基于文献分析和数据实证的融资租赁与实体经济投资关系研究  

Research on the Relationship Between Financial Leasing and Real Economy Investment:An Empirical Analysis Based on Literature and Data

作　　者：吕冰 叶倩彤 赵洪科 张宇[1] LüBing;Ye Qiantong;Zhao Hongke;Zhang Yu(College of Management and Economics,Tianjin University,Tianjin 300072,China)

机构地区：[1]天津大学管理与经济学部,天津300072

出　　处：《天津大学学报（社会科学版）》2024年第4期320-330,共11页Journal of Tianjin University：Social Sciences

基　　金：天津大学自主创新基金项目(2024XSC-0087).

摘　　要：融资租赁作为中小企业解决融资难题的重要工具,在我国得到了迅速的发展。文章从融资属性和融物属性两个方面探讨融资租赁的有效性,分析其对我国实体经济投资的作用。构建双向固定效应回归模型,研究融资租赁与银行信贷的互动关系;并通过面板向量自回归模型,评估融资租赁对实体投资的影响。使用2015—2021年的宏观季度数据进行实证分析,结果显示融资租赁的融资属性和融物属性在促进实体经济投资方面具有显著差异。此外,研究还发现,不同区域的有效性存在差异。As a critical tool for addressing the financing challenges of small and medium-sized enterprises(SMEs),fi-nancial leasing develops rapidly in China.From two perspectives:the financing attribute and the leasing attribute,this pa-per discusses the effectiveness of financial leasing in stimulating investment of the real economy of China.By constructing a two-way fixed effects regression model,the interaction between financial leasing and bank credit is analyzed.Addition-ally,a panel vector autoregressive model is employed to assess the impact of financial leasing on promoting investment in the real economy.Empirical analysis using macro quarterly data from 2015 to 2021 indicates that the financing attribute and leasing attribute of financial leasing have significant differences in promoting investment in the real economy.Further-more,the study highlights the varying effectiveness of financial leasing across different regions.

关 键 词：融资租赁 固定效应模型 实体经济投资 PVAR模型 

分 类 号：F832[经济管理—金融学]