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題名 實施ASC 842後是否提升了財務分析師預測之準確性
Has the Implementation of New Lease Accounting Standard ASC 842 Improved the Accuracy of Financial Analyst Forecasts？作者 黃冠霖
Huang, Guan-Lin貢獻者 詹凌菁
Chan, Ling Ching
黃冠霖
Huang, Guan-Lin關鍵詞 營業租賃資本化
分析師預測
資訊揭露與使用
Operating Lease Capitalization
Financial Analyst Forecasts
Information Disclosure and Utilization日期 2024 上傳時間 4-Sep-2024 14:47:23 (UTC+8) 摘要 新的租賃準則ASC842要求承租人將超過12個月的營業租賃記錄於資產負債表中，以提供報表使用者更具忠實表述性質的財務報表，該準則的發布將對財務報表產生重大的影響。 本研究的目的在探討財務分析師針對高租賃密集度的公司預測之精準性，在ASC842實施後是否提升，以及前述條件下，分析師預測之離散程度是否下降。本研究使用北美地區2014年至2023年的資料進行分析，根據實證結果，分析師針對高租賃密集度公司的預測錯誤絕對值，與準則的實施不存在顯著的關係，代表預測錯誤絕對值在採用新準則後未如本研究預期的下降。而離散程度的部分，研究結果顯示，分析師預測之離散程度在新準則的實施後顯著下降，與本研究之預期相同。
The new lease standard, ASC 842, requires lessees to record operating leases longer than 12 months on the balance sheet, to provide financial statements that are more faithfully representative to users. The release of this standard is expected to have a significant impact on financial statements. The purpose of this study is to explore whether the implementation of ASC 842 has improved the accuracy of financial analysts' forecasts for companies with high lease intensities and whether it has decreased the dispersion of these forecasts. This research analyzed data from North America from 2014 to 2023. According to empiri-cal results, the absolute values of forecast errors for companies with high lease inten-sities showed no significant relationship with the implementation of the standard, in-dicating that the absolute forecast errors did not decrease post-implementation as an-ticipated. Regarding the dispersion of forecasts, the results indicated a significant re-duction after the implementation of the new standard, consistent with the expectations of this study.參考文獻 中文文獻 江美艷, 黃瑞展, & 洪玉美. (2016). 以航運產業看新租賃會計準則. 會計研究月刊, (367), 48-55. 英文文獻 Abarbanell, J. S., & Bernard, V. L. (1992). Tests of analysts'overreaction/underreaction to earnings information as an explanation for anomalous stock price behavior. The Journal of Finance, 47(3), 1181-1207. Aboud, A., Roberts, C., & Zalata, A. M. (2018). The impact of IFRS 8 on financial analysts’ earnings forecast errors: EU evidence. Journal of International Accounting, Auditing and Taxation, 33, 2-17. Altamuro, J., Johnston, R., Pandit, S., & Zhang, H. (2014). Operating leases and credit assessments. Contemporary Accounting Research, 31(2), 551-580. American Airlines Holdings, INC, 2023 Annual Report Angela Wheeler Spencer and Thomas Z. Webb Leases: A review of contemporary academic literature relating to leases. Ashbaugh, H., & Pincus, M. (2001). Domestic accounting standards, international accounting standards, and the predictability of earnings. Journal of accounting research, 39(3), 417-434. Barron, O. E., Byard, D., & Kim, O. (2002). Changes in analysts' information around earnings announcements. The Accounting Review, 77(4), 821-846. Beattie, V. A., Edwards, K. & Goodacre, A. (1998) “The impact of constructive operating lease capitalization on key accounting ratios”, Accounting and Business Research, vol. 28, no. 4: 233-254 Beattie, V., Goodacre, A., & Thomson, S. (2000). Recognition versus disclosure: An investigation of the impact on equity risk using UK operating lease disclosures. Journal of Business Finance & Accounting, 27(9‐10), 1185-1224. Beatty, A., Liao, S., & Weber, J. (2010). Financial reporting quality, private information, monitoring, and the lease-versus-buy decision. The Accounting Review, 85(4), 1215-1238. Bennett, B. K., & Bradbury, M. E. (2003). Capitalizing non‐cancelable operating leases. Journal of International Financial Management & Accounting, 14(2), 101-114. Branswijck, D., Longueville, S., & Everaert, P. (2011). The financial impact of the proposed amendments to IAS 17: evidence