Non-cancellable Operating Leases and Operating Leverage
研究发现，公司不可撤销的经营租赁承诺越多，股票收益溢价越高，且该溢价具有逆周期性；经营租赁通过提高现金流对宏观冲击的敏感性，放大了经营杠杆，小公司中这一效应更强。
This paper explores the link between a firm's non-cancellable operating lease commitments and stock returns. Firms with more operating lease commitments earn a significant premium over firms with fewer commitments, and this premium is countercyclical. Non-cancellable operating lease payments represent a major claim on a firm's cash flows. Firms with high levels of operating leases have higher cash flow sensitivity to aggregate shocks and hence higher operating leverage. The relationship between operating leases and stock returns is stronger in small firms than in big firms. © 2015 John Wiley & Sons, Ltd.