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1、McGraw-Hill/IrwinCopyright 2002 by The McGraw-Hill Companies,Inc.All rights reserved.21-0Chapter Outline21.1 Types of Leases21.2 Accounting and Leasing21.3 Taxes,the IRS,and Leases21.4 The Cash Flows of Leasing21.5 A Detour on Discounting and Debt Capacity with Corporate Taxes21.6 NPV Analysis of th
2、e Lease-versus-Buy Decision21.7 Debt Displacement and Lease Valuation21.8 Does Leasing Ever Pay:The Base Case21.9 Reasons for Leasing21.10 Some Unanswered QuestionsMcGraw-Hill/IrwinCopyright 2002 by The McGraw-Hill Companies,Inc.All rights reserved.21-121.1 Types of LeasesThe BasicsA lease is a cont
3、ractual agreement between a lessee and lessor.The lessor owns the asset and for a fee allows the lessee to use the asset.McGraw-Hill/IrwinCopyright 2002 by The McGraw-Hill Companies,Inc.All rights reserved.21-2Operating LeasesUsually not fully amortized.Usually require the lessor to maintain and ins
4、ure the asset.Lessee enjoys a cancellation option.McGraw-Hill/IrwinCopyright 2002 by The McGraw-Hill Companies,Inc.All rights reserved.21-3Financial LeasesThe exact opposite of an operating lease.1.Do not provide for maintenance or service by the lessor.2.Financial leases are fully amortized.3.The l
5、essee usually has a right to renew the lease at expiry.4.Generally,financial leases cannot be cancelled.McGraw-Hill/IrwinCopyright 2002 by The McGraw-Hill Companies,Inc.All rights reserved.21-4Sale and Lease-BackA particular type of financial lease.Occurs when a company sells an asset it already own
6、s to another firm and immediately leases it from them.Two sets of cash flows occur:The lessee receives cash today from the sale.The lessee agrees to make periodic lease payments,thereby retaining the use of the asset.McGraw-Hill/IrwinCopyright 2002 by The McGraw-Hill Companies,Inc.All rights reserve
7、d.21-5Leveraged LeasesA leveraged lease is another type of financial lease.A three-sided arrangement between the lessee,the lessor,and lenders.The lessor owns the asset and for a fee allows the lessee to use the asset.The lessor borrows to partially finance the asset.The lenders typically use a nonr
8、ecourse loan.This means that the lessor is not obligated to the lender in case of a default by the lessee.McGraw-Hill/IrwinCopyright 2002 by The McGraw-Hill Companies,Inc.All rights reserved.21-621.2 Accounting and LeasingIn the old days,leases led to off-balance-sheet financing.Today,leases are eit
9、her classified as capital leases or operating leases.Operating leases do not appear on the balance sheet.Capital leases appear on the balance sheetthe present value of the lease payments appears on both sides.McGraw-Hill/IrwinCopyright 2002 by The McGraw-Hill Companies,Inc.All rights reserved.21-7Ac
10、counting and LeasingBalance SheetTruck is purchased with debtTruck$100,000Debt$100,000Land$100,000Equity$100,000Total Assets$200,000Total Debt&Equity$200,000Operating LeaseTruckDebtLand$100,000Equity$100,000Total Assets$100,000Total Debt&Equity$100,000Capital LeaseAssets leased$100,000Obligations un
11、der capital lease$100,000Land$100,000Equity$100,000Total Assets$200,000Total Debt&Equity$200,000McGraw-Hill/IrwinCopyright 2002 by The McGraw-Hill Companies,Inc.All rights reserved.21-8Capital LeaseA lease must be capitalized if any one of the following is met:The present value of the lease payments
12、 is at least 90 percent of the fair market value of the asset at the start of the lease.The lease transfers ownership of the property to the lessee by the end of the term of the lease.The lease term is 75 percent or more of the estimated economic life of the asset.The lessee can buy the asset at a b
