融资租赁产品定价机制设计与政策建议

发布时间：2018-01-03 14:34

本文关键词：融资租赁产品定价机制设计与政策建议　出处：《合肥工业大学》2014年博士论文　论文类型：学位论文

【摘要】：融资租赁是集贸易、融资、租赁于一体的创新金融产品,诞生于20世纪50年代的美国。经过60多年的发展,融资租赁己成为一种被全球多数国家广泛认可的融资方式,在金融市场中与银行信贷、资本证券并驾齐驱。融资租赁交易规模仅次于银行信贷,是全球第二大债权融资方式。融资租赁自1981年从日本引入我国,在经历了初创、快速发展、风险爆发、清理整顿阶段之后,到21世纪初才开始步入规范、健康、较快的发展之路。截止2014年6月底全国在册运营的融资租赁公司数量已发展到1350家左右,行业规模达到2.6万亿元。然而,随着近几年融资租赁行业的快速发展,涌现出不少新的问题、新的矛盾,特别是融资租赁作为一种金融创新产品,其产品定价机制不合理、不规范。我国融资租.赁行业尚未形成统一、合理、规范的定价机制和标准,融资租赁公司多从各自的研究和实际出发或相互效仿,形成过度依赖银行信贷产品定价模型又各具特色的定价模式,定价机制亟需规范和统一在我国,融资租赁公司的资质审批、管理分别由中国银行业监督管理委员会和国家商务部(或省级商务主管部门、国家级经济技术开发区)负责。中国银行业监督管理委员会从金融融资角度将融资租赁纳入自身的审批、管理范畴,而商务部门从商品贸易、租赁的角度也对融资租赁进行审批和监管。不同部门、不同角度对融资租赁的审批和管理,恰恰说明了这一产品交易结构的多元性和复杂性。鉴于融资、贸易、租赁均有不同的定价机制和定价方法,从何种角度来思考融资租赁产品的定价,体现出这一产品定价的特殊性,显得更有意义。目前国内学者对于融资租赁的理论研究较少,研究深度和广度均不够。特别是有关融资租赁产品定价的理论性和系统性研究,鲜见观点与文章。本文认为我国目前尚未形成成熟的融资租赁产品定价理论,以指导该产品规范、合理定价,这也是当前我国融资租赁市场中产品定价比较混乱、无序的主要原因。文章在对我国融资租赁市场现状进行分析的基础上,借鉴相关经济管理理论的思想,重点对我国融资租赁产品定价理论和定价机制进行研究,并跟踪和关注CCGX金融租赁公司五年的经营状况和定价实践,完整收集整理和分析了该公司所开展的全部727个项目定价方案,并结合真实案例分析,揭示了当前我国融资租赁产品定价的现状与问题,最后提出了相关政策建议。本文的具体研究内容和创新性工作如下：第一,首次分析与构建了融资租赁产品定价理论思想,奠定了我国融资租赁产品定价理论基础。本文总结和分析了金融产品(资产)定价的理论与范式变迁,在此基础上,结合当前我国金融产品定价模式、融资租赁制度设计与定价机制现状,借鉴权变理论和柔性管理理论的思想精髓,首次探析并初步构建了我国融资租赁产品的定价理论和定价机制；分析了融资租赁产品定价特征,给出了定价方法,为进一步研究和完善融资租赁产品定价理论奠定了基础。第二,对当前我国融资租赁产品定价机制进行了评价,运用消费者剩余和生产者剩余理论分析了融资租赁产品定价优化的路径,并重点对不同的创新融资租赁交易结构和定价机制设计进行了研究。第三,首次对我国融资租赁行业产品定价进行了实证检验。连续五年完整跟踪和考察了CCGX金融租赁公司经营状况和定价实践,收集整理了五年所有项目的定价方案,以完整的数据为基础,对我国融资租赁产品定价进行了实证检验。在对融资租赁产品定价方案不同要素深入分析的基础上,找出当前我国融资租赁行业产品定价中存在的问题；研究分析了融资租赁产品定价方案中不同因素的相互关系和调整策略,以求得适应我国金融市场发展需要的灵活的、科学的、规范的融资租赁产品定价机制,增强了本文研究的可靠性。第四,运用具体实际案例的分析,文章解释了原有定价方案的缺陷,并结合融资租赁产品定价理论与优化思路,重新优化设计定价方案,进行比较研究,具有较强的现实指导价值。第五,提出了我国融资租赁产品定价的相关政策建议。在理论和实证研究的基础上,分别从法制基础、审批监管、市场运行机制以及税收支持等方面提出我国融资租赁产品定价机制优化的相关政策建议,为我国融资租赁市场的健康、有序、快速发展构建相适应的制度保障与外部环境。
[Abstract]:Financing lease is an innovative financial product integrated with trade , finance and lease . After more than 60 years of development , financing lease has become a kind of financing mode widely recognized by most countries in the world . Since 1981 , the financing lease has been introduced into China from Japan . It has experienced many new problems , such as initial , rapid development , risk explosion and liquidation . The number of financing lease companies operating at the end of June 2014 has developed to about 1350 billion yuan . However , with the rapid development of the financing lease industry in recent years , there are many new problems , unreasonable and standard pricing mechanisms and standards , and the financing lease companies have not formed unified , reasonable and standardized pricing mechanisms and standards . In our country , the qualification and approval of the financing lease companies is the responsibility of the China Banking Regulatory Commission and the Ministry of Commerce ( or provincial commerce authorities , national economic and technological development zones ) . At present , domestic scholars have little research on the theory of financing lease , and the research depth and breadth are not enough , especially the theory and systematic research on the pricing of financing lease products . The specific research content and innovative work of this paper are as follows : The first , the first analysis and the construction of the theory of the pricing theory of the financing lease product established the theoretical basis of the pricing theory of the financial leasing products in China . Based on this , the paper summarizes and analyzes the theory and paradigm shift of the pricing of financial products ( assets ) . On the basis of this , the pricing theory and the pricing mechanism of the financing lease products are analyzed . The pricing characteristics of the financing lease products are analyzed and the pricing methods are provided . The basis for further research and improvement of the pricing theory of financing lease products is provided . Secondly , the pricing mechanism of financing lease products in China is evaluated , and the path of pricing optimization of financing lease products is analyzed by using the consumer surplus and the residual theory of producers , and the design of different innovative financing lease transaction structure and pricing mechanism is focused on . Third , we have carried out an empirical test on the pricing of financing lease industry in our country for the first time . After five years of complete tracking and investigation of the operation status and pricing practice of CCGX financial leasing companies , we have carried out an empirical test on the pricing of financing lease products in China . Fourthly , using the analysis of concrete practical cases , this paper explains the defects of the original pricing scheme , and combines the pricing theory and the optimization idea of financing lease products , reoptimizes the design pricing scheme , conducts comparative research , and has stronger practical guidance value . Fifth , this paper puts forward some relevant policy suggestions on the pricing of financing lease products in our country . On the basis of theoretical and empirical research , this paper puts forward some relevant policy suggestions on the optimization of the pricing mechanism of financing lease products in China from the aspects of legal system foundation , approval supervision , market operation mechanism and tax support , etc . It provides the system guarantee and external environment for the healthy , orderly and rapid development of finance lease market in China .

【学位授予单位】：合肥工业大学
【学位级别】：博士
【学位授予年份】：2014
【分类号】：F832.49

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