租賃理論常常將融資租賃和負債看做為替代品，不過很多實證結果卻不支持這樣的假設。本文的目的在於探尋中國大陸地區融資租賃的影響因素和企業採用融資租賃的動因。此外，於本研究前，亦鮮有學者使用大陸資料進行實證分析。本文在大陸滬深A股2003﹣2012年間，共1400家公司的年報資料基礎上，分別使用面板數據的逻辑迴歸模型和廣義迴歸模型，來分析融資租賃，負債和其他影響因素之間的關係。結果顯示，中國大陸企業使用融資租賃的程度和其負債率呈現顯著的負相關。這與之前其他的實證研究結果相反。我們發現大型的、存在更大程度信息不對稱的公司，更偏好進行融資租賃。此外，我們驗證了企業的融資租賃活動能夠顯著降低其資金成本。我們認為此為企業採取融資租賃活動的動因之一。

Theoretically, debt and leases are treated as substitutes, but empirical results are mixed. However, research that has empirically examined the relationship between leases, debt, and other factors in China is scant. The purpose of this study is to find the determinants and purposes of firms’ leasing transactions in Mainland China. We use logistic and GLS frameworks to analyze data from annual reports of about 1,400 firms in the A-share market over the 2003 to 2012 sample period. The results suggest that leases and debt are substitutes, which is inconsistent with past studies in China. We find that lessee firms have relatively larger size and more asymmetric information. Furthermore, we also determine that firms using leases are doing so based on the purpose of reducing their cost of capital.

誌謝 ii
摘要 iii
ABSTRACT iv
List of Figures vi
List of Tables vi
I. INTRODUCTION 1
1.1 Background Information 1
1.2 Research Purpose 2
1.3 Limitations of Research 4
1.4 Research Structure 5
II. LITERATURE REVIEW 6
2.1 An Introduction to the Chinese Leasing Industry 6
2.2 The Leasing Theories 13
III. DATA AND METHODOLOGY 23
3.1 Methodology 23
3.2 Hypotheses 25
3.3 Variables Construction 29
3.4 Samples 32
IV. EMPIRICAL RESULTS 39
4.1 Univariate Anaylsis 39
4.2 The Logistic Analysis 44
4.3 The GLS Analysis 47
V. CONCLUSION 55
REFERENCES 58
APPENDIX 61

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