破产成本与融资租赁决策

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1、:BankruptcyCostsand血LeasingDecisionTBorvof^^^J^leasingviews[Abstract:EmpiricalstudieshavereportedahighpositivecorrelationbetweenleaseratiosanddebtTheratiosandthatlessorsearnhigherratesofreturnthanlenders・resultscontradictbytraditionalleasingTBorv>ILlEvarcexplainedinthispaperinthelease/bor

2、rowdecisionandthenaturerecognizingrolebankruptcycostsplayofassetstobeacquiredbyafirm.Leasingisshowntoinvolvelowerbankruptcycoststhanborrowing・Ourempiricalanalysisshowsthatlesseefirmshavelowerretainedearningsrelativetototalassets,highergrowthrates,lowercoverageratios,higherdebtratios,andhi

3、gheroperatingriskthannon-lcssccfirms.LesseefirmsalsohavesignificantlylowerAltmanZ-scorcs,amcasurcofbankruptcypotential.Overall,ourresultsindicatethatasbankruptcypotentialincreases,leasefinancingesanincreasinglyattractivefinancingoption.Wealsofindevidencetosupportanindustryclienteleeffecti

4、n诃Jgivingexplicitleasing.Thispaperre-examines胚lease/borrowdecision,recognitiontransactionscostsofleasingandborrowing.Ourfocusisonnoncanccllablc,long-term血leasesbecauseyaremostnearly^equivalentofdebtfinancing.WelimitourconsiderationofiniBrn

5、t#13.Becausecapitalleasesgenerallydonotmeet®leasedefinitionrequirementsof血InternalRevenueService(RevenueProcedure75-21),™yprovideauniqueopportunitytotestnon-taxStoriesofleasing・significantleasingbehavior,raJJrthanchiiracteristicsofspecificleasecontracts.Leasingisshowntohavelowerexpectedba

6、nkruptcycoststoiTffjlessorthanborrowinghasto肚lender,resultinginlowerfinancingcostsfor胚lesseethan®borrower,ceterisparibus.Offsetting血lowerbankruptcycostsassociatedwithleasingare胚generallytransactionscostsofleasingrelativeborrowing・explainPhetradeoffbetweenbankruptcycostsandtransactionscost

7、smaythehighertopreferenceforborrowingbymorecreditworthyfirmsandforleasingbyless破产成本与融资和赁决策［文献翻译］外文题MANAGEMENT作者：SivaramaKrishnanandCharlesMoyer原目creditworthyfirms.WefindsupportforJJBbankruptcycostargumentasanexplanationleaseversusborrowdecision.Ourresultsareconsiste