国际融资租赁资金退出机制研究

发布时间：2018-07-04 22:58

本文选题：国际融资租赁 + 退出机制　；参考：《中国海洋大学》2014年硕士论文

【摘要】：融资租赁业在我国经历了三十年的发展，其对国民经济贡献逐年增大，但是，，我国融资租赁业还面临着租赁设备市场渗透率低、国际化程度不高、融资租赁企业“融资难”、国内资金成本高企、国外资金成本低廉等诸多问题的困扰。融资租赁业不仅要着眼国内市场，更要放眼全球，要站在国际融资租赁的角度来考虑总体发展。随着经济全球化步伐逐渐加快，为响应国家“引进来”和“走出去”战略部署，发展国际融资租赁刻不容缓。研究国际融资租赁资金退出不仅有利于我国拓宽对外融资渠道，也有利于解决我国融资租赁企业的“融资难”问题，同时又能间接地满足中小企业国际业务中的融资需求。本文以融资租赁理论、债权融资理论以及机制设计理论为基础，从融资租赁债权资产退出的视角研究融资租赁公司的融资问题，利用博弈论中的求爱博弈模型对国际融资租赁资金退出进行总体机制设计。在机制设计之前，对国际融资租赁资金退出机制的概念进行了详细界定，基于该概念构建了完备的退出机制设计体系，包括退出目标、退出原则、退出因素、退出主体、退出动机以及退出方式等要素。为便于后续研究，利用退出方式中的同一性，将对不同的退出方式进行归一化假定，即将退出渠道中的通道提供者和退出过程中产生的中间业务成本归一化为中间人和退出成本，从而为国际融资租赁资金退出机制进行总体设计做好铺垫。在机制设计过程中，选择从投资者决策的角度下手，分析投资者与退出发起人即出租人之间的利益分配及收益情况，抓住投资者与出租人的信息不对称地位，论证博弈论分析的可行性，利用博弈论求爱模型进行求解，得出了退出发起人的有效退出条件，即必须满足租赁债权资产为风险资产的概率小于利差收益率与风险损失率之比以及退出成本小于流动性获得收益两个基本条件。将两个基本条件融入到租赁债权资产退出流程中，提高出租人退出决策的有效性，从而为出租人选择退出时机提供指导。通过对比国内外退出的不同，得出我国存在退出渠道不丰富、退出法规不完善、国内投资者不够理性等问题，但基于前文的假定，得到国内退出与国外退出并无本质差异的结论。并结合我国某融资租赁公司的国际融资租赁案例对退出机制进行可行性检验，发现并非所有项目满足利差收益率与风险损失率之比大于风险资产概率或是退出成本小于流动性获得收益的条件，但考虑到实际退出过程中存在流动性收益无法准确衡量、优质客户维护需求以及国内投资市场并不完善等因素，得出国际融资租赁资金退出机制基本可行的结论。最后，回归到具体的退出方式，包括租赁资产证券化融资、租赁资产保理融资、租赁资产信托融资、租赁资产外债融资，借鉴国际经验，如20世纪90年代兴起的离岸资产证券化以及再保理、再保险机制等，再结合我国当前发展情况，分别针对各退出方式提出将租赁资产真实出售的离岸资产证券化退出模式、银信兼营的租赁资产信托退出模式、外资租赁公司境外股东融资模式，简要分析了各退出方式可能面临的风险，并提出了相应的防控建议，使得国际融资租赁资金退出机制进一步得到优化。通过对比各退出方式的优势与劣势及可行性，得出退出方式适用的租赁标的物种类或承租人，如租赁资产保理融资一般适用于电信、船舶、飞机等优质租赁资产的退出，租赁资产信托融资一般适用于医疗设备、大型工程机械等租赁资产的退出，为出租人的有效退出提供建议。
[Abstract]:The financial leasing industry has experienced thirty years' development in China, and its contribution to the national economy has increased year by year. However, the financial leasing industry in China still faces the problems of low permeability of leasing equipment market, low degree of internationalization, financing leasing enterprises "financing difficult", high cost of domestic capital, low cost of foreign capital and so on. The leasing industry should not only focus on the domestic market, but also look around the world and consider the overall development in the perspective of international financial leasing. With the gradual acceleration of the pace of economic globalization, it is not slow to develop international financial leasing engraved to respond to the national "Introduction" and "going out" strategic deployment. It is not only beneficial to study the withdrawal of international financing lease funds. Expanding foreign financing channels in China also helps to solve the "difficult financing" problem of the financing leasing enterprises in China, and can also meet the financing needs of small and medium-sized enterprises in the international business indirectly.
Based on the theory of financing leasing, the theory of debt financing and the theory of mechanism design, this paper studies the financing problem of financing leasing companies from the perspective of the withdrawal of financing lease assets, and makes use of the game model in the game theory to make a general machine design for the withdrawal of international financing lease funds. Before the mechanism is designed, the international financing rent is made. The concept of rent withdrawal mechanism is defined in detail. Based on this concept, a complete design system of exit mechanism is constructed, including withdrawal target, exit principle, exit factor, exit main body, exit motivation and exit mode. In order to facilitate follow-up research, using the same character in the way of withdrawal, the different exit methods will be carried out. The normalization assumption is that the channel providers and the intermediate business costs in the exit channel are normalized to the middle and exit costs, which will pave the way for the overall design of the withdrawal mechanism of international financing lease funds.
