租赁和盈利能力外文文献中英文翻译.doc

外文文献翻译 原文及译文 标题：租赁和盈利能力：来自航空业的实证研究 作者：西尔万·博尔加德，里吉斯·哈克，凯瑟琳·维比斯 期刊：《交通研究:政策和实践》 第97卷，页码：30-46 年份：2017 原文 Leasing and profitability: Empirical evidence from the airline industry Sylvain Bourjade，Regis Huc，Catherine Vibes Abstract In this paper, we empirically measure the impact of aircraft leasing choices on airlines financial performance. We use public data on 73 airlines operating worldwide over the period 1996–2011. In estimating the impact of leasing on profitability, we control for potential endogeneity by applying robust instrumental variables estimation, while introducing a set of individual and macroeconomic factors. Our results are threefold. First, we identify a non-monotonic and concave effect of leasing on an airline’s profit margin, suggesting decreasing marginal returns to leasing in this sector. This is an original finding for the industry. We also derive a confidence interval for the optimal level of leasing. Second, we show that the impact of leasing on an airline’s operating profit is stronger for Low Cost Carriers than for Full Cost Carriers: deviating from the optimal level of leasing might be more harmful for a LCC than for a legacy carrier. Finally, we analyze how an airline’s experience affects the relationship between leasing and profitability. Keywords: Leasing, Performance, Profit, Airline Industry 1. Introduction Airlines’ strategies are mainly driven by decisions on their network, products, prices and resources (specifically their fleet). As aircraft represent a long lifetime asset (25 years or more) and require a high investment, decisions on the fleet composition are the most engaging ones. Operating leases, as opposed to financial leases or ownership, allow airlines to recover some flexibility when making these fleet decisions. Indeed, a leased aircraft can be operated for a period lower than its useful life, with limited upfront capital requirement. With operating leases, unlike financial (or capital) leases, the ownership risks