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艾米娜姆💫 · 2025年05月07日

这道题的公司到底是租入方?

NO.PZ2023040402000044

问题如下:

H&L Airlines is considering whether to borrow money or use cash on hand (equity) to purchase or lease a new aircraft needed for its business. The company’s unsecured IBR is 7%, and its cost of equity is 12%.


The implied interest cost of this lease is closest to:

选项:

A.

3.89%

B.

4.67%

C.

5.48%

解释:

C is correct. The cash flows associated with the lease are as follows:


Solving for the discount rate that equates the initial net cash outflow of 105 million to the present value (PV) of the net cash flows beyond the initial year results in a rate of 5.48%.

Using a calculator: PMT = 10, PV = –105, N = 15, FV = 10

那他15年的租金不应该是现金流出么,最后的残值和租金的现金流方向不应该相反么

1 个答案

Kiko_品职助教 · 2025年05月07日

嗨,爱思考的PZer你好:


这道题从给的表格判断是lessor出租方。因为表格里面有个Lessor direct costs出租方直接成本。

所以租金是现金流入。在租赁期末,出租方会收回租赁资产,此时资产剩余的残值是出租方可以继续利用或处置获得经济利益的部分,也是一种经济利益的流入

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