租赁模式对中国国际航空公司财务状况的影响研究

发布时间：2018-03-28 15:16

本文选题：租赁模式　切入点：国航　出处：《黑龙江八一农垦大学》2017年硕士论文

【摘要】：最近几年,人民的市场需求与生活水平日益增长,这为我国航空运输业的高速发展提供了契机。然而,因为运营成本过高、行业竞争激烈等因素的制约,航空运输业却处于高增长、低效益的状况。如何有效的控制并降低运营成本,合理使用资金,扩大经营规模,获得大量的资金以满足其运营需求,是航空公司面临的一项考验。目前,越来越多的航空公司通过租赁的方式来引进飞机,该方式对公司优化资本结构、扩展融资渠道起到了积极作用。因此,本文以航空公司中国国际航空(以下简称“国航”)为例,研究租赁模式对公司财务状况的影响。通过分析国航2013-2015年的偿债能力、营运能力、发展能力、盈利能力,得出偿债能力的提升还是国航现阶段面临的重要难题。针对这一难题,进行了融资租赁与经营租赁对国航财务状况的影响研究。结果显示如果国航需要在短期内增加运力以改善国航财务状况或者满足旺季需求,可采用经营租赁方式;如果国航需要舒缓资金营运压力或者扩大资产规模,选择融资租赁方式更合适。国航由于自身资产负债率偏高,偿债能力较弱,因此更适合采取经营租赁飞机的方式。此外,新国际租赁模式将于2019年开始实行,本文对该模式对国航财务报表的影响进行了研究,结果表明:新国际租赁模式由于不再区分融资租赁与经营租赁,统一要把所有与租赁相关的资产与负债上表,这将削弱国航的融资能力、限制国航出表的好处。国航应加强信息沟通,积极转变业务模式,使企业成功过渡到新租赁模式实施,可为同类型企业后续租赁决策提供借鉴参考。
[Abstract]:In recent years, people's market demand and living standard have been increasing day by day, which provides an opportunity for the rapid development of China's air transport industry. However, because of the high operating costs and the fierce competition in the industry and other factors, However, the air transportation industry is in the condition of high growth and low benefit. How to effectively control and reduce the operating cost, reasonable use of funds, expand the scale of operation, obtain a large amount of funds to meet its operational needs, At present, more and more airlines introduce aircraft through leasing, which has played a positive role in optimizing the capital structure and expanding financing channels. This paper takes Air China (Air China) as an example to study the impact of leasing model on the financial situation of the company. Through the analysis of Air China's solvency, operating capacity, development capacity and profitability in 2013-2015, It is also an important problem for Air China to improve its solvency at the present stage. The effects of financial leasing and operating lease on Air China's financial situation are studied. The results show that if Air China needs to increase its capacity in the short term to improve the financial situation of Air China or to meet the demand of peak season, it can adopt the mode of operating lease. If Air China needs to ease operating pressure on its funds or expand its assets, it is more appropriate to choose a financing lease. Because of its high ratio of assets and liabilities and its weak solvency, Air China is more suitable for the operation of leased aircraft. The new international leasing model will be implemented in 2019. This paper studies the impact of the new model on Air China's financial statements. The results show that the new international leasing model no longer distinguishes between financial lease and operating lease. To unify all assets and liabilities related to leasing, this will weaken Air China's financing capacity and limit the benefits of Air China. Air China should strengthen information communication, actively change its business model, and enable enterprises to successfully transition to the new leasing model. It can provide reference for the same type of enterprises in the subsequent leasing decision.
【学位授予单位】：黑龙江八一农垦大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F562.6;F560.68

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