13、argain price at expiry.McGraw-Hill/IrwinCopyright 2002 by The McGraw-Hill Companies,Inc.All rights reserved.21-921.3 Taxes,the IRS,and LeasesThe principal benefit of long-term leasing is tax reduction.Leasing allows the transfer of tax benefits from those who need equipment but cannot take full adva
14、ntage of the tax benefits of ownership to a party who can.Naturally,the IRS seeks to limit this,especially if the lease appears to be set up solely to avoid taxes.McGraw-Hill/IrwinCopyright 2002 by The McGraw-Hill Companies,Inc.All rights reserved.21-1021.3 Taxes,the IRS,and LeasesThe lessee can ded
15、uct lease payments if the lease is qualified by the IRS.1.The term must be less than 30 years.2.There can be no bargain purchase option.3.The lease should not have a schedule of payments that is very high at the start of the lease and low thereafter.4.The lease payments must provide the lessor with
16、a fair market rate of return.5.The lease should not limit the lessees right to issue debt or pay dividends.6.Renewal options must be reasonable and reflect fair market value of the asset.McGraw-Hill/IrwinCopyright 2002 by The McGraw-Hill Companies,Inc.All rights reserved.21-1121.4 The Cash Flows of
17、LeasingConsider a firm,ClumZee Movers,that wishes to acquire a delivery truck.The truck is expected to reduce costs by$4,500 per year.The truck costs$25,000 and has a useful life of 5 years.If the firm buys the truck,they will depreciate it straight-line to zero.They can lease it for 5 years from Ti
18、ger Leasing with an annual lease payment of$6,250.McGraw-Hill/IrwinCopyright 2002 by The McGraw-Hill Companies,Inc.All rights reserved.21-1221.4 The Cash Flows of LeasingCash Flows:BuyYear 0Years 1-5Cost of truck$25,000After-tax savings4,500(1-.34)=$2,970Depreciation Tax Shield5,000(.34)=$1,700$25,0
19、00$4,670Cash Flows:LeaseYear 0Years 1-5Lease Payments6,250(1-.34)=$4,125After-tax savings4,500(1-.34)=$2,970$1,155Cash Flows:Leasing Instead of BuyingYear 0Years 1-5$25,000$1,155$4,670=$5,825McGraw-Hill/IrwinCopyright 2002 by The McGraw-Hill Companies,Inc.All rights reserved.21-1321.4 The Cash Flows
20、 of LeasingCash Flows:Leasing Instead of BuyingYear 0Years 1-5$25,000$1,155$4,670=$5,825Cash Flows:Buying Instead of Leasing Year 0Years 1-5$25,000$4,670$1,155 =$5,825However we wish to conceptualize this,we need to have an interest rate at which to discount the future cash flows.That rate is the af
21、ter-tax rate on the firms secured debt.McGraw-Hill/IrwinCopyright 2002 by The McGraw-Hill Companies,Inc.All rights reserved.21-1421.5 A Detour on Discounting and Debt Capacity with Corporate TaxesPresent Value of Riskless Cash FlowsIn a world with corporate taxes,firms should discount riskless cash
22、flows at the after-tax riskless rate of interest.Optimal Debt Level and Riskless Cash FlowsIn a world with corporate taxes,one determines the increase in the firms optimal debt level by discounting a future guaranteed after-tax inflow at the after-tax riskless interest rate.McGraw-Hill/IrwinCopyrigh
23、t 2002 by The McGraw-Hill Companies,Inc.All rights reserved.21-1521.6 NPV Analysis of the Lease-vs.-Buy DecisionA lease payment is like the debt service on a secured bond issued by the lessee.In the real world,many companies discount both the depreciation tax shields and the lease payments at the af
24、ter-tax interest rate on secured debt issued by the lessee.McGraw-Hill/IrwinCopyright 2002 by The McGraw-Hill Companies,Inc.All rights reserved.21-16NPV Analysis of the Lease-vs.-Buy DecisionNPV Buying Instead of Leasing Year 0Years 1-5-$25,000$4,670$1,155 =$5,825There is a simple method for evaluat
25、ing leases:discount all cash flows at the after-tax interest rate on secured debt issued by the lessee.Suppose that rate is 5 percent.NPV Leasing Instead of BuyingYear 0Years 1-5$25,000$1,155$4,670=-$5,825McGraw-Hill/IrwinCopyright 2002 by The McGraw-Hill Companies,Inc.All rights reserved.21-1721.7
