營運租賃與負債之關聯性研究

Abstract

租賃融資和負債融資是現今公司對外籌資的最主要的來源，因此，在決定公司最適資結構時，租賃也扮演著相當重要的角色。本研究的主要目的是在檢視營運租賃和短期負債、長期負債、擔保負債以及無擔保負債的關聯性。假設承租人可以透過租賃將非負債稅盾出售、負債與非負債稅盾為負相關和公司的租賃和融資決策同時決定下，並且在考慮可能影響營運租賃和負債的控制變數後，分別探討營運租賃和負債的相關性。結果顯示，採用美國公司資料，使用Tobit模型迴歸分析的實證得出營運租賃和短期負債、長期負債和擔保負債為互補關係，而營運租賃和無擔保負債為替代關係。

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.