Research On The Impact Of Financial Leasing Industry On China’s Equipment Investment And Real Economic Growth

Financial leasing industry has a history of nearly 40 years in China.It has maintained a high-speed development trend and played an important role in promoting the development of China’s real economy.Since 2010,the financial leasing industry has entered a period of rapid development,which has gradually attracted the attention of all parties.Both the central government and local governments attach great importance to the financial leasing industry,successively issued relevant policy documents to guide the healthy development of the financial leasing industry and provide various preferential policies for the financial leasing industry.Financial leasing has the dual functions of "financing" and "financing goods".From the perspective of "financing",financial leasing provides working capital for enterprises and supports the development of real economy;From the perspective of "financial goods",financial leasing promotes the transformation and upgrading of enterprise equipment.It can be seen that there is a close relationship between financial leasing,equipment investment and the development of real economy.Based on the balanced panel data of 31 provinces and autonomous regions(except Hong Kong,Macao and Taiwan)from 2003 to 2019,this paper constructs a PVAR(Panel Vector Autoregressive)model which mainly explores the relationship between financial leasing,equipment investment and real economic growth.According to the distribution of the number of financial leasing enterprises,the national region is divided into financial leasing dense areas and financial leasing dispersed areas.In addition,this paper also discusses whether equipment investment is the intermediary effect between financial leasing and real economic growth.The empirical results show that: first,the role of financial leasing in promoting the growth of real economy can not be ignored;Second,in dense areas the promotion of real economic growth to financial leasing industry is limited,but in dispersed areas real economic growth can promote the rapid growth of financial leasing industry;Third,from the analysis of variance results,it can be seen that the contribution of equipment investment to the financial leasing industry is less than 1% in dense areas,but higher than 1% in scattered areas.In addition,the intermediary effect show that financial leasing drives the growth of the real economy by increasing equipment investment,and the intermediary effect accounts for 38.1%.In view of the above conclusions,this paper puts forward the following suggestions: return to the essence of financial leasing and encourage the development of "direct leasing" model;Transfer the financial leasing resources to the dispersed areas of financial leasing to promote the balanced development of financial leasing areas;improve financial leasing laws and regulations and provide a fair competitive environment for the financial leasing.