Study On Financing Strategy Of Retail Industry Under New Lease Standard

Retail industry is very dependent on operating lease financing to meet the needs of daily business operating lease is an important financing channel for retail companies.Operating leases under the original criteria are off-balance sheet financing.The lessee is more willing to take advantage of the off-balance-sheet financing of operating leases,and adopt a large number of leasing financing methods to reduce the transparency of leasing debt information and distort the financing situation of the company,so as to obtain more financing facilities.The new lease criterion makes it clear that operating lease is essentially a liability financing behavior,which needs to be confirmed and fully reflected in the statement.Therefore,the real financing scale,financing capacity,financing cost and real financial risks of the company after the internalization of operating lease financing table are analyzed,and the management level of retail enterprises is guided to formulate reasonable financing strategies under the influence of the internalization of operating lease financing table according to the financing environment and their own development strategies.This paper chooses hualian comprehensive supermarket,a traditional retail enterprise with large scale and long lease period,as the case company.First of all,combining theory and case to analyze hualian super current financing channels,financing structure,conclusions are drawn as follows: hualian comprehensive debt relies more on commercial credit financing,use short-term financing bonds too frequently,has weak endogenous financing ability,and ignores the rational use of long-term debt financing methods.The study finds that under the new criteria,hualian comprehensive finance is more dependent on lease financing.The scale of retained earnings becomes smaller and the internal financing is obviously insufficient.The proportion of equity financing is too small and the financial risk is very big;The flattening of long-term and short-term liabilities is quite different from the internal structure of retail debts,which further increases the debt service pressure of the company.The cost of capital goes up and the cost of financing goes up.The optimal capital structure of hualian comprehensive super was determined by combining quantitative and qualitative methods,four kinds of financing combination schemes were designed,and the optimal financing combination was selected according to the principle of the lowest weighted average capital cost.Finally,the scale of operating leasefinancing is used to make financing decisions for hualian comprehensive supermarket again,and specific Suggestions are put forward for the financing decisions of hualian comprehensive supermarket.