售后回租主导融资租赁交易结构之“谜”——基于套利信号理论的新解释

The Mystery of Transaction Structures of Financial Leasing Dominated by the Saleand-leaseback in China——A New Explanation Based on Regulatory Arbitrage and the Signal Theory

针对融资性售后回租主导我国融资租赁交易结构之"谜",本文立足于售后回租出租人视角,以租赁交易不完全契约为切入点,导入监管套利与风险水平相关理论,设计了售后回租服务供需均衡理论模型;同时,在Monti-Klein利率模型与Hermalin-Weisbach信号模型的基础上,构建了一个不完全契约、信息不对称、监管套利与售后回租服务规模以及租赁风险水平之间的关联模型,并以2005-2019年我国上市公司面板数据为样本,进行了3SLS与GMM实证分析。理论分析与实证研究表明,租赁契约不完全与监管压力驱动了租赁企业扩张售后回租的套利活动,使得租赁风险增大;而提高租赁企业财务信息与租赁产品信息的透明度,有助于遏制监管套利活动,管控售后回租服务规模扩张,降低租赁风险。本研究为破解售后回租主导交易结构之"谜",提供了新的制度经济解释,相关政策建议有助于构建科学的融资租赁监管压力指标体系、健全租赁交易信息披露制度以及规范售后回租服务,有利于实现融资租赁健康均衡发展。

In this paper, firstly, from the perspective of the lessor of sale-and-leaseback and incomplete contracts of financial leasing, we design an equilibrium theoretical model between the supply and demand of sale-and-leaseback based on the theory of regulatory arbitrage and risk taking. Secondly, based on the Monti-Klein model and HermalinWeisbach model, this paper constructs a correlation model between incomplete contract, information asymmetry,regulatory arbitrage, the scale and risk-taking of sale-and-leaseback. Then we take on an empirical analysis of 3 SLS and GMM with the panel data of China’s listed financial leasing companies from 2005 to 2019. Both of the theoretical and the empirical research show that incomplete leasing contracts and regulatory pressures drive the expansion of arbitrage activities as sale-and-leaseback, thus enhancing leasing risk-taking. In the meantime, improving the transparency of financial leasing enterprises’ financial information and leasing product information will help to ease regulatory arbitrage activities, restrain the scale expansion of leasing services, and reduce the level of leasing risk-taking. The policy suggestions of this paper are to construct scientific supervision index system of financial leasing, improve the information disclosure system of leasing transaction, standardize the service of sale-and-leaseback, and realize the healthy and balanced development of financial leasing.