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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 “look 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.文献来源：汽车金融研究摘要：汽车工业在国外己有百年历史。人们在审视、品味这一百年历史的时候，往往看到的是汽车工业的辉煌和车轮民族的富足，而忽视了在这世纪百年、滚滚车尘的背后，有一个无名英雄汽车金融服务所起到的重要作用。如果没有当时“甲壳虫”的滞销和德国大众汽车公司著名的“五马克信贷”的出笼，就没有今天“天下无双”的汽车帝国和世界顶级水平的德国汽车产业;如果没有福特汽车信贷公司率先将汽车金融服务作为推动汽车销售的杠杆，将汽车金融服务用公司制的方式规范和固定下来，并在世界上第一个采用证券化的方式融通源源不断的资金之流，也就没有今天汽车工业的波澜壮阔和百姓生活便利快捷。从某种意义上讲，正是有了汽车金融服务，才有了今天的汽车工业，今天的航空工业和今天儿乎所有的机械制造业;也正是有了汽车金融服务，才有了人的活动半径的百、千公里级的跨越，有了人类得益于地理时空扩大、运动速率提高所带来的人文精神的升华。 汽车金融研究要真正理解汽车工业，必须首先读懂汽车金融;要真正发展汽车工业，必须首先发展汽车金融。国内外的历史己经昭示了这一点。中国过去几十年一直在试图走一条离开汽车金融，独立发展汽车工业的路子，结果可想而知。直到今大，才逐渐认识到，汽车金融是汽车工业的牛鼻子，汽车金融是启动社会消费的重要钥匙之一。 虽然汽车金融在国外社会消费金融中，已成为继房地产金融之后的第二大金融，但在中国是否需要发展还有很大的争议。也就是说，汽车金融的产生与发展是否有规律可循? 一方面我根据刘福垣先生的“国民经济时空理论”，既“国民经济发展阶段对经济事物和经济现象的制衡与导引作用”的观点出发，从“金融深化”和“消费结构产生及变化规律”的角度，对汽车金融服务产生发展的国民经济阶段时空特征进行了分析，提出了“汽车金融是国民经济发展到特定阶段下必然出现的金融现象”和“消费结构运行规律决定汽车金融产生发展”等观点。 另一方面我试图通过汽车金融服务对宏观经济和微观经济的作用分析，说明汽车金融服务提高了汽车生产、服务、消费领域的资金使用效率，增强了金融服务的优势，从而进一步强调汽车金融产生的合理性： 汽车金融能够调节国民经济运行中三大矛盾：“生产与消费的矛盾”、“资金周转的矛盾”、“信贷(需求)和储蓄(供给)的矛盾”； 汽车金融对汽车产业有“高价值转移性”，对第三产业有“高度关联和带动性”，对就业有“高安置性”； 汽车金融对汽车厂商可以起到“维护销售体系、整合销售策略、提供市场信息的作用”；汽车金融对汽车经销商可以起到“提供存货融资”、“营运资金融通”、“设备融资”的作用； 汽车金融对汽车用户可以起到“提供消费信贷”、“租赁融资”、“维修融资”、“保险业务”的作用； 总之，“汽车金融能够完善社会化、市场化的金融服务体系”。 在上述分析前提下，我把研究和写作的重点放在汽车金融具体运作流程的几个关键问题上，力争建立一个相对完善的结构体系。 由于目前在国内，还没有一本专门的论著与文献，甚至是一篇较有深度的论文，来研究汽车金融问题，我只有“大海捞针”，从国外大学研究机构和汽车金融服务网站上寻找一些零星、分散的资料。 创新方面，在研究领域上属于“跑马圈地”，基本上整个结构是新的，但也是初步的。按照“汽车金融的历史发展研究体系的基础；汽车金融的赢利模式研究体系的核心；汽车金融的信用管理研究体系的内层；汽车金融的融资机制研究体系的外层：汽车金融的产品开发研究体系的表层”的顺序展开;在研究方法上，主要采用了“比较研究”的方法，在西方经济学、金融学、保险学、服务管理学、金融工程学、营销学、消费经济学等领域广种薄收，兼容并蓄，努力用这些理论去说明汽车金融的相关问题，并形成了一些新的观点，在具体内容上主要有“汽车金融增值赢利模式”、“信用偿付能力管理”、“汽车金融的多元融资结构”、“汽车金融的金融产品开发”、“汽车金融产品的绩效营销”等。 首先，了解一下汽车金融的“发展历史”。 分析了汽车金融服务公司的一般演变历史过程和当前几种主要存在形式，包括“大汽车制造企业附属型”、“大银行财团附属型”、“独立型”；分析了汽车金融服务公司新的“复合优势”；还分析了“经济全球化”过程中汽车金融服务开始出现的“多元战略”、“深化战略”和“虚拟服务”发展趋势。 在此基础上还专门分析了中国汽车金融的特殊发展经历及利弊。