摘 要
近年来，与固定资产投资紧密联系的一些新兴行业如高铁、新能源汽车、核电、特高压等迅猛发展，我国“一带一路”与“长江经济带”国家战略也在快速推进。所有这些都离不开巨额资金的支持。在中央大力发展实体经济的宏观背景下，融资租赁作为一个最为紧密联系金融与实体经济的渠道，近几年的发展颇受瞩目。2014 年以来，我国经济增长的下行压力一直很大，许多行业都在收缩规模，艰难度日。但由于自贸区的设立和政策红利释放等因素，租赁行业规模却不断扩大，其中集“融资”与“融物”于一体的融资租赁日渐成为人们关注的焦点，有望成为未来我国设备改造和技术升级的重要手段。然而，在我国融资租赁行业总体规模不断提升的同时，其发展中存在的问题也日益凸显。融资租赁市场渗透率远低于发达国家平均水平，整体发展水平并不高，其中最重要的因素是融资租赁公司面临严重的资金和资本困境，融资渠道单一，主要依靠银行贷款，融资渠道的多样化刚刚起步，普遍缺乏同租赁业务特点相匹配的充沛资金来源。这也是当前制约我国融资租赁行业进一步发展的瓶颈。因此，本文在分析我国融资租赁公司不同融资渠道现状的基础上，分别从银租合作、证租合作、信租合作的视角对融资租赁公司的保理融资、证券化融资和信托融资进行研究，以期为我国融资租赁公司构建起多元化融资渠道，促进融资租赁公司的进一步发展。
本文一共分为五章，第一部分为绪论，陈述论文研究背景及意义、国内外文献综述、研究内容和方法、本文创新与不足之处；第二部分是对融资租赁公司融资渠道的现状分析，具体分析了融资租赁公司的数量分布、业务规模分布、传统融资渠道现状和新型融资渠道现状，由此引出多元化融资的必要性；第三部分承上启下，结合具体案例对融资租赁公司融资渠道的多元化进行了拓展分析，包括必要性和可行性分析、模式选择、风险分析、案例分析；第四部分分别从融资租赁公司自身角度和外部市场环境角度提出促进多元化融资的建议；第五部分总结前文并展望未来。
关键词：融资租赁 融资渠道 保理 资产证券化 信托
Abstract
In recent years,some emerging industries which are closely associated with theinvestment in fixed assets, such as high-speed rail , new energy automobiles, nuclear power,ultra high voltage and so on, are developing rapidly. Our country is also advancing thenational strategy of “the Belt and Road” and “Yangtze River Economic Belt”. All these areinseparable from the huge investment funds to support. In the macro background of centralgovernment deeply developing the real economy, financial leasing has won lots of attention asone of the channels which closely link finance and the real economy. Since 2014, thedownward pressure on economic growth in China has been great. Many enterprises areshrinking scale and struggling to survive. But due to the establishment of the free trade areaand policy factors such as bonus release, the leasing industry continues to expand the scale,among which, financial leasing which has both the functions of financing capitals andfinancing goods is becoming the focus of attention and is expected to became an importantmethod of equipment transformation and technology upgrade in China. However, as theoverall size of financial leasing industry boosts, the existing problems in the developmenthave become increasingly prominent. The market penetration of financial leasing is far lowerthan the average level of developed countries. The overall level of development is not high.
The most important factor is that the leasing company facing serious capital constraints andsingle financing channel which is mainly bank loans. Diversification of financing channelshas just started. The industry generally lacks of abundant funds which matched with thecharacteristics of financing leasing. This is also the bottleneck of restricting financial leasingindustry to deeply develop. Therefore, based on the analysis of current situation aboutChinese financial companies' financing channels, this paper has researched financial leasingcompanies' factoring financing, securitization financing and trust financing from the view ofcooperation between financial leasing companies and banks, cooperation between financialleasing companies and security companies, and cooperation between financial leasingcompanies and trust companies, so as to build diversified financing channels for financialleasing companies and promote the further development of financial leasing companies.
This paper is divided into five chapters. The first part is the introduction, stating thebackground and significance, literature review at home and abroad, content and methods,innovation and shortcomings of the article. The second part states the status quo of financialleasing companies'financing channels. It specifically analyses financial leasing companies'
number distribution, business scale distribution, and the status quo of traditional financingchannel and new financing channel, which draws forth the need of diversified financing. Thethird part connects past and present, which expands the analysis of financial leasingcompanies'financing channels combining with the specific cases. It includes analyses ofnecessity and feasibility, mode selection, risk analysis and case analysis. The forth partproposes to promote the diversification of financing from financial leasing company's point ofview and the external market environment'point of view. The fifth part summarizes theforegoing and looks into the future.
Key Words: financial leasing, financing channels, factoring financing, securitizationfinancing, trust financing.
目 录
摘 要
Abstract
1 绪论
1.1 研究背景与意义
1.1.1 论文研究背景
1.1.2 论文研究意义
1.2 主要研究综述
1.2.1 国外相关文献综述
1.2.2 国内相关文献综述
1.3 研究内容及方法
1.3.1 研究内容
1.3.2 研究方法
1.4 创新与不足之处
2 我国融资租赁公司融资渠道的现状分析
2.1 我国融资租赁公司发展现状
2.1.1 我国融资租赁公司数量分布和资产概况
2.1.2 我国融资租赁公司业务规模分布
2.1.3 我国融资租赁公司发展中面临的困境
2.2 我国融资租赁公司融资渠道现状
2.2.1 传统融资渠道现状及成因
2.2.2 新型融资渠道现状及成因
2.2.3 我国融资租赁公司融资渠道存在的问题
2.3 我国融资租赁公司构建多元化融资渠道的意义
2.3.1 有利于突破融资租赁公司的资金困境
2.3.2 有利于增强融资租赁公司的流动性管理能力
2.3.3 有利于分散融资租赁公司管理风险
3 我国融资租赁公司融资渠道多元化拓展分析
3.1 有效加强融资租赁保理融资
3.1.1 融资租赁公司保理融资的可行性分析
3.1.2 融资租赁公司保理融资的运作模式
3.1.3 融资租赁公司保理融资中各方利益分析
3.2 大力推广租赁资产证券化融资
3.2.1 融资租赁公司实施租赁资产证券化的有利条件
3.2.2 融资租赁公司进行租赁资产证券化的基本交易模式
3.2.3 融资租赁公司在租赁资产证券化中的风险识别及防范
3.2.4 融资租赁公司租赁资产证券化实践及评价
3.3 积极试水融资租赁信托融资
3.3.1 融资租赁公司信托融资的必要性和可行性分析
3.3.2 融资租赁公司信托融资的运作模式
3.3.3 融资租赁公司信托融资的主要风险和规避
4 促进我国融资租赁公司多元化融资的建议
4.1 从融资租赁公司自身发力
4.1.1 提高基础资产质量来降低信用风险
4.1.2 加强对融资租赁专业人才吸收和培养
4.1.3 积极主动与其他金融子行业形成有效配合
4.2 对外部市场环境进行改善
4.2.1 加大政策支持力度来鼓励多渠道融资
4.2.2 推进相关法律法规的建设
4.2.3 鼓励部分地区开展“先行先试”
4.2.4 完善融资租赁登记系统，建立良好的信用环境
4.3 积极借鉴国际先进经验
4.3.1 美国、日本融资租赁市场特点
4.3.2 美国、日本租赁市场先进经验借鉴
5 总结与展望
参考文献
后 记
