文档介绍：Cross-Border Lease Financing with Japanese Leveraged Leases
出处: The Journal Of Structured Finance
作者: Prakash Deo
原文:
Leasing serves as an alternative source of financing and can help a firm to present value via realization of significant savings pared to the conventional debt financing of its equipment. A leveraged lease is a lease with financing linked directly to the lease, and is an interesting example of how tax laws influence the channels by which savings e real investments in our economy. In a nutshell, the leveraged lease is a device within the private sector to optimally allocate tax-related burdens and subsidies such as relatively high e tax rates, investment tax credits, and depreciation deductions. Although at first glance the lease-or-buy question appears relatively simple, a correct decision requires an appraisal of almost all the facets of financial decision making. Of course, this financing decision should be made separately from the asset's investment worth.
The leveraged lease is a plex financial instrument in two ways. First, it is plex in that it depends on tax laws, specific tax rulings, plicated trust and security agreements. Second, the leveraged lease plex, and both the lessee and lessor face risk exposures. plexity is exacerbated by utilization of cross-border lease financing, which capitalizes on differences in country tax laws to secure fina