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标题: level 1 capital lease vs. operating lease [打印本页]

作者: Flok    时间: 2013-8-18 14:20     标题: level 1 capital lease vs. operating lease

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?
作者: dvilayphet    时间: 2013-8-18 14:21

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~
作者: eoin    时间: 2013-8-18 14:22

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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