chapter07

BASIC LEVERAGED LEASE EXAMPLECost of asset 1,000,000Lease term 15Residual value 300,000 0 ,$ B $ 2 * B 6 ,0 )A B C D E F G12345678910111213141516171819202122UN-4F= IF ($ B $ 2 * B 6 0 ,$ B $ 2 * B 6 ,0 )H12345678910111213141516171819202122UN-4FMPM方法：杠杆租赁现金流分为收益和投资回收Q 12.00% 0 ,$ B $ 2 * B 6 ,0 )A B C D E F G12345678910111213141516171819202122UN-4F= IF ($ B $ 2 * B 6 0 ,$ B $ 2 * B 6 ,0 )H12345678910111213141516171819202122UN-4FUSING SOLVER TO FIND THE MULTIPLE PHASES METHOD(MPM) RETURN ON A LEVERAGED LEASEQ 10.91% - Possible MPM rateMPM attribution of cashflowsYearInvestment atbeginning ofperiodLeveragedlease cashflows IncomeRepayment ofinvestment1 200,000 49,941 21,822 28,119 - =C6-D62 171,881 89,774 18,754 71,0193 100,862 60,666 11,005 49,6614 51,201 39,487 5,587 33,9015 17,301 23,827 1,888 21,9396 -4,638 22,352 0 22,3527 -26,990 20,730 0 20,7308 -47,721 1,186 0 1,1869 -48,906 -18,697 0 -18,69710 -30,210 -20,856 0 -20,85611 -9,354 -23,231 0 -23,23112 13,877 -25,843 1,514 -27,35713 41,234 -28,716 4,499 -33,21614 74,449 -31,877 8,123 -40,00115 114,450 -35,354 12,488 -47,84216 162,292 180,000 17,708 162,29217 0A B C D E F12345678910111213141516171819202122UN-4F利用规划求解找用多阶段方法(MPM)的在杠杆租赁下的收益Q 10.91% -可能的MPM率MPM的现金流的分配年期初投资杠杆租赁现金流收益投资回收1 200,000 49,941 21,822 28,119 - =C6-D62 171,881 89,774 18,754 71,0193 100,862 60,666 11,005 49,6614 51,201 39,487 5,587 33,9015 17,301 23,827 1,888 21,9396 -4,638 22,352 0 22,3527 -26,990 20,730 0 20,7308 -47,721 1,186 0 1,1869 -48,906 -18,697 0 -18,69710 -30,210 -20,856 0 -20,85611 -9,354 -23,231 0 -23,23112 13,877 -25,843 1,514 -27,35713 41,234 -28,716 4,499 -33,21614 74,449 -31,877 8,123 -40,00115 114,450 -35,354 12,488 -47,84216 162,292 180,000 17,708 162,29217 0A B C D E F12345678910111213141516171819202122Page 234Page 23COMPARING THE MPM INCOME WITH THE IRR INCOMEYearIRRincomeMPMincome1 24,913 21,8222 21,796 18,7543 13,328 11,0054 7,431 5,5875 3,438 1,8886 898 07 -1,774 08 -4,577 09 -5,295 010 -3,626 011 -1,480 012 1,230 1,51413 4,602 4,49914 8,753 8,12315 13,814 12,48816 19,938 17,708C o m p a r in g th e M P M In c o m e w ith th e IR R In c o m eT h e IR R in c o m e is th e tr u e e c o n o m ic in c o m e1 51 31 197531-6 ,0 0 0-1 ,0 0 04 ,0 0 09 ,0 0 01 4 ,0 0 01 9 ,0 0 02 4 ,0 0 0IR R in c o m eM P M in c o m eA B C D E F G H I12345678910111213141516171819202122232425Page 234Page 24COMPARING THE MPM INCOME WITH THE IRR INCOMEC o m p a r in g th e M P M In c o m e w ith th e IR R In c o m eT h e IR R in c o m e is th e tr u e e c o n o m ic in c o m e1 51 31 197531-6 ,0 0 0-1 ,0 0 04 ,0 0 09 ,0 0 01 4 ,0 0 01 9 ,0 0 02 4 ,0 0 0IR R in c o m eM P M in c o m eJ K L M12345678910111213141516171819202122232425Page 234 (中文)Page 25比较MPM收益与IRR收益年 IRR收益 MPM收益1 24,913 21,8222 21,796 18,7543 13,328 11,0054 7,431 5,5875 3,438 1,8886 898 07 -1,774 08 -4,577 09 -5,295 010 -3,626 011 -1,480 012 1,230 1,51413 4,602 4,49914 8,753 8,12315 13,814 12,48816 19,938 17,708相对于 I R R 所得税收入的 M P MI R R 收入实际收入1 51 31 197531-6 ,0 0 0-1 ,0 0 04 ,0 0 09 ,0 0 01 4 ,0 0 01 9 ,0 0 02 4 ,0 0 0IR R 收益M P M 收益A B C D E F G H I12345678910111213141516171819202122232425Page 234 (中文)Page 26比较MPM收益与IRR收益相对于 I R R 所得税收入的 M P MI R R 收入实际收入1 51 31 197531-6 ,0 0 0-1 ,0 0 04 ,0 0 09 ,0 0 01 4 ,0 0 01 9 ,0 0 02 4 ,0 0 0IR R 收益M P M 收益J K L M12345678910111213141516171819202122232425