The Impact of Financial Leasing on Manufacturers' Performance Does Leasing Enhance Manufacturers' Performance?
| Autor: | Yang, Gang |
|---|---|
| Jazyk: | angličtina |
| Rok vydání: | 2024 |
| Předmět: | |
| Druh dokumentu: | Text |
| DOI: | 10.34944/dspace/10649 |
| Popis: | In recent ten years, especially after the financial crisis, more and more equipment manufacturing industries have begun engaging in leasing business. Because of its promotion function, Financial Leasing has a direct influence on both sales revenue and accounts receivable. This study, covering listed equipment manufacturers from 2008 to 2019, examines the impact of Financial Leasing on sales revenue, accounts receivable and the quality of accounts receivable. In this paper, theoretical analysis and empirical analysis are used, including panel regression model and factor analysis. Firstly, related literatures are reviewed, encompassing the basic theories of Financial Leasing, the relationship between Financial Leasing and sales revenue, as well as accounts receivable. Then, the background of Financial Leasing and equipment manufacturing industry in China are outlined. Furthermore, with the regression model, the relationship between Financial Leasing and sales revenue is analyzed. By constructing a series of evaluation index of accounts receivable, factor analysis is employed to measure the quality of accounts receivable, comparing companies engaged in leasing with those that are not. The findings lead to some policy recommendations. The main conclusions are as follows: Firstly, Financial Leasing has a positive and significant impact on sales revenue in China’s equipment manufacturing industry, indicating its effective promotion effect in this sector. From the results of sub-sectors, Financial Leasing has a positive and significant impact on the manufacture of computer, communication and other electronic equipment, manufacture of railway equipment, ships, aerospace equipment and other transport equipment, manufacture of general purpose machinery, but this impact is not significant in the manufacture of metal products, motor vehicles, special purpose machinery, and measuring instrument and meter. Secondly, by establishing a series of indicators to measure the quality of accounts receivable, it is found that finance leasing can significantly improve the quality of accounts receivable in the equipment manufacturing industry as indicated in the consolidated statement. When equipment manufacturers utilize financial leasing to promote their products, they can not only promote product sales but also expedite cash flow. Additionally, manufacturers using financial leasing have smaller bad debt losses and shorter receivable aging. Meanwhile, the quality of accounts receivable is better in automobile manufacturing and instrument and meter manufacturing industries, which is closely related to the development of financial leasing in these industries in recent years. Key Words: Financial Leasing, leasing, manufacturing, sales revenue, accounts receivable, factor analysis Business Administration/Finance D.S. |
| Databáze: | Networked Digital Library of Theses & Dissertations |
| Externí odkaz: |
|