项目融资租赁租金计价方法研究

发布时间：2018-07-14 15:54

【摘要】：在国家“一带一路”和“中国制造”等战略的影响下,将会有更多的大型工程建设项目启动,这些项目带动了项目融资租赁业务的发展。如今,项目融资租赁的租赁范围已经扩展至大型工程建设项目,并在大型工程建设项目的设备租赁中发挥着重要作用。目前,项目融资租赁作为一种新型融资租赁形式,在我国实际应用中尚处于起步阶段,其相关理论研究,尤其是租金计价方法等还不够完善。但是,项目融资租赁对资本和资产市场的灵活运转都将产生重要的影响。因此,在我国经济飞速发展的形势下,项目融资租赁租金计价方法的研究具有重要意义。本文在相关研究的基础上,以大型工程建设项目的设备融资租赁为研究对象,着重分析出租人成本费率和利润率的计算方法,并在此基础上建立出租人项目融资租赁租金计价的一般和优化模型,以期为融资租赁企业在实际租赁业务的租金计算中提供帮助。本文的内容主要分为五个部分:第一部分主要介绍了融资租赁与项目融资租赁的相关理论及两者之间的区别;第二部分主要分析总结了已存在的租金计价方法,并在此基础上研究了项目融资租赁租金计价的一般过程、假设条件和影响因素;第三部分在第二部分研究的基础上归纳概括了出租人成本费用构成,并提出了各项成本费用的计算方法,最后用实例验证了该方法的适用性和可操作性;第四部分主要在上述研究的基础上构建了出租人租金计价的三个模型,其分别为:基于出租人投资回收理论的项目融资租赁租金计价一般模型,固定租期条件下出租人租金计价优化模型和租期不固定条件下出租人租金计价的优化模型;第五部分引入某项目融资租赁案例验证本模型在实际操作中的合理性与普遍适用性。本文的创新点在于提出了出租人成本费率的概念与计算方法,建立了出租人项目融资租赁租金计价的三个模型,即出租人项目融资租赁租金计价的一般模型,固定租期条件下出租人优化计价模型和租期不固定条件下出租人优化计价模型。模型操作简单且易于理解,以期为出租人在项目融资租赁中租金计价中提供帮助。但是,本文是基于相关假设条件建立的模型,在实际应用中,项目的情况可能会比较复杂,租金会受多方面因素的影响。因此,后续的研究还可从租赁项目的风险、承租人的资质等级和出租人的效益等方面综合考虑项目融资租赁租金计价模型。同时,模型中各参数的灵敏度问题的研究也是未来研究的重要方向。
[Abstract]:Under the influence of such strategies as "Belt and Road" and "made in China", more large-scale construction projects will be launched, which will lead to the development of project finance leasing business. Nowadays, the leasing scope of project financing lease has been extended to large engineering construction projects and plays an important role in equipment leasing of large engineering construction projects. At present, as a new type of financial leasing, project finance lease is still in its initial stage of practical application in our country, and its related theoretical research, especially the method of rent valuation, is not perfect enough. However, project financing lease will have an important impact on the flexible operation of capital and asset markets. Therefore, under the situation of rapid economic development in our country, it is of great significance to study the pricing method of project finance lease rent. On the basis of relevant research, this paper focuses on the calculation method of lessor's cost rate and profit rate, taking the equipment financing lease of large engineering construction project as the research object. On this basis, the general and optimal model of the rental pricing of the lessor project is established, which is expected to help the financial leasing enterprise in the calculation of the actual rental business. The content of this paper is divided into five parts: the first part mainly introduces the related theory and the difference between the financing lease and the project finance lease; the second part mainly analyzes and summarizes the existing rent pricing methods. On this basis, the paper studies the general process, hypothetical conditions and influencing factors of the project financing lease rent-pricing. The third part summarizes the composition of the lessor's cost and expense on the basis of the second part of the study. Finally, the applicability and maneuverability of the method are verified by examples. In the fourth part, three models of lessor rent valuation are built based on the above research. The models are as follows: the general model of project finance lease rental pricing based on lessor's investment recovery theory, the lessor's rental pricing optimization model under fixed lease period and the lessor's rental pricing optimization model under the condition of indefinite lease period; The fifth part introduces a project finance lease case to verify the rationality and universal applicability of this model in practical operation. The innovation of this paper lies in putting forward the concept and calculation method of the lessor's cost rate, and establishing three models of the lessor project's financing lease rent valuation, that is, the general model of the lessor's project finance lease's rent valuation. The lessor optimizes the pricing model under the fixed lease period and the lessor optimal pricing model under the indefinite lease term. The model is simple and easy to understand in order to help the lessor in the rental pricing of project finance lease. However, this paper is a model based on relevant assumptions. In practical application, the situation of the project may be more complex, and the rent will be affected by many factors. Therefore, the following research can also consider the project finance lease rental pricing model from the aspects of the risk of the lease project, the qualification grade of the lessee and the benefit of the lessor. At the same time, the sensitivity of each parameter in the model is also an important research direction in the future.
【学位授予单位】：天津商业大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832.49

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