高級(jí)公司金融leasing-資料下載頁(yè)
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【導(dǎo)讀】TheBasics. asset.purchasetheasset.Lessorbuysasset,FirmUleasesit.Saleandleaseback. Leveragedlease. andlenders.theasset.thelessee.Lessorbuysasset,FirmUleasesit.afteradefault.Intheolddays(beforeNovember1976),leasesledto. off-balance-sheetfinancing.InNovember1976,FASBissuedFAS13,leasesare
【正文】 rage ?The tax advantage of leasing exist if firms are in different tax brackets. ?Should a user in a low tax bracket purchase, he will have little tax benefit from depreciation and interest deductions. ?Should the user lease, the lessor will receive the depreciation shield and interest deduction. ?The two parties can negotiate to reach a lower lease payment to benefit both. The NPV analysis of Lessee ? Assume in the Xomox case, Xomox pays no tax (tax rate is zero) and after negotiating with Friendley leasing the lease payment is reduced from $2,500 to $2,475. The cash flows of leasing vs. buying for Xomox is as follows Lease Minus Buy for Xomox Year 0 Year 1 Year 2 Year 3 Year 4 Year 5 Cost of machine 10,000 Lease payment 2,475 2,475 2,475 2,475 2,475 NPV = $10,000 –$2,475 * A(5%, 5) =$ Xomox will choose to lease the machine instead of buying! The NPV Analysis of Lessor ?The cash flows of Friendly Leasing is as the follows, The cash flows of lessor Year 0 Year 1 Year 2 Year 3 Year 4 Year 5 Cash for machine $10,000 Depreciation tax benefit $680 $680 $680 $680 $680 After tax lease payment $1,=$2,475*() $1, $1, $1, $1, $1, Total $10,000 $2, $2, $2, $2, $2, NPV = $10,000 + $2, * A(5%, 5) =$ Friendly leasing benefits as a lessor Reservation Payment of Lessee ?Reservation payment of lessee, LMAX, is the payment that makes the value of the lease to the lessee zero, so that the lessee is indifferent between leasing and buying. Lease Minus Buy for Xomox Year 0 Year 1 Year 2 Year 3 Year 4 Year 5 Cost of machine 10,000 Lease payment LMAX LMAX LMAX LMAX LMAX Value of lease = 0 = $10,000 LMAX * A(5%, 5) LMAX = $2, Reservation Payment of Lessor ?Reservation payment of lessor, LMIN, is the payment that makes the value of the lease to the lessor zero, so that the lessor is indifferent between leasing or not. The cash flows of lessor Year 0 Year 1 Year 2 Year 3 Year 4 Year 5 Cash for machine $10,000 Depreciation tax benefit $680 $680 $680 $680 $680 After tax lease payment LMIN* LMIN* LMIN* LMIN* LMIN* Value of lease = 0 = $10,000 + LMIN * A(5%, 5) LMIN = $2, ?Any lease payment L, LMIN L LMAX, will make the leasing deal done from which both the lessee and lessor benefit. ?The exact level of L depends on the bargaining power of each side. Other Reasons for Lease ?A Reduction of Uncertainty ? The residual value of asset could be risky. ? If a firm is more risk averse than the leasing firm, it may choose to lease the asset and let the lessor bear the risk of the residual value. ?Transaction costs ? The costs of changing an asset’s ownership are generally greater than the costs of writing a lease agreement. Some Unanswered Questions ?Are the Uses of Leases and of Debt Complementary? ?Why are Leases offered by Both Manufacturers and Third Party Lessors? ?Why are Some Assets Leased More than Others? Summary and Conclusions ? There are three ways to value a lease. 1. Use the realworld convention of discounting the incremental aftertax cash flows at the lessors aftertax rate on secured debt. 2. Calculate the increase in debt capacity by discounting the difference between the cash flows of the purchase and the cash flows of the lease by the aftertax interest rate. The increase in debt capacity from a purchase is pared to the extra outflow at year 0 from a purchase. 3. Use APV (presented in the appendix to this chapter). ? They all yield the same answer. ? The easiest way is the least intuitive.
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