房地产融资租赁中套牢问题的研究

发布时间：2018-03-07 16:36

本文选题：房地产　切入点：融资租赁　出处：《西南交通大学》2013年硕士论文　论文类型：学位论文

【摘要】：随着市场经济的逐渐成熟,我国金融市场正走入快速发展的时期,涌现出了大量新的金融产品以及金融工具,跨行业、多领域的市场交易越来越多。通过多年来的实践探索和理论研究,房地产与融资租赁结合而产生的房地产融资租赁交易,逐渐引起了投资者与学者们的关注。通过借鉴融资租赁的交易模式,并融入自身行业的特征,发挥实物与资金双向流动所带来的融资优势,房地产业不仅为本行业找到了新的融资渠道,促进了融资租赁业的发展,还为房地产业以及其他行业的融资租赁交易提供了新的创新及参考方式。然而,由于房地产融资租赁交易缺乏法律依据,交易中存在大量的不确定性,出租方被承租方套牢的问题时有发生,双方缺乏投资热情,投资效率低、收益回收困难。面对交易中出现的这些问题,本文基于Klein、威廉姆森等前辈们的研究成果,从套牢的角度去解释出现这些问题的原因并提出治理阻碍房地产融资租赁开展的方案和建议。具体而言,本文首先概述了房地产融资租赁交易要素和交易特征,并分析了房地产融资租赁交易过程中套牢问题出现的原因。后对交易中主体——承(出)租双方所面临的交易风险进行分析,找到出现套牢问题后可能会为双方带来的负面影响是承租方选择后契约主义行为,出租方放弃提供融资租赁,博弈的结果将导致房地产融资租赁难以开展。并在已建立的双方收益模型的基础上,给出了事中谈判的治理方案,通过计算得到出租方事中谈判的最佳时刻点,锁定出租方收益,降低违约损失。新的事中谈判博弈得到了新的均衡解,激励了出租方投资,一定程度上促进了房地产融资租赁交易。本文同时从交易主体和宏观环境建设方面提出了一些建议。
[Abstract]:With the maturity of the market economy, our financial market is entering a period of rapid development, and a large number of new financial products and financial instruments have emerged. Through years of practical exploration and theoretical research, real estate and financial leasing transactions resulting from the combination of real estate and financial leasing, Gradually attracted the attention of investors and scholars. By learning from the trading model of financial leasing, and integrating the characteristics of their own industry, we can give full play to the financing advantages brought by the two-way flow of material and capital. The real estate industry has not only found the new financing channel for the industry, promoted the development of the financing lease industry, but also provided the new innovation and the reference way for the real estate industry and other industries. However, due to the lack of legal basis for the real estate financing lease transaction, there is a lot of uncertainty in the transaction, the problem of the lessor being trapped by the lessee occurs from time to time, the two sides lack investment enthusiasm, and the investment efficiency is low. This paper is based on the research results of Klein, Williamson and other predecessors. This paper explains the causes of these problems and puts forward some solutions and suggestions to prevent the development of real estate financial leasing. Specifically, this paper first summarizes the elements and characteristics of real estate finance lease transactions. The paper also analyzes the reasons of the problem of holding up in the process of real estate financing lease transaction, and then analyzes the transaction risks faced by both parties in the transaction. The negative impact of finding out that the hold-up problem may bring to both parties is that the lessee chooses the post-contract behavior, and the lessor gives up the financing lease, The result of the game will cause the real estate financing lease to be difficult to carry out. On the basis of the established income model of both sides, the governance scheme of the negotiation in the event is given, and the best time point of the negotiation between the lessor and the lessor is obtained by calculation. Lock in the lessor's income and reduce the loss of default. The new negotiation game gets a new equilibrium solution, which encourages the lessor to invest. At the same time, this paper puts forward some suggestions from the aspects of transaction subject and macro environment construction.
【学位授予单位】：西南交通大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.49;F299.23

【参考文献】