租赁融资会促进企业创新吗?

Will Leasing Finance Promote Innovation of the Enterprises?

租赁作为企业融资方式一种,是否在企业的长期发展如企业创新中发挥一定作用?本文检验了2007—2017年A股上市公司采用租赁融资前后创新水平的变化。研究发现,虽然企业整体创新水平下降,但融资约束程度高的企业创新水平下降更多,而盈利水平较高与规模较大的企业,创新水平反而上升。这种结果产生的原因是虽然企业投资水平提高,但研发支出下降。这说明在企业面临更严重融资约束、更大短期绩效压力、更小规模时,租赁对企业短期融资的作用更突出,反之,促进企业长期发展的作用更为突出。

As a form of enterprise financing,whether leasing can help to promote the long‑term development such as innovation of enterprises?The change of the level of innovation before and after the A‑share listed companies adopted leasing financing in 2007‑2017 is examined.The results show that although the overall level of innovation of enterprises decreases,different enterprises performs differently.And although the overall level of innovation decreases,the level of innovation of enterprises with high degree of financing constraints decreased more,and the level of innovation of enterprises with higher level of profitability and larger scale increased.This result is due to lower R&D spending despite higher levels of investment,which indicates leasing plays different roles in different enterprises,when enterprises are faced with more severe financing constraints,greater short‑term performance pressure,and smaller scale,the role of short‑term financing of enterprises is more prominent,on the contrary,the role of promoting the long‑term development is more prominent.