购建船舶与融资租赁船舶的财务决策研究

自上世纪九十年代以来 ,融资租赁船舶由于其投融资的特殊性在我国航运企业逐渐增多 ,如何进行购建船舶与融资租赁船舶的财务决策成了航运经济界探讨的一个重要问题。提出一种购建船舶与融资租赁船舶的差异现金流量财务决策方法 ,建立了在相同的财务风险条件下 ,购建与融资租赁船舶财务决策过程中租赁租金支付的盈亏平衡点公式 ,对这一盈亏平衡点公式作了进一步的论证。举例表明 ,所建立的融资租赁船舶租金支付的盈亏平衡点确定公式可以使购建船舶与融资租赁船舶的财务决策变得便捷而有效 ,对于其他行业购置与融资租赁某一资产的财务决策同样可以应用。

Study on the Financial Decision Making to Build or Lease a Ship

The financial lease of ships has become more and more popular since the beginning of 1990s. But how to make a correct and effective decision whether to build or to lease a ship remains an important issue in the shipping circle. In this paper, the author puts forward a financial decision making method based on the differential cash flow between building a ship and leasing a ship. With this method a formula to get the break even point of rent in the financial decision making to build or to lease a ship at the same financial risk was established and demonstrated by the author. An example is given, which shows that the formula makes the decision easy and effective, and also can be applied to other assets to be leased.