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Resumo(s)
A structured leasing is a new and highly flexible transaction that develops synergies between
funding policy, risk management of the underlying assets, and tax benefits. It is used in
particular transactions involving complex and large-scale assets, such as airplanes, ships,
industrial plant and equipment, and large real estate projects.
As in other tax-based techniques, the implementation of a structured leasing transaction, either a
leveraged lease or a synthetic lease, is more significant when the value of the asset is large and
allows for a potentially greater tax benefits’ appropriation.
Structured leasing creates value by increasing liquidity and funding, reducing the funding costs,
allowing sponsors to attain greater leverage and to increase tax shields, improving lessees’ risk
management, and allowing lessees to maintain financial flexibility, by improving or maintaining
financial ratios.
Although all of the above-mentioned economic advantages, structured leasing also has
problems. The most commonly referred problems of structured leases are complexity, offbalance
sheet treatment, higher transaction costs, and wealth expropriation.
Besides describing the economic motivations and problems of structured leasing, this paper
provides details on the characteristics of structured leasing activity and reviews the most
influential papers, summarizes their results, and associates them with the existing empirical
evidence.
Descrição
Palavras-chave
Leasing Structured leases Leveraged leases Synthetic leases
Contexto Educativo
Citação
PINTO, João; Pacheco, Luís - The economics of structured leasing. Working papers: Economics. Nº 04 (2014), 23 p.