Determinants of Corporate Leasing Policy
分析企业租赁与购买决策的各种激励因素，发现税收对识别潜在承租人和出租人重要，但对识别具体租赁资产作用较小，并解释了维护条款、押金、购买期权等合同条款的使用。
The existing finance literature assumes the real operating cash flows from leasing or owning are invariant to the ownership of the asset and focuses on tax-related incentives for corporate leasing policy. Our analysis suggests that taxes are important in identifying potential lessees and lessors, but are less important in identifying the specific assets leased. We provide a unified analysis of the various incentives affecting the lease-versus-purchase decision. We then show how these incentives explain the use of contractual provisions such as maintenance clauses, deposits, options to purchase the asset, and metering.