| The financial leasing industry was introduced into China in the early stage of Reform and Opening Up,and experienced the ups and downs of the industry.The whole industry almost disappeared in the 1990s,and achieved rebirth and revitalize in 2007 with the opportunity to join the WTO.China’s financial leasing industry has made great progress in recent years,giving financial leasing more theoretical and practical meanings.However,from market performance to government supporting facilities and academic research,China’s financial leasing industry presents different characteristics and problems from America,Australia and so on.The listed companies as a special group to participate in the development of financial leasing industry.On the one hand,some listed companies have registered or purchased financial leasing companies,on the other hand,many listed companies sell their leasing companies.All kinds of contradictions arouse our deep thinking.This paper tries to answer the motivation of entity enterprises to invest in financial leasing companies in the way of participation from the perspective of micro-level entity enterprise shareholders.Through heterogeneity analysis,this paper tries to explain the above phenomena from the perspective of shareholders,and improve the matching degree of risk and income with better risk management measures,to promote the innovation and development of China’s financial leasing industry.Based on the theory of financial leasing,industry-finance integration,and financialization of entity enterprises,this paper uses the data of listed companies from 2007 to 2019,and constructs two-value dependent variable model and two-way fixed effect models to explore the motivation and effect of entity enterprises participating in holding financial leasing companies.This paper adopts the method of combining theoretical analysis with empirical analysis.First of all,according to the problems intended to be solved in this paper,the relevant literature is combed and reviewed.The author design feasible empirical models and makes an empirical analysis.The design idea of empirical models is based on the three principles of security,liquidity and profitability.First of all,the profitability motivation of the shareholders,expresses a entity enterprises’ will,which will be affected by the liquidity and security changes caused by the leasing company.Finally,through the impact on corporate performance,answer whether the original intention of profit-seeking come true,risk and performance matching,and whether to maximize the comprehensive benefit.The full text logic is rigorous,layer by layer deep,on the basis of the main ideas,do part of heterogeneity to enrich the conclusion.Based on the empirical analysis of the motivation,operating risk and operating performance effect of the listed companies,the following conclusions are obtained:First,entity enterprises in China are involved in financial leasing institutions.The roe gap between financial industry and real industry is the basic reason.According to the monopoly competition theory in microeconomics,the fiercer the competition,the lower return,and the stronger motivation of participating financial leasing subsidiaries.China’s entity enterprises are involved in the process of financial leasing financial institutions,the state on the financial leasing industry system construction and supply,play an important role.This paper verifies the positive effect of the legal policy of lease registration system as a policy impact on the legal rights and interests of lessor——one of the four pillars directly related to the development of financial leasing industry.In the heterogeneity analysis part,from the perspective of different ownership enterprises,private enterprises also have the motivation to alleviate the financing constraints in addition to the roe distance,while the roe spread and financing constraints of state-owned enterprises are not significant.Equipment manufacturing enterprises also have the motivation to narrow the spread and equipment promotion,but non-equipment manufacturing enterprises are not same.Secondly,enterprises hold the financial leasing company to increase its own operating risk significantly,and there are many risk transmission mechanisms to realize the risk transfer of the financial industry to the real industry.First,The liquidity risk is caused by the occupation of funds because of normal leasing business;Second,the safety risk is caused by the credit risk transmission of lessee default.In the part of heterogeneity analysis,we find that the operating risk of enterprises holding leasing companies with different corporate governance levels is different.The operating risk of enterprises with higher corporate governance level and holding financial leasing companies is not significantly changed.And the enterprises with low level of corporate governance,their business risk significantly increase.The equipment manufacturing enterprises controlling the leasing companies significantly improve the operating risk,but the non-equipment manufacturing enterprises’ operating risk changes are not significant.The long-term effect is that the future and the second phase of the business risk of the enterprise holding leasing company will not increase significantly,which indicates that with the later stage of rent retrieval,the operating risk will be released.Thirdly,enterprises hold the financial leasing company to decrease its own operating performance significantly,while equity participation don’t have the same effect.There are many transmission mechanisms deteriorating performance of corporate holding financial leasing companies:First,the entity enterprise holding leasing company will increase the leverage ratio and financial cost,thus reducing the net profit and deteriorating the performance of the enterprise;Second,the entity enterprise holding leasing company will aggravate the investment and financing term mismatch problem,resulting in a decline in performance;Third,the entity enterprise holding leasing company will significantly increase business risks,and then reduce corporate performance.After the private enterprise holding leasing company,the performance of the enterprise decreases significantly,and the operating performance of the state-owned enterprise holding leasing company doesn’t change significantly;Moreover,the operating performance of enterprises holding financial leasing companies is not significantly changed with higher corporate governance level.And the enterprises holding leasing companies’ business performance significantly decrease with low level of corporate governance.The long-term effect is that the future and the second phase of the business performance of the enterprise holding leasing company will not decrease significantly.Fourth,throughout the full text,entity enterprises participate in holding financial leasing companies for the sake of higer return.Holding financial institutions with commercial license not only significantly increase the operating risk,but also deteriorate the performance of enterprises,resulting in risk and income mismatch,and the equity participation model don’t have such an effect.Only a few enterprises with financing advantages and high risk management level have obtained financial risk premium.This kind of financial instruments have developed well in the United States and Australia and have made important contributions to the development of the real economy.But in our country,there has been such a situation,we should find the reason from the leasing company operation management.Finally,based on the empirical results,some policy suggestions and implications for the industry are put forward.In terms of policy suggestions,it is important to continuously improve the construction of the "four pillars" system in the financial leasing industry.Find appropriate regulatory flexibility and make it operate benignly in the standard.At the same time,give full play to the role of macro-control,help and guide enterprises to prevent and resolve business risks.In terms of the enlightenment to the industry,investors should change the situation of blindly following the trend of setting up leasing companies.The business expansion of financial leasing industry needs to find a suitable point with the demand pain point of domestic and foreign markets.Improve the level of risk management,cultivate the core competitiveness of leasing companies,actively combine with national policies,and explore a broader space for development.The conclusion of this paper enriches the financial leasing research from the perspective of real enterprise investors of financial leasing companies.And the existing research on the entity enterprises financialization and the integration of industrial-finance,still lack the empirical analysis about holding financial leasing companies and other types of financial institutions with commercial license.Therefore,this paper not only has some innovation,but also provides some ideas for relevant government departments. |
PDF Full Text Request