Empirical Evidence on Shareholder Value and the Sale‐Leaseback of Corporate Real Estate
研究了公司房地产售后回租对买卖双方股价的影响，发现卖方股东获得显著收益，而买方股东损失不显著。
This study examines the valuation effect of the sale‐leaseback of corporate real estate on the stock prices of the selling and purchasing firms. The issue tested is whether the sale‐leaseback transaction offers a net benefit to the corporate seller/lessee or purchaser/lessor. The empirical evidence suggests that the sale‐leaseback of corporate real estate has substantial benefits for the seller/lessee common stockholders. Additionally, the sale‐leaseback transaction produces an insignificant loss for the corporate purchaser/lessor.