Lånefinansieret køb eller leasing?

Ramona Claudia Toni Nauta

Student thesis: Master thesis


This thesis is about why firms decide to lease or buy and how the incentives are related to the decision to enter into a leasing agreement. The first part of the thesis examines the legal definition of leasing and which legal rules regulates leasing. The Danish taxation aspects of leasing agreements are examined. The tax treatments of options in the contracts are especially important. If there is an obligation for the lessee to buy the asset after the leasing period, the contracts will be considered as a loan under some circumstances. Furthermore some contracts have been neglected because there was no economic reality in the arrangements, especially sale and lease back arrangements. The relevant accounting rules for leasing, including IAS 17 is discussed in order to examine whether or not the accounting rules are important in creating economic value to a firm. The last part examines the economic foundation of leasing agreements. The purpose is to determine in which cases it would be desirable to enter into leasing agreements. Focus is primarily on the lease vs. buy decision. Operational leasing agreements are only superficially treated. The economic evaluation models are discussed in order to examine how to determine the value of a leasing agreement. Other reasons for leasing than the pure financial one is such as transaction costs which are discussed in the thesis. The conclusion is that there is no clear answer when to lease or buy. The decision depends on the asset. There can be good reasons for leasing, even when the evaluation isn’t pure financial.

EducationsMSc in Commercial Law, (Graduate Programme) Final Thesis
Publication date2010
Number of pages116