第二十一章租赁(PPT 35页)

ChapterOutline,21.1TypesofLeases21.2AccountingandLeasing21.3Taxes,theIRS,andLeases21.4TheCashFlowsofLeasing21.5ADetouronDiscountingandDebtCapacitywithCorporateTaxes21.6NPVAnalysisoftheLease-versus-BuyDecision21.7DebtDisplacementandLeaseValuation21.8DoesLeasingEverPay:TheBaseCase21.9ReasonsforLeasing21.10SomeUnansweredQuestions,21.1TypesofLeases,TheBasicsAleaseisacontractualagreementbetweenalesseeandlessor.Thelessorownstheassetandforafeeallowsthelesseetousetheasset.,OperatingLeases,Usuallynotfullyamortized.Usuallyrequirethelessortomaintainandinsuretheasset.Lesseeenjoysacancellationoption.,FinancialLeases,Theexactoppositeofanoperatinglease.Donotprovideformaintenanceorservicebythelessor.Financialleasesarefullyamortized.Thelesseeusuallyhasarighttorenewtheleaseatexpiry.Generally,financialleasescannotbecancelled.,SaleandLease-Back,Aparticulartypeoffinanciallease.Occurswhenacompanysellsanassetitalreadyownstoanotherfirmandimmediatelyleasesitfromthem.Twosetsofcashflowsoccur:Thelesseereceivescashtodayfromthesale.Thelesseeagreestomakeperiodicleasepayments,therebyretainingtheuseoftheasset.,LeveragedLeases,Aleveragedleaseisanothertypeoffinanciallease.Athree-sidedarrangementbetweenthelessee,thelessor,andlenders.Thelessorownstheassetandforafeeallowsthelesseetousetheasset.Thelessorborrowstopartiallyfinancetheasset.Thelenderstypicallyuseanonrecourseloan.Thismeansthatthelessorisnotobligatedtothelenderincaseofadefaultbythelessee.,21.2AccountingandLeasing,Intheolddays,leasesledtooff-balance-sheetfinancing.Today,leasesareeitherclassifiedascapitalleasesoroperatingleases.Operatingleasesdonotappearonthebalancesheet.Capitalleasesappearonthebalancesheetthepresentvalueoftheleasepaymentsappearsonbothsides.,AccountingandLeasing,BalanceSheetTruckispurchasedwithdebtTruck$100,000Debt$100,000Land$100,000Equity$100,000TotalAssets$200,000TotalDebt&Equity$200,000OperatingLeaseTruckDebtLand$100,000Equity$100,000TotalAssets$100,000TotalDebt&Equity$100,000CapitalLeaseAssetsleased$100,000Obligationsundercapitallease$100,000Land$100,000Equity$100,000TotalAssets$200,000TotalDebt&Equity$200,000,CapitalLease,Aleasemustbecapitalizedifanyoneofthefollowingismet:Thepresentvalueoftheleasepaymentsisatleast90percentofthefairmarketvalueoftheassetatthestartofthelease.Theleasetransfersownershipofthepropertytothelesseebytheendofthetermofthelease.Theleasetermis75percentormoreoftheestimatedeconomiclifeoftheasset.Thelesseecanbuytheassetatabargainpriceatexpiry.,21.3Taxes,theIRS,andLeases,Theprincipalbenefitoflong-termleasingistaxreduction.Leasingallowsthetransferoftaxbenefitsfromthosewhoneedequipmentbutcannottakefulladvantageofthetaxbenefitsofownershiptoapartywhocan.Naturally,theIRSseekstolimitthis,especiallyiftheleaseappearstobesetupsolelytoavoidtaxes.,21.3Taxes,theIRS,andLeases,ThelesseecandeductleasepaymentsiftheleaseisqualifiedbytheIRS.Thetermmustbelessthan30years.Therecanbenobargainpurchaseoption.