The Economics of Leasing

IF 3 1区社会学 Q1 LAW

Journal of Legal Analysis Pub Date : 2020-09-11 DOI:10.1093/jla/laaa003

Merrill T.

{"title":"The Economics of Leasing","authors":"Merrill T.","doi":"10.1093/jla/laaa003","DOIUrl":null,"url":null,"abstract":"<span><div>Abstract</div>Leasing may be the most important legal institution that has received virtually no systematic scholarly attention. Real property leasing is familiar in the context of residential tenancies. But it is also widely used in commercial contexts, including office buildings and shopping centers. Personal property leasing, which was rarely encountered before World War II, has more recently exploded on a world-wide basis, with everything from autos to farm equipment to airplanes being leased. This article seeks to develop a composite picture of the defining features of leases and why leasing is such a widespread and highly successful economic institution. The reasons fall under three general headings. (i) Leasing is an attractive method of financing the acquisition of assets, especially for persons who have limited capital or would like to conserve their capital and cash flows for other purposes. (ii) Leasing is a device for minimizing the risks that either lessees or lessors associate with owning assets; although leasing also creates risks, various lease modifications have been developed to manage these derivative risks. (iii) By dividing the rights to an asset between lessor and lessee, leasing permits the parties to specialize in different functions and to solve various impediments to contracting that would be difficult to overcome among separate owners. Understanding the economic advantages of leasing is an important first step in considering possible legal reforms of leasing.</span>","PeriodicalId":45189,"journal":{"name":"Journal of Legal Analysis","volume":"127 2","pages":""},"PeriodicalIF":3.0000,"publicationDate":"2020-09-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Journal of Legal Analysis","FirstCategoryId":"90","ListUrlMain":"https://doi.org/10.1093/jla/laaa003","RegionNum":1,"RegionCategory":"社会学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"LAW","Score":null,"Total":0}

引用次数: 0

Abstract

Leasing may be the most important legal institution that has received virtually no systematic scholarly attention. Real property leasing is familiar in the context of residential tenancies. But it is also widely used in commercial contexts, including office buildings and shopping centers. Personal property leasing, which was rarely encountered before World War II, has more recently exploded on a world-wide basis, with everything from autos to farm equipment to airplanes being leased. This article seeks to develop a composite picture of the defining features of leases and why leasing is such a widespread and highly successful economic institution. The reasons fall under three general headings. (i) Leasing is an attractive method of financing the acquisition of assets, especially for persons who have limited capital or would like to conserve their capital and cash flows for other purposes. (ii) Leasing is a device for minimizing the risks that either lessees or lessors associate with owning assets; although leasing also creates risks, various lease modifications have been developed to manage these derivative risks. (iii) By dividing the rights to an asset between lessor and lessee, leasing permits the parties to specialize in different functions and to solve various impediments to contracting that would be difficult to overcome among separate owners. Understanding the economic advantages of leasing is an important first step in considering possible legal reforms of leasing.

查看原文本刊更多论文

租赁经济学

摘要租赁可能是最重要的法律制度，但却几乎没有得到系统的学术关注。房地产租赁在住宅租赁的背景下是熟悉的。但它也广泛应用于商业环境，包括写字楼和购物中心。个人财产租赁在第二次世界大战之前很少出现，但最近在全球范围内出现了爆炸式增长，从汽车到农用设备再到飞机，应有尽有。本文试图对租赁的定义特征以及为什么租赁是一种如此广泛和非常成功的经济制度进行综合描述。原因大致可分为三大类。(i)租赁是为购置资产筹措资金的一种有吸引力的方法，特别是对资本有限或希望将其资本和现金流保留作其他用途的人来说。租赁是尽量减少承租人或出租人与拥有资产有关的风险的一种手段;虽然租赁也会产生风险，但已经制定了各种租赁修改来管理这些衍生风险。通过在出租人和承租人之间划分对资产的权利，租赁使各方能够专门从事不同的职能，并解决在单独的所有者之间难以克服的订立合同的各种障碍。了解租赁的经济优势是考虑可能的租赁法律改革的重要第一步。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

求助全文

约1分钟内获得全文求助全文

来源期刊