本文選題：房地產(chǎn)　切入點：融資租賃　出處：《西南交通大學(xué)》2013年碩士論文　論文類型：學(xué)位論文

【摘要】：隨著市場經(jīng)濟的逐漸成熟,我國金融市場正走入快速發(fā)展的時期,涌現(xiàn)出了大量新的金融產(chǎn)品以及金融工具,跨行業(yè)、多領(lǐng)域的市場交易越來越多。通過多年來的實踐探索和理論研究,房地產(chǎn)與融資租賃結(jié)合而產(chǎn)生的房地產(chǎn)融資租賃交易,逐漸引起了投資者與學(xué)者們的關(guān)注。通過借鑒融資租賃的交易模式,并融入自身行業(yè)的特征,發(fā)揮實物與資金雙向流動所帶來的融資優(yōu)勢,房地產(chǎn)業(yè)不僅為本行業(yè)找到了新的融資渠道,促進了融資租賃業(yè)的發(fā)展,還為房地產(chǎn)業(yè)以及其他行業(yè)的融資租賃交易提供了新的創(chuàng)新及參考方式。 然而,由于房地產(chǎn)融資租賃交易缺乏法律依據(jù),交易中存在大量的不確定性,出租方被承租方套牢的問題時有發(fā)生,雙方缺乏投資熱情,投資效率低、收益回收困難。面對交易中出現(xiàn)的這些問題,本文基于Klein、威廉姆森等前輩們的研究成果,從套牢的角度去解釋出現(xiàn)這些問題的原因并提出治理阻礙房地產(chǎn)融資租賃開展的方案和建議。具體而言,本文首先概述了房地產(chǎn)融資租賃交易要素和交易特征,并分析了房地產(chǎn)融資租賃交易過程中套牢問題出現(xiàn)的原因。后對交易中主體——承(出)租雙方所面臨的交易風(fēng)險進行分析,找到出現(xiàn)套牢問題后可能會為雙方帶來的負面影響是承租方選擇后契約主義行為,出租方放棄提供融資租賃,博弈的結(jié)果將導(dǎo)致房地產(chǎn)融資租賃難以開展。并在已建立的雙方收益模型的基礎(chǔ)上,給出了事中談判的治理方案,通過計算得到出租方事中談判的最佳時刻點,鎖定出租方收益,降低違約損失。新的事中談判博弈得到了新的均衡解,激勵了出租方投資,一定程度上促進了房地產(chǎn)融資租賃交易。本文同時從交易主體和宏觀環(huán)境建設(shè)方面提出了一些建議。
[Abstract]:With the maturity of the market economy, our financial market is entering a period of rapid development, and a large number of new financial products and financial instruments have emerged. Through years of practical exploration and theoretical research, real estate and financial leasing transactions resulting from the combination of real estate and financial leasing, Gradually attracted the attention of investors and scholars. By learning from the trading model of financial leasing, and integrating the characteristics of their own industry, we can give full play to the financing advantages brought by the two-way flow of material and capital. The real estate industry has not only found the new financing channel for the industry, promoted the development of the financing lease industry, but also provided the new innovation and the reference way for the real estate industry and other industries. However, due to the lack of legal basis for the real estate financing lease transaction, there is a lot of uncertainty in the transaction, the problem of the lessor being trapped by the lessee occurs from time to time, the two sides lack investment enthusiasm, and the investment efficiency is low. This paper is based on the research results of Klein, Williamson and other predecessors. This paper explains the causes of these problems and puts forward some solutions and suggestions to prevent the development of real estate financial leasing. Specifically, this paper first summarizes the elements and characteristics of real estate finance lease transactions. The paper also analyzes the reasons of the problem of holding up in the process of real estate financing lease transaction, and then analyzes the transaction risks faced by both parties in the transaction. The negative impact of finding out that the hold-up problem may bring to both parties is that the lessee chooses the post-contract behavior, and the lessor gives up the financing lease, The result of the game will cause the real estate financing lease to be difficult to carry out. On the basis of the established income model of both sides, the governance scheme of the negotiation in the event is given, and the best time point of the negotiation between the lessor and the lessor is obtained by calculation. Lock in the lessor's income and reduce the loss of default. The new negotiation game gets a new equilibrium solution, which encourages the lessor to invest. At the same time, this paper puts forward some suggestions from the aspects of transaction subject and macro environment construction.
【學(xué)位授予單位】：西南交通大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2013
【分類號】：F832.49;F299.23

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