融資租賃業(yè)務的收益預測

融資租賃業(yè)務的收益預測優(yōu)質(zhì)資料(可以直接使用，可編輯優(yōu)質(zhì)資料，歡迎下載）

融資租賃業(yè)務的收益預測融資租賃業(yè)務的收益預測優(yōu)質(zhì)資料(可以直接使用，可編輯優(yōu)質(zhì)資料，歡迎下載）－－融資性租賃公司內(nèi)控指標體系設定方法探討之一收益預測的適用范圍融資性租賃公司內(nèi)控指標體系的設定，是這類公司確保安全贏利的前提條件，也是業(yè)內(nèi)人士普遍關(guān)切的課題。作者擬就這一課題的方方面面作一些探討，旨在同大家交流，使這一指標體系的設定更加健全。本文的主題是融資租賃業(yè)務的收益預測。收益預測，是為了滿足三個方面的需要。一是，用以作為是否受理某個所申請的融資租賃項目的量化依據(jù)之一；二是，用于考核已生效新合同的預期收益的規(guī)模和水平；三是，用以作為各業(yè)務部門以至全公司編制各會計期間預算時的重要依據(jù)。本文的討論，以融資租賃合同為單位。由于所設定的考核指標是可以在諸合同間相互直接對比的，因此，諸合同的這些指標的簡單迭加或其平均值，即可適用于整個項目、整個部門以及全公司。影響合同收益的因素說明就預測而言，影響合同收益的因素有：租賃融資額、租賃期限、每期月數(shù)、折合占用一年的資金、租金在各期期末還是期初支付、支付時是等額付租、等額還本還是依合同約定的時間和金額還本、租賃綜合年利率、籌資綜合年利率、營業(yè)費用率、營業(yè)稅率和所得稅率。預測的前提條件是假設合同被嚴格履行。下面分別說明。租賃融資額——在附表中，這一指標簡稱“本金”。租賃融資額不一定是出租人為取得該租賃資產(chǎn)所實際支付的成本，在非全額支付的合同中，它會小于后者；而在有“打入成本”的收費名目的合同中，它又會大于后者。租賃融資額更不一定是承租人對該租賃資產(chǎn)的入帳價值。在多數(shù)情況下，它往往小于后者。租賃融資額是合同約定據(jù)以代入租金計算公式中的“現(xiàn)值”（presentvalue）的金額。租賃融資額大致上接近于出租人在該合同項下的投放額。通常會認為，在同樣的利率及稅負條件下，收益與投放額成正比。然而，這是一種誤解。直接影響收益的，首先是整個合同期間的資金占用規(guī)模，而并非是其數(shù)額僅僅等于期初占用資金額的租賃融資額。折合占用一年的資金——融資租賃合同的最常見的約定，是分期收回本金。而由于只有被占用的資金才能取得收益，因此，十分重要的是，要依據(jù)合同條件來核算被占用的資金量。又由于諸合同在本金回收的時間間隔上會有所不同，因此，對于各個期間占用的資金，應換算成為折合占用一年的資金，才使得諸合同的這一指標具有可比性。各期折合占用一年的資金=該期期初的未收回本金余額÷12個月×每期月數(shù)租賃綜合年利率——租賃利率同預期收益成正比這一點，是不言而喻的。這里要說的是，對于這一指標，我們可以有兩種取值方法。一是，取融資租賃合同中所明確約定的數(shù)值。包括，某個絕對值，例如9.3125%；或者某個取值約定，例如，某個基準利率+某個附加系數(shù)，例如，美元三至五年期LIBOR+1.5%。按這樣的取值所計算出來的各期租金，以及其中所含的本金和收益，將是同財務報表中相關(guān)科目的數(shù)據(jù)一致的和可對照的；二是，根據(jù)各該合同甚至項目的特定條件，將該合同項下的除租金而外的其它名目的收入，也都考慮在內(nèi)，以其內(nèi)部收益率為租賃綜合年利率。顯然，這樣的數(shù)值在合同中是見不到的，據(jù)以計算出的各期“租金”的構(gòu)成，也將與財務報表相關(guān)科目的數(shù)據(jù)不同?；I資綜合年利率——籌資利率同預期收益成反比，也是不言而喻的。同樣地，該指標也可以有上面所說的兩種取值方法。營業(yè)費用率——營業(yè)費用有直接費用和間接費用之別。但是，要嚴格加以區(qū)分并作出預測，是難以做到的。至多是，在權(quán)衡某合同條件的可否接受，以及在預測各已生效合同的收益時，采用直接費用；而在作全公司的預算時，則應包括公司的全部費用。這一指標的取值，可以考慮采用本公司歷年來的經(jīng)驗數(shù)據(jù)。當然，即使如此，仍會有一個難點，即，如果通過營業(yè)費用率來計算，則以何者為基數(shù)？以租賃融資額為基數(shù)有所不妥，因為未考慮合同的期限長短。從理論上說，合同期限越長，經(jīng)營成本越高。本文中是以折合占用一年的資金為基數(shù)的。但是，在特殊的合同條件下，這一取值方法也有缺陷。對此，有待識者指正。營業(yè)稅——依據(jù)我國現(xiàn)行的稅法，融資租賃合同的營業(yè)稅率，自2003年起是5%，其稅基是租金中所含的收益。如果用的是境外借入資金，則其稅基是租金中所含的收益扣除借款利息后的余額。所得稅——融資性租賃公司的所得稅待遇，無異于其它工商企業(yè)，都是當期利潤的33%。所得稅前收益——這一指標相當于利潤表上的營業(yè)收入減去營業(yè)支出和營業(yè)稅之后的余額。所得稅后收益——這是所得稅前收益扣除所得稅之后的余額，相當于利潤表上的不考慮營業(yè)外收支的利潤總額。收益凈現(xiàn)值——上述兩個指標雖然可以同財務報表的數(shù)據(jù)相互印證，但是無法在諸合同間作橫向?qū)Ρ?，因為沒有考慮時間價值。以資金成本為折現(xiàn)率的收益凈現(xiàn)值則可以彌補上述缺陷，從而既可以在諸合同間作橫向?qū)Ρ?，又可以相互累加而得出各部門以至全公司的這一指標。本指標反映該合同、該項目、各部門以至全公司預期稅后收益的絕對規(guī)模。資金年凈收益率——這是所得稅后收益折現(xiàn)值同折合占用一年資金的比值。這一指標可以反映預期稅后收益的水平。諸合同這一指標的平均值可以構(gòu)成各項目、各部門以至全公司的這一指標。作者認為，可以用所得稅后收益凈現(xiàn)值和資金年凈收益率，作為衡量預期收益的規(guī)模和水平的指標。各種條件下融資租賃合同收益對比下面，用16個附表來對比諸因素對預期收益的影響。表 A1的條件是租賃期限48個月，每期3個月，租金等額后付，在營業(yè)費用率是折合占用一年資金的0.5%和籌資年利率是7%的條件下，為了使得所得稅后資金年凈收益率達到1%，租賃綜合年利率必須不小于9.63945276%。換句話說，為了凈賺這個1%，租賃綜合年利率同籌資綜合年利率之差（隱含利差）不得小于2.63945276%。表A2的條件同表A1的唯一差別，是期初本金不同，前者是4,000,000.00，是后者800,000.00的5倍。結(jié)果是，全部以絕對值反映的指標，前者都是后者的5倍。說明收益規(guī)模前者是后者的5倍；而所得稅后資金年凈收益率，則兩者完全相同，都是1%。說明就成本同收益的關(guān)系（收益水平）而言，兩者是完全一樣的。由此可見，收益水平同租賃融資額的大小無關(guān)。表A3的條件同表A1的差別之一，是籌資綜合利率不同。前者是7.5%，后者是7%。