本文選題：資產(chǎn)證券化 + 融資租賃��； 參考：《安徽財(cái)經(jīng)大學(xué)》2015年碩士論文

【摘要】：經(jīng)過(guò)三十多年的發(fā)展,我國(guó)的融資租賃行業(yè)規(guī)模日益擴(kuò)大,影響力日益凸顯。但是,與國(guó)外發(fā)達(dá)國(guó)家相比,我國(guó)的融資租賃行業(yè)仍然處于初級(jí)階段,究其原因,發(fā)現(xiàn)資金約束是制約我國(guó)融資租賃行業(yè)健康發(fā)展的重要原因。YC融資租賃有限公司是一家中外合資的融資租賃公司,自2012年初成立至今發(fā)展迅速,但是資金不足越來(lái)越限制其業(yè)務(wù)的開(kāi)展,成為我國(guó)眾多融資難租賃公司的一個(gè)典型代表。將租賃債權(quán)進(jìn)行資產(chǎn)證券化獲得資金是一個(gè)打破融資租賃公司所面臨的資金約束的切實(shí)可行的方法。本文主要對(duì)租賃資產(chǎn)證券化融資模式進(jìn)行研究。首先,文章從融資租賃資產(chǎn)證券化的基礎(chǔ)概念入手,主要對(duì)融資租賃、資產(chǎn)證券化、融資租賃的資產(chǎn)證券化的基本概念進(jìn)行了重點(diǎn)梳理。然后,文章介紹了YC融資租賃有限公司的基本情況、資金來(lái)源以及融資困境,并結(jié)合融資租賃資產(chǎn)證券化的優(yōu)勢(shì)論證了YC公司實(shí)行租賃資產(chǎn)證券化的可行性。接著,文章介紹了“遠(yuǎn)東首期計(jì)劃”的背景,分析并評(píng)價(jià)了它的融資模式。最后,文章以“遠(yuǎn)東首期計(jì)劃”為借鑒,設(shè)計(jì)了租賃資產(chǎn)證券化的雙SPV模式,為YC融資租賃有限公司拓寬融資渠道提供了思路。本文認(rèn)為租賃資產(chǎn)證券化作為傳統(tǒng)融資渠道的補(bǔ)充,具有非常多的優(yōu)勢(shì)。它可以拓寬企業(yè)的融資渠道、降低企業(yè)的融資費(fèi)率、優(yōu)化企業(yè)的資本結(jié)構(gòu)并能改善企業(yè)的現(xiàn)金流。租賃資產(chǎn)證券的雙SPV模式在減少審批時(shí)間、降低融資風(fēng)險(xiǎn)方面具有很多優(yōu)勢(shì)。雖然目前我國(guó)租賃資產(chǎn)證券化仍然處于前期摸索階段,在很多方面可能還有很多問(wèn)題,但是通過(guò)學(xué)習(xí)國(guó)外的先進(jìn)經(jīng)驗(yàn)并在租賃資產(chǎn)證券化實(shí)踐中進(jìn)行總結(jié)反思,租賃資產(chǎn)證券化會(huì)逐步發(fā)展成為一個(gè)新型的融資渠道,為企業(yè)提供長(zhǎng)期、低成本、穩(wěn)定的現(xiàn)金流。
[Abstract]:After more than 30 years of development, the scale of financial leasing industry in China is expanding and its influence is becoming more and more prominent. However, compared with developed countries, China's financial leasing industry is still in its infancy. It is found that capital constraint is an important reason for restricting the healthy development of China's financial leasing industry. YC Financial Leasing Co., Ltd. is a Sino-foreign joint venture financial leasing company, which has developed rapidly since its establishment in early 2012. However, the shortage of funds has increasingly restricted the development of its business, and has become a typical representative of many financing difficult leasing companies in China. It is a feasible method to break the financial constraints faced by financial leasing companies by securitization of assets. This paper mainly studies the financing mode of leasing asset securitization. First of all, the article starts with the basic concept of securitization of financial lease assets, mainly combing the basic concepts of financing lease, asset securitization and securitization of finance lease. Then, the paper introduces the basic situation, the source of funds and the financing dilemma of YC Financial Lease Co., Ltd., and proves the feasibility of YC Company to implement the securitization of leasing assets combined with the advantages of securitization of financial leasing assets. Then, the paper introduces the background of far East initial Plan, analyzes and evaluates its financing mode. Finally, based on the "first Plan of far East", this paper designs a double SPV model of securitization of leased assets, which provides a way for YC to broaden its financing channels. As a supplement of traditional financing channels, leasing asset securitization has many advantages. It can broaden the financing channels, reduce the financing rate, optimize the capital structure and improve the cash flow. The dual SPV model of leasing asset securities has many advantages in reducing the approval time and reducing the financing risk. Although China's leasing asset securitization is still in the early stage of exploration, there may still be many problems in many aspects, but through the study of foreign advanced experience and in the practice of leasing asset securitization summary and reflection, The securitization of leasing assets will gradually develop into a new financing channel, providing long-term, low-cost and stable cash flow for enterprises.
【學(xué)位授予單位】：安徽財(cái)經(jīng)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2015
【分類號(hào)】：F832.49

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本文編號(hào)：1782271