Research On The Effects Of Operating Leases To The Enterprise Value

With the development of market economy and the increasing competition of globalization,the pursuit value maximization becomes the inevitable goal of enterprise development.According to the current accounting standards in China,due to the characteristics of operating leases off-balance-sheet disclosure,enterprise operating leases to broaden the financing channels,and optimize the capital structure,so the operating lease behavior more and more common.In this paper,based on the current operating leases in the background of the rapid development of Chinese capital market,combining with the characteristics of China's capital market,in the perspective of financing risk,in-depth study the effect of operating lease to the enterprise value.In this paper,the author concludes that the research focuses on the influence factors and economic consequences of managing the tenancy list.Separate research operating leases,enterprise value and the risk of finance literature is rich,and from the perspective of financing risk,study on the impact of operating lease on the enterprise value compare deficient,therefore this paper expanded the research scope.This article applies the method of theoretical analysis and empirical analysis,the definition of enterprise value and financing risk,and based on the principal-agent theory,balance theory and the theory of bounded rationality and puts forward appropriate increase operating lease can improve the level of enterprise value and different financing risk under the two relations of different assumptions.This paper selects A listed company from 2013 to 2015 as A research object,and builds the regression model of business leasing and enterprise value relations based on previous research.In the empirical analysis,the data model was analyzed by using SPSS22.0 software.According to F score value model of financing risk financing risk level samples can be divided into high,medium low financing risk and financing risk 3 groups,in order to further test the relationship between difference under different financing risk level.Finally,the conclusion of this study is that there are more and more applications for leasing in enterprises,and different applications in different industries are different.Increasing the value of the enterprise by increasing business leasing;Different financing risk level under operating leases and enterprise value,the relationship between the high level of financing risk and secondary financing risk level under operating leases can significantly increase the enterprise value,and that the relationship between lower level of financing risk is not significant.This paper further puts forward the following countermeasures: enterprises should pay attention to operating leases,concrete can be reasonable choice from enhancing the sense of operating lease and operating lease start strategy from two aspects;In addition,the enterprise should improve the corporate governance in terms of the balance of equity,the disclosure of accounting information,the protection of the creditor,the management incentive supervision mechanism.