融资租赁业务的收益预测

融资租赁业务的收益预测优质资料(可以直接使用，可编辑优质资料，欢迎下载）

融资租赁业务的收益预测融资租赁业务的收益预测优质资料(可以直接使用，可编辑优质资料，欢迎下载）－－融资性租赁公司内控指标体系设定方法探讨之一收益预测的适用范围融资性租赁公司内控指标体系的设定，是这类公司确保安全赢利的前提条件，也是业内人士普遍关切的课题。作者拟就这一课题的方方面面作一些探讨，旨在同大家交流，使这一指标体系的设定更加健全。本文的主题是融资租赁业务的收益预测。收益预测，是为了满足三个方面的需要。一是，用以作为是否受理某个所申请的融资租赁项目的量化依据之一；二是，用于考核已生效新合同的预期收益的规模和水平；三是，用以作为各业务部门以至全公司编制各会计期间预算时的重要依据。本文的讨论，以融资租赁合同为单位。由于所设定的考核指标是可以在诸合同间相互直接对比的，因此，诸合同的这些指标的简单迭加或其平均值，即可适用于整个项目、整个部门以及全公司。影响合同收益的因素说明就预测而言，影响合同收益的因素有：租赁融资额、租赁期限、每期月数、折合占用一年的资金、租金在各期期末还是期初支付、支付时是等额付租、等额还本还是依合同约定的时间和金额还本、租赁综合年利率、筹资综合年利率、营业费用率、营业税率和所得税率。预测的前提条件是假设合同被严格履行。下面分别说明。租赁融资额——在附表中，这一指标简称“本金”。租赁融资额不一定是出租人为取得该租赁资产所实际支付的成本，在非全额支付的合同中，它会小于后者；而在有“打入成本”的收费名目的合同中，它又会大于后者。租赁融资额更不一定是承租人对该租赁资产的入帐价值。在多数情况下，它往往小于后者。租赁融资额是合同约定据以代入租金计算公式中的“现值”（presentvalue）的金额。租赁融资额大致上接近于出租人在该合同项下的投放额。通常会认为，在同样的利率及税负条件下，收益与投放额成正比。然而，这是一种误解。直接影响收益的，首先是整个合同期间的资金占用规模，而并非是其数额仅仅等于期初占用资金额的租赁融资额。折合占用一年的资金——融资租赁合同的最常见的约定，是分期收回本金。而由于只有被占用的资金才能取得收益，因此，十分重要的是，要依据合同条件来核算被占用的资金量。又由于诸合同在本金回收的时间间隔上会有所不同，因此，对于各个期间占用的资金，应换算成为折合占用一年的资金，才使得诸合同的这一指标具有可比性。各期折合占用一年的资金=该期期初的未收回本金余额÷12个月×每期月数租赁综合年利率——租赁利率同预期收益成正比这一点，是不言而喻的。这里要说的是，对于这一指标，我们可以有两种取值方法。一是，取融资租赁合同中所明确约定的数值。包括，某个绝对值，例如9.3125%；或者某个取值约定，例如，某个基准利率+某个附加系数，例如，美元三至五年期LIBOR+1.5%。按这样的取值所计算出来的各期租金，以及其中所含的本金和收益，将是同财务报表中相关科目的数据一致的和可对照的；二是，根据各该合同甚至项目的特定条件，将该合同项下的除租金而外的其它名目的收入，也都考虑在内，以其内部收益率为租赁综合年利率。显然，这样的数值在合同中是见不到的，据以计算出的各期“租金”的构成，也将与财务报表相关科目的数据不同。筹资综合年利率——筹资利率同预期收益成反比，也是不言而喻的。同样地，该指标也可以有上面所说的两种取值方法。营业费用率——营业费用有直接费用和间接费用之别。但是，要严格加以区分并作出预测，是难以做到的。至多是，在权衡某合同条件的可否接受，以及在预测各已生效合同的收益时，采用直接费用；而在作全公司的预算时，则应包括公司的全部费用。这一指标的取值，可以考虑采用本公司历年来的经验数据。当然，即使如此，仍会有一个难点，即，如果通过营业费用率来计算，则以何者为基数？以租赁融资额为基数有所不妥，因为未考虑合同的期限长短。从理论上说，合同期限越长，经营成本越高。本文中是以折合占用一年的资金为基数的。但是，在特殊的合同条件下，这一取值方法也有缺陷。对此，有待识者指正。营业税——依据我国现行的税法，融资租赁合同的营业税率，自2003年起是5%，其税基是租金中所含的收益。如果用的是境外借入资金，则其税基是租金中所含的收益扣除借款利息后的余额。所得税——融资性租赁公司的所得税待遇，无异于其它工商企业，都是当期利润的33%。