THE ASSOCIATION BETWEEN LEASE DISCLOSURE AND THE LESSEE'S SYSTEMATIC RISK
研究企业按照会计系列公告第147号披露租赁承诺对其系统风险的影响，发现披露降低了承租人的系统风险，有助于投资者更准确评估风险。
This paper investigates the effect of a firm's lease commitment disclosure under Accounting Series Release 147 on its systematic risk. The three hypotheses are: (1) there will be no change in the lessee's systematic risk; (2) the lessee's systematic risk will increase because the disclosure increases the debt ratio; and (3) the lessee's systematic risk decreases because the disclosure reduces the uncertainty related to risk‐assessment. A hedge portfolio approach is used to test these hypotheses. The results indicate that the null hypothesis is to be rejected in favor of the third hypothesis.