LeasingContracts(高级公司财务—租赁合同—英文版课件).pptVIP

* * * * Econ 906 Leasing Contracts Readings: Copeland and Weston Chapter 17 BM Chapter 25 * Topics Covered What is a Lease? Lessee/Lessor Why Lease? Operating Leases Financial Leases Reasons for leasing Ownership of leased asset * Introduction Leasing is a method of financing assets Lessee (the user) and lessor (the owner) are involved Long-term leasing is more or less similar to buying the equipment with a secured loan * Introduction Cntd. The main benefit of long-term leasing is differential tax-savings (if any) The Lessee has the right to use the asset and in return must make periodic 定期 payments to the lessor, the owner of the asset Operating lease - Lessor must maintain and insure the assets, cancellation option as the lessee wishes经营租赁，又称为业务租赁，是融资租赁的对称。是为了满足经营使用上的临时或季节性需而发生的资产租赁。经营租赁是一种短期租赁形式，它是指出租人不仅要向承租人提供设备的使用权，还要向承租人提供设备的保养、保险、维修和其他专门性技术服务的一种租赁形式（融资租赁不需要提高这个服务）。 * Introduction Cntd. Financial lease - opposite of the operating lease 融资租赁（Financial Leasing）又称设备租赁（Equipment Leasing）或现代租赁(Modern Leasing)，是指实质上转移与资产所有权有关的全部或绝大部分风险和报酬的租赁。资产的所有权最终可以转移，也可以不转移。 它的具体内容是指出租人根据承租人对租赁物件的特定要求和对供货人的选择，出资向供货人购买租赁物件，并租给承租人使用，承租人则分期向出租人支付租金，在租赁期内租赁物件的所有权属于出租人所有，承租人拥有租赁物件的使用权。 An alternative method of financing to purchase Sale and lease-back Leveraged leases - if bulk of financing is provided by creditors杠杆租赁(Leveraged Lease)又称为第三者权益租赁(Third-party Equity Lease) 、融资租赁，其乃是介于承租人、出租人及贷款人(Lenders)间的三边协定；是由出租人(租赁公司或商业银行)本身拿出部分资金，然后加上贷款人提供的资金，以便购买承租人所欲使用的资产，并交由承租人使用；而承租人使用租赁资产后，应定期支付租赁费用。通常出租人仅提供其中20%~40%的资金，贷款人则提供60%~80%的资金。 * Introduction Cntd. The lessee can deduct lease payments for income tax purposes if the lease is qualified by the Inland Revenue Service 从营业税中扣除租赁费用，如果这租赁是由税务服务规范的 The IRS follows some guidelines to decide if the lease is genuine 名副其实的 If the tax rates of the lessor and lessee are different, leasing can be a form of ‘tax avoidance’ 如果出租方和租赁房的税率不同 租赁可成为一种避税形势 * Why Lease? Sensible Reasons for Leasing Short-term leases are convenient buying