按照“现代有效市场假说”，分析了“利率管制”情况下，中国汽车金融市场的非有效性，得出了一些基本结论：用汽车金融服务来诱导和启动庞大的个人储蓄，支持国民经济的较高速持续增长：汽车金融服务有助于建立“汽车消费主导型”的市场格局;汽车金融服务有助于消除“汽车需求增长区域性倾斜”问题；汽车金融服务有助于发挥用好中国汽车存量资产。还对发展汽车金融服务存在的“人车矛盾”、“路车矛盾”等主要制约因素进行了评价，特别提出:汽车金融能够“创造供给”，是科学解决上述问题的“钥匙”。 在了解汽车金融服务的历史现状后，接着分析了汽车金融服务存在的“生命之源”赢利模式。这也是在进一步论证汽车金融存在的“合理性”问题。 在介绍汽车金融赢利模式基本含义后，我将其分为“基本赢利模式”和“增值赢利模式”两种，并从“服务管理理论”、“金融服务理论”的角度，论证了汽车金融服务赢利模式的“不可知触性”、“不可分性”、“差异性原理”等特点，提出了“汽车金融服务赢利模式的核心因素是顾客忠诚满意度”，“汽车金融服务赢利模式的次级因素是汽车金融服务的传递质量”。还对“市场集中度”、“市场进入壁垒”、“市场结构”等市场参数进行了描述。 我还将西方经济学“市场分析”理论引入，分析并得出了“完全竞争市场对汽车金融服务赢利模式的非适用性”、“完全垄断市场对汽车金融服务赢利模式的非适用性”、“垄断竟争市场结构对汽车金融服务赢利模式的适用性”、“寡头垄断市场对汽车金融服务赢利模式的适用性”的结论，并具体分析了每一种市场条件下，汽车金融服务赢利模式的运行状态。 在这一部分，我的另一个新的观点是，较充分地论证了汽车金融服务增值型赢利模式的必要性、具体方法、资金组成、投资原则、投资组合。还介绍了我应用投资银行理论研究开发的一种典型的汽车金融服务增值型赢利模式“购车理财利润模式”。 如果说汽车金融服务的赢利模式是核心，那么信用管理是驾驭这一模式的关键。在考察“信用理论”、“消费信用理论”这些理论来源后，着重分析了汽车金融服务信用体系的功能与汽车金融服务信用体系的特定内涵与范畴，强调重点是消除汽车金融的信息不对称性，按照信用等级决定融资数量与期限。还对“自我首付(储蓄)约束机制”、“连带责任机制”、“信用制度机制”等汽车金融服务信用运作机制作了描述，建立了度量汽车金融服务个体贷款风险和汽车金融偿付能力管理的基本方法，并就我国建立汽车金融服务信用制度提出了对策。 汽车金融服务融资结构起着聚纳资金的作用，是支撑、保证汽车金融赢利模式发挥作用的“动力”。它既受汽车金融赢利模式的支配，又反作用于汽车金融赢利模式，因此，接下来对它进行了研究。汽车金融服务公司融资结构的理论基础有“金融资本说”、“银行资本循环说”、“交易费用说”。汽车金融服务的融资历史过程经历了“内源融资”、“外源融资”和“高效内外源融资”。分析了汽车金融服务公司的融资结构模型和汽车金融服务公司最佳融资结构的作用，以及影响汽车金融服务公司融资结构的主要因素。还重点介绍了汽车金融服务公司的几种主要融资形式，特别介绍了汽车金融信贷资产证券化的融资形式、汽车金融服务中的无形资产资本化融资战略、汽车金融服务中的特许经营融资战略、汽车金融服务中的项目融资战略、汽车金融服务中的层际融资战略。 汽车金融服务产品的开发销营是整个体系的最后环节，它是实现汽车金融赢利模式的工具，是汽车金融信用管理的载体，是汽车金融融资机制的运作目标。 汽车金融服务产品泛指以为汽车交易及使用融通资金所进行的金融结构(数量、期限、成本等)、金融策略设计及相应的法律契约安排，是现实中汽车金融服务所面临的各种问题的解，包括围绕价格最优化方面的汽车金融产品；围绕规避销售政策、制度开发的汽车金融产品：围绕汽车消费过程中的所必须的服务环节的便利性、经济性和保障性开发的汽车金融产品。汽车金融服务产品的特点由作为一般使用商品的汽车和作为金融服务的契约关系两大因素来决定:有“复合性”、“精密性”、“风险性”、“延续性”、“选择性”等； 汽车金融产品设计是金融学中最难最富挑战性的课题之一。它是汽车金融分析的逆问题。汽车金融产品设计的一般流程，包括“目标设计”、“结构设计”、“产品定价”、“风险收益特性分析”、“产品标准化”。汽车金融产品的效益评估方法有：“利润率贴现法”、“信息反馈法”。 汽车金融产品开发创新是中国金融体制改革的内在要求，利率市场化，是发展中国汽车金融产品的核心与关键。 有了汽车金融服务产品，还必须开辟“直接营销渠道”、“直复式营销渠道”、“网上营销”，对汽车金融产品销售人员进行“效能激励”，并对“效能激励”进行了模型描述。 分析开放中中国汽车金融服务市场的存在的“并购整合”、“市场重
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