韩国船舶金融的现状及走向

发布时间：2018-05-31 20:09

本文选题：海运产业 + 船舶投资　；参考：《复旦大学》2010年硕士论文

【摘要】：船舶融资[SHIP FINANCING]的定义就是船公司为购买船舶的时利用的他人资本。因为船舶本身的价值是非常高,船公司不能一下子只利用自己的资本购买船舶,因此向造船厂订新船舶时或者购买二手船舶时只投入20%至30%的自有资本,剩下的70%至80%的资金通过金融机构利用船舶融资。因而船舶融资可视为金融金额大、一种长期金融、一般是计划金融、具有较大的风险的金融。船舶融资从借主角度来可划分为由一般商业银行的金融、通过综合商社的金融、通过租赁公司的金融、通过船舶投资公司(船舶基金)的金融。韩国的主要船舶金融制度是政府为了造船产业及海运产业发展而通过国策银行实施的SF (Structured Finance)船舶融资与外轮购买资金支援制度的融资,韩国船舶融资得到进一步的发展是2002年7月船舶投资公司法的批准后新的船舶融资方式的船舶投资公司制度(船舶基金)的正式实施以后。与以往船舶基金是政府为主导通过国策银行给造船厂及海运公司支援的船舶融资方式不同,不仅个人投资者及企业投资者(商业银行)能够参与到船舶投资中去,而且对海运公司来说新造或者购买二手船舶时能够通过船舶基金解决初期资本(大概整个船舶的20%至30%)的完全不同的船舶融资制度。该制度施行以来到最近总共募集了100条以上的船舶基金,这其中包括因2008年金融危机而发生流动性困难的韩国海运公司,因得到这个基金而起死回生募集到的调整船舶基金。在初期大部分的船舶基金的形态为对个人投资者参与的公募性债券型船舶基金,但最近又发展只有企业投资者参与的私募形态的分红型船舶基金,这种基金在到期时出售船舶差价的一部分加上根据市场情况的运费收入的变动风险也由投资者承担的纯业绩性风险型基金,这种基金自出台以来,马上就得到市场的认可并且是船舶融资市场充满了活力。所以在深入研究韩国主要船舶融资方式和制度以后得出的结果,是为了跟上目前最流行新型船舶融资方式之一船舶基金,让它得到的持续发展和完善。同时也要大力发展和改善信托性船舶基金使其充满活力和更广泛的运用,特别也是为了韩国船舶融资的发展需要进一步引进先进的金融管理体系和制度。
[Abstract]:Ship financing [SHIP FINANCING] is defined as the capital used by shipping companies to purchase ships. Because the value of the ship itself is very high, the shipping company can't just use its own capital to buy the ship at once, so it only invests 20% to 30% of its own capital when it orders new ships from the shipyard or buys second-hand ships. Between 70% and 80% of the remaining funds are financed by ships through financial institutions. Therefore, ship financing can be regarded as large financial amount, a kind of long-term finance, usually planning finance, with greater risk. The financing of ships can be divided into the finance of the general commercial bank, the finance of the comprehensive commercial company, the finance of the leasing company and the finance of the ship investment company (ship fund). The main ship finance system in Korea is the financing of the SF structured Finance system implemented by the Government through the National Policy Bank for the development of the shipbuilding industry and the maritime industry, and the financing of the foreign ship purchase fund support system. The further development of ship financing in Korea is after the new ship investment company system (ship fund) was formally implemented after the approval of ship Investment Company Law in July 2002. Unlike in the past when the ship fund was a government-led ship financing method for shipyards and shipping companies supported by the National Policy Bank, not only individual investors and corporate investors (commercial banks) were able to participate in ship investment. And for shipping companies to build or buy second-hand ships through the ship fund can solve the initial capital (about 20% to 30% of the ship) a completely different ship financing system. More than 100 ship funds have been raised since the system came into effect. These include the Korea Shipping Company, which has had liquidity difficulties due to the 2008 financial crisis, and has raised the adjusted ship fund because of the fund. At the beginning, most of the ship funds were public bond ship funds for individual investors, but recently they also developed profit-paying ship funds with only the participation of enterprise investors. Such funds, which sell a portion of the ship's difference at maturity, plus a pure performance risk fund that is also borne by investors on the basis of changes in freight income in accordance with market conditions, have since its inception, It was immediately recognized by the market and the ship financing market was full of vitality. So after the in-depth study of the main ship financing methods and systems in South Korea, the result is to keep up with the ship fund, one of the most popular new ship financing methods, so that it can get the sustainable development and perfection. At the same time, it is necessary to develop and improve the trust ship fund to make it full of vitality and wider application, especially for the development of ship financing in Korea, it is necessary to further introduce the advanced financial management system and system.
【学位授予单位】：复旦大学
【学位级别】：硕士
【学位授予年份】：2010
【分类号】：F416.474;F833.126

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