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论文编号：	13032
作者编号：	2120192961
上传时间：	2022/3/8 9:41:23
中文题目：	新租赁准则对XD公司航空客户信用评级的影响研究
英文题目：	Research on the Impact of New Lease Standards on XD''''s Aviation Customers'''' Credit Rating
指导老师：	边泓、孙慧强
中文关键字：	新租赁准则；信用评级；飞机租赁
英文关键字：	new leasing standards, credit risk, aircraft leasing
中文摘要：	由于飞机租赁具有交付效率高，可以大幅节约航空公司支出等特点，又由于经营租赁的会计确认、计量和列报方式区别于自购和融资租赁，可以使航空公司资产负债率维持在一定的合理范围内，在一定程度上减轻企业的财务压力，因此航空公司扩大机队规模和节省资金的最为高效的方式即为通过经营租赁的方式引进飞机。而新租赁准则的变化恰好就针对经营租赁资产进行规范。准则要求承租人将所有租赁资产均计入资产进行确认，而航空公司的飞机租赁资产性质又决定了不能使用短期租赁和低价值资产租赁的简化方法，因此这一部分的调整将对航空公司的资本结构和盈利情况造成巨大影响。对融资租赁公司来讲，看似新租赁准则实施对出租人变化较小，但对是否与航空公司开展业务的依据即信用评级产生了较大影响。 本文选取XD公司客户CD公司为案例，以CD公司财务数据为例并按新租赁准则进行模拟调整，研究了XD公司在飞机租赁前期开展的信用评级体系，发现XD公司在信用评级中未考虑航空运输业财务特点、未考虑新租赁准则实施影响等问题。若不予调整，在日后可能会对其他航空业客户的信用评级水平造成误判，可能导致XD公司丢失良好的业务。因此本文着眼于航空客户信用评级，找出当前体系中存在的问题并提出解决方案，希望能够完善XD公司的信用评级体系。
英文摘要：	For airlines, introducing aircraft through operating lease is the most efficient way to expand their fleet and save money as they feature high delivery efficiency and boast a different way of accounting recognition, measurement and presentation from self-purchase and finance what can help the airlines’ asset-liability ratio maintain at a reasonable level, and greatly save airline expenditures so as to some extent alleviate the financial pressure. The new leasing standard is targeted at regulate operating lease assets. The standard requires lessees to include all leased assets into assets for confirmation, while for airlines, the nature of aircraft leasing assets determines they can not use short-term lease or low-value lease that could bring a huge effect to their profits and capital structure. Therefore, this part of the adjustment will have a huge impact on the airline’s capital structure and profitability. For financial leasing companies, it seems that the implementation of the new standards will have minor changes to lessors, but it will have a greater impact on the basis of whether to conduct business with airlines, that is, the credit rating. This paper selects CD company, a customer of XD company, as a case, takes CD company’s financial data as an example and makes simulation adjustments according to the new leasing standards. It studies the credit rating system developed by XD company in the early stage of aircraft leasing, and finds that XD company does not consider aviation in its credit rating. Issues such as the financial characteristics of the transportation industry and the impact of the implementation of the new leasing standards have not been considered. If it is not adjusted, it may misjudge the credit rating of other aviation customers in the future, and may cause XD to lose good business. Therefore, this article focuses on the credit rating of aviation customers, finds out the problems in the current system and proposes solutions, hoping to improve its credit rating system.
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