Analysis On The Factors Influencing The Financing Lease In China

With the continuous development of the socialist market economy in our country,small and medium-sized enterprises are playing an increasingly important role in the economic and social development of our country.However,compared with the more important economic and social status of small and medium-sized enterprises,Through the analysis of the present situation of financing leasing industry in China,it is found that the financing lease industry in our country is developing rapidly but the leasehold penetration is low.However,as a new type of financing method,financial leasing can reduce the information asymmetry,reduce the financing threshold and the financing cost of small and medium-sized enterprises.The advantages of long financing period,flexible repayment and improving the utilization rate of funds.Therefore,this paper intends to study the factors affecting the financing lease of small and medium-sized enterprises in China.In order to promote the development of financial leasing industry in small and medium-sized enterprises and to solve the problem of financing difficulty for small and medium-sized enterprises in China,this paper explores the influence degree of the financial index of small and medium-sized enterprises on the adoption of financial lease.The data selected in this paper are the data of small and medium board listed companies from 2014-2016.In the empirical study,we first apply the independent sample mean T test to the income tax rate,long-term debt ratio,cash flow level.The group difference analysis of growth ability and equipment investment is based on whether the listed companies of small and medium board take financial lease to finance.The results show that the income tax rate,long-term debt ratio,and so on.Cash flow level and growth ability are obviously different between the two groups of data.Then this paper uses the fixed panel Logistic regression model to analyze the data of small and medium-sized board listed companies from 2014-2016 to explore the international income tax rate and long-term debt ratio.The effects of cash flow level,growth ability and equipment investment on whether SMEs adopt financial lease or not.Through regression analysis,we find that long-term debt ratio and cash flow level have significant influence on whether SMEs adopt financial lease.Enterprises with high long-term debt ratio and low cash floware more likely to take financing by means of financial leasing,while the actual income tax rate is higher than that of other enterprises.The growth ability and equipment investment have no significant influence on whether SMEs adopt financial leasing.Finally,this paper reanalyzes the data of small and medium-sized board listed companies by changing the robustness test method of regression method.The conclusion is basically consistent with the result of fixed panel Logistic regression,which shows that the empirical regression is effective,and it also shows that there are still many problems in the application of financial leasing in the financing of small and medium-sized enterprises in China.Based on the analysis of the regression results,this paper finds that on the one hand,the scale of financial leasing used in small and medium-sized enterprises in China is still relatively small.And the financing of small and medium-sized enterprises using financial leasing mainly to meet the single financing needs rather than equipment investment needs.On the other hand,indirectly,although the financing leasing industry in China is developing rapidly,However,the financing leasing industry in our country has the problem of unreasonable business structure,which accounts for a large proportion of the after-sale leasing,so there is still a lot of room for development of the financing leasing industry in our country.According to the present situation of financing of SMEs in China,the present situation of financing leasing industry and the result of empirical regression,this paper thinks that the preferential policies of financing leasing of SMEs are not in place at present.This paper puts forward some policy suggestions on how to perfect the preferential tax policy of financing lease,improve the recognition of financial lease and optimize the structure of financial lease business.