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本文通过理论与项目具体分析两大方向研究 ZJ 租赁公司在基础设施融资租
赁项目决策。理论方面梳理了基础设施和融资租赁的概念、分类和特点等，结合
基础设施的特点对引入融资租赁优势和意义进行分析。具体项目为一个典型的地
方政府市政工程引入融资租赁的案例，分析了地方经济情况和城市规划，收集了
地方政府财政收入和政府平台公司经营情况、资金等数据，探讨可能遇到的法律、
信用风险等问题，设计基础设施融资租赁方案；在方案实施后对比了融资租赁与
传统信贷方式对操作效率、资金成本和现金流的影响，并建立了资金预测模型对
承租人偿债压力进行测试，总结了基础设施引入融资租赁的意义
研究发现：融资租赁作为融资平台使得融资方式更加多样化，充分吸收社会
资本参与，减少对银行信贷的过度依赖；同银行信贷侧重于融资人历史资信情况、
对融资人的自身实力要求较高相比，融资租赁更侧重于资产本身的质量和未来产
生的现金流能力， ZJ 租赁公司项目的实施的使得基础设施融资效率更高，降低
了出租人和承租人操作成本；基础设施借助融资租赁解决了融资人资金流动性不
足的问题，同时不会过度增加融资人的债务负担，债务随着经营资金流入逐步释
放，国家在融资租赁的税收优惠的进一步降低了融资成本，是一个双赢的项目
关键词：基础设施；融资租赁；方案；风险管理；应用浙江理工大学硕士专业学位论文
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Abstract
Infrastructure is the important foundation for long-term sustainable and stable
development of national economy. It is characterized by huge demand for
construction funds and long construction and recovery periods, which are well
matched by the good flexibility and convenience of financial leasing. Capable of
better serving industrial restructuring and promoting social and economic
development, infrastructure financial leasing is a promising construction financing
mode worth popularization.
This paper analyzes the decision of ZJ leasing company for its infrastructure
financial leasing project from two orientations, i.e., theoretical analysis and specific
project analysis. Theoretically, this paper analyzes the concept, classification and
features of infrastructure and financial leasing and other theories, as well as the
advantages and significance of introducing financial leasing by combining the
features of infrastructure. The specific project is a typical case of financial leasing
introduction in the local government’s municipal engineering project. In this aspect,
this paper analyzes the local economic condition and city planning, collects data like
fiscal revenues of the local government, and the operating condition and funds of the
government platform company, discusses potential legal issues and credit risks, and
designs the infrastructure financial leasing scheme. After implementation of the case,
this paper compares the influence of the financial leasing and the traditional credit
mode on the operating efficiency, fund cost and cash flow, builds a fund forecasting
model to test the lessee’s debt repayment pressure, and summarizes the significance of
introducing financial leasing into infrastructure.
According to the research findings, financial leasing, which diversifies the
financing mode as a financing platform, sufficiently attracts participation of social
capital and reduces immoderate reliance on bank credit. Compared with bank credit
which lays emphasis on the historical credit condition and the strength of the
financiers, financial leasing pays more attention to the asset quality and the cash flow浙江理工大学硕士专业学位论文
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capacity in the future. The implementation of the project of ZJ leasing company
improves the infrastructure financing efficiency and reduces operation cost of the
leasers and leases. Financial leasing of infrastructure solves the problem of liquidity
shortage of financiers’ capital and meanwhile does not increase the debt burden of the
financiers as the debt is gradually released along with inflow of operating funds.
Besides, as national tax preference for financial leasing further reduces the financing
cost, the project of ZJ leasing company will be a win-win project.
Key Words: Infrastructure; Financial leasing; Case; Risk management; Application浙江理工大学硕士专业学位论文
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目 录
摘要.......3
Abstract........... III
目 录......V
1 绪 论...1
1.1 研究背景..1
1.1.1 基础设施的建设....1
1.1.2 融资租赁的发展....2
1.1.3 基础设施与融资租赁的结合........2
1.2 研究目标、研究内容、方法与技术路线..........3
1.2.1 研究目标....3
1.2.2 研究内容....4
1.2.3 研究方法....4
1.2.4 技术路线....4
1.3 创新之处..6
2 基础理论与文献综述 7
2.1 概念界定..7
2.1.1 融资租赁的定义....7
2.1.2 基础设施的定义和特点....7
2.2 融资租赁研究......8
2.2.1 融资租赁本质........8
2.2.2 融资租赁的运作模式........9
2.2.3 融资租赁市场研究9
2.2.4 融资租赁监管研究..........10
2.2.5 融资租赁风险研究..........10
2.3 基础设施融资研究........10
2.3.1 基础设施融资体制与模式的研究..........10
2.3.2 PPP 模式研究.... 11
2.3.3 基础设施融资租赁研究.. 11
3 基础设施融资租赁理论分析 ..........13
3.1 基础设施融资相关理论13
3.1.1 基础设施项目分类理论和可销售理论..13
3.1.2 基础设施建设融资模式...
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