售后回租与中小企业融资——基于信贷配给的经验证据

Sale-leaseback and SMEs Financing——Empirical Evidence Based on Credit Rationing

本文在信贷配给视角下,通过构建售后回租-信贷均衡模型,实证分析了售后回租与中小企业融资问题及作用机制等。研究发现,售后回租调整了传统银行信贷市场均衡,拓宽了信贷边界,且溢出部分主要是“融资难”的中小企业。售后回租不仅拓展了企业融资渠道,扩张了融资规模,而且推动和实现了企业总体债务融资成本的下降,即缓解了“融资难”“融资贵”。售后回租的主要作用机制包括降低信息不对称、控制代理成本,以及与银行信贷业务竞合,提高了企业信贷可得性等。

From the perspective of credit rationing,this paper constructs a sale-and-leaseback-credit equilibrium model,using the data of corporate bank loans and sale-and-leaseback transactions,empirical analysis of sale-and-leaseback to alleviate our small and medium-sized enterprises“Financing expensive”problems and the role of mechanisms,such as regulatory effects.Our research shows that enterprises not only expand their financing channels and expand the scale of debt financing,but also promote and realize the reduction of the overall cost of debt financing,the main mechanism includes using information advantage to control adverse selection and moral risk,reducing the agency cost and competing with bank credit business,improve the availability of corporate credit.The financial development level of social financial inclusion and the market competition of enterprise products have moderating effects on the financing mitigation effect of sale-and-leaseback.