Preferencje help
Widoczny [Schowaj] Abstrakt
Liczba wyników
2014 | nr 6 | 557--588
Tytuł artykułu

Determinanty finansowania leasingiem inwestycji rzeczowych przedsiębiorstw

Warianty tytułu
The Determinants of Financing Investments in Enterprises by the Use of Leasing
Języki publikacji
Celem podjętego badania była identyfikacja determinant finansowania leasingiem (finansowym i operacyjnym) inwestycji rzeczowych przedsiębiorstw w Polsce. Analizę empiryczną przeprowadzono na podstawie jednostkowych danych panelowych ze sprawozdań GUS: rocznych F-02 (dla analizy leasingu finansowego) za lata 1995-2011 (około 50 tys. przedsiębiorstw rocznie) oraz półrocznych F-01/I-01 za lata 2007-2011 (dla leasingu operacyjnego). Do oszacowania parametrów wykorzystano systemowy estymator GMM. Wykazano, że przedsiębiorstwa płacące wyższe podatki mają większą skłonność do finansowania się leasingiem operacyjnym ze względu na możliwość obniżenia podstawy opodatkowania o opłatę wstępną i raty leasingowe. Średnie i duże przedsiębiorstwa częściej korzystają z leasingu finansowego niż małe firmy. Częstsze finansowanie się długoterminowym kredytem bankowym zmniejsza wykorzystanie leasingu finansowego, co wskazuje na ich substytucyjność. Wyniki uzyskane na podstawie modelu wskazują na substytucyjność leasingu operacyjnego i kredytu krótkoterminowego. (abstrakt oryginalny)
The paper investigates the empirical evidence on determinants of financing investments in Polish enterprises by the use of leasing (financial and operating lease). Analysis was based on Central Statistical Office panel data: annual reports F-02 (for the analysis of financial leasing) for the years 1995-2011 (about 50 thousands companies per year) and half-year reports F-01/I-01 for the years 2007-2011 (for operating lease). System GMM estimator was used to estimate coefficients of the model. It was found that companies paying higher taxes are more likely to use operating lease due to the possibility of reducing the tax base by an entry fee and lease payments. Medium and large enterprises have higher propensity to the use of financial leasing than small businesses, and large enterprises use financial leasing to a greater extent than small ones. Long-term bank loan financing reduces the use of financial leasing, which indicates the substitutability of these two sources of financing. A negative coefficient for the short-term credit in the model for operating lease indicates substitutability also of these two sources of financing. (original abstract)
Opis fizyczny
  • Uniwersytet Warszawski
  • Uniwersytet Warszawski
  • Narodowy Bank Polski; Uniwersytet Warszawski
  • Adams M., Hardwick P. (1998), Determinants of the leasing decision in United Kingdom listed companies, Applied Financial Economics, 8(5), 487-494.
  • Ang J., Peterson P. (1984), The leasing puzzle, The Journal of Finance, 39(4), 1055-1065.
  • Arellano M., Bover O. (1995), Another look at the instrumental variable estimation of error-components models, Journal of Econometrics, 68(1), 29-51.
  • Barclay M.J., Smith C.W. (1995), The maturity structure of corporate debt, The Journal of Finance, 50(2), 609-631.
  • Baxter N.D. (1967), Leverage, risk of ruin and the cost of capital, The Journal of Finance, 22(3), 395-403.
  • Beattie V., Goodacre A., Thomson S. (2000), Operating leases and the assessment of lease - debt substitutability, Journal of Banking & Finance, 24, 427-470.
  • Beatty A., Liao S., Weber J. (2010), Financial reporting quality, private information, monitoring, and the lease-versus-buy decision, The Accounting Review, 85(4), 1215-1238.
  • Blundell R., Bond S. (1998), Initial conditions and moment restrictions in dynamic panel data models, Journal of Econometrics, 87(1), 115-143.
  • Borokhovich K.A., Brunarski K.R., Harman Y., Kehr J.B. (2005), Dividends, corporate monitors and agency costs, Financial Review, 40(1), 37-65.
  • Branson B. (1995), An empirical reexamination of the leasing puzzle, Quarterly Journal of Business and Economics, 34(3), 3-18.
  • Callimaci A., Fortin A., Landry S. (2011), Determinants of leasing propensity in Canadian listed companies, International Journal of Managerial Finance, 7(3), 259-283.
  • Chigurupati V.R., Hegde S.P. (2009), Capital market frictions, Leasing and Investment, Working Paper, unpublished manuscript, chigurupati.pdf.
  • Chu L., Mathieu R., Zhang P. (2008), Why firms lease short-lived assets: a tax-based explanation, Canadian Tax Journal, 56(3), 639-660.
  • DeAngelo H., Masulis R. (1980), Optimal capital structure under corporate and personal taxation, Journal of Financial Economics, 8, 3-29.
  • Deloof M., Lagaert I., Verschueren I. (2007), Leases and debt: complements or substitutes? Evidence from Belgian SMEs, Journal of Small Business Management, 45(4), 491-500.
