破产成本与融资租赁决策.docVIP

破产成本与融资租赁决策[文献翻译] 外文题目:?Bankruptcy?Costs?and?the?Financial?Leasing?Decision出处:FINANCIAL?MANAGEMENT作者: Sivarama Krishnan?and?Charles Moyer原文:Abstract:?The?theory of?financialleasing?views?financial?leases as substitutes forsecured debt. Empirical studies have reported a high positive correlation between lease ratiosand燿ebt ratios燼nd爐hat lessors earn higher rates of return than lenders.燭hese resultscontradict traditional爈easing爐heory.燭hey are explained in this paper by recognizing爐he爎olebankruptcy燾osts爌lay in爐he爈ease/borrow燿ecision燼nd爐he爊ature of爐he燼ssets to be acquiredby a firm.燣easing爄s shown to involve lower燽ankruptcy燾osts爐han borrowing. Ourempirical analysis shows that lessee firms have lower retained earnings relative to totalassets, higher growth rates, lower coverage ratios, higher debt ratios,燼nd爃igher operatingrisk than non-lessee firms. Lessee firms also have significantly lower Altman Z-scores, ameasure of燽ankruptcy爌otential. Overall, our results indicate that as燽ankruptcy爌otentialincreases, lease financing es an increasingly attractive financing option. We also findevidence to support an industry clientele effect in爁inancial爈easing.This paper re-examines爐helease/borrow燿ecision, giving explicit recognition to爐he爎olebankruptcy燾osts爌lay燼nd爐o爐he爎elative transactions燾osts爋f爈easing燼nd燽orrowing. Ourfocus is on noncancellable, long-term爁inancial爈eases because爐hey are most nearly爐heequivalent of debt financing. We limit our consideration of爁inancialleasing爐o capital leases,as defined in FASB Statement #13. Because capital leases generally do not meetthe爈easedefinition requirements of爐he營nternal Revenue Service (Revenue Procedure75-21),爐heyprovide a unique opportunity to test non-tax爐heories of爈easing.燭he爌aper emphasizes lesseefirm characteristics that induce significant爈easing燽ehavior, rather than爐he燾haracteristics ofspecific lease contracts.Leasing爄s shown to have lower expected燽ankruptcy燾osts爐o爐helessor