杠杆率对航运企业船舶融资决策影响研究

发布时间：2019-02-16 17:51

【摘要】：2008年金融危机的产生为全球各行业的经济都造成了严重的影响,巴塞尔委员会在积极吸取金融危机教训的同时,意识到了杠杆率对银行等金融机构所具有的监管作用,并提出将杠杆率作为金融机构的一项监管指标,并严格设置了下限。与此同时,受金融危机及发达国家的去杠杆化的影响,航运企业船舶融资仍面临着较为紧缩的状况,国家、政府不仅通过提高利率、减税政策、提高抵押率及保证金、限制杠杆率等措施限制银行等金融机构的放贷能力。与此同时,其他可能的融资渠道也受到了限制：债券市场只对相对较少的公司开放；由于航运企业的利润以及红利的消失,使得航运企业的声誉在公众投资者中受到了严重打击,二次公募也受到了限制。基于船舶融资市场的发展现状及对杠杆率的重视,本文从杠杆率与航运企业船舶融资的角度出发,探求杠杆率与船舶融资的相互影响关系,以期从杠杆率的角度,为航运企业船舶融资决策提供相应地建议。本文主要分为三大部分：首先,对杠杆率、船舶融资、船舶融资决策及杠杆率引入的必要性、可行性、注意问题等进行了简要的介绍；其次,运用定性与定量的方法,对杠杆率与船舶融资之间的关系进行了较为详细地研究；最后,针对前几章的研究内容,从杠杆率的角度出发,提出航运企业应当如何运用杠杆率进行相应地船舶融资决策等,并对本文的主要研究结论、研究不足等做了总结,提出了展望。杠杆率是一个相对较为复杂的指标,其实际应用及判断也受多方面因素的影响,然而在航运市场尤其是船舶融资市场中,杠杆率的存在为航运企业的船舶融资决策提供了必要的依据。本文期望通过杠杆率的引入,可以降低航运企业的船舶融资风险,为航运企业的长期、平稳发展及航运市场的相对平衡发展,提供一定的帮助。
[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.
【学位授予单位】：大连海事大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F275;F552.6

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