【摘要】：國際航運市場是國際貿(mào)易的派生需求，而世界經(jīng)濟的增速直接影響著貿(mào)易的發(fā)展，因此，國際航運與世界經(jīng)濟的周期性有很大的相關(guān)性.航運業(yè)作為資金高度密集的產(chǎn)業(yè)，與國際金融市場高度關(guān)聯(lián).航運金融一般包括船舶融資，運費結(jié)算，航運保險和航運金融衍生品。其中船舶融資的比重最大。 2011年隨著全球經(jīng)濟增速的放緩，以及歐債危機的愈演愈烈，航運市場面臨嚴峻挑戰(zhàn)。航運業(yè)三個主要的細分市場，干散貨市場，集裝箱運輸市場與油輪運輸市場均處于運力增長大于需求，運價持續(xù)走低的局面。數(shù)家航運上市企業(yè)2011年報披露巨額虧損。 2011年的船舶融資市場環(huán)境延續(xù)了之前年度的態(tài)勢，金融機構(gòu)持續(xù)控制風險，縮短貸款期限并降低貸款比例，歐洲金融機構(gòu)是國際船舶融資資金的主要來源，由于參與船舶融資的主要歐洲商業(yè)銀行均持有較大比例的歐債貸款，流動性與核心資本率皆受影響。隨著歐洲主權(quán)債務(wù)危機不斷惡化，歐洲銀行對新船舶項目的貸款能力受到限制。歐洲銀行業(yè)所面臨的危機在一定程度給中國銀行參與國際航運金融市場創(chuàng)造了機遇。另一方面，因為部分新船訂單取消或延期交付，中國作為造船大國，很多船廠深受影響。目前的經(jīng)濟環(huán)境下，中國發(fā)展航運金融市場機遇與挑戰(zhàn)并存。 本文首先介紹了航運市場的組成，并對航運市場的供給與需求進行分析。在第二章介紹了融資租賃的概念，特征與相關(guān)風險。在此基礎(chǔ)上文章介紹國際航運融資租賃業(yè)務(wù)的主要模式，優(yōu)勢，以及在金融危機后面臨的挑戰(zhàn)與發(fā)展。并從投資者的角度分析了航運船舶租賃投資的主要特點，投資面臨的風險及航運業(yè)適用的投資估值模型。 在文章的最后一部分，側(cè)重于航運業(yè)的投資實例分析與應(yīng)用。通過實際操作的融資租賃案例介紹了融資租賃項目參與者，融資結(jié)構(gòu)，，通過估值模型計算投資回報率評估項目。在實證應(yīng)用的基礎(chǔ)上，通過對國際航運金融市場的分析，進一步探討了中國發(fā)展航運金融所面臨的金融，政策，人才等制約因素，以及金融危機，歐債危機為中國航運金融帶來的機遇與發(fā)展。
[Abstract]:The international shipping market is the derivative demand of international trade, and the growth rate of the world economy directly affects the development of trade. Therefore, the periodicity of international shipping and the world economy has a great correlation. As a highly capital-intensive industry, shipping industry is highly related to international financial markets. Shipping finance generally includes ship financing, freight settlement, shipping insurance and shipping financial derivatives. Among them, the proportion of ship financing is the largest. Shipping markets face severe challenges in 2011 as global economic growth slows and the European debt crisis intensifies. The three main market segments of shipping industry, dry bulk cargo market, container transportation market and tanker transportation market, are in the situation that the capacity growth is larger than the demand, and the freight rate continues to decline. Several shipping listed companies reported huge losses in 2011 annual report. The market environment of ship financing in 2011 continues the situation of the previous year. Financial institutions continue to control risks, shorten the loan period and reduce the proportion of loans. European financial institutions are the main sources of international ship financing funds. Liquidity and core capital ratios are affected by the fact that the major European commercial banks involved in ship financing hold a large proportion of European debt loans. As Europe's sovereign debt crisis worsens, European banks' ability to lend to new ship projects is limited. The crisis faced by European banks creates opportunities for Chinese banks to participate in international shipping financial markets. On the other hand, as a large shipbuilding country, many shipyards have been affected by cancellations or delays in the delivery of some new ship orders. In the current economic environment, China's development of shipping financial market opportunities and challenges coexist. This paper first introduces the composition of shipping market, and analyzes the supply and demand of shipping market. In the second chapter, the concept, characteristics and related risks of financial leasing are introduced. On this basis, this paper introduces the main modes, advantages, challenges and development of international shipping finance leasing business after the financial crisis. From the perspective of investors, this paper analyzes the main characteristics of the investment of shipping vessel charter, the risks faced by the investment and the applicable investment valuation model of the shipping industry. In the last part of the article, it focuses on the analysis and application of shipping industry investment. This paper introduces the participants and the financing structure of the financial leasing project through the actual operation of the financial lease case, and calculates the investment rate of return evaluation project by the valuation model. On the basis of empirical application, through the analysis of the international shipping financial market, this paper further discusses the financial, policy, talent and other constraints that China faces in the development of shipping finance, as well as the financial crisis. European debt crisis brings opportunity and development to Chinese shipping finance.
【學位授予單位】：上海交通大學
【學位級別】：碩士
【學位授予年份】：2012
【分類號】：F552;F832.49

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