financeleaseinchinaturningchallenge(ppt51)-經(jīng)營管理-wenkub.com
2024-08-12 15:34 本頁面
【正文】 V = Rent； i = discount rate； t = days t V A == Solve how much principal remains outstanding after receipt of payment October 1999 XIN DE TELECOM 28 Performance Sharing Period ? Equity “kicker”. ? After leasing principal and accrued interest have been fully repaid. ? The SPL period is pleted at the end. ? The ownership of all leased articles is transferred from lessor to lessee. October 1999 XIN DE TELECOM 29 Summary ? SPL is tailored to needs of new operators – heavy capital investment, – slow startup in revenues, – excellent mediumterm profit potential. ? It provides equitylike funding – Operator can not attract conventional debt or lease. – Capital provider does not involve in operation. October 1999 XIN DE TELECOM 30 5, Restructuring ? Motive to participate restructuring of JV finance lease panies. Finance lease is facing bright future in China for some industries. One platform is no long adequate for the limitation in the equitydebt ratio. October 1999 XIN DE TELECOM 31 Platform: Action Room Capital funds Projects Resource Platform Critical factors for JV lease pany October 1999 XIN DE TELECOM 32 Xin De SPL Model Outside investor Equipment vendors SPL Lease Co. Operators ? Not allowed equity in Chinese work operator ? Mechanism for investment ? Mechanism for payment ? Want to participate in China’s tele expansion ? Want acceptable payment term ?Need funds ?Lack expertise ?Have a proven need for assistance in marketing services. ?Financing ?Technical knowhow ? business services October 1999 XIN DE TELECOM 33 What does SPL mean for them? ? Outside investors Not allowed equity in Chinese work operators. ? Equipment vendors Want to participate in China’s tele expansion. Want acceptable payment term. ? Operators Need funds for work rollout expansion Lack expertise in new technologies Have a proven need for a
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