内控指标体系资料之二筹资综合利率和租赁综合利率的测算

年5月29日内控指标体系资料之二筹资综合利率和租赁综合利率的测算文档仅供参考筹资综合利率和租赁综合利率的测算－－融资性租赁公司内控指标体系设定方法探讨之二任何借款合同和融资租赁合同都会约定据以计算利息或租金的利率。我们称该利率为合同利率。根据该利率,我们能够知道应付本息或租金的数额,能够据以衡量融资性租赁公司借入资金的成本水平和在融资租赁合同中的租赁收益水平。对于这样的在合同中明示的利率,显然是无需测算的。然而,无论是借款合同、融资租赁合同还是相关的买卖合同,除了收取本息、租金或价款外,都往往还会附有其它的合同条件,导致融资性租赁公司借入资金的成本的提高和在融资租赁项下的租赁收益的提高。在融资性租赁公司的会计处理中,利息支出和租赁收益有单独的科目反映,是不会同其它名目的支出和收入混同的。而在内部核算中,为了测算某个借款合同的真实成本和某个租赁项目的预期收益,我们有必要经过这些条件所构成的现金流,来测算其各自的内部收益率。我们称在借款合同项下的贷款人的内部收益率为融资性租赁公司的”筹资综合年利率”,称在融资租赁项目中内部收益率为”租赁综合年利率”。设定这样的两个指标,是为了便于对形形色色的合同条件的效果进行综合对比,从而或者是能够灵活地磋商合同条件,或者是能够预测已生效合同真实的成本和收益,据以对各承办人或部门进行考核。内部收益率的测算,是从事资金运作业务和融资租赁业务的人员的基本功。这里无需赘述。本文只是用两个例题来演示一下上述两个指标的测算。一、筹资综合利率测算某融资性租赁公司拟借入某项贷款,条件如下:金额是80,000,000,期限是48个月,每6个月付息一次,第2年末还本40,000,000,第4年末还本40,000,000,年利率是某参考利率＋1.1%。期初收取前端费1%,杂费100,000,每年初收取代理费24,000。假设:该笔贷款从某年年初借入,所述参考利率始终不变,为6.1875%。问:A:筹资综合利率是多少?B:假设参考利率变为6.8125%,其它条件同A,则筹资综合利率是多少?C:假设期限改为36个月,在第18个月末及期末各还本40,000,000.,其它条件同A,则筹资综合利率是多少?二、租赁综合利率测算已知条件是:所需租赁融资额是64,000,000,租赁期限48个月,每期6个月,租金后付,各期等额还本,租赁年利率是各期期初日某参考利率＋1.5%,预定起租日是.06.17,手续费率是租赁融资额的1.5%,打入成本,期初收银行费192,000,收租赁保证金2,000,000,期末退还,退还时按1.5%的年利率按单利计息,买卖合同佣金1,280,000在第1期租金应付日从出卖人那里收取。问:假设参考利率始终为6%,则A:在上述条件下,本项目的租赁综合年利率是多少?B:如果租赁年利率降至某参考利率＋1%,手续费率提高为2%,其它条件不变,则本项目的租赁综合年利率是多少?C:如果租赁年利率降至某参考利率＋1.3%,手续费率提高为2%,其它条件不变,则本项目的租赁综合年利率是多少?三、筹资综合利率测算结果总流入80,000,000,总流出98,486,000,净流出18,486,000筹资综合年利率7.%,筹资综合期利率3.%前端费800,000杂费100,000代理费24,00024,00024,00024,000还本40,000,00040,000,000付息2,915,0002,915,0002,915,0002,915,0001,457,5001,457,5001,457,5001,457,500期次12345678借款额-80,000,000总流入80,000,000,总流出99,986,000,净流出19,986,000筹资综合年利率8.%,筹资综合期利率4.%前端费800,000杂费100,000代理费24,00024,00024,00024,000还本40,000,00040,000,000付息3,165,0003,165,0003,165,0003,165,0001,582,5001,582,5001,582,5001,582,500期次12345678借款额-80,000,000C.总流入80,000,000,总流出94,089,500,净流出14,089,500筹资综合年利率7.%,筹资综合期利率3.%前端费800,000杂费100,000代理费24,00024,00024,000还本40,000,00040,000,000付息2,915,0002,915,0002,915,0001,457,5001,457,5001,457,500期次123456借款额-80,000,000四、租赁综合利率测算结果A.总流入79,554,708,总流出66,120,000,净流入13,434,708综合租赁年利率9.%,综合租赁期利率4.%收银行费192,000收保证金2,000,000收佣金1,280,000收租金10,596,60010,275,1839,977,4509,659,4179,358,3009,048,7258,739,1508,427,883期次12345678租赁融资额-64,000,000退租赁保证金本息-2,120,000B.总流入79,184,333,总流出66,120,000,净流入13,064,333综合租赁年利率9.%,综合租赁期利率4.%收银行费192,000收保证金2,000,000收佣金1,280,000收租金10,482,88010,181,4139,902,1609,603,8679,321,4409,031,0808,740,7208,448,773期次12345678租赁融资额-64,000,000退租赁保证金本息-2,120,000C.总流入79,631,425,总流出66,120,000,净流入13,511,425综合租赁年利率10.%,综合租赁期利率5.%收银行费192,000收保证金2,000,000收佣金1,280,000收租金10,582,43210,268,0459,976,8249,665,7479,371,2169,068,4128,765,6008,461,149期次12345678租赁融资额-64,000,000退租赁保证金本息-2,120,000筹资综合利率测算表A:本条件下的筹资综合年利率是7.%。