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出口船舶融资,的信贷非均衡研究大摘要造船发达国家的经验表明，良好的金融环境对造船行业的发展和船舶出口的增长具有很好的促进作用。但在我国的融资环境中，商业银行是间接融资的主体，而且造船企业融资难的问题长期存在。出口船舶的风险很大，以及我国造船行业的企业结构呈现“金字塔”形状分布，中小型造船企业在造船行业内占据绝对多数的比例...
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出口船舶融资的信贷非均衡研究
大摘要
造船发达国家的经验表明，良好的金融环境对造船行业的发展和船舶出口的增长具有很好的促进作用。但在我国的融资环境中，商业银行是间接融资的主体，而且造船企业融资难的问题长期存在。出口船舶的风险很大，以及我国造船行业的企业结构呈现“金字塔”形状分布，中小型造船企业在造船行业内占据绝对多数的比例。商业银行的信贷配给影响了自身的信贷决策，而且制约了出口船舶制造企业的融资。在造船企业缺少满足商业银行需求的抵押和担保的情况下，商业银行和造船企业之间的信息不对称难以有效解决，而且这种信息不对称也会长期存在。因此，在出口船舶融资过程中存在信贷非均衡的状态。
须以改善出口船舶融资中的信贷非均衡状态作为研究目的。我国的船舶工业正处在由大到强转变的关键时期，政府鼓励金融机构加大对出口船舶信贷的支持，但是我国的商业银行还没有充分介入出口船舶融资的过程，导致国家的政策停留在宣传口号上和行政指令上，缺乏有效的落实。我国已经成立了中国进出口银行和中国出口信用保险公司作为官方出口信用机构。中国进出口银行能直接为造船企业提供贷款，中国出口信用保险公司能间接为造船企业创造融资便利。验证了出口船舶融资存在信贷非均衡的现象，信贷非均衡的影响存在结构性的差异，尤其是商业银行在风险管理方面根据造船企业的资信等级，将造船企业划分为不同类型来提供贷款，而不是根据出口船舶项目整体的获利水平来评价造船企业的信用，这就可能导致部分造船企业因资金短缺而放弃或推迟投资，但另一部分造船企业因容易得到贷款而过度投资。同时证实了出口信用在改善信贷非均衡方面的作用，因此，本文将解决出口船舶融资的信贷非均衡作为研究的目的，其意义在于指导我国的出口信用机构正确处理好自身与商业银行的关系，让政策性金融与商业性金融既有补充又有合作，利用完善的出口信用逐步解决出口船舶融资的信贷非均衡状况。结合我国出口船舶融资的现状，利用博弈论和供给—需求分析方法。商业银行与造船企业之间的信息不对称的情况下，通过构建不完全信息动态博弈模型得到了商业银行与造船企业策略的分离均衡和混同均衡，以及博弈结果的决定因素。由于出口信用在降低商业银行和造船企业之间的信息不对称具有优势，通过构建出口信用介入下的博弈模型，证明了出口信用机构有助于造船企业守信，这为降低商业银行和造船企业之间的信息不对称创造了有利条件。
最终，出口信用机构应引导商业性金融机构充分参与出口船舶融资业务，实现政策性金融与商业性金融的优势互补。出口信用机构从而得到出口信用可以缓解信贷非均衡状态的结论。利用比较分析的方法，对该结论进一步深入研究。在借鉴发达国家出口信用成功经验的基础上，研究了使出口信用机构与商业银行相互协调的措施，论证了我国出口船舶项目融资模式的趋势是“出口信用+商业银行贷款”的模式，即出口信用机构以风险管理为主，并且引导商业银行为造船企业提供中长期贷款。这种融资模式有利于将政府的政策性金融手段与商业性金融相互配合，共同发挥在出口船舶融资中的作用，实现金融资源配置的经济有效性和社会合理性两大目标的统一，使我国出口船舶融资的信贷非均衡状态逐步向均衡状态过渡。
关键词：出口船舶；融资；信贷非均衡
The Research on Credit Disequilibrium
of the Export Ship Finacing in China
Abstract
The experience of developed countries in the field of shipbuilding showed that financing environment played the role in promoting the development of shipbuilding industry and the export of ships.However,in the financing environment of China,commercial banks were the principal parts in the indirect financing system,and shipbuilding enterprises’ problem of financing existed enduringly.Small and medium shipbuilding enterprises in the shipbuilding industry accounted for the proportion of an absolute majority.The great risk in the export of ships and the "pyramid" shape of the corporate structure in the shipbuilding industry not only led to credit rationing,but also restricted the financing of shipbuilding enterprises.The mortages and guarantees of shipbuilding enterprises could not provide the protection against the risk,so asymmetric information between commercial banks and shipbuilding enterprises was difficult to resolve effectively in the short term.Therefore,the credit disequilibrium existed.
Improving the credit disequilibrium of the export ships finacing was the main purpose of the research. Shipbuilding industry in China was in transition period from large to strong and the government had encouraged financial institutions to increase credit to support export ships. However, commercial banks had not fully involved in the process of export ships financing,so the suporting policy stayed the slogan and administrative directives lacking of effective implementation.China Export-Import Bank and China Export & Credit Insurance Corporation had been established as the official export credit agency. China Export-Import Bank provided loans to the shipbuilding company directly and China Export & Credit Insurance Corporation created facilitate the financing for the shipbuilding enterprises indirectly.The disequilibrium in the ship financing credit was verified and the impact of this phenomena existed structural differences. Especially when shipbuilding enterprises were divided into different types based on the credit rating of shipbuilding enterprises not on the overall profitability of the export ship project,some shipbuilding enterprises abandoned or postponed investment,but the investment of t..
