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论文编号：	12278
作者编号：	2120183078
上传时间：	2021/3/3 16:43:06
中文题目：	A公司融资租赁项目财务风险管理优化研究
英文题目：	The Optimization Study of A’s Finance Lease Project Financial Risk Management
指导老师：	边泓
中文关键字：	融资租赁；财务风险；风险管理
英文关键字：	Finance Lease; Financial Risk; Risk Management
中文摘要：	融资租赁是近几年国内发展迅速的热门行业之一，伴随着市场规模不断扩大，国家对该行业的重视程度不断加强。政策大力支持以及企业需求不断扩大都为融资租赁行业创造有利的外部环境。然而，当前国内市场处于供给侧结构性改革的大背景下，金融监管不断加强，融资租赁企业在可持续发展、资金流管理等方面均面临挑战。A公司作为一家新兴的融资租赁公司，具有同类企业竞争激烈、项目投资金额高、投资风险大等特点。A融资租赁公司是行业内的先行者，其当前主要运行的车易购汽车租赁项目具有平台建设领先、市场份额大的优势，但也存在项目资金回笼状况不佳、盲目发展业务、注重业务效益而忽视实际收益的情况，这些情况使得车易购汽车租赁项目存在隐患。然而，有关融资租赁公司从财务风险管理的角度支持其融资租赁项目的研究并不充分，当前企业迫切的需要这方面的理论以应对相关财务风险，保证企业做出科学决策。 本文选取A融资租赁公司及其车易购项目作为研究案例，针对该项目当前存在用户选择的首付比例过低、后续继续租赁占比过多的情况，研究了A公司在车易购汽车融资租赁项目投资决策和运行过程中进行的财务风险管理，发现A公司对于该项目并没有做出科学准确的调研分析，对相关风险的分析与研究过于片面，预期情况与实际情况相差较大，缺少对风险影响因素变动的动态衡量与损失评估，缺少对收益情况的科学预测，公司管理层无法衡量和应对项目投资中由于用户需求的变化对该项目造成的财务损失。面对上述问题，本文提出优化车易购汽车融资租赁项目的财务风险管理策略，建立以内部收益率为基础的敏感性分析模型，建立项目决策财务风险评价模型，定量评估项目的收益及风险状况。通过分析，我们发现随着选择低首付比例和选择继续租赁后续方案的用户不断增加，该项目的内部收益率不断降低，甚至低于项目的融资成本。如果A公司无法采用有效措施改进用户需求情况，项目一旦发生上述问题，就很容易出现亏损，使企业陷入财务危机。本文通过上述研究，为汽车融资租赁项目提供了财务风险管理方面的优化支持方案，希望A公司管理层能够以此作为参考依据，保证企业持续健康发展。
英文摘要：	Financial leasing is one of the most popular industries in China. With the continuous expansion of the market scale, the country attaches increasing importance to the financial leasing industry. Strong policy support and expanding enterprise demand have created a favorable external environment for the financial leasing industry. However, it should also be noted that the current domestic market is in the context of supply-side structural reform and financial supervision is constantly strengthened. Financial leasing enterprises are facing challenges in sustainable development and capital flow management. As an emerging financial leasing company, Company A is characterized by fierce competition among similar enterprises, high project investment amount and great investment risk. Company A is the pioneer in the industry, and its main operating car leasing project is characterized by leading platform construction and large market share. However, there are also difficulties in capital operation, blind development of business, and paying attention to business benefits while neglecting actual income. These situations make the project have a huge hidden danger. But, the research on financial leasing companies supporting their financial leasing projects from the perspective of financial risk management is not sufficient. At present, enterprises urgently need theories in this aspect to deal with relevant financial risks and ensure enterprises to make scientific decisions. In this paper, A financial leasing company and its car purchase project are selected as research cases. In view of the current situation of users choosing too low down payment and too much proportion of subsequent leasing, we studied the financial risk management of Company A in the investment decision and operation process of The auto financing leasing project. I found A company did not make a scientific and accurate analysis of the investigation, analysis and study of the related risk is too one-sided, expected large difference with actual situation, and lack of risk factors influencing the change of dynamic measure and damage assessment, lack of scientific prediction of earnings management cannot be measured and response due to the change of user requirements in project investment financial loss caused to the project. Facing the above problems, this paper puts forward the optimization strategy of financial risk management, uses the sensitivity analysis method, establishes the financial risk evaluation model of project decision-making, and quantitatively evaluates the income and risk status of the project. Through the analysis, we found that with the increasing number of users choosing low down payment ratio and continuing to lease the follow-up scheme, the internal rate of return (IRR) of the project kept decreasing, even lower than the financing cost of the project. If Company A fails to adopt effective measures to improve user demand, the project will easily suffer losses once the above problems occur, and the enterprise will fall into A financial crisis. Through the above research, this paper provides an optimization support scheme for the financial risk management of automobile finance lease project, and puts forward Suggestions for the improvement of the financial risk management system of the project. It is hoped that the management authority of A company can take this as an effective reference basis to help the sustainable and healthy development of the enterprise.
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