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?debt ratios?and?that lessors earn higher rates of return than lenders.?These resultscontradict traditional?leasing?theory.?They are explained in this paper by recognizing?the?rolebankruptcy?costs?play in?the?lease/borrow?decision?and?the?nature of?the?assets to be acquiredby a fi