资源描述：
《罗斯《公司理财》英文习题答案DOCchap021》由会员上传分享，免费在线阅读，更多相关内容在教育资源-天天文库。
1、公司理财习题答案第二十一章Chapter21:Leasing21.1a.Leasingcanreduceuncertaintyregardingtheresalevalueoftheassetthatisleased.b.Leasingdoesnotprovide100%financingalthoughitmaylookasthoughitdoes.Sincefirmsmusttrytomaintaintheiroptimaldebtratio,theuseofleasesimplydisplacesdebt.Thus,leasing
2、doesnotprovide100%financing.c.Althoughitistruethatleasingdisplacesdebt,empiricalstudiesshowthatthecompaniesthatdoalargeamountofleasingalsohaveahighdebt-to-equityratios.d.Ifthetaxadvantagesofleasingwereeliminated,leasingwouldprobablydisappear.Themainreasonfortheexistenceo
3、flong-termleasingisthedifferentialinthetaxratespaidbythelesseeandthelessor.21.2a.NPV(lease)=$250,000-L=$250,000-3.9927L=$0L=$62,614.11TheleasepaymentisQuartz’areservationprice.b.Depreciation=$250,000/5=$50,000perannumDepreciationtaxshield=$50,000´0.35=$17,500After-taxdis
4、countrate=0.08(1-0.35)=0.052NPV(lease)=-$250,000+L(1-0.35)+$17,500=$0L=$62,405.09ThisleasepaymentisNewLeasingCo’sreservationprice.c.IftheleasepriceisgreaterthanQuartz’sreservationprice,theleaseisanegativeNPVproposalforQuartz.Quartzwouldratherpurchasetheequipmentthanlease
5、atapaymentaboveitsreservationprice.Thus,thelessee’sreservationpriceisthemaximumofthenegotiationrange.B-191AnswerstoEnd-of-ChapterProblems公司理财习题答案第二十一章21.3Incrementalcashflowsfromleasinginsteadofpurchasing:LeaseminusBuyYear0Year1-5LeaseLeasepayment-$94,200Taxbenefitofleas
6、epayment$32,970Buy(minus)Costofmachine-(-$350,000)Lostdepreciationtaxbenefit-$350,000/5´0.35=-$24,500Total$350,000-$85,730NPV=$350,000-$85,730=-$102.66<$0Thefirmshouldbuythemachine.24.4Maxwell’sreservationprice:NPV(lease)=$200,000-L=$200,000-3.7908L=$0L=$52,759.50Mercer’
7、sreservationprice:Depreciation=$200,000/5=$40,000perannumDepreciationtaxshield=$40,000´0.35=$14,000After-taxdiscountrate=0.10(1-0.35)=0.065NPV(lease)=-$200,000+L(1-0.35)+$14,000=$0L=$52,502.94Therefore,thenegotiationrangeisfrom$52,502.94to$52,759.50.21.5Reservationpaymen
8、tofRaymond:Valueoflease=$100,000-0.75L=$0L=$31,652.85ReservationpaymentofLiberty:Valueoflease=-$100,000
