A Note on the Evaluation of Leveraged Leases and Other Investments
讨论杠杆租赁在复杂监管和税收环境下的评估问题，指出其占金融租赁的85%，并涉及第三方贷款人参与，对金融从业者和投资者有参考价值。
One of the more significant trends that the financial community has witnessed over the last several decades has been the development of a complex regulatory and tax structure. This, in turn, has motivated the parallel development of a series of innovative financial instruments that are compatible with this regulatory/tax environment and that seek to provide new services and/or minimize tax obligations. Leveraged leasing, which is one such instrument. has recently been estimated to represent 85 percent of all financial leases (5]. Thus, in addition to the usual lessor and lessee, a third party lender is also a participant in the majority of today's financial leases.I As recently discussed in this journal by Athanasopoulous and Bacon (subsequently AB) [11, the cash flows experienced by the lessor of a leveraged lease are