季次流出流入净流出期折现率折现值前端费杂费代理费付息还本期初800,000.00100,000.0024,000.0080,000,000.00(79,076,000.00)(79,076,000.00)12,915,000.002,915,000.003.%2,806,105.81224,000.002,915,000.002,939,000.003.%2,723,519.9132,915,000.002,915,000.003.%2,600,369.19424,000.002,915,000.0040,000,000.0042,939,000.003.%36,873,457.5151,457,500.001,457,500.003.%1,204,858.33624,000.001,457,500.001,481,500.003.%1,178,947.7571,457,500.001,457,500.003.%1,116,521.1481,457,500.0040,000,000.0041,457,500.003.%30,572,220.36合计800,000.00100,000.0096,000.0017,490,000.0080,000,000.0080,000,000.0018,486,000.00(0.00)98,486,000.00筹资综合利率测算表B:本条件下的筹资综合年利率是8.%。季次流出流入净流出期折现率折现值前端费杂费代理费付息还本期初800,000.00100,000.0024,000.0080,000,000.00(79,076,000.00)(79,076,000.00)13,165,000.003,165,000.004.%3,037,557.19224,000.003,165,000.003,189,000.004.%2,937,352.1533,165,000.003,165,000.004.%2,797,859.88424,000.003,165,000.0040,000,000.0043,189,000.004.%36,641,744.5551,582,500.001,582,500.004.%1,288,538.68624,000.001,582,500.001,606,500.004.%1,255,408.9571,582,500.001,582,500.004.%1,186,858.5481,582,500.0040,000,000.0041,582,500.004.%29,930,680.06合计800,000.00100,000.0096,000.0018,990,000.0080,000,000.0080,000,000.0019,986,000.000.0099,986,000.00筹资综合利率测算表C:本条件下的筹资综合年利率是7.%。季次流出流入净流出期折现率折现值前端费杂费代理费付息还本期初800,000.00100,000.0024,000.0080,000,000.00(79,076,000.00)(79,076,000.00)12,915,000.002,915,000.003.%2,804,374.35224,000.002,915,000.002,939,000.003.%2,720,159.9532,915,000.0040,000,000.0042,915,000.003.%38,212,143.47424,000.001,457,500.001,481,500.003.%1,269,086.9151,457,500.001,457,500.003.%1,201,145.7361,457,500.0040,000,000.0041,457,500.003.%32,869,089.59合计800,000.00100,000.0072,000.0013,117,500.0080,000,000.0080,000,000.0014,089,500.000.0094,089,500.00租赁综合利率测算表A:本条件下的租赁综合年利率是9.%。季次流出流入净流入期折现率折现值租赁融资额退保证金保证金银行费佣金租金期初64,000,000.002,000,000.00192,000.00(61,808,000.00)(61,808,000.00)11,280,000.0010,596,600.0011,876,600.004.%11,313,211.45210,275,183.0010,275,183.004.%9,323,460.0639,977,450.009,977,450.004.%8,623,843.8549,659,417.009,659,417.004.%7,952,909.0259,358,300.009,358,300.004.%7,339,489.2269,048,725.009,048,725.004.%6,760,052.0378,739,150.008,739,150.004.%6,219,072.4682,120,000.008,427,883.006,307,883.004.%4,275,961.90合计64,000,000.002,120,000.002,000,000.00192,000.001,280,000.0076,082,708.0013,434,708.000.0066,120,000.0079,554,708.00租赁综合利率测算表B:本条件下的租赁综合年利率是9.%。季次流出流入净流入期折现率折现值租赁融资额退保证金保证金银行费佣金租金期初64,000,000.002,000,000.00192,000.00(61,808,000.00)(61,808,000.00)11,280,000.0010,482,880.0011,762,880.004.%11,220,176.81210,181,413.0010,181,413.004.%9,263,607.0139,902,160.009,902,160.004.%8,593,855.3949,603,867.009,603,867.004.%7,950,423.6959,321,440.009,321,440.004.%7,360,599.3569,031,080.009,031,080.004.%6,802,301.7678,740,720.008,740,720.004.%6,279,852.5582,120,000.008,448,773.006,328,773.004.%4,337,183.44合计64,000,000.002,