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上海交通大学硕士学位论文民用飞机融资租赁发展研究姓名：汤国俊申请学位级别：硕士专业：技术经济及管理指导教师：史占中201001012020072SWOTTHERESEARCHOFTHEDEVELOPMENTOFCIVILAIRCRAFTLEASINGABSTRACTTheaircraftleaseinthisarticlereferstothelargecivilaircraftorcargoaircraftfortheunderlyingassetsofthelease.Aircraftleasingisanimportantmeansforairlinestointroducetheaircraft.China'saircraftleasingbusinesshasanexperienceofmorethan20years,butstillinitsinfancy.InFebruary2007,ChinaBankingRegulatoryCommissionissuedarevisedFinancialLeasingCompanyManagementRules.Meanwhile,thelargecivilaircraftdevelopmentwasofficiallyclassifiedasthenationalstrategy.Withthedomesticaviationindustryandcapitalleasingindustryusherinanewera,thedomesticcivilaircraftleasingindustryisalsofacedwithunprecedentedopportunitiesfordevelopment.Basedonthefunctionsandpositioningofaircraftleaseandareviewofthehistoryandstatusquoofthedevelopmentofdomesticaircraftleasingindustry,thispapersummarizedtheindustrialdevelopmentproblemsandthusanalyzedtheaircraftleasingindustryinEurope,theUnitedStatesandJapanforthedevelopmentaldynamicsusingthetheoriesoffinanciallease,taxplanning,etc.Inthecontextofthedevelopmentalexperienceoftheaircraftleasinginforeigncountries,thispapermadeastrategicanalysisofthefuturedevelopmentofdomesticaircraftleasingindustryfromtheperspectivesofindustrialsubject,managementsystemandindustrialorganization,whileexploringtheissueofShanghaiAircraftLeasingCenterbySWOTmodel,withstrongtheoreticalandpracticalsignificance.Finally,aftertheoreticalanalysisandempiricalresearch,thispaperputforwardpolicyrecommendationsofimprovinginstitutionalenvironmentandfinancingconditions,industrialjointdevelopment,buildingShanghaiaircraftleasingcenter,topromotethedevelopmentofChina'scivilaircraftfinancialleasingindustry.KEYWORDS:capitallease,civilaircraftlease,developmentstrategy,policyrecommendation12008511()20072,19807472000,73836549.5%11715.8%[1]20,2005,1030,2020053,3900,2880,2800,2/31867279%,2025,2639,20,1012120()EuromoneyInstitutionalInvestorPLCAirfinanceJournal3198855:(1)(OECD)241978[2]2()(theInternationalInstitutefortheUnificationofPrivateLaw,UNIDROIT)(InternationalCivilAviationOrganization,ICAO)200126Colter.GeneAircraftLeasingGivesCompaniesDiversity,Risk(1983)AirfinanceJournal(InternationalProjectManagementAssociation)ManagementbyProjects24,,12345611.[J].20042.[M].19953.[M].20054.[J].200345.[J].200716.[].200452(SPV)SPVSPVSPV6781SPVSPV1.11.1.11:12a.b.2:a.9b.c.3a.b.:12a.b.c.d.e.a.b.10c.(financiallease)(operationlease)2(1)(2)(3)(4)(5)113(rental)6operationallease()(rental)(operationallease)(financiallease)[3]1:Figure1:RelationsofDifferentCategoriesofLeaseOperationalLeaseRentalFinancialLeaseOperationalLeaseRentalFinancialLeaseRentalFinancialLeaseOperationLease121()1)2)3)(DoubleDipLease)131.1.21.1.3141[4](1)(2)(3)(4)[5]123212131.2.3.15(IRS)19621981(InvestmentTaxCredit-ITC)(TrueLease)2a.()=+/x(-)b.16()1.21.2.120300171.2.21()()()l0(SingleInvestorLease)18(LeverageLease)20%-40%212()3abc191.2.3125-302,201.2.4SPV(SPV)SPV1SPVSPVSpecialPurposeVehicleSPVSPVSPVSPVSPVSPVSPVSPVSPV2SPV(1),SPVSPVSPVSPV,SPV,(2)21(),,SPV(),SPV,,SPV:SPVSPVSPV,SPV(3)SPVSPVSPV19981195%SPV2222.12.1.11980(ManufactureHanovelLeasingCo.)(LloydsBank)747SPCASC1998199840%902.1.21GECAS23(1)a.GECAS(GeneralElectricCapitalAviationServices)GPA19751993GPA(GeneralElectricCompany)GECASGECASGECAS110060170GECASGE6GECAS5015%b.ILFC()AIG(AmericanInternationalGroupInc.)GECASILFCAIG19731000550ILFC3010%AIGILFCc.BoeingCapitalCorp()BoeingCapitalCorpBoeing65350//(2)24(RBS)(HSBC)(HSH-NORDBANK)(SOCIETEGENERALE)(Calyon)(BNPParibas)245a.30(Aeroflot)(AirCanada)(ShenzhenAirlinesLtd.)TUI(TUIfly)904A320737A3307772A320481033A330085B73739329737Classic100B747-400100B77711201002367252008BOCAviationPte.Ltd199352205232420092013SouthwestAirlines10737-700b.20006202008338737-80010A31912ERJ145E19082c.198412200550512000114060602008603-5800d.2620077181060602.22.2.11272(SPV),SPV282.2.222%1%4%5%5%2920081125%10%12%2.2.319991999385291050-60%1060-70%23-520002003302.2.4ILFCAIGILFCSALE()BoeingCapitalCorpGECASGE20072312.32.3.1200810292008202720294003.220371039004120274560a.2007113406136l07694.9l0099592.52010156866011.5%12.9%3:300200-300100-20020052010200520102005201020052010200520102005201028371442121198081717129472%15252441142231152281720433665%1015385617529311112423637961%2661460104427131111320581%09142748613377192%020261444510264186110%0432620223468100%002041101524326088%0318296130244588%00110917101880%3333323:333355831112006161057891473781908156873%30030AirbusCEO20160080-90%1b.1230%10020-3050%102.3.22006129.65(SALE)631470%B737A3202820200980AIGILFCKKRIstithmarWorld3320061030ARJ21-7002.3.320073ARJ21-700B200820092006A3202006102007312007313432080-90SPVSPV3.13.1.1200120201.73.31.8451009500354:2002-2004%2002200320042931352618251426201517168--8841001001002005200030%40%GEGECAS()AIGILFC()20994(JapaneseLeverageLease)36(Japaneseoperatinglease,JOL)(GermanyLeverageLease)ForeignSalesCorporation(FSC)EnhancedEquipmentTrustCertificate(EETC)3.1.2185%(USEximbank)(ECGD)(Coface)(Hermes)(Eximbank)(USEximbank)5-1212B747182200055035%EETC20%20%37