Are operating leases and debt substitutes or complements?
|關鍵字:||營運租賃;短期負債;長期負債;擔保負債;無擔保負債;operating leases;short-term debt;long-term debt;secured debt;unsecured debt|
Debt and leases are both important financing instruments commonly used by companies nowadays. However, the relationship between leases and debt is controversial in the previous papers. This paper investigates the relationship between operating leases and debt, and debt is classified as short-term debt, long-term debt, secured debt, and unsecured debt. This paper assumes that the lessee has ability to sell the non-debt tax shield through leasing, the debt is negative to non-debt tax shield, and leasing decision and financing decision are determined simultaneously. Under controlling the explanatory variables to leases and debt, this study uses the Tobit regression model to explore the relationship between leases and debt. The empirical results show that operating leases are complements to short-term debt, long-term debt, and secured debt, but operating leases and unsecured debt are substitutes.
|Appears in Collections:||Thesis|
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