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Automobile finance researchAbstract: The automobile industry has hundred years history in overseas oneself. The people in carefully examine, savors these 100 year historical time, often saw is the automobile industry magnificent and the wheel nationalitys abundance, but has neglected in this century hundred year, billowing automobile dust behind, some unknown hero - automobile finance service station plays vital role. If did not have at that time “the carapace insect” unsolvable with Germany Volkswagenwerk famous “five Deutsche Mark credits” emerging, does not have today “the unparalleled in the world” automobile empire and world top level German automobile industry; If does not have the Ford automobile credit company to take the lead the automobile finance service to take the impetus auto sale the release lever, standard and gets down fixedly the automobile finance service with the corporate system way, and first uses the securitization in the world the way to allow temporary credit class of the continuously fund, also does not have today automobile industry mammoth and the common people lives the convenience to be quick. In a sense, had the automobile finance service, only then had today automobile industry, today aviation industry and now weather all mechanical manufacturing industries; Also had the automobile finance service, only then had humans radius of action hundred, thousand kilometer level spanning, had the humanity to benefit in the geography space and time expands the humanities spirit sublimation which, the movement speed enhanced brings. Automobile finance researchMust understand truly the automobile industry, must first read the automobile finance; must develop the automobile industry truly, must first develop the automobile finance. Domestic and foreign historical oneself after has made clear this point. China passes for several dozens years to attempt one to leave the automobile finance continuously, the independence develops the automobile industry pathway, the result it can be imagined. Is big until now, realized only then gradually, the automobile finance is the automobile industry ox muzzle, the automobile finance starts one of important keys which the society expends. Although automobile finance expends in the finance in the overseas society, after has become continues the real estate finance the second big finance, but in China whether needs to develop also has the very great dispute. In other words, whether does the automobile finance production and develop in a disorderly way may follow? On the one hand I according to Mr. Liu Fuyuan “the national economy space and time theory”, also “national economy development phase to economical thing and economic phenomena keeping in balance with guiding function” the viewpoint embarks, “deepens and “the consumption pattern has and the change rule” the angle from the finance”, had the development national economy stage space and time characteristic to the automobile finance service to carry on the analysis, proposed “the automobile finance was the national economy develops the financial phenomenon which under the specific stage appeared inevitably” and “the consumption pattern operating law decided the automobile finance had the development” and so on the viewpoints. On the other hand I attempt through the automobile finance service to macroscopic economical and the microscopic economical function analysis, explained the automobile finance service enhanced the automobile production, the service, the expense domain fund use efficiency, strengthened the financial service superiority, thus further emphasized the automobile finance produces rationality: The automobile finance can adjust in the national economy movement three big contradictory: “Production and expense contradiction”, “turnover of capital contradiction”, “credit (demand) and deposit (supplies) contradiction”; The automobile finance has “the high value transferability” to the automobile industry, has “the height dependence and the catalytic nature” to the tertiary industry, has “the high placement” to the employment; The automobile finance may play “the maintenance sale system to the automobile manufacturer, the conformity sale strategy, provides the market information the role”; the automobile finance may play to the car dealer “provides goods in stock financing”, “transport business fund allows temporary credit”, “equipment financing” the role; The automobile finance may play to the automobile user “provides the expense credit”, “rents financing”, “service financing”, “the insurance business” the role; In brief, “the automobile finance can consummate socialized, the marketability financial service system”. Under the above analysis premise, I place the research and the writing key point the automobile finance concrete operation flow in several key questions, argues vigorously establishes a relative consummation the structure system. Because at present in domestic, but also does not have one special to discuss with the literature, even is one has the depth paper, studies the automobile finance question, I only then “l(fā)ook for a needle in a haystack”, seeks some fragmentarily, the dispersible material from the overseas university development facility and in the automobile finance service website. The innovation aspect, belongs in the research area “runs the horse stable place”, the basically entire structure is new, but also is preliminary. According to “automobile finance historical development - - research system foundation; Automobile finance profit pattern - research system core; Automobile finance credit administration - - research system inner layer; Automobile finance financing mechanism - - research system outer layer: Automobile finance product development - research system surface layer” the order launches; In the research technique, has mainly used “the comparison research” the method, in the Western economic, the finance study, the insurance study, the service management science, the financial engineering, consumer economics domain extensive cultivation and so on the marketing study, compatible and gathers, uses these theories to explain diligently the automobile finance the related question, and has formed some new viewpoints, mainly has “the automobile finance increment profit pattern” in the concrete content, “the credit reimburses ability management”, “the automobile finance multi-dimensional financing structure”, “the automobile finance financial product development”, “the automobile finance product achievements marketing” and so on. First, understands the automobile finance “the development history”. Has analyzed the automobile finance service companys general evolution history process and the current several kind of main existence form, including “big automobile manufacture enterprise attached”, “big bank financial group attached”, “independent type”; Has analyzed the automobile finance service company newly “the compound superiority”; Also analyzed “the economical globalization” in the process the automobile finance service to start to appear “the multi-dimensional strategy”, “the deepened strategy” and “the hypothesized service” the trend of development. Specially has also analyzed the Chinese automobile finance special development experience and the advantages in this foundation. According to “the modern effective market hypothesis”, has analyzed “the interest rate control” in the situation, the Chinese automobile money market non-validity, has drawn some basic conclusions: Induces and the start huge individual deposit with theautomobile finance service, supports the national economy high speed to grow continually: The automobile finance service is helpful “the automobile expends the leading” in the establishment the market pattern; The automobile finance service is helpful to the elimination “the automobile demand growth regional characteristic incline” the question; The automobile finance service is helpful in the display uses the Chinese automobile