资源描述：
《Dealing with operating lease_Damodaran》由会员上传分享，免费在线阅读，更多相关内容在学术论文-天天文库。
1、DealingwithOperatingLeasesinValuationAswathDamodaranSternSchoolofBusiness44WestFourthStreetNewYork,NY10012adamodar@stern.nyu.eduAbstractMostfirmvaluationmodelsstartwiththeafter-taxoperatingincomeasameasureoftheoperatingincomeonafirmandreduceitbythereinvestmentratetoarriveatthefreecashflowtothefirm.
2、Implicitly,weassumethattheoperatingexpensesdonotincludeanyfinancingexpenses(suchasinterestexpenseondebt).Whilethisassumption,forthemostpart,istrue,thereisasignificantexception.Whenafirmleasesanasset,theaccountingtreatmentoftheexpensedependsuponwhetheritiscategorizedasanoperatingoracapitallease.Oper
3、atingleaseexpensesaretreatedaspartoftheoperatingexpenses,butwewillarguethattheyreallyrepresentfinancingexpenses.Consequently,theoperatingincome,capital,profitabilityandcashflowmeasuresforfirmswithoperatingleaseshavetobeadjustedwhenoperatingleaseexpensesgetcategorizedasfinancingexpenses.Thiscanhaves
4、ignificanteffectsnotjustonvaluationmodelinputs,butalsoonsomemultiplessuchasValue/EBITDAratiosthatarewidelyusedinvaluation.Theoperatingincomeisakeyinputintoeveryfirmvaluationmodel,anditisoftenobtainedfromanaccountingincomestatement.Inusingthismeasureofearnings,weimplicitlyassumethatoperatingexpenses
5、includeonlythoseexpensesdesignedtocreaterevenueinthecurrentperiod,andthattheydonotincludeanyfinancingexpenses.Forthemostpart,accountingstatementsseparateoutfinancingexpensessuchasinterestexpenseandshowthemafteroperatingincome.Thereisonesignificantexceptiontothisrule,andthatiscreatedbytheaccountingt
6、reatmentofoperatingleaseexpenses,whicharecategorizedasoperatingexpensestoarriveatoperatingincome.Wewillmaketheargumentinthispaperthattheseexpensesarereallyfinancingexpenses,andthatignoringthismisclassificationcancreatesignificantproblemsinmeasuringandcomparingprofitability.Wealsosuggesttwowaysinwhi
7、chwecanrecategorizeoperatingleaseexpensesasfinancingexpenses.TheAccountingTreatmentofLeasesFirmsoftenhaveachoicebetweenbuyingassetsandleasingthem.When,infact,assetsareleased,thetreatmentoftheleaseexpensesca
