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1、Warrants,andConvertibles(财务管理,英文版)Capitalleasesaredifferentfromoperatingleases:Capitalleasesdonotprovideformaintenanceservice.Capitalleasesarenotcancelable.Capitalleasesarefullyamortized.Analysis:Leasevs.Borrow-and-BuyData:Newmachinecosts$1,200,000.3-yearMACRSclasslife;4-yeareconomiclife.Taxra
2、teof40%.kd=10%.(More...)Maintenanceof$25,000/year,payableatbeginningofeachyear.ResidualvalueinYear4of$125,000.4-yearleaseincludesmaintenance.Leasepaymentis$340,000/year,payableatbeginningofeachyear.DepreciationScheduleDepreciablebasis=$1,200,000MACRSDepreciationEnd-of-YearYearRateExpenseBookVa
3、lue10.33$396,000$804,00020.45540,000264,00030.15180,00084,00040.0784,00001.00$1,200,000Inaleaseanalysis,whatdiscountrateshouldcashflowsbediscountedat?Sincecashflowsinaleaseanalysisareevaluatedonanafter-taxbasis,weshouldusetheafter-taxcostofborrowing.Previously,weweretoldthecostofdebt,kd,was10%
4、.Therefore,weshoulddiscountcashflowsat6%.A-Tkd=10%(1–T)=10%(1–0.4)=6%.CostofOwningAnalysis (InThousands)Costofasset(1,200.0)Dep.taxsavings1158.4216.072.033.6Maint.(AT)2(15.0)(15.0)(15.0)(15.0)Res.value(AT)3_____________________75.0Netcashflow(1,215.0)143.4201.057.0108.6PVcostofowning(@6%)=-$76
5、6,948.01234(More...)Notes:1Depreciationisataxdeductibleexpense,soitproducesataxsavingsofT(Depreciation).Year1=0.4($396)=$158.4.2Eachmaintenancepaymentof$25isdeductiblesotheafter-taxcostoftheleaseis(1–T)($25)=$15.3Theendingbookvalueis$0sothefull$125salvage(residual)valueistaxed.CostofLeasingAna
6、lysis (InThousands)Leasepmt(AT)1-204-204-204-204PVcostofleasing(@6%)=-$749,294.Note:1Eachleasepaymentof$340isdeductible,sotheafter-taxcostoftheleaseis(1–T)($340)=-$204.01234NetAdvantageofLeasingNAL=–=$766,948–$749,294=$17,654.PVcostofowningPVcostofleasingSincethecostofowningoutweighsthecostofl
7、easing,thefirmshouldlease.Supposecomputer’sresidualvaluecouldbeaslowas$0orashighas$250,000,butexpectedvalueis$125,000.HowcouldtheriskinessoftheSVbeincorporatedintheanalysis?Whateffectwouldthishaveonleasedecision?Toaccountforrisk,therate
