| Lease finance is divided into operating leasing and financial leasing,in 2016,the International Accounting Standards Board issued IFRS No.16-lease,and provides that no longer distinguish between operating leasing and financial leasing,are included in the financial statements.In 2018,the Ministry of Finance issued Enterprise Accounting Standards No.21-lease(revised version),the content of which is in line with international standards,both the two types are brought into the statement,and confirm the corresponding assets and liabilities.However,during the sample study period of this paper,the most important difference between them in accounting records is that financial leasing is included in the financial statements but the operating leasing record is not.Different recording methods and contract characteristics also affect the enterprise's preference for the two leasing methods.State-owned enterprises with state-owned background have higher credit ratings,and have been the rental industry's high-quality customers for a long time.In the process of the reform of state-owned enterprises,on the one hand,with the continuous progress of the reform of state-owned enterprises,the degree of marketization and the degree of competition faced by state-owned enterprises are gradually increasing,the financing environment and financing advantages are constantly changing,at the same time,the changes in the internal governance environment of enterprises lead to a corresponding change in the decision-making tendency of senior executives.In the changing internal and external environment,the choice of state-owned enterprises for leasing methods has also changed accordingly.On the other hand,the financing role of leasing has been known by scholars,but because of the innitive state-owned background advantages,state-owned enterprises can easily obtain financing through bank loans,the purpose of using leasing to obtain financing is weak,with the development of state-owned enterprises,more and more state-owned enterprises began to enter the leasing market,in this trend,what is the purpose of state-owned enterprises to get into the leasing market?Is there any other non-financing behavior on the lease that exploits the characteristics of the entry or non-entry? According to this,this paper explores the real role of lease financing in state-owned enterprises by studying the impacts of corresponding policies on the leasing financing behavior of state-owned enterprises in the process of stateowned enterprise reform and the changes brought about by lease financing to the performance level of enterprises.In the process of the reform of state-owned enterprises,after the development practice,the two reform ideas of “competition theory” and “property right theory” have been formed in theory.Competition theory often uses relative performance comparison to carry out research,tournament is a special form of relative performance comparison,so it is a good carrier to study competition theory.At the same time,the practice of reforming the property rights structure of state-owned enterprises has proved that mixed ownership reform is a good way to reform china's specific national conditions.Therefore,in the study of this paper,this paper first explores the impact of the tournament and the reform of mixed ownership on the leasing behavior of state-owned enterprises.The result shows that when the tournament is more competitive,the enterprise significantly reduce the share of financial leasing in fixed assets,but significantly increased the share of operating leasing,and tend to increase the proportion of operating leasing in the face of lease options.This result is due in part to the fact that before the reform of accounting standards,financial leasing is included in the liabilities of enterprises,and the characteristics of increasing liabilities were more significant than those of operating leasing.With the increase of the gap level of executive pay,the power of senior executives has been further increased,and the level of corporate book debt has been gradually reduced in order to consolidate personal interests.However,the advantages of operating leasing non-entry can help enterprises to finance at the same time,without increasing the enterprise's book liabilities,off-balance-sheet liabilities reduce the likelihood of senior executives being supervised;Compared with financial leasing,operating leasing can play a better role in reducing the cost of enterprise debt agency,alleviate the agency conflict between shareholders and creditors due to the increase of salary gap,and also leads to the increase of the share of operating lease.Further,in the process of using the tournament to reform the vitality of state-owned enterprises and reduce the leverage,it is precisely because of the impact of the entry and non-entry,the state-owned enterprises exist to use the operating lease to transfer book liabilities,so as to achieve the purpose of reducing leverage,resulting in the effect of policy arbitrage.Secondly,this paper explores the impact of the reform of mixed ownership of stateowned enterprises on the behavior of enterprise lease financing.The study found that the higher the reform of mixed ownership,the lower the share of financial leasing in fixed assets,increase the share of operating leasing,and arrange more operating leasesing in the choice of leasing methods.The reason for this conclusion is that the financing effect of financial leasing is obscured by the demand of non-state-owned capital to reduce book debt.Further,the reform of mixed ownership can improve the effect of internal governance of enterprises,which can complement the effect of management of the agency problem between shareholders and creditors,thus increasing the dependence of enterprises on operating leases.At the same time,the reform of mixed ownership brings about the reduction of the state-owned background and the profitmaking nature of non-state-owned capital,which improves the degree of budget constraints faced by enterprises,and the operating lease helps enterprises to finance accordingly without