發(fā)布時(shí)間：2018-01-03 14:34

  本文關(guān)鍵詞：融資租賃產(chǎn)品定價(jià)機(jī)制設(shè)計(jì)與政策建議　出處：《合肥工業(yè)大學(xué)》2014年博士論文　論文類(lèi)型：學(xué)位論文

  更多相關(guān)文章： 金融產(chǎn)品 融資租賃 產(chǎn)品定價(jià) 定價(jià)機(jī)制 政策選擇

【摘要】：融資租賃是集貿(mào)易、融資、租賃于一體的創(chuàng)新金融產(chǎn)品,誕生于20世紀(jì)50年代的美國(guó)。經(jīng)過(guò)60多年的發(fā)展,融資租賃己成為一種被全球多數(shù)國(guó)家廣泛認(rèn)可的融資方式,在金融市場(chǎng)中與銀行信貸、資本證券并駕齊驅(qū)。融資租賃交易規(guī)模僅次于銀行信貸,是全球第二大債權(quán)融資方式。 融資租賃自1981年從日本引入我國(guó),在經(jīng)歷了初創(chuàng)、快速發(fā)展、風(fēng)險(xiǎn)爆發(fā)、清理整頓階段之后,到21世紀(jì)初才開(kāi)始步入規(guī)范、健康、較快的發(fā)展之路。截止2014年6月底全國(guó)在冊(cè)運(yùn)營(yíng)的融資租賃公司數(shù)量已發(fā)展到1350家左右,行業(yè)規(guī)模達(dá)到2.6萬(wàn)億元。然而,隨著近幾年融資租賃行業(yè)的快速發(fā)展,涌現(xiàn)出不少新的問(wèn)題、新的矛盾,特別是融資租賃作為一種金融創(chuàng)新產(chǎn)品,其產(chǎn)品定價(jià)機(jī)制不合理、不規(guī)范。我國(guó)融資租.賃行業(yè)尚未形成統(tǒng)一、合理、規(guī)范的定價(jià)機(jī)制和標(biāo)準(zhǔn),融資租賃公司多從各自的研究和實(shí)際出發(fā)或相互效仿,形成過(guò)度依賴(lài)銀行信貸產(chǎn)品定價(jià)模型又各具特色的定價(jià)模式,定價(jià)機(jī)制亟需規(guī)范和統(tǒng)一 在我國(guó),融資租賃公司的資質(zhì)審批、管理分別由中國(guó)銀行業(yè)監(jiān)督管理委員會(huì)和國(guó)家商務(wù)部(或省級(jí)商務(wù)主管部門(mén)、國(guó)家級(jí)經(jīng)濟(jì)技術(shù)開(kāi)發(fā)區(qū))負(fù)責(zé)。中國(guó)銀行業(yè)監(jiān)督管理委員會(huì)從金融融資角度將融資租賃納入自身的審批、管理范疇,而商務(wù)部門(mén)從商品貿(mào)易、租賃的角度也對(duì)融資租賃進(jìn)行審批和監(jiān)管。不同部門(mén)、不同角度對(duì)融資租賃的審批和管理,恰恰說(shuō)明了這一產(chǎn)品交易結(jié)構(gòu)的多元性和復(fù)雜性。鑒于融資、貿(mào)易、租賃均有不同的定價(jià)機(jī)制和定價(jià)方法,從何種角度來(lái)思考融資租賃產(chǎn)品的定價(jià),體現(xiàn)出這一產(chǎn)品定價(jià)的特殊性,顯得更有意義。 目前國(guó)內(nèi)學(xué)者對(duì)于融資租賃的理論研究較少,研究深度和廣度均不夠。特別是有關(guān)融資租賃產(chǎn)品定價(jià)的理論性和系統(tǒng)性研究,鮮見(jiàn)觀點(diǎn)與文章。本文認(rèn)為我國(guó)目前尚未形成成熟的融資租賃產(chǎn)品定價(jià)理論,以指導(dǎo)該產(chǎn)品規(guī)范、合理定價(jià),這也是當(dāng)前我國(guó)融資租賃市場(chǎng)中產(chǎn)品定價(jià)比較混亂、無(wú)序的主要原因。文章在對(duì)我國(guó)融資租賃市場(chǎng)現(xiàn)狀進(jìn)行分析的基礎(chǔ)上,借鑒相關(guān)經(jīng)濟(jì)管理理論的思想,重點(diǎn)對(duì)我國(guó)融資租賃產(chǎn)品定價(jià)理論和定價(jià)機(jī)制進(jìn)行研究,并跟蹤和關(guān)注CCGX金融租賃公司五年的經(jīng)營(yíng)狀況和定價(jià)實(shí)踐,完整收集整理和分析了該公司所開(kāi)展的全部727個(gè)項(xiàng)目定價(jià)方案,并結(jié)合真實(shí)案例分析,揭示了當(dāng)前我國(guó)融資租賃產(chǎn)品定價(jià)的現(xiàn)狀與問(wèn)題,最后提出了相關(guān)政策建議。 本文的具體研究?jī)?nèi)容和創(chuàng)新性工作如下： 第一,首次分析與構(gòu)建了融資租賃產(chǎn)品定價(jià)理論思想,奠定了我國(guó)融資租賃產(chǎn)品定價(jià)理論基礎(chǔ)。本文總結(jié)和分析了金融產(chǎn)品(資產(chǎn))定價(jià)的理論與范式變遷,在此基礎(chǔ)上,結(jié)合當(dāng)前我國(guó)金融產(chǎn)品定價(jià)模式、融資租賃制度設(shè)計(jì)與定價(jià)機(jī)制現(xiàn)狀,借鑒權(quán)變理論和柔性管理理論的思想精髓,首次探析并初步構(gòu)建了我國(guó)融資租賃產(chǎn)品的定價(jià)理論和定價(jià)機(jī)制；分析了融資租賃產(chǎn)品定價(jià)特征,給出了定價(jià)方法,為進(jìn)一步研究和完善融資租賃產(chǎn)品定價(jià)理論奠定了基礎(chǔ)。 