The Analysis Of Influence "Replacing Business Tax With Value-added Tax" On The Financial Leasing

From the beginning of financial lease,it acquired highly attention by western major developed countries.The financial lease has the characteristics that it combined the function of fund-raising and goods-raising,and can meet the demands of a large amount of money of lost enterprises.During the financial risk,bank tighten the crediting conditions,the enterprise were facing difficulties to raise money.But at the same time,the company need for substantial assets that can change the existing management structure for innovation.So,at this period,the financial leasing industry showed a leap of development.Nowadays,the financial leasing has become the second way to fund-raising,only next to the bank credit in western countries.It plays a more and more important role in the capital market,helping more and more companies both in large and small size solved the problem of financial difficulty.With the increasing upsurge of the research on financing lease in foreign countries,Chinese scholars pay more and more attention to the financial leasing industry,the relevant literature is increasing gradually.An increasing number of enterprises have knowledge of the financial leasing and they are willing to have a try of this financial method.By the end of 2012,the volume of financial leasing business in China rank second in the world,only next to the quantity of financial leasing business in America.However,behind the fact of increasing business,we must make it clear,that the index marking the financial leasing industry is mature,the equipment permeability,is still very low in our country,far below the level of developed countries.It shows that the financial leasing industry still has a long way to go,the market space in the future is great and the problem need to be solved cannot be ignore.Since 2012,China began to implement the policy "replacing business tax with value-added tax"(VAT),in financial leasing industry about the tangible and movable property,aimed to improving the financial leasing industry credit chain,reduce the overall tax burden level of the finance leasing industry,promote the development of financial leasing industry.However,due to China's lack of related tax incentives in financial leasing industry and there are some problems such as invoices,the purpose to promote the progress of financial leasing industry is not that ideal,and the policy needed further improvement.This article take the Shanghai A shares of non-financial listing Corporation as an example,aimed to study the factors that influence the corporate financing lease,find the approach to development of financial leasing industry from the view of lessee.First of all,the article describes the research background,purpose and significance of the article and the innovations and deficiencies.And analyze the theory that influenced the financial leasing factors of related literature both at home and abroad.There are four indexes that influence the financial leasing of enterprises,the level of turnover tax burden,the structure of long-term debt,the growth and profitability of enterprise,we consider the four factors to analyze and interpret.Combined with the VAT that has been implemented for four years,we focused on the impact of tax reform on the level of listing Corporation of turnover tax burden.On the basis of five years data in 2010-2014,make a empirical analysis.As the research object of this paper is whether the enterprise has financing lease,it is a virtual variable,so the data will be divided into two groups.Firstly,by analyzing the data and do some descriptive statistics,we found that after the implementation of "VAT",due to increase in the tax rate or the vague or missing of tax incentives policy,non-financial listing Corporation's tax burden level has been greatly increased.It effects contrary to the original intention of "VAT".Secondly,with the single variable T test analysis of the mean of four variables,through the observation of two groups that the T test index-"mean" of each variable,decide whether there are significant differences between the two groups.To determine whether there is a significant correlation between indicators and the enterprise financing lease decision.We found that the four variables have a significant positive correlation to enterprises' decision-making of financing lease.They are important factors that the corporate should take into accountant.Finally,this paper do statistical analysis with Eviews in the four virtual variables with Logistic regression model,and draw the following conclusions:Transfer tax level is negatively correlated with the financing lease enterprise decision-making,reduce business tax rate can increase corporate financing lease enthusiasm,promote the development of financial leasing;The structure of long-term debt and the enterprise's financing leasing decisions are positively related.In the current,financial leasing is a substitute choice of bank loan when the bank loans meet its limit.The higher the enterprise long-term loan,the difficulty to obtain bank loans,so the enterprise will incline to adopt the way of finance lease as the method to raising money.Compared with bank loans,financing lease has higher interest rates than bank interests at least 6 percentage points.Therefore,seek methods to reduce rental costs is an important measure to promote the development of financial leasing;The growth of enterprise or the growth rate of the business revenue was positively correlated with the financing lease enterprise decision.In the stage of high-speed growth of the enterprise,a large amount of funds was required,financing lease has the characteristics of short duration,fewer restrictions on borrowing compares to bank loan.Therefore this is more inclined to adopt the way of finance lease financing.This theory provided recommendations for the renter to find the proper lessee.The renter should put more money to the enterprise that has more growth opportunities,help them to grow,so as to achieve a win-win purpose;The profitability of enterprises is negatively related to the enterprise decision of financing lease.If a company has more profitability,it tends to give priority to the use of its retained profits for reinvestment,and less use of financing lease.The reason lies in the national understanding of the financial leasing is not comprehensive enough,grasp the leverage of financial leasing is not thorough,the corresponding financial leasing personnel are relatively scarce,difficult to have the advanced management experience of leased assets?Therefore expand financing lease of education and training,cultivating talents of financial leasing,it's an urgent task,and it has long-term and profound significance for promoting the development of financial leasing.