本文關(guān)鍵詞：融資租賃產(chǎn)品定價機(jī)制設(shè)計與政策建議　出處：《合肥工業(yè)大學(xué)》2014年博士論文　論文類型：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 定價機(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。經(jīng)過60多年的發(fā)展,融資租賃己成為一種被全球多數(shù)國家廣泛認(rèn)可的融資方式,在金融市場中與銀行信貸、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,在經(jīng)歷了初創(chuàng)、快速發(fā)展、風(fēng)險爆發(fā)、清理整頓階段之后,到21世紀(jì)初才開始步入規(guī)范、健康、較快的發(fā)展之路。截止2014年6月底全國在冊運(yùn)營的融資租賃公司數(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)品定價機(jī)制不合理、不規(guī)范。我國融資租.賃行業(yè)尚未形成統(tǒng)一、合理、規(guī)范的定價機(jī)制和標(biāo)準(zhǔn),融資租賃公司多從各自的研究和實際出發(fā)或相互效仿,形成過度依賴銀行信貸產(chǎn)品定價模型又各具特色的定價模式,定價機(jī)制亟需規(guī)范和統(tǒng)一 在我國,融資租賃公司的資質(zhì)審批、管理分別由中國銀行業(yè)監(jiān)督管理委員會和國家商務(wù)部(或省級商務(wù)主管部門、國家級經(jīng)濟(jì)技術(shù)開發(fā)區(qū))負(fù)責(zé)。中國銀行業(yè)監(jiān)督管理委員會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)部門從商品貿(mào)易、租賃的角度也對融資租賃進(jìn)行審批和監(jiān)管。不同部門、不同角度對融資租賃的審批和管理,恰恰說明了這一產(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機(jī)制和定價方法,從何種角度來思考融資租賃產(chǎn)品的定價,體現(xiàn)出這一產(chǎn)品定價的特殊性,顯得更有意義。 目前國內(nèi)學(xué)者對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)品定價的理論性和系統(tǒng)性研究,鮮見觀點(diǎn)與文章。本文認(rèn)為我國目前尚未形成成熟的融資租賃產(chǎn)品定價理論,以指導(dǎo)該產(chǎn)品規(guī)范、合理定價,這也是當(dāng)前我國融資租賃市場中產(chǎn)品定價比較混亂、無序的主要原因。文章在對我國融資租賃市場現(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)對我國融資租賃產(chǎn)品定價理論和定價機(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)營狀況和定價實踐,完整收集整理和分析了該公司所開展的全部727個項目定價方案,并結(jié)合真實案例分析,揭示了當(dāng)前我國融資租賃產(chǎn)品定價的現(xiàn)狀與問題,最后提出了相關(guān)政策建議。 本文的具體研究內(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)品定價理論思想,奠定了我國融資租賃產(chǎn)品定價理論基礎(chǔ)。本文總結(jié)和分析了金融產(chǎn)品(資產(chǎn))定價的理論與范式變遷,在此基礎(chǔ)上,結(jié)合當(dāng)前我國金融產(chǎn)品定價模式、融資租賃制度設(shè)計與定價機(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)建了我國融資租賃產(chǎn)品的定價理論和定價機(jī)制；分析了融資租賃產(chǎn)品定價特征,給出了定價方法,為進(jìn)一步研究和完善融資租賃產(chǎn)品定價理論奠定了基礎(chǔ)。 第二,對當(dāng)前我國融資租賃產(chǎn)品定價機(jī)制進(jìn)行了評價,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)品定價優(yōu)化的路徑,并重點(diǎn)對不同的創(chuàng)新融資租賃交易結(jié)構(gòu)和定價機(jī)制設(shè)計進(jìn)行了研究。 第三,首次對我國融資租賃行業(yè)產(chǎn)品定價進(jìn)行了實證檢驗。連續(xù)五年完整跟蹤和考察了CCGX金融租賃公司經(jīng)營狀況和定價實踐,收集整理了五年所有項目的定價方案,以完整的數(shù)據(jù)為基礎(chǔ),對我國融資租賃產(chǎn)品定價進(jìn)行了實證檢驗。在對融資租賃產(chǎn)品定價方案不同要素深入分析的基礎(chǔ)上,找出當(dāng)前我國融資租賃行業(yè)產(chǎn)品定價中存在的問題；研究分析了融資租賃產(chǎn)品定價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)我國金融市場發(fā)展需要的靈活的、科學(xué)的、規(guī)范的融資租賃產(chǎn)品定價機(jī)制,增強(qiáng)了本文研究的可靠性。 第四,運(yùn)用具體實際案例的分析,文章解釋了原有定價方案的缺陷,并結(jié)合融資租賃產(chǎn)品定價理論與優(yōu)化思路,重新優(yōu)化設(shè)計定價方案,進(jìn)行比較研究,具有較強(qiáng)的現(xiàn)實指導(dǎo)價值。 第五,提出了我國融資租賃產(chǎn)品定價的相關(guān)政策建議。在理論和實證研究的基礎(chǔ)上,分別從法制基礎(chǔ)、審批監(jiān)管、市場運(yùn)行機(jī)制以及稅收支持等方面提出我國融資租賃產(chǎn)品定價機(jī)制優(yōu)化的相關(guān)政策建議,為我國融資租賃市場的健康、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)位級別】：博士
【學(xué)位授予年份】：2014
【分類號】：F832.49

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本文編號：1374318