杨勇博士论文：租赁服务业的类型、发展机理及趋势研究

租赁服务业的类型、发展机理及趋势研究

专业：企业管理

博士生：杨勇
导师：李江帆教授

摘要

本文围绕租赁服务业的类型、发展机理及趋势这一核心主题进行研究，主要想解决租赁服务业具有的类型、产品特征，发展机理，发展趋势和中国的产业政策制定等几个问题。

笔者构建收益侵吞理论模型，并借助BS模型和其它计量方法，从经济学和管理学的角度对租赁服务业的发展做出了较全面的勾勒。主要研究结论如下：

对租赁服务业的概念进行了界定，并在此基础上详细的阐述了租赁服务业的基本类型。另外，运用李江帆教授提出的服务产品理论，将租赁服务产品与实物产品和其他非实物产品（服务产品）进行了比较，得出了租赁服务产品的特征。

在论证了动态租赁法相对静态租赁法的优势后，选择了以BS模型为基础的租赁期权定价理论模型，并通过案例分析验证了动态租赁决策的适应性。对较复杂的租赁形式之一的杠杆租赁表外融资的不确定性收益-成本问题建立理论模型分析表明，租赁公司和贷款者各自的借贷款预期收益与其风险收益折现因子乘积的和等于租赁公司与贷款者的交易剩余。在双方风险收益折现因子处于0和1两种极端情况下，租赁公司侵吞比例等于租赁公司和贷款者交易费用系数之差。指出租赁服务业的发展取决于租赁公司和外部贷款者双方的信息对称性、社会距离、关系治理，资本市场规制、开放度和政府行为等因素。

租赁服务业的未来发展趋势表现为：租赁交易额上升律——随着经济的发展，租赁交易额越来越大。市场渗透率上升律——租赁服务业对经济发展的贡献将越来越大。随着经济的发展，租赁服务业从业人员比重先升后降，呈倒U型发展趋势，存在临界值。服务行业是当地设备的最大承租人（需求者），租赁市场的最大承租人为现代服务业企业。承租人以中小企业居多，这是20世纪50-60年代以来世界各国中小企业解决融资难问题的一大制胜法宝。医疗设备承租市场越来越稳定，发展前景被看好。相对第二和第三产业来说，第一产业的租赁额是相当微小的。按三次产业划分，租赁额由大到小排列依次为：第三产业＞第二产业＞第一产业。

中国租赁服务业的特征表现为集聚区域位于东部，先有国际租赁，后有国内租赁，国际租赁以综合租赁为主，国内租赁以自营、联营租赁为主。针对国内租赁服务业存在的问题，本文认为可以从丰富租赁形式，创新运行方式；进一步完善租赁服务业“四大支柱”建设，为其快速发展扫清制度障碍；建立全国性租赁协会，加强租赁知识的宣传与推广；逐步建立完善的统计指标体系四方面入手，大力推进中国租赁服务业的发展。

关键词：租赁服务业；租赁服务产品；发展机理；发展趋势

A Study on Typology，Mechanism and Development

Trend of Leasing Service

Major: Business Management

Doctoral Candidate: YANG Yong

Supervisor: Professor LI Jiangfan

ABSTRACT

This dissertation focuses on the leasing service industries in the world. The principal aim of the research is fivefold. Firstly, to identify the typology of the leasing service and the character of it’s products. Secondly, to find out the development mechanisms which develop the leasing service. Thirdly, to obtain the development trend of the leasing service. Fourthly, to compare the situation between China and other countries in the world, and to answer the reason why the leasing service can not develop rapidly, and then to make industrial policies.

On the basis of theory model on profit embezzlement, BS model and other econometric methods, this dissertation makes further research from the angle of economic and management. The main results are as follows:

Defining the concept of the leasing service, this dissertation finds out the typology of the leasing service. On the other hand, comparing the leasing service products, the physical products and other service products from the angle of the theory of service products, the features of the leasing service products are obtained.

