融资租赁行业租赁项目涉及多个当事人，一次性资金投入量大，资金回收时 间长，在经营过程中将面临较大的财务风险。作为一种新型的金融服务方式，融 资租赁受到越来越多人认可，逐渐渗透到金融、制造、贸易等不同行业，融资租 赁公司的健康发展对我国实体经济发展有着积极的促进作用。融资租赁公司要保 障公司正常运营，就必须及时发现财务风险，深入分析财务风险并采取有针对的 控制措施。随着市场经济的发展，我国融资租赁租赁公司数量呈现不断上升趋势， 但是部分融资租赁公司因为没有采取有效的控制财务风险的措施，深陷财务危机 中，最终走向破产。为了推动融资租赁公司健康可持续发展，有必要深入研究融 资租赁公司财务风险问题。 目前学术界对融资租赁公司的研究大都从宏观和微观两方面入手，站在出租 方和承租方进行研究的文献资料较少，本文依托于融资租赁公司财务风险来源进 行分类研究，研究视角较为新颖。本文立足于权衡理论和信息不对称理论，对融 资租赁公司财务风险进行研究，在阐述我国融资租赁公司财务控制现状基础上选 取 YD 公司为研究对象，通过租赁项目中财务风险研究找出控制融资租租赁风险的 对策。 本文首先指出研究背景和意义，归纳并总结国内外研究现状。其次阐述融资 租赁公司财务风险控制相关理论基矗接下来从投资活动、筹资活动、经营活动、 资金回收以及收益分配五个角度分析我国融资租赁公司采取风险控制现状、存在 的问题以及原因。最后以 YD 融资租赁公司为例，利用现金流量表法、财务比率分 析法、Z-score 模型分析法识别并评价 YD 公司财务风险，分析 YD 公司本身的财 务风险控制过程中存在的问题，发现 YD 公司在财务风险存在授信人考核机制不健 全、对承租方抵押资产及催收制度关注度不够、收益分配机制不合理等问题，然 后结合 YD 公司融资租赁项目中的风险进行分析，并提出相应的对策。研究结论是 融资租赁公司在经营方面在应对租赁项目操作风险时可使用双签制，监督租赁物 资产时可使用 GPS 技术。资金回收方面可以通过资产评估方式审查承租方信用， 并构建催收制度。 关键词：YD 公司，融资租赁，财务风险，识别，控制湖 北 工 业 大 学 硕 士 学 位 论 文 II Abstract Leasing projects in the finance leasing industry involve multiple parties, so they will face greater financial risks in the operation process due to large one-time capital input and long recovery time. As a new way of financial service, financial leasing has been recognized by more and more people and gradually penetrated into different industries such as finance, manufacturing and trade. The healthy development of financial leasing companies plays a positive role in promoting the development of China's real economy. In order to ensure the normal operation of the company, financial leasing companies must find out financial risks in time, analyze financial risks in depth and take corresponding control measures. With the development of market economy, the number of financial leasing leasing companies in China is on the rise. However, some financial leasing companies are in deep financial crisis and finally go bankrupt because they have not taken effective measures to control financial risks. In order to promote the healthy and sustainable development of finance leasing companies, it is necessary to study the financial risk of finance leasing companies. At present, most academic researches on financial leasing companies start from the macro and micro aspects, and there are few literatures that study from the perspective of leaser and lessee. This paper classifies the sources of financial risks of financial leasing companies with a relatively novel research perspective. Based on the balance theory and information asymmetry theory, this paper studies the financial risks of finance leasing companies, and selects YD company as the research object on the basis of expounding the current situation of financial control of finance leasing companies in China, and finds out the countermeasures to control the financial risks of finance leasing through the study of financial risks in leasing projects. Firstly, the research background and significance are pointed out, and the research status at home and abroad is summarized. Secondly, it expounds the theoretical basis of financial risk control of finance leasing companies. Next, the paper analyzes the current situation, existing problems and causes of risk control adopted by financial leasing companies in China from the perspectives of investment