一直以来，产融结合都被大型企业集团视为做强做大的有效途径，在国民经 济中占有重要地位的中央企业近年也在不断寻求实现产融结合的可行方案。目 前，除了企业集团财务公司这一工具外，尚无其他可普遍推广的平台。本文是在 这一背景下，对某大型有色金属中央企业设立融资租赁公司进行研究，以探索设 立融资租赁公司可为中央企业带来的经济效应，从而探索其成为可推广产融结合 工具的可行性。 本文首先在国内外研究文献的基础上，对融资租赁概念、类型等进行了总结 分析。随后结合近两年“营改增”税制改革的变化，采用案例分析的方式，对该 中央企业某下属企业开展融资租赁业务的具体经济效应进行了测算分析。接下 来，本文对当前国内融资租赁公司类型、设立条件、总体发展现状等进行了逐步 研究，并结合当前各自贸区的政策条件，探索该中央企业设立融资租赁公司的可 选类型及注册地址。之后，本文从该中央企业整体合并的角度，研究了融资租赁 公司的成立拟对其产生的协同效应。最后，本文的创新点在于探索设立融资租赁 公司促进该中央企业深化产融结合的可行性，但并未对融资租赁公司的实际运营 情况进行调研分析，具体仍有待检验。 关键词，融资租赁，产融结合，经济效应II Abstract All along, the combination of industrial capital and financial capital has been seen as an effective way to become bigger and stronger by large enterprise groups. In recent years, the central enterprises who play important roles in the national economy are constantly seeking to achieve the possible options of combing industrial capital and financial capital. Currently, in addition to financial company, there is no other popularized choice. This article is in this context, to research on setting up financial leasing company by a large non-ferrous metal enterprise, exploring the feasibility of a replicable tool to promote the combination. Firstly, on the basis of domestic and foreign research literature, the concept of financial leasing, type, etc. were analyzed. Then, combing changes in the tax reform happened in the last two years, the concrete economic effect of a subsidiary company of the central enterprises to carry out financing and leasing business was calculated through the case study. Next, the current domestic financial leasing company type, establishment conditions, the overall development status were analyzed. At the same time, combing the current policy conditions on each free trade zone, the article explored the optional type and registered address of financial leasing company for the central enterprise. After that, from the consolidation perspective of the overall central enterprises, this article the overall economic effects of financial leasing companies established of its intention to produce. Finally, the innovation of this paper is to explore the feasibility of setting up financial leasing company to promote the central enterprises to deepen the combination, but not on the actual operations of financial leasing companies conduct research and analysis of specific remains to be tested. Keywords， Financial leasing，Combination of industrial capital and financial capital, Economic effectsIII 目录 第 1 章绪论.................................................................................................1 1.1 选题背景及研究意义 ...............................................................................................1 1.1.1 选题背景.............................................................................................................. 1 1.1.2 研究意义 .............................................................................................................. 2 1.2 研究文献综述 ........................................................................................................2 1.3 研究内容及结构安排 ...............................................................................................5 1.4 研究内容创新与不足 ...............................................................................................5 第 2 章融资租赁业务对承租人的经济效应.............................................7 2.1 融资租赁的内涵界定 ...............................................................................................7 2.1.1 融资租赁的定义 .................................................................................................... 7 2.1.2 融资租赁的类型....................................................................................................9 2.2 融资租赁业务对承租人的经济效应 .............................................................................9 2.2.1 承租人融资成本测算 ............................................................................................. 9 2.2.2 承租人财务指标测算...........................................................................................12 2.3 本章总结 ............................................................................................................15 第 3 章融资租赁公司类型及设立比较...................................................16 3.1 国内融资租赁业务发展现状 ....................................................................................16 3.2 国内融资租赁公司类型 ..........................................................................................17 3.3 国内融资租赁公司比较 ..........................................................................................18 3.4 该中央企业设立融资租赁公司的可行选择 ..................................................................19 3.5 该中央企业设立融资租赁公司的注册地选择 ...............................................................20 3.5.1 各自贸区基本情况比较 ........................................................................................20 3.5.2 各自贸区现有融资租赁政策比较..........................................................................21 3.5.3 各自贸区融资租赁政策深度分析..........................................................................22 3.6 本章小结 ............................................................................................................24 第 4 章融资租赁公司融资方式...............................................................25 4.1 银行贷款 ............................................................................................................25 4.2 债券发行 ............................................................................................................25 4.3 资产证券化 .........................................................................................................26IV 4.4 本章小结 ............................................................................................................27 第 5 章该中央企业设立融资租赁公司的协同效应..............................28 5.1 对内融通，对外盈利，带来新利润增长点 ..................................................................28 5.2 提升资产管理能力 ................................................................................................28 5.3 创新融资渠道，降低融资成本 .................................................................................29 5.4 本章小结 ............................................................................................................29 第 6 章研究结论及建议...........................................................................30 6.1 研究结论 ............................................................................................................30 6.2 建议 ..................................................................................................................30 6.2.1 提升金融人才储备 ...............................................................................................30 6.2.2 切实抓好融资租赁公司运行.................................................................................31 6.2.3 开拓金融服务实体思路........................................................................................31