The Influence Factors Of Enterprise Financing Lease Decision

With the continuous development of capital markets and the diversification of financing methods, the position of finance leasing is becoming increasingly prominent. As a special financing method, finance lease has its unique function and advantage. It can not only solve the capital shortage problem of the enterprise, but also can bring advanced technology and equipment to the company. Promoting the improvement of technology and the development of macroeconomic, finance lease has powerful vitality and ambitious development prospect.Since it’s introduced to China in the 1980s, finance lease has experienced a tortuous development. In recent years it has been presenting a sustained growth trend both in quantity and scale and has penetrated into all aspects of the market economy in our country. However, compared with western developed countries, the development of financial lease in our country is much behind both in practice and academic research. Therefore, it is important and urgent to promote the development of China’s financial leasing to make it play a strong role in the economy. Exploring the factors which influence the companies’financial lease decision is becoming increasingly necessary and important.Based on the study of Tax difference theory, Debt substitution theory, Agency and Bankruptcy cost theory, this paper takes A-share listed companies in Shanghai and Shenzhen boards from 2010 to 2012 as samples to make empirical test of the series of factors’influence on the enterprises’financial leasing decision from the lessee’s point of view. Firstly, according to the actual situation in our country, this paper chose eight indicators such as the income tax rate, asset-liability ratio, operating income growth rate, etc. Secondly, we divided the samples into two groups based on whether the company makes financing lease decision or not. And then logistic multivariate regression is used to test the possible impact of the indicators on the financial leasing decision. According to the empirical result, the asset-liability ratio and asset size have significant positive correlation with financial leasing while nominal income tax, liquidity ratio and corporate profitability has a significant negative correlation. Finally, in view of the research conclusions, this paper puts forward some future research prospect and raises some suggestions from the view of the government department, renting and leasing companies.