Research On The Influencing Factors Of Financial Leasing Decision-making Of Environmental Protection Enterprises In China

With the growing demand of the real economy for financial services,the financing leasing industry has made great progress in the past two years.Driven by the government and the market,the financing leasing industry may usher in a new journey of development.The twenty report once again mentions the goal of "double carbon",the importance of green and low-carbon is self-evident.The financial leasing industry should accelerate the layout of environmental protection industry,make use of the advantages of financial leasing business,realize intensive cultivation in the green field,so as to help the financial leasing to serve the national "double carbon" process and realize the goal of beautiful China.How to enable environmental protection enterprises to make financial leasing decisions according to their own actual conditions and promote economic transformation and upgrading is a very important issue.Based on the theory of financial leasing,combined with the market environment of Chinese financial leasing,this paper puts forward the factors influencing the financial leasing of domestic enterprises.The sample data is divided into two categories according to whether the enterprise is engaged in financial leasing business.Through sample mean test(T test and U test)and binary Logistic regression,the factors influencing whether the enterprise is leasing or not are verified,and the scale of financial leasing is quantified.The fixed effect model is used to further study whether the factors affecting corporate financial leasing will have an impact on the scale of corporate financial leasing.The empirical results show that the long-term debt to capital ratio and firm size are not only correlated with the adoption of finance lease,but also have a significant impact on the scale of finance lease.Nominal income tax rate,profitability and ownership concentration have certain influence on the adoption of finance lease by enterprises,and the applicability of tax difference theory,debt substitution theory,agency cost theory and bankruptcy cost theory is verified in our country.Finally,the research conclusions are summarized and analyzed,and policy suggestions are put forward from micro and macro perspectives:(1)improve the laws and regulations of financial leasing,coordinate the integration of incentive and constraint policies,and standardize its development;(2)Environmental protection enterprises should deepen their understanding of financial leasing and rationally use this model to reduce agency costs.Financial leasing companies should choose high-quality customers while innovating leasing models.