公司财务原理10e教学课件作者布雷利Chap025.ppt

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1、Chapter25PrinciplesofCorporateFinanceTenthEditionLeasingSlidesbyMatthewWillMcGraw-Hill/IrwinCopyright©2011bytheMcGraw-HillCompanies,Inc.Allrightsreserved.TopicsCoveredWhatisaLease?WhyLease?OperatingLeasesValuingFinancialLeasesWhenDoFinancialLeasesPay?LeveragedLeasesLeaseTermsLease=Arentalagreementth

2、atextendsforayearormoreandinvolvesaseriesoffixedpaymentsOperatingLeases-Short-term,cancelableleaseFinancialLeases-Long-term,noncancelableleaseRentalLease-FullserviceNetlease-SaleandleasebackDirectleaseLeveragedleaseWhyLease?SensibleReasonsforLeasingShort-termleasesareconvenientCancellationoptionsare

3、valuableMaintenanceisprovidedStandardizationleadstolowcostsTaxshieldscanbeusedLeasingandfinancialdistressAvoidingthealternativeminimumtaxAMTWhyLease?DubiousReasonsforLeasingLeasingavoidscapitalexpenditurecontrolsLeasingpreservescapitalLeasesmaybeoffbalancesheetfinancingLeasingeffectsbookincomeFASBan

4、dLeasesTheFASBdefinescapitalleasesasleasesthatmeetanyoneofthefollowingrequirements:Theleaseagreementtransfersownershiptothelesseebeforetheleaseexpires.Thelesseecanpurchasetheassetforabargainpricewhentheleaseexpires.Theleaselastsforatleast75%oftheasset’sestimatedeconomiclife.Thepresentvalueofthelease

5、paymentsisatleast90%oftheasset’svalue.OperatingLeaseExampleAcmeLimohasaclientwhowillsignaleaseforfor7years,withleasepaymentsdueatthestartofeachyear.ThefollowingtableshowstheNPVofthelimoifAcmepurchasesthenewlimofor$75,000andleasesitourfor7years.OperatingLeaseExample-contAcmeLimohasaclientwhowillsigna

6、leaseforfor7years,withleasepaymentsdueatthestartofeachyear.ThefollowingtableshowstheNPVofthelimoifAcmepurchasesthenewlimofor$75,000andleasesitourfor7years.FinancialLeasesExampleGreymareBusLinesisconsideringalease.Youroperatingmanagerwantstobuyanewbusfor$100,000.Thebushasan8yearlife.TheBusSaleswomans

7、aysshewillleaseGreymarethebusfor8yearsat$16,900peryear,butGreymareassumesalloperatingandmaintenancecosts.ShouldGreymareBuyorLeasethebus?FinancialLeasesExample-contGreymareBusLinesisconsideringalease.Y