ch20 混合的一些工具 优先股等课件.pptxVIP

CHAPTER2020-1HybridFinancing:PreferredStock,Leasing,Warrants,andConvertiblesPreferredstockLeasingWarrantsConvertibles

Leasing20-2Oftenreferredtoas“offbalancesheet”financingifaleaseisnot“capitalized.”Leasingisasubstitutefordebtfinancingand,thus,usesupafirm’sdebtcapacity.Capitalleasesaredifferentfromoperatingleases:Capitalleasesdonotprovideformaintenanceservice.Capitalleasesarenotcancelable.Capitalleasesarefullyamortized.

Analysis:Leasevs.Borrow-and-buy20-3Data:Newcomputercosts$1,200,000.3-yearMACRSclasslife;4-yeareconomiclife.