ZJ租赁公司A市政道路融资租赁方案决策研究

发布时间：2018-05-13 01:14

本文选题：基础设施 + 融资租赁　；参考：《浙江理工大学》2017年硕士论文

【摘要】：基础设施是一个国家经济长期持续稳定发展的重要基础,基础设施建设资金需求庞大,建设及回收期限长,融资租赁以其灵活性、便捷性很好的匹配这些特性。基础设施融资租赁可以更好服务于产业结构调整,促进社会经济发展,是值得推广、极具发展前景的建设融资方式。本文通过理论与项目具体分析两大方向研究ZJ租赁公司在基础设施融资租赁项目决策。理论方面梳理了基础设施和融资租赁的概念、分类和特点等,结合基础设施的特点对引入融资租赁优势和意义进行分析。具体项目为一个典型的地方政府市政工程引入融资租赁的案例,分析了地方经济情况和城市规划,收集了地方政府财政收入和政府平台公司经营情况、资金等数据,探讨可能遇到的法律、信用风险等问题,设计基础设施融资租赁方案;在方案实施后对比了融资租赁与传统信贷方式对操作效率、资金成本和现金流的影响,并建立了资金预测模型对承租人偿债压力进行测试,总结了基础设施引入融资租赁的意义。研究发现:融资租赁作为融资平台使得融资方式更加多样化,充分吸收社会资本参与,减少对银行信贷的过度依赖;同银行信贷侧重于融资人历史资信情况、对融资人的自身实力要求较高相比,融资租赁更侧重于资产本身的质量和未来产生的现金流能力,ZJ租赁公司项目的实施的使得基础设施融资效率更高,降低了出租人和承租人操作成本;基础设施借助融资租赁解决了融资人资金流动性不足的问题,同时不会过度增加融资人的债务负担,债务随着经营资金流入逐步释放,国家在融资租赁的税收优惠的进一步降低了融资成本,是一个双赢的项目。
[Abstract]:Infrastructure is the important foundation of a country's long-term sustained and stable development of economy. The infrastructure construction needs huge funds, the construction and recovery period is long, and the financing lease matches these characteristics with its flexibility and convenience. Infrastructure financing lease can better serve the adjustment of industrial structure and promote social and economic development. This paper studies the decision of ZJ leasing company in infrastructure finance lease project through theoretical and project analysis. In theory, the concept, classification and characteristics of infrastructure and financial leasing are combed, and the advantages and significance of introducing financial leasing are analyzed in combination with the characteristics of infrastructure. The specific project is a typical case of local government municipal projects introducing financial leasing, analyzes the local economic situation and urban planning, collects local government revenue and government platform company operations, funds and other data. This paper discusses the possible problems of law, credit risk and so on, designs the financing lease scheme of infrastructure, and compares the effects of financial lease and traditional credit mode on operation efficiency, capital cost and cash flow after the implementation of the scheme. The capital forecast model is established to test the lessee's debt repayment pressure, and the significance of introducing financial lease to infrastructure is summarized. It is found that financial leasing as a financing platform makes financing more diversified, fully absorbs social capital participation, reduces excessive reliance on bank credit, and focuses on the historical credit situation of financiers. Compared with the finder's own strength, the financial lease focuses more on the quality of the asset itself and the cash flow capacity generated in the future. The implementation of the ZJ leasing company project makes the infrastructure financing more efficient. The operating costs of lessors and lessees are reduced; the infrastructure solves the problem of illiquidity of the financiers by means of financial leases, while the debt burden of the financiers is not unduly increased, and the debts are gradually released with the inflow of operating funds. The national tax preference in financing lease further reduces the financing cost, is a win-win project.
【学位授予单位】：浙江理工大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832.49;F572.88

【参考文献】