基于预付保证金情形下占线租赁策略研究  

A Study on the Strategy of Online Leasing under the Condition of Down Payment

作　　者：吴帆[1] 辛春林[1] 刘斌[1] 陈丽华 Wu Fan;Xin Chunlin;Liu Bin;Chen Lihua(School of Economics and Management,Beijing University of Chemical Technology,Beijing 100029)

机构地区：[1]北京化工大学经济管理学院,北京100029

出　　处：《管理评论》2018年第10期248-257,共10页Management Review

基　　金：国家社科基金项目(13BGL065)

摘　　要：近年来,融资租赁作为企业的一种重要融资手段在中国得到广泛应用。有别于经营租赁,税率差别是企业作为承租人采用融资租赁方式的主要原因之一。本文研究了一类占线融资租赁问题,即设备投资决策者在对未来市场需求一无所知或者有限预知,如何决策采用经营性租赁还是融资租赁?现有文献大多数研究的是占线经营性租买问题。在考虑了税率对融资租赁策略的影响并针对有、无预付保证金情形下,本文分别设计了相应的竞争策略并给出了竞争比。通过算例分析表明:在无预付保证金情形下,占线策略性能随着企业所得税税率的减小而提高;在有预付保证金情形中,占线策略性能随着预付保证金的减少而提高。In recent years, financial leasing has been widely used as an important means of financing in China. Unlike operating leases, difference in corporate tax rate is one of the main reasons why a lessee uses the lease financing. This paper explores the online financial leasing issue to find out how investment decision-makers, who know nothing or little about potential market demand, decide to use operating or financial leasing？ Most studies in the existing literature focus on online lease-or-buy issue. Considering the influence of tax rate on financial leasing policies, this paper designs two online financial leasing policies and gives the competitive ratios in two cases： one with down payment and the other without. The result shows that： in the case without down payment involved, online strategy performance improves as the corporate income tax rate decreases; in the case with down payment involved, the performance of online strategy increases while the down payment increases.

关 键 词：融资租赁 预付保证金 企业所得税税率 竞争比 

分 类 号：F832.49[经济管理—金融学]