An Empirical Study On The Factors Affecting The Scale Of Financial Leasing In Chinese Enterprises

Financial leasing originated in the United States in the 1850s.Financial leasing is a link between financial and real economy,it has become the third largest form of capital supply after credit financing and equity financing.Although the history of financial leasing in China is not long,it has a rapid development under the guidance of the Free Trade Zone policy.China has became the world's second largest leasing market.By the end of 2015,the annual rental transaction amount of China is 136.45 billion US dollars,second only to USA.However,China's leasing industry penetration rate is only 4%,far behind the leasing industry in developed countries about 15 percentage points.The functional advantages of financial leasing industry can not be fully played would be inconsistent with the huge market potential in China.Foreign scholars have conducted in-depth research on the influencing factors of financial leasing,and formed several mainstream theories:debt substitution theory,tax rate differentiation theory,agency cost theory,bankruptcy cost theory and so on.China has special economic and institutional background.Therefore,it is necessary to conduct a study on the factors affecting Chinese lessee use the financial leasing.It has an important strategic significance.This paper based on the perspective of lessee,selecting 286 A-share listed companies with financial leasing from 2009 to 2015 as the sample.Relating the actual situation of the Chinese enterprises use the sale and leaseback more,combined with China's special corporate ownership and the establishment of the Free-trade Zone,using multiple linear regression method to study the factors affecting the scale of Chinese corporate financial leasing.The regression results show that:(1)There is a positive correlation between long-term debt and financial leasing;(2)Compared with the private enterprise,the long-term debt is more relevant with the scale of the financial leasing in the state-owned enterprises;(3)In the enterprises that adopt the financial leasing,if the leasing companies registered in the Free Trade Zone,then the scale of lessee financial leasing is larger.Based on the empirical results,this paper puts forward suggestions to speed up the implementation of financial leasing from three aspects:government agencies,leasing companies and enterprises.The proposal includes the government should increase the policy support and promote the development of the leasing industry.The leasing company should deepen the core business and improve the innovation ability.The enterprises should broaden the financing ideas and make flexible use of the financial leasing.The main contributions of this paper are to study closely the actual situation in China and to make effective suggestions on accelerating the implementation of financial leasing,enriching the research on financial leasing in China.Which is conducive to improving the government,leasing companies and enterprises on the understanding of China's financial leasing status quo,with China's "supply side reform","The Belt and Road",Chinese manufacturing "going out" development strategies,so that the financial leasing to better serve the real economy.