论文总字数：63862字

摘 要

我国如今国民经济处于快速发展的阶段，大力推进民航业体制改革，并且逐步完善新的产业运行管理体制，因此我国民航业充满了活力，使得我国民航业可以迅速发展。由此可见，民航业对飞机的需求是呈快速上升趋势的。根据国内外航空业的统计数据，在之后的20年，我国民用飞机需求量将达到3000架以上，其总额将会是数千亿美元。但是我国航空公司一直以来是存在资金短缺的问题。那么，航空公司一直以来始终面临着去解决的问题有，如何有效地选择租赁融资模式，进而来降低公司的筹资成本，扩大航空公司机队。飞机租赁融资在20世纪初开始于欧洲，但在现代意义上来说，飞机租赁融资开始于20世纪60年代的美国。中国在20世纪80年代初开始，引入了飞机租赁融资的概念，并付诸实践，并在接下来的30年中经历了蓬勃快速的发展。

本文从租赁的基本理论入手，通过租赁等基本概念的定义，介绍了飞机租赁的概念。通过比较分析，解释了租用飞机相对于购买飞机的优势。还比较和分析了两种常见飞机租赁融资方法融资租赁和经营租赁的优缺点。然后介绍了我国飞机租赁市场的现状，探讨了飞机租赁融资广阔的发展前景和发展飞机租赁融资的重要意义。分析了飞机租赁模式的分类和航空公司租赁融资模式选择的决策方法。最后，本文分析了东航的经营租赁和融资租赁案例，还分析说明了我国民航飞机租赁融资模式。

本文还研究了当前飞机租赁的主要问题和风险：缺乏配套的政策；飞机租赁法律法规不健全；飞机租赁具有融资风险，信用风险和外汇风险的风险。最后，本文根据西方发达国家的经验，结合中国飞机租赁市场的具体情况，对飞机租赁市场提出的相关政策进行了合理的建议。通过制定配套政策和措施，完善法律法规，减少飞机租赁成本，防范和减轻风险等。使得我国飞机租赁业发展变得更加迅速。

关键词：租赁；飞机租赁；租赁融资模式

Study on Leasing Financing Model of Airline Companies

--Taking China Eastern Airlines as an Example

Abstract

China's national economy is now at a stage of rapid development, vigorously promote the reform of the civil aviation industry system, and gradually improve the new industrial operation management system. Therefore, China's civil aviation industry is full of vitality, making China's civil aviation industry develop rapidly. It can be seen that the demand for aircraft in the civil aviation industry is showing a rapid upward trend. According to the statistics of the domestic and international aviation industry, in the next 20 years, the demand for our national aircraft will reach more than 3,000, and the total amount will be hundreds of billions of dollars. However, China's airlines have always had a shortage of funds. Then, the airline has always faced the problem to solve, how to effectively choose the lease financing model, and then reduce the company's financing costs and expand the airline fleet. Aircraft leasing financing began in Europe in the early 20th century, but in the modern sense, aircraft leasing financing began in the United States in the 1960s. China began to introduce the concept of aircraft leasing financing in the early 1980s and put it into practice, and experienced a booming development in the next 30 years.

This paper starts with the basic theory of leasing and introduces the concept of aircraft leasing through the definition of basic concepts such as leasing. Through comparative analysis, the advantages of renting an aircraft relative to buying an aircraft are explained. It also compares and analyzes the advantages and disadvantages of two common aircraft leasing financing methods, financial leasing and operating leasing. Then it introduces the current situation of China's aircraft leasing market, discusses the broad development prospects of aircraft leasing financing and the significance of developing aircraft leasing financing. The classification of aircraft leasing models and the decision-making methods of airline leasing financing mode selection are analyzed. Finally, this paper analyzes the case of China Eastern Airlines' operating lease and financial leasing, and also analyzes and illustrates the civil aviation aircraft leasing financing model in China.

This paper also studies the main problems and risks of current aircraft leasing: lack of supporting policies; aircraft leasing laws and regulations are not perfect; aircraft leasing has the risks of financing risk, credit risk and foreign exchange risk. Finally, based on the experience of western developed countries and the specific conditions of the Chinese aircraft leasing market, this paper makes reasonable suggestions on the relevant policies proposed by the aircraft leasing market. Through the formulation of supporting policies and measures, improve laws and regulations, reduce aircraft leasing costs, prevent and mitigate risks. This has made the development of China's aircraft leasing industry more rapid.

Keywords: Lease; Aircraft rental; Lease financing model

目 录

摘 要 I

Abstract II

第一章 绪 论 1

1.1 研究背景 1

1.2 研究目的及意义 1

1.3 研究内容及方法 2

1.3.1研究内容 2

1.3.2研究方法 2

1.4研究框架 3

第二章 相关文献综述 4

2.1 国外研究现状 4

2.2 国内研究现状 4

第三章 相关概念及理论评述 6

3.1 租赁的相关概念 6

3.1.1租赁 6

3.1.2融资租赁 6

3.1.3经营租赁 6

3.2 飞机租赁的相关概念 6

3.2.1飞机租赁 6

3.2.2飞机融资租赁 6

3.2.3飞机经营租赁 7

3.3航空公司租赁融资概述 7

3.3.1航空公司融资的重要性 7

3.3.2飞机租赁融资的流程 7

第四章 航空公司飞机租赁融资模式选择 10

4.1 飞机融资租赁与其他融资方式的比较 10

4.1.1 融资租赁与经营租赁 10

4.1.2 融资租赁与境内直接贷款 11

4.2 我国飞机租赁融资模式决策的方法 11

4.2.1 基本租赁方式的选择 11

4.2.2 现金流量及其影响因素 12

第五章 东方航空公司飞机租赁融资模式案例分析 13

5.1 东方航空公司简介 13

5.2 东方航空公司融资环境分析 13

5.3 东方航空公司融资需求 14

5.4 东方航空主要融资模式 14

5.4.1 飞机经营租赁分析 14

5.4.2 飞机融资租赁分析 15

5.5 东方航空公司租赁融资的改进建议 16

5.5.1 优化长短期负债比例 16

5.5.2 确定适度的债务规模和时机 16

5.5.3 确定适度的资本结构比率 16

结 论 18

致 谢 19

参考文献（References） 20

第一章 绪 论

1.1 研究背景

根据国家统计局公布的数据来看，2018年我国国内生产总值（GDP）超过了90万亿元，国民收入不断增加。随着中国经济的稳定增长和居民收入水平的不断提高，人们的出行需求加快，中国航空运输业实现了史无前例的业务增长。

通过租赁融资引入新飞机是国际航空公司中，提高运输能力和扩大机队规模的重要手段。在20世纪80年代中国国际航空公司通过融资租赁，引入波音宽体飞机以来，航空租赁融资业务在国内航空运输业中占有重要地位。截至2018年底，我国共有3615架运输机，其中通过租赁方式引进的飞机比例大约为68%，使用航空公司自有资金的比例约为32%。

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