【作者】 陈伯施；

【导师】 丁慧平；

【作者基本信息】 北京交通大学 ， 企业管理， 2008， 博士

【摘要】 我国经济的快速发展对铁路建设和铁路运输装备的融资需求提出了更高的要求和挑战,推进铁路投融资体制改革成为我国铁路的一项重点任务。多种融资工具的组合,可以改善铁路资本结构,降低融资成本,提高融资效率。融资租赁作为一种灵活的融资方式,凭借其独特的优势,可以吸引大量的外资及民间资金进入铁路运输业,为解决我国铁路建设特别是铁路运输装备建设的资金需求,提供了一种行之有效的融资渠道。本论文通过研究美国、英国等发达国家铁路融资租赁和我国较为成熟的飞机租赁的现状,在分析铁路运输装备融资租赁市场条件和我国铁路内部相关政策等情况后,提出在目前的市场环境和政策条件下,我国铁路运输装备融资租赁具备实施条件,并从定性和定量两个角度对融资租赁的经济效益进行分析评价,在一定条件下,融资租赁在经济成本上将优于银行贷款,融资租赁不仅有利于降低融资成本,还有助于改善企业的经营活动。同时还从承租人和出租人的角度研究了铁路运输装备融资租赁的风险和风险控制措施,认为在铁路运输装备融资租赁业务中,信用风险和市场风险是最主要的风险因素。在此基础上提出了铁路行业实施融资租赁相关的政策建议,并探讨了近期实施的突破口及远景规划。通过上述研究,本论文在以下四个方面实现了创新:1、系统研究融资租赁在我国铁路应用及解决铁路资金瓶颈的可行性,提出了融资租赁在我国铁路行业应用的基本路径。2、提出了基于弹性租金的杠杆租赁模式,并从铁路运输企业(承租方)的角度,通过对贷款购买、普通杠杆租赁和弹性租金支付方式下的杠杆租赁三种模式进行经济效益比较分析,承租方在弹性租金支付下的杠杆租赁模式下的税后现金流出现值最小,因而是最优的租赁模式。3、运用“博弈论”对基于铁路运输装备行业及设备的生命周期下的杠杆租赁模式进行博弈分析,得出弹性租金支付方式的可行性和优越性。4、在分析融资租赁方式的总体表现、我国融资租赁创新的切入点及其制约因素的基础上,研究我国铁路运输装备融资租赁如何成为铁路运输装备生产企业的服务平台,并将委托租赁和分成租赁两种融资租赁方式创新集成、组合,解决我国铁路运输装备融资的相关问题:①在融资租赁公司和潜在投资人及生产商之间设计委托租赁,融资租赁公司具有法定意义的管理权,潜在投资人和设备生产商以融资租赁的方式进入模式;②在融资租赁公司和承租人之间设计分成租赁,发挥融资租赁的杠杆作用,使得承租人支付租金与同期收益相匹配,以减轻前期付款压力,分散风险。更多还原

【Abstract】 The rapid development of China economy raises higher requirements and challenges on the demanding of financing concerning railway construction and railway transportation equipment. Therefore, the promotion of railway investment and financing reform becomes one of the keystones for China Railways. Combination of various financing tools can not only ameliorate the railway capital structure, but also reduce the financing cost and improve the financing efficiency. Financing leasing, as one of the flexible financing modes, can attract large amount of foreign investment and folk funds into the railway transportation industry with its unique advantages, which is the effective financing way to satisfy the capital demands of China’s railway construction, especially the construction of railway transportation equipment.On the basis of studying railway financing leasing in advanced countries such as U.S.A and U.K. etc. and the present mature status of plane leasing in China as well as analyzing the market conditions for financing leasing of railway transportation equipment and relevant policies within China Railways, the article points out that the present market environment and policies provide conditions for the implementation of financing leasing for Chinese railway transportation equipment. It further analyzes and evaluates the economic benefits of financing leasing qualitatively and quantificationally, resulting in the opinion that the financing leasing will excel bank loans from the aspect of economic costs under certain conditions and is good for reducing financing cost and improving enterprise’s operation activities. Meanwhile, the article regards the credit and market risk as the most importation risk factors in railway financing leasing business by investigating railway financing leasing risks and risk control measures from the perspective of the lessee and lessor. In conclusion, it proposes relevant policy recommendations for implementing financing leasing in railway industry on the basis of above-mentioned risks and explores the breakthroughs during the implementation in the near future as well as the perspective planning.The article innovates in the following four aspects on the basis of the above study: It explores systematically the application of financing leasing in China railway and the feasibility of breaking bottlenecks concerning railway capital, advancing the basic way for the application of financing leasing in China railway industry.It puts forward the leveraged leasing mode basing on the flexible rental and considers the lessee has the least present value of cash outflow after tax under the leveraged leasing mode on the basis of flexible payment of rental, which is the best leasing mode, by comparing the economic benefits of leveraged leasing under loan purchase, normal leveraged leasing and flexible payment of rental respectively.It analyzes the leveraged leasing mode on the basis of full life cycle of railway transportation equipment with the game theory, concluding the feasibility and superiority of flexible payment of rental.It studies the way of making railway financing as the service platform for railway transportation equipment manufacturers by analyzing the general performance of financing leasing mode, the entry point of financing leasing innovation and its restrictions. Furthermore, it innovatively integrates and combines the trust leasing and sharing-revenue leasing together to resolve the relevant problems of China’s railway transportation equipment financing: i. trust leasing is designed between financing leasing company and potential investors and manufactures, therefore, the financing leasing company has legal right of management while potential investors and equipment manufacturers involve with financing leasing; ii. sharing-revenue leasing is adopted between financing leasing company and the lessee to realize the leverage of financing leasing. The payment of rental of lessee matches with the benefit of the time to relieve the loan pressure in the early stage and detract the risks.更多还原