Research On The Impact Of Financial Leasing On Fixed Asset Investment Of Listed Enterprises

At present,many enterprises are faced with the problems of expensive and difficult financing.Financial leasing mainly provides a new financing channel for enterprises,which helps to alleviate financing difficulties.But whether financial leasing can improve the investment in fixed assets of enterprises and thus ease the financing difficulties,if this problem is well solved,it is conducive to the function of financial services for the real economy.Therefore,this thesis attempts to investigate whether financial leasing helps to improve the scale of fixed asset investment of enterprises and realize the function of financial services for the real economy from the micro level,so as to provide reference opinions for the development of China’s financial leasing industry and industrial transformation and upgrading.Based on the above purpose,this thesis collects panel data of China’s A-share listed enterprises from 2019-2021,establishes a regression model to study the relationship between financial leasing and fixed asset investment,and further explores the mechanism of the role between the two and the heterogeneity of financial leasing affecting fixed asset investment.Finally,the impact of debt source structure including financial leasing on the investment behavior of enterprises is studied,and the differences are analyzed by comparing different debt sources.The body is divided into five chapters.Chapter 1 introduces the background and significance of the topic of the dissertation,the content and ideas of the study,the innovation points and shortcomings;Chapter 2 is literature review,summarizes the literature related to the impact of financial leasing on macroeconomics,technological progress and bank credit.Next,summarize the influencing factors of enterprise fixed asset investment and compares the literature on the relationship between fixed asset investment and technological innovation,industrial structure and resource allocation;Chapter 3 provides theoretical analysis and proposes research hypotheses,summarizing the concept,types,characteristics,functions,and influencing factors of financial leasing,as well as related theories.Putting forward the hypothesis of the relationship between financial leasing and fixed asset investment.Chapter 4 is the research design,based on the collected data,establishing indicators of financial leasing and fixed asset investment,establishing regression models,and conducting descriptive statistics and multiple covariance tests on the indicators;Chapter 5 carries out the empirical analysis,using a two-way fixed-effects regression model to analyze the relationship between the two,and the results are analyzed by endogeneity and robustness tests.Then,heterogeneity analysis is conducted from four perspectives:the property rights,scale,location and debt level of the enterprise;At the same time,other types of enterprise financing are also included to explore the differences in the impact of different financing types on enterprise fixed asset investment.Chapter 6 provides conclusions and recommendations.The main conclusions of this thesis are as follows.First,the increase in the scale of financial leasing has a significant promotion effect on enterprise fixed asset investment,and the reliability of the benchmark regression results is verified through the instrumental variable 2SLS regression model and a series of robustness tests.Second,in the analysis of the mediation mechanism,it is found that the increase in the scale of enterprise financial leasing boosts the investment in fixed assets by improving corporate cash flow,alleviating financing constraints and reducing principal-agent costs.Third,the in the heterogeneity analysis,it is found that the role of financial leasing in boosting fixed asset investment is greater among state-owned enterprises,large-scale enterprises,enterprises in the eastern region and enterprises with high debt levels;fourth,by conducting research on the impact of different types of financing modes on fixed asset investment,it is found that the role of bank credit is the strongest and greater than that of financial leasing.The role of bond financing is not significant,and commercial credit has an inhibiting effect on fixed asset investment.Based on the above conclusions,this thesis argues that the government needs to strengthen macro regulation and control,improve the supporting policies of financial leasing,and guide financial leasing to serve the real economy.At the same time,it should increase the support for the financial leasing of enterprises in the central and western regions to ensure the coordinated development of financial leasing at the regional level,broaden the financing channels of enterprises,and stimulate the rapid development of the financial leasing industry.This thesis has made innovations in the following aspects.First,this thesis enriches the research results of financial leasing at the micro level.At present,there are more discussions on the impact of financial leasing on enterprise investment or economic growth at the macro level,but less at the micro level.According to the implementation of the new leasing accounting standards,this thesis adopts the panel data of listed companies in the last three years to improve the reliability of the data sample at the micro level.At the same time,it examines the effect of financial leasing from the perspective of enterprises’ micro investment and explores the mechanism of the role of enterprise cash flow,financing constraints and principal-agent costs in the impact of financial leasing on fixed asset investment,which enriches the current research results.Second,this thesis expands the idea of improving the level of fixed investment of enterprises.As an important investment activity,fixed assets investment needs abundant and sufficient financing.Financial leasing,as a form of credit that replaces financing with financial goods and is closely connected with financing,can effectively alleviate the capital problems faced by enterprises when they make fixed investment,and provides ideas for enterprises to improve fixed assets investment.Third,this thesis provides a comprehensive consideration for enterprises to better carry out financial leasing.Taking into account the reality of China,this thesis adds characteristics such as the nature of property rights,enterprise size,location and debt level of the enterprise to analyze the differences in the impact of corporate finance leasing on fixed asset investment under different circumstances,to deepen the understanding of the study and provide an empirical basis for enterprises to carry out finance leasing.