金融基础设施有助于提升融资租赁的债务治理效应吗?——基于中登网实施前后的实证检验

Does Financial Infrastructure Help to Enhance the Debt Governance Effect of Financial Leasing?——an Empirical Test Based on the Pre-and Post-implementation of Zhong-deng Net

自中登网提供融资租赁登记、查询业务以来,融资租赁机构确定租赁物权属的便利性提升,对承租人的监管成本也显著降低。本文利用2007—2019年上市公司数据,实证检验了中登网对融资租赁债务治理效应的影响。研究发现,融资租赁对国有企业的治理效应显著为负,对民营企业则未展现出显著的正面治理效应。以中登网为代表的金融基础设施可以提升融资租赁对民营企业的治理效应,但对国有企业无效果。另外,对于民营企业,中登网提升融资租赁治理效应的机制是降低了代理成本及过度投资,且提升效果与其内部治理负相关。建议融资租赁机构利用中登网等金融基础设施开展风险控制工作,以提高债权的安全性。

After providing registration and inquiry services for financial leasing,the Unified Public Filing System of Movables Financing(Zhong-deng Net)improves the convenience of clarifying ownership for leasing assets and reduces the supervision cost for leasing companies.Using the data of listed companies from 2007 to 2019,this paper empirically tested the influence of Zhong-deng Net on the debt governance effect for financial leasing.The results show that the governance effect of financial leasing is significantly negative for state-owned enterprises(SOEs),but not significantly positive for private enterprises.The financial infrastructure represented by Zhong-deng Net can enhance the governance effect for private enterprises instead of for SOEs.In addition,for private enterprises,the mechanism by which Zhong-deng Net improves the governance effect is to reduce agency costs and overinvestments,and the improvement effect is negatively related to the internal governance.Based on the above findings,financial leasing companies are recommended to use Zhong-deng Net to carry out risk control to improve the security of debt.