Leasing, Ability to Repossess, and Debt Capacity
研究租赁和担保贷款的融资作用，认为租赁更容易收回资产，因此比担保贷款有更高的债务容量，但存在代理成本。财务约束更强的公司更依赖租赁来增加债务容量，实证结果支持这一预测。
This paper studies the financing role of leasing and secured lending. We argue that the benefit of leasing is that repossession of a leased asset is easier than foreclosure on the collateral of a secured loan, which implies that leasing has higher debt capacity than secured lending. However, leasing involves agency costs due to the separation of ownership and control. More financially constrained firms value the additional debt capacity more and hence lease more of their capital than less constrained firms. We provide empirical evidence consistent with this prediction. Our theory is consistent with the explanation of leasing by practitioners, namely that leasing "preserves capital, " which the academic literature considers a fallacy. The Author 2008. Published by Oxford University Press on behalf of The Society for Financial Studies. All rights reserved. For Permissions, please email: journals.permissions@oxfordjournals.org, Oxford University Press.