LeasingContracts(高级公司财务—租赁合同—英文版课件).ppt

1、1,Econ 906,Leasing Contracts Readings: Copeland and Weston Chapter 17 BM Chapter 25,2,Topics Covered,What is a Lease? Lessee/Lessor Why Lease? Operating Leases Financial Leases Reasons for leasing Ownership of leased asset,3,Introduction,Leasing is a method of financing assets Lessee (the user) and

2、lessor (the owner) are involved Long-term leasing is more or less similar to buying the equipment with a secured loan,4,Introduction Cntd.,The main benefit of long-term leasing is differential tax-savings (if any) The Lessee has the right to use the asset and in return must make periodic 定期 payments

3、 to the lessor, the owner of the asset Operating lease - Lessor must maintain and insure the assets, cancellation option as the lessee wishes经营租赁，又称为业务租赁，是融资租赁的对称。是为了满足经营使用上的临时或季节性需而发生的资产租赁。经营租赁是一种短期租赁形式，它是指出租人不仅要向承租人提供设备的使用权，还要向承租人提供设备的保养、保险、维修和其他专门性技术服务的一种租赁形式（融资租赁不需要提高这个服务）。,5,Introduction Cntd.,

4、Financial lease - opposite of the operating lease 融资租赁（Financial Leasing）又称设备租赁（Equipment Leasing）或现代租赁(Modern Leasing)，是指实质上转移与资产所有权有关的全部或绝大部分风险和报酬的租赁。资产的所有权最终可以转移，也可以不转移。 它的具体内容是指出租人根据承租人对租赁物件的特定要求和对供货人的选择，出资向供货人购买租赁物件，并租给承租人使用，承租人则分期向出租人支付租金，在租赁期内租赁物件的所有权属于出租人所有，承租人拥有租赁物件的使用权。 An alternative meth

5、od of financing to purchase Sale and lease-back Leveraged leases - if bulk of financing is provided by creditors杠杆租赁(Leveraged Lease)又称为第三者权益租赁(Third-party Equity Lease) 、融资租赁，其乃是介于承租人、出租人及贷款人(Lenders)间的三边协定；是由出租人(租赁公司或商业银行)本身拿出部分资金，然后加上贷款人提供的资金，以便购买承租人所欲使用的资产，并交由承租人使用；而承租人使用租赁资产后，应定期支付租赁费用。通常出租人仅提供

6、其中20%40%的资金，贷款人则提供60%80%的资金。,6,Introduction Cntd.,The lessee can deduct lease payments for income tax purposes if the lease is qualified by the Inland Revenue Service 从营业税中扣除租赁费用，如果这租赁是由税务服务规范的 The IRS follows some guidelines to decide if the lease is genuine 名副其实的 If the tax rates of the lessor and

7、 lessee are different, leasing can be a form of tax avoidance 如果出租方和租赁房的税率不同 租赁可成为一种避税形势,7,Why Lease?,Sensible Reasons for Leasing Short-term leases are convenient buying a fixed asset for short-term use can be more expensive than leasing Cancellation options are valuable e.g. cancellation of operat

8、ing lease by a short notice Maintenance is provided 提供维修 Operating lease option includes maintenance cover by the lessor,8,Why Lease?,Sensible Reasons for Leasing Standardization leads to low costs lower credit-worthiness check信用度检查, administrative, or legal cost due to standardization of contracts

9、Tax shields can be used lessor obtains depreciation tax shields. Could pass some of the benefits to the lessee via lower lease payments Avoiding the alternative minimum tax lease payments are not on the list of items added back in calculating the AMT unlike items such as the benefits of accelerated

10、depreciation has to added back to compute the AMT 替代性最低税,9,Why Lease?,Dubious Reasons for Leasing Leasing avoids capital expenditure controls Less scrutiny on leasing contracts by some companies unlike severe scrutiny on purchases! Leasing preserves capital Reduces borrowing to purchase the asset; t

11、hough it is possible to borrow the face value of the asset holding it as a collateral if the asset is initially bought for cash. Hence, the bank balance will remain the same by leasing or buying and borrowing!,10,Why Lease?,Dubious Reasons for Leasing Leases may be off balance sheet financing For ex

12、ample, in Germany, asset acquired and financed through asset as well as the lease are excluded from the balance sheet In US on the other hand, the FASB requires that financial leases be capitalized 资本化 Leasing effects book income 账面收入 leasing can make the firms balance sheet and income statement loo

13、k better by increasing book income or decreasing book asset value, or both,11,EXAMPLE,Cost of machine = 100,000 (30-year ACRS class life asset) (Accelerated Cost Recovery System) Operating costs = 10,000 per year maintenance expense Lease payments = 53,600 per year Lessor provides maintenance as a p

14、art of the lease contract. Cost of debt (rB) = 15% After-tax cost of debt, rB(1 -TC) = 9.9% TC = 34% (for both the lessee and the lessor) Depreciation ScheduleYear 1Year 2Year 3Year 4 MACRS Recovery Rates33.34%44.44%14.81%7.41% Depreciation Expense33,34044,44014,8107,410,12,Cash Flows from the Lesse

15、es Perspective (TC=34%),LeaseYear 0Year 1Year 2Year 3Year 4 After-tax lease payment-35,376-35,376-35,376 （53600*0.66） PurchaseYear 0Year 1Year 2Year 3Year 4 Machine cost-100,000 After-tax operating costs-6,600-6,600-6,600 (10,000*0.66) Depreciation tax benefit11,33615,1105,0352,519 Net Purchase CF-1

16、00,000 4,736 8,510 -1,5652,519 Net Lessee Cash Flow 100,000-40,112-43,886-33,811-2,519 PV (r = 9.9%) 100,000-36,498-36,335-25,472-1,727 NPV = -33,13,Cash Flows from the Lessors Perspective (TC=34%),Year 0Year 1Year 2Year 3Year 4 After-tax lease payment35,37635,37635,376 Machine cost-100,000 After-ta

17、x operating costs-6,600-6,600-6,600 Depreciation tax benefit11,33615,1105,035 2,519 Net Lessor Cash Flow -100,000 40,112 43,886 33,811 2,519 PV (r = 9.9%) -100,000 36,498 36,335 25,4721,727 NPV = 33,14,Example 2,Cost of machinery = 75,000 Lease period = 7 years (0-6 years) Operating costs = 12,000/y

18、ear to be paid by the lessor Zero salvage value end of period 6 Assume 7% cost of capital, and 0% inflation How much should be the minimum lease amount to break-even? Tax rate = 35% Depreciation Tax Shield(%) Yr 1 2 3 4 5 6 20 32 19.2 11.52 11.52 5.76 (Modified Accelerated Cost Recovery System), Table 6.4,15,Solution,16,Solut