相差0.5%。在這樣的條件下，為了保持1%的所得稅后資金年凈收益率，前者的租賃綜合利率為10.17875668%。也就是說，為了彌補籌資成本0.5%的增長，租賃利率必須相應地提高0.53930392%。表A4的條件同表A1的差別之一，也是籌資綜合利率不同。前者是6.5%，后者是7%。相差0.5%。在這樣的條件下，為了保持1%的所得稅后資金年凈收益率，前者的租賃綜合利率為9.10022764%。也就是說，由于籌資成本節(jié)約0.5%，租賃利率得以相應地下降0.53922512%。這里我們看到，在籌資利率變動幅度相同的情況下，這里租賃利率下降的幅度小于表A3中租賃利率提高的幅度。對比表A4、表A1和表A3，唯一的差別是租賃綜合年利率不同，分別為9.1002%、9.6395%和10.1788%。因此，折合占用一年資金也不同，分別為1,795,399.85、1,800,959.61和1,806,508.42。這表明，在租賃期限、每期月數(shù)和租金本支付方式相同的情況下，租賃綜合年利率越高，資金占用越多。表A5表明，當著租賃綜合利率不得高于9.3125%，而籌資綜合利率又無法低于7%，其它條件均同于A1時，除非營業(yè)費用率降至0.18955476%，否則所得稅后資金年凈收益率無法保持在1%的水平上。表A6同表A1的唯一差別，在于營業(yè)費用率為1%。也就是說，做不到0.5%的低經(jīng)營成本。結(jié)果是，所得稅后收益凈現(xiàn)值以及所得稅后資金年凈收益率都是后者的69.8337%。這同時也說明，預期收益的變動幅度小于營業(yè)費用率的變動幅度。表A7表明，在其它條件同表A1完全相同的情況下，如果租賃綜合年利率降至7.85790254%，即，僅僅比籌資綜合年利率高0.85790254%時，所得稅前收益為零。我們不妨稱該利率為保本利率。從本表中還可見，由于營業(yè)稅以租金中所含收益為稅基，而在融資租賃合同中，租金中所含的收益是各期遞減的、導致營業(yè)稅的逐期下降；又由于營業(yè)費用以各期折合占用一年資金為基數(shù)，而各期租金中所含本金的遞增導致這一基數(shù)以及營業(yè)費用的遞減，因此，所得稅前收益是各期遞增的。在本例中，是由前8期的負值到后8期的正值，從第1期的-791.02到第16期的866.14。表A8同表A1的唯一差別，在于每期月數(shù)不同，前者是6個月，后者是3個月。結(jié)果是，前者的所得稅后收益凈現(xiàn)值為18,786.29，略大于后者的18,009.60，而前者的資金年凈收益率則是0.98947368%，略小于后者的1%。這里，我們看到了一個似乎矛盾的現(xiàn)象。在收益規(guī)模較大的情況下，收益水平反而小了。其原因在于折合占用一年的資金不同，前者是1,898,614.29，高于后者的1,800,959.61。這表明，在其它條件相同的情況下，每期月數(shù)越多，資金占用也越多。表A9同表A1的唯一差別，在于租賃期限不同，前者是60個月，后者是48個月。結(jié)果是，前者的所得稅后收益凈現(xiàn)值為22,053.44，明顯大于后者的18,009.60，而前者的資金年凈收益率則是0.97678473%，也是小于后者的1%。其原因也在于折合占用一年的資金不同，前者是2,257,758.49，高于后者的1,800,959.61。這表明，在其它條件相同的情況下，租賃期限越長，資金占用也越多。拿各個指標對比則可見，租賃期限前者是后者的1.25倍，折合占用一年資金前者是后者的1.2536倍，而所得稅后收益凈現(xiàn)值則前者僅為后者的1.2245倍。表A10同表A9的唯一差別，在于前者每期是6個月，后者每期是3個月。結(jié)果是，盡管前者的所得稅后收益凈現(xiàn)值為22,763.37大于后者的22,053.44，然而由于前者折合占用一年資金為2,354,760.59，大于后者的2,257,758.49，使得前者的資金年凈收益率為0.96669587%，小于后者的0.97678473%。表B1同表A1的唯一差別，在于前者是等額還本，后者是等額付租。結(jié)果是，雖然前者的所得稅后收益凈現(xiàn)值為17,358.59，小于后者的18,009.60，但是前者的資金年凈收益率卻是1.02109372%，大于后者的1%。其原因也在于折合占用一年的資金不同，前者是1,700,000.00，低于后者的1,800,959.61。這表明，在其它條件相同的情況下，等額還本時的資金占用小于等額付租時的資金占用。表B2表明，如果是等額還本，則在其它條件與表A1相同的情況下，為了達到1%的資金年凈收益率，租賃綜合年利率只需9.60326153%，小于表A1的9.63945276%。表B3同表B1的唯一差別，在于不是等額還本，而是在第2、3年末各還200,000.00，在第4年末還400,000.00。結(jié)果是，雖然前者的所得稅后收益凈現(xiàn)值為25,456.04，明顯大于后者的17,358.59，但是前者的資金年凈收益率卻是0.97907827%，小于后者的1.02109372%。其原因也在于折合占用一年的資金不同，前者是2,600,000.00，遠遠大于后者的1,700,000.00。表B4同表B3的唯一差別，在于營業(yè)費用不是按占用資金的0.5%計算，不是表B3中的13,000.00，而是取表A1中的數(shù)值9,004.80。結(jié)果是，所得稅后收益凈現(xiàn)值和資金年凈收益率分別提高到27,702.35和1.06547488%。顯然，在同樣的租賃期限內(nèi)，若無其它原因，營業(yè)費用不應由于還本時間的早晚而有明顯的差別。由此再次說明，在收益預測中。營業(yè)費用的定值，還需認真斟酌。四、上述指標的運用作者認為，上述指標或許可以作如下的具體運用。在從量化指標的角度確定某個所申請的租賃項目是否可受理時，可以看兩個指標：一是規(guī)模控制。即，看其折合占用一年資金的數(shù)額。各年各個新項目的這一數(shù)額之和，應不大于該部門或全公司該年可新占用的資金總額；二是贏利要求。即，看其資金年凈收益率。這個指標應不低于本公司規(guī)定的標準。在編制各部門和全公司的年度預算時，可以采用表C1的各年小計的相關(guān)數(shù)字。例如，年初、年末占用資金數(shù)額、預期的流入和流出金額、以及所得稅前稅后收益。在考核新項目開發(fā)業(yè)績時，可以采用各承辦人、各業(yè)務部門該年已生效合同的折合占用一年資金的合計值以及資金年凈收益率的平均值。此外，還要作兩點說明?；I資綜合年利率對于業(yè)務部門和承辦人來說，是公司下達的指標之一。公司確定這一指標時的主要依據(jù)，是資金部門的信息和預測。一旦這一指標確定，則可同時用于考核這兩大部門。對于業(yè)務部門來說，是據(jù)以預測新項目的收益和據(jù)以考核履行中的合同的應得收益；對于資金部門來說，則是用于同該部門實際發(fā)生的籌資成本作比較，從而考核其業(yè)績。資金年凈收益率也是公司下達的一個重要指標。