任何借款合同和融资租赁合同都会约定据以计算利息或租金的利率。我们称该利率为合同利率。根据该利率,我们可以知道应付本息或租金的数额,可以据以衡量融资性租赁公司借入资金的成本水平和在融资租赁合同中的租赁收益水平。对于这样的在合同中明示的利率,显然是无需测算的。然而,无论是借款合同、融资租赁合同还是相关的买卖合同,除了收取本息、租金或价款外,都往往还会附有其它的合同条件,导致融资性租赁公司借入资金的成本的提高和在融资租赁项下的租赁收益的提高。在融资性租赁公司的会计处理中,利息支出和租赁收益有单独的科目反映,是不会同其它名目的支出和收入混同的。而在内部核算中,为了测算某个借款合同的真实成本和某个租赁项目的预期收益,我们有必要通过这些条件所构成的现金流,来测算其各自的内部收益率。我们称在借款合同项下的贷款人的内部收益率为融资性租赁公司的“筹资综合年利率”,称在融资租赁项目中内部收益率为“租赁综合年利率”。设定这样的两个指标,是为了便于对形形色色的合同条件的效果进行综合对比,从而或者是可以灵活地磋商合同条件,或者是可以预测已生效合同真实的成本和收益,据以对各承办人或部门进行考核。
内部收益率的测算,是从事资金运作业务和融资租赁业务的人员的基本功。这里无需赘述。本文只是用两个例题来演示一下上述两个指标的测算。
一、筹资综合利率测算
某融资性租赁公司拟借入某项贷款,条件如下:金额是80,000,000,期限是48个月,每6个月付息一次,第2年末还本40,000,000,第4年末还本40,000,000,年利率是某参考利率+1.1%。期初收取前端费1%,杂费100,000,每年初收取代理费24,000。
假设:该笔贷款从某年年初借入,所述参考利率始终不变,为6.1875%。
问:A:筹资综合利率是多少?
B:假设参考利率变为6.8125%,其它条件同A,则筹资综合利率是多少?
C:假设期限改为36个月,在第18个月末及期末各还本40,000,000.,其它条件同A,则筹资综合利率是多少?
二、租赁综合利率测算
已知条件是:所需租赁融资额是64,000,000,租赁期限48个月,每期6个月,租金后付,各期等额还本,租赁年利率是各期期初日某参考利率+1.5%,预定起租日是2001.06.17,手续费率是租赁融资额的1.5%,打入成本,期初收银行费192,000,收租赁保证金2,000,000,期末退还,退还时按1.5%的年利率按单利计息,买卖合同佣金1,280,000在第1期租金应付日从出卖人那里收取。
问:假设参考利率始终为6%,则
A:在上述条件下,本项目的租赁综合年利率是多少?
B:如果租赁年利率降至某参考利率+1%,手续费率提高为2%,其它条件不变,则本项目的租赁综合年利率是多少?
C:如果租赁年利率降至某参考利率+1.3%,手续费率提高为2%,其它条件不变,则本项目的租赁综合年利率是多少?
