Pricing the Credit Risk of Secured Debt and Financial Leasing
给出担保银行贷款和融资租赁在违约风险下的定价公式，发现担保贷款利差随违约概率上升，而融资租赁利差可能下降甚至为负，解释了为何风险企业常用融资租赁替代银行贷款。
Abstract: This paper presents closed form solutions to price secured bank loans and financial leases subject to default risk. Secured debt fair credit spreads always increase in the debtor's default probability, whereas financial leasing fair credit spreads may well decrease in the lessee's default probability and even be negative. The reason is that the lessor, unlike the secured lender, can gain from the lessee's default, especially when the leasing contract envisages initial prepayments or the lessee's terminal options to either purchase the leased asset or to extend the lease maturity. This result, which critically depends on contractual and bankruptcy code provisions, can explain some of the empirical evidence and the use of financial leases as an alternative to secured bank lending to finance small, risky and relatively opaque firms.