In this part, the definition and the basic theory of financial lease and the tax policies of foreign financial lease are concisely discussed. First, the theory of tax difference, the theory of debt substitutability, the theory of agency costs and the bankrupt costs as well as the documents reviewed, are made as the theory basis of the paper.
On the basis of the empirical analysis, the paper draws a conclusion that the theory of tax difference and the theory of debt substitutability are significantly correlated to the probability of using financial lease.
From the viewpoints of lessee, the paper educes a logistic equation and draws some logistic conclusions of factors that influence the financial lease on the basis of using the accounting reports of listed companies of shanghai stock exchange in 2002. The author points out that the theories of tax difference and debt substitutability are the key theories, which influence the financial lease in Chinese enterprises.
From the viewpoints of lessee, the paper educes a logistic equation and draws some logistic conclusions of factors that influence the financial lease on the basis of using the accounting reports of listed companies of shanghai stock exchange in 2002. The author points out that the theories of tax difference and debt substitutability are the key theories, which influence the financial lease in Chinese enterprises.