基层（普惠）医疗机构基于医疗器械的融资租赁风险评价研究 摘要 伴随金融的发展，融资租赁作为一项创新的金融服务，迅速崛起。由于人们对身 体健康越来越重视、生活质量改善与人口老龄化，对现代医疗需求提出更高要求，为 推动国产医疗器械创新与进口替代，国家对此提供了多项政策支持，行业并购整合速 度增长，监管趋严、政策助推产业升级、行业整合与集中化，促使医疗机构必须及时 升级医疗设备。而医疗机构方面，公立医疗机构受上级部门审批所限、民营医院受自 身资金实力所困，无法及时升级购买医疗设备，特别是面向基层的医疗机构。此时融 资租赁便可提供基于设备所有权的债权资金保障，同时也能帮助医疗器械供应商及时 确认销售收入，缓解其现金流困境。 融资租赁在中国已有30多年的发展历史，这既是一个持续服务实体经济的过程， 也是融资租赁行业不断自我调整、适应环境、发展创新的过程。医疗器械行业催生出 了大量的科技型企业，在成长过程中有大量的融资租赁需求，特别是在产品的销售环 节需要融资租赁的支持。找出适合医疗器械融资租赁的风险控制措施，寻求和融资租 赁项目相关有关的参数，从而建立风险评价在此基础上构建风险评估模型,，对医疗 器械租赁的风险评价进行研究。 国内医疗机构的医疗器械融资租赁业务所存在的风险可主要从外部风险及内部 风险两方面进行归纳总结。外部风险主要指整体宏观风险，包括市场风险和政策风险， 在本文中不作深入研究。内部风险包括管理决策、偿还能力、技术、合规和融资保证 等方面上存在的风险。关于内部风险，可通过分析还款来源，应收、应付帐款帐龄分 析，收入及债务情况分析，现金流预测等进行评估。 本文基于融资租赁公司的视角，对融资租赁风险管理与医疗器械融资租赁等相关 理论和文献进行了较为全面的回顾；通过多元线性回归模型，通过分析最近从数百家 基层医疗机构获取的核心数据，总结影响基层医疗机构融资租赁业务的风险因素；根 据回归结果，评判医疗机构融资租赁业务的整体风险状况。根据以上对基层医疗机构 的医疗器械融资租赁业务特点的把控和可能影响其风险的因素归纳，建立多元线性回 归模型，将所采集的样本数据代入模型进行检验，并对结果进行解释和评估，从而对 完善模型，并对整体市场的业务风险进行评价和分析。 本文研究所得的融资租赁项目的风险评价指标体系若能运用到融资租赁项目启 动之前，作为评估承租人和项目风险的依据之一，可大量减少项目风险。此外，本文 摘要 对于医疗机构融资租赁业务市场的整体风险评估，也具有重要意义。 关键词：基层医疗机构， 医疗器械， 融资租赁， 风险评价 ABSTRACT Research on the risk control of financial leasing based on medical devices in primary (inclusive) healthcare service system ABSTRACT As an innovative financial service, financial leasing business is developing rapidly with the expanding of financial market. As people pay more and more attention to health, the government makes a series of policies to encourage domestic medical equipment innovation and imported facilities substitution. Many reasons prompt healthcare institutions upgrade medical devices, such as the increasingly stringent supervision, the upgrading of healthcare industry, the consolidation and concentration of industry. Sometimes, institutions unable to purchase medical devices in time because of the regulatory for public hospitals and the fund shortage of private hospitals, especially primary healthcare systems. Financial leasing is able to provide debt fund for healthcare organizations based on the ownership of the medical devices. At the same time, it can help the medical device suppliers to confirm the sales revenue and alleviate their cash flow difficulties. Financial leasing has a history of more than 30 years in China. It is not only a process that continues to serve the substantial economy, but also a process in which the financial leasing industry continuously adjusts itself to the development and innovation of the environment. The medical device industry has spawned a large number of technology-based companies, there is a large demand for financial leasing in the process of growth especially in product sales. This paper is aimed at finding the parameters related to the financial leasing project, establishing a risk assessment model, and analysis the risk assessment of medical devices leasing. This paper is based on the perspective of leasing corporation, comprehensively review the theories and papers related to financial leasing risk management and financial leasing of medical devices; Through establish the multiple linear regression model and the analysis of the core data recently obtained from hundreds of primary healthcare institutions, summarize the risk factors affecting the financial leasing business of primary healthcare institutions; According to the regression results, evaluate the overall risk status of financial leasing business of primary healthcare service system. Based on the above analysis, the characteristics of medical devices financial leasing business of primary healthcare service ABSTRACT system and the factors that may affect the risks are summarized, establish multiple linear regression models, and verifying the collected sample data substituted into the model, interpreted and evaluated the results to improve the model, evaluate and analyze the business risk of the whole market. If the result on the risk evaluation index system of financial leasing projects this paper studies can be applied to financial leasing projects before they start, as an analytical basis for the lessee and project risk, can reduce project risk significantly. In addition, this paper is also of great significance for the overall risk assessment of the financial leasing business market of healthcare service system. KEYWORDS：primary healthcare service system, medical devices, financial leasing, risk assessment 目录 目录 第一章 引言 ......................................................................................................................... 1 第一节 研究背景 .............................................................................................................. 1 第二节 研究目的和意义 .................................................................................................. 2 第三节 文献综述 .............................................................................................................. 3 一、国外研究综述 ........................................................................................................ 3 二、国内研究综述 ........................................................................................................ 4 第四节 研究目标与研究方法 .......................................................................................... 4 一、研究目标 ................................................................................................................ 4 二、研究方法 ................................................................................................................ 5 三、论文结构 ................................................................................................................ 5 第二章 相关概念及理论基础 ............................................................................................. 7 第一节 融资租赁基础概念与理论 .................................................................................. 7 第二节 小微租赁风险控制 .............................................................................................. 9 第三节 医疗器械 .............................................................................................................. 9 一、医疗器械的定义 .................................................................................................... 9 二、医疗器械细分市场定义 ...................................................................................... 10 三、医疗器械行业和市场的发展状况 ...................................................................... 10 第三章 国内基层医疗机构基于医疗器械的融资租赁现状 ........................................... 14 第一节 融资租赁的医疗行业专业化路线 .................................................................... 14 第二节 国内医疗机构融资租赁的发展现状 ................................................................ 17 第三节 国内基层医疗机构融资租赁的风险表现与控制 ............................................ 21 一、外部风险 .........................................................