I 摘要 金融租赁作为融资与融物的结合，贸易与技术及服务于一体的新型金融产业，对 产业结构升级，公司发展转型等方面发挥了重要的作用，特别是负债端与传统银行市 场的紧密结合，其本质意义更偏重于金融。自 2007 年首批金融租赁公司成立以来， 金融租赁市场呈现出爆发式地增长，金融和产业的结合越来越紧密，甚至有些金融租 赁公司在产业的细分和专业化上丝毫不逊于产业公司。但是，在市场定位及业务模式 上，各金融租赁公司尚处于摸索阶段，在目前的银行系金融租赁公司中，多为融资性 租赁，或者有些更大程度上类似于银行的贷款业务，基本上仍处于依托资金优势做业 务的阶段，在业务收入上有关行业专业服务收入占比太小，普遍存在业务布局单一、 产品同质化严重的现象。 MS 金融租赁公司正是在金融行业大发展的背景下成立，依托 MS 银行的支持， 利用银行系金融租赁公司牌照优势，快速开拓市场，十年砥砺，发展成为综合性的金 融租赁运营机构，确立了中国金融租赁行业的领先地位。但是，多年的快速发展以及 内外部宏观经济环境的不断变化，融资租赁业务突显出很多不足，产品同质化严重， 业务模式单一，业务布局不均衡。 本文以 MS 金融租赁公司作为研究对象，基于中国融资租赁行业现状，结合公司 的经营状况，指出了融资租赁行业所面临的同质化现象，特别是针对 MS 金融租赁公 司业务、产品及市场定位的同质化问题进行了细致分析。基于波士顿矩阵法、PEST 分析法以及差异化理论等，从宏观环境及行业环境阐述了融资租赁业务差异化发展的 必要性及紧迫性，重点对业务差异化发展所产生的优势进行了分析。根据波士顿矩阵， 以及公司目前业务产品的市场情况，分析了 MS 金融租赁公司业务差异化发展方向。 研究表明，从融资到租赁，这是公司业务未来发展的一个新方向和新盈利模式。首先， 根据融资租赁周期理论，公司需要增加真租赁业务份额，开展经营性租赁，为客户提 供具有差异化产品的金融租赁解决方案。其次，公司需要在服务差异化及市场定位差 异化方面进行改进，以便提高市场竞争力，然后提出了差异化发展策略顺利实施的内 外部保障措施。最后，对 MS 金融租赁公司业务差异化发展策略进行总结并提出应用 展望。 关键词，金融租赁，融资租赁，差异化策略ABSTRACT III ABSTRACT Financial leasing, as a combination of financing and melting and a new financial industry integrating trade, technology and service, plays an important role in upgrading the industrial structure and transforming the development of the company. Especially in the tight combination of the liability side with the traditional banking market, its essential meaning is more emphasis on finance. Since the establishment of the first batch of financial leasing companies in 2007, the financial leasing market has shown explosive growth, and the combination of finance and industry is getting closer and closer. Some financial leasing companies are even not inferior to industrial companies in the division and specialization of industry. However, in terms of positioning and business model, financial leasing companies are still at the stage of exploration. In the current banking financial leasing companies, most of them are financing leases, and some of them are more similar to bank lending business. At the stage of doing business based on the advantages of capital, the proportion of professional service income in the relevant industry in the business income is too small, and there is a widespread phenomenon of single business layout and serious product homogeneity. MS Financial Leasing Company was established under the background of the development of the financial industry. With the support of MS Bank, MS Financial Leasing Company leveraged the advantages of the banking financial leasing company license to rapidly open up the market. After ten years, it has developed into a comprehensive financial leasing operation and established the leading position of China's financial leasing industry. However, due to years of rapid development and constant changes in the internal and external macroeconomic environment, the financial leasing business has highlighted many shortcomings. For instance, product homogeneity is serious, financing channels are single, and business layout is uneven. This thesis takes MS financial leasing company as the research object. Based on the current situation of China's financial leasing industry and the company's operating status, it points out the homogenization phenomenon faced by the