融资租赁与公司风险承担水平——基于中国上市公司的经验证据  

Finance Lease and Corporate Risk-taking:Evidence From A-share Listed Companies

作　　者：杨文莺 邓川[2] 

机构地区：[1]浙江科技学院,浙江杭州310023 [2]浙江财经大学,浙江杭州310018

出　　处：《浙江金融》2023年第4期24-40,共17页Zhejiang Finance

基　　金：国家自然科学基金项目(71702161)阶段性成果;教育部人文社会科学研究一般项目(21YJC790111)阶段性成果;国内访问学者教师专业发展项目:租赁经济后果研究(FX2021204)成果。

摘　　要：租赁已经成为公司的重要融资来源之一,但其经济效应仍未得到深刻理解。本文手工收集2010~2018年我国上市公司经营租赁和融资租赁数据,考察租赁对于公司风险承担水平的影响。研究发现,租赁显著提高了承租人公司风险承担水平。进一步分析发现,租赁对于公司风险承担水平的提高作用在规模较小、融资约束程度较低、实际税率较低、非国有的公司更强;租赁提高风险承担水平具体体现在增加研发投入、提高经营集中度。研究结果有助于深化对租赁微观经济后果的认识与理解,对如何有效利用租赁优化上市公司融资安排、发挥金融服务实体经济发展功能具有一定的启示意义。Leasing has become an important source of financing for companies,but its economic effects are still not well understood.The data lease of listed companies in China from 2010 to 2018 were collected manually to investigate the impact of leasing on corporate risk-taking level.It is found that leasing significantly improves the lessees'corporate risk-taking level.Further analysis shows that the effect of leasing on the enhancement of corporate risk-taking is stronger in smaller companies with lower financial constraints,lower effective tax rate and non-state-owned companies.The effect of leasing on corporate risk-taking is characterized by higher innovation investment and higher business concentration.The research results are helpful to deepen the understanding of the micro-economic consequences of leasing,and have a certain enlightenment significance on how to effectively use leasing to optimize the financing arrangements of listed companies and promote the role of finance services to the development of real economy.

关 键 词：租赁 风险承担水平 研发投入 经营集中度 

分 类 号：F832.5[经济管理—金融学]