资源描述：
《corporate finance leasing》由会员上传分享，免费在线阅读，更多相关内容在工程资料-天天文库。
1、CHAPTER21LeasingHaveyoueverflownonanairplaneownedbyILFC?Youcontractstopurchase308moreaircraftatacostof$20.1mayhaveandnotevenknownit.TheInternationalLeasebillionthrough2010.SowhyisILFCinthebusinessofFinanceCorporation,whichistheworld’slargestairplanebuyingairplanes,onlytoleasethemout?Andwhydon’tlea
2、singcompanybyfleetvalue,leasesairplanestocompaniesthatleasefromILFCsimplypurchasetheairlinessuchasAmerican,Continental,andSouthwest.airplanesthemselves?ThischapterprovidesanswerstoThecompanycurrentlyownsmorethan750jetsandhastheseandotherquestionsassociatedwithleasing.21.1TypesofLeasesTheBasicsAlea
3、seisacontractualagreementbetweenalesseeandlessor.Theagreementestablishesthatthelesseehastherighttouseanassetandinreturnmustmakeperiodicpaymentstothelessor,theowneroftheasset.Thelessoriseithertheasset’smanufactureroraninde-pendentleasingcompany.Ifthelessorisanindependentleasingcompany,itmustbuythe
4、assetfromamanufacturer.Thenthelessordeliverstheassettothelessee,andtheleasegoesintoeffect.Asfarasthelesseeisconcerned,itistheuseoftheassetthatismostimportant,notwhoownstheasset.Theuseofanassetcanbeobtainedbyaleasecontract.Becausetheusercanalsobuytheasset,leasingandbuyinginvolvealternativefinancing
5、arrangementsfortheuseofanasset.ThisisillustratedinFigure21.1.ThespecificexampleinFigure21.1happensofteninthecomputerindustry.FirmU,thelessee,mightbeahospital,alawfirm,oranyotherfirmthatusescomputers.ThelessorisanindependentleasingcompanythatpurchasedtheequipmentfromamanufacturersuchasIBMorApple.Leas
6、esofthistypearecalleddirectleases.Inthefigure,thelessorissuedbothdebtandequitytofinancethepurchase.Ofcourse,amanufacturerlikeIBMcouldleaseitsowncomputers,thoughwedonotshowthissituationintheexample.Leasesofthistypearecalledsales-typeleasing.Inthiscase,IBMwouldcompetewiththeindependentcomputerleasing
7、company.OperatingLeasesYearsago,aleasewherethelesseereceivedanoperatoralongwiththeequipmentwascalledanoperatinglease.Thoughtheoperatingleasedefiesanexactdefinitiontoday,thisformforleasinghasseveralimportantcharacteristic
