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.