After describing the advantage of the dynamic lease method than the stationary one, this dissertation selects the BS model as the lease option pricing theory model, and proves the dynamic lease method by a case study. The uncertain profit is the focus of struggle between the loaner and the leasing company in the mode of leveraged lease. Analyzing the issue about uncertain profit, transaction cost and profit maximization with theoretical model, the conclusions show that the sum of product between each expected of return and risk benefit discount factor of the leasing company and the loaner is equal to the transaction surplus between the loaner and the leasing company. When the risk benefit discount factor is 0 or 1, the proportion of leasing company’s embezzling is equal to the difference between the transaction cost coefficient of leasing company and loaner. At the same time, to meliorate the proportion of leasing company’s embezzlement to the loaner, it is necessary to regulate the capital market and acquire some related information of leasing company.

The development trend of the leasing service presents as leasing trade volume going up, market penetrating going up, but the employee volume appears as the inverted “U”. The service industry is the biggest lessee in the leasing market. From the time of 1950s’ or 1960’s, small and medium-sized enterprises in the world advocate the leasing service, because it is their financing solution. Medical equipment leasing market has a good promising with the development of economy. To the second industry and tertiary industry, the first industry seldom makes use of the leasing service. The lease expense of the tertiary industry is the largest than the second industry, let alone the first industry.

China’s leasing service clusters in the eastern provinces. The international lease emerges earlier than the domestic lease. The international lease is based mainly on comprehensive lease, at the same time, the domestic lease is based mainly on self-run or pooling lease. To the current existing problems of China’s leasing service, this dissertation gives some conclusions: enriching the typology of the leasing service; improving the four-pillar measures; setting up leasing service association; advocating the knowledge about leasing service and perfecting relevant statistic system.

Key Words: Leasing Service; Leasing Service Products; Development Mechanism; Development Trend

目录

           摘要∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙Ⅰ
           ABSTRACT∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙Ⅲ
           第一章导论∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙1
           第一节研究背景∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙1
           第二节问题的提出和拟解决的问题∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙3
           第三节研究思路和研究方法∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙8
           第四节研究内容和论文结构∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙9
           第五节可能的研究创新∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙10
           第二章文献述评∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙13
           第一节国外文献述评∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙13
           第二节国内文献述评∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙21
           第三章租赁服务业的类型及产品特征∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙27
           第一节租赁服务业的类型∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙27
           第二节租赁服务产品的特征∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙32
           第四章租赁服务业发展机理分析∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙37
           第一节租赁服务业发展动因∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙37
           第二节租赁决策方法分析∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙42
           第三节基于二项式定价模型的动态租赁决策分析∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙54
           第四节理论模型探讨：杠杆租赁表外融资的不确定性收益-成本分∙∙∙∙∙∙∙∙∙∙∙∙59
           第五章租赁服务业的发展趋势∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙71
           第一节租赁交易额的发展趋势∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙71
           第二节租赁市场渗透率的发展趋势∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙75
           第三节租赁服务业就业比重的发展趋势∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙87
           第四节承租人市场结构的变化趋势∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙91
           第六章中国租赁服务业的发展∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙105
           第一节中国租赁服务业发展概述∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙105
           第二节中国租赁服务业发展现状及特征∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙113
           第三节中国租赁服务业存在的问题∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙126
           第四节中国租赁服务业发展对策∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙135
           第七章结论与展望∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙149
           第一节研究结论∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙149
           第二节研究展望∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙150
           主要参考文献∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙153
           附录∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙161
           攻博期间发表论文∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙169
           后记∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙171