26、Debt Displacement and Lease ValuationConsidering the issues of debt displacement allows for a more intuitive understanding of the lease versus buy decision.Leases displace debtthis is a hidden cost of leasing.If a firm leases,it will not use as much regular debt as it would otherwise.The interest ta
27、x shield will be lost.McGraw-Hill/IrwinCopyright 2002 by The McGraw-Hill Companies,Inc.All rights reserved.21-1821.7 Debt Displacement and Lease ValuationThe debt displaced by leasing results in forgone interest tax shields on the debt that ClumZee movers didnt go into when they leased instead of bo
28、ught the truck.Suppose ClumZee agrees to a lease payment of$6,250 before tax.This payment would support a loan of$25,219.20(see the next slide)In exchange for this,they get the use of a truck worth$25,000.Clearly the NPV is a negative$219.20,which agrees with our earlier calculations.McGraw-Hill/Irw
29、inCopyright 2002 by The McGraw-Hill Companies,Inc.All rights reserved.21-1921.7 Debt Displacement and Lease ValuationSuppose ClumZee agrees to a lease payment of$6,250 before tax.This payment would support a loan of$25,219.20 After-Tax Lease Payments6,250(1-.34)=$4,125Forgone Depreciation Tax Shield
30、 5,000(.34)=$1,700-$5,825 Calculate the increase in debt capacity by discounting the difference between the cash flows of the purchase and the cash flows of the lease by the after-tax interest rate.McGraw-Hill/IrwinCopyright 2002 by The McGraw-Hill Companies,Inc.All rights reserved.21-2021.8 Does Le
31、asing Ever Pay:The Base CaseIn the above example,ClumZee Movers chose to buy,because the NPV of leasing was a negative$219.20Note that this is the opposite of the NPV that Tiger Leasing would have:Cash Flows:Tiger LeasingYear 0Years 1-5Cost of truck$25,000Depreciation Tax Shield5,000(.34)=$1,700Leas
32、e Payments6,250(1-.34)=$4,125$25,000$5,825McGraw-Hill/IrwinCopyright 2002 by The McGraw-Hill Companies,Inc.All rights reserved.21-2121.9 Reasons for LeasingGood ReasonsTaxes may be reduced by leasing.The lease contract may reduce certain types of uncertainty.Transactions costs can be higher for buyi
33、ng an asset and financing it with debt or equity than for leasing the asset.Bad ReasonsAccountingMcGraw-Hill/IrwinCopyright 2002 by The McGraw-Hill Companies,Inc.All rights reserved.21-22A Tax ArbitrageSuppose ClumZee movers is actually in the 25%tax bracket and Tiger Leasing is in the 34%tax bracke
34、t.If Tiger reduces the lease payment to$6,200,can both firms have a positive NPV?Cash Flows:Tiger LeasingYear 0Years 1-5Cost of truck$25,000Depreciation Tax Shield5,000(.34)=$1,700Lease Payments6,200(1.34)=$4,092$25,000$5,792NPV=76.33Cash Flows ClumZee Movers:Leasing Instead of BuyingYear 0Years 1-5
35、Cost of truck we didnt buy$25,000Lost Depreciation Tax Shield5,000(.25)=$1,250After-Tax Lease Payments6,200(1.25)=$4,650$25,000$5,900NPV=-$543.91McGraw-Hill/IrwinCopyright 2002 by The McGraw-Hill Companies,Inc.All rights reserved.21-23Reservations and NegotiationsWhat is the smallest lease payment t
36、hat Tiger Leasing will accept?Set their NPV to zero and solve for$Lmin:Cash Flows:Tiger LeasingYear 0Years 1-5Cost of truck-$25,000Depreciation Tax Shield5,000(.34)=$1,700Lease Payments$Lmin(1.34)=$Lmin .66-$25,000$1,700+$Lmin .66McGraw-Hill/IrwinCopyright 2002 by The McGraw-Hill Companies,Inc.All r
37、ights reserved.21-24Reservations and NegotiationsWhat is the highest lease payment that ClumZee Movers can pay?Set their NPV to zero and solve for$Lmax:Cash Flows ClumZee Movers:Leasing Instead of BuyingYear 0Years 1-5Cost of truck we didnt buy$25,000Lost Depreciation Tax Shield5,000(.25)=$1,250Afte
