花旗培训 系列2资产基于财政

Asset-BasedFinance-DraftJanuary1996ASSETBASEDFINANCEWarningThisworkbookistheproductof,andcopy-rightedby,CitibankN.A.ItissolelyfortheinternaluseofCitibank,N.A.,andmaynotbeusedforanyotherpurpose.Itisunlawfultoreproducethecontentsofthesematerials,inwholeorinpart,byanymethod,printed,electronic,orotherwise;ortodisseminateorsellthesamewithoutthepriorwrittenconsentoftheGlobalCorporate&InvestmentBankTrainingandDevelopment(GCIBT&D)—LatinAmerica,Asia/PacificandCEEMEA.Pleasesignyournameinthespacebelow.v01/11/96DRAFTp12/3/99TABLEOFCONTENTSUnit1:UnderstandingtheLeasingIndustryIntroduction...............................................................................................1-1UnitObjectives.........................................................................................1-1WhatIsaLease?.....................................................................................1-2DefinitionofaLease.....................................................................1-2IndustryViewpoint........................................................................1-2HistoryoftheLeasingIndustry.................................................................1-3EarlyHistory.................................................................................1-3DevelopmentoftheUnitedStatesLeasingIndustry....................1-4EquipmentLeasingToday.......................................................................1-5MarketSegments.........................................................................1-5SmallTicketMarket..........................................................1-6LargeTicketMarket..........................................................1-6MiddleMarket....................................................................1-6Today'sLessors...........................................................................1-6IndependentLeasingCompanies....................................1-7CaptiveFinanceOrganizations........................................1-8LeaseBrokersorPackagers...........................................1-8Summary..................................................................................................1-9ProgressCheck1.1...............................................................................1-11ReasonsLesseesLeaseEquipment....................................................1-15HedgeAgainstTechnologicalObsolescence............................1-15FinancialReporting....................................................................1-16OffBalanceSheetFinancing.................................................................1-16ReportedEarnings.........................................................1-17ReturnonAssets...........................................................1-17SpendingAuthority.........................................................1-17CashManagement.....................................................................1-17LowerDownPayments..................................................1-18LowerMonthlyPayments...............................................1-18iiTABLEOFCONTENTSDRAFTv01/11/96p12/3/99Unit1:UnderstandingtheLeasingIndustry(Continued)ImprovedCashForecasting...........................................1-18CapitalBudgetConstraints............................................1-18CostConstraints............................................................1-19IncomeTax.................................................................................1-19ReciprocityofTaxBenefits............................................1-19DeductibleLeasePayments..........................................1-19U.S.TaxLawPenalties..................................................1-20OwnershipConsiderations........................................................1-20StrandedAssets.............................................................1-20PotentialforOwnership..................................................1-21FlexibilityandConvenience........................................................1-21EconomicReasons...................................................................1-22DiversificationofFinancingSources.............................1-22FutureFinancingOptions...............................................1-23LowerExpenses............................................................1-23Summary................................................................................................1-24ProgressCheck1.2...............................................................................1-25ReasonsLessorsProvideLeasingServices........................................1-27GeneralLessorBenefits............................................................1-27Profitability......................................................................1-27IncomeTaxBenefits......................................................1-28FinancialLeverage.........................................................1-28ResidualValue...........................................................................1-30Intern