「資本租賃對長期負債之替代程度」與「負債比」之關係──經驗資料之發現及意涵

Abstract

本文旨在研究 「資本租賃對長期負債之替代程度」與「負債比」之關係 。因為長期負債之資金成本為負債比之函數，而資本租賃之租金與「負債 比」比較無關，所以「資本租賃對長期負債之替代程度」應隨「負債比」 之變動而異。易言之，「負債比」為「資本租賃與長期負債之替代關係」 之干擾變數。 本文(1)以組群法將經驗資料分組，以期各群內之「負債比 」類似(2)使用修正之Ang and Peterson模式求「資本租賃對長期負債之 替代程度」(3)算出不同負債比之下的「資本租賃對長期負債之替代程度 」(4)使用Chow test檢定經驗資料所得結果，並將Chow test擴至三組以 上之檢定。依據經驗資料的研究結果，本文發現「資本租賃對長期負債之 替代程度」與負債比之關係隨「負債比」之上升先上升再下降的型態。本 文經驗資料之發現有三種意涵： (1)資本租賃與長期負債既非完全替代亦 非互補 (2) 企業正常營運之「資本租賃對長期負債之替代程度」與虧損 時之「資本租賃對長期負債之替代程度」所代表之意涵並不相同，當負債 比過高時，由於負債比之上升並非舉債所致，而是因虧損而使權益減少所 致，「虧損與資本租賃之間的關係」並無意義 (3)企業融資最好是尋求「 資本租賃對長期負債之替代程度」之最高點，以期增加企業之融資彈性與 自由度。 This paper is to explore the relationship between "the substitu- tability of capital leases for long term debt" and "debt ratio." The substitutability of capital leases for long term debt is a function of debt ratio because the cost of long term debt is a function of debt ratio and the rent of capital leases has no significant linkage with debt ratio. Thus, we suggest that the lease-debt substitutability be moderated by capital structure. This paper obtains similar debt ratio within each group by par- titioning the sample into several groups by the portfolio appro- ach, finds the substitutability of capital leases for long term debt by revised Ang-Peterson model, tests our empirical result by Chow test, and extends Chow test to more than three groups by using dummy variables. We find that "the substitutability of capital leases and long term debt" is relevant to debt ratio. Given our empirical evidence, a conceptual pattern can be inferred. Three implications can be inferred from our finding: (1) capital leases and long term debt are substitutes rather than complement and perfect substitutes (2) the substitutability of capital leases for long term debt rises when debt ratio rises if business operations are normal and deteriorates when the firm suffers from huge loss (3) financing with high substitutability is suggested.