A Survey of Corporate Leasing Analysis
调查美国大公司租赁实践，发现多数公司按理论将租赁视为融资决策，使用教科书推荐的IRR和净优势模型，并考虑税后债务成本。约半数视租赁与债务为替代品，多数认为过时风险是租赁主因。
This paper reports results of a survey on leasing practices of large American firms. The survey finds that most firms, in compliance with theory, (i) treat leasing as a financing decision, (ii) use IRR and net advantage to leasing models recommended in textbooks, and (iii) employ after-tax cost of debt to discount relevant cash flows. The survey finds that about half the firms surveyed view lease and debt as substitutes, that most firms consider risk of obsolescence as the dominant reason for leasing, and that a majority expect the new tax laws to have little effect on their future leasing activities.