三、筹资综合利率测算结果
A. 总流入80,000,000,总流出98,486,000,净流出18,486,000
筹资综合年利率 7.7612318719%,筹资综合期利率 3.88061593595%
前端费800,000
杂费 100,000
代理费24,000 24,000 24,000 24,000
还本 40,000,000 40,000,000
付息 2,915,000 2,915,000 2,915,000 2,915,000 1,457,500 1,457,500 1,457,500 1,457,500
期次 1 2 3 4 5 6 7 8
借款额 -80,000,000
B. 总流入80,000,000,总流出99,986,000,净流出19,986,000
筹资综合年利率 8.39113838982%,筹资综合期利率 4.19556919491%
前端费 800,000
杂费 100,000
代理费24,000 24,000 24,000 24,000
还本 40,000,000 40,000,000
付息 3,165,000 3,165,000 3,165,000 3,165,000 1,582,500 1,582,500 1,582,500 1,582,500
期次 1 2 3 4 5 6 7 8
借款额 -80,000,000
C.总流入80,000,000,总流出94,089,500,净流出14,089,500
筹资综合年利率 7.88950638626%,筹资综合期利率 3.94475319313%
前端费 800,000
杂费 100,000
代理费24,000 24,000 24,000
还本 40,000,000 40,000,000
付息 2,915,000 2,915,000 2,915,000 1,457,500 1,457,500 1,457,500
期次 &a, mp;n, bsp; 1 2 3 4 5 6
借款额 -80,000,000
四、租赁综合利率测算结果
A.总流入79,554,708,总流出66,120,000,净流入13,434,708
综合租赁年利率 9.9598340875%,综合租赁期利率 4.9799170436%
收银行费 192,000
收保证金 2,000,000
收佣金 1,280,000
收租金 10,596,600 10,275,183 9,977,450 9,659,417 9,358,300 9,048,725 8,739,150 8,427,883
期次 1 2 3 4 5 6 7 8
租赁融资额 -64,000,000 退租赁保证金本息 -2,120,000
B.总流入79,184,333,总流出66,120,000,净流入13,064,333
综合租赁年利率 9.67370123994%,综合租赁期利率 4.8368506200%
收银行费 192,000
收保证金 2,000,000
收佣金 1,280,000
收租金 10,482,880 10,181,413 9,902,160 9,603,867 9,321,440 9,031,080 8,740,720 8,448,773
期次 1 2 3 4 5 6 7 8
租赁融资额 -64,000,000 退租赁保证金本息 -2,120,000
C.总流入79,631,425,总流出66,120,000,净流入13,511,425
综合租赁年利率 10.0038332763%,综合租赁期利率 5.0019166382%
收银行费 192,000
收保证金 2,000,000
收佣金 1,280,000
收租金 10,582,432 10,268,045 9,976,824 9,665,747 9,371,216 9,068,412 8,765,600 8,461,149
期次 1 2 3 4 5 6 7 8
租赁融资额 -64,000,000 退租赁保证金本息 -2,120,000
筹资综合利率测算表
A: 本条件下的筹资综合年利率是7.7612318719%。 |
季次 |
流 出 |
流入 |
净流出 |
期折现率 |
折现值 |
前端费 |
杂费 |
代理费 |
付息 |
还本 |
期初 |
800,000.00 |
100,000.00 |
24,000.00 |
|
|
80,000,000.00 |
(79,076,000.00) |
|
(79,076,000.00) |
1 |
|
|
|
2,915,000.00 |
|
|
2,915,000.00 |
3.8806159360% |
2,806,105.81 |
2 |
|
|
24,000.00 |
2,915,000.00 |
|
|
2,939,000.00 |
3.8806159360% |
2,723,519.91 |
3 |
|
|
|
2,915,000.00 |
|
|
2,915,000.00 |
3.8806159360% |
2,600,369.19 |
4 |
|
|
24,000.00 |
2,915,000.00 |
40,000,000.00 |
|
42,939,000.00 |
3.8806159360% |
36,873,457.51 |
5 |
|
|
|
1,457,500.00 |
|
|
1,457,500.00 |
3.8806159360% |
1,204,858.33 |
6 |
|
|
24,000.00 |
1,457,500.00 |
|
|
1,481,500.00 |
3.8806159360% |
1,178,947.75 |
7 |
|
|
|
1,457,500.00 |
|
|
1,457,500.00 |
3.8806159360% |
1,116,521.14 |
8 |
|
|
|
1,457,500.00 |
40,000,000.00 |
|
