chapter06

Page 204Page 1HOW NOT TO ANALYZE A LEASEAsset cost 600,000Interest rate 12%Lease rental payment 140,000Annual depreciation 100,000Tax rate 40%NPV(leasing) 386,801 - =-PV(B3,5,B4*(1-B6)+B4*(1-B6)NPV(buying) 435,544 - =B2+PV(B3,6,B6*B5)A B C123456789Page 204 (中文)Page 2如何不能分析租赁资产成本 600,000利率 12%租赁租金 140,000每年折旧 100,000税率 40%净现值（租赁） 386,801 - =-PV(B3,5,B4*(1-B6)+B4*(1-B6)净现值（购买） 435,544 - =B2+PV(B3,6,B6*B5)A B C123456789UN-3BEQUIVALENT LOAN METHODAsset cost 600,000Interest rate 12%Lease rental payment 140,000Annual depreciation 100,000Tax rate 40%Year 0 1 2 3 4 5 6After-tax cash flows from leasingAfter-tax lease rental -84,000 -84,000 -84,000 -84,000 -84,000 -84,000After-tax cash flows from buying the assetAsset cost -600,000Depreciation tax shield 40,000 40,000 40,000 40,000 40,000 40,000Net cash from buying -600,000 40,000 40,000 40,000 40,000 40,000 40,000Differential cash flow: Lease saves lessorLease minus buy 516,000 -124,000 -124,000 -124,000 -124,000 -124,000 -40,000IRR of differential cash flow 8.30% - =IRR(B19:H19,0)Decision? Buy - =IF(B21(1-B6)*B3,Lease,Buy)Split of loan repaymentbetween:Year Principal atbeg. yearLoanpayment,end yearInterest Repaymentof principalAfter-taxloanrepaymentLease minusbuy cashflows, years1-61 532,070 149,539 63,848 85,691 124,000 124,0002 446,379 145,426 53,565 91,861 124,000 124,0003 354,518 141,017 42,542 98,475 124,000 124,0004 256,044 136,290 30,725 105,565 124,000 124,0005 150,479 131,223 18,057 113,166 124,000 124,0006 37,313 41,791 4,478 37,313 40,000 40,000= N P V (1 -$ B $ 6 )= D 2 8 + B 2 8 -B 2 9= $ B $ 3 *B 2 8= B 2 8 -B 2 9 = (1 -$ B $ 6 )A B C D E F G H12345678910111213141516171819202122232425262728293031323334353637UN-3B约当贷款法资产成本 600,000利率 12%租赁租金 140,000每年折旧 100,000税率 40%年 0 1 2 3 4 5 6租赁的税后现金流税后租赁租金 -84,000 -84,000 -84,000 -84,000 -84,000 -84,000购买资产的税后现金流资产成本 -600,000折旧避税 40,000 40,000 40,000 40,000 40,000 40,000购买的净现金 -600,000 40,000 40,000 40,000 40,000 40,000 40,000现金流量的差额：租赁对出租人的支持租赁减去购买 516,000 -124,000 -124,000 -124,000 -124,000 -124,000 -40,000差额现金流的IRR 8.30% - =IRR(B19:H19,0)决策？ 购买 - =IF(B21(1-B6)*B3,租赁,购买)贷款偿还分的分割：年 年初本金 年末贷款支付 利息 偿还本金 税后还贷 租赁减去购买现金流量1 532,070 149,539 63,848 85,691 124,000 124,0002 446,379 145,426 53,565 91,861 124,000 124,0003 354,518 141,017 42,542 98,475 124,000 124,0004 256,044 136,290 30,725 105,565 124,000 124,0005 150,479 131,223 18,057 113,166 124,000 124,0006 37,313 41,791 4,478 37,313 40,000 40,000= N P V (1 -$ B $ 6 )= D 2 8 + B 2 8 -B 2 9= $ B $ 3 *B 2 8= B 2 8 -B 2 9 = (1 -$ B $ 6 )A B C D E F G H12345678910111213141516171819202122232425262728293031323334353637UN-3BTHE LESSORS PROBLEMCalculating the lowest acceptable lease rateAsset cost 600,000Interest rate 12%Lowest acceptable lease payment 135,686 - Computed either with Goal Seek or SolverAnnual depreciation 100,000Tax rate 40%Year 0 1 2 3 4 5 6Lessor after-tax cash flows from leasingAfter-tax lease rental 81,412 81,412 81,412 81,412 81,412 81,412Lessor after-tax cash flows from buying the assetAsset cost -600,000Depreciation tax shield 40,000 40,000 40,000 40,000 40,000 40,000Net cash from buying -600,000 40,000 40,000 40,000 40,000 40,000 40,000Lessor cash flowsLease + buy -518,588 121,412 121,412 121,412 121,412 121,412 40,000IRR of differential cash flow 7.40% - =IRR(B19:H19,0)Split of loan repaymentbetween:Year Principal atbeg. yearLoanpayment,end yearInterest Repaymentof