Research Of Determinants On Financial Lease: Based On Chinese Listed Companies

Finance leasing is rapidly developing in recent years along with the related policyreforms. It is still the sunrise industry，the absolute scale of the financial leasing is large，but the penetration rate is still low in the economy. Finance lease plays an more and moreimportant role in development of the real economy as an financing means. How tocontinue to deeply reform and promote the finance lease sustainably and healthydeveloping is the problem urgently need to study.This article start from researching the factors influencing the enterprises resort toleasing decisions, combining the empirical and case study methods and making relevantpolicy recommendations. There are some classic theories having conducted research onthe factors influencing the lease financing, such as debt alternatives theory, tax ratedifferences theory, agency cost and the bankruptcy cost theory. Based on these theories,considering national circumstances, we propose the possible determinants: effective taxrate, cash flow matching, ratio of assets and liabilities, profitability, ownershipconcentration, growth potential, non-current assets ratio. Through empirical study, usingindependent sample test and logistic regression model, we find that ratio of liabilities toassets, ownership concentration and growth potential has a significant impact on theenterprise when they determinate about financial lease. Then, based on empirical studyabove, we give some advice about these companies.Based on the empirical analysis above， in order to compensate for the limitations ofthe empirical analysis，we try exploring the non-financial factors that influence thecorporate finance leasing. In this article a case of manufacturers leasing was introduced asa supplemented study. Through this case，we try to make it clear that how this mode worksand how this mode attract manufacturers. Finally，we summarize the conclusions of thisarticle on the basis of the above analysis and insufficient.