41,457,500.00 |
3.8806159360% |
30,572,220.36 |
合计 |
800,000.00 |
100,000.00 |
96,000.00 |
17,490,000.00 |
80,000,000.00 |
80,000,000.00 |
18,486,000.00 |
|
(0.00) |
98,486,000.00 |
筹资综合利率测算表
B: 本条件下的筹资综合年利率是8.39113838982%。 |
季次 |
流 出 |
流入 |
净流出 |
期折现率 |
折现值 |
前端费 |
杂费 |
代理费 |
付息 |
还本 |
期初 |
800,000.00 |
100,000.00 |
24,000.00 |
|
|
80,000,000.00 |
(79,076,000.00) |
|
(79,076,000.00) |
1 |
|
|
|
3,165,000.00 |
|
|
3,165,000.00 |
4.1955691949% |
3,037,557.19 |
2 |
|
|
24,000.00
|
3,165,000.00 |
|
|
3,189,000.00 |
4.1955691949% |
2,937,352.15 |
3 |
|
|
|
3,165,000.00 |
|
|
3,165,000.00 |
4.1955691949% |
2,797,859.88 |
4 |
|
|
24,000.00 |
3,165,000.00 |
40,000,000.00 |
|
43,189,000.00 |
4.1955691949% |
36,641,744.55 |
5 |
|
|
|
1,582,500.00 |
|
|
1,582,500.00 |
4.1955691949% |
1,288,538.68 |
6 |
|
|
24,000.00 |
1,582,500.00 |
|
|
1,606,500.00 |
4.1955691949% |
1,255,408.95 |
7 |
|
|
|
1,582,500.00 |
|
|
1,582,500.00 |
4.1955691949% |
1,186,858.54 |
8 |
|
|
|
1,582,500.00 |
40,000,000.00 |
|
41,582,500.00 |
4.1955691949% |
29,930,680.06 |
合计 |
800,000.00 |
100,000.00 |
96,000.00 |
18,990,000.00 |
80,000,000.00 |
80,000,000.00 |
19,986,000.00 |
|
0.00 |
99,986,000.00 |
筹资综合利率测算表
C: 本条件下的筹资综合年利率是7.88950638626%。 |
季次 |
流 出 |
流入 |
净流出 |
期折现率 |
折现值 |
前端费 |
杂费 |
代理费 |
付息 |
还本 |
期初 |
800,000.00 |
100,000.00 |
24,000.00 |
|
|
80,000,000.00 |
(79,076,000.00) |
|
(79,076,000.00) |
1 |
|
|
|
2,915,000.00 |
|
|
2,915,000.00 |
3.9447531931% |
2,804,374.35 |
2 |
|
|
24,000.00 |
2,915,000.00 |
|
|
2,939,000.00 |
3.9447531931% |
2,720,159.95 |
3 |
|
|
|
2,915,000.00 |
40,000,000.00 |
|
42,915,000.00 |
3.9447531931% |
38,212,143.47 |
4 |
|
|
24,000.00 |
1,457,500.00 |
|
|
1,481,500.00 |
3.9447531931% |
1,269,086.91 |
5 |
|
|
|
1,457,500.00 |
|
, |
1,457,500.00 |
3.9447531931% |
1,201,145.73 |
6 |
|
|
|
1,457,500.00 |
40,000,000.00 |
|
41,457,500.00 |
3.9447531931% |
32,869,089.59 |
合计 |
800,000.00 |
100,000.00 |
72,000.00 |
13,117,500.00 |
80,000,000.00 |
80,000,000.00 |
14,089,500.00 |
|
0.00 |
94,089,500.00 |
租赁综合利率测算表
A: 本条件下的租赁综合年利率是9.9598340875%。 |
季次 |
流 出 |
流 入 |
净流入 |
期折现率 |
折现值 |
租赁融资额 |
退保证金 |
保证金 |
银行费 |
佣金 |
租金 |
期初 |
64,000,000.00 |
|
2,000,000.00 |
192,000.00 |
|
|
(61,808,000.00) |
|
(61,808,000.00) |
1 |
|
|
|
|
1,280,000.00 |
10,596,600.00 |
11,876,600.00 |
4.9799170436% |
11,313,211.45 |
2 |
|
|
|
|
|
10,275,183.00 |
10,275,183.00 |
4.9799170436% |
9,323,460.06 |
3 |
|
|
|
|
|
9,977,450.00 |
9,977,450.00 |
4.9799170436% |
8,623,843.85 |
4 |
|
|
|
|
|
9,659,417.00 |
9,659,417.00 |
