又可分為運用股指期權進行對沖、運用個別股票期權進行對沖、運用長期利率期權進行對沖。
(3)運用掉期交易進行對沖操作，包括利率掉期和貨幣掉期。
(4)運用資產組合保險業務(Portfolio Insurance)進行對沖。比如，在購買現有資產組合的買入期權的同時，從投資銀行或保險公司購買保單。
(5)綜合運用多種對沖手段進行操作。特別是20世紀90年代以後，美國的私募基金綜合運用各種手段，利用股市、匯市必然的聯動效應，對股價、匯率、利率進行攻擊，從中獲得最大限度的投資收益。
風險與監管
20世紀90年代以來，國際金融市場持續動盪，金融危機此起彼伏。在遍及全球的金融危機中，特別是在亞洲金融危機中，美國的私募基金(特別是以索羅斯的量子基金為代表的對沖基金)扮演了一種極不光彩的角色。但是，美國的私募基金並不是這場危機的最終受益者，許多私募基金在全球金融動盪中損失慘重。經過這次全球性的金融大動盪，暴露出美國的私募基金業存在的許多問題。其中最主要的問題是：私募基金經營風險過大，不利於金融市場的穩定。