融资租赁企业的风险控制研究及实证分析
|
摘要
融资租赁是以融物的形式达到融资的目的,这就决定了融资租赁具有自身的、不同于其他融资方式的一些特点。从风险的角度上来说,有着和银行、保险、证券等其他金融行业不同的识别、度量、控制的方式。
本文研究的客体是在现有的经济体制下融资租赁在项目操作过程中所面临的风险及辨识、度量、控制方法,简要阐述了国内外融资租赁的现状、融资租赁相关概念、风险和风险管理的含义等,研究工作的主要目的是通过比较已有的几种关于融资租赁风险辨识、度量的理论,包括专家法、模糊理论、Z值法、VaR法等,通过在融资租赁企业的实际应用,希望找到一种更加有效的在企业的风险管理过程中行之有效的风险控制方法。
本文以“概念——理论——比较——实际应用”的研究方法,创新性将融资租赁风险管理的理论和方法,以企业作为平台,将模糊评价法、层次分析法、Z值法以及风险价值VaR等相关理论方法加以实际应用,为融资租赁在项目实际的风险管理操作中提供了更加科学合理的决策方法。
Finance lease is a form of financial property to achieve the purpose of financing, which determines the financial leasing has its own, unlike some of the features of other financing. From the standpoint of risk, with banks, insurance, securities and other financial sectors in different identification, measurement and control approach.
The object of this paper is under the existing economic system, financial leasing operations in the course of the project risks and identify, measure, control method, briefly described the status of domestic and foreign financial leasing, financial leasing related concepts, risk and risk management meaning, etc. The main purpose of research by comparing several existing finance lease on risk identification, measurement theory, including experts, fuzzy theory, Z value method, VaR and so on, through the practical application of financial leasing companies the hope of finding a more effective enterprise risk management process effective risk control methods.
In this paper, "Concept - Theory - Compare - practical application" of research methods, innovative company would finance the Lease Risk management theory and approach to business as a platform for the fuzzy evaluation method, AHP, Z value method and the risk VaR and other related value to the practical application of theoretical methods, as finance leases in the actual project risk management operations to provide a more scientific and rational decision making.
本文研究的客体是在现有的经济体制下融资租赁在项目操作过程中所面临的风险及辨识、度量、控制方法,简要阐述了国内外融资租赁的现状、融资租赁相关概念、风险和风险管理的含义等,研究工作的主要目的是通过比较已有的几种关于融资租赁风险辨识、度量的理论,包括专家法、模糊理论、Z值法、VaR法等,通过在融资租赁企业的实际应用,希望找到一种更加有效的在企业的风险管理过程中行之有效的风险控制方法。
本文以“概念——理论——比较——实际应用”的研究方法,创新性将融资租赁风险管理的理论和方法,以企业作为平台,将模糊评价法、层次分析法、Z值法以及风险价值VaR等相关理论方法加以实际应用,为融资租赁在项目实际的风险管理操作中提供了更加科学合理的决策方法。
Finance lease is a form of financial property to achieve the purpose of financing, which determines the financial leasing has its own, unlike some of the features of other financing. From the standpoint of risk, with banks, insurance, securities and other financial sectors in different identification, measurement and control approach.
The object of this paper is under the existing economic system, financial leasing operations in the course of the project risks and identify, measure, control method, briefly described the status of domestic and foreign financial leasing, financial leasing related concepts, risk and risk management meaning, etc. The main purpose of research by comparing several existing finance lease on risk identification, measurement theory, including experts, fuzzy theory, Z value method, VaR and so on, through the practical application of financial leasing companies the hope of finding a more effective enterprise risk management process effective risk control methods.
In this paper, "Concept - Theory - Compare - practical application" of research methods, innovative company would finance the Lease Risk management theory and approach to business as a platform for the fuzzy evaluation method, AHP, Z value method and the risk VaR and other related value to the practical application of theoretical methods, as finance leases in the actual project risk management operations to provide a more scientific and rational decision making.