公司確定這一指標的依據(jù)，是董事會依據(jù)資金市場的平均利潤率、融資租賃市場的平均收益率和股東的贏利要求而作出的決定。就后者而言，在符合資本充足率不得低于10%的規(guī)定和最大限度運用資金的情況下，可以得出資金年凈收益率的指標。例如，假設所有者權(quán)益是500,000,000,00，則年可運用資金的最大是5,000,000,000.00。如果股東要求的資本稅后利潤率是10%，即，50,000,000.00，則按照表C2的條件，這一贏利要求可以予以滿足。這時，公司的以7%為折現(xiàn)率所計算出的資金年凈收益率指標就將是0.8430%。裘企各種條件下的融資租賃合同收益對比表號本金期數(shù)每期月數(shù)租賃年利率折合占用一年資金營業(yè)費用率籌資年利率所得稅前收益所得稅前收益凈現(xiàn)值資金年凈收益率所得稅后收益所得稅后收益凈現(xiàn)值資金年凈收益率A1800,000.001639.64%1,800,959.610.50%7.00%31,763.1426,879.991.49%21,281.3118,009.601.00%A24,000,000.001639.64%9,004,798.070.50%7.00%158,815.71134,399.971.49%106,406.5390,047.981.00%A3800,000.0016310.18%1,806,508.420.50%7.50%32,241.0626,962.811.49%21,601.5118,065.081.00%A4800,000.001639.10%1,795,399.850.50%6.50%31,291.1726,797.011.49%20,965.0817,954.001.00%A5800,000.001639.31%1,797,589.910.19%7.00%31,468.5426,829.701.49%21,083.9217,975.901.00%A6800,000.001639.64%1,800,959.611.00%7.00%22,758.3418,771.301.04%15,248.0912,576.770.70%A7800,000.001637.86%1,782,547.030.50%7.00%000.00%000.00%A8800,000.00869.64%1,898,614.290.50%7.00%33,321.6228,039.241.48%22,325.4818,786.290.99%A9800,000.002039.64%2,257,758.490.50%7.00%40,405.4032,915.581.46%27,071.6222,053.440.98%A10800,000.001069.64%2,354,760.590.50%7.00%41,931.9933,975.181.44%28,094.4322,763.370.97%B1800,000.001639.64%1,700,000.000.50%7.00%28,686.5725,908.351.52%19,220.0017,358.591.02%B2800,000.001639.60%1,700,000.000.50%7.00%28,093.9625,373.131.49%18,822.9517,000.001.00%B3800,000.001639.64%2,600,000.000.50%7.00%43,094.4837,994.081.46%28,873.3025,456.040.98%B4800,000.001639.64%2,600,000.00見表說明7.00%47,089.6841,346.791.59%31,550.0927,702.351.07%C22,224,526.111639.37%5,000,000.000.50%7.00%74,626.8662,911.431.26%50,000.0042,150.660.84%表A1（營業(yè)稅是租金中所含收益的5%，營業(yè)費用率取折合占用一年資金的0.5%，所得稅前稅后收益折現(xiàn)值取籌資成本年利率為折現(xiàn)率，本例是7%。）融資租賃合同的資金占用、租金構(gòu)成、籌資成本、費用、稅負、稅前稅后收益凈現(xiàn)值及資金年凈收益率本金：800,000.00，租賃期限：48個月，每期3個月，租金后付，各期等額，租賃年利率9.63945276%，殘值：0期次本期初本金余額折合占用一年資金租賃綜合年利率本期租金其中含本金其中含收益還本付息營業(yè)稅營業(yè)費用所得稅前收益所得稅前收益折現(xiàn)值所得稅所得稅后收益所得稅后收益折現(xiàn)值1800,000.00200,000.009.64%60,850.1741,571.2619,278.9157,759.66963.951,000.001,126.561,107.18371.76754.79741.812758,428.74189,607.189.64%60,850.1742,573.0718,277.1057,759.66913.85948.041,228.611,186.72405.44823.17795.103715,855.67178,963.929.64%60,850.1743,599.0217,251.1457,759.66862.56894.821,333.131,265.52439.93893.20847.904672,256.65168,064.169.64%60,850.1744,649.7016,200.4757,759.66810.02840.321,440.161,343.61475.25964.91900.225627,606.95156,901.749.64%60,850.1745,725.7015,124.4757,759.66756.22784.511,549.771,421.01511.421,038.35952.076581,881.25145,470.319.64%60,850.1746,827.6214,022.5457,759.66701.13727.351,662.031,497.72548.471,113.561,003.477535,053.62133,763.419.64%60,850.1747,956.1112,894.0657,759.66644.70668.821,776.981,573.78586.401,190.581,054.438487,097.52121,774.389.64%60,850.1749,111.7811,738.3857,759.66586.92608.871,894.711,649.18625.261,269.461,104.959437,985.74109,496.439.64%60,850.1750,295.3110,554.8657,759.66527.74547.482,015.281,723.95665.041,350.241,155.0510387,690.4396,922.619.64%60,850.1751