Sun Yat-Sen Management Review

  Journal Fullview

Sun Yat-Sen Management Review  2019/12

Vol. 27, No.4  p.729-757

DOI:10.6160/SYSMR.201912_27(4).0002


Title
美商惠而適有限公司:汽車租賃的資本預算
Whealth Life Science L.L.C.: Capital Budget for Vehicle Lease
(145_M5df99d0fac3c1_Full.pdf 38KB)

Author
薛健宏/南臺科技大學會計資訊系
Chien-Hung Hsueh/

Accounting Information Department, Southern Taiwan University of Science and Technology


Abstract(Chinese)

本案例中,惠而適公司為取得INFINITI M25的汽車,考量直接購置或租賃兩種模式。除了購車現金價、各期的租賃支出外,在這個資本預算的評估中,合約明訂由出租人負擔的履約成本(包括牌照稅、燃料費、保費)是否應該納入考量?這問題可以啟迪學子的思考能力。 本案例發現,租賃業者不將『租賃期滿具優惠承購權』的口頭約定列在合約書中,實是為了替承租人節省稅負,增加租賃誘因。結果亦顯示,不論是淨現值或內部報酬率法,選擇租賃均遠優於直接購買,應該是租賃公司取得租賃物、保險的成本均遠低於市場行情所致。

(145_M5df99d0fac3c1_Abs.pdf(File does not exist))

KeyWord(Chinese)

租賃、淨現值、內部報酬率、資本預算


Abstract(English)

In this case, in order to obtain the vehicle of INFINITI M25, Whealth Life Science L.L.C. considers purchasing or leasing. In addition to the cash price of the car purchase and the lease payments, should the executory costs covered by the lessors be taken into account in the assessment of this capital budget? The executory costs include license tax, fuel fee and insurance. This question can inspire students to have thinking ability. This case shows that the leasing industry does not include the verbal agreement of "Preferential Purchase Rights" in the contract for saving tax for the lessees and enhancing lease incentives. The results also show whether it is the net present value or the internal rate of return method, to choose to lease is better than to buy because the cost of the leased goods and the insurance that the leasing company obtains is far lower than the market price.

(145_M5df99d0fac3c1_Abs.pdf(File does not exist))

KeyWord(English)

Lease, Net Present Value, Internal Rate of Return, Capital Budget


Domain
Case

Policy and management implications
(Available only in Chinese)

企業每天有諸多決策,面臨抉擇時,應基於理性,進行科學化的管理,試圖極大化企業之價值。在此案例中,個案公司打算取得一輛新轎車,直接購買?還是透過租賃取得比較划算?本文選擇最具公信力的淨現值模式,並輔以內部報酬率模式衡量之。 個案中,企業主的借款年利率僅2%,在目前借款利率偏低的當下,折現因素已顯得微不足道,換言之,在不存在呆帳的前提下,現金收付時點對決策往往不具重大影響力。 租賃分為營業租賃與融資租賃,營業租賃屬較傳統的租約,而融資租賃通常租期長、租金高,甚至租約到期時,承租人可以無償或低價取得租賃物,表面上是租借,實質上為『分期付款購買』,故融資租賃的會計處理與融資購買相近。2018年發佈的營利事業營所稅查核準則第36條之2指出:『營利事業出租資產,其融資租賃之認定與會計處理,依國際會計準則第十七號或企業會計準則公報第二十號規定辦理。』所以,若擬進一步考慮營業稅、營所稅對現金收支的影響,則需熟悉會計原則的規範。 營業稅法§19指出,企業購置自用乘人小汽車,不得扣抵其營業稅之進項稅額,若依會計公報認定為融資租賃者,亦不得扣抵之(台財稅第7539634號),相對地,倘認定為營業租賃之交易,則可扣抵其進項稅額(台財稅第800771706號函)。緣此,租賃公司為幫助客戶節稅,使其合約符合會計原則中營業租賃之規範,故僅口頭告知『期滿時,可行使優惠承購權』,而不列在書面合約中。 案例中,估算結果顯示,租賃的內部報酬率為負數,這難道意味著,租賃公司蒙受虧損,而承接該筆交易?可能不是!本文以汽車牌價的九折為現金價,並基於投保內容的市場行情估算保費,但租賃公司的營運量較大,對車商或保險公司較具談判優勢,其取得成本應該更低,故有此結果。綜言之,對承租人而言,租賃較直接購買划算許多。


References

立法院,2017,加值型及非加值型營業稅法。(Legislative Yuan, R.O.C., 2017, “Value- Added and Non-Value-Added Business Tax Act.”)
林俞岑、蘇羿寧、許世賢、吳澤承,2017,探討租賃對於企業營運方面影響之研究,南臺科技大學會計資訊系專題研究報告。(Lin , Y. C., Su , Y. N., Xu, S. X., and Wu, Z. C., 2017, “Exploring the Impact of Leasing on Business Operations, “Research Report, Accounting Information Department in Southern Taiwan University of Science and Technology.)
財政部賦稅署,1992,營業人以融資租賃方式租用乘人小汽車所支付之進項稅額不得扣抵,台財稅第800771706號。(Taxation Administration, Ministry of Finance, R.O.C., 1992, “The Input Tax Paid for Financial Leasing of Passenger Cars for Personal Use Shall Not Be Deducted,” Decree No. 800771706 by the MOF.)
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