iii 摘要 融资租赁行业起源于上世纪50年代的美国，作为一种集贸易、融资、租赁为 一体的新型金融工具，融资租赁凭借其独特的优势迅猛发展，成为全球金融市场上 仅次于银行信贷的第二大融资方式。 融资租赁自20世纪80年代引入我国，在近40年的发展过程中历经波折，21 世纪初才开始步入健康发展的道路。2018年，我国融资租赁行业的监管职责由商 务部划转到中国银行保险监督管理委员会，其后《融资租赁公司监督管理暂行办法 （征求意见稿）》的发布也意味着融资租赁行业在我国进入强监管、规范运行的时 代。然而，在融资租赁行业快速发展、业务监管逐渐规范下，融资租赁定价在实务 中尚未形成统一的体系和标准，融资租赁公司特别是新兴融资租赁公司普遍缺乏 科学有效的定价机制，制约着公司发展壮大。 本文首先对融资租赁的定义和业务模式进行了总结，阐述了我国融资租赁行 业的发展历程及现状，介绍了融资租赁定价的基础理论，随后分析了融资租赁定价 的特征，对比评价了目前融资租赁定价方法的优缺点，提出了融资租赁定价实务中 存在的问题及需要重点考虑的因素。在此基础上，针对GH融资租赁公司定价随 意、缺乏科学有效的定价机制问题，立足公司的发展现状，从资本成本、客户风险 和业务协同关系三方面构建了适合实务应用的融资租赁定价模型，并通过公司内 三个具有代表性的典型案例，验证了融资租赁定价模型在实务应用中的合理性和 适用性。 通过本文的研究，为GH融资租赁公司实务操作中的租金定价提供了可行的 方案，对融资租赁行业的定价研究，特别是新兴融资租赁公司的定价方法实务应用 提供一定的借鉴意义。 关键词：融资租赁，定价模型，租金，预期收益率 北京交通大学硕士专业学位论文 ABSTRACT iv ABSTRACT The financial leasing industry originated in the United States in the 1950s. As a new financial instrument integrating trade, financing and leasing, financial leasing develops rapidly with its unique advantages and becomes the second largest financing mode in the global financial market after bank credit. Financial leasing has been introduced into our country since 1980s. It has gone through many twists and turns in the development process of nearly 40 years, and only at the beginning of the 21st century has it stepped into the road of healthy development. In 2018, the regulatory responsibility of China's financial leasing industry was transferred from the Ministry of Commerce to the Insurance Regulatory Commission of the Bank of China. The issuance of the Interim Measures for the supervision and management of financial leasing companies (Draft for comments) also means that the financial leasing industry has entered an era of strong supervision and standardized operation in China. However, with the rapid development of the financial leasing industry and the gradual standardization of business supervision, the pricing of financial leasing has not yet formed a unified system and standard in practice. Financial leasing companies, especially emerging financial leasing companies, generally lack a scientific and effective pricing mechanism, which restricts their development and growth. This paper first summarizes the definition and business model of financial leasing, expounds the development process and current situation of financial leasing industry in China, introduces the basic theory of financial leasing pricing, then analyzes the characteristics of financial leasing pricing, compares and evaluates the advantages and disadvantages of current financial leasing pricing methods, and puts forward the existing problems in financial leasing pricing practice and the key points to be considered Factors considered. On this basis, in view of GH financial leasing company's arbitrary pricing and lack of scientific and effective pricing mechanism, based on the company's development status, this paper constructs a financial leasing pricing model suitable for practical application from three aspects of capital cost, customer risk and business synergy, and verifies the financial leasing pricing model in practice through three representative typical cases in the company Rationality and applicability in application. Through the research of this paper, it provides a feasible scheme for GH financial leasing company in the practical operation of rent pricing, and provides a certain reference for the pricing research of financial leasing industry, especially for the practical 北京交通大学硕士专业学位论文 ABSTRACT v application of pricing methods of emerging financial leasing companies. KEYWORDS：financial leasing, pricing model, rent, expected rate of return 北京交通大学硕士专业学位论文 目录 vi 目录 摘要 ......................................................................................................................... iii ABSTRACT ............................................................................................................. iv 1 引言 .................................................................................................................... 1 1.1 研究背景及意义 ..................................................................................... 1 1.2 文献研究综述 ......................................................................................... 2 1.2.1 国外文献研究综述 ...................................................................... 2 1.2.2 国内文献研究综述 ...................................................................... 3 1.2.3 文献述评 ...................................................................................... 4 1.3 研究内容与方法 ..................................................................................... 4 1.3.1 研究内容和框架 .......................................................................... 4 1.3.2 研究方法 ...................................................................................... 6 1.4 论文的创新点与不足 ............................................................................. 7 2 融资租赁理论基础 ............................................................................................ 8 2.1 融资租赁的定义及业务模式 ................................................................. 8 2.1.1 融资租赁的定义 .......................................................................... 8 2.1.2 融资租赁的业务模式 .................................................................. 9 2.2 融资租赁行业的发展历程及现状 ....................................................... 11 2.2.1 融资租赁行业的发展历程 ........................................................ 11 2.2.2 融资租赁行业的现状 ................................................................ 12 2.3 融资租赁定价理论依据 ....................................................................... 14 2.3.1 现金流贴现理论 ........................................................................ 14 2.3.2 风险定价理论 ............................................................................ 15 2.3.3 期权定价理论 ............................................................................ 15 3 融资租赁定价模型的实务应用 ...................................................................... 16 3.1 融资租赁产品定价的特征 ................................................................... 16 3.2 融资租赁产品定价方法及评价 ........................................................... 17 3.2.1 成本加成定价法 ........................................................................ 17 3.2.2 基准利率加点定价法 ................................................................ 17 3.2.3 客户盈利分析定价法 ................................................................ 18 3.2.4 风险调整资本收益定价法 ........................................................ 18 3.2.5 对比与述评 ................................................................................ 19 北京交通大学硕士专业学位论文 目录 vii 3.3 融资租赁定价方法在实务中存在的问题 ........................................... 20 3.3.1 融资租赁未形成系统的定价体系 .............................................. 20 3.3.2 融资租赁定价体系不完善影响实务应用效果 .......................... 20 3.3.3 融资租赁定价方法存在片面性 .................................................. 21 3.4 融资租赁定价应重点考虑的因素 ....................................................... 21 3.5 本章小结 ..........................