公司理财chap021PPT文档格式.ppt

公司理财chap021PPT文档格式.ppt

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McGraw-Hill/IrwinCopyright2008byTheMcGraw-HillCompanies,Inc.AllrightsreservedCHAPTER21LeasingSlide2Copyright2008byTheMcGraw-HillCompanies,Inc.AllrightsreservedMcGraw-Hill/IrwinKeyConceptsandSkillsUnderstandthedifferenttypesofleases.UnderstandhowtoapplyNPVtotheleasevs.buydecision.Understandtheimportanceoftaxratesindeterminingthebenefitofleasing.Slide3Copyright2008byTheMcGraw-HillCompanies,Inc.AllrightsreservedMcGraw-Hill/IrwinChapterOutline21.1TypesofLeases21.2AccountingandLeasing21.3Taxes,theIRS,andLeases21.4TheCashFlowsofLeasing21.5ADetouronDiscountingandDebtCapacitywithCorporateTaxes21.6NPVAnalysisoftheLease-versus-BuyDecision21.7DebtDisplacementandLeaseValuation21.8DoesLeasingEverPay:

@#@TheBaseCase21.9ReasonsforLeasing21.10SomeUnansweredQuestionsSlide4Copyright2008byTheMcGraw-HillCompanies,Inc.AllrightsreservedMcGraw-Hill/Irwin21.1TypesofLeasesTheBasicsAleaseisacontractualagreementbetweenalesseeandlessor.Thelessorownstheassetandforafeeallowsthelesseetousetheasset.Slide5Copyright2008byTheMcGraw-HillCompanies,Inc.AllrightsreservedMcGraw-Hill/IrwinBuyingversusLeasingBuyLeaseFirmUbuysassetandusesasset;@#@financedbydebtandequity.Lessorbuysasset,FirmUleasesit.ManufacturerofassetEquityshareholdersFirmU1.Usesasset2.OwnsassetCreditorsManufacturerofassetLessor1.Ownsasset2.DoesnotuseassetEquityshareholdersCreditorsLessee（FirmU）1.Usesasset2.DoesnotownassetSlide6Copyright2008byTheMcGraw-HillCompanies,Inc.AllrightsreservedMcGraw-Hill/IrwinOperatingLeasesUsuallynotfullyamortizedUsuallyrequirethelessortomaintainandinsuretheassetLesseeenjoysacancellationoptionSlide7Copyright2008byTheMcGraw-HillCompanies,Inc.AllrightsreservedMcGraw-Hill/IrwinFinancialLeasesTheexactoppositeofanoperatinglease.1.Donotprovideformaintenanceorservicebythelessor.2.Financialleasesarefullyamortized.3.Thelesseeusuallyhasarighttorenewtheleaseatexpiry.4.Generally,financialleasescannotbecancelled.Slide8Copyright2008byTheMcGraw-HillCompanies,Inc.AllrightsreservedMcGraw-Hill/IrwinSaleandLease-BackAparticulartypeoffinancialleaseOccurswhenacompanysellsanassetitalreadyownstoanotherfirmandimmediatelyleasesitfromthem.Twosetsofcashflowsoccur:

@#@Thelesseereceivescashtodayfromthesale.Thelesseeagreestomakeperiodicleasepayments,therebyretainingtheuseoftheasset.Slide9Copyright2008byTheMcGraw-HillCompanies,Inc.AllrightsreservedMcGraw-Hill/IrwinLeveragedLeasesAleveragedleaseisanothertypeoffinanciallease.Athree-sidedarrangementbetweenthelessee,thelessor,andlenders:

@#@Thelessorownstheassetandforafeeallowsthelesseetousetheasset.Thelessorborrowstopartiallyfinancetheasset.Thelenderstypicallyuseanonrecourseloan.Thismeansthatthelessorisnotobligatedtothelenderincaseofadefaultbythelessee.Slide10Copyright2008byTheMcGraw-HillCompanies,Inc.AllrightsreservedMcGraw-Hill/IrwinLeveragedLeasesLessorbuysasset,FirmUleasesit.ManufacturerofassetLessor1.Ownsasset2.DoesnotuseassetEquityshareholdersCreditorsLessee（FirmU）1.Usesasset2.DoesnotownassetThelenderstypicallyuseanonrecourseloan.Thismeansthatthelessorisnotobligatedtothelenderincaseofadefaultbythelessee.LessorborrowsfromlendertopartiallyfinancepurchaseIntheeventofadefaultbythelessor,thelenderhasafirstlienontheasset.Also,theleasepaymentsaremadedirectlytothelenderafteradefault.Slide11Copyright2008byTheMcGraw-HillCompanies,Inc.AllrightsreservedMcGraw-Hill/Irwin21.2AccountingandLeasingIntheolddays,leasesledtooff-balance-sheetfinancing.Today,leasesareeitherclassifiedascapitalleasesoroperatingleases.Operatingleasesdonotappearonthebalancesheet.Capitalleasesappearonthebalancesheetthepresentvalueoftheleasepaymentsappearsonbothsides.Slide12Copyright2008byTheMcGraw-HillCompanies,Inc.AllrightsreservedMcGraw-Hill/IrwinAccountingandLeasing（BalanceSheet）TruckispurchasedwithdebtTruck$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$200,000Slide13Copyright2008byTheMcGraw-HillCompanies,Inc.AllrightsreservedMcGraw-Hill/IrwinCapitalLeaseAleasemustbecapitalizedifanyoneofthefollowingismet:

@#@Thepresentvalueoftheleasepaymentsisatleast90percentofthefairmarketvalueoftheassetatthestartofthelease.Theleasetransfersownershipofthepropertytothelesseebytheendofthetermofthelease.Theleasetermis75percentormoreofthe