principalAfter-taxloanrepaymentLease minusbuy cashflows, years1-61 (521,513) (146,444) (62,582) (83,863) (121,412) (121,412)2 (437,651) (142,419) (52,518) (89,901) (121,412) (121,412)3 (347,750) (138,104) (41,730) (96,373) (121,412) (121,412)4 (251,377) (133,478) (30,165) (103,312) (121,412) (121,412)5 (148,064) (128,519) (17,768) (110,751) (121,412) (121,412)6 (37,313) (41,791) (4,478) (37,313) (40,000) (40,000)= N P V (1 -$ B $ 6 )= D 2 8 + B 2 8 -B 2 9= $ B $ 3 *B 2 8= B 2 8 -B 2 9 = (1 -$ B $ 6 )A B C D E F G H1234567891011121314151617181920212223242526272829303132333435UN-3B出租人的问题计算可接受的最低租赁费率资产成本 600,000利率 12%可接受的最低租赁付款 135,686 -用规划求解或者单变量求解每年折旧 100,000税率 40%年 0 1 2 3 4 5 6出租人租赁的税后现金流 税后租赁租金 81,412 81,412 81,412 81,412 81,412 81,412出租人购买资产的税后现金流量资产成本 -600,000折旧避税 40,000 40,000 40,000 40,000 40,000 40,000购买的净现金 -600,000 40,000 40,000 40,000 40,000 40,000 40,000出租人现金流量租赁+购买 -518,588 121,412 121,412 121,412 121,412 121,412 40,000差额现金流的IRR 7.40% - =IRR(B19:H19,0)贷款的还款分为：年 年初本金 年末贷款支付 利息 偿还本金 税后还贷 租赁减去购买现金流量1 (521,513) (146,444) (62,582) (83,863) (121,412) (121,412)2 (437,651) (142,419) (52,518) (89,901) (121,412) (121,412)3 (347,750) (138,104) (41,730) (96,373) (121,412) (121,412)4 (251,377) (133,478) (30,165) (103,312) (121,412) (121,412)5 (148,064) (128,519) (17,768) (110,751) (121,412) (121,412)6 (37,313) (41,791) (4,478) (37,313) (40,000) (40,000)= N P V (1 -$ B $ 6 )= D 2 8 + B 2 8 -B 2 9= $ B $ 3 *B 2 8= B 2 8 -B 2 9 = (1 -$ B $ 6 )A B C D E F G H1234567891011121314151617181920212223242526272829303132333435GREENVILLE ELECTRIC CORP.Turbine cost 10,000,000Greenvilles borrowing rate 6.00%Lease payment 1,800,000Year 0 1 2Lessee after-tax lease costsAfter-tax lease rental -1,800,000 -1,800,000 -1,800,000Lessee after-tax purchase costsAsset cost -10,000,000Depreciation tax shield (Greenville Electrics tax rate = 0) 0 0Net cash from buying -10,000,000 0 0Cash saved by leasingLease - purchase cash flows 8,200,000 -1,800,000 -1,800,000IRR of differential cash flow 3.19% - =IRR(B16:H16,0)Greenvilles after-tax borrowing cost 6.00% - =B3UNITED TURBINE LEASING CORPORATIONTurbine cost 10,000,000Lease payment 1,800,000Depreciation (straight line, 5 years) 2,000,000United Turbines borrowing rate 6.00%United Turbines corporate tax rate 40%Year 0 1 2Lessor cash flowsEquipment cost -10,000,000Lease payment, after tax 1,080,000 1,080,000 1,080,000Depreciation tax shield 800,000 800,000Total lessor cash flow -8,920,000 1,880,000 1,880,000IRR of lessor cash flows 4.30% - =IRR(B33:H33)United Turbines after-tax borrowing cost 3.60% - =B25*(1-B26)A B C D1234567891011121314151617181920212223242526272829303132333435363 4 5 6-1,800,000 -1,800,000 -1,800,0000 0 0 00 0 0 0-1,800,000 -1,800,000 -1,800,000 03 4 5 61,080,000 1,080,000 1,080,000800,000 800,000 800,000 800,0001,880,000 1,880,000 1,880,000 800,000GREENVILLE ELECTRIC CORP.UNITED TURBINE LEASING CORPORATIONE F G H123456789101112131415161718192021222324252627282930313233343536格林维尔电子公司涡轮机成本 10,000,000格林维尔的借款利率 6.00%租赁款 1,800,000年 0 1 2 3承租人的税后租赁成本税后租赁租金 -1,800,000 -1,800,000 -1,800,000 -1,800,000承租人税后购买成本资产成本 -10,000,000折旧避税（格林维尔电子公司的税率= 0） 0 0 0购买的净现金 -10,000,000 0 0 0租赁的现金节约租赁-购买的现金流 8,200,000 -1,800,000 -1,800,000 -1,800,000差额现金流的IRR 3.19% - =IRR(B16:H16,0)格林维尔电子公司的税后借款成本 6.00% - =B3联合涡轮机租公司涡轮机成本 10,000,000租赁费 1,800,000折旧（直线，5年） 2,000,000联合涡轮机租公司的借款利率 6.00%联合涡轮机租公司的公司税率 40%年 0 1 2 3出租人现金流量设备成本 -10,000,000租赁款，税后 1,080,000 1,080,000 1,080,000 1,080,000折旧避税 800,000 800,000 800,000总出出租人现金流 -8,920,000 1,880,000 1,880,000 1,880,000出租人现金流量的IRR 4.30% - =IRR(B33:H33)联合涡轮机租公司的税后借款成本 3.60% - =B25*(1-B26)A B C D E1234567891011121314151617181920212223242526272829303132333435364 5 6-1,800,000 -1,800,0000 0 00 0 0-1,800,000 -1,800,000 04 5 61,080,000 1,080,000800,000 800,000 800,0001,880,000 1,880,000 800,000格林维尔电子公司联合涡轮机租公司F G H123456789101112131415161718192021222324252627282930313233343536UN-3BRESIDUAL VALUES IN LEASE ANALYSISAsset cost 600,000Interest rate 12%Lease rental payment 140,000Annual depreciation 100,000Tax rate 40%Residual value 100,000 - Anticipated to be realized in year 7; fully taxedYear 0 1 2 3 4 5 6 7After-tax cash flows from leasingAfter-tax lease rental -84,000 -84,000 -84,000 -84,000 -84,000 -84,000After-tax cash flows from buying the assetAsset cost -600,000Depreciation tax shield 40,000 40,000 40,000 40,000 40,000 40,000After-tax residual 60,000Net cash from buying -600,000 40,000 40,000 40,000 40,000 40,000 40,000 60,000Differential cash flowLease minus buy 516,000 -124,000 -124,000 -124,000 -124,000 -124,000 -40,000 -60,000IRR of differential cash flow 10.49% - =IRR(B21:I21,0)Decision? Buy - =IF(B23(1-B6)*B3,Lease,Buy)A B C D E F G H I12345678910111213141516171819202122232425UN-3B租赁分析中的残值资产成本 600,000利率 12%租赁租金支付 140,000每年的折旧 100,000税率 40%残值 100,000 - 预期在第7年实现; 完全课税年 0 1 2 3 4 5 6 7租赁的税后现金流税后租赁租金 -84,000 -84,000 -84,000 -84,000 -84,000 -84,000购买资产的税后现金流资产成本 -600,000折旧避税 40,000 40,000 40,000 40,000 40,000 40,000税后残值 60,000购买的净现金流 -600,000 40,000 40,000 40,000 40,000 40,000 40,000 60,000现金流量的差额租赁减购买 516,000 -124,000 -124,000 -124,000 -124,000 -124,000 -40,000 -60,000现金流差额的IRR 10.49% - =IRR(B21:I21,0)决策？ 购买 - =IF(B23(1-B6)*B3,租赁,购买)A B C D E F G H I12345678910111213141516171819202122232425UN-3BRESIDUAL VALUES IN LEASE ANALYSISEstimated residual value multiplied by certainty-equivalence factor which representsuncertainty about realizing residualAsset cost 600,000Interest rate 12%Lease rental payment 140,000Annual depreciation 100,000Tax rate 40%Residual value 100,000 - Anticipated to be realized in year 7; fully taxedCertainty-equivalence factor 0.70Year 0 1 2 3 4 5 6 7After-tax cash flows from leasingAfter-tax lease rental -84,000 -84,000 -84,000 -84,000 -84,000 -84,000After-tax cash flows from buying the assetAsset cost -600,000Depreciation tax shield 40,000 40,000 40,000 40,000 40,000 40,000After-tax residual 42,000 - =(1-B6)*B7*B8Net cash from buying -600,000 40,000 40,000 40,000 40,000 40,000 40,000 42,000Differential cash flowLease minus buy 516,000 -124,000 -124,000 -124,000 -124,000 -124,000 -40,000 -42,000IRR of differential cash flow 9.88% - =IRR(B22:I22,0)Decision? Buy - =IF(B24(1-B6)*B3,Lease,Buy)A B C D E F G H I J1234567891011121314151617181920212223242526UN-3B租赁分析中的残值分析-肯定当量系数资产成本 600,000利率 12%租赁租金支付 140,000每年的折旧 100,000税率 40%残值 100,000 - 预计第七年实现;全税率肯定当量系数 0.70年 0 1 2 3 4 5 6 7租赁的税后现金流量税后租赁租金 -84,000 -84,000 -84,000 -84,000 -84,000 -84,000购买资产的税后现金流量资产成本 -600,000折旧避税 40,000 40,000 40,000 40,000 40,000 40,000税后残值 42,000 - =(1-B6)*B7*B8购买的净现金流量 -600,000 40,000 40,000 40,000 40,000 40,000 40,000 42,000现金流量的差额租赁减购买 516,000 -124,000 -124,000 -124,000 -124,000 -124,000 -40,000 -42,000现金流量的差额的IRR 9.88% - =IRR(B22:I22,0)决策？ 购买 - =IF(B24(1-B7)*B4,租赁,购买)A B C D E F G H I J1234567891011121314151617181920212223242526