Can financial leasing really ease financial constraint? --Evidence from China's A-share listed companies

Author(s): Jian Jianhui, Shiyong Zhao

Financial leasing, which rose in the United States and gradually swept the world, has become second largest financing channel in developed country, and its development in China also has received more and more concern. However, can financial leasing really ease financing constraints in China? This paper establishes a theoretical framework about financial leasing motivation, and research the intrinsic link between corporate financial leasing decision and financing constraints. Empirical results show that: financial leasing did not play a role in easing financing constraints in China, and imperfection of a series of institutional arrangements restricts further development of financial leasing in China.

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