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论文编号：	8750
作者编号：	2120142651
上传时间：	2016/12/7 23:14:29
中文题目：	Z飞机融资租赁项目融资方案研究
英文题目：	Researches on Financing Plans of Company Z Aircraft Financial Leasing Project
指导老师：	黄福广
中文关键字：	融资方案；飞机融资租赁项目；财产权信托计划
英文关键字：	financing plan；aircraft financing leasing；property rights trust plan
中文摘要：	受我国经济快速增长的带动，中国航空业于2009年至2015年实现强劲增长，航空业的快速发展同时又带动整个飞机市场需求的持续增加。在这种行业发展的背景之下，Z飞机融资租赁有限公司希望从外部获取长期稳定业务资金，积极扩大企业规模、提高竞争力，迅速的占领市场。随着利率市场化进一步的开放，融资模式的广泛拓宽，具有较高外部评级的公司已经逐步从过去的传统间接融资模式向直接融资市场转变。在众多的融资渠道中，如何在特定时机、特定需求的情况下，选择适合企业自身的融资模式是当前Z飞机融资租赁有限公司针对其采取经营性租赁模式下4架飞机的应收租金为标的资产进行融资急需确定的问题。本文试图通过Z飞机融资租赁项目中，对Z飞机融资租赁公司自身情况、股东背景情况介绍、项目的出租参与方、项目的承租参与方以及标的资产的详述来确定标的资产的优质性。对标的资产租金部分出表提前确认收入的需求来确定卖断型保理、资产证券化和财产权信托三种方案，并且通过融资方案成本对比、融资方案时效性对比以及其他影响Z飞机融资租赁项目融资方案选择影响因素的考量，来最终做出最优的决策。本文采用案例分析法和比较研究法，通过对出租方Z飞机融资租赁公司、承租方SC航空公司以及标的资产的分析，比较卖断型保理、资产证券化和财产权信托的融资方案，回顾融资方案理论、分析国内外环境和行业发展趋势的基础上，得出应收款集合财产权信托计划项目的融资方案，为企业最终的选择提供的理论和数据支持。同时在最终方案当中，银行理财资金不再采取传统资金信托中作为委托人的投资模式，在财产权信托中作为受益人出现，也为银行获得稳定中间收益，两家公司建立长期稳固的战略伙伴关系，实现共赢提供了方法。最终方案对飞机融资租赁企业融资方案选择和银行理财投资业务具有一定的参考价值。
英文摘要：	Driven by fast economic growth, aviation industry grows rapidly from 2009 to 2015, and meanwhile, the demanding in the aircraft market is boosted continuously as well. Under the circumstances, Company Z, as an aircraft financial lease company, is hoping to obtain long-term steady and sufficient business capitals from outside, to expand the company scale and increase their competitiveness, in order to introduce themselves to the market and get a substantial market share quickly. With the further opening of interest rate liberalization and the wild broadness of the models of funding, the companies who have higher level certificates have changed their funding business mode from the traditional indirect financing mode to direct financing market gradually. Among the various channels of financing, how to find a way that is suitable for Company Z itself, who is going to apply the rents for the aircrafts from the current business mode at operating lease as their underlying assets under the certain timing and certain requirement becomes a critical question to be solved immediately. This thesis is going to introduce the way how to assure the underlying asset is reliable, thru the example of Company Z in their own financial lease project for aircrafts, by describing in detail whose profile, background of shareholders, information of lessors and lessees and the underlying assets, and introduce the way how to make the optimized decision, through analyzing 3 options given – factorings, asset securitizations, property rights trusts – taking into account the assumption that all the rents from the aircrafts that are the expected receivable accounts have become the actual incomes, by comparing to cost and timing and other factors etc. that will impact the final option in addition. This thesis applies the method of case analysis and comparative studies, thru the analysis towards the lessor – Company Z, the lessee – Shandong airlines, and the underlying assets, thru the comparison towards 3 option plans - factorings, asset securitizations, and property rights trusts, thru the review towards theories regarding financial project, thru research towards the domestic and overseas environment plus the trend of development, and comes out the conclusion that the optimized plan for a company to carry out financing project is to combine the accounts receivables with property rights trusts both together, and this conclusion has provided a sufficient support to the companies with both theories and real data. Meanwhile, in the final plan we selected for example, the commercial bank finances does no longer take a role that was invested by the consigner and to serve the consigner only as it used to act traditionally, but to be able to make benefits to the consignees as well. Thus makes triple wins for the bank and both parties in the project from the overall long-term strategy point of view. This case is of some value to be referred to with regard to the options making during a financing lease project and bank financing and investment businesses.
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