,507.369,342.8157,759.66467.14484.612,138.751,798.11705.791,432.961,204.7311336,183.0784,045.779.64%60,850.1752,748.618,101.5557,759.66405.08420.232,265.201,871.66747.521,517.681,254.0112283,434.4670,858.619.64%60,850.1754,019.786,830.3857,759.66341.52354.292,394.691,944.63790.251,604.441,302.9013229,414.6857,353.679.64%60,850.1755,321.595,528.5857,759.66276.43286.772,527.312,017.02834.011,693.301,351.4014174,093.0943,523.279.64%60,850.1756,654.764,195.4157,759.66209.77217.622,663.122,088.86878.831,784.291,399.5315117,438.3329,359.589.64%60,850.1758,.062,830.1057,759.66141.51146.802,802.202,160.15924.731,877.471,447.301659,418.2714,854.579.64%60,850.1759,418.271,431.9057,759.6671.5974.272,944.642,230.90971.731,972.911,494.71合計1,800,959.61973,602.65800,000.00173,602.65924,154.588,680.139,004.8031,763.1426,879.9910,481.8421,281.3118,009.60收益凈現(xiàn)值所得稅前26,879.99所得稅后18,009.60資金年凈收益率所得稅前1.4%所得稅后1.00%表A2（營業(yè)稅是租金中所含收益的5%，營業(yè)費用率取折合占用一年資金的0.5%，所得稅前稅后收益折現(xiàn)值取籌資成本年利率為折現(xiàn)率，本例是7%。）融資租賃合同的資金占用、租金構(gòu)成、籌資成本、費用、稅負、稅前稅后收益凈現(xiàn)值及資金年凈收益率本金：4,000,000.00，租賃期限：48個月，每期3個月，租金后付，各期等額，租賃年利率9.63945276%，殘值：0期次本期初本金余額折合占用一年資金租賃綜合年利率本期租金其中含本金其中含收益還本付息營業(yè)稅營業(yè)費用所得稅前收益所得稅前收益折現(xiàn)值所得稅所得稅后收益所得稅后收益折現(xiàn)值14,000,000.001,000,000.009.64%304,250.83207,856.3096,394.53288,798.314,819.735,000.005,632.805,535.921,858.823,773.973,709.0623,792,143.70948,035.929.64%304,250.83212,865.3591,385.48288,798.314,569.274,740.186,143.075,933.582,027.214,115.863,975.5033,579,278.35894,819.599.64%304,250.83217,995.1286,255.71288,798.314,312.794,474.106,665.646,327.592,199.664,465.984,239.4943,361,283.23840,320.819.64%304,250.83223,248.5081,002.33288,798.314,050.124,201.607,200.806,718.052,376.264,824.544,501.0953,138,034.73784,508.689.64%304,250.83228,628.4875,622.34288,798.313,781.123,922.547,748.867,105.032,557.125,191.744,760.3762,909,406.24727,351.569.64%304,250.83234,138.1270,112.71288,798.313,505.643,636.768,310.137,488.612,742.345,567.795,017.3772,675,268.12668,817.039.64%304,250.83239,780.5364,470.30288,798.313,223.523,344.098,884.927,868.882,932.025,952.905,272.1582,435,487.60608,871.909.64%304,250.83245,558.9158,691.92288,798.312,934.603,044.369,473.578,245.903,126.286,347.295,524.7592,189,928.69547,482.179.64%304,250.83251,476.5452,774.29288,798.312,638.712,737.4110,076.408,619.773,325.216,751.195,775.24101,938,452.15484,613.049.64%304,250.83257,536.7846,714.04288,798.312,335.702,423.0710,693.768,990.553,528.947,164.826,023.67111,680,915.36420,228.849.64%304,250.83263,743.0740,507.76288,798.312,025.392,101.1411,325.999,358.313,737.587,588.416,270.07121,417,172.29354,293.079.64%304,250.83270,098.9234,151.91288,798.311,707.601,771.4711,973.469,723.143,951.248,022.226,514.51131,147,073.38286,768.349.64%304,250.83276,607.9327,642.90288,798.311,382.141,433.8412,636.5410,085.114,170.068,466.486,757.0214870,465.45217,616.369.64%304,250.83283,273.8020,977.03288,798.311,048.851,088.0813,315.5910,444.284,394.148,921.456,997.6715587,191.65146,797.919.64%304,250.83290,100.3114,150.52288,798.31707.53733.9914,011.0110,800.734,623.639,387.377,236.4916297,091.3374,272.839.64%304,250.83297,091.337,159.49288,798.31357.97371.3614,723.1811,154.524,858.659,864.537,473.53合計9,004,798.074,868,013.264,000,000.00868,013.264,620,772.8943,400.6645,023.99158,815.71134,399.9752,409.18106,406.5390,047.98收益凈現(xiàn)值所得稅前134,399.97所得稅后90,047.98資金年凈收益率所得稅前1.49%所得稅后1.00%表A3（營業(yè)稅是租金中所含收益的5%，營業(yè)費用率取折合占用一年資金的0.5%，所得稅前稅后收益折現(xiàn)值取籌資成本年利率為折現(xiàn)率，本例是7.5%。）