from Belgium and the Netherlands. Accounting and Management Information Systems, 10(2), 275. Brown, L. D. (2001). A temporal analysis of earnings surprises: Profits versus losses. Journal of Accounting Research, 39(2), 221-241. Bryan, S. H., Lilien, S., & Martin, D. R. (2010). The financial statement effects of capitalizing operating leases. The CPA journal, 80(8), 36. Callahan, C. M., Smith, R. E., & Spencer, A. W. (2013). The valuation and reliability implications of FIN 46 for synthetic lease liabilities. Journal of Accounting and Public Policy, 32(4), 271-291. Caskey, J., & Ozel, N. B. (2019). Reporting and non-reporting incentives in leasing. The Accounting Review 94(6) : 137-164. Chen, C. W., Correia, M., & Urcan, O. (2023). Accounting for Leases and Corporate Investment. Accounting Review, 98(3). Cheong, C. S., Kim, S., & Zurbruegg, R. (2010). The impact of IFRS on financial analysts' forecast accuracy in the Asia-Pacific region: The case of Australia, Hong Kong and New Zealand. Pacific Accounting Review, 22(2), 124-146. Cornaggia, K. J., Franzen, L. A., & Simin, T. T. (2013). Bringing leased assets onto the balance sheet. Journal of Corporate Finance, 22, 345-360. Cotter, J., Tarca, A., & Wee, M. (2012). IFRS adoption and analysts’ earnings fore-casts: Australian evidence. Accounting & Finance, 52(2), 395-419. Dechow, P. M., Ge, W., Larson, C. R., & Sloan, R. G. (2011). Predicting material accounting misstatements. Contemporary Accounting Research, 28(1), 17-82. Dhaliwal, D., Lee, H. S., & Neamtiu, M. (2011). The impact of operating leases on firm financial and operating risk. Journal of Accounting, Auditing & Finance, 26(2), 151-197. Eisfeldt, A. L., & Rampini, A. A. (2009). Leasing, ability to repossess, and debt capacity. The Review of Financial Studies, 22(4), 1621-1657. Eng, L. L., & Mak, Y. T. (2003). Corporate governance and voluntary disclosure. Journal of Accounting and Public Policy, 22(4), 325-345. FASB Accounting Standards Codification 842 Forbes, R., & Gupta, G. (2019). New accounting standards for leases and their possible impacts on financial analyses and valuation. Journal of Forensic and Investigative Accounting, 11(3), 484-493. Fülbier, R. U., Silva, J. L., & Pferdehirt, M. H. (2008). Impact of lease capitalization on financial ratios of listed German companies. Schmalenbach Business Review, 60, 122-144. Gavazza, A. (2011). Leasing and secondary markets: Theory and evidence from commercial aircraft. Journal of Political Economy, 119(2), 325-377. Gallery, G., Cooper, E., & Sweeting, J. (2008). Corporate disclosure quality: lessons from Australian companies on the impact of adopting International Financial Reporting Standards. Australian Accounting Review, 18(3), 257-273. Graham, J. R., Lemmon, M. L., & Schallheim, J. S. (1998). Debt, leases, taxes, and the endogeneity of corporate tax status. The Journal of Finance, 53(1), 131-162. Graham, R. C., & Lin, K. C. (2018). How will the new lease accounting standard affect the relevance of lease asset accounting？. Advances in Accounting, 42, 83 95. Grossman, A. M., & Grossman, S. D. (2010). Capitalizing lease payments. CPA Journal, 80(5), 6-11. Imhoff, E.A., Lipe, R. C. & Wright, D.W. (1997) “Operating leases: Income effects of constructive capitalization”, Accounting Horizons, vol. 11, no.2: 12-32 Imhoff Jr, E. A., Lipe, R. C., & Wright, D. W. (1991). Operating leases: Impact of constructive capitalization. Accounting Horizons, 5(1), 51. Imhoff Jr, E. A., & Thomas, J. K. (1988). Economic consequences of accounting standards: The lease disclosure rule change. Journal of Accounting and Economics, 10(4), 277-310. Inchausti, B. G. (1997). The influence of company characteristics and accounting reg-ulation on information disclosed by Spanish firms. European Accounting Re-view, 6(1), 45-68. Kusano, M., Sakuma, Y., & Tsunogaya, N. (2016). Economic consequences of changes in the lease accounting standard: Evidence from Japan. Journal of Contemporary Accounting & Economics, 12(1), 73-88. Kusano, M., Sakuma, Y., & Tsunogaya, N. (2015). Economic impacts of capitalization of operating leases: Evidence from Japan. Corporate Ownership and Control, 12(4), 838-850. Lim, S. C., Mann, S. C., & Mihov, V. T. (2017). Do operating leases expand credit capacity？ Evidence from borrowing costs and credit ratings. Journal of Corporate Finance, 42, 100-114. Ma, M. S., & Thomas, W. B. (2023). Economic consequences of operating lease recognition. Journal of Accounting and Economics, 75(2-3), 101566. Maglio, R., Rapone, V., & Rey, A. (2018). Capitalisation of operating lease and its impact on firm’s financial ratios: Evidence from Italian listed companies. Corporate Ownership & Control, 15(3-1), 152-162. Milian, J. A., & Lee, E. J. (2023). Did the recognition of operating leases cause a decline in equity valuations？. Journal of Behavioral Finance, 1-15. Miller, M. H., & Upton, C. W. (1976). Leasing, buying, and the cost of capital services. The Journal of Finance, 31(3), 761-786. Mulford, C. W., & Gram, M. (2007). The effects of lease capitalization on various financial measures: An analysis of the retail industry. Journal of Applied Research in Accounting and Finance, 2(2), 3-13. Nelson, A. T. (1963). Capitalizing leases--The effect on financial ratios. Journal of Accountancy (pre-1986), 116(000001), 49. O'Brien, P. C., & Bhushan, R. (1990). Analyst following and institutional owner-ship. Journal of Accounting Research, 28, 55-76. OwusuAnsah, S. (1998). The impact of corporate attributes on the extent of mandatory disclosure and reporting by listed companies in Zimbabwe. The International Journal of Accounting, 33(5), 605-631. Rauh, J. D., & Sufi, A. (2012). Explaining corporate capital structure: Product markets, leases, and asset similarity. Review of Finance, 16(1), 115-155. Rogers, R. K., & Grant, J. (1997). Content analysis of information cited in reports of sell-side financial analysts. Journal of Financial Statement Analysis, 3, 17-31. Tan, H., Wang, S., & Welker, M. (2011). Analyst following and forecast accuracy after mandated IFRS adoptions. Journal of Accounting Research, 49(5), 1307-1357. United Airlines Holdings, INC, 2023 Annual Report Wallace, R. O., & Naser, K. (1995). Firm-specific determinants of the comprehensiveness of mandatory disclosure in the corporate annual reports of firms listed on the stock exchange of Hong Kong. Journal of Accounting and Public policy, 14(4), 311-368. Weber, D. P. (2009). Do analysts and investors fully appreciate the implications of book‐tax differences for future earnings？. Contemporary Accounting Research, 26(4), 1175-1206. Wolfson, M. A. (1985). Tax, incentive, and risk-sharing issues in the allocation of property rights: The generalized lease-or-buy problem. Journal of Business, 159 171. Wong, K., & Mahesh, J. (2015). The impact of lease capitalisation on financial statements and key ratios: Evidence from Australia. Australasian Accounting, Business and Finance Journal, 9(3), 27-44. H 描述 碩士
國立政治大學
會計學系
111353029資料來源 http://thesis.lib.nccu.edu.tw/record/#G0111353029 資料類型 thesis dc.contributor.advisor 詹凌菁 zh_TW dc.contributor.advisor Chan, Ling Ching en_US dc.contributor.author (Authors) 黃冠霖 zh_TW dc.contributor.author (Authors) Huang, Guan-Lin en_US dc.creator (作者) 黃冠霖 zh_TW dc.creator (作者) Huang, Guan-Lin en_US dc.date (日期) 2024 en_US dc.date.accessioned 4-Sep-2024 14:47:23 (UTC+8) - dc.date.available 4-Sep-2024 14:47:23 (UTC+8) - dc.date.issued (上傳時間) 4-Sep-2024 14:47:23 (UTC+8) - dc.identifier (Other Identifiers) G0111353029 en_US dc.identifier.uri (URI) https://nccur.lib.nccu.edu.tw/handle/140.119/153332 - dc.description (描述) 碩士 zh_TW dc.description (描述) 國立政治大學 zh_TW dc.description (描述) 會計學系 zh_TW dc.description (描述) 111353029 zh_TW dc.description.abstract (摘要) 新的租賃準則ASC842要求承租人將超過12個月的營業租賃記錄於資產負債表中，以提供報表使用者更具忠實表述性質的財務報表，該準則的發布將對財務報表產生重大的影響。 