外文翻译--跨境融资租赁与日本杠杆租赁 （节选）

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1、1800 单词， 9700 英文字符， 2800 汉字 Cross-Border Lease Financing with Japanese Leveraged Leases 出 处： Deo P. Cross-Border Lease Financing with Japanese Leveraged LeasesJ. Journal of Structured Finance, 2008, 13(4):36-48. 作 者： Prakash Deo 原 文 ： Leasing serves as an alternative source of financing and can help

2、 a firm to enhance net present value via realization of significant savings as compared to the conventional debt financing of its equipment. A leveraged lease is a lease with financing linked directly to the lease, and is an interesting example of how tax laws influence the channels by which savings

3、 become real investments in our economy. In a nutshell, the leveraged lease is a device within the private sector to optimally allocate tax-related burdens and subsidies such as relatively high income tax rates, investment tax credits, and depreciation deductions. Although at first glance the lease-

4、or-buy question appears relatively simple, a correct decision requires an appraisal of almost all the facets of financial decision making. Of course, this financing decision should be made separately from the assets investment worth. The leveraged lease is a relatively complex financial instrument i

5、n two ways. First, it is legally complex in that it depends on tax laws, specific tax rulings, and complicated trust and security agreements. Second, the leveraged lease is computationally complex, and both the lessee and lessor face risk exposures. The complexity is exacerbated by utilization of cr

6、oss-border lease financing, which capitalizes on differences in country tax laws to secure financing at a lower, or below-market, rate without the loss of operational use and control over the equipment. LITERATURE REVIEW Dyl and Martin 1977 address the issue of computational complexity of leveraged leasing and the analysis of the lessors risk exposure. They have formulated an algorithm for setti