融資租賃合同的資金占用、租金構(gòu)成、籌資成本、費用、稅負、稅前稅后收益凈現(xiàn)值及資金年凈收益率本金：800,000.00，租賃期限：48個月，每期3個月，租金后付，各期等額，租賃年利率10.17875668%，殘值：0期次本期初本金余額折合占用一年資金租賃綜合年利率本期租金其中含本金其中含收益還本付息營業(yè)稅營業(yè)費用所得稅前收益所得稅前收益折現(xiàn)值所得稅所得稅后收益所得稅后收益折現(xiàn)值1800,000.00200,000.0010.1788%61,492.5141,134.9920,357.5158,338.281,017.881,000.001,136.351,115.44375.00761.35747.342758,865.01189,716.2510.1788%61,492.5142,181.7519,310.7658,338.28965.54948.581,240.111,194.88409.24830.87800.573716,683.26179,170.8110.1788%61,492.5143,255.1418,237.3658,338.28911.87895.851,346.501,273.52444.35902.16853.264673,428.11168,357.0310.1788%61,492.5144,355.8517,136.6558,338.28856.83841.791,455.611,351.37480.35975.26905.425629,072.26157,268.0610.1788%61,492.5145,484.5716,007.9358,338.28800.40786.341,567.491,428.45517.271,050.22957.066583,587.69145,896.9210.1788%61,492.5146,642.0114,850.4958,338.28742.52729.481,682.221,504.79555.131,127.081,008.217536,945.67134,236.4210.1788%61,492.5147,828.9113,663.6058,338.28683.18671.181,799.861,580.40593.951,205.911,058.878489,116.76122,279.1910.1788%61,492.5149,046.0012,446.5058,338.28622.33611.401,920.501,655.29633.771,286.741,109.049440,070.76110,017.6910.1788%61,492.5150,294.0711,198.4358,338.28559.92550.092,044.221,729.49674.591,369.621,158.7610389,776.6997,444.1710.1788%61,492.5151,573.909,918.6158,338.28495.93487.222,171.071,803.01716.451,454.621,208.0211338,202.7984,550.7010.1788%61,492.5152,886.308,606.2158,338.28430.31422.752,301.161,875.87759.381,541.781,256.8312285,316.4971,329.1210.1788%61,492.5154,232.097,260.4258,338.28363.02356.652,434.561,948.09803.401,631.151,305.2213231,084.4057,771.1010.1788%61,492.5155,612.135,880.3858,338.28294.02288.862,571.352,019.68848.551,722.811,353.1814175,472.2843,868.0710.1788%61,492.5157,027.284,465.2258,338.28223.26219.342,711.622,090.66894.841,816.791,400.7415118,444.9929,611.2510.1788%61,492.5158,478.453,014.0658,338.28150.70148.062,855.472,161.04942.301,913.161,447.901659,966.5414,991.6410.1788%61,492.5159,966.541,525.9658,338.2876.3074.963,002.972,230.84990.982,011.991,494.66合計1,806,508.42983,880.10800,000.00183,880.10933,412.499,194.009,032.5432,241.0626,962.8110,639.5521,601.5118,065.08收益凈現(xiàn)值所得稅前26,962.81所得稅后18,065.08資金年凈收益率所得稅前1.49253732%所得稅后1.00000000%表A4（營業(yè)稅是租金中所含收益的5%，營業(yè)費用率取折合占用一年資金的0.5%，所得稅前稅后收益折現(xiàn)值取籌資成本年利率為折現(xiàn)率，本例是6.5%。）