外文翻譯--跨境融資租賃與日本杠桿租賃 （節(jié)選）

1、<p>　　1800單詞，9700英文字符，2800漢字</p><p>　　Cross-Border Lease Financing with Japanese Leveraged Leases</p><p>　　出 處：Deo P. Cross-Border Lease Financing with Japanese Leveraged Leases[J]. Journ

2、al of Structured Finance, 2008, 13(4):36-48. </p><p>　　作 者： Prakash Deo </p><p><b>　　原 文：</b><

3、;/p><p>　　Leasing serves as an alternative source of financing and can help a firm to enhance net present value via realization of significant savings as compared to the conventional debt financing of its equip

4、ment. 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 become real investments in our economy. In a nutshell,

5、 the leveraged lease is a device within the private sector to optimally allocate</p><p>　　The leveraged lease is a relatively complex financial instrument in two ways. First, it is legally complex in that it

6、 depends on tax laws, specific tax rulings, and complicated trust and security agreements. Second, the leveraged lease is computationally complex, and both the lessee and lessor face risk exposures. The complexity is exa

7、cerbated by utilization of cross-border lease financing, which capitalizes on differences in country tax laws to secure financing at a lower, or below-market, rate</p><p>　　LITERATURE REVIEW</p><p

8、>　　Dyl and Martin [1977] address the issue of computational complexity of leveraged</p><p>　　leasing and the analysis of the lessor's risk exposure. They have formulated an algorithm for setting terms

9、 on leveraged leases from a lessor's perspective—specifically, how a lessor may directly determine the particular lease terms that provide him with a given desired after-tax rate of return. The popularity of leverage

10、d leasing had led to an increase in practical significance of the multiple-rates-of-return problems that a lessor faces in decision making. Past efforts on leveraged leasing inc</p><p>　　In particular, AB ha

11、ve surveyed the developments in evaluation techniques and compared the net present value, sinking fund method, and the return-on-invested-capital method and discussed the commonality of these evaluation techniques. Griml

12、und and Capettini shed further light on AB's work .Recently, Amembal [2000], Boobyer [2003], and Shank and Gough [1999] have discussed the economics of leveraged leasing, including cross-border leases. While a wealth

13、 of literature exists on evaluation of domes</p><p>　　In this article, we examine the financial and related issues that a lessee needs to evaluate when financing an asset utilizing a JLL. We analyze and deco

14、mpose the Japanese leveraged leasing process into a number of steps; and we identify the cash flows, the associated risks, and the appropriate discount rates to develop a JLL valuation model from a lessee's perspecti

15、ve. With appropriate modifications our model can be extended to reflect the attributes of other cross-border leases. Finally, our a</p><p>　　The remainder of the article is organized as follows: The first se

16、ction provides an overview of a cross-border leveraged lease, particularly Japanese leveraged leases; identifies JLL characteristics; describes the JLL tax regulations and recent tax reforms; and summarizes the benefits

17、to both the lessee and the lessor. The second section outlines the specific steps related to the implementation of a JLL transaction, discusses the issues related to each step of the transaction, and identifies and</p

18、><p>　　CROSS-BORDER AND JAPANESE LEVERAGED LEASES</p><p>　　A cross-border lease is a transaction that allows investors in a foreign country to own assets used in the U.S., lease them to a U.S. firm

19、, and receive tax benefits under the laws of their home countries. It offers upfront cost savings, which are a function of interest rates, asset type, duration of the lease, transaction costs, and the tax laws. Although

20、the lessor holds the title to the equipment, the lease allows a firm to maintain tax ownership benefits for U.S. tax purposes. Some of the exa</p><p>　　While the market for cross-border asset finance is larg

21、e and sophisticated, the JLL market is perhaps the most developed and with the largest capacity of all the cross-border leasing markets. The high tax rates, the strong corporate profitability in thel970s and the early 19

22、80s, a sophisticated financial system, and favorable depreciation rates led to Japan becoming the principal market for such financing. The JLL is designed to take advantage of tax arbitrage in order to offer below-market

23、 fina</p><p>　　The Characteristics of a JLL</p><p>　　A JLL has many of the same characteristics as any basic leveraged lease structure, in that a single-purpose company (lessor) buys equipment w

24、ith funds contributed by an equity provider and lenders. The equity investment in the lessor is made by Japanese investors through Tokumei-Kumiai (TK) agreements. A Kumia-In is defined in the lease to be "any person

25、 (or business entity) entering into a Tokumeri-Kumiai agreement with lessor in relation to equipment and registered assign of any such person." </p><p>　　The equipment is then leased to an end user. By

26、means of a pass-through agreement with the lessor, the equity provider is able to claim capital allowances (depreciation)on the entire amount of the equipment even though he has, in fact, only contributed the funding for

