主題：Leasing as a Mitigation Channel of Capital Misallocation

主講人：李凱，北京大學彙豐商學院金融學教授

時間：9月11日（周三）上午10:00-11:30

地點：4-101教室

語言：英文

摘要：

We argue that leasing is an important mechanism for mitigating credit constraint-induced capital misallocation, yet this channel has been widely overlooked in the current macro-finance literature. We demonstrate and quantify this novel channel through a dynamic general equilibrium model, which features heterogeneous firms, collateral constraints, and an explicit buy versus lease decision. Furthermore, our model provides guidance on the empirical measurement of capital misallocation: ignoring leased capital and its mitigation effect can result in significant overestimations of measured capital misallocation and its cyclicality. We use firm-level data to document strong empirical evidence consistent with our model.