Theleaseshouldnothaveascheduleofpaymentsthatisveryhighatthestartoftheleaseandlowthereafter.Theleasepaymentsmustprovidethelessorwithafairmarketrateofreturn.Theleaseshouldnotlimitthelesseesrighttoissuedebtorpaydividends.Renewaloptionsmustbereasonableandreflectfairmarketvalueoftheasset.,21.4TheCashFlowsofLeasing,Considerafirm,ClumZeeMovers,thatwishestoacquireadeliverytruck.Thetruckisexpectedtoreducecostsby$4,500peryear.Thetruckcosts$25,000andhasausefullifeof5years.Ifthefirmbuysthetruck,theywilldepreciateitstraight-linetozero.Theycanleaseitfor5yearsfromTigerLeasingwithanannualleasepaymentof$6,250.,21.4TheCashFlowsofLeasing,CashFlows:BuyYear0Years1-5Costoftruck$25,000After-taxsavings4,500(1-.34)=$2,970DepreciationTaxShield5,000(.34)=$1,700$25,000$4,670,CashFlows:LeaseYear0Years1-5LeasePayments6,250(1-.34)=$4,125After-taxsavings4,500(1-.34)=$2,970$1,155,21.4TheCashFlowsofLeasing,CashFlows:LeasingInsteadofBuyingYear0Years1-5$25,000$1,155$4,670=$5,825CashFlows:BuyingInsteadofLeasingYear0Years1-5$25,000$4,670$1,155=$5,825Howeverwewishtoconceptualizethis,weneedtohaveaninterestrateatwhichtodiscountthefuturecashflows.Thatrateistheafter-taxrateonthefirmssecureddebt.,21.5ADetouronDiscountingandDebtCapacitywithCorporateTaxes,PresentValueofRisklessCashFlowsInaworldwithcorporatetaxes,firmsshoulddiscountrisklesscashflowsattheafter-taxrisklessrateofinterest.OptimalDebtLevelandRisklessCashFlowsInaworldwithcorporatetaxes,onedeterminestheincreaseinthefirmsoptimaldebtlevelbydiscountingafutureguaranteedafter-taxinflowattheafter-taxrisklessinterestrate.,21.6NPVAnalysisoftheLease-vs.-BuyDecision,Aleasepaymentislikethedebtserviceonasecuredbondissuedbythelessee.Intherealworld,manycompaniesdiscountboththedepreciationtaxshieldsandtheleasepaymentsattheafter-taxinterestrateonsecureddebtissuedbythelessee.,NPVAnalysisoftheLease-vs.-BuyDecision,21.7DebtDisplacementandLeaseValuation,Consideringtheissuesofdebtdisplacementallowsforamoreintuitiveunderstandingoftheleaseversusbuydecision.Leasesdisplacedebtthisisahiddencostofleasing.Ifafirmleases,itwillnotuseasmuchregulardebtasitwouldotherwise.Theinteresttaxshieldwillbelost.,21.7DebtDisplacementandLeaseValuation,ThedebtdisplacedbyleasingresultsinforgoneinteresttaxshieldsonthedebtthatClumZeemoversdidntgointowhentheyleasedinsteadofboughtthetruck.SupposeClumZeeagreestoaleasepaymentof$6,250beforetax.Thispaymentwouldsupportaloanof$25,219.20(seethenextslide)Inexchangeforthis,theygettheuseofatruckworth$25,000.ClearlytheNPVisanegative$219.20,whichagreeswithourearliercalculations.,21.7DebtDisplacementandLeaseValuation,SupposeClumZeeagreestoaleasepaymentof$6,250beforetax.Thispaymentwouldsupportaloanof$25,219.20,Calculatetheincreaseindebtcapacitybydiscountingthedifferencebetweenthecashflowsofthepurchaseandthecashflowsoftheleasebytheafter-taxinterestrate.,21.8DoesLeasingEverPay:TheBaseCase,Intheaboveexample,ClumZeeMoverschosetobuy,becausetheNPVofleasingwasanegative