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| Title: | 飛機租賃：商業模式與投資策略
Aircraft Leasing : Business Models and Investment Strategies |
| Authors: | 曾翊宸 |
| Contributors: | 謝明華
曾翊宸 |
| Keywords: | 飛機租賃
私募股權基金
P2B 借貸 |
| Date: | 2017 |
| Issue Date: | 2017-08-28 11:33:33 (UTC+8) |
| Abstract: | 根據AirBus (2016)與Boeing (2016)對未來航空業的預測，人們對航空旅行的需求將持續增加，直接影響航空公司對於飛機的需求。經營性租賃漸漸成為航空公司主要獲得飛機的方式，其吸引力在於，所需資金遠低於直接購買或者融資租賃的方式，並且能夠提高航空公司的營運資金，除此之外，不需支付預先款，只需按期繳付租金，也不需承擔飛機的剩餘風險，能夠讓航空公司專注其旅客與貨運的相關業務。因此，飛機租賃公司成為航空業重要的角色，業務涉及飛機所有的生命週期，如購機、融資、出租、銷售、轉租與回收等。然而，航空業為一個資金密集的產業，飛機需求增加，意味著資金需求隨之增加，尋覓資金來源成為飛機租賃公司首要的目的。本文介紹兩種飛機租賃公司獲得資金的新興方式，相對地，也提供投資人一個優良的投資管道進入航空業。一為飛機租賃私募股權基金，其能為飛機租賃公司帶來龐大的資金，並擁有資深的經理人作顧問，提升公司營運效率，相對地，能為投資人免除典型J-curve的特性，讓所投入之資金立即獲得租金收入，獲取穩定且高的報酬。一則為P2B網路借貸平台，能夠為飛機租賃公司帶來成本相對低的債務融資機會，並且提供有意進入飛機租賃市場的散戶或法人機構，一個擁有良好信用、具擔保的投資平台，另外，飛機租賃公司的信用，也能夠解決傳統P2P網路借貸平台投資人懼怕過多壞帳的風險。
According to the aviation industry forecast reported by Airbus(2016) and Boeing(2016), the demand for air travel will increase gradually. Subsequently, it may influence the demand for aircraft directly. Operating lease become a primary way for airlines to get planes. The features of it are that it requires less capital than direct purchase and finance lease, it can improve assets utilization, and there is no prepayment. Additionally, airlines expose less to the risk of residual asset value. Therefore, aircraft leasing plays an important role in the industry. The businesses involve all life cycle of aircrafts, such as purchase, finance, lease, sale, sub-lease and recycle. However, the aviation industry is a capital-intensive industry. Increase in aircraft demand means increase in capital demand. Seeking sources of capital become major purpose of aircraft leasing companies. This article introduces two ways to raise capital, and also provide investors with an excellent investment channels to enter the aviation industry. The first one is the aircraft leasing private equity fund. It can bring huge sums of money to companies and there would be experienced managers as advisors to enhance the efficiency of operations. It also eliminates the J-curve for investors. The second one is peer-to-business lending (P2B lending). It provides a relatively low cost of debt financing for companies, and provides investors who are interested in aircraft leasing industry a good credit, secured investment platform. In addition, it reduces the credit risk in P2P lending. |
| Reference: | 中文部分
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| Description: | 碩士
國立政治大學
經營管理碩士學程(EMBA)
104932421 |
| Source URI: | http://thesis.lib.nccu.edu.tw/record/#G0104932421 |
| Data Type: | thesis |
| Appears in Collections: | [經營管理碩士學程EMBA] 學位論文
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