storage quantity property. Also to develop the automobile finance service existence “the human vehicle to be contradictory”, “the road vehicle is contradictory” and so on the main restriction factor to carry on the appraisal, proposed specially: The automobile finance can “the creation supplies”, be the science solution above question “the key”. After the understanding automobile finance service historical present situation, has then analyzed the automobile finance service existence “the origin of life” - - the profit pattern. This also is further is proving the automobile finance existence “the rationality” the question. After the introduction automobile finance profit pattern basic meaning, I divide into it “the basic profit pattern” and “the increment profit pattern” two kinds, and from “service management theory”, “financial service theory” the angle, proved the automobile finance service profit pattern “not to be possible to know touches the nature”, “the indivisibility”, “the different principle” and so on the characteristics, proposed “the automobile finance service profit pattern core factor was the customer loyal degree of satisfaction”, “the automobile finance service profit pattern secondary factor is the automobile finance service transmission quality”. Also to “the market concentration degree”, “the market entered the barrier”, “the market mechanism” and so on the market parameters has carried on the description. I the Western economic “the market analysis” the theory introduction, will also analyze and obtain “the perfect competitive market to the automobile finance service profit pattern non-serviceability”, “have monopolized the market completely to the automobile finance service profit pattern non-serviceability”, “the monopoly struggled the market mechanism unexpectedly to the automobile finance service profit pattern serviceability”, “the oligopoly market to the automobile finance service profit pattern serviceability” the conclusion, and has specifically analyzed under each kind of market condition, automobile finance service profit pattern running status. In this part, my another new viewpoint is, proved the automobile finance service to rise in value fully the profit pattern necessity, the concrete method, the fund composition, the investment principle, the investment portfolio. Also introduced I apply the investment bank fundamental research development one kind of typical automobile finance service to raise in value the profit pattern - “to buy the vehicle to manage finances the profit pattern”. If the automobile finance service profit pattern is a core, then the credit administration is controls this pattern the key. After inspects “the credit theory”, “the consumer credit theory” these theory origin, has emphatically analyzed the automobile finance service credit system function and the automobile finance service credit system specific connotation and the category, emphasized the key point is eliminates the automobile finance the information dissymmetry, according to credit rank decision financing quantity and deadline. Also “paid (deposit) to self-to restrain the mechanism”, “the joint and several liability mechanism”, “the credit system mechanism” and so on the automobile finance service credit operations machine has manufactured the description, has established the measure automobile finance service individual loan risk and the automobile finance reimburses ability management the essential method, and established the automobile finance service credit system on our country to propose the countermeasure. The automobile finance service financing structure plays is gathering accepts the fund the role, is the support, the guarantee automobile finance profit pattern display function “the power” .It both automobile finance profit pattern control, and reaction in automobile finance profit pattern, therefore, met down has conducted the research to it. The automobile finance service company finances the structure rationale to have “the financial capital