台灣地區航空業航空器租賃經濟效益之探討

Abstract

航空運輸業為獨占或寡占的資本密集產業，雖然各國政府為增加競爭力而有放寬管制甚至全面民營化及自由化之措施，但航空器之擁有及使用仍舊是有著高進入門檻的產業。購買航空器從國內線、區域線、國際線適用之不同規格、型號及製造商的飛機，其價格從數佰萬美元至Boeing 747或 Airbus 380 數億美元不等。維持最適規模經濟的機隊，對航空運輸業者而言是一大負擔，尤其募集資金或向金融機構融資更是一大挑戰，於是為配合公司成長及快速取得機隊，航空器租賃業乃隨市場需求之成長而蓬勃發展。 台灣地區為商務活動頻繁亞太地區之一環，隨著全球經濟發展國際化及地球村概念之形成，亞太區域的地位日形重要，而交通運輸為不可或缺之一部份，無論是商務旅客、旅遊、居民往來，甚至運送具時效性、高附加價值的工業產品、零組件或整廠輸出的貨運需求，都使得本地區的空中運輸異常忙碌。 航空器製造為高科技技術的集成品，也是經濟力的象徵；全球飛機製造商前三大為美國波音公司、歐盟的空中巴士、加拿大的Bombardier。租賃市場亦起源於美國，目前全世界前三大飛機租賃公司擁有各式飛機約3,000架；而台灣地區於民國76年開放天空後亦採用租賃方式增加機隊，但限於市場因素並未形成較具競爭力的租賃公司。 本文的主要目的是在探討台灣地區主要航空業者採用租賃方式取得航空器之經濟效益分析。比較基礎概分為金融機構直接融資、融資性租賃、營業性租賃對運輸業者現金流量、資產負債表、損益表及其它經營效益的影響。就資金成本分析中所得到的結論以直接融資方式取得航空器資金成本最低；營業性租賃對經營效益提供最大的操作空間，同時對股價有拉抬效果；融資性租賃則具有財務槓桿作用，可以擴大營業用資產。

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.