天津自贸区飞机租赁资产交易平台构建研究

发布时间：2018-04-26 16:05

本文选题：天津自贸区 + 飞机租赁　；参考：《中国民航大学》2017年硕士论文

【摘要】：飞机租赁属于资本高消耗型业务,解决资本约束限制和分散流动性风险是我国租赁公司未来发展的重要命题。在补充资本金、调整资产结构和资产交易流转三种应对资本约束的方式中,租赁公司通过飞机租赁资产交易能够实现“新旧循环”的可持续发展模式,获得较为稳定的资金来源,并降低飞机租赁资产的流动性风险。专业化的飞机租赁资产交易平台具有信息集聚、价格发现、制度规范、中介服务等功能,有利于建立完善统一的交易规则与估值体系,促进飞机租赁资产在货币形态、实物形态、证券形态之间的合理流动。本文首先阐述了飞机租赁资产交易的基本概念和平台构建的相关理论,分析了飞机租赁资产的交易需求,总结了飞机租赁资产交易的主要渠道和现有租赁资产交易平台的主要类型及问题。根据我国现有的政策框架,提出在天津金融资产交易所的基础上构建天津自贸区飞机租赁资产交易平台,以飞机租赁SPV股权作为标的物进行挂牌交易,采用收益法建立了飞机租赁SPV股权的估值模型,形成了包括构建基础、目标定位、参与主体、交易模式、估值模型、功能机制设计、经济效益分析的完整构建方案。通过模拟交易案例分析,结合天津自贸区飞机租赁资产交易平台的交易流程和功能机制,验证了交易平台运行的可行性,并得出采用收益法建立的SPV股权估值模型使得交易双方的税负成本较低。最后,分别从政府层面和平台运营主体层面提出了天津自贸区飞机租赁资产交易平台运营的相关建议。
[Abstract]:Aircraft leasing belongs to high capital consumption type business. The solution of capital constraints and liquidity risk is an important proposition for the future development of the leasing companies in China. In the way of supplementing capital, adjusting assets structure and asset transaction circulation three ways to deal with capital constraints, the leasing company can realize "new and old" through the transaction of aircraft leasing assets. The sustainable development model of the cycle can obtain a more stable source of funds and reduce the liquidity risk of the aircraft leasing assets. The specialized aircraft leasing asset trading platform has the functions of information gathering, price discovery, system specification, intermediary service and so on, which is beneficial to the establishment of a unified trading rules and valuation system, and the promotion of aircraft leasing. In this paper, the basic concept of the aircraft leasing assets transaction and the related theory of the platform construction are expounded, the transaction demand of the aircraft leasing assets is analyzed, the main channels of the aircraft leasing assets transaction and the main types of the existing leasing assets trading platform are summarized. In accordance with the existing policy framework of China, the paper proposed the construction of the aircraft leasing asset trading platform in the Tianjin FTA based on the Tianjin financial assets exchange, and the aircraft rental SPV shares were listed as the subject matter. The valuation model of the aircraft leasehold SPV was established by the income method, which formed the basis of the construction and the target. Location, participation subject, transaction model, valuation model, functional mechanism design, and complete construction of economic benefit analysis. Through the simulation of transaction case analysis, the transaction process and function mechanism of the aircraft leasing assets trading platform in the Tianjin free trade area are combined to verify the feasibility of the operation of the trading platform and get the SPV shares established by the income method. The right valuation model makes the cost of the tax burden of the two parties lower. Finally, the relevant suggestions on the operation of the aircraft leasing assets trading platform in the Tianjin free trade area are put forward from the level of government and the platform operation subject.

【学位授予单位】：中国民航大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832.49

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