The Empirical Study On The Impact Of Finance Lease On The Financial Risk Of Small And Medium-sized Enterprises

With the rapid development of the overall economy of the society,small and medium-sized enterprises(SME)have gradually formed a relatively fast development trend,which is increasingly important in promoting the social and economic progress of our country.With the improvement of economic status of SME,its development prospects are also highly anticipated,however,our country SME due to the small size,mortgage assets less the influence factors of their own characteristics,lead to financing difficulty of SME to improve.Throughout the various financing way of the current capital market,mainly divided into two methods of traditional and new financing,and the supply of funds for SME in the traditional way is difficult to meet the capital needs of the enterprise,based on this background,some new financing way jump and greatly reduce the financing difficulty of SME,is one of the fastest growing financing lease,the financial leasing industry in our country has reached the world's second,the first leading position in Asia.However,in the business process of finance lease,SME are under pressure to pay rent in installments,and the pressure of repayment increases and so on financial risk events.It also generates cash liquidity risk,residual risk,and other financial risks.So this paper aiming at the effects of lease financing for small and medium-sized enterprise financial risk problem,qualitative analysis,this article first from theoretical aspect mainly includes the financial risk mainly embodied in the financing lease,the main factors affecting the financial risk,etc.In this paper in view of the SME financing lease in the process of financial risk based on qualitative analysis,to the interpretation of the strength of financing lease as a financing lease variables,Z-Score values as a measure of financial risk be explained variable,the total return on assets as control variables,the empirical regression analysis,it is concluded that the improvement of financing lease strength has increased the financial risk of the enterprise research conclusion.Based on the above theoretical analysis and empirical research results,This paper analyzes the hierarchical regression of profitability and solvency,it is concluded that high level of profitability of enterprises expand the scale of financing lease the degree of impact of the financial risk is less than low level of profitability,solvency strong enterprises expand the scale of financing lease the degree of impact of the financial risk is greater than the debt paying ability weak enterprise.Therefore,this article put forward respectively in view of the association of SME,government departments,finance lease some suggestions can be adopted by the parties,to keep the financial risk in the process of financing lease in manageable,contribute to the steady development of the SME financing lease.