高级公司金融Leasing.pptVIP

3.8 Does Leasing Ever Pay: The Base Case Cash Flows to Friendly Leasing as Lessor The cash outflow of purchasing the machine, - $10,000 The cash inflow of depreciation tax shield, $2,000 * 34% =$680 The after tax lease payment from Xomox, $2,500 * (1 – 34%) = $ 1,650 The cash flows of lessor Year 0 Year 1 Year 2 Year 3 Year 4 Year 5 Cash for machine - $10,000 Depreciation tax benefit $680 $680 $680 $680 $680 After tax lease payment $1,650 $1,650 $1,650 $1,650 $1,650 Total - $10,000 $2,330 $2,330 $2,330 $2,330 $2,330 NPV = - $ 10,000 + $2,330 * A(5%, 5) = $87.68 In the Xomox case, if Xomox