融资租赁利率设计与企业运营决策
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摘要
探讨了融资租赁公司利率设计与企业运营决策之间的关系,构建了融资租赁公司、设备提供商和产品制造商组成的博弈模型,研究了融资租赁公司利率设计问题和产品制造商最优订购量问题。研究结果表明:融资租赁公司利率设计对资本市场反应敏感,随着资本市场平均回报率的增速而增速;产品制造商最优订购量与设备最大生产量和资本市场平均回报率相关,与融资租赁利率无关。同时,还对租约到期后租赁物残值忽略不计的现象做出了理论解释。
The design mechanism for financial leasing rates bears heavily on leaseholders' operational decisions. In this regard, a game model is constructed among financial leasing companies, equipment providers, and manufacturers, to study how the leasing companies would design their leasing interest rates and how the manufacturers would optimize their order quantity in financial leasing. The results show that the leasing interest rates of financial leasing companies closely follow the rate of return of the capital market, and that the optimal order quantity of manufacturers is associated with the maximum production capacity of the equipment and the average rate of return of the capital market, instead of the financial leasing interest rates. The game model also helps explain why the residual value of the leased item is negligible after the lease expires.
The design mechanism for financial leasing rates bears heavily on leaseholders' operational decisions. In this regard, a game model is constructed among financial leasing companies, equipment providers, and manufacturers, to study how the leasing companies would design their leasing interest rates and how the manufacturers would optimize their order quantity in financial leasing. The results show that the leasing interest rates of financial leasing companies closely follow the rate of return of the capital market, and that the optimal order quantity of manufacturers is associated with the maximum production capacity of the equipment and the average rate of return of the capital market, instead of the financial leasing interest rates. The game model also helps explain why the residual value of the leased item is negligible after the lease expires.
引文
[1] 仲勤. 融资租赁在中国问题与解答[M]. 第3版.北京:当代中国出版社, 2014.
[2] Brealey R A, Young C M. Debt, taxes and leasing-a note[J]. The Journal of Finance, 1980, 35(5): 1245-1250.
[3] Brick I E, Subrahmanyam M, Fung W. Leasing and financial intermediation: Comparative tax advantages[J]. Financial Management, 1987,16(1): 55-59.
[4] Miller M H, Upton C W. Leasing, buying, and the cost of capital services[J]. The Journal of Finance, 1976, 31(3): 761-786.
[5] Myers S C, Dill D A, Bautista A J. Valuation of financial lease contracts[J]. The Journal of Finance, 1976, 31(3): 799-819.
[6] Krahnen J P, Meran G. Why leasing? An introduction to comparative contractual analysis[M]//Agency Theory, Information, and Incentives. Springer Berlin Heidelberg,1987.
[7] Lease R C, McConnell J J, Schallheim J S. Realized returns and the default and prepayment experience of financial leasing contracts[J]. Financial Management, 1990: 11-20.
[8] Sharpe S A, Nguyen H H. Capital market imperfections and the incentive to lease[J]. Journal of Financial Economics, 1995, 39(2): 271-294.
[9] Krishnan V S, Moyer R C. Bankruptcy costs and the financial leasing decision[J]. FM: The Journal of the Financial Management Association, 1994, 23(2): 31-42.
[10] Eisfeldt A L, Rampini A A. Leasing, ability to repossess, and debt capacity[J]. Review of Financial Studies, 2009, 22(4): 1621-1657.
[11] Schallheim J, Wells K, Whitby R J. Do leases expand debt capacity?[J]. Journal of Corporate Finance, 2013, 23: 368-381.
[12] Morais A I. Why companies choose to lease instead of buy? Insights from academic literature[J]. Academia. Revista Latinoamericana de Administración, 2013, 26(3): 1-15.
[13] Neuberger D, R?thke-D?ppner S. Leasing by small enterprises[J]. Applied Financial Economics, 2013, 23(7): 535-549.
[14] Black F. The dividend puzzle[J]. Journal of Portfolio Management, 1976, 2: 5-8.
[15] Allen F, Morris S. Game theory models in finance[M]//Game Theory and Business Applications. US: Springer, 2014.
[16] Barnett W. What's in a name? A brief overview of asset-based lending[J]. Secured Lender, 1997, 53: 80-83.
[17] Sherman M D, Fischer B J. Annual marketing survey for the asset-based financial services industry[J]. Secured Lender, 2001, 57(6): 72-85.
[18] Buzacott J A, Zhang R Q. Inventory management with asset-based financing[J]. Management Science, 2004, 50(9): 1274-1292.
[19] 陈祥锋, 朱道立, 应雯珺. 资金约束与供应链中的融资和运营综合决策研究[J]. 管理科学学报, 2008, 11(3): 70-77.
[20] 王文利, 骆建文, 李彬. 需求依赖价格下的供应链预付款融资策略[J]. 系统管理学报, 2014, 23(5): 642-649.
[21] Barro R J. The loan market, collateral, and rates of interest[J]. Journal of Money, Credit and Banking, 1976: 439-456.
[22] De la Torre C, Benjamin J D. Residual asset values and leasing[R]. University of Nebraska Working Paper, 1991.
[23] Lewellen W G, Long M S, McConnell J J. Asset leasing in competitive capital markets[J]. The Journal of Finance, 1976, 31(3): 787-798.
[24] Bamberg G, Spremann K. Agency theory, information, and incentives[M]. Berlin:Springer Berlin Heidelberg, 1987.
[25] 李明芳, 王道平. 延期支付期限与订货量相关情形下的 EOQ 模型[J]. 系统管理学报, 2011, 20(4): 389-397.
