Research On Chinese Equipment Manufacturing Enterprises’ Application Of Vendor Leasing:Influential Factors And Economic Consequences

Financial leasing has the gene of industrial finance since it came into being in foreign countries,and it has a significant productive service attribute.The practice of developed countries shows that the development of equipment manufacturing industry is inseparable from the support of financial leasing,a modern sales financial model.Based on China’s institutional background and the development status of equipment manufacturing industry,this paper discusses the function of financial leasing in promoting equipment sales and circulation,mainly focuses on vendor leasing which is a kind of financial leasing business driven by equipment sales,carries out empirical research on the influential factors and economic consequences of equipment manufacturing enterprises’ application of vendor leasing,and tries to answer the following questions:(1)What is the micro motivation of Chinese equipment manufacturing enterprises’ application of vendor leasing?(2)Which policy and institutional factor affecting the application of vendor leasing of Chinese equipment manufacturing enterprises?(3)Does the application of vendor leasing have a positive economic effect for Chinese equipment manufacturing enterprises,and what is the specific mechanism?In order to answer the above questions,this paper combs the relevant existing research results,analyzes and summarizes the domestic and foreign development practice of vendor leasing,and further defines the research framework and main contents of this paper.When analyzing the research object,this paper uses the theoretical tools of enterprise competitive advantage theory,value chain theory,transaction cost theory,financial intermediary theory and so on.In terms of research methods,this paper adopts the combination of normative research and empirical research,and comprehensively uses the literature research method,comparative analysis method,nonlinear regression method,differences-in-differences method,treatment effect model,propensity score matching method,mediating effect analysis method and so on.To effectively support the empirical research,this paper manually collects and sorts out the relevant information of the financial reports of China’s A-share listed equipment manufacturing enterprises,and obtains the data of equipment manufacturing enterprises’ application of vendor leasing.The main research contents and conclusions of this paper are as follows:Firstly,based on the perspective of micro enterprises’ promoting production through financing,this paper examines the impact of the fund occupation of credit sales on equipment manufacturing enterprises’ application of vendor leasing.The research found that the application of vendor leasing of equipment manufacturing enterprises is positively related to their accounts receivable credit sales ratio,and the market position and financial leverage ratio of equipment manufacturing enterprises further affect the specific form of application of vendor leasing.In terms of verifying the impact mechanism,for equipment manufacturing enterprises with low sales cash flow and high bad debt losses,the accounts receivable credit sales ratio has a stronger positive impact on the application of vendor leasing.In addition,the evidence of the special clean-up policy for the occupation of "two funds" by central enterprises shows that equipment manufacturing enterprises’ application of vendor leasing does play a positive role in reducing the fund occupation of accounts receivable.Secondly,based on the perspective of macro policy and system,this paper investigates the impact of "replacing business tax with value-added tax" on equipment manufacturing enterprises’ application of vendor leasing.The "replacing business tax with value-added tax" policy,preliminarily piloted in industries such as tangible movable property leasing in 2012 and promoted by provinces,is taken as a quasi natural experiment,and the differences-in-differences method is used for research design.The research found that the pilot policy of replacing BT with VAT implemented in 2012 significantly increases the scale of applying vendor leasing of equipment manufacturing enterprises,and the effect of this policy has lagged behind to a certain extent,which continues to 2014.The positive impact of replacing BT with VAT policy on equipment manufacturing enterprises’ application of vendor leasing is more significant for enterprises with higher market position,stronger law enforcement environment and stronger tax collection and management strength in their regions.Thirdly,this paper takes firm value as a reflection of the economic consequence of equipment manufacturing enterprises’ application of vendor leasing,puts forward the theoretical logic hypothesis of "applying vendor leasing-enterprise competitiveness improvement-firm value increase",and uses the mediating effect analysis method to make an empirical test.The results show that applying vendor leasing has a significant positive impact on the value of equipment manufacturing enterprises.Industry heterogeneity research shows that the positive impact of vendor leasing on equipment manufacturing enterprises’ value is mainly concentrated in the industries with relatively mature application of vendor leasing and high degree of market competition.Mechanism verification shows that applying vendor leasing can improve the competitiveness of equipment manufacturing enterprises,which finally makes their firm value enhance.Enhancing the marketing ability,improving the operation efficiency and stabilizing the market fluctuation are the three specific paths for vendor leasing to enhance the competitiveness of equipment manufacturing enterprises.The evidence of replacing BT with VAT shows that after the implementation of the replacing BT with VAT policy for the tangible movable property leasing service in 2012,the firm value of equipment manufacturing enterprises applying vendor leasing in the pilot areas has increased significantly.According to the research conclusions of full text,"equipment manufacturing+vendor leasing" is the combination of entity and finance,which is driven by the business demand of micro enterprises and affected by macro policy and institutional factors,and can enhance the competitiveness of equipment manufacturing enterprises and thus increase their firm value.(1)From the demand side of entity enterprises,the fund occupation of credit sales by equipment manufacturing enterprises has adverse impacts about costs and risks,which drives equipment manufacturing enterprises to apply the new equipment credit sales tool of vendor leasing to alleviate the above-mentioned business pain points.(2)From the financial supply side,as a specific form of financial services,vendor leasing can play its own economic function and have a positive economic effect on equipment manufacturing enterprises.(3)From the perspective of the policy and institutional factors coordinating the demand side and the supply side,the implementation of the replacing BT with VAT policy in tangible movable property leasing services has opened up the chain of VAT deduction in the process of equipment manufacturing enterprises selling equipment to downstream customers by leasing,and eliminated the tax obstacle about the integration of equipment manufacturing enterprises and financial leasing services.The favorable policy promotes the scale of applying vendor leasing of equipment manufacturing enterprises from the demand side of entity enterprises,and promotes the service efficiency of vendor leasing to increase the value of equipment manufacturing enterprises from the financial supply side.The innovations and contributions of this research are as follows:(1)This paper studies a kind of "industry+finance" form directly related to the operation of real enterprises,that is,financial services are embedded in the sales link of entity enterprises,which effectively extends the value chain of entity enterprises.The internal connection or link between entity enterprises and financial institutions is "value chain" rather than"capital",which expands the research boundary of "industry+finance" in China,and helps to improve the understanding of the motivation and mechanism of "industry+finance" to obtain competitive advantages.(2)This paper takes the relationship between equipment manufacturing enterprises and financial leasing companies as the entry point and focuses on the role of vendor leasing in equipment sales and circulation,which further enriches the relevant research about the economic function of financial leasing from the perspective of promotion function.(3)In terms of data dimension innovation,this paper uses the relevant data collected and collated by hand to carry out a large sample study on the influential factors and economic consequences of equipment manufacturing enterprises’ application of vendor leasing,which provides relevant empirical evidence for the domestic research of vendor leasing.The conclusions of this paper have some enlightenment for making finance serve the real economy better.(1)Our government should develop and improve the diversified financial organization system,and give full play to the differentiated advantages of various financial institutions.(2)Our government should optimize the policy and institutional environment,and remove the institutional obstacles in the process of finance serving the real economy.