27、 a small percentage of the equipment's purchase price. In addition, the equity provider can offset the interest costs of the debt against profits. Thus, as with any leveraged lease transaction, the attractiveness of

28、the structure is</p><p>　　JLL transactions are sensitive to title issues and require that the lessee not have assumed formal title to the asset prior to execution of the transaction. The equity for JLL trans

29、actions has traditionally been provided by wealthy individuals and private companies as a means of sheltering profits, and there continues to be a strong appetite in Japan for lessees of good credit standing and appropri

30、ate assets. The Japanese equity sources and the debt financing are arranged by investment bankers w</p><p>　　Although similar, it is not a sale-and-leaseback arrangement. Only equipment deemed to have suffic

31、ient residual value after the lease term is leasable. That is because the lessor has no interest in maintaining ownership of the equipment after the lease term and wants to make sure the bargain purchase option will be e

32、xercised. Lease payments are grossed up for any future changes in the lessor's withholding taxes and for duties or taxes imposed with respect to the lease agreement.</p><p>　　外文題目： Bankruptcy Costs and t

33、he Financial Leasing Decision </p><p>　　出 處： FINANCIAL MANAGEMENT </p><p>　　作 者： Sivarama Krishnan and Charles Moyer </p&g

34、t;<p><b>　　譯 文：</b></p><p>　　跨境融資租賃與日本杠桿租賃</p><p>　　和傳統(tǒng)的債務(wù)融資相比，租賃作為一種融資的替代來(lái)源，可以幫助企業(yè)通過(guò)實(shí)現(xiàn)重大儲(chǔ)蓄的變現(xiàn)，來(lái)提高凈現(xiàn)值比率。杠桿租賃是一種直接聯(lián)系到財(cái)務(wù)的租賃，在我們現(xiàn)實(shí)的經(jīng)濟(jì)中一個(gè)有趣的例子就是，稅法是如何影響儲(chǔ)蓄渠道的。雖然一開(kāi)始看租賃還是購(gòu)買的問(wèn)題顯得相

35、對(duì)簡(jiǎn)單，但是要做出一個(gè)正確的決定，需要對(duì)財(cái)務(wù)進(jìn)行全方位的評(píng)估。當(dāng)然，這種融資決策應(yīng)從資產(chǎn)的投資價(jià)值中分離。</p><p>　　杠桿租賃是一個(gè)比較復(fù)雜的金融工具，這體現(xiàn)在兩個(gè)方面。首先，它在法律上是復(fù)雜的，因?yàn)樗嘘P(guān)稅收法律、具體的稅務(wù)裁決、復(fù)雜的信任和安全的協(xié)議。其次，杠桿租賃計(jì)算復(fù)雜，無(wú)論是承租人與出租人都要面臨風(fēng)險(xiǎn)?？缇橙谫Y租賃更加加劇了這個(gè)復(fù)雜性，要在不同國(guó)家稅法下以更低或者是低于市場(chǎng)的利率獲得融資，這個(gè)

36、利率不包括經(jīng)營(yíng)運(yùn)行和控制設(shè)備的損失。</p><p><b>　　文獻(xiàn)回顧</b></p><p>　　戴爾和馬丁(1977)解決了復(fù)雜的杠桿計(jì)算問(wèn)題，分析了出租人的風(fēng)險(xiǎn)。他們從杠桿租賃出租人的角度做了制定條款的演示，特別是出租人如何直接決定一個(gè)能提供給定的預(yù)期稅后收益率特定的租約條款。杠桿租賃的普及為面對(duì)決策的出租人提供的多項(xiàng)回報(bào)率增加了實(shí)際意義。阿薩納斯和巴肯 (

37、1980),伯格(1978),戴爾馬丁(1977),格里拉得和卡伯蒂尼(1982),卡伯蒂尼和托勒(1981),斯密斯(1973),查爾斯和格里得(1973),和拉格(1976)的理論都對(duì)杠桿租賃產(chǎn)生了很大的影響。</p><p>　　特別是阿薩納斯和巴肯，調(diào)查評(píng)價(jià)了技術(shù)的發(fā)展，比較了凈現(xiàn)值，償債基金法和回報(bào)的投資資本的方法，并討論了這些評(píng)價(jià)方法的共性。格里拉得和卡伯蒂尼在阿薩納斯和巴肯工作的基礎(chǔ)上，做了更進(jìn)一步

