【正文】 I / 42碩士研究所學(xué)位論文 融資租賃模式下 A 公司工程機(jī)械售后回租策略研究(作者:丁冬 單位:中國求是雜志網(wǎng))摘 要早在 20 世紀(jì) 50 年代，融資租賃模式就在美國誕生，而如今，在發(fā)達(dá)國家已經(jīng)成為一個(gè)非常重要的創(chuàng)融資工具。數(shù)據(jù)顯示，在全球擁有超過 2/3 的購買設(shè)備，通過融資租賃獲得。經(jīng)過幾十年的運(yùn)用和發(fā)展，融資租賃在美國已經(jīng)廣為應(yīng)用。當(dāng)下，全世界已經(jīng)掀起融資租賃的熱潮。現(xiàn)代融資租賃是包括股權(quán)融資和信貸融資在內(nèi)的一個(gè)強(qiáng)大的金融融資模式，目前全球近三分之一的投資都依托于融資租賃。中國在 20 世紀(jì) 80 年代初，才推出了融資租賃，在中國融資市場，企業(yè)主要還是向銀行信貸機(jī)構(gòu)申請貸款或債券等融資手段，2022 年，美國的金融海嘯席卷而來，中國從政府到各銀行機(jī)構(gòu)受到嚴(yán)重影響，于是各商業(yè)銀行普遍提高信貸門檻，嚴(yán)格控制債券和股票的信貸條件以降低信貸風(fēng)險(xiǎn)，受此影響，企業(yè)的融資環(huán)境進(jìn)一步惡化，要在中國市場立足，企業(yè)也必須找到新的融資方式。對于融資租賃，企業(yè)可以用設(shè)備或資產(chǎn)作為抵押，不需要額外的抵押，出租人的財(cái)產(chǎn)有了減小承擔(dān)過多的資金風(fēng)險(xiǎn)的保證，并能夠控制重點(diǎn)項(xiàng)目的未來現(xiàn)金流量，個(gè)人征信不再是承租人的必須條件，這滿足了很多個(gè)人征信不好、實(shí)力不強(qiáng)的中小企業(yè)的融資機(jī)會。近年來，國內(nèi)基礎(chǔ)設(shè)施建設(shè)日以繼增，促使國內(nèi)工程機(jī)械的需求更加快速地增長。因此，在中國市場開展工程機(jī)械制融資租賃業(yè)務(wù)是非常正確的選擇，并且很多外資企業(yè)已經(jīng)進(jìn)入到中國機(jī)械融資租賃市場。售后回租作為一項(xiàng)剛興起的業(yè)務(wù)存在模式，在大型工程機(jī)械類項(xiàng)目中有很大的發(fā)展前景。因此本文將 A 工程機(jī)械公司的項(xiàng)目在融資租賃模式中存在的售后回租現(xiàn)象作為研究對象，通過對其中存在的主要問題進(jìn)行歸結(jié)來促進(jìn)這類新型項(xiàng)目的不斷發(fā)展和完善。例如：對于思維方式有誤，對融資租賃無法正確理解；在我國有關(guān)融資租賃的法律還有待完善；企業(yè)在進(jìn)行融資租賃過程中得到政策的扶持力度不夠等問題進(jìn)行分析并提供解決II / 42建議，使之完善。本文主要針對工程機(jī)械類項(xiàng)目在融資租賃模式存在的前提下，對其采用的售后回租現(xiàn)象進(jìn)行分析和討論，并以 A 公司為研究對象，試圖找出在融資租賃模式下適合工程機(jī)械類項(xiàng)目進(jìn)行售后回租發(fā)展模式的對策和相關(guān)建議。關(guān)鍵詞：工程機(jī)械,融資租賃,售后回租III / 42THE ENGINEERING MACHINERY AFTERSALES LEASEBACK STRATEGY RESEARCH OF “A” COMPANY UNDER THE MODE OF FINANCING LEASEABSTRACTIn the early nieen fifties, lease financing mode in the United States of America was born, and now, in the developed countries has bee a very important a financing tool. Data shows, with the purchase of equipment is more than 2/3 in the world, obtained through lease financing. The application and development of a few years, the financing lease in the United States has been widely applied. At present, the world has a lease financing boom. Modern financing leasing is a powerful finance pattern includes equity financing and credit financing, at present, nearly 1/3 of the world39。s investment is relying on the financing lease.China in the nieen eighties early, before launching the financing lease, in Chinese finance market, enterprises mainly to the bank credit institution for loans or bonds and other means of financing, in 2022, the United States of America39。s financial tsunami swept through China, from government to the banking institutions affected, so the mercial banks to improve credit threshold, strict control of bond and stock credit conditions to reduce credit risk, affected by this, the financing of enterprises further deterioration of the environment, have a foothold in the Chinese market, enterprises must find a new way of financing. The financial leasing, the enterprise can use equipment or assets as collateral, without the need for additional collateral, the property of the lessor has been reduced to bear more risk guarantee, and to the future cash flow control of key projects, the personal credit information is no longer the lessee must be a member, it meets a lot of personal credit is not good the strength is not strong, the small and mediumsized enterprise financing opportunity.In recent years, the domestic infrastructure construction to the increase, the domestic engineering machinery demand more rapid growth. Therefore, developing the business of financing lease business in China Construction machinery market is very correct choice, and many foreign panies have entered into the Chinese financial leasing market. After sale leaseback as an emerging business model, has great prospect in the large mechanical engineering project. Therefore this paper will after sale leaseback phenomenon of A engineering machinery pany projects exist in lease IV / 42financing mode as the research object, through the resolution of the main problems to promote the continuous development and improvement of this kind of project. For example: error in thinking mode, the financing lease not understand。 on the financing lease law in China remains to be perfected。 enterprises have problems of policy support is not enough and so on in the process of financing lease in analysis and provide suggestions to solve the problem, to make it perfect.This paper mainly aims at the mechanical engineering project in lease financing mode exists, after sale leaseback phenomenon on the analysis and discussion, and takes the A pany as the research object, and tries to find out the lease financing mode suitable for mechanical engineering project and relevant suggestions after sale leaseback development model.KEY WORDS: engineering machinery, financing lease, after sale easebackV / 42目 錄1 緒論 ...........................................................................................................1 研究背景和意義 ........................................................................................................1 研究內(nèi)容和思路 ........................................................................................................3 文獻(xiàn)綜述 ....................................................................................................................4 研究方法 ....................................................................................................................7 論文創(chuàng)新點(diǎn) ................................................................................................................82 融資租賃模式下售后回租相關(guān)概念和理論的界定 ...............................9 融資租賃的相關(guān)概述 ................................................................................................9 有關(guān)售后回租的概念分析 ......................................................................................11 理論基礎(chǔ) ..................................................................................................................123 A 公司開展售后回租業(yè)務(wù)的必要性和開展業(yè)務(wù)的優(yōu)勢 ......................14 A 公司的簡介 ...........................................................................................................14 A 公司在售后回租過程中進(jìn)行融資租賃的必要性 ...............................................15 A 公司開展售后回租交易的優(yōu)勢分析 ...................................................................184 A 公司開展售后回租業(yè)務(wù)的現(xiàn)狀和存在的問題 ..................................23 A 公司的融資模式 ................