租赁融资会促进企业创新吗?  

Will Leasing Finance Promote Innovation of the Enterprises?

作　　者：史燕平[1] 陈乾 刘微[2] 黄鑫 Shi Yanping;Chen Qian;Liu Wei;Huang Xin(School of International Trade and Economics,University of International Business and Economics,Beijing 100029,China;Business College,Beijing Union University,Beijing 100025,China)

机构地区：[1]对外经济贸易大学国际经济贸易学院,北京100029 [2]北京联合大学商务学院,北京100025

出　　处：《技术经济》2021年第4期19-28,共10页Journal of Technology Economics

基　　金：国家社会科学基金“增强民营经济韧性的精准金融支持机理与路径研究”(19BJL059);北京市哲学社会科学基金“北京市科技金融网络协同对企业创新绩效影响机制的研究”(16YJC045);北京联合大学校级课题“新冠肺炎疫情冲击与经济政策应对”(SK30202004)。

摘　　要：租赁作为企业融资方式一种,是否在企业的长期发展如企业创新中发挥一定作用?本文检验了2007—2017年A股上市公司采用租赁融资前后创新水平的变化。研究发现,虽然企业整体创新水平下降,但融资约束程度高的企业创新水平下降更多,而盈利水平较高与规模较大的企业,创新水平反而上升。这种结果产生的原因是虽然企业投资水平提高,但研发支出下降。这说明在企业面临更严重融资约束、更大短期绩效压力、更小规模时,租赁对企业短期融资的作用更突出,反之,促进企业长期发展的作用更为突出。As a form of enterprise financing,whether leasing can help to promote the long‑term development such as innovation of enterprises?The change of the level of innovation before and after the A‑share listed companies adopted leasing financing in 2007‑2017 is examined.The results show that although the overall level of innovation of enterprises decreases,different enterprises performs differently.And although the overall level of innovation decreases,the level of innovation of enterprises with high degree of financing constraints decreased more,and the level of innovation of enterprises with higher level of profitability and larger scale increased.This result is due to lower R&D spending despite higher levels of investment,which indicates leasing plays different roles in different enterprises,when enterprises are faced with more severe financing constraints,greater short‑term performance pressure,and smaller scale,the role of short‑term financing of enterprises is more prominent,on the contrary,the role of promoting the long‑term development is more prominent.

关 键 词：租赁 创新 出租人 承租人 

分 类 号：F272[经济管理—企业管理] F275[经济管理—国民经济]