第二,對(duì)當(dāng)前我國(guó)融資租賃產(chǎn)品定價(jià)機(jī)制進(jìn)行了評(píng)價(jià),運(yùn)用消費(fèi)者剩余和生產(chǎn)者剩余理論分析了融資租賃產(chǎn)品定價(jià)優(yōu)化的路徑,并重點(diǎn)對(duì)不同的創(chuàng)新融資租賃交易結(jié)構(gòu)和定價(jià)機(jī)制設(shè)計(jì)進(jìn)行了研究。 第三,首次對(duì)我國(guó)融資租賃行業(yè)產(chǎn)品定價(jià)進(jìn)行了實(shí)證檢驗(yàn)。連續(xù)五年完整跟蹤和考察了CCGX金融租賃公司經(jīng)營(yíng)狀況和定價(jià)實(shí)踐,收集整理了五年所有項(xiàng)目的定價(jià)方案,以完整的數(shù)據(jù)為基礎(chǔ),對(duì)我國(guó)融資租賃產(chǎn)品定價(jià)進(jìn)行了實(shí)證檢驗(yàn)。在對(duì)融資租賃產(chǎn)品定價(jià)方案不同要素深入分析的基礎(chǔ)上,找出當(dāng)前我國(guó)融資租賃行業(yè)產(chǎn)品定價(jià)中存在的問(wèn)題；研究分析了融資租賃產(chǎn)品定價(jià)方案中不同因素的相互關(guān)系和調(diào)整策略,以求得適應(yīng)我國(guó)金融市場(chǎng)發(fā)展需要的靈活的、科學(xué)的、規(guī)范的融資租賃產(chǎn)品定價(jià)機(jī)制,增強(qiáng)了本文研究的可靠性。 第四,運(yùn)用具體實(shí)際案例的分析,文章解釋了原有定價(jià)方案的缺陷,并結(jié)合融資租賃產(chǎn)品定價(jià)理論與優(yōu)化思路,重新優(yōu)化設(shè)計(jì)定價(jià)方案,進(jìn)行比較研究,具有較強(qiáng)的現(xiàn)實(shí)指導(dǎo)價(jià)值。 第五,提出了我國(guó)融資租賃產(chǎn)品定價(jià)的相關(guān)政策建議。在理論和實(shí)證研究的基礎(chǔ)上,分別從法制基礎(chǔ)、審批監(jiān)管、市場(chǎng)運(yùn)行機(jī)制以及稅收支持等方面提出我國(guó)融資租賃產(chǎn)品定價(jià)機(jī)制優(yōu)化的相關(guān)政策建議,為我國(guó)融資租賃市場(chǎng)的健康、有序、快速發(fā)展構(gòu)建相適應(yīng)的制度保障與外部環(huán)境。
[Abstract]:Financing lease is an innovative financial product integrated with trade , finance and lease . After more than 60 years of development , financing lease has become a kind of financing mode widely recognized by most countries in the world . Since 1981 , the financing lease has been introduced into China from Japan . It has experienced many new problems , such as initial , rapid development , risk explosion and liquidation . The number of financing lease companies operating at the end of June 2014 has developed to about 1350 billion yuan . However , with the rapid development of the financing lease industry in recent years , there are many new problems , unreasonable and standard pricing mechanisms and standards , and the financing lease companies have not formed unified , reasonable and standardized pricing mechanisms and standards . In our country , the qualification and approval of the financing lease companies is the responsibility of the China Banking Regulatory Commission and the Ministry of Commerce ( or provincial commerce authorities , national economic and technological development zones ) . At present , domestic scholars have little research on the theory of financing lease , and the research depth and breadth are not enough , especially the theory and systematic research on the pricing of financing lease products . The specific research content and