$219.20NotethatthisistheoppositeoftheNPVthatTigerLeasingwouldhave:,21.9ReasonsforLeasing,GoodReasonsTaxesmaybereducedbyleasing.Theleasecontractmayreducecertaintypesofuncertainty.Transactionscostscanbehigherforbuyinganassetandfinancingitwithdebtorequitythanforleasingtheasset.BadReasonsAccounting,ATaxArbitrage,SupposeClumZeemoversisactuallyinthe25%taxbracketandTigerLeasingisinthe34%taxbracket.IfTigerreducestheleasepaymentto$6,200,canbothfirmshaveapositiveNPV?CashFlows:TigerLeasingYear0Years1-5Costoftruck$25,000DepreciationTaxShield5,000(.34)=$1,700LeasePayments6,200(1.34)=$4,092$25,000$5,792NPV=76.33CashFlowsClumZeeMovers:LeasingInsteadofBuyingYear0Years1-5Costoftruckwedidntbuy$25,000LostDepreciationTaxShield5,000(.25)=$1,250After-TaxLeasePayments6,200(1.25)=$4,650$25,000$5,900NPV=-$543.91,ReservationsandNegotiations,WhatisthesmallestleasepaymentthatTigerLeasingwillaccept?SettheirNPVtozeroandsolvefor$Lmin:CashFlows:TigerLeasingYear0Years1-5Costoftruck-$25,000DepreciationTaxShield5,000(.34)=$1,700LeasePayments$Lmin(1.34)=$Lmin.66-$25,000$1,700+$Lmin.66,ReservationsandNegotiations,WhatisthehighestleasepaymentthatClumZeeMoverscanpay?SettheirNPVtozeroandsolvefor$Lmax:CashFlowsClumZeeMovers:LeasingInsteadofBuyingYear0Years1-5Costoftruckwedidntbuy$25,000LostDepreciationTaxShield5,000(.25)=$1,250After-TaxLeasePayments$Lmax(1.25)=.75Lmax$25,0001,250.75Lmax,Noleaseispossible:LminLmax,21.10SomeUnansweredQuestions,AretheUsesofLeasesandofDebtComplementary?WhyareLeasesofferedbyBothManufacturersandThirdPartyLessors?WhyareSomeAssetsLeasedMorethanOthers?,21.11SummaryandConclusions,Therearethreewaystovaluealease.Usethereal-worldconventionofdiscountingtheincrementalafter-taxcashflowsatthelessorsafter-taxrateonsecureddebt.Calculatetheincreaseindebtcapacitybydiscountingthedifferencebetweenthecashflowsofthepurchaseandthecashflowsoftheleasebytheafter-taxinterestrate.Theincreaseindebtcapacityfromapurchaseiscomparedtotheextraoutflowatyear0fromapurchase.UseAPV(presentedintheappendixtothischapter).Theyallyieldthesameanswer.Theeasiestwayistheleastintuitive.,Appendix21A:APVApproachtoLeasing,APV=All-EquityValue+FinancingNPV,CalculationsshownonthefollowingslideswillshowthatforthelatestClumzeeMoversexample(taxrateis25%)APV=$591.38$1,135.30APV=$543.91WhichisthesamevalueastheeasierNPVanalysis.,Appendix21A:APVApproachtoLeasing,APV=All-EquityValue+FinancingNPVTofindtheall-equityvalue,discountthecashflowsatthepre-taxinterestrate.Theaftertaxratewas5%whichimpliesapretaxrateof6.66%=5%/(1-.25).,Appendix21A:APVApproachtoLeasing,APV=All-EquityValue+FinancingNPVTheNPVofthefinancingistheforgoneinteresttaxshieldsonthedebtthatClumZeemoversdidntgointowhentheyleasedinsteadofboughtthetruck.ClumZeeagreedtoaleasepaymentof$5,900.Thispaymentwouldsupportaloanof$25,543.91,Appendix21A:APVApproachtoLeasing,Thelostinteresttaxshieldassociatedwiththisadditionaldebtcapacityof$25,543.91hasapresentvalueof$1,135.30,21.7DebtDis