本研究的目的在探討財務分析師針對高租賃密集度的公司預測之精準性，在ASC842實施後是否提升，以及前述條件下，分析師預測之離散程度是否下降。本研究使用北美地區2014年至2023年的資料進行分析，根據實證結果，分析師針對高租賃密集度公司的預測錯誤絕對值，與準則的實施不存在顯著的關係，代表預測錯誤絕對值在採用新準則後未如本研究預期的下降。而離散程度的部分，研究結果顯示，分析師預測之離散程度在新準則的實施後顯著下降，與本研究之預期相同。 zh_TW dc.description.abstract (摘要) The new lease standard, ASC 842, requires lessees to record operating leases longer than 12 months on the balance sheet, to provide financial statements that are more faithfully representative to users. The release of this standard is expected to have a significant impact on financial statements. The purpose of this study is to explore whether the implementation of ASC 842 has improved the accuracy of financial analysts' forecasts for companies with high lease intensities and whether it has decreased the dispersion of these forecasts. This research analyzed data from North America from 2014 to 2023. According to empiri-cal results, the absolute values of forecast errors for companies with high lease inten-sities showed no significant relationship with the implementation of the standard, in-dicating that the absolute forecast errors did not decrease post-implementation as an-ticipated. Regarding the dispersion of forecasts, the results indicated a significant re-duction after the implementation of the new standard, consistent with the expectations of this study. en_US dc.description.tableofcontents 表目錄 ii 第一章 緒論 1 第一節 研究動機與目的 1 第二節 研究問題 4 第三節 研究架構 5 第二章 文獻探討 6 第一節 ASC842與ASC840的比較 6 第二節 新租賃準則ASC 842的經濟後果 15 第三節 財務分析師的財務預測 19 第四節 公司傾向使用營業租賃的理由 22 第三章 研究方法 24 第一節 假說建立 24 第二節 模型建立與各變數的定義 26 第三節 樣本及期間 31 第四章 實證結果 32 第一節 樣本產業分布 32 第二節 敘述性統計分析 33 第三節 相關性分析 39 第四節 迴歸結果分析 43 第五章 結論與建議 49 第一節 結論 49 第二節 研究限制與建議 51 參考文獻 52 zh_TW dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0111353029 en_US dc.subject (關鍵詞) 營業租賃資本化 zh_TW dc.subject (關鍵詞) 分析師預測 zh_TW dc.subject (關鍵詞) 資訊揭露與使用 zh_TW dc.subject (關鍵詞) Operating Lease Capitalization en_US dc.subject (關鍵詞) Financial Analyst Forecasts en_US dc.subject (關鍵詞) Information Disclosure and Utilization en_US dc.title (題名) 實施ASC 842後是否提升了財務分析師預測之準確性 zh_TW dc.title (題名) Has the Implementation of New Lease Accounting Standard ASC 842 Improved the Accuracy of Financial Analyst Forecasts？ en_US dc.type (資料類型) thesis en_US dc.relation.reference (參考文獻) 中文文獻 江美艷, 黃瑞展, & 洪玉美. (2016). 以航運產業看新租賃會計準則. 會計研究月刊, (367), 48-55. 英文文獻 Abarbanell, J. S., & Bernard, V. L. (1992). Tests of analysts'overreaction/underreaction to earnings information as an explanation for anomalous stock price behavior. The Journal of Finance, 47(3), 1181-1207. Aboud, A., Roberts, C., & Zalata, A. M. (2018). The impact of IFRS 8 on financial analysts’ earnings forecast errors: EU evidence. Journal of International Accounting, Auditing and Taxation, 33, 2-17. Altamuro, J., Johnston, R., Pandit, S., & Zhang, H. (2014). Operating leases and credit assessments. Contemporary Accounting Research, 31(2), 551-580. American Airlines Holdings, INC, 2023 Annual Report Angela Wheeler Spencer and Thomas Z. Webb Leases: A review of contemporary academic literature relating to leases. Ashbaugh, H., & Pincus, M. (2001). Domestic accounting standards, international accounting standards, and the predictability of earnings. Journal of accounting research, 39(3), 417-434. Barron, O. E., Byard, D., & Kim, O. (2002). Changes in analysts' information around earnings announcements. The Accounting Review, 77(4), 821-846. Beattie, V. A., Edwards, K. & Goodacre, A. (1998) “The impact of constructive operating lease capitalization on key accounting ratios”, Accounting and Business Research, vol. 28, no. 4: 233-254 Beattie, V., Goodacre, A., & Thomson, S. (2000). Recognition