An Empirical Study On The Influencing Factors Of Financing Leasing In Enterprises

The leasing company established in the United States in 1952 marked the birth of the financial leasing industry.This innovative model was created in order to meet the huge demand for large-scale mechanical equipment in the absence of economic strength after World War II.With the characteristics of financial needs,the financial leasing industry has developed rapidly and has spawned many other business models that have been followed by other countries in the world.Nowadays,financial leasing has developed into the second largest financing method second only to commercial loans in foreign countries.However,it was not formally introduced into China until the early 1980 s,and it has so far only 40 years of development history.The Guiding Opinions on Promoting the Healthy Development of Financial Leasing Industry issued by the General Office of the State Council on September 1,2015 proposes to fully understand the important role of financial leasing services in the real economy,and to make financial leasing an overall consideration in the overall strategy for the development of national economy.This means that financial leasing has become one of the key development industries in the country.Manufacturing industry is the mainstay of China's economy.The healthy development of manufacturing industry can promote the realization of the goal of China's transition from a “manufacturing power” to a “manufacturing power”.Because financial leasing can be widely used in manufacturing,it is bound to be manufactured.There is a lot to be achieved in the development of the industry.Therefore,in the near future,financial leasing will inevitably make great progress.However,under the stimulation of the national preferential policies,it is inevitable that some enterprises with lack of operating qualifications will enter the financial leasing industry,which will hinder the healthy development of the financial leasing market.Therefore,exploring the micro-influencing factors of the development of financial leasing is of great significance to the development of China's financial leasing industry.The article first collects opinions of domestic and foreign scholars,and provides a theoretical basis for subsequent empirical analysis by summarizing these viewpoints.Apart from the three major theories that have been summarized by previous authors: Tax Rate Difference Theory,Debt Substitution Theory,and Agent Bankruptcy Cost Theory,this paper discusses The company's life cycle theory has also been thought and explored;secondly,through the comparison of domestic and international developments and related policies,combined with the actual development of China's financing leasing industry,the macrocharacteristics of the manufacturing industry have influenced the development of macro-finance leases.Summing up the factors;based on this,based on the micro-perspective of the renting company,assuming possible influencing factors,including income tax rate,long-term debt,growth,profitability,company size,equity concentration and cash flow.These seven indicators serve as independent variables.In the empirical analysis section,an independent sample T-test is performed on each independent variable to determine whether there is a significant correlation between these indicators and the company's financial leasing decisions.Finally,a Logistic regression model is used to perform empirical analysis of each variable and the following conclusions are drawn: The main influencing factors of financial leasing in manufacturing companies include: the growth potential of enterprises,cash flow management capabilities,and ownership concentration.