activities, investment activities, business activities, capital recovery and income distribution. Finally to YD financial leasing companies, for example, using the method of cash flow statement, financial ratio analysis, Z score model analysis to identify and evaluate YD company financial risk, and analyzes YD company itself in the financial risk control problems that exist in the process, found YD company in financial risk exists accreditor appraisal mechanism is not sound, the tenant mortgage assets and collection system problems such as not enough attention, unreasonable income distribution mechanism, and then combined with YD company financing lease in the project risk analysis, and put forward corresponding countermeasures. The conclusion is that financial leasing companies can use the double-signature system to deal with the operational risks of leasing projects and GPS technology to monitor the assets of leasing. In the aspect of fund recovery, the credit of the lessee can be examined by means of asset evaluation, and a collection system can be established. Key words: YD company, financial leasing, financial risk, identification, control湖 北 工 业 大 学 硕 士 学 位 论 文 III 目 录 摘要 .................. I Abstract.................... II 目 录 ................III 第 1 章 绪 论 ..........1 1.1 研究背景及意义 ........................1 1.1.1 研究背景 .......................1 1.1.2 研究意义 .......................2 1.2 文献综述 .....2 1.2.1 国外研究综述................2 1.2.2 国内研究综述................3 1.2.3 国内外研究述评............5 1.3 研究内容、方法及创新点 ........5 1.3.1 研究内容 .......................5 1.3.2 研究方法 .......................6 1.3.3 创新点 ...........................6 第 2 章 概念界定与理论基础................7 2.1 相关概念 .....7 2.1.1 融资租赁公司财务风险控制界定...............7 2.1.2 融资租赁公司财务风险控制特征...............7 2.2 理论基础 .....8 2.2.1 权衡理论 .......................8 2.2.2 信息不对称理论............9 2.3 融资租赁公司财务风险控制的方法 .......................9 2.3.1 财务风险识别与评价方法...........................9 2.3.2 财务风险控制方法......11 2.4 企业发生财务风险的主要原因 .............................12 第 3 章 融资租赁公司的财务风险控制现状.....................14 3.1 筹资活动财务风险控制 ..........14 3.2 投资活动财务风险控制 ..........14 3.3 经营活动财务风险控制 ..........15 3.4 资金回收财务风险控制 ..........15 3.5 收益分配财务风险控制 ..........16 第 4 章 YD 融资租赁公司财务风险控制现状及原因分析.............................17湖 北 工 业 大 学 硕 士 学 位 论 文 IV 4.1 YD 融资租赁公司简介 ............17 4.2 YD 融资租赁公司财务风险识别与评价................17 4.2.1 现金流量表判别应用..17 4.2.2 财务比率分析法应用..18 4.3 YD 融资租赁公司财务风险控制现状....................21 4.3.1 授信人考核机制不健全.............................23 4.3.2 承租方抵押资产和租金催收制度关注少.23 4.3.3 收益分配活动中缺乏合理的收益分配机制............................24 4.4 YD 融资租赁公司财务风险控制问题分析............24 4.4.1 筹资风险管理问题......24 4.4.2 投资风险管理问题......25 4.4.3 资金回收风险管理问题.............................25 4.4.4 收益分配风险管理问题.............................25 第 5 章 YD 融资租赁财务风险控制改进措施..................27 5.1 筹资风险管理措施 ..................27 5.1.1 拓宽筹资渠道..............27 5.1.2 确定合理的资本结构..28 5.1.3 利用金融衍生工具规避利率风险.............29 5.2 投资风险管理措施 ..................29 5.2.1 建立投资决策评价制度.............................29 5.2.2 创新租赁产品以提高企业竞争力.............30 5.3 资金回收风险管理措施 ..........31 5.3.1 加强对信用风险的管理.............................31 5.3.2 强化财务预警系统......33 5.4 收益分配风险管理措施 ..........33 第 6 章 结论与展望 .............................34 6.1 研究结论 ...34 6.2 研究不足与展望 ......................35