リースパラドックス

The leasing paradox highlights a situation in which a lease's net present value or NPV is positive for one party but negative for the other, creating a win-lose outcome.

For the lessee, NPV measures the cost of purchasing equipment minus the present value of after-tax lease payments, tax shields, and salvage value. 

A positive NPV benefits the lessee.

For the lessor, NPV reflects the present value of after-tax lease payments, tax shields, and salvage value minus the investment cost. 

A positive NPV benefits the lessor.

The paradox arises because lease terms, tax rates, and residual value determine NPVs, often creating competing interests.

This paradox makes it difficult for both parties to benefit mutually.

When one party’s tax rate is higher, both can achieve positive NPVs, creating a win-win scenario. 

A win-win scenario arises due to tax arbitrage.

Tax arbitrage refers to exploiting differences in tax rates for financial gain that mutually benefits both parties.

Understanding the paradox and the role of tax dynamics is essential for structuring equitable and mutually beneficial lease agreements.