所得税前收益——这一指标相当于利润表上的营业收入减去营业支出和营业税之后的余额。所得税后收益——这是所得税前收益扣除所得税之后的余额，相当于利润表上的不考虑营业外收支的利润总额。收益净现值——上述两个指标虽然可以同财务报表的数据相互印证，但是无法在诸合同间作横向对比，因为没有考虑时间价值。以资金成本为折现率的收益净现值则可以弥补上述缺陷，从而既可以在诸合同间作横向对比，又可以相互累加而得出各部门以至全公司的这一指标。本指标反映该合同、该项目、各部门以至全公司预期税后收益的绝对规模。资金年净收益率——这是所得税后收益折现值同折合占用一年资金的比值。这一指标可以反映预期税后收益的水平。诸合同这一指标的平均值可以构成各项目、各部门以至全公司的这一指标。作者认为，可以用所得税后收益净现值和资金年净收益率，作为衡量预期收益的规模和水平的指标。各种条件下融资租赁合同收益对比下面，用16个附表来对比诸因素对预期收益的影响。表 A1的条件是租赁期限48个月，每期3个月，租金等额后付，在营业费用率是折合占用一年资金的0.5%和筹资年利率是7%的条件下，为了使得所得税后资金年净收益率达到1%，租赁综合年利率必须不小于9.63945276%。换句话说，为了净赚这个1%，租赁综合年利率同筹资综合年利率之差（隐含利差）不得小于2.63945276%。表A2的条件同表A1的唯一差别，是期初本金不同，前者是4,000,000.00，是后者800,000.00的5倍。结果是，全部以绝对值反映的指标，前者都是后者的5倍。说明收益规模前者是后者的5倍；而所得税后资金年净收益率，则两者完全相同，都是1%。说明就成本同收益的关系（收益水平）而言，两者是完全一样的。由此可见，收益水平同租赁融资额的大小无关。表A3的条件同表A1的差别之一，是筹资综合利率不同。前者是7.5%，后者是7%。相差0.5%。在这样的条件下，为了保持1%的所得税后资金年净收益率，前者的租赁综合利率为10.17875668%。也就是说，为了弥补筹资成本0.5%的增长，租赁利率必须相应地提高0.53930392%。表A4的条件同表A1的差别之一，也是筹资综合利率不同。前者是6.5%，后者是7%。相差0.5%。在这样的条件下，为了保持1%的所得税后资金年净收益率，前者的租赁综合利率为9.10022764%。也就是说，由于筹资成本节约0.5%，租赁利率得以相应地下降0.53922512%。这里我们看到，在筹资利率变动幅度相同的情况下，这里租赁利率下降的幅度小于表A3中租赁利率提高的幅度。对比表A4、表A1和表A3，唯一的差别是租赁综合年利率不同，分别为9.1002%、9.6395%和10.1788%。因此，折合占用一年资金也不同，分别为1,795,399.85、1,800,959.61和1,806,508.42。这表明，在租赁期限、每期月数和租金本支付方式相同的情况下，租赁综合年利率越高，资金占用越多。表A5表明，当着租赁综合利率不得高于9.3125%，而筹资综合利率又无法低于7%，其它条件均同于A1时，除非营业费用率降至0.18955476%，否则所得税后资金年净收益率无法保持在1%的水平上。表A6同表A1的唯一差别，在于营业费用率为1%。也就是说，做不到0.5%的低经营成本。结果是，所得税后收益净现值以及所得税后资金年净收益率都是后者的69.8337%。这同时也说明，预期收益的变动幅度小于营业费用率的变动幅度。表A7表明，在其它条件同表A1完全相同的情况下，如果租赁综合年利率降至7.85790254%，即，仅仅比筹资综合年利率高0.85790254%时，所得税前收益为零。我们不妨称该利率为保本利率。从本表中还可见，由于营业税以租金中所含收益为税基，而在融资租赁合同中，租金中所含的收益是各期递减的、导致营业税的逐期下降；又由于营业费用以各期折合占用一年资金为基数，而各期租金中所含本金的递增导致这一基数以及营业费用的递减，因此，所得税前收益是各期递增的。在本例中，是由前8期的负值到后8期的正值，从第1期的-791.02到第16期的866.14。表A8同表A1的唯一差别，在于每期月数不同，前者是6个月，后者是3个月。结果是，前者的所得税后收益净现值为18,786.29，略大于后者的18,009.60，而前者的资金年净收益率则是0.98947368%，略小于后者的1%。这里，我们看到了一个似乎矛盾的现象。