【作者】 陈炜；

【导师】 朱宁；

【作者基本信息】 上海交通大学 ， 高级工商管理（EMBA）（专业学位）， 2016， 硕士

【副题名】兼论对中国的启示

【摘要】 本文以纳斯达克资本市场(NASDAQ-CM)小额资本公司为研究对象,采用理论结合实证的方法,研究美国中小企业采用融资租赁的影响因素,为融资租赁在我国的发展和完善提供了有利的依据。融资租赁起源于上世纪50年代的美国,经过了大半个世界的发展,已经成为除银行信贷之外的第二大融资方式。研究融资租赁理论对我国融资租赁业的发展有着很大的借鉴意义。本文对融资租赁的理论进行了系统阐述,包括其定义,运作模式,作用,优势以及风险。之后,对融资租赁的定义以及运作模式进行了详细论述,对相关概念作了对比分析,比如经营租赁,融资租赁。并且对融资租赁的作用,优势,以及主要的风险进行了阐述,简单介绍了融资租赁的发展和现状。在对美国融资租赁理论分析时,从美国的融资租赁历史入手,分析了经过大半个世纪的发展,美国的现行经济环境,法律环境下融资租赁与企业内源融资,银行信用,债券融资,股权融资以及信托融资的比较优势。接着对融资租赁的有关研究综述和理论进行分析。这些理论主要包括税率差别理论,债务替代理论,代理成本,破产理论以及目前我国的一些相关研究。在公司融资租赁决策因素实证研究中,采取了纳斯达克资本市场小额资本公司2013年的财务数据。利用独立样本的T检验和二元Logit离散选择模型分析,得出了偿债能力,营运能力,盈利能力以及成长能力与小额资本公司融资租赁相关关系。最后,在美国经验之上,结合本国国情,对我国的融资租赁业发展状况进行分析,找出了中国融资租赁业目前所存在的问题,并在此基础上提出了政策建议。总之,融资租赁对于经济发展的作用是不可忽视的,特别是对于中国在目前经济调控手段不多的情况下,对于拉动内需,扩大市场有效需求,调节宏观经济、引导资本合理有序流动,融资租赁将大有用武之地。更多还原

【Abstract】 In the first part,the paper describes the research background and put forward the main point.Besides,it introduces the research purpose,significance,content,break-through points as well as limitation of the research.Then it introduces the theories of financial leasing.Originated from the USA in the 1950 s,financial leasing have developed for almost 60 years and have been adopted be more than 100 countries in the world.Owning to its function and advantage,financial leasing has become the second finance source for the assets investment around world.Based on the theories and previous empirical studies home and abroad,one of the potential benefit of financial leasing is the access to capital that it provides for firms that do not yet have assets to pledge for loan collateral.In fact,finance lease is a lease that transfers substantially all the risks and rewards incident to ownership of an asset.In the empirical study,we use the Independent T Test and binary choice model to examine the determinants of financial leasing.This paper utilizes data from the annual report 2013 of small capital companies in Nasdaq capital market to examine the determinants that effect on financial leasing.we find that,for the sample as a whole,companies those use financial leasing are more likely to have low debt-to-equity ratio,high net inc/total assets,high growth rate.In addition,for the company,the determinants of financial leasing are positively correlated with profitability,growth opportunities,but negatively correlated with leverage.The leasing industry in China appeared not so much post-1978 not because the law did not permit it,but because no law or notice prevented it at that time.It was not until the beginning of the 1980 s that financial leasing began to attract attentions.However,for various kinds of reasons,after almost 30 years of development,it doesn‘t play a full role in helping the social economic development and companies growth.So researching on financial leasing of USA will contribute to our economics in the field improvement and advancement.更多还原