融資租賃合同的資金占用、租金構(gòu)成、籌資成本、費用、稅負、稅前稅后收益凈現(xiàn)值及資金年凈收益率本金：800,000.00，租賃期限：48個月，每期3個月，租金后付，各期等額，租賃年利率9.10022764%，殘值：0期次本期初本金余額折合占用一年資金租賃綜合年利率本期租金其中含本金其中含收益還本付息營業(yè)稅營業(yè)費用所得稅前收益所得稅前收益折現(xiàn)值所得稅所得稅后收益所得稅后收益折現(xiàn)值1800,000.00200,000.009.1002%60,211.5942,011.1418,200.4657,184.25910.021,000.001,117.321,099.45368.71748.60736.632757,988.86189,497.229.1002%60,211.5942,966.9117,244.6857,184.25862.23947.491,217.621,178.99401.81815.81789.923715,021.95178,755.499.1002%60,211.5943,944.4416,267.1657,184.25813.36893.781,320.201,257.88435.67884.54842.784671,077.51167,769.389.1002%60,211.5944,944.2015,267.4057,184.25763.37838.851,425.121,336.13470.29954.83895.215626,133.32156,533.339.1002%60,211.5945,966.7014,244.8957,184.25712.24782.671,532.431,413.77505.701,026.73947.226580,166.61145,041.659.1002%60,211.5947,012.4713,199.1257,184.25659.96725.211,642.181,490.79541.921,100.26998.837533,154.14133,288.549.1002%60,211.5948,082.0312,129.5657,184.25606.48666.441,754.421,567.22578.961,175.461,050.048485,072.11121,268.039.1002%60,211.5949,175.9311,035.6757,184.25551.78606.341,869.221,643.07616.841,252.381,100.859435,896.18108,974.059.1002%60,211.5950,294.719,916.8957,184.25495.84544.871,986.631,718.35655.591,331.041,151.2910385,601.4896,400.379.1002%60,211.5951,438.948,772.6557,184.25438.63482.002,106.711,793.07695.211,411.491,201.3611334,162.5483,540.649.1002%60,211.5952,609.207,602.3957,184.25380.12417.702,229.521,867.26735.741,493.781,251.0612281,553.3470,388.339.1002%60,211.5953,806.096,405.5057,184.25320.27351.942,355.121,940.92777.191,577.931,300.4113227,747.2456,936.819.1002%60,211.595,030.215,181.3857,184.25259.07284.682,483.592,014.06819.581,664.001,349.4214172,717.0343,179.269.1002%0,211.5956,282.183,929.4157,184.25196.47215.902,614.972,086.70862.941,752.031,398.0915116,434.8529,108.719.1002%60,211.5957,562.632,648.9657,184.25132.45145.542,749.352,158.84907.291,842.061,446.431658,872.2214,718.059.1002%0,211.5958,872.221,339.3857,184.2566.9773.592,886.782,230.51952.641,934.141,494.44合計1,795,399.85963,385.47800,000.00163,385.47914,948.038,169.278,977.0031,291.1726,797.0110,326.0920,965.0817,954.00收益凈現(xiàn)值所得稅前26,797.01所得稅后17,954.00資金年凈收益率所得稅前1.49253732%所得稅后1.00000000%表A5（營業(yè)稅是租金中所含收益的5%，營業(yè)費用率取折合占用一年資金的0.18955476%，所得稅前稅后收益折現(xiàn)值取籌資成本年利率為折現(xiàn)率，本例是7%。）融資租賃合同的資金占用、租金構(gòu)成、籌資成本、費用、稅負、稅前稅后收益凈現(xiàn)值及資金年凈收益率本金：800,000.00，租賃期限：48個月，每期3個月，租金后付，各期等額，租賃年利率9.3125%，殘值：0期次本期初本金余額折合占用一年資金租賃綜合年利率本期租金其中含本金其中含收益還本付息營業(yè)稅營業(yè)費用所得稅前收益所得稅前收益折現(xiàn)值所得稅所得稅后收益所得稅后收益折現(xiàn)值1800,000.00200,000.009.3125%60,462.5341,837.5318,625.0057,759.66931.25379.111,392.511,368.56459.53932.98916.942758,162.47189,540.629.3125%60,462.5342,811.5717,650.9757,759.66882.55359.281,461.041,411.22482.14978.90945.523715,350.90178,837.729.3125%60,462.5343,808.2716,654.2657,759.66832.71339.001,531.171,453.51505.281,025.88973.854671,542.63167,885.669.3125%60,462.5344,828.1815,634.3557,759.66781.72318.241,602.921,495.46528.961,073.961,001.965626,714.44156,678.619.3125%60,462.5345,871.8414,590.7057,759.66729.53296.991,676.351,537.06553.191,123.151,029.836580,842.61145,210.659.3125%60,462.5346,939.7913,522.7457,759.66676.14275.251,751.481,578.34577.991,173.491,057.497533,902.81133,475.709.3125%60,462.5348,032.6112,429.9257,759.66621.50253.011,828.371,619.28603.361,225.011,084