在收益规模较大的情况下，收益水平反而小了。其原因在于折合占用一年的资金不同，前者是1,898,614.29，高于后者的1,800,959.61。这表明，在其它条件相同的情况下，每期月数越多，资金占用也越多。表A9同表A1的唯一差别，在于租赁期限不同，前者是60个月，后者是48个月。结果是，前者的所得税后收益净现值为22,053.44，明显大于后者的18,009.60，而前者的资金年净收益率则是0.97678473%，也是小于后者的1%。其原因也在于折合占用一年的资金不同，前者是2,257,758.49，高于后者的1,800,959.61。这表明，在其它条件相同的情况下，租赁期限越长，资金占用也越多。拿各个指标对比则可见，租赁期限前者是后者的1.25倍，折合占用一年资金前者是后者的1.2536倍，而所得税后收益净现值则前者仅为后者的1.2245倍。表A10同表A9的唯一差别，在于前者每期是6个月，后者每期是3个月。结果是，尽管前者的所得税后收益净现值为22,763.37大于后者的22,053.44，然而由于前者折合占用一年资金为2,354,760.59，大于后者的2,257,758.49，使得前者的资金年净收益率为0.96669587%，小于后者的0.97678473%。表B1同表A1的唯一差别，在于前者是等额还本，后者是等额付租。结果是，虽然前者的所得税后收益净现值为17,358.59，小于后者的18,009.60，但是前者的资金年净收益率却是1.02109372%，大于后者的1%。其原因也在于折合占用一年的资金不同，前者是1,700,000.00，低于后者的1,800,959.61。这表明，在其它条件相同的情况下，等额还本时的资金占用小于等额付租时的资金占用。表B2表明，如果是等额还本，则在其它条件与表A1相同的情况下，为了达到1%的资金年净收益率，租赁综合年利率只需9.60326153%，小于表A1的9.63945276%。表B3同表B1的唯一差别，在于不是等额还本，而是在第2、3年末各还200,000.00，在第4年末还400,000.00。结果是，虽然前者的所得税后收益净现值为25,456.04，明显大于后者的17,358.59，但是前者的资金年净收益率却是0.97907827%，小于后者的1.02109372%。其原因也在于折合占用一年的资金不同，前者是2,600,000.00，远远大于后者的1,700,000.00。表B4同表B3的唯一差别，在于营业费用不是按占用资金的0.5%计算，不是表B3中的13,000.00，而是取表A1中的数值9,004.80。结果是，所得税后收益净现值和资金年净收益率分别提高到27,702.35和1.06547488%。显然，在同样的租赁期限内，若无其它原因，营业费用不应由于还本时间的早晚而有明显的差别。由此再次说明，在收益预测中。营业费用的定值，还需认真斟酌。四、上述指标的运用作者认为，上述指标或许可以作如下的具体运用。在从量化指标的角度确定某个所申请的租赁项目是否可受理时，可以看两个指标：一是规模控制。即，看其折合占用一年资金的数额。各年各个新项目的这一数额之和，应不大于该部门或全公司该年可新占用的资金总额；二是赢利要求。即，看其资金年净收益率。这个指标应不低于本公司规定的标准。在编制各部门和全公司的年度预算时，可以采用表C1的各年小计的相关数字。例如，年初、年末占用资金数额、预期的流入和流出金额、以及所得税前税后收益。在考核新项目开发业绩时，可以采用各承办人、各业务部门该年已生效合同的折合占用一年资金的合计值以及资金年净收益率的平均值。此外，还要作两点说明。筹资综合年利率对于业务部门和承办人来说，是公司下达的指标之一。公司确定这一指标时的主要依据，是资金部门的信息和预测。一旦这一指标确定，则可同时用于考核这两大部门。对于业务部门来说，是据以预测新项目的收益和据以考核履行中的合同的应得收益；对于资金部门来说，则是用于同该部门实际发生的筹资成本作比较，从而考核其业绩。资金年净收益率也是公司下达的一个重要指标。公司确定这一指标的依据，是董事会依据资金市场的平均利润率、融资租赁市场的平均收益率和股东的赢利要求而作出的决定。就后者而言，在符合资本充足率不得低于10%的规定和最大限度运用资金的情况下，可以得出资金年净收益率的指标。例如，假设所有者权益是500,000,000,00，则年可运用资金的最大是5,000,000,000.00。