financial leasing industry and analyzes the problems for the business, product and market positioning of MS financial leasing companies in detail. On the basis of the BCG Matrix, PEST analysis method and西安电子科技大学硕士学位论文 IV differentiation theory, it expounds the necessity and urgency of the company's differentiated development from the aspects of macro-environment and industry environment, with emphasis on analyzing the advantages of the company's differentiated development. According to the BCG Matrix and the market situation of the company's current business products, it also analyzes the differential development direction of MS financial leasing companies. Research shows that from financing to leasing, this is a new direction and new profit model for the future development of the company's business. Firstly, according to the theory of financial leasing cycle, the companies need to increase the share of real leasing business, carry out operating leasing, and provide customers with financial leasing solutions with differentiated products. Secondly, the company needs to improve in terms of service differentiation and market positioning differentiation in order to improve market competitiveness, and then propose internal and external safeguard measures for the smooth implementation of differentiated development strategies. Finally, this thesis summarizes the differential development strategy of MS financial leasing companies and puts forward the application prospect. Keywords: Financial Leasing, Finance Lease, Differentiation Strategy插图索引 V 插图索引 图 1.112011—2016 年中国各类融资租赁公司数量变动趋势图..1 图 1.2 中国融资租赁行业 2011 年-2016 年合同余额增长图........2 图 1.3 中国融资租赁业务产品市场占有分布图.3 图 1.4 中国融资租赁行业净利息收益率变动图.3 图 1.5 研究思路框架9 图 3.1 直接租赁的交易流程图20 图 3.2 售后回租交易流程图....20 图 3.3MS 金融租赁公司业务收入构成....22 图 4.1 近十年中国融资租赁企业数量变化（单位，家）.30 图 4.2 近年来租赁市场业务规模.....31 图 4.3 全球融资租赁业务前五渗透率对比图...32 图 5.1MS 金融资租赁公司各业务产品销售增长率..39 图 5.2MS 金融租赁公司业务产品波士顿矩阵图......39 图 5.3MS 金融租赁公司经营租赁业务改进路线图..41表格索引 VII 表格索引 表 3.12015—2017 年 MS 金融租赁公司盈利能力指标统计表..17 表 3.2 中国部分融资租赁公司业务板块..21 表 4.1 信贷规模及构成（单位，亿元）..29 表 4.2 国外租赁行业龙头资产规模及盈利水平（单位，亿（美元））......33 表 5.12017 年 MS 租赁、交银租赁、平安租赁各类业务产品资产净值....38缩略语对照表 XI 缩略语对照表 缩略语 英文全称 中文对照 ROA Return on Assets 资产收益率 ROE Rate of Return on Common Stockholders’Equity 净资产收益率 GDP Gross Domestic Product 国内生产总值目 录 XIII 目 录 摘要........I ABSTRACT ... III 插图索引V 表格索引.......VII 缩略语对照表XI 目 录..XIII 第一章 绪论....1 1.1 研究背景与意义 ...... 1 1.1.1 研究背景 . 1 1.1.2 研究意义 . 4 1.2 文献综述 5 1.2.1 国外研究现状 .. 5 1.2.2 国内研究现状 .. 6 1.2.3 简要述评 . 7 1.3 研究思路与方法...... 7 1.3.1 研究思路 . 7 1.3.2 研究方法 . 8 1.4 研究内容与框架...... 9 1.4.1 研究内容 . 9 1.4.2 框架安排 . 9 第二章 相关理论基础....11 2.1 融资租赁概述........ 11 2.1.1 融资租赁定义 11 2.1.2 融资租赁特点 11 2.1.3 融资租赁分类 11 2.2 波士顿矩阵模型理论..... 12 2.3 PEST 分析理论 ...... 13 2.4 差异化战略理论.... 14 第三章 MS 金融租赁公司经营现状与存在问题 ......17 3.1 MS 金融租赁公司简介... 17西安电子科技大学硕士学位论文 XIV 3.2 MS 金融租赁公司经营现状 ... 17 3.2.1 经营情况........ 17 3.2.2 业务类型........ 18 3.2.3 产品模式........ 20 3.3 MS 金融租赁公司业务同质化问题分析 . 21 3.3.1 业务类型同质化..... 21 3.3.2 产品模式同质化..... 22 3.3.3 市场定位同质化..... 23 第四章 MS 金融租赁公司业务差异化发展动因分析....... 25 4.1 宏观环境分析 ....... 25 4.1.1 政治环境分析 25 4.1.2 经济环境分析 26 4.1.3 社会环境分析 27 4.1.4 技术环境分析 28 4.2 行业环境分析 ....... 28 4.2.1 市场竞争激烈 28 4.2.2 同业竞争加剧 29 4.2.3