On the Matter of Parity among Financial Obligations
回顾租赁文献中关于租赁对公司债务能力影响的教训，建立金融债务平价的一般命题，并据此推导出清晰的债券再融资决策规则，澄清了文献中关于贴现率和现金流选择的争议。
ABSTRACT The lessons of the leasing literature concerning the impact of leases on the debt capacity of a firm are reviewed and summarized to establish an approach to the analysis of the corporate bond refunding decision. A general proposition regarding financial obligation parity is established, and from that a clear bond refunding decision rule is developed. Previous debates in the literature about appropriate discount rates and about the appropriate cash flows to be discounted for refunding decisions are clarified.