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1、AbstractAbstractOff-balance-sheet(“OBS”)financingreferstoafinancingbehaviorthatnotbeenreflectedinthebalancesheet.Inrecentyears,drivenbyawaveoffinancialtoolinnovationChina'sOBSfinancingisdevelopingrapidly.MoreandmorecompaniesstartedtousecomplexOBSfinancingmethodtoraisefunds.Itcausestheattentionofso
2、ciety,theacademiaandregulatoryauthoritiesbegantocarryoutdeepandsystematicstudyonthephilosophyofinnovationandregulatorycoordination.Butthoseexistingresearchesmainlyconcentratedinbank’soff-balancesheetactivities,operationleases,assetsecuritizationandtheyrecognition,measurement,disclosureoroperation.
3、Mostofthesestudiesaretheoretical.Ontheonehandisduetoalackofattentiontothestudy,ontheotherhandisduetotherelateddataisnotavailable.Onthebasisofrelevanttheories,thispaperfirstintroducesthedefinitionandinnovationofOBSfinancing,thansimplyintroducesoperationleases,brieflyillustratesitsOBSinfluences.Base
4、donpredecessors'researchresultsandthebasictheoryoffinancingstructure,wetrytoanalysis“howdosethecompany’scapitalstructureaffectnon-financialinstitutions’OBSfinancing”and“doseappropriateOBSfinancingwillimprovethevalueofcompany?”twoquestions.ItrevealsthattheeffectsofOBSfinancingonthevalueofcompanyare
5、mainlyinthreeaspects.Firstly,OBSfinancingchangingthecapitalstructuretoreducethecostoffinancing,directlyincreasingcompany’sinvestment.Thenitinfluencesthemarketbydeliveringaccountinginformation,aswellasbringsbusinessinitiativeandpressure.Atlast,weselectoperationleasesasresearchobjection,doempiricall
6、ytestbyusingallthedataofA-sharenon-financiallistedcompaniesfrom2009to2013.Thetheoreticalanalysisverifiedbyempiricalresultsintheend.Throughtheoreticalandempiricalresearch,wefinallyconcludethatontheonehand,forsavingthecostoffinancing,improvingcashflow,concealingtherealfinancialsituation,companieswit
7、hhighleveragearemorelikelytendtoOBSIIAbstractfinancing.OBSfinancing,ontheotherhand,willhelpimprovethevalueofcompany.Finally,thepaperputsforwardthreesuggestions.Atfirst,withthejointeffortsfromregulatoryauthorities
