融资租赁：民营养老机构设施升级的路径选择

针对民营养老机构受制于资金实力弱、融资渠道不畅、盈利率低及康复护理设备价格昂贵，养老服务整体质量难以明显提升的困境，融资租赁这一金融工具能够有效缓解其融资难题。基于融资租赁理论，融资租赁与民营养老机构设施升级在资金、投资回报期限、时间需求及管理方式方面存在耦合性，从企业生命周期角度分析了民营养老机构设施升级的直接融资租赁+厂商租赁模式、售后回租模式和分成租赁模式，结合养老机构融资租赁实践案例，提出政府、融资租赁企业和民营养老机构多方协同的政策建议。

Financing Lease: the Path Choice for Upgrading the Facilities of the Private Old Age Institutions

Due to the weak financial strength, poor financing channels, low profitability and high price of rehabilitation and nursing equipment, the overall quality of pension services in private old age institutions is difficult to be significantly improved. However, financial leasing, as a financial tool, can effectively alleviate the financing dilemma. Based on the basic principle of financial leasing, the paper points out that there is coupling between financial leasing and facilities upgrading of private old age institutions in terms of capital, investment return period, time demand and management mode. From the perspective of enterprise life cycle, this paper analyses three modes of facility upgrading in private old age institutions. They are the direct financing leasing mode which combines the leasing mode of manufacturer, the after sale leaseback mode and the fractional leasing mode. Finally, combined with the practical cases of financial leasing of old age institutions, this paper puts forward policy suggestions for the coordination of government, financial leasing enterprises and private old age institutions.