Accounting Standards Update No. 2016–02 (ASU 2016–02) generated considerable debate between managers and standard setters. We find evidence that after issuance of ASU 2016–02, lessee firms decreased their use of long-term operating leases, increased their use of short-term operating leases, and increased their use of capital expenditures. The shift from long-term operating leases to capital expenditures is more pronounced for firms that had greater reporting incentives to use operating leases prior to ASU 2016–02. However, we find no evidence that the change in leasing behavior leads to negative outcomes predicted by managers (i.e., no evidence of a decrease in reported firm performance, a decrease in firm value, increase in firm risk, decrease in credit ratings, increase in debt covenant violations, or decrease in employment). Our study adds to the literature on the real impacts of accounting standards on managers' investment behavior and economic consequences for lessee firms and their stakeholders.

会计准则更新第 2016-02 号 (ASU 2016-02) 在管理者和准则制定者之间引发了相当大的争论。我们发现有证据表明，在 ASU 2016-02 发布后，承租公司减少了对长期经营租赁的使用，增加了对短期经营租赁的使用，并增加了资本支出的使用。对于在 ASU 2016-02 之前有更大报告动机使用经营租赁的公司，从长期经营租赁到资本支出的转变更为明显。然而，我们没有发现任何证据表明租赁行为的变化会导致管理者预测的负面结果（即，没有证据表明报告的公司业绩下降、公司价值下降、公司风险增加、信用评级下降、违反债务契约，或减少就业）。