租賃融資, 信用風險與公司最適資本結構;Lease Financing, Credit Risk, and the Optimal Capital Structure

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Title:	租賃融資, 信用風險與公司最適資本結構;Lease Financing, Credit Risk, and the Optimal Capital Structure
Authors:	黃鴻明
Contributors:	中央大學財務金融學系
Keywords:	經濟學;租賃融資;信用風險;資本結構;lease financing;credit risk;capital structure
Date:	2007-09-01
Issue Date:	2012-10-01 15:38:58 (UTC+8)
Publisher:	行政院國家科學委員會
Abstract:	現有的公司債定價僅考慮發行公司的資本結構只包含股權與債權，並未考慮其他融資來源。然而，大部分的公司不僅使用股權與債權融資，還使用其他融資工具諸如租賃融資。因此，本文主要探討公司在使用租賃融資下之最適資本結構與公司債定價。本文有別於傳統離散時間模型，改採連續時間模型以探討公司在破產風險下的決策，如此可進一步探討其他公司決策相關議題，如：債權與租賃替代性、稅率與租賃決策、及租賃對破產風險的影響。 ; The existing corporate bond pricing literature focuses on a firm』s capital structure largely from the standpoint of debt and equity only. However, the big concern is that financial analysts adjust the key ratios by choosing off-balance-sheet financing, and the collapse of Enron is the most egregious example of the negative impact of off-balance-sheet financing not showing its effect on the capital structure. This paper studies the impact of lease financing for a defaultable firm employing an optimal capital structure to unify the existing literature based on tax-benefit argument. ; 研究期間 9610 ~ 9707
Relation:	財團法人國家實驗研究院科技政策研究與資訊中心
Appears in Collections:	[Department of Finance] Research Project

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