船舶融資及其相關性之研究

The Study on Shipping Finance and Its Relationship

蔡欣翰(Shin-Han Tsai)

指導教授 ： 曾國雄

長榮大學/管理學院/航運管理研究所/碩士(2011年)

https://doi.org/10.6833/CJCU.2011.00157

摘要

台灣因四面環海與天然資源的缺乏，使得進出口貨物多透過船舶載運方式為之，而船舶之來源除新造船外，多須以買賣或租傭取得，因此，如何取得造船資金以及如何避免可能所生之風險，為船東(貸款人)重要課題。
本研究主要以文獻回顧之方式進行。其次，透過歸納法及比較法辨明船舶融資的定義與相關產生之風險，並將航運先進國家實務上之獎勵政策予以歸納整理比較之，並透過風險對策與風險控管模型探討如何降低與規避融資可能所生之風險。最後以關聯性探討之方式，歸納出融資租賃、風險控管與融資政策之關聯性，以使得上述三者得到相輔相成之效果。
透過船舶融資演變的研究發現，如能避免在船舶市場景氣過熱時積極購建船舶投入市場，並於船價較為低迷時購建船舶，靜待市場對於船舶之需求擴大時，再將其船舶投入市場較能獲得可觀之利益；且貸款人如可瞭解銀行授信準則與其良好的銀行債信，透過融資租賃之方式，更可獲得100%融資購建船舶；但融資租賃之期間多涵蓋船舶的營運年限，因此如何確保契約雙方履行契約條款為首要風險考量。另環視各國融資與獎勵政策發現，各國為促進其國內航運競爭力，多有其制定之獎勵與優惠航運之政策，故我國未來如可考量仿效歐美之作法，提供航商業者與投資者租稅優惠，則得使得航運業者較願意透過融資租賃之架構進行融資取得船舶，並可提升國輪船隊與促進我國於國際海運間之競爭力。

關鍵字

船舶融資 ； 風險 ； 租賃 ； 政策

並列摘要

Most of Taiwan cargoes are carried by ships because Taiwan is surrounded with ocean and lack of natural resources. Then ships always get from buying or leasing. It is the major issue for ship owner to get the fund and prevent the risk.
This research is mainly study by literature review, and understand the meaning of shipping finance with its relative risk, and induct the shipping policy of developed shipping country through induction and comparative method. This study will discuss the risk through risk policy and risk management model to lower the risk probability. Then finally induct leasing, risk management, and shipping policy through relative exploration to get good combination.
It will get more profit if build ships when the shipping market is not in a good condition, and prevent building ships in overheated shipping market through reviewing shipping finance history. The loaner can get 100% fund to build ships by knowing the credit policy of bank and good credit through leasing finance, but how to make sure each party of the contract can fulfill his agreement is the first priority of risk management because leasing finance always cover the ship’s treading life. In world’s advanced shipping country, there are always shipping and financing policy to promote its shipping competition. If Taiwan’s government can learn the way from world’s advanced shipping country, that will help the ship builder or shipping company to get ships by leasing finance and will promote Taiwan’s shipping competition of the world.

並列關鍵字

Shipping finance ； Risk ； Lease ； Policy

參考文獻

10.Ademuni-Odeke, Protectionism and the Future of International Shipping, 1984.

11.Arntzen, Norway Tonnage Tax Regime, 1998.

14.Bennathan and Walters, Port Pricing and Investment Policy for Developing Countries, 1979.

15.Buchanan, N. and Ellis, H. S, Approaches to Economic Development, 1955.

16.Grossman, Ocean Freight Rates Cambridge, 1956.