臺灣博碩士論文加值系統

本研究主要目的在於檢視長期負債與租賃的關連性。假設非負債稅盾與負債為負相關、承租人具有出售非負債稅盾的能力，以及租賃決策與融資決策共同決定下，控制可能影響租賃及長期負債的財務變數，並根據美國財務會計準則委員會（FASB）所發行之會計準則公報第13號將租賃分為資本租賃與營業租賃分別討論它們與長期負債的相關性。採用縱橫斷面資料(pool data)，自1995~2004年，樣本數總共2440，Tobit模型迴歸分析的實證結果顯示資本租賃與長期負債為替代關係，營業租賃與長期負債為互補關係。

The primary goal of this study is to examine the relationship between long-term debts and leases. This paper assumes that there exits negative relationship between non-debt tax shields and debts and that the lessee has the ability to sell the non-debt tax shields through leasing.
Under the determination of leasing decision and financing decision, this study controls all significant variables that may affect leases and debts to explore the relationship between leasing and debt. As expected, the results show that capital leases and long-term debts are substitute, but operating leases and long-term debts are complementary.

目 錄
中文摘要……………………………………….…………… i
Abstract………………………………….………………… ii
謝誌………………………………………………………… iii
目錄………………………………………………………… iv
表目………………………………………………………… vi
第一章 緒論………………………………………………… 1
1.1 研究動機……………………………………………… 1
1.2 研究目的…………………………………………… 5
1.2 研究獻……………………………………………… 6
1.3 論文構……………………………………………… 7
第二章 文獻回顧…………………………………………… 8
2.1 租賃與購買決策…………………………………… 8
2.2 影響租賃與負債的因素…………………………… 10
2.3 租賃與負債之相關性……………………………… 15
第三章 研究設計與方法…………………………………… 19
3.1 資料來源……………………………………………… 19
3.2 研究變數……………………………………………… 21
3.2.1 解釋變數與被解釋變數的要素…………… 21
3.2.2 解釋變數與被解釋變數的衡量方式……… 25
3.2.3 研究變數的簡單敘述統計………………… 30
3.3 研究方法與假設……………………………………… 32
3.3.1 解釋變數與被解釋變數的相關性……………… 32
3.3.2 租賃與負債的相關性…………………………… 34
3.3.3各變數間關連性之初步分析…………………… 37
第四章 研究結果…………………………………………… 40
4.1 實證結果一：解釋變數的顯著分析…………… 40
4.2 實證結果二：租賃與負債的相關性…………… 46
4.2.1 長期負債內生性之檢定…………………… 46
4.2.2 估計長期負債與資本租賃、營業租賃的相關性… 48
第五章 結論………………………………………………… 55
參考文獻…………………………………………………… 57
附錄一：財務會計準則委員會之第13公報分類租賃的四項準則…60
附錄二：美國國稅局對租賃設定之六項準則…………………… 61
附錄三：考慮內生性下之Tobit模型……………………………… 62
附錄四：Smith and Blundell(1986) 二步驟檢定法…………… 64
附錄五：長期負債與租賃的相關性分析-
更改資本租賃的衡量方式..................65

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