38、r-Tax Lease Payments$Lmax(1.25)=.75 Lmax$25,000 1,250 .75 LmaxNo lease is possible:Lmin LmaxMcGraw-Hill/IrwinCopyright 2002 by The McGraw-Hill Companies,Inc.All rights reserved.21-2521.10 Some Unanswered QuestionsAre the Uses of Leases and of Debt Complementary?Why are Leases offered by Both Manufac
39、turers and Third Party Lessors?Why are Some Assets Leased More than Others?McGraw-Hill/IrwinCopyright 2002 by The McGraw-Hill Companies,Inc.All rights reserved.21-2621.11 Summary and ConclusionsThere are three ways to value a lease.1.Use the real-world convention of discounting the incremental after
40、-tax cash flows at the lessors after-tax rate on secured debt.2.Calculate the increase in debt capacity by discounting the difference between the cash flows of the purchase and the cash flows of the lease by the after-tax interest rate.The increase in debt capacity from a purchase is compared to the
41、 extra outflow at year 0 from a purchase.3.Use APV(presented in the appendix to this chapter).They all yield the same answer.The easiest way is the least intuitive.McGraw-Hill/IrwinCopyright 2002 by The McGraw-Hill Companies,Inc.All rights reserved.21-27Appendix 21A:APV Approach to LeasingAPV=All-Eq
42、uity Value+Financing NPVCalculations shown on the following slides will show that for the latest Clumzee Movers example(tax rate is 25%)APV=$591.38$1,135.30APV=$543.91Which is the same value as the easier NPV analysis.McGraw-Hill/IrwinCopyright 2002 by The McGraw-Hill Companies,Inc.All rights reserv
43、ed.21-28Appendix 21A:APV Approach to LeasingAPV=All-Equity Value+Financing NPVTo find the all-equity value,discount the cash flows at the pre-tax interest rate.The after tax rate was 5%which implies a pretax rate of 6.66%=5%/(1-.25).Cash Flows ClumZee Movers:Leasing Instead of BuyingYear 0Years 1-5C
44、ost of truck we didnt buy$25,000Lost Depreciation Tax Shield5,000(.25)=$1,250After-Tax Lease Payments6,200(1.25)=$4,650$25,000$5,900McGraw-Hill/IrwinCopyright 2002 by The McGraw-Hill Companies,Inc.All rights reserved.21-29Appendix 21A:APV Approach to LeasingAPV=All-Equity Value+Financing NPVThe NPV
45、of the financing is the forgone interest tax shields on the debt that ClumZee movers didnt go into when they leased instead of bought the truck.ClumZee agreed to a lease payment of$5,900.This payment would support a loan of$25,543.91McGraw-Hill/IrwinCopyright 2002 by The McGraw-Hill Companies,Inc.Al
46、l rights reserved.21-30Appendix 21A:APV Approach to LeasingThe lost interest tax shield associated with this additional debt capacity of$25,543.91 has a present value of$1,135.30McGraw-Hill/IrwinCopyright 2002 by The McGraw-Hill Companies,Inc.All rights reserved.21-3121.7 Debt Displacement and Lease
47、 ValuationThe lost interest tax shield associated with this additional debt capacity of$25,219.20 has a present value of$McGraw-Hill/IrwinCopyright 2002 by The McGraw-Hill Companies,Inc.All rights reserved.21-32Appendix 21A:APV Approach to LeasingAPV=All-Equity Value+Financing NPVCalculations shown
48、on the following slides will show that for the latest Clumzee Movers example(where the tax rate is 25%)APV=$591.38$1,135.30APV=$543.91Which is the same value as the easier NPV analysis.McGraw-Hill/IrwinCopyright 2002 by The McGraw-Hill Companies,Inc.All rights reserved.21-33Appendix 21A:APV Approach
49、 to LeasingAPV=All-Equity Value+Financing NPVTo find the all-equity value,discount the cash flows at the pre-tax interest rate.The after tax rate was 5%which implies a pretax rate of 6.66%=5%/(1-.25).Cash Flows ClumZee Movers:Leasing Instead of BuyingYear 0Years 1-5Cost of truck we didnt buy$25,000L
50、ost Depreciation Tax Shield5,000(.25)=$1,250After-Tax Lease Payments6,200(1.25)=$4,650$25,000$5,900McGraw-Hill/IrwinCopyright 2002 by The McGraw-Hill Companies,Inc.All rights reserved.21-34Appendix 21A:APV Approach to LeasingAPV=All-Equity Value+Financing NPVThe NPV of the financing is the forgone i