融资租赁是指出租人根据承租人的需要选择指定租赁设备，购买后出租给承租人收 取租金，租期届满双方根据合同约定划分租赁设备归属的现代租赁方式。融资租赁在二 战后起源于美国，目前在欧美国家中是仅次于银行信贷的主要融资方式。我国的融资租 赁行业始于20世纪80年代，经历过初期的迅猛发展、中期风险爆发及2000年至今制 度完善后的高速发展。 截止2018年底我国融资租赁行业合同余额已超过6.5万亿元，包括金融租赁、内 资租赁、外资租赁在内的从业公司11565家，在我国经济发展由过去追求数量型增长转 向追求高质量增长的过程中，发挥着至关重要的作用。另一方面，随着我国经济持续发 展和转型升级，航空运输仍有较大的提升空间和提升必要，民航机场建设仍受投资任务 繁重、资金需求量大、融资困难等诸多因素的影响。作为助力实体经济发展的重要资金 来源之一，融资租赁公司有能力和意愿拓展民航机场建设领域业务。因此，研究融资租 赁在民航机场建设中的应用和信用风险管理的意义就显得非常必要。 本文首先对融资租赁信用风险管理相关理论进行阐述，然后以Y公司机场融资租赁 业务信用风险管理现状为研究目标展开分析，诊断现有管理体系中存在的问题并提出改 进建议，最后以Y公司E机场融资租赁项目为例，运用定性和定量分析，采用5C信用 分析法和德尔菲法对项目开展科学系统的分析，识别承租人信用风险，检验本文所提出 信用风险管理建议有效性。对Y公司在民航机场融资租赁业务开展中的信用风险管理决 策提供现实指导意义，同时也期望能为其他租赁公司在民航机场业务开展中的信用风险 管理提供一定的参考和借鉴。 关键词：融资租赁；民航机场；信用风险；风险管理 Y公司机场融资租赁业务信用风险管理研究 - II - Research on Credit Risk Management of Y Company’s Airport Financial Leasing Business Abstract Financial leasing is a modern type of lease in which a lessor purchases a asset that the lessee selects, and charges rental for the use of that asset during the lease term. When the lease term expires, both sides will negotiate the ownership of that asset based on their lease contract beforehand. Financial leasing originated in the United States after World War II. At present, it is the world’s second-large financing method after bank credit in European and US. Financial leasing was introduced into China since 1980s. It has experienced initial development, medium- term risk outbreak and High-speed Development after System Improvement since 2000. By the end of 2018, the balance of financial leasing contracts in China had exceeded RMB6.5 trillion, 11,565 companies engaged in financial leasing industry,including bank leasing companies, domestic leasing companies and foreign leasing companies. Financial leasing plays an important role in the process of China's economy changing from pursuing quantitative growth to pursuing high-quality growth process. On the other hand, with China’s sustained economic development, transformation and upgrading of China's economy, there is still much room and necessity for improving air transport. Civil aviation airport construction is still affected by many factors, such as heavy investment tasks, large capital demand, financing problems and so on. As one of the important sources of funds for the development of substantial economy, financial leasing companies have the ability and willingness to expand the service at civil airport construction. Therefore, it is very necessary to implement the research on the application and credit risk management of financial leasing in civil airport construction. This paper explains the related theory of credit risk management of financial leasing firstly; then takes the present situation of credit risk management as the research object, which is carried out by Y Company’s airport financial leasing business is taken as the research object. Find out the problems in the existing management system and put forward proposals for improvement. Finally, applies qualitative and quantitative analysis methods, integrating 5C (Character, Capacity, Capital, Collateral, Condition) Analysis and Delphi Method with the E Airport Group leasing case to realize a scientific outcome. It identifies the credit risk of the lessee, testing the effectiveness of the credit risk management proposals presented in this paper. The proposals provides practical guidance for the credit risk management decision-making of 大连理工大学专业学位硕士学位论文 - III - Y company in the expansion of financing lease business at Civil Airport. It is expected to provide some reference for other leasing companies in Civil Airport's credit risk management. Key Words：Financial Leasing; Civil Airport; Credit Risks; Risk Management Y公司机场融资租赁业务信用风险管理研究 - IV - 目 录 摘要 ............................................................................................................................. I Abstract .............................................................................................................................. II 1 绪论 .............................................................................................................................. 1 1.1 研究背景 ........................................................................................................... 1 1.2 研究的目的和意义 ........................................................................................... 2 1.3 国内外文献综述 ............................................................................................... 2 1.4 研究的内容和结构 ........................................................................................... 4 2 融资租赁信用风险管理的理论基础 .......................................................................... 6 2.1 融资租赁概念和分类 ....................................................................................... 6 2.1.1 融资租赁的界定 .................................................................................... 6 2.1.2 融资租赁的分类 .................................................................................... 6 2.1.3 融资租赁信用风险的定义 .................................................................... 9 2.2 信用风险分析方法 ........................................................................................... 9 2.2.1 德尔菲法 ................................................................................................ 9 2.2.2 信用5C分析 ....................................................................................... 10 2.2.3 雷达图分析法 ...................................................................................... 10 2.2.4 现金流偿债法 ...................................................................................... 10 2.3 融资租赁信用风险管理方法 ......................................................................... 12 2.3.1 租前控制 .............................................................................................. 12 2.3.2 租中控制 .............................................................................................. 12 2.3.3 租后控制 .............................................................................................. 12 3 Y公司信用风险管理现状及问题分析 .................................................................... 13 3.1 Y公司概况 ..................................................................................................... 13 3.1.1 Y公司的发展历程 .............................................................................. 13 3.1.2 Y公司经营优势 .................................................................................. 13 3.1.3 Y公司向机场领域拓展业务的必要性 .............................................. 13 3.2 Y融资租赁公司信用风险管理现状 ............................................................. 14 3.2.1 Y公司信用风险管理的目标和原则 .................................................. 15 3.2.2 Y公司成熟业务领域的信用风险管理方法 ...................................... 16 3.2.3 Y公司新进入领域的信用风险管理方法 .......................................... 17 大连理工大学专业学位硕士学位论文 - V - 3.3 Y公司机场融资租赁业务信用风险管理存在的问题 ................................. 19 3.3.1 人员专业性不足 .................................................................................. 19 3.3.2