.928485,870.20121,467.559.3125%60,462.5349,150.8711,311.6757,759.66565.58230.251,907.041,659.91629.321,277.721,112.149436,719.33109,179.839.3125%60,462.5350,295.1610,167.3757,759.66508.37206.961,987.551,700.23655.891,331.661,139.1610386,424.1796,606.049.3125%60,462.5351,466.108,996.4457,759.66449.82183.122,069.931,740.25683.081,386.851,165.9711334,958.0783,739.529.3125%60,462.5352,664.297,798.2457,759.66389.91158.732,154.231,779.97710.901,443.331,192.5812282,293.7870,573.459.3125%60,462.5353,890.386,572.1557,759.66328.61133.782,240.491,819.41739.361,501.131,219.0013228,403.4057,100.859.3125%60,462.5355,145.025,317.5257,759.66265.88108.242,328.761,858.56768.491,560.271,245.2414173,258.3843,314.599.3125%60,462.5356,428.864,033.6757,759.66201.6882.102,419.091,897.45798.301,620.791,271.2915116,829.5229,207.389.3125%60,462.5357,742.602,719.9457,759.66136.0055.362,511.511,936.06828.801,682.711,297.161659,086.9214,771.739.3125%60,462.5359,086.921,375.6257,759.6668.7828.002,606.091,974.42860.011,746.081,322.86合計1,797,589.91967,400.56800,000.00167,400.56924,154.588,370.033,407.4231,468.5426,829.7010,384.6221,083.9217,975.90收益凈現(xiàn)值所得稅前26,829.70所得稅后17,975.90資金年凈收益率所得稅前1.49253732%所得稅后1.00000000%A6（營業(yè)稅是租金中所含收益的5%，營業(yè)費用率取折合占用一年資金的1%，所得稅前稅后收益折現(xiàn)值取籌資成本年利率為折現(xiàn)率，本例是7%。）融資租賃合同的資金占用、租金構(gòu)成、籌資成本、費用、稅負、稅前稅后收益凈現(xiàn)值及資金年凈收益率本金：800,000.00，租賃期限：48個月，每期3個月，租金后付，各期等額，租賃年利率9.63945276%，殘值：0期次本期初本金余額折合占用一年資金租賃綜合年利率本期租金其中含本金其中含收益還本付息營業(yè)稅營業(yè)費用所得稅前收益所得稅前收益折現(xiàn)值所得稅所得稅后收益所得稅后收益折現(xiàn)值1800,000.00200,000.009.6395%60,850.1741,571.2619,278.9157,759.66963.952,000.00126.56124.3841.7684.7983.342758,428.74189,607.189.6395%60,850.1742,573.0718,277.1057,759.66913.851,896.07280.58271.0192.59187.99181.583715,855.67178,963.929.6395%60,850.1743,599.0217,251.1457,759.66862.561,789.64438.31416.08144.64293.67278.774672,256.65168,064.169.6395%60,850.1744,649.7016,200.4757,759.66810.021,680.64599.84559.63197.95401.89374.955627,606.95156,901.749.6395%60,850.1745,725.7015,124.4757,759.66756.221,569.02765.26701.68252.54512.73470.136581,881.25145,470.319.6395%60,850.1746,827.6214,022.5457,759.66701.131,454.70934.67842.27308.44626.23564.327535,053.62133,763.419.6395%60,850.1747,956.1112,894.0657,759.66644.701,337.631,108.17981.44365.70742.47657.578487,097.52121,774.389.6395%60,850.1749,111.7811,738.3857,759.66586.921,217.741,285.841,119.21424.33861.51749.879437,985.74109,496.439.6395%60,850.1750,295.3110,554.8657,759.66527.741,094.961,467.801,255.61484.37983.42841.2610387,690.4396,922.619.6395%60,850.1751,507.369,342.8157,759.66467.14969.231,654.141,390.68545.871,108.27931.7611336,183.0784,045.779.6395%60,850.1752,748.618,101.5557,759.66405.08840.461,844.971,524.44608.841,236.131,021.3812283,434.4670,858.619.6395%60,850.1754,019.786,830.3857,759.6641.52708.592,040.401,656.92673.331,367.071,110.1413229,414.6857,353.679.6395%60,850.1755,321.595,528.5857,759.66276.43573.542,240.541,788.15739.381,501.161,198.0614174,093.0943,523.279.6395%60,850.1756,654.764,195.4157,759.66209.77435.232,445.501,918