引文
[1]史燕平,国际租赁的理论与实务,北京,对外经济贸易大学出版社,1996,32~45
[2]裘企阳,融资租赁理论探讨与实务操作,北京,中国财政经济出版社,2001,17~22
[3]姜仲勤,融资租赁在中国问题与解答,北京,机械工业出版社,2003,45~60
[4]程东跃,融资租赁风险管理,北京,中国金融出版社,2006,18~34
[5]张陶新.融资租赁合同风险评估的模型和算法.湘潭大学自然科学学报,2003(3),9~11
[6]黄秀清,租赁经济研究,北京,商务印书馆,1997,76~80
[7]李平,运用融资租赁解决中小企业融资难题,经济师2000(11),20~23
[8]刘百宁、王海旗、王兆琪,中小企业融资租赁实务与技巧,中国经济出版社,2004,45~47
[9]王豫川,金融租赁导论,北京大学出版社,1997,88~90
[10]朱志军,徐寅峰,徐维军,局内租赁问题的风险补偿模型及其竞争分析,管理科学学报.2004.7
[11]欧阳卫民,中国金融租赁业的现状和出路,北京,中国金融出版社,2000,100~110
[12]李国光等,融资租赁典型案例评析,北京,人民法院出版社,2004,39~50
[13]阂绥艳,信托与租赁,北京,科学出版社,2005,17~25
[14]蒂蒙斯,创业企业融资,北京,华夏出版社,2002,11~14
[15]储祥银、门明,国际租赁实务,北京,北京对外贸易教育出版社,1993,88~90
[16]宫内义彦,金融租赁学,北京,中国对外经济贸易出版社,1990,120~134
[17]何治学,施工企业大型设备租赁与购置的选择,建筑机械化,2006 (6)13~14
[18]范钦建,企业设备租赁,济南,山东大学出版社,1992,57~62
[19]李丽华,张守,融资租赁在基础产业中的应用分析,商业时代2005(12期),11~13
[20]谭秋桂,租赁合同、融资租赁合同实务指南,北京,知识产权出版社,2003,88~92
[21]邹川宁,租赁合同融资租赁合同案例评析,北京,知识产权出版社,2005,127~132
[22]杨育谋,抢滩金融租赁,中国投资,2003(8),2~4
[23]王天宗,对现代租赁与中小企业发展的两点思考,技术经济与管理研究,2001(3),27~29
[24] Schmit,Mathias .Credit risk in the leasing industry. Journal of Banking and Finance,2004
[25]伊斯雷尔.尼尔,张云峰译,实用信用衍生产品(信用风险管理).北京:机械工业出版社,2002,89~93
[26]赵晓菊,柳永明,金融机构信用管理,北京,中国方正出版社,2004,104~110
[27]王春峰,金融市场风险管理,天津,天津大学出版社,2001,28~36
[28]胡直达,风险管理学基础,上海,东南大学出版社,2001,33~38
[29]刘伟华译,风险管理,北京,中信出版社,2002,11~17
[30]张稚萍,融资租赁案例选,北京,人民法院出版社,2001,27~38
[31]刘海龙,王惠,金融风险管理,北京,中国财政经济出版社,2009,71~90
[32]张金清,金融风险管理,上海,复旦大学出版社,2009,23~47
[33]王恒,商业银行授信风险管理,北京,社会科学文献出版社,2009,116~120
[2]裘企阳,融资租赁理论探讨与实务操作,北京,中国财政经济出版社,2001,17~22
[3]姜仲勤,融资租赁在中国问题与解答,北京,机械工业出版社,2003,45~60
[4]程东跃,融资租赁风险管理,北京,中国金融出版社,2006,18~34
[5]张陶新.融资租赁合同风险评估的模型和算法.湘潭大学自然科学学报,2003(3),9~11
[6]黄秀清,租赁经济研究,北京,商务印书馆,1997,76~80
[7]李平,运用融资租赁解决中小企业融资难题,经济师2000(11),20~23
[8]刘百宁、王海旗、王兆琪,中小企业融资租赁实务与技巧,中国经济出版社,2004,45~47
[9]王豫川,金融租赁导论,北京大学出版社,1997,88~90
[10]朱志军,徐寅峰,徐维军,局内租赁问题的风险补偿模型及其竞争分析,管理科学学报.2004.7
[11]欧阳卫民,中国金融租赁业的现状和出路,北京,中国金融出版社,2000,100~110
[12]李国光等,融资租赁典型案例评析,北京,人民法院出版社,2004,39~50
[13]阂绥艳,信托与租赁,北京,科学出版社,2005,17~25
[14]蒂蒙斯,创业企业融资,北京,华夏出版社,2002,11~14
[15]储祥银、门明,国际租赁实务,北京,北京对外贸易教育出版社,1993,88~90
[16]宫内义彦,金融租赁学,北京,中国对外经济贸易出版社,1990,120~134
[17]何治学,施工企业大型设备租赁与购置的选择,建筑机械化,2006 (6)13~14
[18]范钦建,企业设备租赁,济南,山东大学出版社,1992,57~62
[19]李丽华,张守,融资租赁在基础产业中的应用分析,商业时代2005(12期),11~13
[20]谭秋桂,租赁合同、融资租赁合同实务指南,北京,知识产权出版社,2003,88~92
[21]邹川宁,租赁合同融资租赁合同案例评析,北京,知识产权出版社,2005,127~132
[22]杨育谋,抢滩金融租赁,中国投资,2003(8),2~4
[23]王天宗,对现代租赁与中小企业发展的两点思考,技术经济与管理研究,2001(3),27~29
[24] Schmit,Mathias .Credit risk in the leasing industry. Journal of Banking and Finance,2004
[25]伊斯雷尔.尼尔,张云峰译,实用信用衍生产品(信用风险管理).北京:机械工业出版社,2002,89~93
[26]赵晓菊,柳永明,金融机构信用管理,北京,中国方正出版社,2004,104~110
[27]王春峰,金融市场风险管理,天津,天津大学出版社,2001,28~36
[28]胡直达,风险管理学基础,上海,东南大学出版社,2001,33~38
[29]刘伟华译,风险管理,北京,中信出版社,2002,11~17
[30]张稚萍,融资租赁案例选,北京,人民法院出版社,2001,27~38
[31]刘海龙,王惠,金融风险管理,北京,中国财政经济出版社,2009,71~90
[32]张金清,金融风险管理,上海,复旦大学出版社,2009,23~47
[33]王恒,商业银行授信风险管理,北京,社会科学文献出版社,2009,116~120