自主品牌汽車集團構建汽車金融服務專業(yè)機構的研究
發(fā)布時間：2018-08-27 15:13
【摘要】： 伴隨著經濟的高速增長以及汽車產、銷量的迅猛增加,中國開始步入“汽車社會”。近些年來,自主品牌汽車也取得突破性發(fā)展。汽車品牌的競爭力,不僅體現(xiàn)在產品層面,還體現(xiàn)在汽車服務領域。汽車金融服務是汽車服務的重要組成部分。汽車自主品牌的汽車金融服務水平與質量,直接影響著汽車自主品牌發(fā)展。我國以汽車集團為主導的專業(yè)汽車金融服務機構主要有汽車金融公司與汽車財務公司兩種形式。現(xiàn)階段我國成立的汽車金融公司主要為外資獨資及中外合資,均附屬于世界汽車巨頭,為外資品牌與合資品牌汽車提供汽車金融服務。已經擁有汽車財務公司的內資汽車制造集團如一汽、上汽等汽車制造集團,可以通過汽車財務公司和商業(yè)銀行向自主品牌提供汽車金融服務。而現(xiàn)階段還沒有建立自己的汽車金融服務專業(yè)金融機構的汽車制造集團如奇瑞、吉利、哈飛、華晨、長安等自主品牌汽車制造集團,則主要依靠商業(yè)銀行提供汽車金融服務支持。自主品牌汽車集團發(fā)展汽車金融服務專業(yè)機構還面臨著一些問題:如汽車自主品牌的制造主業(yè)還不夠發(fā)達;汽車金融服務專業(yè)機構的發(fā)展存在著資金短板;相關汽車金融業(yè)務人才相對匱乏;金融風險管理水平有待提高等。 本文運用金融生態(tài)理論分析了汽車金融公司的出現(xiàn)對我國金融生態(tài)的影響,運用利潤池理論分析了我國汽車產業(yè)價值鏈上利潤分布的變化,指出汽車金融服務在我國未來會成為汽車產業(yè)價值鏈環(huán)節(jié)上利潤的重要來源;詳細論述了汽車金融公司對汽車產業(yè)價值鏈的整合作用,進而論述了我國自主品牌汽車集團構建汽車金融專業(yè)服務機構的必要性;通過對汽車財務公司與汽車金融公司比較,詳細闡述了對汽車財務公司現(xiàn)階段在法律規(guī)定的業(yè)務范圍上所存在的優(yōu)勢,并進一步論述了汽車財務公司業(yè)務由于跨越汽車產業(yè)價值鏈的制造環(huán)節(jié),未來將會不利于汽車金融服務業(yè)務的拓展;運用實物期權理論的思想與方法對我國自主品牌汽車構建汽車金融服務專業(yè)機構的戰(zhàn)略投資決策進行了分析與設計;通過與銀行及保險公司的比較,詳細分析了我國現(xiàn)階段汽車金融服務專業(yè)機構存在的優(yōu)勢與劣勢,為自主品牌汽車集團的汽車金融服務專業(yè)機構如何選擇戰(zhàn)略伙伴提供了建設性意見;本文運用“融資優(yōu)序理論”、“權衡理論”等融資理論對構建我國自主品牌汽車集團的汽車金融服務專業(yè)機構的融資策略以及所使用的融資創(chuàng)新工具進行分析:從理論上分析了政府通過提供低息或無息貸款,以及提供適當減免或遞延稅收對自主品牌汽車金融服務專業(yè)機構企業(yè)價值的影響,還特別就夾層融資對企業(yè)價值的影響進行詳細分析,指出是否能增加企業(yè)價值是采納夾層融資的重要衡量標準:本文論述了自主品牌汽車集團的汽車金融服務專業(yè)機構與其他戰(zhàn)略投資者的合作中必須保持品牌、產權、市場的主導性等方面的控制力,并根據國資自主品牌汽車集團的特點,借鑒英國在國有企業(yè)改制過程中的“黃金股”方法,提出了設置“汽車產業(yè)戰(zhàn)略控制股”的構想。 本文基于我國自主品牌汽車金融服務的發(fā)展情況,為我國系統(tǒng)地制定相應的產業(yè)政策,全方位地支持汽車自主品牌、汽車集團主業(yè)及其汽車金融服務專業(yè)機構的構建與發(fā)展提供政策性建議。
[Abstract]:With the rapid economic growth and the rapid increase of automobile production and sales, China has begun to enter the "automobile society". In recent years, the independent brand automobile has also made a breakthrough. The competitiveness of automobile brand is not only reflected in the product level, but also in the automobile service field. The level and quality of automobile financial service of automobile independent brand directly affect the development of automobile independent brand.The professional automobile financial service institutions mainly consist of automobile financial company and automobile financial company. All of them are affiliated with the world's auto giants and provide auto financial services for foreign brands and joint-venture brands of automobiles. Domestic auto manufacturing groups, such as FAW and SAIC, which already own auto financing companies, can provide auto financial services to their own brands through auto financing companies and commercial banks. The automobile manufacturing groups of their own automobile financial services professional financial institutions, such as Chery, Geely, Hafei, Morning, Chang'an and other independent brand automobile manufacturing groups, mainly rely on commercial banks to provide automobile financial services support. The manufacturer of the brand is not developed enough; there is a shortage of funds in the development of automotive financial services professional institutions; there is a relative shortage of relevant automotive financial business personnel; the level of financial risk management needs to be improved.