entering the table,which alleviates the degree of financing constraints faced by enterprises and serves the cash flow of enterprises.In addition,mixed ownership reform has the effect of improving the governance of state-owned enterprises and reducing leverage.Under the demand of this kind of policy,state-owned enterprises have the behavior of transferring book liabilities by using the effect of offbalance sheet financing of operating leases,arranging more business leases in the lease structure,and bringing policy arbitrage.Finally,on the basis of the above research,this paper mainly analyzes the economic consequence of the change of the lease financing behavior of state-owned enterprises in the process of state-owned enterprise reform,and mainly explores its impact on the level of business performance of enterprises.It is also found that the higher the share of financial leasing in fixed assets,the lower the level of business performance of enterprises,but the increase in the share of operating leases will significantly increase the level of enterprise performance.The above conclusion also shows that in the choice of leasing mode,the share of operating lease is higher,which can significantly improve the level of business performance.And the increase of the internal salary gap level of state-owned enterprises will further deepen the improvement of the performance level,but the reform of mixed ownership will inversely hinder the improvement of the level of business performance.The result is due to the offset between the financing effect of financial lease and the increase of book liabilities,but the financial communication brought about by off-balance sheet financing of operating lease can improve the level of cash flow and investment efficiency of enterprises.And the increase of the degree of internal championships,the level of cash holding is more important to the development of enterprise management,the level of tournaments strengthens the effect of operating leases to improve the level of cash holdings of enterprises;On the other hand,the role of mixed ownership reform hardening budget constraints reverses the role of investment efficiency improvement brought about by operating leaseing,thereby reducing the level of enterprise performance.Therefore,the research in this paper shows that in the process of reform of stateowned enterprises,financial leasing and operating leasing play different roles,the debt role of financial lease is significant,but the off-balance sheet financing role of operating lease is more significant.The “disadvantage” of increasing book debt in financial leases makes state-owned enterprises face more supervision,and even the “disadvantage” of increasing positive debt overrives the financing effect,thus gradually reducing its share under the influence of championships and mixed ownership reform,and failing to bring significant performance improvement to state-owned enterprises.However,the role of off-the-table financing and governance of operating leases is more significant,and the favor of state-owned enterprises also brings more economic benefits.Further,the“advantage” of this off-balance sheet financing causes state-owned enterprises to transfer book liabilities to reduce corporate leverage,thus having the tendency of policy arbitrage.The research conclusion of this paper further enriches the research in the field of so-owned enterprise reform and lease financing,the effect of the reform of state-owned enterprises on the operation of enterprises has been constantly controversial,this paper extends the influence of the reform of state-owned enterprises on the research of enterprises to the field of financing,and focuses on the impact of the reform policy of state-owned enterprises on the relatively small group of financing methods-leasing,and expands the research boundary.The study found that tournaments that increase corporate competition change the role of executives in corporate decision-making,and that the pay gap between high-levels increases the enthusiasm of other executives while increasing the use of measures by higher-level executives to maintain their position advantage.The effect of mixed ownership reform depends on the proportion of non-state-owned shares introduced in the reform process,and the effect of reform will increase the effect of governance while increasing the financing constraints of enterprises,and oversrive the performance level of state-owned enterprises brought about by operating leases.The research of this paper enriches the theoretical circle's understanding of the reform of state-owned enterprises,and puts forward some theoretical guidance for further improving the operation of state-owned enterprises in the future and maximizing the effect of maintenance reform.In the previous leasing research,especially the domestic lease research,mainly for leasing in helping enterprises to finance,ease the role of financing constraints,and in the study,only for a single lease type of corresponding research,its conclusions can not be effectively extended to a wide range of leasing research.This paper manually collects the corresponding operating leasing and financial leasing data,respectively,investigating the role of the two leasing methods in state-owned enterprises,and finds that the effect of financial leasing liabilities is more significant,the effect of off-balance sheet financing and governance of operating leases is more significant,and the stateowned enterprises have the behavior of using operating leases to transfer book liabilities and policy arbitrage.The research of this paper further enriches the study of the role of leasing in state-owned enterprises,and the conclusion of the study also puts forward new thinking for the change of accounting standards,and including both leasing methods in the financial statements can restrain the behavior of state-owned enterprises using operating leasing to transfer book leverage,but it may also bring some uncertainty,such as the possible reduction of performance improvement brought about by operating leasing. |
PDF Full Text Request