to say”, “the banking capital circulation said”, and “the transaction expense said”. The automobile finance service financing history process has experienced “endogen financing”, “extraneous source financing” and “highly effective in extraneous source financing”. Has analyzed the automobile finance service companys financing structural model and the automobile finance service company best financing structure function, as well as the influence automobile finance Service Company finances the structure primary factor. Also with emphasis introduced the automobile finance service companys several kind of main financing form, specially introduced in the automobile finance credit property securitization financing form, in the automobile finance service intangible asset capitalization financing strategy, in the automobile finance service special permission management financing strategy, in the automobile finance service project financing strategy, the automobile finance service level border financing strategy. The automobile finance service product development sells the camp is the entire system final link, it realizes the automobile finance profit pattern tool, is the automobile finance credit administration carrier, is the automobile finance financing mechanism operation goal. The automobile finance service product makes a general reference thought the automobile transaction and the use allows temporary credit the financial structure which the fund carries on (quantity, deadline, cost and so on), the financial strategy design and the corresponding legal contract arrangement, is each kind of question solution which in the reality the automobile finance service station faces, including encompassment price optimization aspect automobile finance product; Encompassment circumvention sale policy, system development automobile finance product: Revolves the automobile expends in the process to have service link convenience, efficient and indemnificatory development automobile finance product. The automobile finance service product characteristic by took the general use commodity the automobile and decided as the financial service contractual relationship two big factors: Has “compound”, “the accuracy”, “the risk”, “the continuous nature”, “the selectivity” and so on; The automobile finance product design is in the finance study is most difficult one of richest challenging topics. It is the automobile finance analysis inverse problem. Automobile finance product design general flow, including “goal design”, “structural design”, “product fixed price”, “risk income characteristic analysis”, “product standardization”. The automobile finance product benefit appraised the method includes: “Profit margin discount law”, “information feedback law”. The automobile finance product development innovation is the China monetary system reform intrinsic request, the interest rate marketability, is develops the Chinese automobile finance product core and the key. Had the automobile finance service product, but also must open “the direct marketing channel”, “the straight multiple marketing channel”, “on the net the marketing”, carries on “the potency to the automobile finance product sale personnel to drive”, and to “the potency drove” has carried on the model description. The analysis opens the Chinese automobile finance service market existence “the merger and acquisition conformity”, “the market reorganization” and so on the tendencies, proposed carries out Chinese Silver Jail to meet the spirit, the perfect automobile finance service company governs the structure, the use “the independent pattern”, “the union pattern”, “the Chinese-foreign joint venture pattern”, establishes the Chinese specialized automobile finance service organization, impels the automobile finance service industry moderately to grow in advance, promotes our country automobile industry, the financial service industry overall competitive power.文獻來源：汽車金融研究摘要：汽車工業(yè)在國外己有百年歷史。人們在審視、品味這一百年歷史的時候，往往看到的是汽車工業(yè)的輝煌和車輪民族的富足，而忽視了在這世紀百年、滾滾車塵的背后，有一個無名英雄汽車金融服務所起到的重要作用。