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甜甜 · 2022年10月30日

sale-leaseback asset

  1. CFA I
  2. Corporate Issuers

NO.PZ2022090802000013

问题如下：

Which of the following is most likely to increase financial leverage?

选项：

A.Cutting prices B.Replacing short-term debt with long-term debt C.Entering a sale-leaseback transaction for the company's head office building

解释：

Solution

C is correct. Entering a sale–leaseback transaction for the company's head office building increases financial leverage. The company sells assets with the obligation to repurchase the assets in the future as well as make lease payments. These transactions increase its financial leverage. Additionally, sale and leaseback transactions reduce the business's overall asset base, which, in turn, reduces its ability to add more debt should the company need to raise debt. Cutting prices reduces the profit margin for the business, thereby increasing operating leverage. Replacing short-term debt with long-term debt does not change financial leverage: Debt, irrespective of maturity, is simply debt.

这种asset具体是怎么增加financial leverage的呢？是因为总资产减少了从而debt比例上升还是说以后的回购以及租金算作debt?请讲解一下

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1 个答案

王琛_品职助教 · 2022年10月31日

嗨，从没放弃的小努力你好：


0

站在承租人的角度，可以从两个角度考虑：初始计量和后续计量

1

初始计量，关注资产负债表，租回的时候，不管是经营租赁，还是融资租赁，都是资产增加，负债增加

所以 D/E 比例增加，即财务杠杆增加

2

后续计量，关注利润表的部分，lease payments 中包含 interest expenses，相当于增加了利息费用

咱们在后面的杠杆章节，会深入学习各种杠杆，包括财务杠杆 DFL

计算式中，利息费用越大，财务杠杆 DFL 越大

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