图目录

           图1-1 简单的租赁关系∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙4
           图1-2 本文的逻辑框图∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙10
           图3-1 现代租赁的基本交易结构∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙28
           图4-1 DCF算法示意图∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙45
           图4-2 租赁决策流程图∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙46
           图4-3 二项式期权定价模型∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙53
           图4-4 DCF和期权：风险-回报比较∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙54
           图4-5 承租企业各阶段现金流示意图∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙55
           图4-6 没有选择权时的各阶段现金流∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙57
           图4-7 购买方式下的现金流∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙57
           图4-8 有选择权的租赁方式下的现金流∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙58
           图4-9 租赁方案和购买方案净现值对贴现率变化的敏感性∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙59
           图4-10 杠杆租赁图解∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙60
           图5-1 北美洲1978-2006年租赁交易额时间增长序列∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙73
           图5-2 2005-2008年租赁服务业从业人员数∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙88
           图5-3 1980-2007年日本租赁市场渗透率长期趋势∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙91
           图5-4 1999-2006年意大利租赁市场状况∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙93
           图5-5 2000-2008年韩国各行业承租人市场份额∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙98
           图5-6 2000-2008年韩国设备承租人市场份额∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙100
           图5-7 2005-2006年承租人租赁新业务量∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙103
           图6-1 1981-1999年中国租赁交易额∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙109
           图6-2 2002年国家新行业标准分类的租赁服务业∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙112
           图6-3 2005-2008年中国月租赁增长估算额∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙124
           图6-4 2005-2008年中国月租赁额周期波动和增长趋势∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙125
           图6-5 2005-2008年中国租赁市场渗透率∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙125

表目录

           表1-1 各租赁交易类型的参与人∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙5
           表1-2 各租赁交易类型的实务处理∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙5
           表1-3 世界资本市场交易额∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙5
           表1-4 1981-1999年中国租赁交易额∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙8
           表3-1 传统租赁公司与现代租赁公司的特征比较∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙30
           表4-1 租赁设备和（现金）购买设备的区别∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙43

表5-1 2006年世界租赁额前50强国家（地区）概况∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙72

表5-2 2006年世界各洲年租赁额∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙73
表5-3 2006年50个国家（地区）人均GDP与租赁交易额∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙74

表5-4 2006年50个国家（地区）租赁交易额与人均GDP回归结果∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙75
表5-5 2004-2006年租赁市场渗透率排名前50位国家（地区）∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙77

表5-6 1987-2006年11国设备租赁市场渗透率∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙79

表5-7 1963-2007年日本租赁交易额和GDP∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙81

表5-8 变量单位根的ADF检验结果∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙83

表5-9 租赁交易额和GDP变量关系的格兰杰因果检验结果∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙83

表5-10 OLS回归分析结果∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙84

表5-11 残差平稳性的ADF检验∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙84

表5-12 滞后2阶回归结果∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙84

表5-13 1963-1990年回归检验结果∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙85

表5-14 1991-2007年回归检验结果∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙85

表5-15 1987-2006年11国设备租赁市场渗透率面板数据回归结果∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙86

表5-16 日本租赁市场渗透率与就业人员比重回归结果∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙90

表5-17 2004-2007年日本承租人按企业规模和性质的分类∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙95

表5-18 1994-1998年日本承租人按企业规模和性质的分类∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙95
表5-19 2004-2007年日本承租人按行业分类∙ ∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙96

表5-20 2000-2008年韩国各行业承租额∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙99

表5-21 2000-2008年韩国设备租赁额∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙101

表6-1 2006年服务业内部行业的生产总值基尼系数∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙116

表6-2 中国融资租赁公司分布情况∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙117

表6-3 2006年服务业内部行业的就业比重基尼系数∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙118
表6-4 部分国家租赁服务业折旧与监管∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙121

表6-5 中美企业价值取向差异∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙134
表6-6 中美主流企业管理人员固定资产投资方式选择排序∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙135

后记

终于写完博士论文了。进入后记的写作才使我一年多来紧绷的神经开始慢慢松弛下来。回想这三年来的艰辛最后凝聚在这份即将付梓的博士论文上，激动之余还有太多的感激。

2006年我进入中山大学管理学院攻读博士学位，有幸师从我国著名的第三产业经济学创始人李江帆教授。我对租赁服务业的研究也正是源于李老师在《服务管理》课堂上对租赁服务业这个服务创新问题的探讨，他说这是一个第三产业经济学研究的新领域，因为资料和数据的稀缺，这个领域也成为一个几乎无人挖掘的“富矿区”。于是在征得李老师同意后，我选择了这个题目，并开始为写作收集资料，从此开始了万里长征的艰难跋涉。在经历了种种困难后，凭着一股子湖南人的“吃得苦，不怕死，霸得蛮，耐得烦，了得难”的精神，我终于完成了这篇论文。

