基于实物期权的融资租赁方式决策研究——以医疗器械为例  

Research on Decision Making of Financial Leasing Methods Based on Real Options——Taking Medical Devices as an Example

作　　者：李楠 

机构地区：[1]中恒怡鑫科创投有限公司,广西南宁530022 [2]广西梧州中恒集团股份有限公司,广西南宁530022

出　　处：《大众科技》2023年第5期171-174,共4页Popular Science & Technology

摘　　要：融资租赁目前已深入多个领域,成为引入医疗器械的一种方式。因其所有权和使用权分离的特性,能够以融物的方式达到融资目的,在一定程度上解决了当前医院融资的瓶颈。融资租赁在发展过程中逐渐衍生出了许多种不同的方式,最主要的方式有经营性租赁和直接融资租赁,在融资租赁方式的选择时,往往需要决策出一个最优的融资租赁方式。对融资租赁方式进行决策常用的方法是现金流量贴现法,但这种传统方法存在诸多局限性,没有考虑到外部环境的不确定性和波动性,并且还忽略了管理的柔性。因此,文章提出了实物期权法在医疗器械经营性租赁决策中的适用性,为经营性租赁决策提供一个更贴近实际的价值评估方法。Financial leasing has now penetrated multiple fields and become a way to introduce medical devices.Due to the separation of ownership and usage rights,it is possible to achieve financing goals through financial means,which to some extent solves the bottleneck of current hospital financing.Financial leasing has gradually evolved into many different ways in the development process,the most important of which are operating leasing and direct financial leasing.When choosing the financing leasing method,it is often necessary to decide on the optimal financing leasing method.The commonly used methods for making decisions on financial leasing are the discount method of cash flow.However,this traditional method has many limitations,does not take into account the uncertainty and volatility of the external environment,and also ignores the flexibility of management.Therefore,the article proposes the applicability of the real option method in the decision-making of medical device operating leases,providing a more practical value evaluation method for operating lease decisions.

关 键 词：融资租赁 实物期权 租赁决策 

分 类 号：F275[经济管理—企业管理]