船舶的租赁与采购决策

Marine leasing versus purchasing for ships

提出了船舶采购与租赁决策问题，针对船舶营运中的非线性收益，在不稳定的航运市场模式中，引用了净现值控制法．对船舶的采购与租赁进行了设计，经“风险调节折现率”的方法证明，所提出的净现值控制法对船舶的采购与租赁决策是有效的．

This paper uses the approach of net present value to analyze the net present value of the lease versus purchasing for ships. It adopts the Risk Adjusted Discount Rate to analyze the different non linear cash flows. It comes to a conclusion in the quantitative analysis that the discounted rate shall be raised if any cash flow is unpredictable in the marine operation in order to minimize the possible negative effect on the decision.