This paper analyzes the impact of the emergence of automobile financial companies on China's financial ecology by using the financial ecology theory, analyzes the changes of profit distribution in the value chain of China's automobile industry by using the profit pool theory, and points out that automobile financial services will become an important source of profit in the value chain of China's automobile industry in the future. The integration effect of automobile finance company on the value chain of automobile industry is discussed, and then the necessity of constructing automobile finance professional service organization of China's independent brand automobile group is discussed. This paper further expounds that the automobile finance company's business will be unfavorable to the development of automobile finance service business because it crosses the manufacturing link of automobile industry value chain. By comparing with banks and insurance companies, this paper analyzes the advantages and disadvantages of China's automobile financial services institutions at present, and provides constructive suggestions on how to choose strategic partners for automobile financial services institutions of independent brand automobile group. Financing theory analyzes the financing strategies and innovative financing tools used to construct the automobile financial service professional institutions of China's independent brand automobile group: theoretically analyzes the effect of the government on the automobile financial service professional institutions and enterprises by providing low-interest or interest-free loans and providing appropriate tax relief or deferred tax. In particular, this paper analyzes the impact of mezzanine financing on enterprise value and points out that increasing enterprise value is an important criterion to adopt mezzanine financing. According to the characteristics of the state-owned independent brand automobile group and the method of "Gold Stock" in the process of restructuring the state-owned enterprises in Britain, the idea of setting up "Strategic Control Stock of Automobile Industry" is put forward.
Based on the development of China's independent brand automobile financial services, this paper systematically formulates the corresponding industrial policies for China, and provides policy recommendations for the construction and development of China's automobile independent brands, automobile group's main industry and its automobile financial services professional institutions.
【學位授予單位】：哈爾濱工程大學
【學位級別】：博士
【學位授予年份】：2008
【分類號】：F426.471;F832.39
本文編號：2207656
[Abstract]:With the rapid economic growth and the rapid increase of automobile production and sales, China has begun to enter the "automobile society". In recent years, the independent brand automobile has also made a breakthrough. The competitiveness of automobile brand is not only reflected in the product level, but also in the automobile service field. The level and quality of automobile financial service of automobile independent brand directly affect the development of automobile independent brand.The professional automobile financial service institutions mainly consist of automobile financial company and automobile financial company. All of them are affiliated with the world's auto giants and provide auto financial services for foreign brands and joint-venture brands of automobiles. Domestic auto manufacturing groups, such as FAW and SAIC, which already own auto financing companies, can provide auto financial services to their own brands through auto financing companies and commercial banks. The automobile manufacturing groups of their own automobile financial services professional financial institutions, such as Chery, Geely, Hafei, Morning, Chang'an and other independent brand automobile manufacturing groups, mainly rely on commercial banks to provide automobile financial services support. The manufacturer of the brand is not developed enough; there is a shortage of funds in the development of automotive financial services professional institutions; there is a relative shortage of relevant automotive financial business personnel; the level of financial risk management needs to be improved.
This paper analyzes the impact of the emergence of automobile financial companies on China's financial ecology by using the financial ecology theory, analyzes the changes of profit distribution in the value chain of China's automobile industry by using the profit pool theory, and points out that automobile financial services will become an important source of profit in the value chain of China's automobile industry in the future. The integration effect of automobile finance company on the value chain of automobile industry is discussed, and then the necessity of constructing automobile finance professional service organization of China's independent brand automobile group is discussed. This paper further expounds that the automobile finance company's business will be unfavorable to the development of automobile finance service business because it crosses the manufacturing link of automobile industry value chain. By comparing with banks and insurance companies, this paper analyzes the advantages and disadvantages of China's automobile financial services institutions at present, and provides constructive suggestions on how to choose strategic partners for automobile financial services institutions of independent brand automobile group. Financing theory analyzes the financing strategies and innovative financing tools used to construct the automobile financial service professional institutions of China's independent brand automobile group: theoretically analyzes the effect of the government on the automobile financial service professional institutions and enterprises by providing low-interest or interest-free loans and providing appropriate tax relief or deferred tax. In particular, this paper analyzes the impact of mezzanine financing on enterprise value and points out that increasing enterprise value is an important criterion to adopt mezzanine financing. According to the characteristics of the state-owned independent brand automobile group and the method of "Gold Stock" in the process of restructuring the state-owned enterprises in Britain, the idea of setting up "Strategic Control Stock of Automobile Industry" is put forward.
Based on the development of China's independent brand automobile financial services, this paper systematically formulates the corresponding industrial policies for China, and provides policy recommendations for the construction and development of China's automobile independent brands, automobile group's main industry and its automobile financial services professional institutions.
【學位授予單位】：哈爾濱工程大學
【學位級別】：博士
【學位授予年份】：2008
【分類號】：F426.471;F832.39
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