Leasing Decisions and Credit Constraints: Empirical Analysis on a Sample of Italian Firms
研究了意大利企业样本中金融约束与租赁决策的关系，发现租赁能保留资本、缓解信贷约束，对理解欧洲大陆企业融资行为有参考价值。
Although lease financing provides a significant source of funds enabling many companies to invest, few studies examine the determinants of leasing in Continental Europe and we are aware of no study on the Italian case. This paper investigates the relationship between financial constraints and leasing decisions for a sample of Italian firms. In particular, it investigates the determinants of firm leasing decisions, the degree of substitutability between leasing and debt, and the impact of leasing on the probability of firms feeling ‘credit rationed’. Our results support the hypothesis that leasing preserves capital, thus helping to relieve credit constraints.