versus disclosure: An investigation of the impact on equity risk using UK operating lease disclosures. Journal of Business Finance & Accounting, 27(9‐10), 1185-1224. Beatty, A., Liao, S., & Weber, J. (2010). Financial reporting quality, private information, monitoring, and the lease-versus-buy decision. The Accounting Review, 85(4), 1215-1238. Bennett, B. K., & Bradbury, M. E. (2003). Capitalizing non‐cancelable operating leases. Journal of International Financial Management & Accounting, 14(2), 101-114. Branswijck, D., Longueville, S., & Everaert, P. (2011). The financial impact of the proposed amendments to IAS 17: evidence from Belgium and the Netherlands. Accounting and Management Information Systems, 10(2), 275. Brown, L. D. (2001). A temporal analysis of earnings surprises: Profits versus losses. Journal of Accounting Research, 39(2), 221-241. Bryan, S. H., Lilien, S., & Martin, D. R. (2010). The financial statement effects of capitalizing operating leases. The CPA journal, 80(8), 36. Callahan, C. M., Smith, R. E., & Spencer, A. W. (2013). The valuation and reliability implications of FIN 46 for synthetic lease liabilities. Journal of Accounting and Public Policy, 32(4), 271-291. Caskey, J., & Ozel, N. B. (2019). Reporting and non-reporting incentives in leasing. The Accounting Review 94(6) : 137-164. Chen, C. W., Correia, M., & Urcan, O. (2023). Accounting for Leases and Corporate Investment. Accounting Review, 98(3). Cheong, C. S., Kim, S., & Zurbruegg, R. (2010). The impact of IFRS on financial analysts' forecast accuracy in the Asia-Pacific region: The case of Australia, Hong Kong and New Zealand. Pacific Accounting Review, 22(2), 124-146. Cornaggia, K. J., Franzen, L. A., & Simin, T. T. (2013). Bringing leased assets onto the balance sheet. Journal of Corporate Finance, 22, 345-360. Cotter, J., Tarca, A., & Wee, M. (2012). IFRS adoption and analysts’ earnings fore-casts: Australian evidence. Accounting & Finance, 52(2), 395-419. Dechow, P. M., Ge, W., Larson, C. R., & Sloan, R. G. (2011). Predicting material accounting misstatements. Contemporary Accounting Research, 28(1), 17-82. Dhaliwal, D., Lee, H. S., & Neamtiu, M. (2011). The impact of operating leases on firm financial and operating risk. Journal of Accounting, Auditing & Finance, 26(2), 151-197. Eisfeldt, A. L., & Rampini, A. A. (2009). Leasing, ability to repossess, and debt capacity. The Review of Financial Studies, 22(4), 1621-1657. Eng, L. L., & Mak, Y. T. (2003). Corporate governance and voluntary disclosure. Journal of Accounting and Public Policy, 22(4), 325-345. FASB Accounting Standards Codification 842 Forbes, R., & Gupta, G. (2019). New accounting standards for leases and their possible impacts on financial analyses and valuation. Journal of Forensic and Investigative Accounting, 11(3), 484-493. Fülbier, R. U., Silva, J. L., & Pferdehirt, M. H. (2008). Impact of lease capitalization on financial ratios of listed German companies. Schmalenbach Business Review, 60, 122-144. Gavazza, A. (2011). Leasing and secondary markets: Theory and evidence from commercial aircraft. Journal of Political Economy, 119(2), 325-377. Gallery, G., Cooper, E., & Sweeting, J. (2008). Corporate disclosure quality: lessons from Australian companies on the impact of adopting International Financial Reporting Standards. Australian Accounting Review, 18(3), 257-273. Graham, J. R., Lemmon, M. L., & Schallheim, J. S. (1998). Debt, leases, taxes, and the endogeneity of corporate tax status. The Journal of Finance, 53(1), 131-162. Graham, R. C., & Lin, K. C. (2018). How will the new lease accounting standard affect the relevance of lease asset accounting？. Advances in Accounting, 42, 83 95. Grossman, A. M., & Grossman, S. D. (2010). Capitalizing lease payments. CPA Journal, 80(5), 