並列摘要
An empirical leasing model for lessees is put forth and tested. The leasing puzzle proposed by Ang & Peterson is confirmed to be a mistake in their methodology. To wit, leasing is an off-balance sheet financing which may fool the users of financial reports. First, the substitute result shows that the upers are not fooled by this off-balance -sheet financing. Thus, the capital and/or money markets are not inefficient in this respect. Second, the leasing market is confirmed to be more likely imperfect competitive because the ITC cannot be passed from lessors to lessees. Third, a hedging mechanism implicit in leasing is provided: leasing is a useful tool for hedging the systematic and interest risks. Fourth, leasing can render a bond swap function. Thus, even though the ITC was removed in the 1986 tax reform, leasing is an increasing attractive form of financing for a growing number of companies. The firms with junk bonds can use leases to share the quality spread with lessors (to hedge the unsystematic risk) when interest rates go up.