In the process of mechanism design, we choose from the perspective of investor decision-making, analyze the distribution and income of the investor and the lessor, the lessor, seize the information asymmetry status of the investor and the lessor, demonstrate the feasibility of the game theory analysis, and use the game theory of courtship model to solve the problem, and get out the initiator. The effective withdrawal conditions are two basic conditions that the probability of the leasehold assets as the risk assets is less than the ratio of profit margin to the risk loss rate and the withdrawal cost is less than liquidity, and the two basic conditions are integrated into the exiting process of the leasehold assets, thus improving the validity of the lessor's withdrawal from the decision. It provides guidance for the lessor's choice of exit opportunity. By comparing the differences at home and abroad, it is concluded that there are not abundant exit channels, imperfect laws and regulations, and irrational investors, but based on the previous hypothesis, there is no essential difference between domestic withdrawal and foreign withdrawal. The case of international financing lease is a feasibility test for the exit mechanism. It is found that not all projects satisfy the ratio of profit margin and risk loss ratio greater than the risk asset probability or the condition that the exit cost is less than liquidity gain. Household maintenance demand and imperfect domestic investment market and other factors have drawn the conclusion that international financial leasing capital exit mechanism is basically feasible.
Finally, return to specific exit ways, including leasehold securitization financing, lease asset factoring financing, lease asset trust financing, leasing assets external debt financing, reference to international experience, such as the rise of offshore asset securitization in 1990s, refactoring, and then insurance mechanism, and then combined with the current development of our country, respectively. The exit mode puts forward the withdrawal mode of the offshore assets securitization, which is the real sale of the leased assets, the renting Assets Trust withdrawal mode and the foreign shareholders financing mode of the foreign leasing companies, and briefly analyzes the possible risks that each exit way is facing, and puts forward the corresponding prevention and control suggestions, making the international financing lease fund exit mechanism. By comparing the advantages, disadvantages and feasibility of various ways of withdrawal, we can draw a conclusion that the type of leasehold or lessee can be applied in the way of withdrawal, such as the lease asset factoring financing is generally applicable to the withdrawal of high quality lease assets such as telecommunications, ships and aircraft, and the leasing capital trust financing is generally applicable to medical equipment and large projects. The withdrawal of leasing assets such as machinery provides advice for the lessor's effective exit.
【学位授予单位】：中国海洋大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F831.2

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