自主品牌汽车集团构建汽车金融服务专业机构的研究
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摘要
伴随着经济的高速增长以及汽车产、销量的迅猛增加,中国开始步入“汽车社会”。近些年来,自主品牌汽车也取得突破性发展。汽车品牌的竞争力,不仅体现在产品层面,还体现在汽车服务领域。汽车金融服务是汽车服务的重要组成部分。汽车自主品牌的汽车金融服务水平与质量,直接影响着汽车自主品牌发展。我国以汽车集团为主导的专业汽车金融服务机构主要有汽车金融公司与汽车财务公司两种形式。现阶段我国成立的汽车金融公司主要为外资独资及中外合资,均附属于世界汽车巨头,为外资品牌与合资品牌汽车提供汽车金融服务。已经拥有汽车财务公司的内资汽车制造集团如一汽、上汽等汽车制造集团,可以通过汽车财务公司和商业银行向自主品牌提供汽车金融服务。而现阶段还没有建立自己的汽车金融服务专业金融机构的汽车制造集团如奇瑞、吉利、哈飞、华晨、长安等自主品牌汽车制造集团,则主要依靠商业银行提供汽车金融服务支持。自主品牌汽车集团发展汽车金融服务专业机构还面临着一些问题:如汽车自主品牌的制造主业还不够发达;汽车金融服务专业机构的发展存在着资金短板;相关汽车金融业务人才相对匮乏;金融风险管理水平有待提高等。
本文运用金融生态理论分析了汽车金融公司的出现对我国金融生态的影响,运用利润池理论分析了我国汽车产业价值链上利润分布的变化,指出汽车金融服务在我国未来会成为汽车产业价值链环节上利润的重要来源;详细论述了汽车金融公司对汽车产业价值链的整合作用,进而论述了我国自主品牌汽车集团构建汽车金融专业服务机构的必要性;通过对汽车财务公司与汽车金融公司比较,详细阐述了对汽车财务公司现阶段在法律规定的业务范围上所存在的优势,并进一步论述了汽车财务公司业务由于跨越汽车产业价值链的制造环节,未来将会不利于汽车金融服务业务的拓展;运用实物期权理论的思想与方法对我国自主品牌汽车构建汽车金融服务专业机构的战略投资决策进行了分析与设计;通过与银行及保险公司的比较,详细分析了我国现阶段汽车金融服务专业机构存在的优势与劣势,为自主品牌汽车集团的汽车金融服务专业机构如何选择战略伙伴提供了建设性意见;本文运用“融资优序理论”、“权衡理论”等融资理论对构建我国自主品牌汽车集团的汽车金融服务专业机构的融资策略以及所使用的融资创新工具进行分析:从理论上分析了政府通过提供低息或无息贷款,以及提供适当减免或递延税收对自主品牌汽车金融服务专业机构企业价值的影响,还特别就夹层融资对企业价值的影响进行详细分析,指出是否能增加企业价值是采纳夹层融资的重要衡量标准:本文论述了自主品牌汽车集团的汽车金融服务专业机构与其他战略投资者的合作中必须保持品牌、产权、市场的主导性等方面的控制力,并根据国资自主品牌汽车集团的特点,借鉴英国在国有企业改制过程中的“黄金股”方法,提出了设置“汽车产业战略控制股”的构想。
本文基于我国自主品牌汽车金融服务的发展情况,为我国系统地制定相应的产业政策,全方位地支持汽车自主品牌、汽车集团主业及其汽车金融服务专业机构的构建与发展提供政策性建议。
Along with the rapid economic growth and automobile production, automobile sales increase rapidly. China is entering an "automobile society". The self-own automobile brand has also made a breakthrough in recent years. Brands competitiveness embodies in not only the product level, but also the field of automobile service. Automobile financial services play an important role in brands competitiveness. The quality of automobile financial service of self-own automobile brand has a direct impact on the development of own-brand automobile. Automobile professional financial services institutions controlled by China Automobile Group are the automobile financial companies and automobile finance companies in two forms. The major automobile finance companies that have established in China are foreign companies or joint venture companies. They all belong to automobile giants and serve for foreign brands or joint venture brand at present. The automobile manufacture groups owned by our country, which have automobile financial companies, such as first Automobile Group of Changchun, Shanghai Automobile Group and other car manufacture Groups can provide financial service by automobile financial companies and commercial banks. But some automobile manufacturers still have not their own automobile professional financial services institutions, such as Chery, Geely, Hafei, Huachen, Chang'an Automobile Manufacture Groups, relying mainly on commercial banks to provide automobile financial services. There are still some problems in the development of self -own brand automobile professional financial services institutions, such as automobile manufacturer still not strong enough; the short of money to develop the automobile professional financial services institutions, more professional talents needed in financial services fields, the level of financial risk management needed to be raised.
