Research On Factors Influencing Financial Leasing Decisions Of Listed Companies In Eastern China

Since the reform and opening up,financial leasing has gradually developed in China.In the past two years,under the guidance of policy and market demand,it has ushered in the "golden decade" of industry development.Especially since the executive meeting of the state council in 2015 pointed out that the financial leasing business and financial leasing business should be promoted rapidly,the domestic financial leasing industry environment has been constantly changing.At present,how to make enterprises better to make financial leasing decisions according to their own situation has become an important issue.Enterprises need to use leasing to improve their operational capabilities and promote China's economic transformation and upgrading.This paper takes the A-share listed companies of the Shanghai Stock Exchange in the eastern part of China as a sample to study the factors affecting the financial leasing decision-making of enterprises.We manually reviewed the annual accounting annual report of thousands of listed companies for sample screening and data collection,and finally obtained 668 effective sample companies,including 107 listed companies using financial leasing.Based on the mainstream theory of foreign financial leasing,this paper analyzes the current environment of China's financial leasing industry and proposes four related assumptions about the factors affecting domestic financial leasing.Firstly,we preliminarily determined the variable indicators according to the hypothesis,and then screened out tax factors,debt factors,profitability factors and equity concentration factors through the principal component analysis method.Then,we performed multi-collinearity test and logistic regression on the variable index and performed the goodness-of-fit test.In order to carry out the robustness test,we lag the explanatory variable by one period.The empirical study found that the long-term correction of the debt ratio,the return on net assets,the shareholding ratio of the top ten shareholders and the use of financial leasing in enterprises have a correlation.We verify the applicability of debt substitution theory,agency cost and bankruptcy cost theory in Chin.Finally,the paper analyzes the reasons for the conclusions of the study,and proposes that Chinese enterprises should give play to the advantages of leasing to improve the asset structure,optimize the leasing method to achieve effective tax savings,use leasing equipment to improve profitability,and reduce agency costs to secure leasing income.