6-11. Imhoff, E.A., Lipe, R. C. & Wright, D.W. (1997) “Operating leases: Income effects of constructive capitalization”, Accounting Horizons, vol. 11, no.2: 12-32 Imhoff Jr, E. A., Lipe, R. C., & Wright, D. W. (1991). Operating leases: Impact of constructive capitalization. Accounting Horizons, 5(1), 51. Imhoff Jr, E. A., & Thomas, J. K. (1988). Economic consequences of accounting standards: The lease disclosure rule change. Journal of Accounting and Economics, 10(4), 277-310. Inchausti, B. G. (1997). The influence of company characteristics and accounting reg-ulation on information disclosed by Spanish firms. European Accounting Re-view, 6(1), 45-68. Kusano, M., Sakuma, Y., & Tsunogaya, N. (2016). Economic consequences of changes in the lease accounting standard: Evidence from Japan. Journal of Contemporary Accounting & Economics, 12(1), 73-88. Kusano, M., Sakuma, Y., & Tsunogaya, N. (2015). Economic impacts of capitalization of operating leases: Evidence from Japan. Corporate Ownership and Control, 12(4), 838-850. Lim, S. C., Mann, S. C., & Mihov, V. T. (2017). Do operating leases expand credit capacity？ Evidence from borrowing costs and credit ratings. Journal of Corporate Finance, 42, 100-114. Ma, M. S., & Thomas, W. B. (2023). Economic consequences of operating lease recognition. Journal of Accounting and Economics, 75(2-3), 101566. Maglio, R., Rapone, V., & Rey, A. (2018). Capitalisation of operating lease and its impact on firm’s financial ratios: Evidence from Italian listed companies. Corporate Ownership & Control, 15(3-1), 152-162. Milian, J. A., & Lee, E. J. (2023). Did the recognition of operating leases cause a decline in equity valuations？. Journal of Behavioral Finance, 1-15. Miller, M. H., & Upton, C. W. (1976). Leasing, buying, and the cost of capital services. The Journal of Finance, 31(3), 761-786. Mulford, C. W., & Gram, M. (2007). The effects of lease capitalization on various financial measures: An analysis of the retail industry. Journal of Applied Research in Accounting and Finance, 2(2), 3-13. Nelson, A. T. (1963). Capitalizing leases--The effect on financial ratios. Journal of Accountancy (pre-1986), 116(000001), 49. O'Brien, P. C., & Bhushan, R. (1990). Analyst following and institutional owner-ship. Journal of Accounting Research, 28, 55-76. OwusuAnsah, S. (1998). The impact of corporate attributes on the extent of mandatory disclosure and reporting by listed companies in Zimbabwe. The International Journal of Accounting, 33(5), 605-631. Rauh, J. D., & Sufi, A. (2012). Explaining corporate capital structure: Product markets, leases, and asset similarity. Review of Finance, 16(1), 115-155. Rogers, R. K., & Grant, J. (1997). Content analysis of information cited in reports of sell-side financial analysts. Journal of Financial Statement Analysis, 3, 17-31. Tan, H., Wang, S., & Welker, M. (2011). Analyst following and forecast accuracy after mandated IFRS adoptions. Journal of Accounting Research, 49(5), 1307-1357. United Airlines Holdings, INC, 2023 Annual Report Wallace, R. O., & Naser, K. (1995). Firm-specific determinants of the comprehensiveness of mandatory disclosure in the corporate annual reports of firms listed on the stock exchange of Hong Kong. Journal of Accounting and Public policy, 14(4), 311-368. Weber, D. P. (2009). Do analysts and investors fully appreciate the implications of book‐tax differences for future earnings？. Contemporary Accounting Research, 26(4), 1175-1206. Wolfson, M. A. (1985). Tax, incentive, and risk-sharing issues in the allocation of property rights: The generalized lease-or-buy problem. Journal of Business, 159 171. Wong, K., & Mahesh, J. (2015). The impact of lease capitalisation on financial statements and key ratios: Evidence from Australia. Australasian Accounting, Business and Finance Journal, 9(3), 27-44. H zh_TW
