長期負債與租賃關連性之研究

Abstract

本研究主要目的在於檢視長期負債與租賃的關連性。假設非負債稅盾與負債為負相關、承租人具有出售非負債稅盾的能力，以及租賃決策與融資決策共同決定下，控制可能影響租賃及長期負債的財務變數，並根據美國財務會計準則委員會（FASB）所發行之會計準則公報第13號將租賃分為資本租賃與營業租賃分別討論它們與長期負債的相關性。採用縱橫斷面資料(pool data)，自1995~2004年，樣本數總共2440，Tobit模型迴歸分析的實證結果顯示資本租賃與長期負債為替代關係，營業租賃與長期負債為互補關係。

The primary goal of this study is to examine the relationship between long-term debts and leases. This paper assumes that there exits negative relationship between non-debt tax shields and debts and that the lessee has the ability to sell the non-debt tax shields through leasing. Under the determination of leasing decision and financing decision, this study controls all significant variables that may affect leases and debts to explore the relationship between leasing and debt. As expected, the results show that capital leases and long-term debts are substitute, but operating leases and long-term debts are complementary.