Yatırımların finansmanında finansal kiralama
Başlık çevirisi mevcut değil.
- Tez No: 41534
- Danışmanlar: PROF.DR. HALİL SARIASLAN
- Tez Türü: Yüksek Lisans
- Konular: İşletme, Business Administration
- Anahtar Kelimeler: Belirtilmemiş.
- Yıl: 1995
- Dil: Türkçe
- Üniversite: Ankara Üniversitesi
- Enstitü: Sosyal Bilimler Enstitüsü
- Ana Bilim Dalı: Belirtilmemiş.
- Bilim Dalı: Belirtilmemiş.
- Sayfa Sayısı: 163
Özet
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Özet (Çeviri)
SUMMARY Modern leasing began in the US in the early 1950s, spread to Europe and Japan in the early 1960s, and to the rest of the world during the 1970s. The 1980s has been the decade of the internationalisation of leasing. Leasing is understood in differenct ways in different countries. In the financing sense it comes under the general heading of instalment credit for a wide range of equipment from office machinery to oil refineries and aircraft. The practice of leasing implies special consideration to legal questions and to accounting methods, and in many countries to taxation. The establishment of the cost of leasing-the real rate implicit in a lease transaction-also requires special attention. This summary introduces the subjet in very simple terms intended for those who are not familiar with the industryy. Ensuing pages provide a variety of highly technical and more general information. The basic concept.Leasing in many countries is similar to, or the same as hire purchase. In other countries the two concepts are very different indeed and should not be confused. In leasing, the first rule to observe is that the ownership of the item being financed is vested in the lender, and the right of use is vested in the borrower. The financier is the lessor, the user the lessee. 155The lessor is frequently a bank or finance house, and usually the leasing business is conducted through a subsidiary. There are a large number of“independent”leasing companies in the US, Europe and Japan run privately without banking affiliations, and some are financed on the stock exchange. A third category of leasing companies are the subsidiaries of business corporations who invest in assets for leasing to nonconnected parties: often these subsidiaries are formed simply for the convenience of utilising the surplus funds from the main business, and in course of time the subsidiaries develop into quasifinance house themselves, drifting a way from the main business. The lessees range from industrial corporations, transport companies and service businesses to all kinds of governmental bodies. The common factor is that they pay lease rentals at regular intervals in advance-monthly, quarterly, half-yearly, and annually are common. In many cases the will be no initial deposit or front-end fee. At the end of the period of the lease contract-the“primary”trem- it is possible in some conutries to buy the asset outright; sometimes the lessee has the legal right to do so in other countries it is illegal or against your financial interest to allow this whether for a nominal fee or the current market value. The variations the explained in the following pages. The value of the equipment (the asset) at the end of the primary term is known as the residual. It is vitally important for the lessee to known what his position is concerning this residual, because if he is able to realise some or all of its value this has a profound effect on the cost of the transaction. It is usually possible to agree upon a further lease term known as the“secondary period”156but the financial conditions of this will depend on the kind of lease that has been agreed. To constuct and sing a lease contract is usually known as“writing a lease”. Contracts, therefore, will normally state the duration of the lease, the exact amount and frequency of the rental payments, and the treatment of the residual value of the equipment. There are two main types of contracts, and it is important to understand the difference between them because they frequently have a major effect on accounting treatments, legal rights and the price of rentals. The two types are these: 1) The finance lease: Here, the leasing company will act simply as a financing institution. The lessee will specify the equipment needed, and act as the lessor's agent in the matters of ordering it, inspecting it and maintaining it. The lessor is simply interested in the equipment as his legally owned asset, to which he has recourse if the lessee fails to pay his rentals. The lessor will raise the money, accept the invoice from the supplier and pay accordingly. Over the primary term the rentals cover the full cost of the equipment, plus the interest factor and the lessor's profit. 2) The operating lease. Here the leasing company purchases the equipment, and leases it out to the lessee, but at a rate and term which does not cover cost, interest and profit of the lessor. To fully amortise and write down these equipment on the books, further lease terms have to be written; it may only be necessary to write one secondary term, or many terms may be written. Computers and cars are frequently leased under operating leases. 157The leasing company relies on its expertise to remarket the asset after the primary term, which is a thing a bank leasing company has been reluctant to undertake. The importance of distinguishing between the operating lease and the finance lease frequently extends beyond the convenience to the lessee of using the equipment for a short period without having to pay its entire capital cost. Operating leases are accounted for in different ways, in the main not being capitalised on the books of the lessee. Sometimes the lessor has good reason for needing to lease the equipment out to more than one lessee. Contracts vary exceedingly in compleixty. Many standard items in the lower cost ranges, such as automobiles, trucks, office equipment and machine tools, are leased on a standard printed document. As the items in ircrease in value, technology, and complexity, all call for unusual consideration such as rarity, unusual use, inaccessible location, immobility, etc, so the documentation increases in volume and comxlexity, and the requirements of surety are more onerous, extending eventually to subleases of land and property to the leasing company to ensure legal rights of ownership. 158
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