【摘要】：在國家“一帶一路”和“中國制造”等戰(zhàn)略的影響下,將會有更多的大型工程建設(shè)項(xiàng)目啟動(dòng),這些項(xiàng)目帶動(dòng)了項(xiàng)目融資租賃業(yè)務(wù)的發(fā)展。如今,項(xiàng)目融資租賃的租賃范圍已經(jīng)擴(kuò)展至大型工程建設(shè)項(xiàng)目,并在大型工程建設(shè)項(xiàng)目的設(shè)備租賃中發(fā)揮著重要作用。目前,項(xiàng)目融資租賃作為一種新型融資租賃形式,在我國實(shí)際應(yīng)用中尚處于起步階段,其相關(guān)理論研究,尤其是租金計(jì)價(jià)方法等還不夠完善。但是,項(xiàng)目融資租賃對資本和資產(chǎn)市場的靈活運(yùn)轉(zhuǎn)都將產(chǎn)生重要的影響。因此,在我國經(jīng)濟(jì)飛速發(fā)展的形勢下,項(xiàng)目融資租賃租金計(jì)價(jià)方法的研究具有重要意義。本文在相關(guān)研究的基礎(chǔ)上,以大型工程建設(shè)項(xiàng)目的設(shè)備融資租賃為研究對象,著重分析出租人成本費(fèi)率和利潤率的計(jì)算方法,并在此基礎(chǔ)上建立出租人項(xiàng)目融資租賃租金計(jì)價(jià)的一般和優(yōu)化模型,以期為融資租賃企業(yè)在實(shí)際租賃業(yè)務(wù)的租金計(jì)算中提供幫助。本文的內(nèi)容主要分為五個(gè)部分:第一部分主要介紹了融資租賃與項(xiàng)目融資租賃的相關(guān)理論及兩者之間的區(qū)別;第二部分主要分析總結(jié)了已存在的租金計(jì)價(jià)方法,并在此基礎(chǔ)上研究了項(xiàng)目融資租賃租金計(jì)價(jià)的一般過程、假設(shè)條件和影響因素;第三部分在第二部分研究的基礎(chǔ)上歸納概括了出租人成本費(fèi)用構(gòu)成,并提出了各項(xiàng)成本費(fèi)用的計(jì)算方法,最后用實(shí)例驗(yàn)證了該方法的適用性和可操作性;第四部分主要在上述研究的基礎(chǔ)上構(gòu)建了出租人租金計(jì)價(jià)的三個(gè)模型,其分別為:基于出租人投資回收理論的項(xiàng)目融資租賃租金計(jì)價(jià)一般模型,固定租期條件下出租人租金計(jì)價(jià)優(yōu)化模型和租期不固定條件下出租人租金計(jì)價(jià)的優(yōu)化模型;第五部分引入某項(xiàng)目融資租賃案例驗(yàn)證本模型在實(shí)際操作中的合理性與普遍適用性。本文的創(chuàng)新點(diǎn)在于提出了出租人成本費(fèi)率的概念與計(jì)算方法,建立了出租人項(xiàng)目融資租賃租金計(jì)價(jià)的三個(gè)模型,即出租人項(xiàng)目融資租賃租金計(jì)價(jià)的一般模型,固定租期條件下出租人優(yōu)化計(jì)價(jià)模型和租期不固定條件下出租人優(yōu)化計(jì)價(jià)模型。模型操作簡單且易于理解,以期為出租人在項(xiàng)目融資租賃中租金計(jì)價(jià)中提供幫助。但是,本文是基于相關(guān)假設(shè)條件建立的模型,在實(shí)際應(yīng)用中,項(xiàng)目的情況可能會比較復(fù)雜,租金會受多方面因素的影響。因此,后續(xù)的研究還可從租賃項(xiàng)目的風(fēng)險(xiǎn)、承租人的資質(zhì)等級和出租人的效益等方面綜合考慮項(xiàng)目融資租賃租金計(jì)價(jià)模型。同時(shí),模型中各參數(shù)的靈敏度問題的研究也是未來研究的重要方向。
[Abstract]:Under the influence of such strategies as "Belt and Road" and "made in China", more large-scale construction projects will be launched, which will lead to the development of project finance leasing business. Nowadays, the leasing scope of project financing lease has been extended to large engineering construction projects and plays an important role in equipment leasing of large engineering construction projects. At present, as a new type of financial leasing, project finance lease is still in its initial stage of practical application in our country, and its related theoretical research, especially the method of rent valuation, is not perfect enough. However, project financing lease will have an important impact on the flexible operation of capital and asset markets. Therefore, under the situation of rapid economic development in our country, it is of great significance to study the pricing method of project finance lease rent. On the basis of relevant research, this paper focuses on the calculation method of lessor's cost rate and profit rate, taking the equipment financing lease of large engineering construction project as the research object. On this basis, the general and optimal model of the rental pricing of the lessor project is established, which is expected to help the financial leasing enterprise in the calculation of the actual rental business. The content of this paper is divided into five parts: the first part mainly introduces the related theory and the difference between the financing lease and the project finance lease; the second part mainly analyzes and summarizes the existing rent pricing methods. On this basis, the paper studies the general process, hypothetical conditions and influencing factors of the project financing lease rent-pricing. The third part summarizes the composition of the lessor's cost and expense on the basis of the second part of the study. Finally, the applicability and maneuverability of the method are verified by examples. In the fourth part, three models of lessor rent valuation are built based on the above research. The models are as follows: the general model of project finance lease rental pricing based on lessor's investment recovery theory, the lessor's rental pricing optimization model under fixed lease period and the lessor's rental pricing optimization model under the condition of indefinite lease period; The fifth part introduces a project finance lease case to verify the rationality and universal applicability of this model in practical operation. The innovation of this paper lies in putting forward the concept and calculation method of the lessor's cost rate, and establishing three models of the lessor project's financing lease rent valuation, that is, the general model of the lessor's project finance lease's rent valuation. The lessor optimizes the pricing model under the fixed lease period and the lessor optimal pricing model under the indefinite lease term. The model is simple and easy to understand in order to help the lessor in the rental pricing of project finance lease. However, this paper is a model based on relevant assumptions. In practical application, the situation of the project may be more complex, and the rent will be affected by many factors. Therefore, the following research can also consider the project finance lease rental pricing model from the aspects of the risk of the lease project, the qualification grade of the lessee and the benefit of the lessor. At the same time, the sensitivity of each parameter in the model is also an important research direction in the future.
【學(xué)位授予單位】：天津商業(yè)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2017
【分類號】：F832.49

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