  • Duke J., Franz D., Herbert H., Toy D. (2002), Firm-specific determinants of off-balance sheet leasing: a test of the Smith/Wakeman model, Journal of Business and Management, 8(4), 335-353.
  • Eisfeldt A., Rampini A. (2009), Leasing, ability to repossess, and debt capacity, Review Financial Studies, 22(4), 1621-1657.
  • Fazzari S., Hubbard R.G., Petersen B.C. (1988), Financing constraints and corporate investment, Brookings Papers on Economic Activity, 1, 141-195.
  • Filareto-Deghaye M., Severin E. (2007), Determinants of the choice leasing vs bank loan: evidence from the French SME by KACM, Revista Investigacion Operacional, 28(2), 120-130.
  • Finucane T.J. (1988), Some empirical evidence on the use of financial leases, The Journal of Financial Research, 11(4), 321-333.
  • Franks J.R., Hodges S.D. (1978), Valuation of financial lease contracts: a note, The Journal of Finance, 33(2), 657-669.
  • Franzen L., Rodgers K., Simin T. (2009), Capital structure and the changing role of off-balance-sheet lease financing, SSRN 145297, simin_101609.pdf.
  • Goodacre A. (2003), Operating lease finance in the UK retail sector, The International Review of Retail, Distribution and Consumer Research, 13(1), 99-125.
  • Graham J.R., Lemmon M., Schallheim J. (1998), Debt, leases, taxes, and the endogeneity of corporate tax status, The Journal of Finance, 53, 131-161.
  • Koh J., Jang S. (2009), Determinants of using operating lease in the hotel industry, International Journal of Hospitality Management, 28, 638-640.
  • Lasfer M., Levis M. (1998), The determinants of the leasing decision of small and large companies, European Financial Management, 4, 159-184.
  • Lewis C.M., Schallheim J.S. (1992), Are debt and leases substitutes?, Journal of Financial and Quantitative Analysis, 27(4), 497-511.
  • Lin J.R., Wang Ch.J., Chou D.-W., Chueh F.-Ch. (2013), Financial constraint and the choice between leasing and debt, International Review of Economics & Finance, 27, 171-182.
  • Marston F., Harris R. (1988), Substitutability of leases and debt in corporate capital structures, Journal of Accounting, Auditing and Finance, 3(2), 147-164.
  • Mehran H., Taggart R.A., Yermack D. (1999), CEO ownership, leasing, and debt financing, Financial Management, 28(2), 5-14.
  • Miranda A. (2007), Dynamic probit models for panel data: a comparison of three methods of estimation, UK Stata Users Group meeting,
  • Morsfield S.G. (1998), The impact of tax and financial reporting concerns on lessee firms' lease-type decision: capital, operating, and synthetic leases, UMI, 9906514, arizona/bitstream/10150/288894/1/azu_td_9906514_sip1_m.pdf.
  • Myers S.C., Dill D.A., Bautista A.J. (1976), Valuation of financial lease contracts, The Journal of Finance, 31(3), 799-819.
  • Nehrebecka N., Dzik A. (2012), Konstrukcja miernika szans na bankructwo firmy, Materiały i Studia NBP, 280, Narodowy Bank Polski, Warszawa.
  • Neuberger D., Rathke-Doppner S. (2013), Leasing by small enterprises, Applied Financial Economics, 23(7), 535-549.
  • Rampini A.A., Viswanathan S. (2011), Financial intermediary capital, AFA 2013 San Diego Meetings Paper,
  • Rauh J.D., Sufi A. (2010), Capital structure and debt structure, Review of Financial Studies, 23, 4242-4280.
  • Robicheaux S., Fu X., Ligon J. (2008), Lease financing and corporate governance, Financial Review, 43(3), 403-437.
  • Sharpe S.A., Nguyen H.H. (1995), Capital market imperfections and the incentive to lease, Journal of Financial Economics, 39(2), 271-294.
  • Singh A. (2011), An empirical investigation of the lease-debt relation in the restaurant and retail industry, International CHRIE Conference-Refereed Track, University of Massachusetts, Amherst Libraries, Amherst.
  • Slotty C. (2009), Financial constraints and the decision to lease: evidence from German SME, Johann- -Wolfgang-Goethe-Universitat, Frankfurt am Main, Fachbereich Wirtschaftswissenschaften Finance & Accounting, 205,
  • Smith C.W., Wakeman L. (1985), Determinants of corporate leasing policy, The Journal of Finance, 40(3), 895-908.
  • Titman S., Grinblatt M. (1998), Financial market and corporate strategy, McGraw-Hill Higher Education, Maidenhead.
  • Trybała P. (2004), Leasing. Poradnik przedsiębiorcy, Polska Agencja Rozwoju Przedsiębiorczości,
  • Yan A. (2006), Leasing and debt financing: substitutes or complements?, The Journal of Financial and Quantitative Analysis, 41(3), 709-731.
Typ dokumentu
Identyfikator YADDA

Zgłoszenie zostało wysłane

Zgłoszenie zostało wysłane

Musisz być zalogowany aby pisać komentarze.
JavaScript jest wyłączony w Twojej przeglądarce internetowej. Włącz go, a następnie odśwież stronę, aby móc w pełni z niej korzystać.