杠桿率對航運企業(yè)船舶融資決策影響研究
發(fā)布時間：2019-02-16 17:51
【摘要】：2008年金融危機的產生為全球各行業(yè)的經濟都造成了嚴重的影響,巴塞爾委員會在積極吸取金融危機教訓的同時,意識到了杠桿率對銀行等金融機構所具有的監(jiān)管作用,并提出將杠桿率作為金融機構的一項監(jiān)管指標,并嚴格設置了下限。與此同時,受金融危機及發(fā)達國家的去杠桿化的影響,航運企業(yè)船舶融資仍面臨著較為緊縮的狀況,國家、政府不僅通過提高利率、減稅政策、提高抵押率及保證金、限制杠桿率等措施限制銀行等金融機構的放貸能力。與此同時,其他可能的融資渠道也受到了限制：債券市場只對相對較少的公司開放；由于航運企業(yè)的利潤以及紅利的消失,使得航運企業(yè)的聲譽在公眾投資者中受到了嚴重打擊,二次公募也受到了限制。 基于船舶融資市場的發(fā)展現(xiàn)狀及對杠桿率的重視,本文從杠桿率與航運企業(yè)船舶融資的角度出發(fā),探求杠桿率與船舶融資的相互影響關系,以期從杠桿率的角度,為航運企業(yè)船舶融資決策提供相應地建議。本文主要分為三大部分：首先,對杠桿率、船舶融資、船舶融資決策及杠桿率引入的必要性、可行性、注意問題等進行了簡要的介紹；其次,運用定性與定量的方法,對杠桿率與船舶融資之間的關系進行了較為詳細地研究；最后,針對前幾章的研究內容,從杠桿率的角度出發(fā),提出航運企業(yè)應當如何運用杠桿率進行相應地船舶融資決策等,并對本文的主要研究結論、研究不足等做了總結,提出了展望。 杠桿率是一個相對較為復雜的指標,其實際應用及判斷也受多方面因素的影響,然而在航運市場尤其是船舶融資市場中,杠桿率的存在為航運企業(yè)的船舶融資決策提供了必要的依據。本文期望通過杠桿率的引入,可以降低航運企業(yè)的船舶融資風險,為航運企業(yè)的長期、平穩(wěn)發(fā)展及航運市場的相對平衡發(fā)展,提供一定的幫助。
[Abstract]:The emergence of the 2008 financial crisis has had a serious impact on the economies of all sectors around the world. While actively learning from the lessons of the financial crisis, the Basel Committee is aware of the regulatory role of leverage ratios on banks and other financial institutions. The leverage ratio is proposed as a regulatory indicator for financial institutions and the lower limit is strictly set. At the same time, under the influence of financial crisis and deleveraging of developed countries, shipping enterprises are still facing a relatively tight situation of ship financing. Measures such as leverage limits the ability of banks and other financial institutions to lend. At the same time, other possible sources of financing are restricted: the bond market is open to relatively few companies; Due to the loss of profits and dividends of shipping companies, the reputation of shipping companies has been severely damaged among public investors, and the second public offering has also been restricted. Based on the development of the ship financing market and the importance of the leverage ratio, this paper explores the relationship between the leverage ratio and the ship financing from the angle of the leverage ratio and the ship financing of the shipping enterprise, in order to find out the relationship between the leverage ratio and the ship financing, in order to look at the leverage ratio from the angle of the leverage ratio. To provide corresponding suggestions for ship financing decision of shipping enterprises. This paper is mainly divided into three parts: firstly, the paper briefly introduces the necessity, feasibility and attention to the leverage ratio, ship financing decision and the introduction of leverage ratio; Secondly, the relationship between leverage ratio and ship financing is studied in detail by using qualitative and quantitative methods. Finally, according to the research content of the previous chapters, from the point of view of leverage ratio, the paper puts forward how shipping enterprises should use leverage ratio to make corresponding ship financing decisions, and summarizes the main research conclusions and insufficient research of this paper. The prospect is put forward. Leverage ratio is a relatively complex index, its practical application and judgment are also affected by many factors. However, in the shipping market, especially in the ship financing market, The existence of leverage ratio provides a necessary basis for shipping enterprises to make ship financing decisions. This paper hopes that the introduction of leverage ratio can reduce the ship financing risk of shipping enterprises and provide some help for the long-term and stable development of shipping enterprises and the relative balanced development of shipping market.
【學位授予單位】：大連海事大學
【學位級別】：碩士
【學位授予年份】：2014
【分類號】：F275;F552.6
本文編號：2424694
[Abstract]:The emergence of the 2008 financial crisis has had a serious impact on the economies of all sectors around the world. While actively learning from the lessons of the financial crisis, the Basel Committee is aware of the regulatory role of leverage ratios on banks and other financial institutions. The leverage ratio is proposed as a regulatory indicator for financial institutions and the lower limit is strictly set. At the same time, under the influence of financial crisis and deleveraging of developed countries, shipping enterprises are still facing a relatively tight situation of ship financing. Measures such as leverage limits the ability of banks and other financial institutions to lend. At the same time, other possible sources of financing are restricted: the bond market is open to relatively few companies; Due to the loss of profits and dividends of shipping companies, the reputation of shipping companies has been severely damaged among public investors, and the second public offering has also been restricted. Based on the development of the ship financing market and the importance of the leverage ratio, this paper explores the relationship between the leverage ratio and the ship financing from the angle of the leverage ratio and the ship financing of the shipping enterprise, in order to find out the relationship between the leverage ratio and the ship financing, in order to look at the leverage ratio from the angle of the leverage ratio. To provide corresponding suggestions for ship financing decision of shipping enterprises. This paper is mainly divided into three parts: firstly, the paper briefly introduces the necessity, feasibility and attention to the leverage ratio, ship financing decision and the introduction of leverage ratio; Secondly, the relationship between leverage ratio and ship financing is studied in detail by using qualitative and quantitative methods. Finally, according to the research content of the previous chapters, from the point of view of leverage ratio, the paper puts forward how shipping enterprises should use leverage ratio to make corresponding ship financing decisions, and summarizes the main research conclusions and insufficient research of this paper. The prospect is put forward. Leverage ratio is a relatively complex index, its practical application and judgment are also affected by many factors. However, in the shipping market, especially in the ship financing market, The existence of leverage ratio provides a necessary basis for shipping enterprises to make ship financing decisions. This paper hopes that the introduction of leverage ratio can reduce the ship financing risk of shipping enterprises and provide some help for the long-term and stable development of shipping enterprises and the relative balanced development of shipping market.
【學位授予單位】：大連海事大學
【學位級別】：碩士
【學位授予年份】：2014
【分類號】：F275;F552.6
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