出口船舶融資的信貸非均衡研究
大摘要
造船發(fā)達(dá)國(guó)家的經(jīng)驗(yàn)表明，良好的金融環(huán)境對(duì)造船行業(yè)的發(fā)展和船舶出口的增長(zhǎng)具有很好的促進(jìn)作用。但在我國(guó)的融資環(huán)境中，商業(yè)銀行是間接融資的主體，而且造船企業(yè)融資難的問(wèn)題長(zhǎng)期存在。出口船舶的風(fēng)險(xiǎn)很大，以及我國(guó)造船行業(yè)的企業(yè)結(jié)構(gòu)呈現(xiàn)“金字塔”形狀分布，中小型造船企業(yè)在造船行業(yè)內(nèi)占據(jù)絕對(duì)多數(shù)的比例。商業(yè)銀行的信貸配給影響了自身的信貸決策，而且制約了出口船舶制造企業(yè)的融資。在造船企業(yè)缺少滿足商業(yè)銀行需求的抵押和擔(dān)保的情況下，商業(yè)銀行和造船企業(yè)之間的信息不對(duì)稱難以有效解決，而且這種信息不對(duì)稱也會(huì)長(zhǎng)期存在。因此，在出口船舶融資過(guò)程中存在信貸非均衡的狀態(tài)。
須以改善出口船舶融資中的信貸非均衡狀態(tài)作為研究目的。我國(guó)的船舶工業(yè)正處在由大到強(qiáng)轉(zhuǎn)變的關(guān)鍵時(shí)期，政府鼓勵(lì)金融機(jī)構(gòu)加大對(duì)出口船舶信貸的支持，但是我國(guó)的商業(yè)銀行還沒(méi)有充分介入出口船舶融資的過(guò)程，導(dǎo)致國(guó)家的政策停留在宣傳口號(hào)上和行政指令上，缺乏有效的落實(shí)。我國(guó)已經(jīng)成立了中國(guó)進(jìn)出口銀行和中國(guó)出口信用保險(xiǎn)公司作為官方出口信用機(jī)構(gòu)。中國(guó)進(jìn)出口銀行能直接為造船企業(yè)提供貸款，中國(guó)出口信用保險(xiǎn)公司能間接為造船企業(yè)創(chuàng)造融資便利。驗(yàn)證了出口船舶融資存在信貸非均衡的現(xiàn)象，信貸非均衡的影響存在結(jié)構(gòu)性的差異，尤其是商業(yè)銀行在風(fēng)險(xiǎn)管理方面根據(jù)造船企業(yè)的資信等級(jí)，將造船企業(yè)劃分為不同類型來(lái)提供貸款，而不是根據(jù)出口船舶項(xiàng)目整體的獲利水平來(lái)評(píng)價(jià)造船企業(yè)的信用，這就可能導(dǎo)致部分造船企業(yè)因資金短缺而放棄或推遲投資，但另一部分造船企業(yè)因容易得到貸款而過(guò)度投資。同時(shí)證實(shí)了出口信用在改善信貸非均衡方面的作用，因此，本文將解決出口船舶融資的信貸非均衡作為研究的目的，其意義在于指導(dǎo)我國(guó)的出口信用機(jī)構(gòu)正確處理好自身與商業(yè)銀行的關(guān)系，讓政策性金融與商業(yè)性金融既有補(bǔ)充又有合作，利用完善的出口信用逐步解決出口船舶融資的信貸非均衡狀況。結(jié)合我國(guó)出口船舶融資的現(xiàn)狀，利用博弈論和供給—需求分析方法。商業(yè)銀行與造船企業(yè)之間的信息不對(duì)稱的情況下，通過(guò)構(gòu)建不完全信息動(dòng)態(tài)博弈模型得到了商業(yè)銀行與造船企業(yè)策略的分離均衡和混同均衡，以及博弈結(jié)果的決定因素。由于出口信用在降低商業(yè)銀行和造船企業(yè)之間的信息不對(duì)稱具有優(yōu)勢(shì)，通過(guò)構(gòu)建出口信用介入下的博弈模型，證明了出口信用機(jī)構(gòu)有助于造船企業(yè)守信，這為降低商業(yè)銀行和造船企業(yè)之間的信息不對(duì)稱創(chuàng)造了有利條件。
最終，出口信用機(jī)構(gòu)應(yīng)引導(dǎo)商業(yè)性金融機(jī)構(gòu)充分參與出口船舶融資業(yè)務(wù)，實(shí)現(xiàn)政策性金融與商業(yè)性金融的優(yōu)勢(shì)互補(bǔ)。出口信用機(jī)構(gòu)從而得到出口信用可以緩解信貸非均衡狀態(tài)的結(jié)論。利用比較分析的方法，對(duì)該結(jié)論進(jìn)一步深入研究。在借鑒發(fā)達(dá)國(guó)家出口信用成功經(jīng)驗(yàn)的基礎(chǔ)上，研究了使出口信用機(jī)構(gòu)與商業(yè)銀行相互協(xié)調(diào)的措施，論證了我國(guó)出口船舶項(xiàng)目融資模式的趨勢(shì)是“出口信用+商業(yè)銀行貸款”的模式，即出口信用機(jī)構(gòu)以風(fēng)險(xiǎn)管理為主，并且引導(dǎo)商業(yè)銀行為造船企業(yè)提供中長(zhǎng)期貸款。這種融資模式有利于將政府的政策性金融手段與商業(yè)性金融相互配合，共同發(fā)揮在出口船舶融資中的作用，實(shí)現(xiàn)金融資源配置的經(jīng)濟(jì)有效性和社會(huì)合理性兩大目標(biāo)的統(tǒng)一，使我國(guó)出口船舶融資的信貸非均衡狀態(tài)逐步向均衡狀態(tài)過(guò)渡。

關(guān)鍵詞：出口船舶；融資；信貸非均衡

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..