Lease or buy decisions（租賃或購買決策）是什么_2021年ACCA考試FM知識點
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【內(nèi)容導航】
Lease or buy decisions 租賃或購買決策
【知識點】
Lease or buy decisions 租賃或購買決策
Lease or buy decisions 租賃或購買決策
Lease or buy decisions
Discounted cash flow techniques are used to evaluate the lease or buy decision so that the least-cost financing option can be chosen.
Lease or buy decisions
The cost of capital that should be applied to the cash flows for the financing decision is the cost of borrowing. We assume that if the organisation decided to purchase the equipment, it would finance the purchase by borrowing funds (rather than out of retained funds). We therefore compare the cost of purchasing with the cash flows of leasing by applying this cost of borrowing to the financing cash flows.
The cash flows of purchasing do not include the interest repayments on the loan as these are dealt with via the cost of capital.
Important cash flow differences between leasing and buying are as follows:
With buying the asset, the company receives the tax allowances (tax-allowable depreciation).
With leasing, the lessor and not the lessee receives these allowances.
With leasing, the lease rental is allowable for tax purposes, and there are consequently savings in tax cash flows.
The process of “Lease or buy decision”
Step 1 The costs of leasing (payments, lost capital allowances and lost scrap revenue)
Step 2 The benefits of leasing (savings on initial outlay)
Step 3 Discounting at the post tax cost of debt.
Step 4 Calculate the NPV – if positive it means that the lease is cheaper than the post tax cost of a loan.
An alternative method is to evaluate the NPV of the cost of purchasing and the NPV of the cost of the leasing separately, and to choose the cheapest option.
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注：以上內(nèi)容來自Echo老師基礎班第20講
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