38、的闡述。最近，阿曼波(2000),和斯?jié)h克和歌夫(1999)討論了杠桿租賃經(jīng)濟(jì)學(xué)，包括跨境租賃。雖然從出租人的角度看對(duì)國(guó)內(nèi)杠桿租賃的評(píng)價(jià)，存在金融文學(xué)的差距，具體而言，來(lái)自承租人的觀點(diǎn)認(rèn)為估值模型越來(lái)越受的日本杠桿租賃（JLL）過(guò)程（和跨境租賃）的歡迎。</p><p>　　在這篇文章中，我們審查了承租人需要利用日本杠桿租賃評(píng)估資產(chǎn)融資時(shí)財(cái)務(wù)及相關(guān)問(wèn)題。我們分析日本杠桿租賃并把它分解成若干步驟，從承租人的角度，我

39、們確定了現(xiàn)金流量、相關(guān)的風(fēng)險(xiǎn)和適當(dāng)?shù)恼郜F(xiàn)率，以發(fā)展日本杠桿租賃評(píng)估模型。我們的模型做適當(dāng)?shù)男薷木涂梢詳U(kuò)展到反映其他跨境租賃的屬性。最后，我們的分析利用了金融學(xué)術(shù)文獻(xiàn)，以及租賃界的一些實(shí)際見(jiàn)解。</p><p>　　這篇文章的其余部分組織如下：第一部分提供了一個(gè)跨境杠桿租賃，特別是日本杠桿租賃的概述；提到了日本杠桿租賃的特征，描述了日本杠桿租賃最近的稅收法規(guī)和稅收改革，并總結(jié)了承租人和出租人的收益。第二部分概述了有

40、關(guān)日本杠桿租賃實(shí)行交易的具體步驟，討論了有關(guān)該交易的每個(gè)步驟的問(wèn)題，并確定和審查了關(guān)于上述交易的一些主要因素的影響。第三部分進(jìn)一步提出了一個(gè)評(píng)估模型，用第二部分中確定的步驟來(lái)評(píng)估日本杠桿租賃。第四部分介紹了一個(gè)日本杠桿租賃交易中，評(píng)估的重要變量?jī)衄F(xiàn)值（NPV）例子。最后一節(jié)介紹結(jié)論。</p><p>　　跨國(guó)租賃和日本的杠桿租賃</p><p>　　跨境租賃是一種交易，它允許外國(guó)的投資者擁

41、有在美國(guó)使用的資產(chǎn)，把它們租賃給一家美國(guó)公司，并受到根據(jù)其本國(guó)法律的稅收優(yōu)惠。租賃交易，它可以提供一個(gè)前期節(jié)省成本的利率、資產(chǎn)類型，租賃持續(xù)時(shí)間和稅法的方案，雖然出租人持有對(duì)設(shè)備的所有權(quán)，允許租賃公司，以維持美國(guó)稅務(wù)目的的所有權(quán)益。其中包括法國(guó)租賃，愛(ài)爾蘭租賃，日本杠桿租賃的例子。不同類型的租賃在凈現(xiàn)值上有不同的潛在利益，例如，在日本杠桿租賃中，企業(yè)有可能實(shí)現(xiàn)的凈現(xiàn)值資產(chǎn)成本效益為1%到3%。其他跨境租賃的凈現(xiàn)值收益將會(huì)高達(dá)4%到8%。

42、假如該公司重要的原產(chǎn)地在法國(guó)，不是在日本。在法國(guó)，設(shè)備可能有資格獲得出口信貸，但是，由于租賃結(jié)構(gòu)相關(guān)水平的復(fù)雜性，它可能會(huì)伴隨著較高的風(fēng)險(xiǎn)與稅務(wù)和其他經(jīng)濟(jì)利益。最后，跨境租賃通過(guò)提供一個(gè)公司在傳統(tǒng)的金融市場(chǎng)可能不會(huì)獲得的剩余價(jià)值，特別是新設(shè)備由于技術(shù)的變化影響估值的變化，以供設(shè)備在二級(jí)市場(chǎng)融資。典型的租賃一般有5年到7年的生命，在租賃結(jié)束時(shí)設(shè)備是應(yīng)當(dāng)適合銷售的。</p><p>　　雖然跨境資產(chǎn)融資市場(chǎng)大，但是不

43、夠成熟。而日本杠桿租賃市場(chǎng)也許是最發(fā)達(dá)的，在所有跨境租賃市場(chǎng)中，它的容量最大。在70年代和80年代初，在一個(gè)成熟的金融體系中，高稅率，折舊率有利于企業(yè)盈利，這導(dǎo)致日本成為這類資金的主要市場(chǎng)。日本杠桿租賃的目的是稅收套利，以提供低于市場(chǎng)的融資。跨境租賃，其目的是為所有權(quán)的稅收優(yōu)惠限定在兩個(gè)不同的稅收管轄區(qū)，與傳統(tǒng)設(shè)備債務(wù)融資相比，它可能是一種會(huì)導(dǎo)致承租人儲(chǔ)蓄顯著的減少的租賃。在最近全球低利率的環(huán)境下，企業(yè)盈利能力低，資產(chǎn)貶值，特別是最近在

