本文選題：國際融資租賃 + 退出機(jī)制��； 參考：《中國海洋大學(xué)》2014年碩士論文

【摘要】：融資租賃業(yè)在我國經(jīng)歷了三十年的發(fā)展，其對國民經(jīng)濟(jì)貢獻(xiàn)逐年增大，但是，，我國融資租賃業(yè)還面臨著租賃設(shè)備市場滲透率低、國際化程度不高、融資租賃企業(yè)“融資難”、國內(nèi)資金成本高企、國外資金成本低廉等諸多問題的困擾。融資租賃業(yè)不僅要著眼國內(nèi)市場，更要放眼全球，要站在國際融資租賃的角度來考慮總體發(fā)展。隨著經(jīng)濟(jì)全球化步伐逐漸加快，為響應(yīng)國家“引進(jìn)來”和“走出去”戰(zhàn)略部署，發(fā)展國際融資租賃刻不容緩。研究國際融資租賃資金退出不僅有利于我國拓寬對外融資渠道，也有利于解決我國融資租賃企業(yè)的“融資難”問題，同時又能間接地滿足中小企業(yè)國際業(yè)務(wù)中的融資需求。 本文以融資租賃理論、債權(quán)融資理論以及機(jī)制設(shè)計(jì)理論為基礎(chǔ)，從融資租賃債權(quán)資產(chǎn)退出的視角研究融資租賃公司的融資問題，利用博弈論中的求愛博弈模型對國際融資租賃資金退出進(jìn)行總體機(jī)制設(shè)計(jì)。在機(jī)制設(shè)計(jì)之前，對國際融資租賃資金退出機(jī)制的概念進(jìn)行了詳細(xì)界定，基于該概念構(gòu)建了完備的退出機(jī)制設(shè)計(jì)體系，包括退出目標(biāo)、退出原則、退出因素、退出主體、退出動機(jī)以及退出方式等要素。為便于后續(xù)研究，利用退出方式中的同一性，將對不同的退出方式進(jìn)行歸一化假定，即將退出渠道中的通道提供者和退出過程中產(chǎn)生的中間業(yè)務(wù)成本歸一化為中間人和退出成本，從而為國際融資租賃資金退出機(jī)制進(jìn)行總體設(shè)計(jì)做好鋪墊。 在機(jī)制設(shè)計(jì)過程中，選擇從投資者決策的角度下手，分析投資者與退出發(fā)起人即出租人之間的利益分配及收益情況，抓住投資者與出租人的信息不對稱地位，論證博弈論分析的可行性，利用博弈論求愛模型進(jìn)行求解，得出了退出發(fā)起人的有效退出條件，即必須滿足租賃債權(quán)資產(chǎn)為風(fēng)險(xiǎn)資產(chǎn)的概率小于利差收益率與風(fēng)險(xiǎn)損失率之比以及退出成本小于流動性獲得收益兩個基本條件。將兩個基本條件融入到租賃債權(quán)資產(chǎn)退出流程中，提高出租人退出決策的有效性，從而為出租人選擇退出時機(jī)提供指導(dǎo)。通過對比國內(nèi)外退出的不同，得出我國存在退出渠道不豐富、退出法規(guī)不完善、國內(nèi)投資者不夠理性等問題，但基于前文的假定，得到國內(nèi)退出與國外退出并無本質(zhì)差異的結(jié)論。并結(jié)合我國某融資租賃公司的國際融資租賃案例對退出機(jī)制進(jìn)行可行性檢驗(yàn)，發(fā)現(xiàn)并非所有項(xiàng)目滿足利差收益率與風(fēng)險(xiǎn)損失率之比大于風(fēng)險(xiǎn)資產(chǎn)概率或是退出成本小于流動性獲得收益的條件，但考慮到實(shí)際退出過程中存在流動性收益無法準(zhǔn)確衡量、優(yōu)質(zhì)客戶維護(hù)需求以及國內(nèi)投資市場并不完善等因素，得出國際融資租賃資金退出機(jī)制基本可行的結(jié)論。 最后，回歸到具體的退出方式，包括租賃資產(chǎn)證券化融資、租賃資產(chǎn)保理融資、租賃資產(chǎn)信托融資、租賃資產(chǎn)外債融資，借鑒國際經(jīng)驗(yàn)，如20世紀(jì)90年代興起的離岸資產(chǎn)證券化以及再保理、再保險(xiǎn)機(jī)制等，再結(jié)合我國當(dāng)前發(fā)展情況，分別針對各退出方式提出將租賃資產(chǎn)真實(shí)出售的離岸資產(chǎn)證券化退出模式、銀信兼營的租賃資產(chǎn)信托退出模式、外資租賃公司境外股東融資模式，簡要分析了各退出方式可能面臨的風(fēng)險(xiǎn)，并提出了相應(yīng)的防控建議，使得國際融資租賃資金退出機(jī)制進(jìn)一步得到優(yōu)化。通過對比各退出方式的優(yōu)勢與劣勢及可行性，得出退出方式適用的租賃標(biāo)的物種類或承租人，如租賃資產(chǎn)保理融資一般適用于電信、船舶、飛機(jī)等優(yōu)質(zhì)租賃資產(chǎn)的退出，租賃資產(chǎn)信托融資一般適用于醫(yī)療設(shè)備、大型工程機(jī)械等租賃資產(chǎn)的退出，為出租人的有效退出提供建議。
[Abstract]:The financial leasing industry has experienced thirty years' development in China, and its contribution to the national economy has increased year by year. However, the financial leasing industry in China still faces the problems of low permeability of leasing equipment market, low degree of internationalization, financing leasing enterprises "financing difficult", high cost of domestic capital, low cost of foreign capital and so on. The leasing industry should not only focus on the domestic market, but also look around the world and consider the overall development in the perspective of international financial leasing. With the gradual acceleration of the pace of economic globalization, it is not slow to develop international financial leasing engraved to respond to the national "Introduction" and "going out" strategic deployment. It is not only beneficial to study the withdrawal of international financing lease funds. Expanding foreign financing channels in China also helps to solve the "difficult financing" problem of the financing leasing enterprises in China, and can also meet the financing needs of small and medium-sized enterprises in the international business indirectly.
