English, Article, Journal or magazine article edition: EFECTOS DE LA INNOVACIÓN FINANCIERA SOBRE LA INVERSIÓN: EL CASO DEL LEASING FINANCIERO María Angeles Díaz Mayans

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Bookmark: http://trove.nla.gov.au/version/121217
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • EFECTOS DE LA INNOVACIÓN FINANCIERA SOBRE LA INVERSIÓN: EL CASO DEL LEASING FINANCIERO
Author
  • María Angeles Díaz Mayans
Physical Description
  • preprint
Notes
  • This paper analyzes the consequences of financia1 innovation on investment,particularly the leasing case. The aim of this study is to identify and analyze the influence of the (fiscal, regulatory and market) factors, which have given a relative advantage to leasing, leading to an increase in business investment. A general model of interactions between investment and financing decisions is adapted to the leasing case to point out possible advantages under certain imperfections. The analyzed factors are: taw incentives, the existence of financial insolvency costs and the presence of a reserve requirement for leasing firms. El trabajo analiza las consecuencias de la innovación financiera sobre la inversión através del caso del leasing financiero y su utilización como fuente alternativa de financiación. El objetivo del trabajo consiste en identificar y analizar la influencia de los factores (fiscales, regulatorios y de mercado) que han permitido una ventaja relativa del leasing, ventaja que puede traducirse en un incremento de la inversión empresarial. Dicho análisis se realiza a través de un modelo general de interacciones entre decisiones de inversión y financiación, que, aplicado al leasing, permite determinar sus posibles ventajas en presencia de imperfecciones. Los factores analizados son los incentivos fiscales asociados al leasing, la existencia de costes de insolvencia financiera y la existencia de un coeficiente de caja para las sociedades arrendadoras.
  • RePEc:ivi:wpasec:1993-01
Language
  • English
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