大摘要
造船发达国家的经验表明，良好的金融环境对造船行业的发展和船舶出口的增长具有很好的促进作用。但在我国的融资环境中，商业银行是间接融资的主体，而且造船企业融资难的问题长期存在。出口船舶的风险很大，以及我国造船行业的企业结构呈现“金字塔”形状分布，中小型造船企业在造船行业内占据绝对多数的比例。商业银行的信贷配给影响了自身的信贷决策，而且制约了出口船舶制造企业的融资。在造船企业缺少满足商业银行需求的抵押和担保的情况下，商业银行和造船企业之间的信息不对称难以有效解决，而且这种信息不对称也会长期存在。因此，在出口船舶融资过程中存在信贷非均衡的状态。
须以改善出口船舶融资中的信贷非均衡状态作为研究目的。我国的船舶工业正处在由大到强转变的关键时期，政府鼓励金融机构加大对出口船舶信贷的支持，但是我国的商业银行还没有充分介入出口船舶融资的过程，导致国家的政策停留在宣传口号上和行政指令上，缺乏有效的落实。我国已经成立了中国进出口银行和中国出口信用保险公司作为官方出口信用机构。中国进出口银行能直接为造船企业提供贷款，中国出口信用保险公司能间接为造船企业创造融资便利。验证了出口船舶融资存在信贷非均衡的现象，信贷非均衡的影响存在结构性的差异，尤其是商业银行在风险管理方面根据造船企业的资信等级，将造船企业划分为不同类型来提供贷款，而不是根据出口船舶项目整体的获利水平来评价造船企业的信用，这就可能导致部分造船企业因资金短缺而放弃或推迟投资，但另一部分造船企业因容易得到贷款而过度投资。同时证实了出口信用在改善信贷非均衡方面的作用，因此，本文将解决出口船舶融资的信贷非均衡作为研究的目的，其意义在于指导我国的出口信用机构正确处理好自身与商业银行的关系，让政策性金融与商业性金融既有补充又有合作，利用完善的出口信用逐步解决出口船舶融资的信贷非均衡状况。结合我国出口船舶融资的现状，利用博弈论和供给—需求分析方法。商业银行与造船企业之间的信息不对称的情况下，通过构建不完全信息动态博弈模型得到了商业银行与造船企业策略的分离均衡和混同均衡，以及博弈结果的决定因素。由于出口信用在降低商业银行和造船企业之间的信息不对称具有优势，通过构建出口信用介入下的博弈模型，证明了出口信用机构有助于造船企业守信，这为降低商业银行和造船企业之间的信息不对称创造了有利条件。
最终，出口信用机构应引导商业性金融机构充分参与出口船舶融资业务，实现政策性金融与商业性金融的优势互补。出口信用机构从而得到出口信用可以缓解信贷非均衡状态的结论。利用比较分析的方法，对该结论进一步深入研究。在借鉴发达国家出口信用成功经验的基础上，研究了使出口信用机构与商业银行相互协调的措施，论证了我国出口船舶项目融资模式的趋势是“出口信用+商业银行贷款”的模式，即出口信用机构以风险管理为主，并且引导商业银行为造船企业提供中长期贷款。这种融资模式有利于将政府的政策性金融手段与商业性金融相互配合，共同发挥在出口船舶融资中的作用，实现金融资源配置的经济有效性和社会合理性两大目标的统一，使我国出口船舶融资的信贷非均衡状态逐步向均衡状态过渡。
关键词：出口船舶；融资；信贷非均衡
The Research on Credit Disequilibrium
of the Export Ship Finacing in China
Abstract
The experience of developed countries in the field of shipbuilding showed that financing environment played the role in promoting the development of shipbuilding industry and the export of ships.However,in the financing environment of China,commercial banks were the principal parts in the indirect financing system,and shipbuilding enterprises’ problem of financing existed enduringly.Small and medium shipbuilding enterprises in the shipbuilding industry accounted for the proportion of an absolute majority.The great risk in the export of ships and the "pyramid" shape of the corporate structure in the shipbuilding industry not only led to credit rationing,but also restricted the financing of shipbuilding enterprises.The mortages and guarantees of shipbuilding enterprises could not provide the protection against the risk,so asymmetric information between commercial banks and shipbuilding enterprises was difficult to resolve effectively in the short term.Therefore,the credit disequilibrium existed.
Improving the credit disequilibrium of the export ships finacing was the main purpose of the research. Shipbuilding industry in China was in transition period from large to strong and the government had encouraged financial institutions to increase credit to support export ships. However, commercial banks had not fully involved in the process of export ships financing,so the suporting policy stayed the slogan and administrative directives lacking of effective implementation.China Export-Import Bank and China Export & Credit Insurance Corporation had been established as the official export credit agency. China Export-Import Bank provided loans to the shipbuilding company directly and China Export & Credit Insurance Corporation created facilitate the financing for the shipbuilding enterprises indirectly.The disequilibrium in the ship financing credit was verified and the impact of this phenomena existed structural differences. Especially when shipbuilding enterprises were divided into different types based on the credit rating of shipbuilding enterprises not on the overall profitability of the export ship project,some shipbuilding enterprises abandoned or postponed investment,but the investment of t..
