Corporate debt, corporate taxes and leasing
作者:
Mark E. Bayless,
J. David Diltz,
期刊:
Managerial and Decision Economics
(WILEY Available online 1990)
卷期:
Volume 11,
issue 1
页码: 13-19
ISSN:0143-6570
年代: 1990
DOI:10.1002/mde.4090110103
出版商: John Wiley&Sons, Ltd.
数据来源: WILEY
摘要:
AbstractThis paper utilizes recent developments in capital lease modeling to develop a new specification of the relationship between the expected returns to debt, levered equity and unlevered equity for firms that lease a portion of their assets. Accounting explicitly for leases is shown to be important when the difference between equity and debt risk is large, when the risk of leased assets differs from the firm's other assets and when salvage value is a significant portion of the capitalized value of the firm's lease obligations. This new specification yields improved estimates of firms' unlevered cost of capital, thereby facilitating improved capital budgeting decisions in those that lease a significant portion of their assets.
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