The Operational Efficiency And Its Influencing Factors Of Financial Leasing Companies In China

As a new financing method,financial leasing integrates financing capitals,financing goods,trade and service.It has several advantages including low cost,low risk and strong liquidity.And it plays an important role in activating funds and promoting the transformation of the manufacturing industry.Currently,financial leasing has been classified as a "sunrise industry" in developed countries and has become the fifth pillar of modern finance together after banking,securities,insurance and trust.Operational efficiency measures the relationship between input and output,which can reflect the financial leasing enterprises' ability in operation management,resource pooling,technological innovation and other aspects in a certain period.Based on this,it is of great practical significance to study the operating efficiency of finance leasing companies and its influencing factors,and put forward suggestions on improving the operating efficiency to the long-term development of finance leasing companies and the greater role of finance leasing industry in the capital market.Referring to the research of domestic and foreign scholars on the operational efficiency of banks and other financial institutions,this paper measures the operational efficiency of China's financial leasing industry and analyzes its influencing factors.Firstly,this paper uses a DEA-Malmquist model to measure the operational efficiency and its decomposition index of financial leasing companies.And the above indexes are used to analyze the ability of enterprises to improve operational efficiency by enlarging scale,improving management method and technology.Secondly,using panel Tobit regression model,this paper empirically analyzes the effects of rate of economic growth,cost management,debt level,profit level,ownership structure and standard financing ratio on operational efficiency of financial leasing company.Thirdly,this paper introduces the relevant conditions of QC Financial Leasing Co.,Ltd.,measures and compares its efficiency with the industry to clarify the development status of the enterprise.Finally,according to the above analysis,this paper proposes some effective suggestions on how to improve the operational efficiency of China's financial leasing industry.The conclusions of this paper are as follows:(1)From 2015 to 2018,the operational efficiency of China's financial leasing companies increased annually,while the pure technical efficiency index,scale efficiency index and technology progress index fluctuated.Among them,the increasing and fluctuating trends of operational efficiency index and technical efficiency index are almost the same,which indicates that the growth of operational efficiency in China's financial leasing industry depends more on the improvement of technical efficiency.(2)After classifying the financial leasing companies according to shareholder background,it is found that the growth rate of the operational efficiency of the manufacturer-related and the independent third-party financial leasing companies is significantly higher than that of the bank-related leasing companies.The main reason may be the manufacturer-related leasing companies have certain highquality customer resources and technical advantages,while the independent third-party leasing companies are easier to gain customers' trust and meet the diversified needs of customers compared with the bankrelated leasing companies.(3)The rate of economic growth,the cost management,the debt level the profit level and the standard financing ratio have significant influences on the company operational efficiency,while the ownership structure do not have significant influence on the operational efficiency.(4)Comparing the change of the operational efficiency index and the related components index of QC company with other 29 financial leasing companies,it is found that the operational efficiency index of QC company in 2015-2018 is higher than the average of other financial leasing companies,but its pure technical efficiency is in the same state,which indicates that the company has room to improves the level of management and service.