This paper uses financial ecological theory to analyze the emergence of the automobile finance companies impact on Chinese financial ecological; Uses profit pool theory to analyze the profit distribution changes of Chinese automotive industry value chain and point out that the automobile financial services will be an important source of profit in automotive industry value chain in China. This paper discusses the automobile finance companies have integrated effect in the automotive industry value chain in detail, and then discusses the necessary of the development of the Group professional financial services institutions by Chinese self-own automobile brand groups.
Compared with automobile finance companies and automobile financial companies, this paper elaborated automobile financial companies have some advantages on the law's scope of business, but do no help to expand automobile financial service for automobile financial companies' business across the whole automobile industry value chain in future.
This paper uses real-option-theory ideas and methods to analyze and design the development of automobile financial services professional organization's strategic investment decision. Compared with banks and insurance companies, this paper analyzes advantages and disadvantages existing in professional financial services institutions of self-own automobile brand, and gives some constructive suggestions on how to choose a strategic partner for professional financial services institutions of self-own automobile brand.
This paper uses "financing of the Pecking Order" and "trade-off " theory to analyze the financing strategy policies of professional financial services institutions of self-own automobile brand in China, and introduces that professional financial services institutions of self-own automobile brand can use innovation tools to finance. This paper theoretically analyzes that the government can increase enterprise value of self-own automobile brand companies through the provision of low-interest or interest-free loans from commercial banks and policy bank through encouragement policies, and can provide appropriate tax relief or tax deferred to help self-own brand professional financial services institutions. This paper gives the detailed analysis of the impact on enterprise value by mezzanine finance. It should be an important yardstick that whether Mezzanine Finance increase the value of enterprises.
This paper discusses that financial services professional institutions of self-own automobile brand should keep the control of brand, property rights, market-dominated areas of control in strategic cooperation. Based on characters of state-own automobile companies of self-own brand, inspiration from the British "golden shares" in the process of restructuring state-owned enterprises, this paper gives the design of "automobile industry strategic control share".
Based on situation of the development of automobile financial services of Chinese self-own automobile brands, this paper gives some suggestions to formulate corresponding system in industrial policies, to support self-own brand automobile groups and their professional financial services institutions in whole.
本文运用金融生态理论分析了汽车金融公司的出现对我国金融生态的影响,运用利润池理论分析了我国汽车产业价值链上利润分布的变化,指出汽车金融服务在我国未来会成为汽车产业价值链环节上利润的重要来源;详细论述了汽车金融公司对汽车产业价值链的整合作用,进而论述了我国自主品牌汽车集团构建汽车金融专业服务机构的必要性;通过对汽车财务公司与汽车金融公司比较,详细阐述了对汽车财务公司现阶段在法律规定的业务范围上所存在的优势,并进一步论述了汽车财务公司业务由于跨越汽车产业价值链的制造环节,未来将会不利于汽车金融服务业务的拓展;运用实物期权理论的思想与方法对我国自主品牌汽车构建汽车金融服务专业机构的战略投资决策进行了分析与设计;通过与银行及保险公司的比较,详细分析了我国现阶段汽车金融服务专业机构存在的优势与劣势,为自主品牌汽车集团的汽车金融服务专业机构如何选择战略伙伴提供了建设性意见;本文运用“融资优序理论”、“权衡理论”等融资理论对构建我国自主品牌汽车集团的汽车金融服务专业机构的融资策略以及所使用的融资创新工具进行分析:从理论上分析了政府通过提供低息或无息贷款,以及提供适当减免或递延税收对自主品牌汽车金融服务专业机构企业价值的影响,还特别就夹层融资对企业价值的影响进行详细分析,指出是否能增加企业价值是采纳夹层融资的重要衡量标准:本文论述了自主品牌汽车集团的汽车金融服务专业机构与其他战略投资者的合作中必须保持品牌、产权、市场的主导性等方面的控制力,并根据国资自主品牌汽车集团的特点,借鉴英国在国有企业改制过程中的“黄金股”方法,提出了设置“汽车产业战略控制股”的构想。
本文基于我国自主品牌汽车金融服务的发展情况,为我国系统地制定相应的产业政策,全方位地支持汽车自主品牌、汽车集团主业及其汽车金融服务专业机构的构建与发展提供政策性建议。
