Abstract
Internationally, shipbuilding industry is in the low stage of development and its financing is in trouble now. According to Petrofin Research, a research firm, since the financial crisis in 2008, the global total ship financing has been reduced, and European banks tend to take a tightening policy towards shipbuilding financing, as the world’s top 40 banks reduce investment in shipbuilding industry year after year. In addition, shipping market is also sluggish, of which the global container shipping company in 2011 caused a total loss of up to 5.2 billion US dollars, and the BDI index fell below the lowest point in 26 years. In recent years, although the shipping market has occasionally recovered, but is only a flash in the pan, still difficult to get out of the stagnant situation. With western Banks reducing their support for ship financing, the ship industry began to shift to the east, especially China, and Chinese Banks were gradually favored by the outside world. However, Chinese Banks is less contact with the ship financing, and lack of industry experience, their financing model of the industry is not mature, combined with the high risk characteristics of shipbuilding industry, ordinary financial institutions and shipbuilding enterprises have no systematic understanding of risk influencing factors and preventive measures of shipbuilding enterprises’ financing. Under such circumstances, the financing difficulty of Chinese shipbuilding enterprises is even more difficult. This paper expounds the relevant theoretical basis and development status of ship financing, and summarizes the current situation of financing domestic and abroad and the main financing methods, as well as problems faced by shipbuilding enterprises during financing process. At the same time, this paper adopts the method of combination of factor analysis and multiple regression analysis to analyze the sample data of 12 listed shipbuilding enterprises in China during the five-year period of market downturn, to construct a financing mode selection model, and then provide scientific reference for the financing mode selection of shipbuilding enterprises.
Highlights
Ship financing refers to the general term of loan guarantee and other credit businesses that take ship assets as the main pledged object to meet the borrower’s demand for building, purchasing, leasing, maintenance and using ship assets
Chinese Banks is less contact with the ship financing, and lack of industry experience, their financing model of the industry is not mature, combined with the high risk characteristics of shipbuilding industry, ordinary financial institutions and shipbuilding enterprises have no systematic understanding of risk influencing factors and preventive measures of shipbuilding enterprises’ financing
The current global economic slowdown, dominated by European and American areas appear even inverse globalization cold snap, will cause serious impact on global trade as a trade exporter, on the one hand, export trade in our country, especially in shipbuilding export trade will be inevitable contraction, on the other hand, the demand for ships will further reduce in domestic market, what’s worse, the shipbuilding industry in our country has just experienced a long boom and has not establish a reliable financing system to deal with the shipbuilding industry turndown caused by financial crisis, which further increases the investment risk and difficulty of the shipbuilding financing
Summary
Ship financing refers to the general term of loan guarantee and other credit businesses that take ship assets as the main pledged object to meet the borrower’s demand for building, purchasing, leasing, maintenance and using ship assets. The current global economic slowdown, dominated by European and American areas appear even inverse globalization cold snap, will cause serious impact on global trade as a trade exporter, on the one hand, export trade in our country, especially in shipbuilding export trade will be inevitable contraction, on the other hand, the demand for ships will further reduce in domestic market, what’s worse, the shipbuilding industry in our country has just experienced a long boom and has not establish a reliable financing system to deal with the shipbuilding industry turndown caused by financial crisis, which further increases the investment risk and difficulty of the shipbuilding financing. This paper makes an in-depth analysis of the financing methods of small and medium-sized shipbuilding enterprises in the current economic environment, and attempts to establish a model system of financing methods selection, so as to.
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