经营租赁与信贷能力中英文外文文献翻译.doc

本科毕业设计（论文） 中英文对照翻译 (此文档为word格式,下载后您可任意修改编辑!) 标题：Do operating leases expand credit capacity? Evidence from borrowing costs and credit ratings 作者：Steve Lim, Steven Mann, Vassil Mihov 期刊：Journal of Corporate Finance,第42卷，100-114 年份：2017 原文 Do operating leases expand credit capacity? Evidence from borrowing costs and credit ratings Steve Lim, Steven Mann, Vassil Mihov Abstract We document that borrowing costs and credit ratings are less sensitive to off-balance sheet lease financing than to on-balance sheet debt financing, particularly for firms that are financially constrained and firms that have limited ability to use tax shields. This evidence is consistent with theoretical predictions based on tax benefits as well as bankruptcy costs. Our evidence on borrowing costs and credit ratings suggests that credit markets treat operating leases differently from balance sheet debt. Consistent with this interpretation, we document that firms closer to ratings borderlines lease more, particularly around the investment grade borderline. Keywords: Operating leases, Off-balance sheet financing, Cost of capital, Credit capacity 1. Introduction Operating leases are the most common and important source of off-balance sheet financing. The Morning Ledger from CFO Journal estimates on August 11, 2014 that operating leases represent about $2 trillion in off-balance sheet financing. On February 25, 2016, the FASB issued a new standard, Leases (ASC 842) requiring companies to add long-term operating leases to the balance sheet. The new accounting standard will dramatically boost reported leverage for many firms. Prior studies document that lessees incur significant transaction costs to obtain off-balance sheet treatment of lease contracts (Imhoff and Thomas, 1988; Zechman, 2010; Schallheim et al., 2013). We investigate potential benefits of leases in expanding or preserving credit capacity. If leases displace less than an equivalent amount of debt, then firms may be able to use