problems06
Exercise 1Page 1Part aAsset cost 1,000,000Interest rate 10%Lease rental payment 214,931Annual depreciation 166,667Tax rate 40%Year 0 1 2 3 4 5After-tax cash flows from leasingAfter-tax lease rental -128,958 -128,958 -128,958 -128,958 -128,958 -128,958After-tax cash flows from buying the assetAsset cost -1,000,000Depreciation tax shield 66,667 66,667 66,667 66,667 66,667Net cash flow from buying -1,000,000 66,667 66,667 66,667 66,667 66,667Differential cash flowLease minus buy 871,042 -195,625 -195,625 -195,625 -195,625 -195,625IRR of differential cash flow 6.00%Decision? indifferent (1-B35)*B32,lease,dont lease)Exercise 2 (中文)Page 6承租人的问题和出租人的问题承租人的问题资产成本 1,000,000利率 10%租赁租金 200,000每年折旧 20% 32% 19.20% 11.52% 11.52% 5.76%税率 0%年 0 1 2 3 4 5 6从租赁得到的税后现金流量税后租赁租金 -200,000 -200,000 -200,000 -200,000 -200,000 -200,000从资产购买中的税后现金流两资产成本 -1,000,000折旧避税 0 0 0 0 0 0购买净现金流量 -1,000,000 0 0 0 0 0 0差额现金流租赁减去购买 800,000 -200,000 -200,000 -200,000 -200,000 -200,000 0差额现金流的IRR 7.93%决策? lease (1-B35)*B32,lease,dont lease)Exercise 3Page 7Lessees problem below, Lessors problem in row 30Lessees problemasset cost 1,000,000interest rate 10%lease rental payment 208,734 (1-B35)*B32,lease,dont lease)Break-even IRR 4.20%Exercise 3Page 85.76%60005.76%623,04023,040-23,040Lessees problem below, Lessors problem in row 30Lessors problemExercise 3 (中文)Page 9承租人的问题和出租人的问题承租人的问题资产成本 1,000,000利率 10%租赁租金 208,734 (1-B35)*B32,lease,dont lease)盈亏平衡点的IRR 4.20%Exercise 3 (中文)Page 105.76%60005.76%623,04023,040-23,040承租人的问题和出租人的问题Lessors problemExercise 4Page 11Data table starts in row 30Asset cost 540,000Interest rate 12%Lease rental payment 121,048Annual depreciation 90,000 asset fully depreciated over 6 yearsTax rate 38%Anticipated residual value 100,000 anticipated to be realized in year 7; fully taxedCE factor 0.7 certainty-equivalence factoryear 0 1 2 3 4 5 6After-tax cash flows from leasingafter-tax lease rental -75,050 -75,050 -75,050 -75,050 -75,050 -75,050After-tax cash flows from buying the assetasset cost -540,000depreciation tax shield 34,200 34,200 34,200 34,200 34,200 34,200after-tax residual*CE factornet cash flow from buying -540,000 34,200 34,200 34,200 34,200 34,200 34,200Differential cash flowlease minus buy 464,950 -109,250 -109,250 -109,250 -109,250 -109,250 -34,200IRR of differential cash flow 9.30%decision? buyRequested Data Table, sensitivity of IRR on CE factor9.30%0.1 7.72%Certainty 0.2 8.00%Equivalent 0.3 8.27%Factor 0.4 8.54%0.5 8.80%0.6 9.05%0.7 9.30%0.8 9.55%0.9 9.79%1 10.02%C E F a c to r a n d IR R o f L e a s e1 .510 .507 %8 %9 %1 0 %1 1 %C E f a c t o rIRRExercise 4Page 12743,40043,400-43,400C E F a c to r a n d IR R o f L e a s e1 .510 .507 %8 %9 %1 0 %1 1 %C E f a c t o rIRRExercise 4 (中文)Page 13数据表在第30行开始资产成本 540,000利率 12%租赁租金 121,048每年折旧 90,000 asset fully depreciated over 6 years税率 38%预计残值 100,000 anticipated to be realized in year 7; fully taxed确定性等价因子 0.7 certainty-equivalence factor年 0 1 2 3 4 5 6从租赁得到的税后现金流量税后租赁租金 -75,050 -75,050 -75,050 -75,050 -75,050 -75,050从资产购买中的税后现金流两资产成本 -540,000折旧避税 34,200 34,200 34,200 34,200 34,200 34,200税后残值*确定性等价因子购买的净现金流量 -540,000 34,200 34,200 34,200 34,200 34,200 34,200差额现金流租赁减去购买 464,950 -109,250 -109,250 -109,250 -109,250 -109,250 -34,200差额现金流的IRR 9.30%决策? buy所求数据表, 确定性等价因子下的IRR的敏感性分析9.30%0.1 7.72%确定性 0.2 8.00%等价 0.3 8.27%因子 0.4 8.54%0.5 8.80%0.6 9.05%0.7 9.30%0.8 9.55%0.9 9.79%1 10.02%租 赁 的 确 定 性 等 价 因 子 和 IRR1 .510 .507 %8 %9 %1 0 %1 1 %C E f a c t o rIRRExercise 4 (中文)Page 14743,40043,400-43,400租 赁 的 确 定 性 等 价 因 子 和 IRR1 .510 .507 %8 %9 %1 0 %1 1 %C E f a c t o rIRR
