Analysis Of Influencing Factors Of Financial Leasing Decisions Of Listed Companies In China

The real financial leasing originated in the United States in the 1950 s.In the socioeconomic operation,the supply and demand of enterprises for this transaction mode is the main reason for financial leasing.In 2018,the new business of financial leasing in the United States was 428.4 billion US dollars,an increase of 4.4% compared with 2017.Financial leasing has become an important financing method in the US capital market.In the 1980 s,the financial leasing model was introduced into the Chinese market from abroad.However,due to the restrictions of the policies and the inadequacy of relevant laws and regulations at that time,the financial leasing industry did not develop well.With the continuous optimization of the market environment,the continued clarity of industry regulatory authorities and the continuous improvement of relevant policy formulations,since 2008,China's financial leasing industry has entered a stage of rapid growth.As of the end of 2018,the country's total financial leasing contract balance was 6.65 trillion yuan,and China's financial leasing transaction volume rose from 27 th to 2nd in the global ranking.In recent years,the financial leasing business of listed companies has become more and more frequent.This phenomenon also affects the interests of listed company investors and the development of the financial leasing industry.Through the analysis of China's financial leasing transaction data,we can find that most of China's financial leasing transaction models are sale and leaseback,which is different from the Western countries where the direct leasing model accounts for a large proportion.So what are the motivations for listed companies to finance through financing leasing;what information does a listed company release to the outside world when it makes a financial leasing decision? Leasing behavior,these are problems that need to be solved.This article conducts an empirical analysis of China's listed companies and discusses the motivations for Chinese companies to make financial leasing decisions.It provides strong evidence for companies to combine their own advantages and flexibly use financial leasing to expand financing channels.It also provides practical evidence for the development of the financial leasing industry.Feasible suggestions.This article,from the perspective of the lessee,combined with the actual situation of Chinese enterprises adopting the sale and leaseback business model more,based on the sample of 452 Shanghai and Shenzhen A-share listed companies that carried out the sale and leaseback business in China from 2009 to 2018,established diversification.Regression model for empirical analysis.The regression results of the panel data Tobit model show that:(1)The asset-liability ratio is positively correlated with the sale and leaseback behavior of the enterprise.Enterprises with higher debt levels tend to use sale and leaseback for financing.(2)There is a negative correlation between the operating capacity and the sale and leaseback behavior of the enterprise,that is,the weaker the operation capability of the enterprise,the more inclined it is to use the sale and leaseback method for financing.(3)There is a positive correlation between the mismatch of the company's investment and financing period and the sale and leaseback behavior,that is,the more serious the mismatch of the company's investment and financing period,the more inclined it is to borrow after sale and leaseback.(4)There is a negative correlation between the short-term solvency of the enterprise and the sale and leaseback behavior,that is,the worse the short-term solvency of the enterprise,the more inclined to operate the sale and leaseback for financing.(5)The nature of property rights significantly affects the sale and leaseback behavior of the enterprise.In contrast,the positive correlation between the level of debt of private enterprises and the scale of sale and leaseback is stronger;the motivation of state-owned enterprises to alleviate the mismatch of investment and financing terms with sale and leaseback is more obvious.(6)The scale of fixed assets significantly affects the sale and leaseback behavior of enterprises.The higher the proportion of fixed assets of listed companies,the stronger the positive correlation between the asset-liability ratio and the scale of the sale and leaseback;the stronger the negative correlation between the matching degree of investment and financing periods and the scale of the sale and leaseback;operating capacity and short-term repayment The weaker the negative correlation between the debt capacity and the scale of the sale and leaseback.(7)The degree of equity concentration significantly affects the company's financial leasing behavior.The higher the concentration of equity in a listed company,the stronger the positive correlation between the asset-liability ratio and the scale of the sale and leaseback;the weaker the negative correlation between the operating capacity and the scale of the sale and leaseback;The negative correlation between scales is weaker.Based on the empirical results,this article makes recommendations from three perspectives: financial leasing companies,enterprises,and governments: leasing companies should subdivide customer groups and cultivate professional and differentiated leasing businesses;companies should actively cooperate with financial leasing companies and use leasing flexibly The company's advantages are to broaden product sales and financing channels;the government should formulate policies that are in line with China's actual national conditions and provide correct guidance and support to the financial leasing industry.