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财务管理 第十六章
Ch. 16-1: Term Loans and Leases Term Loans Characteristics of Term Loans Secured loans 1- to 10-year maturity Repaid in periodic installments Term Loans Collateral for shorter loans Chattel mortgage (mortgage on machinery and equipment) Collateral for longer loans mortgages on real estate Term Loans Restrictive Covenants on Borrowers Working capital - borrower may be required to set a minimum current ratio. Restrictions on additional borrowing. Borrower provides periodic financial statements. Restrictions on management changes. Term Loans Eurodollar Loans Loans by major international banks based on foreign deposits denominated in dollars. Adjustable interest rates based on the London Interbank Offered Rate (LIBOR). Leases Lessee Acquires the services of a leased asset, by making a series of payments to the owner of the asset. Lessor The owner of the asset that is being leased to the lessee. Leasing Types of Leases Direct Lease - a firm acquires the services of an asset that it didn’t previously own. Sale and Leaseback - Asset’s owner sells the asset to a buyer, and then leases the asset from the buyer. Leveraged Lease - Lessor borrows from a lender to buy the asset that will be leased to the lessee. Lease vs. Purchase Issue: Should a firm Purchase an asset using the firm’s optional financing mix, or Finance the asset using a financial lease. Lease vs. Purchase Procedure: 1) Compute NPV to determine if the asset should be purchased. Lease vs. Purchase Procedure: 1) Compute NPV to determine if the asset should be purchased. Lease vs. Purchase Procedure: 2) Compute NAL (net advantage to leasing) to determine leasing the asset is better for the firm than purchasing. O = operating cash flows if purchased R = annual rental cost T = marginal tax rate I = interest expense forfeited if leased D = depreciation expense Vn = after-tax salvage value k = discount rate IO = purchase price rb = after-tax interest rate on borrow
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