search query: @indexterm LEASING / total: 316
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| Author: | Schneider, J. Buhl, H. U. |
| Title: | Simultane Optimierung der Zahlungsströme von Leasingverträ- gen und deren Refinanzierung |
| Journal: | Zeitschrift für Betriebswirtschaft
1999 : ERGÄNZUNGSHEFT 3, p. 19-40 |
| Index terms: | LEASING CONTRACTS FACTORING CASH FLOW |
| Language: | ger |
| Abstract: | The question whether a leasing contract is advantegeous for the lessor is strongly influenced by the way it is refinan- ced, e.g. via credit financing or factoring. It is wide- spread in many countries, that these decisions are affected by asymmetric tax rules. In the German speaking countries particularly the tax linearisation of both, nonlinear lea- sing and factoring payments needs to be accounted for when such payment streams are to be calculated correctly, i.e. neutril w.r.t. present value of cash flows after tax. In the first part of the paper we show for exogenous refinancing that if the lessor and the lessee cooperate, they can both improve their (present value of) cash flows after tax by shifting payment streams in an optimal manner. The same holds true if refinancing is endogenous and all partners cooperate. |
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