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By David C. Mowery, Ph.DDecember 2002
Semiconductor manufacturers have expanded their use of leasing capital equipment from less than 3% of equipment investment in 1993 to over 10% in 1998. Although U.S. firms account for most of these leases, Asian semiconductor firms now are expanding their use of leasing, a development that will accelerate this growth trend. As manufacturers expand leasing, both their suppliers in the equipment manufacturing industry and independent lessors must determine how to provide for this growing demand. This study seeks to provide insight into the factors behind recent growth, as well as the evolving structure of lease transactions.