第二十一章租赁[36p].pptVIP

Chapter Outline 21.1 Types of Leases 21.2 Accounting and Leasing 21.3 Taxes, the IRS, and Leases 21.4 The Cash Flows of Leasing 21.5 A Detour on Discounting and Debt Capacity with Corporate Taxes 21.6 NPV Analysis of the Lease-versus-Buy Decision 21.7 Debt Displacement and Lease Valuation 21.8 Does Leasing Ever Pay: The Base Case 21.9 Reasons for Leasing 21.10 Some Unanswered Questions 21.1 Types of Leases The Basics A lease is a contractual agreement between a lessee and lessor. The lessor owns the asset and for a fee allows the lessee to use the asset. Operating Leases Usually not fully amo