本文二項主旨：⑴驗證『租賃疑惑』係因Ang & Peterson硏究方法失誤所致，並而非租賃 功能有疑點，故『資產負債表外之融資』不會產生誤導，無損於租賃市場效率；（2)提出承租模 式以驗證：（a)租賃市場應屬不完全競爭性；（b)租賃具有避險機制；（c)租賃可提供換債功能 ;(d)驗證籌資順序理論：企業之融資順序以內部資金（流動性）爲優先、舉債及承租次之、權 益再次之。

An empirical leasing model for lessees is put forth and tested. The leasing puzzle proposed by Ang & Peterson is confirmed to be a mistake in their methodology. To wit, leasing is an off-balance sheet financing which may fool the users of financial reports. First, the substitute result shows that the upers are not fooledby this off-balance-sheet financing. Thus, the capital and/or money markets are not inefficient in this respect. Second, the leasing market is confirmed to be more likely imperfect competitive because the ITC cannot be passed from lessors to lessees. Third, a hedging mechanism implicit in leasing is provided: leasing is a useful tool for hedging the systematic and interest risks. Fourth, leasing can render a bond swap function. Thus, even though the ITC was removed in the 1986 tax reform, leasing is an increasing attractive form of financing for a growing number of companies. The firms with junk bonds can use leases to share the quality spread with lessors (to hedge the unsystematic risk) when interest rates go up.