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runruncat · 2023年07月23日

售后回租

  1. CFA I
  2. Corporate Issuers

NO.PZ2023031001000022

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：

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.

A is incorrect. Cutting prices reduces the profit margin for the business, thereby increasing operating leverage.

B is incorrect. Replacing short-term debt with long-term debt does not change financial leverage: Debt, irrespective of maturity, is simply debt.

售后回租，不应该是相当于抵押借款，资产不出表还继续提折旧，每年确认融资费用吗？我觉得会增加financial risk但是不会降低business risk吧？老师讲解说售后回租这种模式是br向fr的转移

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1 个答案

王琛_品职助教 · 2023年07月25日

嗨，从没放弃的小努力你好：


1）售后回租，不应该是相当于抵押借款，资产不出表还继续提折旧，每年确认融资费用吗？

关于同学所说的 "资产不出表"

其实严谨的说法是，出售的固定资产是出表的，因为租回时计入的是「使用权资产」

具体计算方法，属于 CPA 会计学科的内容，CFA 是不要求掌握的

使用权资产=账面价值 * 租赁付款额现值 / 公允价值

虽然后续计量也会计提折旧，但是「使用权资产」是要比固定资产的账面价值小的

所以计提的折旧也少

2）我觉得会增加financial risk但是不会降低business risk吧？老师讲解说售后回租这种模式是br向fr的转移

承接上个回答

因为计提的折旧少，所以对应的固定成本较低，可以理解为是 DOL 计算式分母的 FC 低

所以降低了经营杠杆，即 DOL 低

老师在讲解中，说的是降低了经营杠杆哈，并没有提到明确提到商业风险

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