高级公司金融Leasing推荐.ppt

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 chooses to lease the machine from Friendly Leasing, the cash flows of the lessee and lessor are exactly the opposite. The joint NPV of the lessee and lessor is zero. The general principle: as long as Both parties are subject to the same interest and tax rates Transaction costs are ignored, There can be no leasing deal that benefits both parties. 3.9 Reasons for Leasing Good Reasons Taxes may be reduced by leasing. The lease contract may reduce certain types of uncertainty. Transactions costs can be higher for buying an asset and financing it with debt or equity than for leasing the asset. Bad Reasons Accounting One hundred percent financing A Tax Arbitrage The tax advantage of leasing exist if firms are in different tax brackets. Should a user in a low tax bracket purchase, he will have little tax benefit from depreciation and interest deductions. Should the user lease, the lessor will receive the depreciation shield and interest deduction. The two parties can negotiate to reach a lower lease payment to benefit both. The NPV analysis of Lessee Assume in the Xomox case, Xomox pays no tax (tax rate is zero) and after negotiating with Friendley leasing the lease payment is reduced from $2,500 to $2,475. The cash flows of leasing vs. buying for Xomox is as follows Lease Minus Buy for Xomox Year 0 Year 1 Year 2 Year 3 Year 4 Year 5 Cost of machine 10,000 Lease payment -2,475 -2,4