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ID:40005476
大小:149.00 KB
页数:26页
时间:2019-07-17
《[财会考试]财务管理 第十六章》由会员上传分享,免费在线阅读,更多相关内容在教育资源-天天文库。
1、Ch.16-1:TermLoansandLeasesTermLoansCharacteristicsofTermLoansSecuredloans1-to10-yearmaturityRepaidinperiodicinstallmentsTermLoansCollateralforshorterloansChattelmortgage(mortgageonmachineryandequipment)CollateralforlongerloansmortgagesonrealestateTermLoansRestrictiveCovenantsonBor
2、rowersWorkingcapital-borrowermayberequiredtosetaminimumcurrentratio.Restrictionsonadditionalborrowing.Borrowerprovidesperiodicfinancialstatements.Restrictionsonmanagementchanges.TermLoansEurodollarLoansLoansbymajorinternationalbanksbasedonforeigndepositsdenominatedindollars.Adjust
3、ableinterestratesbasedontheLondonInterbankOfferedRate(LIBOR).LeasesLesseeAcquirestheservicesofaleasedasset,bymakingaseriesofpaymentstotheowneroftheasset.LessorTheowneroftheassetthatisbeingleasedtothelessee.LeasingTypesofLeasesDirectLease-afirmacquirestheservicesofanassetthatitdidn
4、’tpreviouslyown.SaleandLeaseback-Asset’sownersellstheassettoabuyer,andthenleasestheassetfromthebuyer.LeveragedLease-Lessorborrowsfromalendertobuytheassetthatwillbeleasedtothelessee.Leasevs.PurchaseIssue:ShouldafirmPurchaseanassetusingthefirm’soptionalfinancingmix,orFinancetheasset
5、usingafinanciallease.Leasevs.PurchaseProcedure:1)ComputeNPVtodetermineiftheassetshouldbepurchased.Leasevs.PurchaseProcedure:1)ComputeNPVtodetermineiftheassetshouldbepurchased.NPV=-IOACFt(1+k)tnt=1SLeasevs.PurchaseProcedure:2)ComputeNAL(netadvantagetoleasing)todetermineleasingtheas
6、setisbetterforthefirmthanpurchasing.O=operatingcashflowsifpurchasedR=annualrentalcostT=marginaltaxrateI=interestexpenseforfeitedifleasedD=depreciationexpenseVn=after-taxsalvagevaluek=discountrateIO=purchasepricerb=after-taxinterestrateonborrowedfunds.Ot(1-T)-Rt(1-T)-T(It)-T(Dt)(1+
7、rb)tVn(1+ks)nNAL=-+IOnt=1SLeasingvs.DebtFinancing:PotentialBenefits1)FlexibilityandConvenienceLeasesareeasier,quickerandrequirelessdocumentation.Leasesareeasiertohaveapprovedthancapitalbudgetingprojects.Leasingsimplifiesbookkeepingfortaxpurposes.Leasingallowssynchronizationoflease
8、paymentswiththefirm’scashcycle.Le
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