如果沒有當時“甲殼蟲”的滯銷和德國大眾汽車公司著名的“五馬克信貸”的出籠，就沒有今天“天下無雙”的汽車帝國和世界頂級水平的德國汽車產業(yè);如果沒有福特汽車信貸公司率先將汽車金融服務作為推動汽車銷售的杠桿，將汽車金融服務用公司制的方式規(guī)范和固定下來，并在世界上第一個采用證券化的方式融通源源不斷的資金之流，也就沒有今天汽車工業(yè)的波瀾壯闊和百姓生活便利快捷。從某種意義上講，正是有了汽車金融服務，才有了今天的汽車工業(yè)，今天的航空工業(yè)和今天兒乎所有的機械制造業(yè);也正是有了汽車金融服務，才有了人的活動半徑的百、千公里級的跨越，有了人類得益于地理時空擴大、運動速率提高所帶來的人文精神的升華。 汽車金融研究要真正理解汽車工業(yè)，必須首先讀懂汽車金融;要真正發(fā)展汽車工業(yè)，必須首先發(fā)展汽車金融。國內外的歷史己經昭示了這一點。中國過去幾十年一直在試圖走一條離開汽車金融，獨立發(fā)展汽車工業(yè)的路子，結果可想而知。直到今大，才逐漸認識到，汽車金融是汽車工業(yè)的牛鼻子，汽車金融是啟動社會消費的重要鑰匙之一。 雖然汽車金融在國外社會消費金融中，已成為繼房地產金融之后的第二大金融，但在中國是否需要發(fā)展還有很大的爭議。也就是說，汽車金融的產生與發(fā)展是否有規(guī)律可循? 一方面我根據(jù)劉福垣先生的“國民經濟時空理論”，既“國民經濟發(fā)展階段對經濟事物和經濟現(xiàn)象的制衡與導引作用”的觀點出發(fā)，從“金融深化”和“消費結構產生及變化規(guī)律”的角度，對汽車金融服務產生發(fā)展的國民經濟階段時空特征進行了分析，提出了“汽車金融是國民經濟發(fā)展到特定階段下必然出現(xiàn)的金融現(xiàn)象”和“消費結構運行規(guī)律決定汽車金融產生發(fā)展”等觀點。 另一方面我試圖通過汽車金融服務對宏觀經濟和微觀經濟的作用分析，說明汽車金融服務提高了汽車生產、服務、消費領域的資金使用效率，增強了金融服務的優(yōu)勢，從而進一步強調汽車金融產生的合理性： 汽車金融能夠調節(jié)國民經濟運行中三大矛盾：“生產與消費的矛盾”、“資金周轉的矛盾”、“信貸(需求)和儲蓄(供給)的矛盾”； 汽車金融對汽車產業(yè)有“高價值轉移性”，對第三產業(yè)有“高度關聯(lián)和帶動性”，對就業(yè)有“高安置性”； 汽車金融對汽車廠商可以起到“維護銷售體系、整合銷售策略、提供市場信息的作用”；汽車金融對汽車經銷商可以起到“提供存貨融資”、“營運資金融通”、“設備融資”的作用； 汽車金融對汽車用戶可以起到“提供消費信貸”、“租賃融資”、“維修融資”、“保險業(yè)務”的作用； 總之，“汽車金融能夠完善社會化、市場化的金融服務體系”。 在上述分析前提下，我把研究和寫作的重點放在汽車金融具體運作流程的幾個關鍵問題上，力爭建立一個相對完善的結構體系。 由于目前在國內，還沒有一本專門的論著與文獻，甚至是一篇較有深度的論文，來研究汽車金融問題，我只有“大海撈針”，從國外大學研究機構和汽車金融服務網站上尋找一些零星、分散的資料。 創(chuàng)新方面，在研究領域上屬于“跑馬圈地”，基本上整個結構是新的，但也是初步的。按照“汽車金融的歷史發(fā)展研究體系的基礎；汽車金融的贏利模式研究體系的核心；汽車金融的信用管理研究體系的內層；汽車金融的融資機制研究體系的外層：汽車金融的產品開發(fā)研究體系的表層”的順序展開;在研究方法上，主要采用了“比較研究”的方法，在西方經濟學、金融學、保險學、服務管理學、金融工程學、營銷學、消費經濟學等領域廣種薄收，兼容并蓄，努力用這些理論去說明汽車金融的相關問題，并形成了一些新的觀點，在具體內容上主要有“汽車金融增值贏利模式”、“信用償付能力管理”、“汽車金融的多元融資結構”、“汽車金融的金融產品開發(fā)”、“汽車金融產品的績效營銷”等。 首先，了解一下汽車金融的“發(fā)展歷史”。 分析了汽車金融服務公司的一般演變歷史過程和當前幾種主要存在形式，包括“大汽車制造企業(yè)附屬型”、“大銀行財團附屬型”、“獨立型”；分析了汽車金融服務公司新的“復合優(yōu)勢”；還分析了“經濟全球化”過程中汽車金融服務開始出現(xiàn)的“多元戰(zhàn)略”、“深化戰(zhàn)略”和“虛擬服務”發(fā)展趨勢。 在此基礎上還專門分析了中國汽車金融的特殊發(fā)展經歷及利弊。按照“現(xiàn)代有效市場假說”，分析了“利率管制”情況下，中國汽車金融市場的非有效性，得出了一些基本結論：用汽車金融服務來誘導和啟動龐大的個人儲蓄，支持國民經濟的較高速持續(xù)增長：汽車金融服務有助于建立“汽車消費主導型”的市場格局;汽車金融服務有助于消除“汽車需求增長區(qū)域性傾斜”問題；汽車金融服務有助于發(fā)揮用好中國汽車存量資產。還對發(fā)展汽車金融服務存在的“人車矛盾”、“路車矛盾”等主要制約因素進行了評價，特別提出:汽車金融能夠“創(chuàng)造供給”，是科學解決上述問題的“鑰匙”。 在了解汽車金融服務的歷史現(xiàn)狀后，接著分析了汽車金融服務存在的“生命之源”贏利模式。這也是在進一步論證汽車金融存在的“合理性”問題。 在介紹汽車金融贏利模式基本含義后，我將其分為“基本贏利模式”和“增值贏利模式”兩種，并從“服務管理理論”、“金融服務理論”的角度，論證了汽車金融服務贏利模式的“不可知觸性”、“不可分性”、“差異性原理”等特點，提出了“汽車金融服務贏利模式的核心因素是顧客忠誠滿意度”，“汽車金融服務贏利模式的次級因素是汽車金融服務的傳遞質量”。還對“市場集中度”、“市場進入壁壘”、“市場結構”等市場參數(shù)進行了描述。 我還將西方經濟學“市場分析”理論引入，分析并得出了“完全競爭市場對汽車金融服務贏利模式的非適用性”、“完全壟斷市場對汽車金融服務贏利模式的非適用性”、“壟斷竟爭市場結構對汽車金融服務贏利模式的適用性”、“寡頭壟斷市場對汽車金融服務贏利模式的適用性”的結論，并具體分析了每一種市場條件下，汽車金融服務贏利模式的運行狀態(tài)。 在這一部分，我的另一個新的觀點是，較充分地論證了汽車金融服務增值型贏利模式的必要性、具體方法、資金組成、投資原則、投資組合。還介紹了我應用投資銀行理論研究開發(fā)的一種典型的汽車金融服務增值型贏利模式“購車理財利潤模式”。 如果說汽車金融服務的贏利模式是核心，那么信用管理是駕馭這一模式的關鍵。在考察“信用理論”、“消費信用理論”這些理論來源后，著重分析了汽車金融服務信用體系的功能與汽車金融服務信用體系的特定內涵與范疇，強調重點是消除汽車金融的信息不對稱性，按照信用等級決定融資數(shù)量與期限。還對“自我首付(儲蓄)約束機制”、“連帶責任機制”、“信用制度機制”等汽車金融服務信用運作機制作了描述，建立了度量汽車金融服務個體貸款風險和汽車金融償付能力管理的基本方法，并就我國建立汽車金融服務信用制度提出了對策。 汽車金融服務融資結構起著聚納資金的作用，是支撐、保證汽車金融贏利模式發(fā)揮作用的“動力”。它既受汽車金融贏利模式的支配，又反作用于汽車金融贏利模式，因此，接下來對它進行了研究。汽車金融服務公司融資結構的理論基礎有“金融資本說”、“銀行資本循環(huán)說”、“交易費用說”。汽車金融服務的融資歷史過程經歷了“內源融資”、“外源融資”和“高效內外源融資”。分析了汽車金融服務公司的融資結構模型和汽車金融服務公司最佳融資結構的作用，以及影響汽車金融服務公司融資結構的主要因素。還重點介紹了汽車金融服務公司的幾種主要融資形式，特別介紹了汽車金融信貸資產證券化的融資形式、汽車金融服務中的無形資產資本化融資戰(zhàn)略、汽車金融服務中的特許經營融資戰(zhàn)略、汽車金融服務中的項目融資戰(zhàn)略、汽車金融服務中的層際融資戰(zhàn)略。 汽車金融服務產品的開發(fā)銷營是整個體系的最后環(huán)節(jié)，它是實現(xiàn)汽車金融贏利模式的工具，是汽車金融信用管理的載體，是汽車金融融資機制的運作目標。 汽車金融服務產品泛指以為汽車交易及使用融通資金所進行的金融結構(數(shù)量、期限、成本等)、金融策略設計及相應的法律契約安排，是現(xiàn)實中汽車金融服務所面臨的各種問題的解，包括圍繞價格最優(yōu)化方面的汽車金融產品；圍繞規(guī)避銷售政策、制度開發(fā)的汽車金融產品：圍繞汽車消費過程中的所必須的服務環(huán)節(jié)的便利性、經濟性和保障性開發(fā)的汽車金融產品。汽車金融服務產品的特點由作為一般使用商品的汽車和作為金融服務的契約關系兩大因素來決定:有“復合性”、“精密性”、“風險性”、“延續(xù)性”、“選擇性”等； 汽車金融產品設計是金融學中最難最富挑戰(zhàn)性的課題之一。它是汽車金融分析的逆問題。汽車金融產品設計的一般流程，包括“目標設計”、“結構設計”、“產品定價”、“風險收益特性分析”、“產品標準化”。汽車金融產品的效益評估方法有：“利潤率貼現(xiàn)法”、“信息反饋法”。 汽車金融產品開發(fā)創(chuàng)新是中國金融體制改革的內在要求，利率市場化，是發(fā)展中國汽車金融產品的核心與關鍵。 有了汽車金融服務產品，還必須開辟“直接營銷渠道”、“直復式營銷渠道”、“網上營銷”，對汽車金融產品銷售人員進行“效能激勵”，并對“效能激勵”進行了模型描述。 分析開放中中國汽車金融服務市場的存在的“并購整合”、“市場重