4.9799170436% |
7,952,909.02 |
5 |
|
|
|
|
|
9,358,300.00 |
9,358,300.00 |
4.9799170436% |
7,339,489.22 |
6 |
|
|
|
|
|
9,048,725.00 |
9,048,725.00 |
4.9799170436% |
6,760,052.03 |
7 |
|
|
|
|
|
8,739,150.00 |
8,739,150.00 |
4.9799170436% |
6,219,072.46 |
8 |
|
2,120,000.00 |
|
|
|
8,427,883.00 |
6,307,883.00 |
4.9799170436% |
4,275,961.90 |
合计 |
64,000,000.00 |
2,120,000.00 |
2,000,000.00 |
192,000.00 |
1,280,000.00 |
76,082,708.00 |
13,434,708.00 |
|
0.00 |
|
66,120,000.00 |
|
|
|
79,554,708.00 |
租赁综合利率测算表
B: 本条件下的租赁综合年利率是9.67370123994%。 |
季次 |
流 出 |
流 入 |
净流入 |
期折现率 |
折现值 |
租赁融资额 |
退保证金 |
保证金 |
银行费 |
佣金 |
租金 |
期初 |
64,000,000.00 |
|
2,000,000.00 |
192,000.00 |
|
|
(61,808,000.00) |
|
(61,808,000.00) |
1 |
|
|
|
|
1,280,000.00 |
10,482,880.00 |
11,762,880.00 |
4.8368506200% |
11,220,176.81 |
2 |
|
|
|
|
|
10,181,413.00 |
10,181,413.00 |
4.8368506200% |
9,263,607.01 |
3 |
|
|
|
|
|
9,902,160.00 |
9,902,160.00 |
4.8368506200% |
8,593,855.39 |
4 |
|
|
|
|
|
9,603,867.00 |
9,603,867.00 |
4.8368506200% |
7,950,423.69 |
5 |
|
|
|
|
|
9,321,440.00 |
9,321,440.00 |
4.8368506200% |
7,360,599.35 |
6 |
|
|
|
|
9,031,080.00 |
9,031,080.00 |
4.8368506200% |
6,802,301.76 |
7 |
|
|
|
|
|
8,740,720.00 |
8,740,720.00 |
4.8368506200% |
6,279,852.55 |
8 |
|
2,120,000.00 |
|
|
|
8,448,773.00 |
6,328,773.00 |
4.8368506200% |
4,337,183.44 |
合计 |
64,000,000.00 |
2,120,000.00 |
2,000,000.00 |
192,000.00 |
1,280,000.00 |
75,712,333.00 |
13,064,333.00 |
|
0.00 |
|
66,120,000.00 |
|
|
|
79,184,333.00 |
租赁综合利率测算表
C: 本条件下的租赁综合年利率是10.0038332763%。 |
季次 |
流 出 |
流 入 |
净流入 |
期折现率 |
折现值 |
租赁融资额 |
退保证金 |
保证金 |
银行费 |
佣金 |
租金 |
期初 |
64,000,000.00 |
|
2,000,000.00 |
192,000.00 |
|
|
(61,808,000.00) |
|
(61,808,000.00) |
1 |
|
|
|
|
1,280,000.00 |
10,582,432.00 |
11,862,432.00 |
5.0019166382% |
11,297,348.07 |
2 |
|
|
|
|
|
10,268,045.00 |
10,268,045.00 |
5.0019166382% |
9,313,079.50 |
3 |
|
|
|
|
|
9,976,824.00 |
9,976,824.00 |
5.0019166382% |
8,617,883.75 |
4 |
|
|
|
|
|
9,665,747.00 |
9,665,747.00 |
5.0019166382% |
7,951,453.39 |
5 |
|
|
|
|
|
9,371,216.00 |
9,371,216.00 |
5.0019166382% |
7,341,922.84 |
6 |
|
|
|
|
|
9,068,412.00 |
9,068,412.00 |
5.0019166382% |
6,766,247.57 |
7 |
|
|
|
|
|
8,765,600.00 |
8,765,600.00 |
5.0019166382% |
6,228,752.34 |
8 |
|
2,120,000.00 |
|
|
|
8,461,149.00 |
6,341,149.00 |
5.0019166382%
|
4,291,312.55 |
合计 |
64,000,000.00 |
2,120,000.00 |
2,000,000.00 |
192,000.00 |
1,280,000.00 |
76,159,425.00 |
13,511,425.00 , o:p> |
|
(0.00) |
|
66,120,000.00 |
|
|
|
79,631,425.00 |
|