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.

中文翻译：

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租赁经济学

摘要

租赁可能是最重要的法律机构，几乎没有受到系统的学术关注。在住宅租赁中，房地产租赁很常见。但它也广泛用于商业环境，包括办公楼和购物中心。在第二次世界大战之前很少遇到的私人财产租赁，最近在全球范围内发生了爆炸性增长，从汽车到农用设备再到飞机的租赁都在租赁。本文旨在对租赁的定义特征以及为什么租赁是一种如此广泛且非常成功的经济制度进行综合描绘。原因分为三个大类。（i）租赁是为资产收购筹集资金的一种有吸引力的方法，特别是对于资本有限或想保留其资本和现金流量以用于其他目的的人。（ii）租赁是一种使承租人或出租人与拥有资产相关联的风险最小化的手段；尽管租赁也会带来风险，但已经开发了各种租赁修改方法来管理这些衍生风险。（iii）通过将资产的权利在出租人和承租人之间划分，租赁允许当事方专门从事不同的职能，并解决了在单独所有者之间难以克服的各种承包障碍。理解租赁的经济优势是考虑可能的租赁法律改革的重要的第一步。（ii）租赁是一种使承租人或出租人与拥有资产相关联的风险最小化的手段；尽管租赁也会带来风险，但已经开发了各种租赁修改方法来管理这些衍生风险。（iii）通过将资产的权利在出租人和承租人之间划分，租赁允许当事方专门从事不同的职能，并解决了在单独所有者之间难以克服的各种承包障碍。理解租赁的经济优势是考虑可能的租赁法律改革的重要的第一步。（ii）租赁是一种使承租人或出租人与拥有资产相关联的风险最小化的手段；尽管租赁也会带来风险，但已经开发了各种租赁修改方法来管理这些衍生风险。（iii）通过将资产的权利在出租人和承租人之间划分，租赁允许当事方专门从事不同的职能，并解决了在单独所有者之间难以克服的各种承包障碍。理解租赁的经济优势是考虑可能的租赁法律改革的重要的第一步。租赁允许当事方专门从事不同的职能，并解决合同签订过程中的各种障碍，而这些障碍在单独的所有者之间很难克服。理解租赁的经济优势是考虑可能的租赁法律改革的重要的第一步。租赁允许当事方专门从事不同的职能，并解决合同签订过程中的各种障碍，而这些障碍在单独的所有者之间很难克服。理解租赁的经济优势是考虑可能的租赁法律改革的重要的第一步。