自主品牌汽车集团构建汽车金融服务专业机构的研究

发布时间：2018-08-27 15:13

【摘要】： 伴随着经济的高速增长以及汽车产、销量的迅猛增加,中国开始步入“汽车社会”。近些年来,自主品牌汽车也取得突破性发展。汽车品牌的竞争力,不仅体现在产品层面,还体现在汽车服务领域。汽车金融服务是汽车服务的重要组成部分。汽车自主品牌的汽车金融服务水平与质量,直接影响着汽车自主品牌发展。我国以汽车集团为主导的专业汽车金融服务机构主要有汽车金融公司与汽车财务公司两种形式。现阶段我国成立的汽车金融公司主要为外资独资及中外合资,均附属于世界汽车巨头,为外资品牌与合资品牌汽车提供汽车金融服务。已经拥有汽车财务公司的内资汽车制造集团如一汽、上汽等汽车制造集团,可以通过汽车财务公司和商业银行向自主品牌提供汽车金融服务。而现阶段还没有建立自己的汽车金融服务专业金融机构的汽车制造集团如奇瑞、吉利、哈飞、华晨、长安等自主品牌汽车制造集团,则主要依靠商业银行提供汽车金融服务支持。自主品牌汽车集团发展汽车金融服务专业机构还面临着一些问题:如汽车自主品牌的制造主业还不够发达;汽车金融服务专业机构的发展存在着资金短板;相关汽车金融业务人才相对匮乏;金融风险管理水平有待提高等。本文运用金融生态理论分析了汽车金融公司的出现对我国金融生态的影响,运用利润池理论分析了我国汽车产业价值链上利润分布的变化,指出汽车金融服务在我国未来会成为汽车产业价值链环节上利润的重要来源;详细论述了汽车金融公司对汽车产业价值链的整合作用,进而论述了我国自主品牌汽车集团构建汽车金融专业服务机构的必要性;通过对汽车财务公司与汽车金融公司比较,详细阐述了对汽车财务公司现阶段在法律规定的业务范围上所存在的优势,并进一步论述了汽车财务公司业务由于跨越汽车产业价值链的制造环节,未来将会不利于汽车金融服务业务的拓展;运用实物期权理论的思想与方法对我国自主品牌汽车构建汽车金融服务专业机构的战略投资决策进行了分析与设计;通过与银行及保险公司的比较,详细分析了我国现阶段汽车金融服务专业机构存在的优势与劣势,为自主品牌汽车集团的汽车金融服务专业机构如何选择战略伙伴提供了建设性意见;本文运用“融资优序理论”、“权衡理论”等融资理论对构建我国自主品牌汽车集团的汽车金融服务专业机构的融资策略以及所使用的融资创新工具进行分析:从理论上分析了政府通过提供低息或无息贷款,以及提供适当减免或递延税收对自主品牌汽车金融服务专业机构企业价值的影响,还特别就夹层融资对企业价值的影响进行详细分析,指出是否能增加企业价值是采纳夹层融资的重要衡量标准:本文论述了自主品牌汽车集团的汽车金融服务专业机构与其他战略投资者的合作中必须保持品牌、产权、市场的主导性等方面的控制力,并根据国资自主品牌汽车集团的特点,借鉴英国在国有企业改制过程中的“黄金股”方法,提出了设置“汽车产业战略控制股”的构想。本文基于我国自主品牌汽车金融服务的发展情况,为我国系统地制定相应的产业政策,全方位地支持汽车自主品牌、汽车集团主业及其汽车金融服务专业机构的构建与发展提供政策性建议。
[Abstract]:With the rapid economic growth and the rapid increase of automobile production and sales, China has begun to enter the "automobile society". In recent years, the independent brand automobile has also made a breakthrough. The competitiveness of automobile brand is not only reflected in the product level, but also in the automobile service field. The level and quality of automobile financial service of automobile independent brand directly affect the development of automobile independent brand.The professional automobile financial service institutions mainly consist of automobile financial company and automobile financial company. All of them are affiliated with the world's auto giants and provide auto financial services for foreign brands and joint-venture brands of automobiles. Domestic auto manufacturing groups, such as FAW and SAIC, which already own auto financing companies, can provide auto financial services to their own brands through auto financing companies and commercial banks. The automobile manufacturing groups of their own automobile financial services professional financial institutions, such as Chery, Geely, Hafei, Morning, Chang'an and other independent brand automobile manufacturing groups, mainly rely on commercial banks to provide automobile financial services support. The manufacturer of the brand is not developed enough; there is a shortage of funds in the development of automotive financial services professional institutions; there is a relative shortage of relevant automotive financial business personnel; the level of financial risk management needs to be improved.
This paper analyzes the impact of the emergence of automobile financial companies on China's financial ecology by using the financial ecology theory, analyzes the changes of profit distribution in the value chain of China's automobile industry by using the profit pool theory, and points out that automobile financial services will become an important source of profit in the value chain of China's automobile industry in the future. The integration effect of automobile finance company on the value chain of automobile industry is discussed, and then the necessity of constructing automobile finance professional service organization of China's independent brand automobile group is discussed. This paper further expounds that the automobile finance company's business will be unfavorable to the development of automobile finance service business because it crosses the manufacturing link of automobile industry value chain. By comparing with banks and insurance companies, this paper analyzes the advantages and disadvantages of China's automobile financial services institutions at present, and provides constructive suggestions on how to choose strategic partners for automobile financial services institutions of independent brand automobile group. Financing theory analyzes the financing strategies and innovative financing tools used to construct the automobile financial service professional institutions of China's independent brand automobile group: theoretically analyzes the effect of the government on the automobile financial service professional institutions and enterprises by providing low-interest or interest-free loans and providing appropriate tax relief or deferred tax. In particular, this paper analyzes the impact of mezzanine financing on enterprise value and points out that increasing enterprise value is an important criterion to adopt mezzanine financing. According to the characteristics of the state-owned independent brand automobile group and the method of "Gold Stock" in the process of restructuring the state-owned enterprises in Britain, the idea of setting up "Strategic Control Stock of Automobile Industry" is put forward.
Based on the development of China's independent brand automobile financial services, this paper systematically formulates the corresponding industrial policies for China, and provides policy recommendations for the construction and development of China's automobile independent brands, automobile group's main industry and its automobile financial services professional institutions.
【学位授予单位】：哈尔滨工程大学
【学位级别】：博士
【学位授予年份】：2008
【分类号】：F426.471;F832.39

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