Along with the rapid economic growth and automobile production, automobile sales increase rapidly. China is entering an "automobile society". The self-own automobile brand has also made a breakthrough in recent years. Brands competitiveness embodies in not only the product level, but also the field of automobile service. Automobile financial services play an important role in brands competitiveness. The quality of automobile financial service of self-own automobile brand has a direct impact on the development of own-brand automobile. Automobile professional financial services institutions controlled by China Automobile Group are the automobile financial companies and automobile finance companies in two forms. The major automobile finance companies that have established in China are foreign companies or joint venture companies. They all belong to automobile giants and serve for foreign brands or joint venture brand at present. The automobile manufacture groups owned by our country, which have automobile financial companies, such as first Automobile Group of Changchun, Shanghai Automobile Group and other car manufacture Groups can provide financial service by automobile financial companies and commercial banks. But some automobile manufacturers still have not their own automobile professional financial services institutions, such as Chery, Geely, Hafei, Huachen, Chang'an Automobile Manufacture Groups, relying mainly on commercial banks to provide automobile financial services. There are still some problems in the development of self -own brand automobile professional financial services institutions, such as automobile manufacturer still not strong enough; the short of money to develop the automobile professional financial services institutions, more professional talents needed in financial services fields, the level of financial risk management needed to be raised.
This paper uses financial ecological theory to analyze the emergence of the automobile finance companies impact on Chinese financial ecological; Uses profit pool theory to analyze the profit distribution changes of Chinese automotive industry value chain and point out that the automobile financial services will be an important source of profit in automotive industry value chain in China. This paper discusses the automobile finance companies have integrated effect in the automotive industry value chain in detail, and then discusses the necessary of the development of the Group professional financial services institutions by Chinese self-own automobile brand groups.
Compared with automobile finance companies and automobile financial companies, this paper elaborated automobile financial companies have some advantages on the law's scope of business, but do no help to expand automobile financial service for automobile financial companies' business across the whole automobile industry value chain in future.
This paper uses real-option-theory ideas and methods to analyze and design the development of automobile financial services professional organization's strategic investment decision. Compared with banks and insurance companies, this paper analyzes advantages and disadvantages existing in professional financial services institutions of self-own automobile brand, and gives some constructive suggestions on how to choose a strategic partner for professional financial services institutions of self-own automobile brand.
This paper uses "financing of the Pecking Order" and "trade-off " theory to analyze the financing strategy policies of professional financial services institutions of self-own automobile brand in China, and introduces that professional financial services institutions of self-own automobile brand can use innovation tools to finance. This paper theoretically analyzes that the government can increase enterprise value of self-own automobile brand companies through the provision of low-interest or interest-free loans from commercial banks and policy bank through encouragement policies, and can provide appropriate tax relief or tax deferred to help self-own brand professional financial services institutions. This paper gives the detailed analysis of the impact on enterprise value by mezzanine finance. It should be an important yardstick that whether Mezzanine Finance increase the value of enterprises.
This paper discusses that financial services professional institutions of self-own automobile brand should keep the control of brand, property rights, market-dominated areas of control in strategic cooperation. Based on characters of state-own automobile companies of self-own brand, inspiration from the British "golden shares" in the process of restructuring state-owned enterprises, this paper gives the design of "automobile industry strategic control share".
Based on situation of the development of automobile financial services of Chinese self-own automobile brands, this paper gives some suggestions to formulate corresponding system in industrial policies, to support self-own brand automobile groups and their professional financial services institutions in whole.
引文
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