破产成本与融资租赁决策[文献翻译]

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1、外文题目：BankruptcyCostsandtheFinancialLeasingDecision出处：FINANCIALMANAGEMENT作者：SivaramaKrishnanandCharlesMoyer原文：Abstract:Thetheoryoffinancialleasingviewsfinancialleasesassubstitutesforsecureddebt.Empiricalstudieshavereportedahighpositivecorrelationbetweenleaseratiosanddeb

2、tratiosandthatlessorsearnhigherratesofreturnthanlenders.Theseresultscontradicttraditionalleasingtheory.Theyareexplainedinthispaperbyrecognizingtherolebankruptcycostsplayinthelease/borrowdecisionandthenatureoftheassetstobeacquiredbyafirm.Leasingisshowntoinvolvelowerbank

3、ruptcycoststhanborrowing.Ourempiricalanalysisshowsthatlesseefirmshavelowerretainedearningsrelativetototalassets,highergrowthrates,lowercoverageratios,higherdebtratios,andhigheroperatingriskthannon-lesseefirms.LesseefirmsalsohavesignificantlylowerAltmanZ-scores,ameasure

4、ofbankruptcypotential.Overall,ourresultsindicatethatasbankruptcypotentialincreases,leasefinancingbecomesanincreasinglyattractivefinancingoption.Wealsofindevidencetosupportanindustryclienteleeffectinfinancialleasing.Thispaperre-examinesthelease/borrowdecision,givingexpl

5、icitrecognitiontotherolebankruptcycostsplayandtotherelativetransactionscostsofleasingandborrowing.Ourfocusisonnoncancellable,long-termfinancialleasesbecausetheyaremostnearlytheequivalentofdebtfinancing.Welimitourconsiderationoffinancialleasingtocapitalleases,asdefinedi

6、nFASBStatement#13.BecausecapitalleasesgenerallydonotmeettheleasedefinitionrequirementsoftheInternalRevenueService(RevenueProcedure75-21),theyprovideauniqueopportunitytotestnon-taxtheoriesofleasing.Thepaperemphasizeslesseefirmcharacteristicsthatinducesignificantleasingb

7、ehavior,ratherthanthecharacteristicsofspecificleasecontracts.Leasingisshowntohavelowerexpectedbankruptcycoststothelessorthanborrowinghastothelender,resultinginlowerfinancingcostsforthelesseethantheborrower,ceterisparibus.Offsettingthelowerbankruptcycostsassociatedwithl

8、easingarethegenerallyhighertransactionscostsofleasingrelativetoborrowing.Thetradeoffbetweenbankruptcycostsandtransact