如果股东要求的资本税后利润率是10%，即，50,000,000.00，则按照表C2的条件，这一赢利要求可以予以满足。这时，公司的以7%为折现率所计算出的资金年净收益率指标就将是0.8430%。裘企各种条件下的融资租赁合同收益对比表号本金期数每期月数租赁年利率折合占用一年资金营业费用率筹资年利率所得税前收益所得税前收益净现值资金年净收益率所得税后收益所得税后收益净现值资金年净收益率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见表说明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（营业税是租金中所含收益的5%，营业费用率取折合占用一年资金的0.5%，所得税前税后收益折现值取筹资成本年利率为折现率，本例是7%。）融资租赁合同的资金占用、租金构成、筹资成本、费用、税负、税前税后收益净现值及资金年净收益率本金：800,000.00，租赁期限：48个月，每期3个月，租金后付，各期等额，租赁年利率9.63945276%，残值：0期次本期初本金余额折合占用一年资金租赁综合年利率本期租金其中含本金其中含收益还本付息营业税营业费用所得税前收益所得税前收益折现值所得税所得税后收益所得税后收益折现值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合计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收益净现值所得税前26,879.99所得税后18,009.60资金年净收益率所得税前1.4%所得税后1.00%表A2（营业税是租金中所含收益的5%，营业费用率取折合占用一年资金的0.5%，所得税前税后收益折现值取筹资成本年利率为折现率，本例是7%。）融资租赁合同的资金占用、租金构成、筹资成本、费用、税负、税前税后收益净现值及资金年净收益率本金：4,000,000.00，租赁期限：48个月，每期3个月，租金后付，各期等额，租赁年利率9.63945276%，残值：0期次本期初本金余额折合占用一年资金租赁综合年利率本期租金其中含本金其中含收益还本付息营业税营业费用所得税前收益所得税前收益折现值所得税所得税后收益所得税后收益折现值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合计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收益净现值所得税前134,399.97所得税后90,047.98资金年净收益率所得税前1.49%所得税后1.00%表A3（营业税是租金中所含收益的5%，营业费用率取折合占用一年资金的0.5%，所得税前税后收益折现值取筹资成本年利率为折现率，本例是7.5%。）融资租赁合同的资金占用、租金构成、筹资成本、费用、税负、税前税后收益净现值及资金年净收益率本金：800,000.00，租赁期限：48个月，每期3个月，租金后付，各期等额，租赁年利率10.17875668%，残值：0期次本期初本金余额折合占用一年资金租赁综合年利率本期租金其中含本金其中含收益还本付息营业税营业费用所得税前收益所得税前收益折现值所得税所得税后收益所得税后收益折现值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合计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收益净现值所得税前26,962.81所得税后18,065.08资金年净收益率所得税前1.49253732%所得税后1.00000000%表A4（营业税是租金中所含收益的5%，营业费用率取折合占用一年资金的0.5%，所得税前税后收益折现值取筹资成本年利率为折现率，本例是6.5%。）