外文文献翻译原文及译文标题：租赁和盈利能力：来自航空业的实证研究作者：西尔万・博尔加德，里吉斯・哈克，凯瑟琳・维比斯期刊：《交通研究:政策和实践》第97卷，页码：30-46年份：2017原文Leasingandprofitability:EmpiricalevidencefromtheairlineindustrySylvainBouqade,RegisHue,CatherineVibesAbstractInthispaper,weempiricallymeasuretheimpactofaircraftleasingchoicesonairlinesfinancialperformance.Weusepublicdataon73airlinesoperatingworldwideovertheperiod1996-2011.Inestimatingtheimpactofleasingonprofitability,wecontrolforpotentialendogeneitybyapplyingrobustinstrumentalvariablesestimation,whileintroducingasetofindividualandmacroeconomicfactors.Ourresultsarethreefold.First,weidentifyanon-monotonicandconcaveeffectofleasingonanairline5sprofitmargin,suggestingdecreasingmarginalreturnstoleasinginthissector.Thisisanoriginalfindingfortheindustry.Wealsoderiveaconfidenceintervalfortheoptimallevelofleasing.Second,weshowthattheimpactofleasingonanairline5soperatingprofitisstrongerforLowCostCarriersthanforFullCostCarriers:deviatingfromtheoptimallevelofleasingmightbemoreharmfulforaLCCthanforalegacycarrier.Finally,weanalyzehowanairline5sexperienceaffectstherelationshipbetweenleasingandprofitability.Keywords:Leasing,Performance,Profit,AirlineIndustry1.IntroductionAirlines5strategiesaremainlydrivenbydecisionsontheirnetwork,products,pricesandresources(specificallytheirfleet).Asaircraftrepresentalonglifetimeasset(25yearsormore)andrequireahighinvestment,decisionsonthefleetcompositionarethemostengagingones.Operatingleases,asopposedtofinancialleasesorownership,allowairlinestorecoversomeflexibilitywhenmakingthesefleetdecisions.Indeed,aleasedaircraftcanbeoperatedforaperiodlowerthanitsusefullife,withlimitedupfrontcapitalrequirement.Withoperatingleases,unlikefinancial(orcapital)leases,theownershiprisksandrewardsremainwiththelessorandtheassetsareoffthelessee'sbalancesheet.Typicaloperatingandfinancialleasesintheairlineindustryarecalled'dry'leasesbecausethelesseeonlyrentstheaircraft,asopposedto'wet'leaseswherealsothecrew,maintenanceandinsurancearerented.Thelessorcommunityhaslongargue