ABSTRACT This paper evaluates the real effects of the new lease standard, ASC 842, on firms’ investment and operational outcomes. Using a sample of airline companies, we find that, subsequent to the promulgation of ASC 842 (2016–2018), public airlines reduce operating lease usage by about seven to ten percentage points relative to private airlines. The reduced lease usage is replaced by increased ownership, suggesting an equilibrium shift in firms’ investment due to changes in the cost-benefit tradeoffs associated with the operating lease classification. We also find evidence that the decline in lease usage hinders public airlines’ operational flexibility, as we observe more idle capacity in flights post-ASC 842. Facing excess capacity, public airlines seem to deploy their aircraft to shorter flying routes, raising the possibility of more wear and tear on the fleet. Overall, our evidence suggests that the new lease standard has intended and unintended real effects. Data Availability: Data are available from the public sources cited in the text. JEL Classifications: M41; M48; D22; D24; D25; E22; G38.

中文翻译：

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当所有权起飞时，租赁失去了高度：新租赁标准的实际效果


摘要本文评估了新租赁准则 ASC 842 对公司投资和运营成果的实际影响。通过对航空公司的样本分析，我们发现，ASC 842（2016-2018）颁布后，公共航空公司相对于私营航空公司减少了约七至十个百分点的经营租赁使用量。租赁使用量的减少被所有权的增加所取代，这表明由于与经营租赁分类相关的成本效益权衡的变化，企业投资发生了均衡变化。我们还发现证据表明，租赁使用量的下降阻碍了公共航空公司的运营灵活性，因为我们观察到 ASC 842 之后航班的闲置运力增加。面对运力过剩，公共航空公司似乎将飞机部署到较短的航线，从而增加了舰队的磨损更多。总体而言，我们的证据表明新租赁准则产生了有意和无意的实际影响。数据可用性：数据可从文中引用的公共来源获得。 JEL 分类：M41； M48； D22； D24； D25； E22； G38。