Operating Leasing, Corporate Governance And Corporate Value

In recent years, the scale of enterprises due to improper control of operating leases and numerous events suffered huge losses, stability and economic and social development have caused a very big impact. Such as: in June 2014 delisting long transport fuel, for his alleged huge liabilities included in operating leases, so that sheet of, resulting in huge debt unable to pay, and ultimately transported long CAO became the first person to state-owned enterprises delisting. On existing domestic accounting standards, whether operating leases is recognized or the disclosure of which has a typical sheet financing, and can not increase the asset-liability ratio of enterprises in a large number of enterprises to obtain financing at the same time, so gaining more and more enterprises their favor. Thus, operating lease as one of the typical off-balance sheet financing, its share of the financing of the real proportion is growing, and its impact on corporate value tends to be long-term, hidden. So, how to control and regulate the operating lease is particularly important.A large number of listed companies abusing sheet financing- resulting in an operating lease business value decreased example shows: how to suppress research on companies operating leasing is essential. Operating lease as one of the modern enterprise necessary financing, then, how to effectively regulate operating leases,reducing its impact on the enterprise value, will inevitably involve corporate governance research. Separation of ownership and information asymmetry is inevitable problems facing businesses today, including among shareholders,management, contradictions and conflicts among creditors would otherwise exist.According to incomplete contract theory, corporate governance can effectively alleviate agency conflicts. Effective corporate governance, minority shareholders of major shareholders have a better balance effect, the owner of the management has a good incentive, creditor management also have a good incentive, and can pairs of the economic business occurrence, development, decision-making and implementation of better coordination, clear responsibilities and supervision in place. Enterprise is morerational in the face of an operating lease decision, the regulations to avoid irregularities in the management of the decision-making process of the implementation of an operating lease to produce the appearance to the maximum extent. Thereby inhibiting influence on the enterprise value of operating leases in the source.Based on the above considerations, this article from the perspective of the value of operating leases affect on departure, collected in the literature on the basis of relevant theories to sort out, and on this basis, operating leasing, corporate governance and corporate value correlation theory analysis and derivation of operating leases relationship between enterprises and enterprise value elaborated and analyzed to derive the inhibitory effect of corporate governance on firm value due to the behavior of operating leases, and to achieve the risk control business generated in the financing process. After the proposed hypothesis, the paper selected data 2012-2014 A-share listed companies empirical test. Empirical findings: Scale and enterprise value of operating leases perfectly negatively correlated, that is about the size of the larger operating leases, the greater the degree of decline in the value of the enterprise, on the other hand, the introduction of corporate governance variables, the result of operating leases negative trends in enterprise value can be suppressed to a certain extent.Description of corporate governance as a governance mechanism that can effectively inhibit enterprise value due to the result of operating leases decreased.