台灣地區航空業航空器租賃經濟效益之探討
Date Issued
2005
Date
2005
Author(s)
吳金山
DOI
zh-TW
Abstract
Aviation transportation industry is a capital –intensive industry of monopoly or oligopoly. Although authority deregulates air services to private-capitalization and liberalization to increase competition ability, It is still a sharp threshold industry to maintain aircraft of airlines. Buying an applicable aircraft to domestic route, local route or international route requires cogitations of diversity of spec and models of different manufacturers. It costs tens-sometimes hundreds-of millions to purchase an aircraft. Price of a Boeing 747 or Airbus 380 even higher than common spec. The airlines fleet bears heavy burden with maintaining optimum economy of scale. It is also a severe challenge to airlines to raise fund from stockholder or financial institution. Aircraft leasing business hereof develop rapidly to arrange aircraft acquirement and to outreach market margin for all airlines.
Accompanied with global economic development and the concept of global village, asia-pacific region is geographically important. Taiwan area apropos located with vital part of the mentioned region. Aviation transportation is indispensable for multifarious commercial activities in this area and busy with carrying high value-added electronic components, master pieces, even plant-exportation.
Aircraft-manufacturing is a assemblage of high-technology and presents nation’s economic power. The Boeing Company of America, Airbus Industrie of Euromarket and Bombardier Aerospace of Canada are the front rank of mentioned industry. Aircraft leasing initiated in US and the said manufacturers vigorously operated by approximate three thousand aircrafts. Taiwan local airlines build their own fleet upon leasing market in 1987, however, none of competitive leasing company was founded thereafter due to small-scale market.
To analysis economic effects on various type of leasing operating in Taiwan local airlines is the main focus of this thesis.The thesis classified comparison basis into direct finance, capital leasing and operating leasing and reviewed the impacts on cash flow, balance sheet and income statement of above types. Conclusion of benefit-cost analysis reveals that direct finance costs moderate price and operating leasing affords flexible business model to enhance stock price whereas capital leasing enlarges available assets by positive financial leverage.
Subjects
航空器
租賃
航空器租賃
航空業
融資性租賃
營業性租賃
Aircraft
Lease
Aircraft Lease
Aviation
financial lease
operating lease
SDGs
Type
other
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