A Research On Determinants Of Financial Leasing Based On Emerging Industry

This study selected the topic mainly based on the following two aspects: on the one hand, in recent years, the economic development of our country get into a "new normal" condition. In order to keep the economy alive,the state council carried out the policy of“masses of entrepreneurship and innovation”. The Strategic emerging industries attracted senior government’s continued attention,its healthy development cannot leave the good environment for financial support. On the other hand, the financial leasing industry in our country mostly confined to the traditional industries, while the emerging industries lessly involved. Now the support of emerging industry in our country mostly comes from the government fiscal support and PE/VC investments,while it seldom comes from financial leasing company. Based on the above two points, the purpose of this study was to explore whether financial leasing applies to the emerging industries so that to solve the financing bottleneck problems facing the current development, and then see if it can play a role for the development of emerging industries and the national economy.Based on the 676 listed companies who’s main business involved the emerging industry in 2014,this paper does the empirical research to find factors which can influence leasing decision.And the results show that:For the whole samples:Instead of the real tax burden not related, the leasing decision is positive related with the debt burden, growth, enterprise scale, and negative related with profitability.For the two sub-samples:the leasing decision of High-end equipment manufacturing industry is positive related with debt burden, growth and firm scale,and negative with tax burden;the new energy industry is positive related with debt burden,profitability,growth,and enterprise scale. Obviously, the two sub-samples empirical results are not consistent with the overall samples,it shows that the leasing decision also impacted by the Industry attributesThe above research results verified the agency cost theory and partially the differential tax theory,and also verified the “the leasing puzzle”. But due to the lackless of sample data, and at the same time our economy in 2014 at a dip stage, so the result didnot verify the theory of bankruptcy cost.Finally, combining the leasing theory and the empirical results,we put forward policys from four points: the tax preferential policy support,the optimization of financing structure, the cultivation of professional talents and raising awareness of using financial leasing.