營業租賃與可轉換證券間之關聯性研究

Abstract

租賃與負債融資都是非常熱門的財務工具。過去在研究租賃與負債間為替代或互補關係的實證並無定論。本篇研究主要是在探討營業租賃與長期負債、可轉換債券及可轉換特別股間是否存在互補或替代的關係，以及哪些財務特性會使得公司採取營業租賃融資的方式。再者，進一步將可轉換債券及可轉換特別股區分為負債型及權益型，檢驗負債型的可轉換證券與營業租賃間的關係是否有不同的結果。實證結果發現，不論是在可轉換債券或可轉換特別股樣本中，長期負債與營業租賃之間存在互補關係。可轉換債券及可轉換特別股與營業租賃間亦存在互補關係，但此關係並不顯著。區分出負債型可轉換債券後，可轉換債券與營業租賃之間的互補關係得到顯著的驗證。

Both leases and debt are popular financing instruments among corporations. Past research on leases finds mixed relations between leases and debt. Compared to previous studies, this paper extends the discussions from debt to convertible securities. Convertible security, including convertible debt and convertible preferred stock, is marked by its hybrid characteristics. We classify convertible security offerings into debt- or equity-like in further examination. Applying the Tobit model with control for heteroskedasticity, we find a complementary relationship between leases and long-term debt in the both convertible security samples. However, no significant evidence supports the existence of positive relations between leases and convertible securities. After isolating debt-like convertible security offerings for discussion, we find that complementary relations between leases and convertible debt are more pronounced.