innovative work of this paper are as follows : The first , the first analysis and the construction of the theory of the pricing theory of the financing lease product established the theoretical basis of the pricing theory of the financial leasing products in China . Based on this , the paper summarizes and analyzes the theory and paradigm shift of the pricing of financial products ( assets ) . On the basis of this , the pricing theory and the pricing mechanism of the financing lease products are analyzed . The pricing characteristics of the financing lease products are analyzed and the pricing methods are provided . The basis for further research and improvement of the pricing theory of financing lease products is provided . Secondly , the pricing mechanism of financing lease products in China is evaluated , and the path of pricing optimization of financing lease products is analyzed by using the consumer surplus and the residual theory of producers , and the design of different innovative financing lease transaction structure and pricing mechanism is focused on . Third , we have carried out an empirical test on the pricing of financing lease industry in our country for the first time . After five years of complete tracking and investigation of the operation status and pricing practice of CCGX financial leasing companies , we have carried out an empirical test on the pricing of financing lease products in China . Fourthly , using the analysis of concrete practical cases , this paper explains the defects of the original pricing scheme , and combines the pricing theory and the optimization idea of financing lease products , reoptimizes the design pricing scheme , conducts comparative research , and has stronger practical guidance value . Fifth , this paper puts forward some relevant policy suggestions on the pricing of financing lease products in our country . On the basis of theoretical and empirical research , this paper puts forward some relevant policy suggestions on the optimization of the pricing mechanism of financing lease products in China from the aspects of legal system foundation , approval supervision , market operation mechanism and tax support , etc . It provides the system guarantee and external environment for the healthy , orderly and rapid development of finance lease market in China .

【學(xué)位授予單位】：合肥工業(yè)大學(xué)
【學(xué)位級(jí)別】：博士
【學(xué)位授予年份】：2014
【分類(lèi)號(hào)】：F832.49

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