level 1 capital lease vs. operating lease

statements, companies, adjusted, interest, capital

题目如下：

An analyst made the appropriate adjustments to the financial statements of retail companies that are lessees using a substantial number of operating leases. Compared to ratios computed from the unadjusted statements, the ratios computed from the adjusted statements would most likely be higher for:
A. the D/E ratio but not the interest coverage ratio;
B. the interest coverage ratio but not the D/E ratio;
C. both D/E ratio and interest coverage ratio;
D. neither of D/E ratio and interest coverage ratio;

给出的答案是A。

问题：capital lease 的EBIT也是高的吧。所以，interest coverage ratio 很难讲?

胡老师

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发表于 2013-9-11 11:46 | 只看该作者

note上说一般capital都会cover下降，基于EBIT一般大于interest的假设，你带个数字进去就得出结论了

个人理解是：cap相当于增加了贷款，那保障倍数肯定恶化，这样比较容易记忆~

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apf陈老师

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发表于 2013-9-11 11:48 | 只看该作者

对于这个题,D/E高这个没问题吧,因为如果调整报表意思就是将operating lease调整成financial lease.因此将lease payment的现值同时计入资产和负债,负债中一年内到期的部分是计入D的,所以D/E会增高

如果是EBIT/I,一般典型企业是大于1,因为如果interest coverage ratio 小于1的话意味着公司偿债有问题了.这个时候如果是financial lease的话,假设operating lease payment是100,那么调整成financial lease的话,会确认两部分费用,一是对资产部分提的折旧,二是对负债部分的计息.所以调整后EBIT增大,I也增大,典型企业EBIT/I,一般典型企业是大于1,那么这个ratio是变小的.当然可能出现意外情况EBIT/I小于1

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