企業融資租賃議價能力之決定

Determinants of Bargaining Power in Finance Leasing

本文以臺灣某大型租賃公司2009 年至2010 年的2,870 筆資料為 樣本，分析企業規模、與租賃公司往來關係與軟硬式資訊對企業融資租賃議價力的影響。經由一般最小平方法(ordinary least squares, OLS) 與probit實證分析，顯示微型、中小型企業與新客戶，即使排除信用風險影響後，都需負擔較高的租賃利率且獲得較低的授信總額，而且新客戶尚需提供較高比率的擔保品，這些結果與銀行放貸相關研究一致。但因租賃業高風險高報酬的產業特性，故微型與中小企業的擔保品比率並未顯著較高。本文還發現企業的誠信、經營能力、競爭性、獲利能力與償債能力也是影響融資租賃議價力的關鍵因素。

Based on 2,870 contracts formed during 2009 and 2010 by a leasing company in Taiwan, this study analyzes the impacts of the scope of enterprises, relationship leasing, and soft and hard information on the bargaining power between enterprises and the leasing company. The OLS and probit results show that microenterprises, small and medium-sized enterprises (SMEs), and new customers are forced to pay high leasing rates with low credit lines. New customers must also provide collateral of a high value, resulting in a high collateral ratio. These results are similar to the results in banking, but the collateral ratio for microenterprises or SMEs is not significantly higher due to the industrial behavior in leasing. Furthermore, this study identifies business integrity, management, competitiveness, profitability, and solvency as other determinants of bargaining power in finance leasing.