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.Empiricalstudieshavereportedahighpositivecorrelationbetweenleaseratiosanddebtratiosandthatless

2、orsearnhigherratesofreturnthanlenders.Theseresultscontradicttraditionalleasingtheory.Theyareexplainedinthispaperbyrecognizingtherolebankruptcycostsplayinthelease/borrowdecisionandthenatureoftheassetstobeacquiredbyafirm.Leasingisshowntoinvolvelowerbankruptcycoststhanborrowing.Ourempirica

3、lanalysisshowsthatlesseefirmshavelowerretainedearningsrelativetototalassets,highergrowthrates,lowercoverageratios,higherdebtratios,andhigheroperatingriskthannon-lesseefirms.LesseefirmsalsohavesignificantlylowerAltmanZ-scores,ameasureofbankruptcypotential.Overall,ourresultsindicatethatas

4、bankruptcypotentialincreases,leasefinancingbecomesanincreasinglyattractivefinancingoption.Wealsofindevidencetosupportanindustryclienteleeffectinfinancialleasing.Thispaperre-examinesthelease/borrowdecision,givingexplicitrecognitiontotherolebankruptcycostsplayandtotherelativetransactionsc

5、ostsofleasingandborrowing.Ourfocusisonnoncancellable,long-termfinancialleasesbecausetheyaremostnearlytheequivalentofdebtfinancing.Welimitourconsiderationoffinancialleasingtocapitalleases,asdefinedinFASBStatement#13.Becausecapitalleasesgenerallydonotmeettheleasedefinitionrequirementsofth

6、eInternalRevenueService(RevenueProcedure75-21),theyprovideauniqueopportunitytotestnon-taxtheoriesofleasing.Thepaperemphasizeslesseefirmcharacteristicsthatinducesignificantleasingbehavior,ratherthanthecharacteristicsofspecificleasecontracts.Leasingisshowntohavelowerexpectedbankruptcycost

7、stothelessorthanborrowinghastothelender,resultinginlowerfinancingcostsforthelesseethantheborrower,ceterisparibus.Offsettingthelowerbankruptcycostsassociatedwithleasingarethegenerallyhighertransactionscostsofleasingrelativetoborrowing.Thetradeoffbetweenbankruptcycostsandtransact