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外文文献翻译
capitalization of operating lease and its impact on firm#39;s financial ratios
经营租赁资本化及其对公司财务比率的影响
This study aims to examine determinants of operating lease policies (i.e. financial constraint, asset value, growth, and firmrsquo;s size), and the impact of constructive capitalisation of operating lease towards companyrsquo;s financial ratios. The finding shows that all determinants except financial constraints influence operating lease policies but most of operating leases is explained by factors other than the economic determinants. To restrict the abuse of operating lease that mislead users of financial statements, then operating lease should be capitalized. This study also finds that operating lease capitalization significantly impacts firmrsquo;s financial ratios which are useful in decision making. copy; 2015 The Authors. Published by Elsevier Ltd. This is an open access article under the CC BY-NC-ND license copy; 2015 The Authors. Published by Elsevier Ltd. (http://creativecommons.org/licenses/by-nc-nd/4.0/).Peer-review under responsibility of the Organizing Committee of the 2nd GCBSS-2015. Peer-review under responsibility of the Organizing Committee of the 2nd GCBSS-2015
本研究旨在研究经营租赁政策的决定因素（即财务约束，资产价值，增长和公司规模），以及经营租赁的建设性资本化对公司财务比率的影响。该调查结果表明，除财务约束外的所有决定因素都会影响经营租赁政策，但大多数经营租赁均由经济决定因素以外的其他因素解释。为了限制误导用户财务报表的经营租赁滥用，应将经营租赁资本化。本研究还发现，经营租赁资本化会显着影响公司的财务比率，这对决策有用。 copy;2015作者。由Elsevier Ltd.出版。这是CC BY-NC-ND许可下的开放获取文章copy;2015 The Authors。由Elsevier Ltd.出版（http://creativecommons.org/licenses/by-nc-nd/4.0/）。第二届GCBSS-2015组委会负责同行评审。第二届GCBSS-2015组委会负责同行评审。
Keywords: Operating Lease Policies; Financial Constraint; Assets Value and Financial Ratios
关键词：经营租赁政策;金融约束;资产价值和财务比率
The rapid growth of leasing as a mean of funding prompts the accounting standard to move dynamically. In 2006 International Accounting Standard Board (IASB) and Financial Accounting Standard Board (FASB) form a joint project to revise accounting standards for leasing. As a result Exposure Draft: Leases were issued in August 2010 and revised in second quarter of 2013. In the latest exposure draft IASB and FASB suggest capitalization of assets and liabilities arising from company leasing activities (Biondi, et al., 2011). Previously, operating lease payment is 1877-0428 copy; 2015 The Authors. Published by Elsevier Ltd. This is an open access article under the CC BY-NC-ND license
租赁作为融资手段的快速增长促使会计准则动态变动。2006年，国际会计准则理事会（IASB）和财务会计准则理事会（FASB）组成了一个修订租赁会计准则的联合项目。因此，征求意见稿：租赁于2010年8月发布，并于2013年第二季度进行了修订。在最新的征求意见稿中，IASB和FASB建议公司租赁活动产生的资产和负债资本化（Biondi，et al。，2011）。以前，经营租赁付款是1877-0428copy;2015由Elsevier Ltd.出版。这是CC BY-NC-ND许可下的开放获取文章。
Abstract
1. Introduction categorized as an expense even though it substantially results in continuing liability for both lessor and lessee, as opposed to liability that ends in one accounting period as an expense, because lease normally runs for more than one year. Accounting standards offer flexibility to managers in choosing accounting method that best reflects economy in which the company operates. Unfortunately managers use the flexibility to maximize profits to managers or their companies, for example managersrsquo; strategy to reduce reported debts in balance sheet by reporting it as operating lease. The choice of accounting method that is not based on real economic condition produces biased and misleading financial statements. Accounting standards that require capitalization of lease is expected to reduce the possibility of managersrsquo; manipulation of operating lease policy, which is categorized as off-balance sheet debt. Cornaggia, Franzen, and Simin (2012) have tried to prove that operating lease activity can be explained by theoretical determinants. If operating lease activity cannot be explained by theoretical determinants, then there is a great probability that managers have the incentive to use operating lease as off-balance sheet item to hide company debts. The theoretical determinants that can explain operating lease are financial constraints, marginal tax rate, asset value, company growth opportunity, company size. But their study finds that operating lease activity is better explained by factors other than theoretical determinants, namely debt contracts that limit company debts and capital expenditure, ownership of shares by institutions, and companies listed as companies that give misstatement and fraudulent financial reports. Research performed by several previous researchers in economic determinants that can explain the use of operating lease (Slotty, 2009; Eisfeldt amp; Rampini, 2009; Kim amp; Kung, 2011; Cornaggia et al., 2012) yield mixed results. Other researchers (Imhoff, Lipe, amp; Wright, 1991; Beattie, Edwards, amp; Goodacre, 1998; Bennet amp; Bradburry, 2003; Luuml;ckerath amp; Bos, 2009) performed test to prove whether capitalization of operating lease can significantly alter financial figures.Beattie et al. (1998) found evidence that operating lease used by companies in the U.S. affected financial ratios significantly. The impact was not merely change of numbers, but also on investorrsquo;s decision, market value, cash flow, and managerial behavior. Study by Luuml;ckerath and Bos (2009) concludes that fair comparison of financial performance among firms cannot be performed if operating lease is not capitalized because firm financial ratios do not reflect the real financial condition. The finding supports previous studies (Imhoff et al., 1991; Beattie et al., 1998; Bennet amp; Bradburry, 2003) that prove that capitalization of operating lease affects financial ratios which significantly affect decision making. Referring to studies by Cornaggia et al. (2012) and Luuml;ckerath and Bos (2009), this study aims to test whether theoretical determinants can explain the choice of operating lease and whether capitalization of operating lease affects comprehensive financial performance. If financial ratios before and after capitalization of operating lease dif
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