耐用设备占线租赁的竞争策略研究

发布时间：2018-06-08 00:00

本文选题：耐用设备 + 线性交易费用　；参考：《北京化工大学》2014年硕士论文

【摘要】：在实际运营过程中,企业为了获取特定的设备以满足生产需求,既可以用自有资金直接购买,也可以采取融资租赁的形式。但如果决策者采取直租赁的策略,那么当实际需要使用设备很长时间时,一直租赁的费用比直接购买的费用都要多；如果决策者采取直接购买的策略,当由于技术进步或流程改造等原因造成突然不再需要使用该设备时,将会对企业造成更大的损失,这种情况下购买设备的费用要大于租赁设备的费用。而且由于激烈的市场竞争和快速的技术更新,决策者必须在不知道需要使用设备多长时间的情况下,做出租赁还是购买以及何时转租为买的选择,称这种问题为占线租赁问题。关于占线租赁问题的研究始于Karp的“雪橇租赁”模型,之后国内外学者在此基础上又进行了深入研究,但已有研究都假定资产的价值是完全不可逆的,即使用结束后资产变得毫无价值,但实际中企业融资租赁的标的物都是价值昂贵且使用时间长的大型耐用设备,其在使用过程中不断进行折旧,而且在使用一段时间后仍然具有很高的残余价值,当不再需要使用时可以将其在旧货市场上出售来降低使用成本,也就是说其价值是部分可逆的,由于价值比较高,买卖设备都要支付相应的交易费用。本文针对大型耐用设备的特点,充分考虑了其租赁过程中存在的设备折旧、残余价值和交易费用等因素,并假定交易费用与设备价值呈线性关系。首先基于传统的占线算法和竞争分析理论设计了耐用设备占线租赁的最优确定性策略,并求得了其竞争比。随后,为了弥补确定性策略过于保守的缺点,分别在一般型预期和概率型预期下设计了耐用设备占线租赁的风险补偿策略,其允许决策者根据自己对设备使用时间的预期情况进行策略的选择,更加满足风险偏好者的需求。而且通过算例模拟不难发现：般型预期下的风险补偿策略是对确定性策略的推广,而确定性策略是一般型预期下风险补偿策略在风险容忍度为r=1时的一种极端情况；概率型预期下的风险补偿策略又是对一般型预期下的风险补偿策略的推广,而一般型预期下的风险补偿策略是概率型预期下的风险补偿策略在P=0和P=1时的一种极端情况。通过逐步推进,本文为面临耐用设备租赁问题的决策者提供了充分的理论依据和新颖的投资理念。
[Abstract]:In the actual operation process, in order to obtain the specific equipment to meet the production demand, enterprises can buy directly with their own funds, or they can take the form of financial leasing. However, if the decision maker adopts the direct lease strategy, the cost of renting the equipment for a long time is higher than that of the direct purchase; if the decision maker adopts the direct purchase strategy, When the equipment is suddenly no longer needed due to technological progress or process modification, it will cause more losses to the enterprise. In this case, the cost of purchasing the equipment is greater than the cost of leasing the equipment. Because of the fierce market competition and rapid technological renewal, decision makers must choose whether to rent or buy and when to sublease without knowing how long the equipment needs to be used, which is called a busy lease problem. The research on the problem of busy line lease started with Karp's "sleigh lease" model, and then the scholars at home and abroad carried out further research on this basis, but the previous studies have assumed that the value of assets is completely irreversible. Even if the assets become worthless at the end of use, in practice, the subject matter of a corporate finance lease is large, durable equipment that is expensive and long-lived, and is depreciated over the course of its use. And it still has a very high residual value after a period of time, and it can be sold in the used goods market when it is no longer needed to reduce the use cost, that is to say, its value is partially reversible, because the value is relatively high. According to the characteristics of large durable equipment, the depreciation, residual value and transaction cost of the equipment in the leasing process are fully considered in this paper. It is assumed that the transaction cost is linearly related to the value of the equipment. Based on the traditional busy algorithm and the theory of competition analysis, the optimal deterministic strategy for the busy lease of durable equipment is designed, and the competitive ratio is obtained. Then, in order to make up for the shortcoming that the deterministic strategy is too conservative, this paper designs the risk compensation strategy for the busy lease of durable equipment under the general expectation and probability expectation, respectively. It allows decision makers to make strategic choices according to their expectations of equipment usage time, thus meeting the needs of risk appetite. Furthermore, it is not difficult to find that the risk compensation strategy under the general expectation is an extension of the deterministic strategy, and the deterministic strategy is an extreme case in which the risk tolerance of the general expectation is r = 1; The risk compensation strategy under probability expectation is a generalization of the risk compensation strategy under general expectation, while the risk compensation strategy under general expectation is an extreme case of risk compensation strategy under probability expectation at P0 and P1. By advancing step by step, this paper provides a sufficient theoretical basis and a new investment idea for the decision makers facing the problem of durable equipment leasing.
【学位授予单位】：北京化工大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F721;F832.49

【参考文献】