Lease Characteristics, Agency Costs, and Tax Considerations

查看全文 作　　者：Kun-chih [1]Chen;Wuchun [2]Chi;Gerald [3]Lobo;Kevin Ow [4]Yong 机构地区：[1]National Taiwan Universit, Roosevelt Rd., Taipei City 106, Taiwan;[2]Department of Accounting, National Chengchi University, Taipei, Taiwan;[3]University of Houston, C.T. Bauer College of Business, Houston, TX 77204-6021;[4]Peking University, HSBC Business School, Xili, Shenzhen, China,518055 出　　处：《Finance and Market》索引2018年第3卷第1期,共12页 摘　　要：We examine the determinants that influence managers’ decision as to whether a lease is structured as a financing lease or an operating lease. Specifically, we find that firms with higher marginal tax rates, lower credit ratings, and more severe agency problems are more likely to use both operating leases and financing leases. However, tax considerations and debt capacity have little effect on which of the two types of lease is chosen. More importantly, we find that differences in kinds of agency problemsare reflected in the choice of the type of lease. Our study provides a better understanding of the extent of risks and benefits associated with the use of leased assetsand contributes to the discussion of impending revisions to lease accounting rules by standatdsetting bodies. 关 键 词：LEASE ACCOUNTING taxes AGENCY COSTS