高级公司金融leasing(编辑修改稿)

高级公司金融leasing(编辑修改稿)内容摘要：

ersus Buy Year 0 Year 1 Year 2 Year 3 Year 4 Year 5 Buy Cost of machine 10,000 After tax operating savings [6,000*()] 3,960 3,960 3,960 3,960 3,960 Depreciation tax benefit 680 680 680 680 680 10,000 4,640 4,640 4,640 4,640 4,640 Lease Lease payments 2,500 2,500 2,500 2,500 2,500 Tax benefits of lease payments [2,500*] 850 850 850 850 850 After tax operating savings 3,960 3,960 3,960 3,960 3,960 Total 2,310 2,310 2,310 2,310 2,310 Cash Flows: Lease Minus Buy Lease Minus Buy Year 0 Year 1 Year 2 Year 3 Year 4 Year 5 Lease Lease payments 2,500 2,500 2,500 2,500 2,500 Tax benefits of lease payments 850 850 850 850 850 Buy (minus) Cost of machine (10,000) Depreciation tax benefit 680 680 680 680 680 Total 10,000 2,330 2,330 2,330 2,330 2,330 Operating costs are not directly affected by leasing. If Xomox leases the machine, it saves the initial cash outflow of purchasing, but it has to pay the lease fees in the later. If Xomox leases the machine, it no longer owns the asset and has to give up the tax shield from depreciation. But it enjoys the tax deduction from lease payment. Whether leasing is superior to buying depends on the NPV of the leasing minus buy analysis. The Discount Rate of Leasing Discount rate for lease payment  A lease payment is like the debt service on a secured bond issued by the lessee.  The return of the secured debt issued by the lessee should be used as the discount rate for the lease payment.  In a world with tax, that return is the after tax interest rate on the secured debt issued by the lessee.  The after tax interest rate on the secured debt used to discount lease payment is slightly higher than the risk free rate. Discount rate for depreciation tax shield  The tax shields rising from depreciation are riskier than lease payment. – First, tax shield depends on whether firms can generate enough taxable ine to use them. – Second, tax rate may change over time.  In the real world, many panies discount both the depreciation tax shields and the lease payments at the aftertax interest rate on secured debt issued by the lessee.  Financial practitioners view these two risks as minor. NPV Analysis of the Lease vs. Buy Decision Suppose the interest rate on secured debt issued by the lessee is percent and after tax rate is 5 percent. NPV Leasing Instead of Buying = $10,000 $2,330 * A(5%, 5) = $ Purchasing is better than lease Lease Minus Buy Year 0 Year 1 Year 2 Year 3 Year 4 Year 5 Net cash flows from lease alternative relative to buy alternative $10,000 $2,330 $2,330 $2,330 $2,330 $2,330 Debt Displacement and Lease Valuation Debt displacement  If a firm leases, future lease payments constitute firm liabilities。 the firm cannot use as much regular debt as it would otherwise. We say leases displace debt. This is a hidden cost of leasing, because the interest tax shield will be lost. Debt Displacement and Lease Valuation For the Xomox example:  It Xomox purchase the machine, it will have $2,330 more cash flows per year from year 1 – 5 than if it leases.  These cash flows can support additional debt level of $10, at year 0.  The additional cash inflows associated with buying relative to leasing in future increases the Xomox’s debt capacity by $10, today. 5432 )(3 3 0,2$)(3 3 0,2$)(3 3 0,2$)(3 3 0,2$3 3 0,2$ 8 7,10$ Year 0 1 2 3。