Listed Companies In China Sale-leaseback Dynamics Analysis

Finance lease from the last century has been the development of the fifties, in developed countries have been trading as a major market, and formed a relatively mature financial leasing market, especially for equipment manufacturing industry, financial leasing is an extremely important financing its share of the international investment in equipment in proportion second only to bank lending, is the enterprise choice of financing is another important channel. China, beginning in the 1980 s, it was introduced as an exotic, followed by the development of more experienced twists and turns, and highlight its unique promotional products, financing, investment promotion, management, assets and other major features for speeding up the circulation of commodities, expand domestic demand and promote technological upgrading, ease the financing difficulties of SMEs, improve efficiency of resource allocation, and played an important role. It meets the needs of many companies have been gradually pay attention to it. According to the latest 2014 statistics financial leasing industry development report 2014 data found that financial leasing contract has reached 2.1 trillion yuan, financial leasing can be seen more and more prominent in economic development, this article from the perspective of its lessee generate theoretical and empirical motivation analysis, trying to find their intrinsic motivation.Theoretical study abroad, mainly into the existing lease difference between the theoretical tax debt alternative theory, agency cost theory bankruptcy costs three blocks, including the tax factor, the debt ratio, profitability, business growth etc. can produce different financial lease the impact of factors affecting reference herein study abroad, find out whether the same impact on the domestic leasing business. Located at the back of the rapid development of the leasing industry in recent years, driving companies to take motivation of financial leasing, and finance lease after taking effect brought, and then how best to achieve healthy and rapid development of financial leasing industry to provide valuable suggestions.In the study on the basis of domestic and foreign financial leasing, financial leasing is proposed hypothesis motivation, drawing on domestic and foreign financial leasing research model. This paper sample selected 2006--2014 between the Shanghai Stock Exchange main board to take financial leasing companies, taking into account the relatively large fluctuations in ST company and financial sectors particularity, easily affect the test results, the author of the company during the 06-14 are ST and belonging Listed companies in the financial sector were excluded. Three theoretical foundation in finance lease on the proposed use of logistic regression analysis of corporate tax factors, and other factors affecting the proprietary nature of the debt ratio, profitability, growth, enterprise leased assets, and the use of event analysis research companies to take financial leasing after effects. The results found that factors mainly operating lease business taxation factors, growth factors, proprietary assets, financial leasing decision to debt ratio, profitability, asset proprietary; take financial leasing companies and a better market response obvious.Empirical studies have found the existence of decision-making factors of domestic and foreign research findings lease some differences, mainly with domestic leasing tax policies, leasing stage of development, corporate finance preference, financing environment, etc., and finally the development of the domestic leasing theory and policy development relevant recommendations.