融资租赁渗透率的影响因素研究

Study on Influecing Factors of Finance Lease Penetrace

融资租赁渗透率是衡量一个国家融资租赁水平的主要指标。本文构建VAR模型,利用2003年1月~2019年12月月度数据,研究社会融资规模和工业生产者出厂价格指数(PPI)与融资租赁渗透率之间的关系,并进一步分析了相应的格兰杰因果关系和变量之间的脉冲响应。研究发现:社会融资规模的增加能够引起融资租赁渗透率的相应增加,两者之间具有明显的格兰杰因果关系;PPI对融资租赁渗透率的促进作用并不显著,长短期来看,都不存在明显的冲击效应。以上研究表明,发展金融市场,引导信贷资金通过合适的金融工具进入到实体经济,扩大社会融资规模,对融资租赁行业的发展具有促进作用。

The penetration rate of finance lease is the main index to measure the level of finance lease in a country.In this paper,a VAR model is built to study the relationship between social financing scale,producer price index(PPI)and finance lease permeability by using monthly data from January 2003 to December 2019,and further analyze the corresponding granger causality and impulse response between variables.It is found that the increase of social financing scale can lead to the corresponding increase of finance lease permeability,and there is an obvious granger causality between the two.PPI does not have a significant promoting effect on the permeability of finance leasing,and there is no significant impact in the long and short term.The above studies show that the development of the financial market,the guidance of credit funds into the real economy through appropriate financial instruments,and the expansion of social financing scale can promote the development of the financial leasing industry.