【摘要】：融資租賃服務(wù)是一種新型金融服務(wù),以資產(chǎn)使用權(quán)轉(zhuǎn)移的方式融通資金,在市場(chǎng)經(jīng)濟(jì)發(fā)展過程中,能夠?yàn)槠髽I(yè)解決流動(dòng)資金短缺、周轉(zhuǎn)慢等問題,在飛機(jī)租賃業(yè)務(wù)中,航空公司通過定期向飛機(jī)租賃公司支付租金而取得飛機(jī)的使用權(quán),這一行為能有效減輕航空公司購(gòu)買飛機(jī)的資金壓力,在一定程度上節(jié)約成本,為航空公司的發(fā)展帶來(lái)活力。而對(duì)于出租方租賃公司而言,開展融資租賃業(yè)務(wù)需要大量的資金投入以及很長(zhǎng)的資金占用周期,從而使得融資租賃企業(yè)的未來(lái)經(jīng)營(yíng)發(fā)展不確定,產(chǎn)生了財(cái)務(wù)風(fēng)險(xiǎn)。隨著國(guó)家對(duì)融資租賃行業(yè)的政策傾斜,融資租賃企業(yè)如雨后春筍,大量出現(xiàn),行業(yè)內(nèi)競(jìng)爭(zhēng)愈發(fā)激烈,目前融資租賃企業(yè)為尋求自身發(fā)展,過度開展融資租賃業(yè)務(wù),而對(duì)于承租人的信譽(yù)、業(yè)務(wù)風(fēng)險(xiǎn)等因素不再重視,存在著“重業(yè)務(wù)輕風(fēng)險(xiǎn)”的現(xiàn)象,從而進(jìn)一步加劇了融資租賃企業(yè)的財(cái)務(wù)風(fēng)險(xiǎn),導(dǎo)致融資租賃企業(yè)經(jīng)營(yíng)失敗。重視、解決融資租賃公司財(cái)務(wù)風(fēng)險(xiǎn)成為了迫在眉睫的問題,這就要求我們必須從出租方的角度,了解融資租賃公司財(cái)務(wù)風(fēng)險(xiǎn)產(chǎn)生的的特殊原因,進(jìn)一步識(shí)別出租方的財(cái)務(wù)風(fēng)險(xiǎn),度量財(cái)務(wù)風(fēng)險(xiǎn),規(guī)避財(cái)務(wù)風(fēng)險(xiǎn),降低融資租賃企業(yè)不必要的損失,實(shí)現(xiàn)出租人利益最大化。本文首先針對(duì)理論進(jìn)行闡述,介紹相關(guān)的理論概論,然后結(jié)合契約理論、信息不對(duì)稱理論、資本結(jié)構(gòu)理論、全面風(fēng)險(xiǎn)管理理論,利用Z值模型分析法、現(xiàn)金流量表分析法和財(cái)務(wù)比率分析法等財(cái)務(wù)風(fēng)險(xiǎn)分析方法,對(duì)中國(guó)飛機(jī)租賃近三年財(cái)務(wù)報(bào)表數(shù)據(jù)進(jìn)行分析,并結(jié)中國(guó)飛機(jī)租賃近三年年財(cái)務(wù)報(bào)表,針對(duì)企業(yè)的資本結(jié)構(gòu)進(jìn)行研究,識(shí)別度量其財(cái)務(wù)風(fēng)險(xiǎn)的大小。最后根據(jù)分析所得出結(jié)論,對(duì)中國(guó)飛機(jī)租賃財(cái)務(wù)風(fēng)險(xiǎn)的應(yīng)對(duì)提出幾點(diǎn)措施,為融資租賃企業(yè)加強(qiáng)財(cái)務(wù)風(fēng)險(xiǎn)管理提出幾點(diǎn)建議。論文的目的主要是分析中國(guó)飛機(jī)租賃股份有限公司存在的財(cái)務(wù)風(fēng)險(xiǎn)然后及提出一些切實(shí)可行的財(cái)務(wù)風(fēng)險(xiǎn)管理意見,希望融資租賃其它行業(yè)也能夠借鑒,為我國(guó)融資租賃行業(yè)的健康發(fā)展給予一定的幫助。
[Abstract]:Financial leasing service is a new type of financial service. In the course of the development of market economy, it can solve the problems of shortage of liquidity and slow turnover of capital in the aircraft leasing business, which is financed by the transfer of the right of use of assets. Airlines obtain the right to use aircraft by paying regular rent to aircraft rental companies. This behavior can effectively reduce the financial pressure of airlines to buy aircraft, save costs to a certain extent, and bring vitality to the development of airlines. For the lessor leasing company, the financial leasing business needs a large amount of capital investment and a long period of capital occupation, which makes the future operation and development of the financial leasing enterprise uncertain, resulting in financial risk. With the country's policy on the financial leasing industry tilted, financial leasing enterprises such as the emergence of a large number of, the competition within the industry is becoming more and more fierce, the current financial leasing enterprises in order to seek their own development, over-developed financial leasing business, But to the lessee's reputation, the business risk and other factors are no longer attached importance, there exists the phenomenon of "heavy business light risk", which further aggravates the financial risk of the financial leasing enterprise, leading to the failure of the operation of the financial leasing enterprise. It is an urgent problem to solve the financial risk of the financial leasing company, which requires us to understand the special causes of the financial risk of the financial leasing company from the point of view of the lessor, and to further identify the financial risk of the lessor. Measure the financial risk, avoid the financial risk, reduce the unnecessary loss of the financial leasing enterprise, and maximize the lessor's benefit. This paper firstly expounds the theory, introduces the related theory introduction, then combines the contract theory, the information asymmetry theory, the capital structure theory, the overall risk management theory, using the Z-value model analysis method, and then combines the contract theory, information asymmetry theory, capital structure theory and comprehensive risk management theory. The methods of financial risk analysis, such as cash flow statement analysis and financial ratio analysis, analyze the data of Chinese aircraft leasing financial statements for the past three years, and conclude the financial statements for the last three years of aircraft leasing in China. The capital structure of an enterprise is studied to identify and measure the size of its financial risk. Finally, according to the conclusion of the analysis, this paper puts forward some measures to deal with the financial risk of aircraft leasing in China, and puts forward some suggestions for financial leasing enterprises to strengthen the financial risk management. The main purpose of this paper is to analyze the financial risks existing in China aircraft Leasing Co., Ltd., and then put forward some feasible financial risk management suggestions, hoping that other financial leasing industries can also learn from them. For the healthy development of China's financial leasing industry to give some help.
【學(xué)位授予單位】：石河子大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：F832.39;F830.42

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