Cohen L S
Med Instrum. 1977 Jan-Feb;11(1):37-43.
Equipment financing by conditional sale, lease-purchase, and true lease transactions is discussed with emphasis on equity and third-party reimbursement. Use of available funds, bank loans, and leasing are compared on a quantitative basis with an incremental cash flow (ICF) analysis. The ICF analysis involves cash accrual and present value techniques. It is demonstrated in a parametric study of lease rates, equipment useful-lives, and reimbursement levels that leasing is the preferred financing route when there is an expectation of obsolescence and when lease term maturities are significantly less than equipment useful-life. Once the decision has been made to lease equipment, it is important to structure the transaction to achieve the optimum mix of rate, term, buy-out options, and available tax shelter. Specific lease situations are given to illustrate the problems that should be considered by the lessee. Lease terms and conditions tailored to the requirements of the users of biomedical instrumentation are discussed in detail. Lessor selection and the importance of a professional working relationship between lessee and lessor also are explored. The capabilities of the lessor (financial, technical, and administrative) can be tapped by the hospital/clinic staff to develop significant advantages in addition to the financing.
本文讨论了通过有条件销售、租购和真实租赁交易进行的设备融资，重点是权益和第三方报销。通过增量现金流（ICF）分析，在定量基础上比较了可用资金、银行贷款和租赁的使用情况。ICF分析涉及现金应计和现值技术。在一项关于租赁费率、设备使用寿命和报销水平的参数研究中表明，当预期设备会过时且租赁期限明显短于设备使用寿命时，租赁是首选的融资途径。一旦决定租赁设备，重要的是构建交易结构，以实现利率、期限、买断选项和可用税收庇护的最佳组合。给出了具体的租赁情况，以说明承租人应考虑的问题。详细讨论了根据生物医学仪器用户需求定制的租赁条款和条件。还探讨了出租人的选择以及承租人与出租人之间专业工作关系的重要性。医院/诊所工作人员可以利用出租人的能力（财务、技术和行政），除了融资之外，还能发展出显著的优势。
