基于出租人角度的项目融资租赁风险研究

发布时间：2018-11-09 14:15

【摘要】：项目融资租赁是指承租方以融资租赁项目自身财产及项目产生的经济效益为保证与出租方签订项目融资租赁合同的一种融资模式。投资金额巨大、还款期限长、投资回收期内不可预测因素多等特征决定了项目融资租赁存在诸多风险因素,一旦遭遇意外,出租人的损失往往是不可估量的。项目融资租赁的高风险在一定程度上成为制约我国项目融资租赁业务发展的瓶颈。项目融资租赁充满了风险与挑战,因而对项目融资租赁风险识别、风险评价、风险防范与出租人风险控制策略的研究,已成为推动我国融资租赁业发展使其重新崛起的重要前提。论文首先概要介绍了项目融资租赁并探讨了项目融资租赁风险特征。其次在对比三种常用风险因素识别方法的前提下,采用专家调研法识别项目融资租赁的风险因素并应用主成分分析法量化了信用风险的主要风险因素。再次根据风险因素有针对性构建了项目融资租赁风险评价指标体系,在指标权重的确定上,采用网络层次分析法并基于模糊综合评价法构建项目融资租赁风险综合评价模型。然后论文从宏观和微观的视角探讨了项目融资租赁风险控制策略并将实物期权引入到项目融资租赁经营期风险控制中。论文最后以某项目融资租赁为研究案例进行实证研究并探讨了研究模型的普遍适用性。
[Abstract]:Project finance lease is a kind of financing mode in which the leasee signs the project finance lease contract with the leasor based on the property of the project and the economic benefits of the project. The characteristics of huge investment amount, long repayment period and many unpredictable factors in the investment payback period determine that there are many risk factors in the project finance lease. Once the lessor encounters an accident, the lessor's loss is often incalculable. To some extent, the high risk of project finance lease has become the bottleneck of the development of project finance lease business in China. Project finance lease is full of risks and challenges, so the research on risk identification, risk evaluation, risk prevention and lessor risk control strategy of project finance lease, It has become an important prerequisite to promote the development of financing leasing industry in China. Firstly, the paper briefly introduces the project finance lease and discusses the risk characteristics of the project finance lease. Secondly, on the premise of comparing three common risk factors identification methods, the paper uses expert investigation method to identify the risk factors of project financing lease and quantifies the main risk factors of credit risk by principal component analysis. Thirdly, the risk evaluation index system of project finance lease is constructed according to the risk factors. The comprehensive evaluation model of project finance lease risk is constructed by using the network analytic hierarchy process (AHP) and fuzzy comprehensive evaluation method. Then the paper discusses the risk control strategy of project finance lease from the macro and micro perspectives and introduces real option into the risk control of project finance lease period. At the end of this paper, a project financing lease is used as a case study and the general applicability of the research model is discussed.
【学位授予单位】：华北电力大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.49;F224

【参考文献】