经营风险如何影响企业金融租赁决策?——基于上市公司承租人的数据

How Business Risk Affects Enterprises'Financial Leasing Decisions:Based on the Data of Lessees of Listed Companies

自2007年以来,我国金融租赁市场发展迅速,已成为世界第二大租赁市场。金融租赁以其特有的出租人控制租赁物产权的特征,缓解了承租人和出租人之间的信息不对称问题,具有更高的风险控制能力。本文综合运用Tobit模型和Heckman模型,实证发现:金融租赁为风险更高的企业提供了更多的金融支持,并且具备产权差异、规模差异和成长性差异等异质性特征。以上结论的政策启示是:首先,在现有条件下,金融租赁仅作为银行信贷的补充为风险较高的企业提供了替代性的融资渠道,由此导致的行业风险积累需引起监管的重视;其次,在构建多层次多渠道融资体系的政策框架下,需出台更多促进金融租赁支持中小企业发展的具体政策;最后,金融租赁业需深挖风险控制这一优势,为高成长性企业提供更多的支持。

Since 2007,the financial leasing market has developed rapidly in China and has become the world's second largest leasing market.Financial leasing,with its unique property rights characteristics,al-leviates information asymmetry between lessees and lessors,and has higher risk control capabilities.This article combines the Tobit model and Heckman model and empirically finds that financial leasing provides more financial support for enterprises with higher risks,and has heterogeneity characteristics such as differences in property rights,scale,and fixed assets.The policy implications of the above conclusions are:firstly,under existing conditions,financial leasing only serves as a supplement to bank credit,providing al-ternative financing channels for high-risk enterprises.The increased industry risk accumulation caused by this needs to be given regulatory attention.Secondly,within the policy framework of building a multi-level and multi-channel financing system,it is necessary to introduce more specific policies to support the development of small and medium-sized enterprises through financial leasing.Finally,the financial leasing industry needs to deeply explore the advantage of risk control and provide more support for high growth enterprises.