Are Debt and Leases Substitutes?
挑战了租赁与债务是替代品的传统观点，通过分析租赁作为出售超额税收抵扣的机制，证明租赁可能促使企业增加债务比例，从而两者成为互补品。
Lease valuation models often begin with the assumption that leases and debt are substi? tutes. This paper demonstrates that, because leasing is a mechanism for selling excess tax deductions, it can motivate the lessee firm to increase the proportion of debt in its capital structure relative to an otherwise identical firm that does not use leasing. Thus, debt and leases can be complements. We also show that a competitive lessor will use diversification to reduce risk and increase the probability that tax deductions are fully utilized so that it can lower lease payments.