44、日本有幾分不明朗的稅務(wù)環(huán)境，至少在短期內(nèi)減少了日本杠桿租賃交易的數(shù)量。不過(guò)，日本杠桿租賃可以在察覺(jué)到這些限制因素之后，由國(guó)家稅務(wù)機(jī)關(guān)與日本租賃協(xié)會(huì)達(dá)成協(xié)議，讓市場(chǎng)的強(qiáng)勁復(fù)蘇來(lái)回報(bào)新一輪稅制改革。日本杠桿租賃市場(chǎng)也許是最發(fā)達(dá)的，在所有跨境租賃市場(chǎng)中具有最大的能力。日本在出口資本的同時(shí)也出口大量商品到其他國(guó)家。</p><p><b>　　日本杠桿租賃的特點(diǎn)</b></p><

45、;p>　　日本杠桿租賃有一個(gè)基本的杠桿租賃結(jié)構(gòu)，一個(gè)單一的公司（出租人）能從供應(yīng)商和貸款人那用基金購(gòu)買設(shè)備并獲益。出租人的股權(quán)投資協(xié)議是由日本投資者通過(guò)托酷挴-庫(kù)米埃(TK)的協(xié)議達(dá)成的。</p><p>　　該設(shè)備，通過(guò)得到出租人同意，然后出租給最終用戶。股票提供者可以要求對(duì)設(shè)備的整個(gè)資本數(shù)額進(jìn)行免稅額（貶值），即使他在事實(shí)上，只貢獻(xiàn)了該設(shè)備購(gòu)買價(jià)格的一小部分。此外，股權(quán)供應(yīng)商可以用利潤(rùn)抵消債務(wù)的利息和成

46、本。因此，不同與任何杠桿租賃交易結(jié)構(gòu)的吸引力，它使出租人可以從其他經(jīng)營(yíng)活動(dòng)獲得利潤(rùn)，從而推遲住房收入的納稅。在一個(gè)低于市場(chǎng)利率并低于倫敦銀行同行業(yè)拆借利率租賃利息形勢(shì)下，延期的部分利益被傳遞給承租人。外國(guó)的投資者，通過(guò)接收設(shè)備的使用者的折舊費(fèi)而獲得收益。根據(jù)美國(guó)稅收準(zhǔn)則，承租人仍然是設(shè)備的“主人”，因此有權(quán)獲得收益，這是一個(gè)真正的雙底跨境租賃模式。</p><p>　　日本杠桿租賃交易的所有權(quán)問(wèn)題很敏感，資產(chǎn)在交

47、易執(zhí)行之前，該承租人不具有正式的所有權(quán)。日本交易的股票，向來(lái)被富裕的個(gè)人和私人的生產(chǎn)資料公司，用來(lái)遮掩利潤(rùn)。但在日本，仍然能因?yàn)橛辛己玫男抛u(yù)和適當(dāng)?shù)馁Y產(chǎn)，而引起資產(chǎn)承租人的強(qiáng)烈興趣。日本股票和債務(wù)融資的來(lái)源是那些被安排在東京或所屬分支機(jī)構(gòu)合作伙伴的投資銀行家，貸款則是由日本銀行的銀團(tuán)貸款協(xié)議提供。日本杠桿租賃用的企業(yè)法是日本的或是英國(guó)的法律，不是美國(guó)的法律。因此，由于稅法有意外變化的可能性，承租人可能會(huì)有風(fēng)險(xiǎn)。由于出租人沒(méi)有維護(hù)設(shè)備所有

48、權(quán)、租賃的結(jié)構(gòu)和優(yōu)惠承購(gòu)權(quán)的意圖，這意味著，美國(guó)稅收的目的，被認(rèn)為是有條件的出售租約，而承租人將獲得扣除折舊和利息費(fèi)用的待遇。和直接購(gòu)買設(shè)備相比，租賃中承租人的選擇都受到較大限制。為了實(shí)現(xiàn)交易的全部經(jīng)濟(jì)利益，需要持續(xù)的租賃時(shí)期。如果設(shè)備在租賃期間無(wú)法使用，承租人仍然對(duì)支付租賃款負(fù)責(zé)。</p><p>　　雖然相似，但它不是一個(gè)銷售和售后回租的協(xié)議。只有在設(shè)備被認(rèn)為有足夠的剩余價(jià)值后，才能在租期內(nèi)租用。這是因?yàn)槌鲎?/p>