LEASING, TAXES, AND THE COST OF CAPITAL

被引：0

作者：

EDWARDS, JSS

MAYER, CP

机构：

[1] CITY UNIV LONDON,SCH BUSINESS,BARBICAN CTR,LONDON EC2Y 8HB,ENGLAND

[2] UNIV CAMBRIDGE,ST JOHNS COLL,CAMBRIDGE CB3 9DD,ENGLAND

来源：

JOURNAL OF PUBLIC ECONOMICS | 1991年 / 44卷 / 02期

基金：

英国经济与社会研究理事会;

关键词：

D O I：

10.1016/0047-2727(91)90024-V

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

A model of firm financial and investment behaviour when there is a possibility of tax exhaustion is used to analyse the incentives for firms to act as lessees or lessors and the determination of the equilibrium rental rate in the leasing market. A number of results emerge which are relevant for public policy. It is shown that: (i) leasing may diminish aggregate investment by comparison with the situation when it does not occur; (ii) rents are likely to be earned on leasing activities; and (iii) a purely tax-induced positive relationship exists between aggregate investment and corporate profits. © 1991.

引用

页码：173 / 197

页数：25

共 30 条

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