跨境融資租賃與日本杠桿租賃【外文翻譯】

1、CrossBderCrossBderLeaseLeaseFinancingFinancingwithwithJapaneseJapaneseLeveragedLeveragedLeasesLeases出處：處：TheTheJournalJournalOfOfStructuredStructuredFinanceFinance作者：者：PrakashPrakashDeoDeo原文：Leasingservesasanalternatives

2、ourceoffinancingcanhelpafirmtoenhancepresentvalueviarealizationofsignificantsavingsascomparedtotheconventionaldebtfinancingofitsequipment.Aleveragedleaseisaleasewithfinancinglinkeddirectlytotheleaseisaninterestingexample

3、ofhowtaxlawsinfluencethechannelsbywhichsavingsbecomerealinvestmentsinoureconomy.Inanutshelltheleveragedleaseisadevicewithintheprivatesecttooptimallyallocatetaxrelatedburdenssubsidiessuchasrelativelyhighincometaxratesinve

4、stmenttaxcreditsdepreciationdeductions.Althoughatfirstglancetheleasebuyquestionappearsrelativelysimpleacrectdecisionrequiresanappraisalofalmostallthefacetsoffinancialdecisionmaking.Ofcoursethisfinancingdecisionshouldbema

5、deseparatelyfromtheassetsinvestmentwth.Theleveragedleaseisarelativelycomplexfinancialinstrumentintwoways.Firstitislegallycomplexinthatitdependsontaxlawsspecifictaxrulingscomplicatedtrustsecurityagreements.Secondthelevera

6、gedleaseiscomputationallycomplexboththelesseelessfaceriskexposures.Thecomplexityisexacerbatedbyutilizationofcrossbderleasefinancingwhichcapitalizesondifferencesincountrytaxlawstosecurefinancingatalowerbelowmarketratewith

7、outthelossofoperationalusecontrolovertheequipment.LITERATUREREVIEWDylMartin[1977]addresstheissueofcomputationalcomplexityofleveragedleasingtheanalysisofthelesssriskexposure.Theyhavefmulatedanalgithmfsettingtermsonleverag

8、edleasesfromalesssperspective—specificallyhowalessmaydirectlydeterminetheparticularleasetermsthatprovidehimwithagivendesiredaftertaxrateofreturn.Thepopularityofleveragedleasinghadledtoanincreaseinpracticalsignificanceoft

9、hemultipleratesofreturnproblemsthatalessfacesindecisionmaking.PastefftsonleveragedleasingincludeAthanassopoulosBacon(AB)[1980]Perg[1978]DylMartin[1977]GrimlundCapettini[1982]CapettiniToole[1981]Smith[1973]Wiar[1973]Child

10、sGridley[1973]Regan[1976].InparticularABhavesurveyedthedevelopmentsinevaluationtechniquescomparedthepresentvaluesinkingfundmethodthereturnoninvestedcapitalmethoddiscussedthecommonalityoftheseevaluationtechniques.Grimlund

11、CapettinishedfurtherlightonABswk.RecentlyAmembal[2000]Boobyer[2003]ShankGough[1999]havediscussedtheeconomicsofleveragedleasingincludingcrossbderleases.Whileawealthofliteratureexistsonevaluationofdomesticleveragedleasesfr

12、omalesssperspectivethereexistsagapinthefinanceliteraturespecificallyvaluationmodelsftheincreasinglypopulardepreciationratesledtoJapanbecomingtheprincipalmarketfsuchfinancing.TheJLLisdesignedtotakeadvantageoftaxarbitragei

13、ndertoofferbelowmarketfinancing.Theuseofacrossbderleasewhichisaleasedesignedtoqualifyfthetaxbenefitsofownershipintwodifferenttaxjurisdictionscanresultinsignificantsavingstothelesseeascomparedtoaconventionaldebtfinancingo

14、fitsequipment.TherecentwldwidelowinterestrateenvironmentlowcpateprofitabilitydevaluationofassetsinparticulartherecentuncertaintaxenvironmentinJapanhavesomewhatreducedthenumberofJLLtransactionsatleastintheshtterm.Howevert

15、heJLLcouldseeastrongresurgenceafterarecentagreementbytheNationalTaxAgencytheJapaneseLeasingAssociationtoallowthemarkettoreturnunderthenewtaxrefms.TheJLLmarketisperhapsthemostdevelopedwiththelargestcapacityofallcrossbderl

16、easingmarkets.TheJapaneseexptalotofcapitaltocountrieswheretheyalsoexptalotofgoods!TheacteristicsofaJLLAJLLhasmanyofthesameacteristicsasanybasicleveragedleasestructureinthatasinglepurposecompany(less)buysequipmentwithfund

17、scontributedbyanequityproviderlenders.TheequityinvestmentinthelessismadebyJapaneseinveststhroughTokumeiKumiai(TK)agreements.AKumiaInisdefinedintheleasetobe“anyperson(businessentity)enteringintoaTokumeriKumiaiagreementwit

18、hlessinrelationtoequipmentregisteredassignofanysuchperson.“ATKIisaJapaneseregulat.UndertheTKsilentpartnershiptaxsharingagreementtheequityinvestsagreetomakeacontributiontowardthebusinessofthelessbothpartiesagreetoshareint

19、heprofitslossesofthebusiness.TomakeitarealentitytheNationalTaxAgencyrequiressomepseudoreturnonequity.TheKumiaiInsareoftensmalltomediumsizedJapanesefirmsthataremotivatedtoparticipatebecauseofthetaxshields.HighJapanesetaxr

20、atesprovidestrongmotivation.Theequipmentisthenleasedtoanenduser.Bymeansofapassthroughagreementwiththelesstheequityproviderisabletoclaimcapitalallowances(depreciation)ontheentireamountoftheequipmenteventhoughhehasinfacton

21、lycontributedthefundingfasmallpercentageoftheequipmentspurchaseprice.Inadditiontheequityprovidercanoffsettheinterestcostsofthedebtagainstprofits.Thusaswithanyleveragedleasetransactiontheattractivenessofthestructureisthat

22、itenablesthelesstoshelterprofitsfromitsotherbusinessactivitiesthusdefersthepaymentofincometaxes.Apartofthebenefitofthisdeferralispassedontothelesseeinthefmofabelowmarketrateofinterestonthelease(hencelowerleasepayments)wh

23、ichisoftenlowerthanLIB.Thefeigninvests(shareholdersequityholders)astitleholderstotheequipmentreceivethebenefitoftheequipmentsdepreciationundertheJapanesecode.UnderU.S.taxguidelinesthelesseeremainsthe“owner“oftheequipment

24、therefeisentitledtotheU.S.depreciationbenefit.Itisatruedoubledipcrossbderlease.JLLtransactionsaresensitivetotitleissuesrequirethatthelesseenothaveassumedfmaltitletotheassetpritoexecutionofthetransaction.TheequityfJLLtran