融资租赁合同的资金占用、租金构成、筹资成本、费用、税负、税前税后收益净现值及资金年净收益率本金：800,000.00，租赁期限：48个月，每期3个月，租金后付，各期等额，租赁年利率9.10022764%，残值：0期次本期初本金余额折合占用一年资金租赁综合年利率本期租金其中含本金其中含收益还本付息营业税营业费用所得税前收益所得税前收益折现值所得税所得税后收益所得税后收益折现值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合计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收益净现值所得税前26,797.01所得税后17,954.00资金年净收益率所得税前1.49253732%所得税后1.00000000%表A5（营业税是租金中所含收益的5%，营业费用率取折合占用一年资金的0.18955476%，所得税前税后收益折现值取筹资成本年利率为折现率，本例是7%。）融资租赁合同的资金占用、租金构成、筹资成本、费用、税负、税前税后收益净现值及资金年净收益率本金：800,000.00，租赁期限：48个月，每期3个月，租金后付，各期等额，租赁年利率9.3125%，残值：0期次本期初本金余额折合占用一年资金租赁综合年利率本期租金其中含本金其中含收益还本付息营业税营业费用所得税前收益所得税前收益折现值所得税所得税后收益所得税后收益折现值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合计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收益净现值所得税前26,829.70所得税后17,975.90资金年净收益率所得税前1.49253732%所得税后1.00000000%A6（营业税是租金中所含收益的5%，营业费用率取折合占用一年资金的1%，所得税前税后收益折现值取筹资成本年利率为折现率，本例是7%。）融资租赁合同的资金占用、租金构成、筹资成本、费用、税负、税前税后收益净现值及资金年净收益率本金：800,000.00，租赁期限：48个月，每期3个月，租金后付，各期等额，租赁年利率9.63945276%，残值：0期次本期初本金余额折合占用一年资金租赁综合年利率本期租金其中含本金其中含收益还本付息营业税营业费用所得税前收益所得税前收益折现值所得税所得税后收益所得税后收益折现值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合计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收益净现值所得税前18,771.30所得税后12,576.77资金年净收益率所得税前1.04229442%所得税后0.69833726%表A7（营业税是租金中所含收益的5%，营业费用率取折合占用一年资金的0.5%，所得税前税后收益折现值取筹资成本年利率为折现率，本例是7%。）融资租赁合同的资金占用、租金构成、筹资成本、费用、税负、税前税后收益净现值及资金年净收益率本金：800,000.00，租赁期限：48个月，每期3个月，租金后付，各期等额，租赁年利率7.85790524%，残值：0期次本期初本金余额折合占用一年资金租赁综合年利率本期租金其中含本金其中含收益还本付息营业税营业费用所得税前收益所得税前收益折现值所得税所得税后收益所得税后收益折现值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合计1,782,547.03940,070.86800,000.00140,070.86924,154.587,003.548,912.740.000.000.000.000.00收益净现值所得税前0.00所得税后0.00资金年净收益率所得税前0.00000000%所得税后0.00000000%表A8（营业税是租金中所含收益的5%，营业费用率取折合占用一年资金的0.5%，所得税前税后收益折现值取筹资成本年利率为折现率，本例是7%。）融资租赁合同的资金占用、租金构成、筹资成本、费用、税负、税前税后收益净现值及资金年净收益率本金：800,000.00，租赁期限：48个月，每期6个月，租金后付，各期等额，租赁年利率9.63945276%，残值：0期次本期初本金余额折合占用一年资金租赁综合年利率本期租金其中含本金其中含收益还本付息营业税营业费用所得税前收益所得税前收益折现值所得税所得税后收益所得税后收益折现值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