1、 1800 单词， 1 万英文字符， 3000 汉字 外文题目： Bankruptcy Costs and the Financial Leasing Decision 出 处： Fm the Journal of the Financial Management Association, 1994, 23(2):31-42. 作 者： Sivarama Krishnan and Charles Moyer 原 文 ： Abstract: The theory of financial leasing views financial leases as substitutes for secu
2、red debt. Empirical studies have reported a high positive correlation between lease ratios and debt ratios and that lessors earn higher rates of return than lenders. These results contradict traditional leasing theory. They are explained in this paper by recognizing the role bankruptcy costs play in
3、 the lease/borrow decision and the nature of the assets to be acquired by a firm. Leasing is shown to involve lower bankruptcy costs than borrowing. Our empirical analysis shows that lessee firms have lower retained earnings relative to total assets, higher growth rates, lower coverage ratios, highe
4、r debt ratios, and higher operating risk than non-lessee firms. Lessee firms also have significantly lower Altman Z-scores, a measure of bankruptcy potential. Overall, our results indicate that as bankruptcy potential increases, lease financing becomes an increasingly attractive financing option. We
5、 also find evidence to support an industry clientele effect in financial leasing. This paper re-examines the lease/borrow decision, giving explicit recognition to the role bankruptcy costs play and to the relative transactions costs of leasing and borrowing. Our focus is on noncancellable, long-term
6、 financial leases because they are most nearly the equivalent of debt financing. We limit our consideration of financial leasing to capital leases, as defined in FASB Statement #13. Because capital leases generally do not meet the lease definition requirements of the Internal Revenue Service (Revenue Procedure75-21), they provide a unique opportunity to test non-tax theories of leasing. The paper emphasizes lessee firm charac
