Study On The Impact Of Financial Leasing In China’s Special Equipment Manufacturing Industry

Since the State Council issued the "Made in China 2025" strategy document in 2015,more and more special equipment manufacturers entered the financial leasing market.Financial leasing has the function of financing and revitalizing the real economy and has an important impact on expanding the market and realizing transformation and upgrading of the special equipment manufacturing industry.Taking the listed companies of China’s special equipment manufacturing industry from 2015 to 2021 as the research object,from the perspectives of the lessee and the manufacturer,an empirical analysis of the impact of financial leasing on sales revenue and R&D investment will be helpful to promote financial leasing’s rational development and its proper application in special equipment manufacturing industry.Through empirical regression on financial leasing and the sales revenue,it is found that when the company acts as a lessee,the impact of financial leasing on its sales revenue is significantly positive,which shows that the finance leasing optimizes production equipment and production efficiency,thereby increasing the sales revenue.When the company acts as a manufacturer,the impact of financial leasing on its sales revenue is significantly positive,which shows that manufacturer financial leasing,as a credit sales tool,can effectively promote the sales revenue and expand the market.Through empirical regression on financial leasing and the R&D investment,it is found that when the company acts as a lessee,the impact of financial leasing on its R&D investment is significantly negative,which means after leasing equipment,the company is having pressure of repaying the rent and tends to invest funds to obtain short-term profit,thereby decreasing the R&D investment.When the company acts as a manufacturer,the impact of financial leasing on its R&D investment is positive,but not significant,which shows that although manufacturer financial leasing effectively increases sales revenue,it also increases the account receivable.The account receivable may reduce the cash inflows,thereby the R&D investment was not significantly increased.