航运金融租赁的估值与应用
发布时间：2019-01-10 15:04
【摘要】：国际航运市场是国际贸易的派生需求，而世界经济的增速直接影响着贸易的发展，因此，国际航运与世界经济的周期性有很大的相关性.航运业作为资金高度密集的产业，与国际金融市场高度关联.航运金融一般包括船舶融资，运费结算，航运保险和航运金融衍生品。其中船舶融资的比重最大。 2011年随着全球经济增速的放缓，以及欧债危机的愈演愈烈，航运市场面临严峻挑战。航运业三个主要的细分市场，干散货市场，集装箱运输市场与油轮运输市场均处于运力增长大于需求，运价持续走低的局面。数家航运上市企业2011年报披露巨额亏损。 2011年的船舶融资市场环境延续了之前年度的态势，金融机构持续控制风险，缩短贷款期限并降低贷款比例，欧洲金融机构是国际船舶融资资金的主要来源，由于参与船舶融资的主要欧洲商业银行均持有较大比例的欧债贷款，流动性与核心资本率皆受影响。随着欧洲主权债务危机不断恶化，欧洲银行对新船舶项目的贷款能力受到限制。欧洲银行业所面临的危机在一定程度给中国银行参与国际航运金融市场创造了机遇。另一方面，因为部分新船订单取消或延期交付，中国作为造船大国，很多船厂深受影响。目前的经济环境下，中国发展航运金融市场机遇与挑战并存。 本文首先介绍了航运市场的组成，并对航运市场的供给与需求进行分析。在第二章介绍了融资租赁的概念，特征与相关风险。在此基础上文章介绍国际航运融资租赁业务的主要模式，优势，以及在金融危机后面临的挑战与发展。并从投资者的角度分析了航运船舶租赁投资的主要特点，投资面临的风险及航运业适用的投资估值模型。 在文章的最后一部分，侧重于航运业的投资实例分析与应用。通过实际操作的融资租赁案例介绍了融资租赁项目参与者，融资结构，，通过估值模型计算投资回报率评估项目。在实证应用的基础上，通过对国际航运金融市场的分析，进一步探讨了中国发展航运金融所面临的金融，政策，人才等制约因素，以及金融危机，欧债危机为中国航运金融带来的机遇与发展。
[Abstract]:The international shipping market is the derivative demand of international trade, and the growth rate of the world economy directly affects the development of trade. Therefore, the periodicity of international shipping and the world economy has a great correlation. As a highly capital-intensive industry, shipping industry is highly related to international financial markets. Shipping finance generally includes ship financing, freight settlement, shipping insurance and shipping financial derivatives. Among them, the proportion of ship financing is the largest. Shipping markets face severe challenges in 2011 as global economic growth slows and the European debt crisis intensifies. The three main market segments of shipping industry, dry bulk cargo market, container transportation market and tanker transportation market, are in the situation that the capacity growth is larger than the demand, and the freight rate continues to decline. Several shipping listed companies reported huge losses in 2011 annual report. The market environment of ship financing in 2011 continues the situation of the previous year. Financial institutions continue to control risks, shorten the loan period and reduce the proportion of loans. European financial institutions are the main sources of international ship financing funds. Liquidity and core capital ratios are affected by the fact that the major European commercial banks involved in ship financing hold a large proportion of European debt loans. As Europe's sovereign debt crisis worsens, European banks' ability to lend to new ship projects is limited. The crisis faced by European banks creates opportunities for Chinese banks to participate in international shipping financial markets. On the other hand, as a large shipbuilding country, many shipyards have been affected by cancellations or delays in the delivery of some new ship orders. In the current economic environment, China's development of shipping financial market opportunities and challenges coexist. This paper first introduces the composition of shipping market, and analyzes the supply and demand of shipping market. In the second chapter, the concept, characteristics and related risks of financial leasing are introduced. On this basis, this paper introduces the main modes, advantages, challenges and development of international shipping finance leasing business after the financial crisis. From the perspective of investors, this paper analyzes the main characteristics of the investment of shipping vessel charter, the risks faced by the investment and the applicable investment valuation model of the shipping industry. In the last part of the article, it focuses on the analysis and application of shipping industry investment. This paper introduces the participants and the financing structure of the financial leasing project through the actual operation of the financial lease case, and calculates the investment rate of return evaluation project by the valuation model. On the basis of empirical application, through the analysis of the international shipping financial market, this paper further discusses the financial, policy, talent and other constraints that China faces in the development of shipping finance, as well as the financial crisis. European debt crisis brings opportunity and development to Chinese shipping finance.
【学位授予单位】：上海交通大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F552;F832.49
本文编号：2406458
[Abstract]:The international shipping market is the derivative demand of international trade, and the growth rate of the world economy directly affects the development of trade. Therefore, the periodicity of international shipping and the world economy has a great correlation. As a highly capital-intensive industry, shipping industry is highly related to international financial markets. Shipping finance generally includes ship financing, freight settlement, shipping insurance and shipping financial derivatives. Among them, the proportion of ship financing is the largest. Shipping markets face severe challenges in 2011 as global economic growth slows and the European debt crisis intensifies. The three main market segments of shipping industry, dry bulk cargo market, container transportation market and tanker transportation market, are in the situation that the capacity growth is larger than the demand, and the freight rate continues to decline. Several shipping listed companies reported huge losses in 2011 annual report. The market environment of ship financing in 2011 continues the situation of the previous year. Financial institutions continue to control risks, shorten the loan period and reduce the proportion of loans. European financial institutions are the main sources of international ship financing funds. Liquidity and core capital ratios are affected by the fact that the major European commercial banks involved in ship financing hold a large proportion of European debt loans. As Europe's sovereign debt crisis worsens, European banks' ability to lend to new ship projects is limited. The crisis faced by European banks creates opportunities for Chinese banks to participate in international shipping financial markets. On the other hand, as a large shipbuilding country, many shipyards have been affected by cancellations or delays in the delivery of some new ship orders. In the current economic environment, China's development of shipping financial market opportunities and challenges coexist. This paper first introduces the composition of shipping market, and analyzes the supply and demand of shipping market. In the second chapter, the concept, characteristics and related risks of financial leasing are introduced. On this basis, this paper introduces the main modes, advantages, challenges and development of international shipping finance leasing business after the financial crisis. From the perspective of investors, this paper analyzes the main characteristics of the investment of shipping vessel charter, the risks faced by the investment and the applicable investment valuation model of the shipping industry. In the last part of the article, it focuses on the analysis and application of shipping industry investment. This paper introduces the participants and the financing structure of the financial leasing project through the actual operation of the financial lease case, and calculates the investment rate of return evaluation project by the valuation model. On the basis of empirical application, through the analysis of the international shipping financial market, this paper further discusses the financial, policy, talent and other constraints that China faces in the development of shipping finance, as well as the financial crisis. European debt crisis brings opportunity and development to Chinese shipping finance.
【学位授予单位】：上海交通大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F552;F832.49
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本文编号：2406458
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