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1、Cross-BorderLeaseFinancingwithJapaneseLeveragedLeases出处：TheJournalOfStructuredFinance作者：PrakashDeo原文：Leasingservesasanalternativesourceoffinancingandcanhelpafirmtoenhancenetpresentvalueviarealizationofsignificantsavingsascomparedtotheconventionaldebtfinancingofits
2、equipment.Aleveragedleaseisaleasewithfinancinglinkeddirectlytothelease,andisaninterestingexampleofhowtaxlawsinfluencethechannelsbywhichsavingsbecomerealinvestmentsinoureconomy.Inanutshell,theleveragedleaseisadevicewithintheprivatesectortooptimallyallocatetax-relat
3、edburdensandsubsidiessuchasrelativelyhighincometaxrates,investmenttaxcredits,anddepreciationdeductions.Althoughatfirstglancethelease-or-buyquestionappearsrelativelysimple,acorrectdecisionrequiresanappraisalofalmostallthefacetsoffinancialdecisionmaking.Ofcourse,thi
4、sfinancingdecisionshouldbemadeseparatelyfromtheasset'sinvestmentworth.Theleveragedleaseisarelativelycomplexfinancialinstrumentintwoways.First,itislegallycomplexinthatitdependsontaxlaws,specifictaxrulings,andcomplicatedtrustandsecurityagreements.Second,theleveraged
5、leaseiscomputationallycomplex,andboththelesseeandlessorfaceriskexposures.Thecomplexityisexacerbatedbyutilizationofcross-borderleasefinancing,whichcapitalizesondifferencesincountrytaxlawstosecurefinancingatalower,orbelow-market,ratewithoutthelossofoperationaluseand
6、controlovertheequipment.LITERATUREREVIEWDylandMartin[1977]addresstheissueofcomputationalcomplexityofleveragedleasingandtheanalysisofthelessor'sriskexposure.Theyhaveformulatedanalgorithmforsettingtermsonleveragedleasesfromalessor'sperspective—specifically,howalesso
7、rmaydirectlydeterminetheparticularleasetermsthatprovidehimwithagivendesiredafter-taxrateofreturn.Thepopularityofleveragedleasinghadledtoanincreaseinpracticalsignificanceofthemultiple-rates-of-returnproblemsthatalessorfacesindecisionmaking.Pasteffortsonleveragedlea
8、singincludeAthanassopoulosandBacon(AB)[1980],Perg[1978],DylandMartin[1977],GrimlundandCapettini[1982],CapettiniandToole[1981],Smith[1973],Wiar[1973],Chi