Based on the theory of financing leasing, the theory of debt financing and the theory of mechanism design, this paper studies the financing problem of financing leasing companies from the perspective of the withdrawal of financing lease assets, and makes use of the game model in the game theory to make a general machine design for the withdrawal of international financing lease funds. Before the mechanism is designed, the international financing rent is made. The concept of rent withdrawal mechanism is defined in detail. Based on this concept, a complete design system of exit mechanism is constructed, including withdrawal target, exit principle, exit factor, exit main body, exit motivation and exit mode. In order to facilitate follow-up research, using the same character in the way of withdrawal, the different exit methods will be carried out. The normalization assumption is that the channel providers and the intermediate business costs in the exit channel are normalized to the middle and exit costs, which will pave the way for the overall design of the withdrawal mechanism of international financing lease funds.
In the process of mechanism design, we choose from the perspective of investor decision-making, analyze the distribution and income of the investor and the lessor, the lessor, seize the information asymmetry status of the investor and the lessor, demonstrate the feasibility of the game theory analysis, and use the game theory of courtship model to solve the problem, and get out the initiator. The effective withdrawal conditions are two basic conditions that the probability of the leasehold assets as the risk assets is less than the ratio of profit margin to the risk loss rate and the withdrawal cost is less than liquidity, and the two basic conditions are integrated into the exiting process of the leasehold assets, thus improving the validity of the lessor's withdrawal from the decision. It provides guidance for the lessor's choice of exit opportunity. By comparing the differences at home and abroad, it is concluded that there are not abundant exit channels, imperfect laws and regulations, and irrational investors, but based on the previous hypothesis, there is no essential difference between domestic withdrawal and foreign withdrawal. The case of international financing lease is a feasibility test for the exit mechanism. It is found that not all projects satisfy the ratio of profit margin and risk loss ratio greater than the risk asset probability or the condition that the exit cost is less than liquidity gain. Household maintenance demand and imperfect domestic investment market and other factors have drawn the conclusion that international financial leasing capital exit mechanism is basically feasible.
Finally, return to specific exit ways, including leasehold securitization financing, lease asset factoring financing, lease asset trust financing, leasing assets external debt financing, reference to international experience, such as the rise of offshore asset securitization in 1990s, refactoring, and then insurance mechanism, and then combined with the current development of our country, respectively. The exit mode puts forward the withdrawal mode of the offshore assets securitization, which is the real sale of the leased assets, the renting Assets Trust withdrawal mode and the foreign shareholders financing mode of the foreign leasing companies, and briefly analyzes the possible risks that each exit way is facing, and puts forward the corresponding prevention and control suggestions, making the international financing lease fund exit mechanism. By comparing the advantages, disadvantages and feasibility of various ways of withdrawal, we can draw a conclusion that the type of leasehold or lessee can be applied in the way of withdrawal, such as the lease asset factoring financing is generally applicable to the withdrawal of high quality lease assets such as telecommunications, ships and aircraft, and the leasing capital trust financing is generally applicable to medical equipment and large projects. The withdrawal of leasing assets such as machinery provides advice for the lessor's effective exit.
【學(xué)位授予單位】：中國海洋大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2014
【分類號】：F831.2

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