航空租赁资产的资产证券化研究
发布时间：2018-07-13 15:00
【摘要】：随着中国民航业快速发展，航空公司对飞机需求的不断增加。根据Boeing公司预测，未来二十年中国约1，500亿美元的飞机是通过租赁方式引进，，航空租赁市场潜力巨大。《金融租赁公司管理办法》颁布后，租赁业也进入了快速发展通道。资产规模五年内翻了20多倍，到2012年的已经突破10，000亿，其中飞机租赁业务是国内几大银行系租赁公司的发力点。然而，融资问题却一直困扰着快速发展中的租赁公司。 2013年3月证监会颁布《证券公司资产证券化业务管理规定》，标志着我国资产证券化业务有进入了一个新的阶段。通过资产证券化，这种国外已经成熟的金融工具进行融资，可以进一步开拓融资租赁公司的融资渠道，尤其适用于航空租赁这种有稳定现金流的资产。 本文首先对国内外资产证券化和航空租赁的相关文献情况进行汇总。接下来介绍航空租赁的种类、风险、经济性分析，以及航空租赁市场的存在意义。第四章关注资产证券化的原理和航空租赁资产的资产证券化在国内外的应用、相关风险。本文在第五、六章利用静态现金流收益率法构建飞机租赁资产支持证券的定价模型，并对模型进行数据检验，以及结果的敏感性分析。文章结尾处对全文进行总结，指出本文的创新点及不足之处，并展望该领域未来的发展情况。
[Abstract]:With the rapid development of China's civil aviation industry, the demand for aircraft by airlines is increasing. According to Boeing's forecast, about 150 billion US dollars of aircraft in China will be imported through leasing in the next two decades, and the aviation leasing market has great potential. After the promulgation of Financial Leasing Company Management measures, the leasing industry has also entered a rapid development channel. Assets more than doubled in five years, and by 2012 they had topped 1 trillion, with aircraft leasing being the starting point for several of the country's biggest leasing companies. However, the issue of financing has been puzzling the rapidly developing leasing companies. In March 2013, the Securities Regulatory Commission promulgated the regulations on the Management of Asset Securitization of Securities companies, which indicates that the business of asset securitization in China has entered a new stage. Through asset securitization, this foreign mature financial instrument can further develop the financing channels of financial leasing companies, especially for aviation leasing assets with stable cash flow. Firstly, this paper summarizes the related literature of asset securitization and aviation lease at home and abroad. Then it introduces the types, risks, economic analysis and the significance of aviation leasing market. The fourth chapter focuses on the principle of asset securitization and the application and risk of asset securitization of aviation leasing assets at home and abroad. In the fifth and sixth chapters, the static cash flow rate of return method is used to construct the pricing model of aircraft leasing asset-backed securities, and the data of the model are tested, and the sensitivity of the results is analyzed. At the end of the paper, the paper summarizes the whole paper, points out the innovation and deficiency of this paper, and looks forward to the future development of this field.
【学位授予单位】：上海交通大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F831.51;F561
本文编号：2119794
[Abstract]:With the rapid development of China's civil aviation industry, the demand for aircraft by airlines is increasing. According to Boeing's forecast, about 150 billion US dollars of aircraft in China will be imported through leasing in the next two decades, and the aviation leasing market has great potential. After the promulgation of Financial Leasing Company Management measures, the leasing industry has also entered a rapid development channel. Assets more than doubled in five years, and by 2012 they had topped 1 trillion, with aircraft leasing being the starting point for several of the country's biggest leasing companies. However, the issue of financing has been puzzling the rapidly developing leasing companies. In March 2013, the Securities Regulatory Commission promulgated the regulations on the Management of Asset Securitization of Securities companies, which indicates that the business of asset securitization in China has entered a new stage. Through asset securitization, this foreign mature financial instrument can further develop the financing channels of financial leasing companies, especially for aviation leasing assets with stable cash flow. Firstly, this paper summarizes the related literature of asset securitization and aviation lease at home and abroad. Then it introduces the types, risks, economic analysis and the significance of aviation leasing market. The fourth chapter focuses on the principle of asset securitization and the application and risk of asset securitization of aviation leasing assets at home and abroad. In the fifth and sixth chapters, the static cash flow rate of return method is used to construct the pricing model of aircraft leasing asset-backed securities, and the data of the model are tested, and the sensitivity of the results is analyzed. At the end of the paper, the paper summarizes the whole paper, points out the innovation and deficiency of this paper, and looks forward to the future development of this field.
【学位授予单位】：上海交通大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F831.51;F561
【参考文献】
中国期刊全文数据库 前1条
1 潘勇涛,余珊萍,田巍;资产证券的定价问题研究[J];现代管理科学;2005年10期
本文编号：2119794
本文链接：https://www.wllwen.com/jingjilunwen/zbyz/2119794.html
