租赁资产投资与设备投资：租赁业技术特征的实证研究

Firms can make use of tangible capital assets such as production equipment through capital investments and leasing. In this study, we examine the technical characteristics of the leasing industry by comparing the sensitivities of those two channels to capital investment opportunities. First, we find that investment in leasing is more sensitive to changes in investment opportunities in industries with relatively underdeveloped second-hand markets for tangible capital assets. Second, in industries with relatively underdeveloped second-hand markets, leasing activity is more sensitive to investment opportunity in firms facing tighter financial constraints. These results suggest that the ability to sell tangible capital assets on the second-hand market provides financially constrained firms with access to tangible assets. Such ability is an important technical feature of the leasing industry.