政大機構典藏-National Chengchi University Institutional Repository(NCCUR):Item 140.119/112184
English  |  正體中文  |  简体中文  |  Post-Print筆數 : 27 |  全文笔数/总笔数 : 113656/144643 (79%)
造访人次 : 51756801      在线人数 : 525
RC Version 6.0 © Powered By DSPACE, MIT. Enhanced by NTU Library IR team.
搜寻范围 查询小技巧：
  • 您可在西文检索词汇前后加上"双引号"，以获取较精准的检索结果
  • 若欲以作者姓名搜寻，建议至进阶搜寻限定作者字段，可获得较完整数据
    •  进阶搜寻


    请使用永久网址来引用或连结此文件: https://nccur.lib.nccu.edu.tw/handle/140.119/112184


    题名: 飛機租賃：商業模式與投資策略
    Aircraft Leasing : Business Models and Investment Strategies
    作者: 曾翊宸
    贡献者: 謝明華
    曾翊宸
    关键词: 飛機租賃
    私募股權基金
    P2B 借貸
    日期: 2017
    上传时间: 2017-08-28 11:33:33 (UTC+8)
    摘要: 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.
    參考文獻: 中文部分
    陳嘉文. (2008). 營業性租賃對公司財務效益之研究--以航空公司為例. 淡江大學國際商學碩士在職專班學位論文, 1-74.
    黃舜宇. (2011). 航空器融資性租賃之沿革與發展. 東吳大學法學院法律學系碩士論文.
    英文部分
    Ablrate. (2015). Aircraft investing. Retrieved from Eurpoe:
    AirBus. (2016). Global market forecast 2016-2035. Retrieved from Blagnac, France:
    AndyGolub. (2010). Operating lessors Q4 2010. Retrieved from Americas:
    Aviaiton, B. (2016). 2016 Prospectus. Retrieved from Hong Kong:
    AviationWeek. (2016). 2016 commercial aviation fleet & MRO forecast. Retrieved from United States:
    Bernile, G., Cumming, D., & Lyandres, E. (2007). The size of venture capital and private equity fund portfolios. Journal of Corporate Finance, 13(4), 564-590.
    Boeing. (2016). Boeing current market outlook 2016–2035. Retrieved from Seattle, USA:
    Cohen, M., & Sundararajan, A. (2015). Self-regulation and innovation in the peer-to-peer sharing economy. U. Chi. L. Rev. Dialogue, 82, 116.
    Collier, B. C., & Hampshire, R. (2010). Sending mixed signals: Multilevel reputation effects in peer-to-peer lending markets. Paper presented at the Proceedings of the 2010 ACM conference on Computer supported cooperative work.
    Drabble, S., Ratzmann, N., Hoorens, S., Khodyakov, D., & Yaqub, O. (2015). The rise of a global middle class.
    Duarte, J., Siegel, S., & Young, L. (2012). Trust and credit: the role of appearance in peer-to-peer lending. Review of Financial Studies, 25(8), 2455-2484.
    Emekter, R., Tu, Y., Jirasakuldech, B., & Lu, M. (2015). Evaluating credit risk and loan performance in online Peer-to-Peer (P2P) lending. Applied Economics, 47(1), 54-70.
    Freedman, S., & Jin, G. Z. (2008). Do social networks solve information problems for peer-to-peer lending? evidence from prosper. com.
    Gehrke, N., & Schumann, M. (2003). Constructing electronic marketplaces using peer-to-peer technology. Paper presented at the System Sciences, 2003. Proceedings of the 36th Annual Hawaii International Conference on.
    Gompers, P., & Lerner, J. (2000). Money chasing deals? The impact of fund inflows on private equity valuation. Journal of financial economics, 55(2), 281-325.
    Grabenwarter, U., & Weidig, T. (2005). Exposed to the J-curve: Understanding and managing private equity fund investments.
    Grizzard, J. B., Sharma, V., Nunnery, C., Kang, B. B., & Dagon, D. (2007). Peer-to-Peer Botnets: Overview and Case Study. HotBots, 7, 1-1.
    Gupta, M., Judge, P., & Ammar, M. (2003). A reputation system for peer-to-peer networks. Paper presented at the Proceedings of the 13th international workshop on Network and operating systems support for digital audio and video.
    Kaplan, S. N., & Schoar, A. (2005). Private equity performance: Returns, persistence, and capital flows. The Journal of Finance, 60(4), 1791-1823.
    Kaplan, S. N., & Strömberg, P. (2009). Leveraged buyouts and private equity. The Journal of economic perspectives, 23(1), 121-146.
    KGAL. (2016). Aircraft leasing - a proising investment market for institutional investors. Retrieved from Germany:
    Kharas, H. (2010). The emerging middle class in developing countries.
    Leasing, C. D. B. (2016). 2016 prospectus. Retrieved from China:
    Ljungqvist, A., & Richardson, M. P. (2003). The investment behavior of private equity fund managers.
    MATEESCU, A. (2015). Peer-to-Peer Lending. Data & Society [online].
    Michael C. Mulitz, W. H. S., Daniel J. Hartnett, . (2013). Private equity and hedge fund investments in aircraft and aircraft leasing. Retrieved from USA:
    Morrell, P. S. (2013). Airline finance: Ashgate Publishing, Ltd.
    Morse, A. (2015). Peer-to-peer crowdfunding: Information and the potential for disruption in consumer lending. Annual Review of Financial Economics, 7, 463-482.
    Namvar, E. (2013). An introduction to peer-to-peer loans as investments.
    StepStone. (2014). Private equity primer. Retrieved from Europe:
    描述: 碩士
    國立政治大學
    經營管理碩士學程(EMBA)
    104932421
    資料來源: http://thesis.lib.nccu.edu.tw/record/#G0104932421
    数据类型: thesis
    显示于类别:[經營管理碩士學程EMBA] 學位論文

    文件中的档案:

    档案 大小格式浏览次数
    242101.pdf5080KbAdobe PDF2152检视/开启


    在政大典藏中所有的数据项都受到原著作权保护.


    社群 sharing

    著作權政策宣告 Copyright Announcement
    1.本網站之數位內容為國立政治大學所收錄之機構典藏，無償提供學術研究與公眾教育等公益性使用，惟仍請適度，合理使用本網站之內容，以尊重著作權人之權益。商業上之利用，則請先取得著作權人之授權。
    The digital content of this website is part of National Chengchi University Institutional Repository. It provides free access to academic research and public education for non-commercial use. Please utilize it in a proper and reasonable manner and respect the rights of copyright owners. For commercial use, please obtain authorization from the copyright owner in advance.

    2.本網站之製作，已盡力防止侵害著作權人之權益，如仍發現本網站之數位內容有侵害著作權人權益情事者，請權利人通知本網站維護人員(nccur@nccu.edu.tw)，維護人員將立即採取移除該數位著作等補救措施。
    NCCU Institutional Repository is made to protect the interests of copyright owners. If you believe that any material on the website infringes copyright, please contact our staff(nccur@nccu.edu.tw). We will remove the work from the repository and investigate your claim.
    DSpace Software Copyright © 2002-2004  MIT &  Hewlett-Packard  /   Enhanced by   NTU Library IR team Copyright ©   - 回馈