.17807.021,638.491,285.1715117,438.3329,359.589.6395%60,850.1758,.062,830.1057,759.66141.51293.602,655.402,046.98876.281,779.121,371.481659,418.2714,854.579.6395%60,850.1759,418.271,431.9057,759.6671.59148.552,870.362,174.63947.221,923.141,457.01合計1,800,959.61973,602.65800,000.00173,602.65924,154.588,680.1318,009.6022,758.3418,771.307,510.2515,248.0912,576.77收益凈現(xiàn)值所得稅前18,771.30所得稅后12,576.77資金年凈收益率所得稅前1.04229442%所得稅后0.69833726%表A7（營業(yè)稅是租金中所含收益的5%，營業(yè)費用率取折合占用一年資金的0.5%，所得稅前稅后收益折現(xiàn)值取籌資成本年利率為折現(xiàn)率，本例是7%。）融資租賃合同的資金占用、租金構(gòu)成、籌資成本、費用、稅負、稅前稅后收益凈現(xiàn)值及資金年凈收益率本金：800,000.00，租賃期限：48個月，每期3個月，租金后付，各期等額，租賃年利率7.85790524%，殘值：0期次本期初本金余額折合占用一年資金租賃綜合年利率本期租金其中含本金其中含收益還本付息營業(yè)稅營業(yè)費用所得稅前收益所得稅前收益折現(xiàn)值所得稅所得稅后收益所得稅后收益折現(xiàn)值1800,000.00200,000.007.8579%58,754.4343,038.6215,715.8157,759.66785.791,000.00-791.02-791.022756,961.38189,240.357.8579%58,754.4343,884.1014,870.3357,759.66743.52946.20-694.95-694.953713,077.28178,269.327.8579%58,754.4344,746.1914,008.2357,759.66700.41891.35-596.99-596.994668,331.09167,082.777.8579%58,754.4345,625.2213,129.2157,759.66656.46835.41-497.11-497.115622,705.86155,676.477.8579%58,754.4346,521.5212,232.9157,759.66611.65778.38-395.26-395.266576,184.34144,046.097.8579%58,754.4347,435.4211,319.0057,759.66565.95720.23-291.41-291.417528,748.92132,187.237.8579%58,754.4348,367.2810,387.1557,759.66519.36660.94-185.53-185.538480,381.64120,095.417.8579%58,754.4349,317.459,436.9857,759.66471.85600.48-77.56-77.569431,064.19107,766.057.8579%58,754.4350,286.278,468.1557,759.66423.41538.8332.5332.5310380,777.9295,194.487.8579%58,754.4351,274.147,480.2957,759.66374.01475.97144.78144.7811329,503.7882,375.957.8579%58,754.4352,281.406,473.0257,759.66323.65411.88259.24259.2412277,222.3869,305.597.8579%58,754.4353,308.465,445.9757,759.66272.30346.53375.94375.9413223,913.9255,978.487.8579%58,754.4354,355.694,398.7457,759.66219.94279.89494.94494.9414169,558.2342,389.567.8579%58,754.4355,423.503,330.9357,759.66166.55211.95616.27616.2715114,134.7328,533.687.8579%58,754.4356,512.282,242.1557,759.66112.11142.67739.99739.991657,622.4514,405.617.8579%58,754.4357,622.451,131.9857,759.6656.6072.03866.14866.14合計1,782,547.03940,070.86800,000.00140,070.86924,154.587,003.548,912.740.000.000.000.000.00收益凈現(xiàn)值所得稅前0.00所得稅后0.00資金年凈收益率所得稅前0.00000000%所得稅后0.00000000%表A8（營業(yè)稅是租金中所含收益的5%，營業(yè)費用率取折合占用一年資金的0.5%，所得稅前稅后收益折現(xiàn)值取籌資成本年利率為折現(xiàn)率，本例是7%。）融資租賃合同的資金占用、租金構(gòu)成、籌資成本、費用、稅負、稅前稅后收益凈現(xiàn)值及資金年凈收益率本金：800,000.00，租賃期限：48個月，每期6個月，租金后付，各期等額，租賃年利率9.63945276%，殘值：0期次本期初本金余額折合占用一年資金租賃綜合年利率本期租金其中含本金其中含收益還本付息營業(yè)稅營業(yè)費用所得稅前收益所得稅前收益折現(xiàn)值所得稅所得稅后收益所得稅后收益折現(xiàn)值1800,000.00400,000.009.6395%122,877.0084,319.1938,557.81116,381.321,927.892,000.002,567.802,480.96847.371,720.421,662.242715,680.81357,840.409.6395%122,877.0088,383.1534,493.86116,381.321,724.691,789.202,981.792,783.53983.991,997.801,864.973627,297.66313,648.839.6395%122,877.0092,642.9730,234.03116,381.321,511.701,568.243,415.743,080.801,127.192,288.552,064.144534,654.69267,327.349.6395%122,877.0097,108.1125,7