finance lease和operating lease 现金流的差别 经营, lease, 承租人, 现金流, finance

wimming275

对于LESSEE承租人来说，两种租凭的TOTAL CF一样，这里的TOTAL 究竟是指租凭期货结束时的这么多年的TOTAL CF还是当期的TOTAL CF。

         如果是当年的TOTAL CF，融资租凭由于起初DEPRE和INTEREST的和大于经营租凭的LEASE PAYMENT。所以在其他条件不变的情况下，ANNUAL EXPENSE前大后小，EBT也是前小后大，TAX [PAYMENT不可能一样，无论税法采用什么样的DEP METHOD。所以ANNUL TOTAL CF 两者不一样。


           当否，请大家分析。

vk7201

这里的TOTAL 是指租凭期货结束时的这么多年的TOTAL CF

vincent9125

回复 8# wimming275


   Tax is not an outflow, there is also one thing called deferred tax payment or deferred tax liability or deferred tax expense. Tax on income statement is an book value not real cash flow.

wimming275

虽然depreciation本身不是现金流，但它明确地影响着tax payment，而这可是实实在在的cash outflow。

wimming275

我的意思是在其他条件不变的情况下，即其他现金流都不变，但是TAX PAID这项现金流是的确变化了，难道当年的总现金流不会变吗

vincent9125

回复 5# wimming275

Tax没有从NI加回去，我的理解是不用回补，不管哪项，tax都要交

wimming275

请教tax paid这部分现金流的差异在什么地方回补呢

wimming275

回复 2# vincent9125

请问Tax paid这部分现金流的差异在什么地方回补呢

wimming275

回复 2# vincent9125
两者Taxable income不同导致tax paid这部分现金流也有差异，请问这差异在哪里回补呢，谢谢

vincent9125

亲，你的depreciation不会影响cash flow
OCF = NI + D&A + Changes in working capital + gain on sale of asset - NI from affiliate
The D&A part will always be added back.
The total cash flow is for each year and as well, total.
Capitalized Lease and Operating lease will have the same total cash flow (i.e. CFO+ CFI + CFF)
The difference is capitalized will be treated as Cash Flow from Investing while Operating lease will be treated as Cash Flow from Operations