Research On The Influence Of Financial Leasing On Enterprise Innovation

The real economy is an important cornerstone of China’s economy and is of great significance to China’s growth in wealth and national strength.Manufacturing is an important part of the real economy.In order to break through the development bottleneck and improve the national strength,our country must continuously improve the level of manufacturing,promote the flow of resources to the manufacturing field,and promote the innovation of manufacturing enterprises.As a financial tool which closely combined with the real economy,financial leasing expands the financing channels of enterprises and plays an important role in promoting the innovation of manufacturing enterprises,especially small and medium-sized enterprises.In this paper,A-share listed manufacturing companies from 2010 to 2020 are taken as research samples.By manually sorting out financial leasing data in the notes to financial statements of listed manufacturing companies,combined with other publicly available financial data,the empirical analysis method is used to explore the impact of financial leasing on the innovation of manufacturing enterprises and further explore the heterogeneity of the impact of financial leasing on the innovation of manufacturing enterprises in different industry types,property rights and regions.Through empirical research,this paper draws the following conclusions:(1)From the perspective of the whole sample,the financial leasing of listed manufacturing companies has a significant promoting effect on their innovation,because financial leasing can ease the financing constraints of enterprises,defer taxes and smooth profits,improve asset liquidity and promote the equipment and technology of enterprises,which can effectively encourage enterprises to invest in research and development activities.(2)The impact of financial leasing on the innovation of manufacturing enterprises is heterogeneous in terms of industry.Compared with non-high-tech manufacturing enterprises,the financial leasing of high-tech manufacturing enterprises has a stronger promoting effect on their innovation.(3)The impact of financial leasing on the innovation of manufacturing enterprises is heterogeneous in terms of property rights.Compared with state-owned manufacturing enterprises,the financial leasing of non-stateowned manufacturing enterprises has a stronger promoting effect on their innovation.(4)The impact of financial leasing on the innovation of manufacturing enterprises is heterogeneous in different regions.Compared with manufacturing enterprises in eastern regions,the financial leasing of manufacturing enterprises in central and western regions has a stronger promoting effect on their innovation.According to the above conclusions,the paper puts forward the following policy recommendations:(1)The application of financial leasing should be strengthened in manufacturing enterprises;(2)Financial leasing should be promoted to focus on specific areas;(3)Multiple measures should be taken to improve the service quality of finance leasing companies.The main innovation points of this paper are as follows: compared with the existing literature,the research topic of this paper has rarely been studied,and it also optimizes and improves the design pattern of financial leasing at the same time,making the conclusion more robust and reliable.