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1、CHAPTER20HybridFinancing:PreferredStock,Leasing,Warrants,andConvertiblesPreferredstockLeasingWarrantsConvertiblesLeasingOftenreferredtoas“offbalancesheet”financingifaleaseisnot“capitalized.”Leasingisasubstitutefordebtfinancingand,thus,usesupafirm’sdebtcapacity.Capitalleasesaredifferentf
2、romoperatingleases:Capitalleasesdonotprovideformaintenanceservice.Capitalleasesarenotcancelable.Capitalleasesarefullyamortized.Analysis:Leasevs.Borrow-and-buyData:Newcomputercosts$1,200,000.3-yearMACRSclasslife;4-yeareconomiclife.Taxrate=40%.kd=10%.Maintenanceof$25,000/year,payableatbeg
3、inningofeachyear.ResidualvalueinYear4of$125,000.4-yearleaseincludesmaintenance.Leasepaymentis$340,000/year,payableatbeginningofeachyear.DepreciationscheduleDepreciablebasis=$1,200,000MACRSDepreciationEnd-of-YearYearRateExpenseBookValue10.33$396,000$804,00020.45540,000264,00030.15180,000
4、84,00040.0784,00001.00$1,200,000Inaleaseanalysis,atwhatdiscountrateshouldcashflowsbediscounted?Sincecashflowsinaleaseanalysisareevaluatedonanafter-taxbasis,weshouldusetheafter-taxcostofborrowing.Previously,weweretoldthecostofdebt,kd,was10%.Therefore,weshoulddiscountcashflowsat6%.A-Tkd=1
5、0%(1–T)=10%(1–0.4)=6%.01234CostofOwningAnalysisCostofasset(1,200.0)Dep.taxsavings1158.4216.072.033.6Maint.(AT)2(15.0)(15.0)(15.0)(15.0)Res.value(AT)3_____________________75.0Netcashflow(1,215.0)143.4201.057.0108.6PVcostofowning(@6%)=-$766.948.Analysisinthousands:NotesonCostofOwningAnaly
6、sisDepreciationisataxdeductibleexpense,soitproducesataxsavingsofT(Depreciation).Year1=0.4($396)=$158.4.Eachmaintenancepaymentof$25isdeductiblesotheafter-taxcostoftheleaseis(1–T)($25)=$15.Theendingbookvalueis$0sothefull$125salvage(residual)valueistaxed,(1-T)($125)=$75.0.CostofLeasingAnal
7、ysisEachleasepaymentof$340isdeductible,sotheafter-taxcostoftheleaseis (1-T)($340)=-$204.PVcostofleasing(@6%)=-$749.294.01234A-TLeasepmt-204-204-204-204Analysisinthousands:NetadvantageofleasingNAL=PVcostofowning–PVcostofleasingNAL=$766.948-$749.294=$17.654Sincethecostofowningout
