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论文编号：	12789
作者编号：	2320190727
上传时间：	2021/12/9 8:59:37
中文题目：	CZ融资租赁公司城投类客户信用风险评估方法优化研究
英文题目：	Research on optimization of credit risk assessment method for urban investment clients by CZ finance leasing company
指导老师：	边泓
中文关键字：	城投公司发展前景，售后回租，信用风险的评估，修正后的营业利润率
英文关键字：	Development prospect of urban investment enterprises，Sale and leaseback，Assessment of credit risk，Revised operating profit margin
中文摘要：	信用风险是融资租赁公司在经营活动中需重点管控的重大风险之一，城投类企业则是CZ融资租赁公司众多目标客户中的重要客户之一。城投类客户与CZ融资租赁公司开展的主要融资租赁业务模式为售后回租，即城投类企业将其持有的基础设施类资产出售给融资租赁公司，再将租赁物租回。 由于城投类企业特殊的发展背景，其与地方政府通常存在着千丝万缕的关系，在一定程度上受到金融市场的欢迎与青睐。但是随着近年来政策及市场环境的不利变化，城投类企业债务违约的现象时有发生，信用风险飙升。因此融资租赁公司如何有效量化评价进而控制此类客户所隐藏的信用风险则是本文研究的主要内容。 本文首先介绍了研究背景及研究意义，总结了以往学者对风险管理及城投类企业两方面的研究结果。然后本文以CZ融资租赁公司视角，介绍了目前公司的风险评价指标体系，并通过公司曾发生过的风险事件揭示现有体系中所存在的不足。针对不足之处，本文以城投类企业GC集团为例进行分析，做出了优化研究：对影响信用风险的非财务指标因素进行补充识别，并根据城投类企业特点对财务指标的计算方式进行了修正，利用专家调查法对调整后的指标进行赋权。最后使用GC集团项目数据对优化后风险评价指标体系的效果进行了模拟，验证CZ融资租赁公司优化后的风险评价指标体系分别在事前环节与事中环节对城投类客户风险评价效果的提升，并针对CZ融资租赁公司风险管理流程的优化给出相关建议。
英文摘要：	Credit risk is one of the major risks that finance leasing companies need to control in their business activities, and urban investment enterprises are one of the important customers among many target customers of CZ financial leasing company. The main financial leasing business mode between urban investment customers and finance leasing companies is sale and leaseback, that is, urban investment enterprises sell their infrastructure assets to finance leasing companies and then lease back the leased property. Due to the special development background of urban investment enterprises, they usually have inextricably linked with local governments and are welcomed and favored by the financial market to a certain extent. However, with the adverse changes of policies and market environment in recent years, the phenomenon of debt default of urban investment enterprises occurs from time to time, and credit risks soar. Therefore, how to effectively evaluate and control the hidden credit risks of such customers by finance leasing companies is the main content of this paper. This paper first introduces the research background and significance, and summarizes the previous research results on risk management and urban investment enterprises. Then, from the perspective of CZ financial leasing company, this paper introduces the current risk evaluation index system of the company, and reveals the shortcomings of the existing system through the risk events that have occurred in the company. Aiming at the deficiency, this paper takes the urban investment enterprise called GC group as an example for analysis, has made the research of optimization: supplement recognition to the non-financial indicators which affecting the credit risk, and according to the urban construction investment companies’ characteristics, reconstruction to the calculation method of the financial indicators, then expert investigation method is used to give weight to the adjusted indicators. Finally, the project data of GC group is used to simulate the effect of the optimized risk evaluation index system to verify the improvement of the risk evaluation effect on urban investment clients in the pre-process and the in-process process, and relevant suggestions are given for the optimization of the risk management process of CZ financial leasing company.
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