论文总字数：29120字

摘 要

融资租赁作为金融新业态之一，目前已经成为企业拓宽融资渠道的新兴途径，其存在和发展具有重要意义。当前，融资租赁在我国发展呈良好态势，但是融资租赁的行业渗透率偏低，与世界发达国家相差甚远，与我国经济发展水平不相适应；采用融资租赁的企业在行业和规模之间运用该融资工具的不平衡性较大，融资租赁发展的应有效应和作用并未得到体现。基于此，本文以融资租赁和企业价值的关系为研究目标，结合我国社会融资体系特征与税收政策，通过建立理论模型和实证检验，探究融资租赁及其相关因素对企业价值产生的影响，从而对融资租赁相关行业发展提出建议和展望。研究表明，融资租赁对企业价值有显著提升作用，更具体地，该作用受到企业自身资本结构的影响，企业资产负债率为0.591和0.610之间，融资租赁将对企业价值产生最优的正向拉动作用。因此，本文认为我国应充分发挥融资租赁这一新兴融资方式的优势，尽快出台加速折旧、投资税抵免等优惠政策，并重点支持中小企业的融资租赁业务，使融资租赁更好地为实体经济服务；此外，企业也需要根据自身实际情况，合理安排融资租赁规模，将传统融资方式与新型融资方式有效结合，以最大化优化企业价值。

关键词：融资租赁、企业价值、资本结构、门槛效应

Abstract

As one of the new financial formats, financial leasing has become an emerging way to widen the financing channels for enterprises. Its existence and development have considerable influence on the financial market. Nowadays, China is witnessing the sound development of financial leasing with the total business volume ranking second in the world. However, the industry penetration rate of financial leasing has lagged far behind the developed countries worldwide and it is not compatible with our country’s economic development level, which shows that financial leasing has not been popularized at the micro level in our country and most enterprises haven’t taken full advantage of this innovative financing method. This paper investigates the impact of financial leasing on corporate value, which combines the characteristics of China’s social financial system and taxation policy. Through the establishment of theoretical models and empirical tests, results show that financial leasing has a significant positive effect on corporate value. More specifically, this role is affected by capital structure. If asset-liability ratio is between 0.591 and 0.610, the boost provided by financial leasing can greatly promotes corporate value. Therefore, this paper suggests that the advantages of financial leasing as an emerging financing method should be fully utilized and that China should introduce preferential policies such as accelerated depreciation and investment tax credits as soon as possible and focus on supporting the financial leasing business of SMEs to serve the real economy. Besides, enterprises should rationally arrange the scale of financial leasing according to their actual conditions and effectively combine traditional financing methods with innovative ones to maximize the optimization of corporate value.

KEY WORDS: Financial leasing, corporate value, capital structure, threshold effect

目 录

摘 要 I

Abstract II

第一章 引言 1

1.1 选题背景 1

1.2 选题意义 4

1.3 概念界定 4

1.4 研究框架及结构安排 4

1.5 可能的创新点 5

第二章 文献综述 7

2.1 资本结构与企业价值的关系研究 7

2.2 融资租赁交易产生动因研究 7

2.3 融资租赁与企业价值关系研究 8

2.4 文献简述 9

第三章 理论模型 10

3.1 MM定理基本假设 10

3.2 无杠杆企业UL——纯股权融资 10

3.3 有杠杆企业LD——股权融资和银行信贷融资 10

3.4 有杠杆企业LL——股权融资和融资租赁 11

3.4.1基于售后回租模式的企业价值 11

3.4.2基于直租模式的企业价值 12

3.5 小结 13

第四章 实证分析 15

4.1 融资租赁对企业价值的影响研究 15

4.1.1 模型设定 15

4.1.2 变量选取 15

4.1.3 样本描述性统计 16

4.1.4 实证检验 17

4.1.5 稳健性检验 21

4.2 融资租赁、资本结构和企业价值的具体关系研究 21

4.2.1 门槛回归模型设定 22

4.2.2 样本描述性统计 22

4.2.3 实证检验 23

第五章 结论与政策建议 27

参考文献 28

致 谢 29

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