{"title":"航运资产证券化的动机:航运业的售后回租交易","authors":"Sang Yoon, C. Kim, Youngin Seo","doi":"10.1080/03088839.2021.1983218","DOIUrl":null,"url":null,"abstract":"ABSTRACT This study investigates shipping firms’ motives for using sale-leaseback (SLBs) transactions. Given the bleak conditions in the shipping industry that have persisted since its collapse in 2008, numerous firms have sought ways to relieve short-term financial distress and secure long-term sustainable growth. This study analyses financial ratios of 123 shipping companies in Korea, 25 of which elected to use SLBs in 2019, in terms of growth, profitability, liquidity and leverage for the period of 2016–2018. Consistent with previous findings, the results show that applying for SLBs is associated with a lack of liquidity. By exploring SLBs as a new financing vehicle for shipping companies, the vast majority of which have been under financial distress and constraints in recent years, this study enriches the existing literature on shipping finance. Besides, this study’s findings on shipping companies’ motives for using SLBs can provide helpful suggestions for designing and implementing government policies for restructuring national shipping industry.","PeriodicalId":18288,"journal":{"name":"Maritime Policy & Management","volume":null,"pages":null},"PeriodicalIF":3.7000,"publicationDate":"2021-09-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"3","resultStr":"{\"title\":\"The motives for shipping asset securitisation: sale-leaseback transactions in the shipping industry\",\"authors\":\"Sang Yoon, C. Kim, Youngin Seo\",\"doi\":\"10.1080/03088839.2021.1983218\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"ABSTRACT This study investigates shipping firms’ motives for using sale-leaseback (SLBs) transactions. Given the bleak conditions in the shipping industry that have persisted since its collapse in 2008, numerous firms have sought ways to relieve short-term financial distress and secure long-term sustainable growth. This study analyses financial ratios of 123 shipping companies in Korea, 25 of which elected to use SLBs in 2019, in terms of growth, profitability, liquidity and leverage for the period of 2016–2018. Consistent with previous findings, the results show that applying for SLBs is associated with a lack of liquidity. By exploring SLBs as a new financing vehicle for shipping companies, the vast majority of which have been under financial distress and constraints in recent years, this study enriches the existing literature on shipping finance. Besides, this study’s findings on shipping companies’ motives for using SLBs can provide helpful suggestions for designing and implementing government policies for restructuring national shipping industry.\",\"PeriodicalId\":18288,\"journal\":{\"name\":\"Maritime Policy & Management\",\"volume\":null,\"pages\":null},\"PeriodicalIF\":3.7000,\"publicationDate\":\"2021-09-27\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"3\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Maritime Policy & Management\",\"FirstCategoryId\":\"5\",\"ListUrlMain\":\"https://doi.org/10.1080/03088839.2021.1983218\",\"RegionNum\":3,\"RegionCategory\":\"工程技术\",\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q2\",\"JCRName\":\"TRANSPORTATION\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Maritime Policy & Management","FirstCategoryId":"5","ListUrlMain":"https://doi.org/10.1080/03088839.2021.1983218","RegionNum":3,"RegionCategory":"工程技术","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q2","JCRName":"TRANSPORTATION","Score":null,"Total":0}
The motives for shipping asset securitisation: sale-leaseback transactions in the shipping industry
ABSTRACT This study investigates shipping firms’ motives for using sale-leaseback (SLBs) transactions. Given the bleak conditions in the shipping industry that have persisted since its collapse in 2008, numerous firms have sought ways to relieve short-term financial distress and secure long-term sustainable growth. This study analyses financial ratios of 123 shipping companies in Korea, 25 of which elected to use SLBs in 2019, in terms of growth, profitability, liquidity and leverage for the period of 2016–2018. Consistent with previous findings, the results show that applying for SLBs is associated with a lack of liquidity. By exploring SLBs as a new financing vehicle for shipping companies, the vast majority of which have been under financial distress and constraints in recent years, this study enriches the existing literature on shipping finance. Besides, this study’s findings on shipping companies’ motives for using SLBs can provide helpful suggestions for designing and implementing government policies for restructuring national shipping industry.
期刊介绍：
Thirty years ago maritime management decisions were taken on the basis of experience and hunch. Today, the experience is augmented by expert analysis and informed by research findings. Maritime Policy & Management provides the latest findings and analyses, and the opportunity for exchanging views through its Comment Section. A multi-disciplinary and international refereed journal, it brings together papers on the different topics that concern the maritime industry. Emphasis is placed on business, organizational, economic, sociolegal and management topics at port, community, shipping company and shipboard levels. The Journal also provides details of conferences and book reviews.
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