装备制造企业生产效率与融资租赁决策——基于融资约束视角

Production Efficiency and Financial Leasing Decision of Equipment Manufacturing Enterprises——Based on the Perspective of Financing Constraints

本文利用2007~2017年我国A股上市装备制造企业数据,检验了装备制造企业生产效率与融资租赁决策的关系。研究结果显示,装备制造企业生产效率越低,则选择融资租赁的概率和强度越大,且上述关系在高融资约束样本中更显著。进一步分析表明,低生产效率水平的装备制造企业更倾向于选择融资租赁进行融资的作用机制是动产融资渠道,即相比银行抵押贷款融资渠道,装备制造企业的机器设备类动产更易通过融资租赁方式获得融资。本文结论进一步丰富了我国信贷机制的相关研究,并为融资租赁动因在企业特征方面的研究提供了新的经验证据。

Using the data of China’s A-share listed equipment manufacturing enterprises from 2007 to 2017,this paper exa-mines the relationship between the production efficiency of equipment manufacturing enterprises and financial leasing financing de-cisions.The research results show that the lower the production efficiency of equipment manufacturing enterprises,the greater the probability and intensity of financing lease financing,and the above relationship is more significant in the high financing constraint samples.Further analysis shows that the mechanism of equipment manufacturing enterprises with low production efficiency more inclined to choose the financial leasing financing is the movable financing channel,that is,compared with the bank mortgage financing channel,the machinery and equipment movable property of the equipment manufacturing enterprise is more easily obtained finance through financial leasing.The conclusions of this paper further enrich the relevant research of China’s credit mechanism,and provide new empirical evidence for the research of financial leasing motivation in enterprise characteristics.