Further Evidence on the Terms of Financial Leases
通过独立样本分析金融租赁合同收益率，发现其远高于近似债务融资，与先前研究一致但无法解释这一异常现象，对理解租赁市场有参考价值。
Several studies have broken new ground in the ongoing effort by academicians to comprehend and appreciate fully the role of financial leases in corporate capital structures. Papers by Sorensen and Johnson [9], McGugan and Caves [6], and Gudikunst and Roberts [4] have analyzed systematically empirical aspects of the financial leasing market. The major common finding of these studies is that the internal rates of return (yields) on lease contracts have exceeded, by a wide margin, yields on what are approximately equivalent debt financing arrangements. Concurrently, Anderson and Martin [1] have reported on a survey revealing that practicing financial managers resoundingly reject, as a financing arrangement, what is a low cost lease according to existing models of lease evaluation [3, 5, and 8]. During the period in which these studies were conducted, the popularity of leasing as a financing device continued to grow rapidly [10]. Like many of the rest of us, Bower [2] has expressed puzzlement at the apparent empirical anomaly. This study presents some further evidence on the terms of financial leases. The paper has two objectives. First, like earlier investigators, we hope to provide descriptive empirical information that will add to understanding of the leasing market. Second, because our sample is drawn independently of others, and because it is taken from a separate geographic region, our results will give some indication of the nerality of the results of the previous studies. The results of our analysis are at the same time both comforting and disquieting. The good news is that our results are generally consistent with those reported previously. The bad news is that we too are unable to explain the peculiarly high yields on lease contracts when compared with those on what generally are thought to be approximately equivalent debt securities.