| SMEs play an important role in the national economy,especially in promoting technological progress,increasing social employment,expanding domestic demand and promoting the spirit of innovation.Since the 18th National Congress,the state has paid more attention to the development of SMEs,and has issued a series of policies to promote their development.By the end of 2015,the number of SMEs in China accounted for 97.49%of all enterprises,total assets and profits accounted for 53.49%and 64.37%.However,under the new normal conditions of China's economic development,due to industry overcapacity,lack of scientific and technological innovation capacity,serious environmental problems such as resources and the environment,the economic downturn is more pressure.As an important part of the national economy,the development of SMEs is also limited.The prosperity index of SMES is continuous declining.In this context,the problem of financing difficulties that plague the development of SMEs is more prominent.The financing channels of SMEs include internals and externals,and the external can be divided into direct financing and indirect financing.Direct financing includes stock market financing and bond market financing.Indirect financing mainly refers to bank loans.At present,the main source of financing of SMEs in China is bank loans,because of SMEs' information is opaque,it leads to serious information asymmetry between SMEs and banks,making bank loans can not meet their needs,and then SMEs'development is limited.Financial leasing as an innovative institutional arrangement originated in the United States in the 1950s.It has unique advantages in solving the financing difficulties of SMEs.First,it can reduce the information asymmetry between the financing parties.Second,it can reduce the financing threshold and costs.SMEs can finance through stock and debt,but the higher requirements for SMEs are difficult to meet;Third,it can improve the efficiency of capital,SMEs can pay part of the funds,it can improve the cash flow of enterprises;Fourth,it has long contract term and flexible repayment,the general lease contract is 3-15 years,so the enterprises can develop a stable production and operation plan,avoid the repayment of the pressure.so the finance leasing can effectively improve the financing environment of SMEs.Financial leasing originated in the United States in the 1950s,the establishment of China Eastern Leasing Co.,Ltd.in 1982 marks that the financial leasing industry begin to enter our country.After several decades of development,by the end of 2015,there are a total of 4508 various types of financial leasing companies,the financial leasing contracts increased from 24 billion yuan in 2007 to 444 billion yuan with an annual growth rate of more than 30%.However,the leasing equipment penetration is only 3.4%in 2015,compared to 22.0%in the US and 31.0%in the UK,indicating that the development level of China's leasing is still low.On the one hand,it also shows that China's financial leasing industry also has great potential.Due to the small number of enterprises using financial leasing and other reasons,the past researches focused on the Shanghai A-share listed companies.In 2012,the pilot reform of the "battalion change" pilot bring the finance leasing industry into the scope of the pilot project,which will reduce the tax burden of the leasing enterprise and make the number of SMEs adopting financial leasing increase greatly.The sample of this study is selected from Shenzhen Listed on the small and medium-sized board and the GEM listed companies,the data is gained from the annual reports published in the Juchao network.A total of 3,329 samples were selected from the enterprises that did not adopt financial leasing,among which 185 were financial leases.According to the previous research theory,this study chooses the five indicators of actual income tax rate,debt ratio,operating income growth rate,cash flow debt ratio and operating profit before interest,depreciation and amortization as explanatory variables.The variable data comes from Guotai'an database.In this study,the enterprises that adopt finance leasing are set as Y = 1,the enterprises that do not adopt finance leasing are set as Y = 0,the hypothesis is selected,the variables are selected and the model is set up.SPSS 19.0 is used to carry out independent sample T test and logistic regression,and the empirical results are analyzed.Finally,the conclusion is given that the higher the real income tax rate,the higher the debt ratio,the higher the growth rate of revenue,the more inclined to adopt the financial leasing,and give the corresponding policy recommendations according to the conclusion of the study.Including the need to improve the use of financial leasing awareness of SMEs,formulate related tax incentives and focus on the enterprises that develop fast. |
PDF Full Text Request