[26] Dye C Y. A finite horizon deteriorating inventory model with two-phase pricing and time-varying demand and cost under trade credit financing using particle swarm optimization[J]. Swarm and Evolutionary Computation, 2012, 5: 37-53.
[27] Mateut S, Zanchettin P. Credit sales and advance payments: Substitutes or complements?[J]. Economics Letters, 2013, 118(1): 173-176.
[28] Kouvelis P, Zhao W. Financing the newsvendor: Supplier vs. bank, and the structure of optimal trade credit contracts[J]. Operations Research, 2012, 60(3): 566-580.
[29] Raghavan N R S, Mishra V K. Short-term financing in a cash-constrained supply chain[J]. International Journal of Production Economics, 2011, 134(2): 407-412.
[30] 徐贤浩, 邓晨, 彭红霞. 基于供应链金融的随机需求条件下的订货策略[J]. 中国管理科学, 2011, 19(2): 63-70.
[2] Brealey R A, Young C M. Debt, taxes and leasing-a note[J]. The Journal of Finance, 1980, 35(5): 1245-1250.
[3] Brick I E, Subrahmanyam M, Fung W. Leasing and financial intermediation: Comparative tax advantages[J]. Financial Management, 1987,16(1): 55-59.
[4] Miller M H, Upton C W. Leasing, buying, and the cost of capital services[J]. The Journal of Finance, 1976, 31(3): 761-786.
[5] Myers S C, Dill D A, Bautista A J. Valuation of financial lease contracts[J]. The Journal of Finance, 1976, 31(3): 799-819.
[6] Krahnen J P, Meran G. Why leasing? An introduction to comparative contractual analysis[M]//Agency Theory, Information, and Incentives. Springer Berlin Heidelberg,1987.
[7] Lease R C, McConnell J J, Schallheim J S. Realized returns and the default and prepayment experience of financial leasing contracts[J]. Financial Management, 1990: 11-20.
[8] Sharpe S A, Nguyen H H. Capital market imperfections and the incentive to lease[J]. Journal of Financial Economics, 1995, 39(2): 271-294.
[9] Krishnan V S, Moyer R C. Bankruptcy costs and the financial leasing decision[J]. FM: The Journal of the Financial Management Association, 1994, 23(2): 31-42.
[10] Eisfeldt A L, Rampini A A. Leasing, ability to repossess, and debt capacity[J]. Review of Financial Studies, 2009, 22(4): 1621-1657.
[11] Schallheim J, Wells K, Whitby R J. Do leases expand debt capacity?[J]. Journal of Corporate Finance, 2013, 23: 368-381.
[12] Morais A I. Why companies choose to lease instead of buy? Insights from academic literature[J]. Academia. Revista Latinoamericana de Administración, 2013, 26(3): 1-15.
[13] Neuberger D, R?thke-D?ppner S. Leasing by small enterprises[J]. Applied Financial Economics, 2013, 23(7): 535-549.
[14] Black F. The dividend puzzle[J]. Journal of Portfolio Management, 1976, 2: 5-8.
[15] Allen F, Morris S. Game theory models in finance[M]//Game Theory and Business Applications. US: Springer, 2014.
[16] Barnett W. What's in a name? A brief overview of asset-based lending[J]. Secured Lender, 1997, 53: 80-83.
[17] Sherman M D, Fischer B J. Annual marketing survey for the asset-based financial services industry[J]. Secured Lender, 2001, 57(6): 72-85.
[18] Buzacott J A, Zhang R Q. Inventory management with asset-based financing[J]. Management Science, 2004, 50(9): 1274-1292.
[19] 陈祥锋, 朱道立, 应雯珺. 资金约束与供应链中的融资和运营综合决策研究[J]. 管理科学学报, 2008, 11(3): 70-77.
[20] 王文利, 骆建文, 李彬. 需求依赖价格下的供应链预付款融资策略[J]. 系统管理学报, 2014, 23(5): 642-649.
[21] Barro R J. The loan market, collateral, and rates of interest[J]. Journal of Money, Credit and Banking, 1976: 439-456.
[22] De la Torre C, Benjamin J D. Residual asset values and leasing[R]. University of Nebraska Working Paper, 1991.
[23] Lewellen W G, Long M S, McConnell J J. Asset leasing in competitive capital markets[J]. The Journal of Finance, 1976, 31(3): 787-798.
[24] Bamberg G, Spremann K. Agency theory, information, and incentives[M]. Berlin:Springer Berlin Heidelberg, 1987.
[25] 李明芳, 王道平. 延期支付期限与订货量相关情形下的 EOQ 模型[J]. 系统管理学报, 2011, 20(4): 389-397.
[26] Dye C Y. A finite horizon deteriorating inventory model with two-phase pricing and time-varying demand and cost under trade credit financing using particle swarm optimization[J]. Swarm and Evolutionary Computation, 2012, 5: 37-53.
[27] Mateut S, Zanchettin P. Credit sales and advance payments: Substitutes or complements?[J]. Economics Letters, 2013, 118(1): 173-176.
[28] Kouvelis P, Zhao W. Financing the newsvendor: Supplier vs. bank, and the structure of optimal trade credit contracts[J]. Operations Research, 2012, 60(3): 566-580.
[29] Raghavan N R S, Mishra V K. Short-term financing in a cash-constrained supply chain[J]. International Journal of Production Economics, 2011, 134(2): 407-412.
[30] 徐贤浩, 邓晨, 彭红霞. 基于供应链金融的随机需求条件下的订货策略[J]. 中国管理科学, 2011, 19(2): 63-70.