我首先要感谢我的导师李江帆教授。论文从孕育到娩出无不倾注着李老师的心血。在题目选定后，李老师不但建议我查阅国内外的研究文献和相关数据，还特别资助我从伦敦购买了非常昂贵的最新的《2008年世界租赁年鉴》。从那时起，无论是在课堂下课的间隙，还是在外出调研的闲暇，我都没敢放过任何向李老师请教的机会，而李老师也是有求必应，每次都会耐心仔细地为我答疑解惑，源自他宽广的学术视野和精深的学术基础下的建议常令我醍醐灌顶、茅塞顿开。他甚至还单独抽出一个晚上为我和陈泽鹏举行了一次论文写作报告会，李老师和三产中心的博士生们就我们的论文进行了激烈的讨论，由此碰撞出的思想火花让我获益匪浅。在论文的整个写作过程中，从选题、资料收集、大纲设定到修改定稿，李老师都给予了无私的帮助和悉心的指导，使我能更好地理清思路，激发灵感，顺利完成论文写作。回首即将过去的三年时光，李老师无论是在学习上还是在生活中都给予了我太多的鼓励和支持，他渊博的知识，敏锐的思维、严谨的治学态度将永远激励和影响着我，使我终生受益。在此，向他表达我诚挚的谢意！

我还要感谢中山大学管理学院的李非教授、孙海法教授、梁琦教授、暨南大学产业经济研究院的朱卫平教授、广东省社科院的李新家研究员在论文开题和预答辩时提出的精辟建议和中肯意见，使我进一步理顺思路，避开了论文写作中预期不到的困难。李新春教授、李善民教授、丘海雄教授、王珺教授、吴能全教授、陆家骝教授、李孔岳副教授等联合开设的企业理论课程使我受益良多，本论文的某些观点也受到这门课程的启发。澳大利亚Monash大学的黄学礼老师教授的研究方法论课程让我在本论文的研究方法上获益不少。多次在学术会议上倾听董小麟教授（广东外语外贸大学）和黄铁苗教授（广东省委党校）的教导，使我在论文写作过程中少走了许多弯路。国内租赁专家对外经济贸易大学的史燕平教授非常关注我的论文写作，并提供了很多有益的帮助，中国外商投资企业协会租赁业委员会常务副会长屈延凯先生在电话中与我进行了长达35分钟的租赁理论探讨，在此对他们的帮助一并表示感谢！

感谢我的师兄顾乃华博士在我攻博三年期间给予我在生活和学习上的无私帮助，感谢师姐马风华博士在论文送审、付梓阶段给予的全力支持。感谢师姐李美云博士、李文秀博士、于丹博士、胡霞博士、师兄魏作磊博士、刘明华博士给予的帮助和关心。感谢三产中心黄弈祥、朱胜勇、陈泽鹏、李惠娟、杨广、陈洁雄、张卿、陈慧敏、韦琦、李碧花、黄迟、肖翔昊、杨富娟等各位师兄弟姐妹在我求学过程中与我一起分享快乐和喜悦，使我枯燥的学习生活变得绚烂多彩。

最后衷心感谢我的妻子刘敏，她在背后默默无闻的支持使我能顺利完成论文的写作。论文是伴随我的女儿杨芊铉一起孕育的，在她出生后，我也没能好好照顾她，只能将这份博士论文作为礼物送给她，希望她健康成长，快快乐乐！同时感谢我的爸爸、妈妈、弟弟及其他所有亲人对我学业的支持和鼓励。他们对我的爱将是我永远前进的动力！

杨勇

2009年5月

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杨勇博士论文：租赁服务业的类型、发展机理及趋势研究