本文選題：耐用設(shè)備 + 線性交易費用��； 參考：《北京化工大學》2014年碩士論文

【摘要】：在實際運營過程中,企業(yè)為了獲取特定的設(shè)備以滿足生產(chǎn)需求,既可以用自有資金直接購買,也可以采取融資租賃的形式。但如果決策者采取 直租賃的策略,那么當實際需要使用設(shè)備很長時間時,一直租賃的費用比直接購買的費用都要多；如果決策者采取直接購買的策略,當由于技術(shù)進步或流程改造等原因造成突然不再需要使用該設(shè)備時,將會對企業(yè)造成更大的損失,這種情況下購買設(shè)備的費用要大于租賃設(shè)備的費用。而且由于激烈的市場競爭和快速的技術(shù)更新,決策者必須在不知道需要使用設(shè)備多長時間的情況下,做出租賃還是購買以及何時轉(zhuǎn)租為買的選擇,稱這種問題為占線租賃問題。關(guān)于占線租賃問題的研究始于Karp的“雪橇租賃”模型,之后國內(nèi)外學者在此基礎(chǔ)上又進行了深入研究,但已有研究都假定資產(chǎn)的價值是完全不可逆的,即使用結(jié)束后資產(chǎn)變得毫無價值,但實際中企業(yè)融資租賃的標的物都是價值昂貴且使用時間長的大型耐用設(shè)備,其在使用過程中不斷進行折舊,而且在使用一段時間后仍然具有很高的殘余價值,當不再需要使用時可以將其在舊貨市場上出售來降低使用成本,也就是說其價值是部分可逆的,由于價值比較高,買賣設(shè)備都要支付相應的交易費用。 本文針對大型耐用設(shè)備的特點,充分考慮了其租賃過程中存在的設(shè)備折舊、殘余價值和交易費用等因素,并假定交易費用與設(shè)備價值呈線性關(guān)系。首先基于傳統(tǒng)的占線算法和競爭分析理論設(shè)計了耐用設(shè)備占線租賃的最優(yōu)確定性策略,并求得了其競爭比。隨后,為了彌補確定性策略過于保守的缺點,分別在一般型預期和概率型預期下設(shè)計了耐用設(shè)備占線租賃的風險補償策略,其允許決策者根據(jù)自己對設(shè)備使用時間的預期情況進行策略的選擇,更加滿足風險偏好者的需求。而且通過算例模擬不難發(fā)現(xiàn)：般型預期下的風險補償策略是對確定性策略的推廣,而確定性策略是一般型預期下風險補償策略在風險容忍度為r=1時的一種極端情況；概率型預期下的風險補償策略又是對一般型預期下的風險補償策略的推廣,而一般型預期下的風險補償策略是概率型預期下的風險補償策略在P=0和P=1時的一種極端情況。通過逐步推進,本文為面臨耐用設(shè)備租賃問題的決策者提供了充分的理論依據(jù)和新穎的投資理念。
[Abstract]:In the actual operation process, in order to obtain the specific equipment to meet the production demand, enterprises can buy directly with their own funds, or they can take the form of financial leasing. However, if the decision maker adopts the direct lease strategy, the cost of renting the equipment for a long time is higher than that of the direct purchase; if the decision maker adopts the direct purchase strategy, When the equipment is suddenly no longer needed due to technological progress or process modification, it will cause more losses to the enterprise. In this case, the cost of purchasing the equipment is greater than the cost of leasing the equipment. Because of the fierce market competition and rapid technological renewal, decision makers must choose whether to rent or buy and when to sublease without knowing how long the equipment needs to be used, which is called a busy lease problem. The research on the problem of busy line lease started with Karp's "sleigh lease" model, and then the scholars at home and abroad carried out further research on this basis, but the previous studies have assumed that the value of assets is completely irreversible. Even if the assets become worthless at the end of use, in practice, the subject matter of a corporate finance lease is large, durable equipment that is expensive and long-lived, and is depreciated over the course of its use. And it still has a very high residual value after a period of time, and it can be sold in the used goods market when it is no longer needed to reduce the use cost, that is to say, its value is partially reversible, because the value is relatively high. According to the characteristics of large durable equipment, the depreciation, residual value and transaction cost of the equipment in the leasing process are fully considered in this paper. It is assumed that the transaction cost is linearly related to the value of the equipment. Based on the traditional busy algorithm and the theory of competition analysis, the optimal deterministic strategy for the busy lease of durable equipment is designed, and the competitive ratio is obtained. Then, in order to make up for the shortcoming that the deterministic strategy is too conservative, this paper designs the risk compensation strategy for the busy lease of durable equipment under the general expectation and probability expectation, respectively. It allows decision makers to make strategic choices according to their expectations of equipment usage time, thus meeting the needs of risk appetite. Furthermore, it is not difficult to find that the risk compensation strategy under the general expectation is an extension of the deterministic strategy, and the deterministic strategy is an extreme case in which the risk tolerance of the general expectation is r = 1; The risk compensation strategy under probability expectation is a generalization of the risk compensation strategy under general expectation, while the risk compensation strategy under general expectation is an extreme case of risk compensation strategy under probability expectation at P0 and P1. By advancing step by step, this paper provides a sufficient theoretical basis and a new investment idea for the decision makers facing the problem of durable equipment leasing.
【學位授予單位】：北京化工大學
【學位級別】：碩士
【學位授予年份】：2014
【分類號】：F721;F832.49

【參考文獻】

相關(guān)期刊論文 前10條

1 彭煥文;;租賃對企業(yè)財務(wù)結(jié)構(gòu)的影響探析[J];財會通訊(綜合版);2008年07期

2 劉宏;尤誼;;經(jīng)營租賃和融資租賃方式的財務(wù)影響之比較[J];財會月刊;2007年30期

3 徐維軍,徐寅峰,盧致杰,徐金紅;占線決策問題及競爭分析方法[J];系統(tǒng)工程;2005年05期

4 張永;張衛(wèi)國;徐維軍;;設(shè)備購買價格可變的確定性在線租賃策略[J];系統(tǒng)工程;2009年11期

5 鄭愛華;馮曉云;;增值稅轉(zhuǎn)型對固定資產(chǎn)投資決策的影響——基于租賃與購買決策的分析[J];中國管理信息化;2009年13期

6 姬新江;融資租賃合同中承租人索賠權(quán)研究[J];哈爾濱商業(yè)大學學報(社會科學版);2003年06期

7 朱志軍,徐寅峰,徐維軍;局內(nèi)租賃問題的風險補償模型及其競爭分析[J];管理科學學報;2004年03期

8 熊彩虹;;稅收對企業(yè)投資決策的影響分析[J];經(jīng)濟視角(下);2010年02期

9 辛春林;馬衛(wèi)民;楊磊;;Competitive Analysis of Two Special Online Device Replacement Problems[J];Journal of Computer Science & Technology;2008年02期

10 鄭明川;基于期權(quán)方法的動態(tài)租賃決策[J];統(tǒng)計研究;2003年01期

，

本文編號：1993411