融资租赁是企业融资渠道的重要补充，在海外市场有着广泛的应用。融资租赁行业在我国经历了数十年的发展，经历了螺旋式上升的进程，为我国企业的经营发展做出了重要的贡献，成为了企业在股权融资、银行信贷以外重要的融资渠道。因此，研究企业融资租赁的决策的影响因素和行为动机，从而针对性地出台相应的政策促进企业根据自身条件合理采取融资租赁这一融资模式，对于我国企业和融资租赁行业的发展具有重要意义。本研究以中国上交所和深交所的上市公司为样本，通过实证分析来研究企业融资租赁决策的影响因素。对样本上市公司2016-2020年年报进行分析和筛选后，选择了2,851家上市公司的数据样本进行实证回归分析。在实证研究方面，本文首先系统性地分析了国外成熟的融资租赁影响因素理论，结合国内已有的文献研究，同时通过对中国融资租赁行业实际情况的调研，提出了影响中国企业融资租赁决策的影响因素假设，然后对样本数据分别进行Logistic回归分析和面板分析。在对总体样本回归分析之后，再将样本企业按照规模大小、所有权属性分成四组之后进行分组回归分析，来考察不同类型的企业之间融资租赁决策影响因素的差异。最后对实证回归结果进行稳健性分析，通过改变数据样本的时间段、替换解释变量来检验回归结果的稳健性。实证研究发现，企业的税率水平、债务水平、规模和国企属性与企业采用融资租赁存在显著的相关性；从不同规模、不同所有权属性的企业来看，债务水平对非国企的融资租赁决策的影响比对国企的融资租赁决策的影响更显著；成长能力对小型企业的融资租赁决策的影响比对大型企业的融资租赁决策的影响更显著。最后对研究结论进行分析，提出我国政府可以考虑针对不同规模的企业、不同特点的融资租赁标的物制定不同的融资租赁税收政策，从而鼓励具有较好成长性以及战略新兴产业的企业合理利用融资租赁来解决资金需求；同时，可以进一步打破国企债务的隐性政府背书，促进各个经济主体平等参与市场经济，获得公平的融资条件，提高融资租赁资金的配置效率。融资租赁公司可以增强价值发现和风险定价能力，拓展中小企业、民营企业融资租赁业务，在获得较好的风险调整后收益的同时促进中小企业和民营经济发展。
Financial leasing is an important supplement to corporate financing channels which is prevalently used abroad. Financial leasing industry in China has been developing in China for decades, and has played as an important financing channel for enterprises. Therefore, it is of great significance to study the influencing factors and behavioral motive of corporate financial leasing decisions, and to promote enterprises to reasonably adopt financial leasing based on their own conditions. This paper takes A-share listed companies as samples to study the influencing factors of corporate financial leasing decisions. 2,851 listed companies were selected for empirical regression analysis.The research is based on global financial leasing theories and current financial leasing industry status in China, and put forward assumptions about the influencing factors of enterprises’ financial leasing decision in China. After determining the explanatory variables, this research conducts logistic regression and panel regression on explanatory variables for the whole sample. Then, the sample enterprises are classified into 4 groups based on size and ownership attributes to conduct logistic regression and panel regression for each group. Also, robustness test is conducted for previous regression result. The empirical research found that there’s a significant correlation between tax rate, leverage, scale and state-owned enterprise (SOE) attribute of enterprises and financial leasing decisions by enterprises; the impact of leverage on the financial leasing decisions of non-SOEs is more significant than that of SOEs; the impact of growth ability on the financial leasing decisions of small enterprises is more significant than that of large enterprises. Finally, it is proposed that Chinese government can consider formulating different financial leasing tax policies for enterprises of different scales and financial leasing objects of different characteristics; and further break the implicit government endorsement of SOE debts. Financial leasing companies can enhance value discovery and risk pricing capabilities to get better risk-adjusted return, and expand financial leasing business with SMEs and private enterprises.
