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灰飞翔的猫 · 2025年01月05日

答案解析

NO.PZ2024011002000105

问题如下:

Which of the following is least likely an advantage to the lessee in a leasing agreement?

选项:

A.High residual value

B.Low down payment required

C.Lower financing costs than purchasing the asset

解释:

In a lease situation the lessor retains legal title to the asset and would be the party to benefit from a high residual value, not the lessee. A low down payment and lower financing cost are advantages for a lessee.

B is incorrect. A low down payment is an advantage for a lessee.

C is incorrect. Leases can provide less costly financing for the lessee because they usually require little, if any, down payment and often are at lower fixed interest rates than those incurred if the assets were purchased.

我觉得答案解析有点confuse,为什么lessor是benefit from higher 残值的?残值高不高不是取决于lessee有没有充分利用资产的么?感觉不能说绝对benefit吧?

1 个答案

王园圆_品职助教 · 2025年01月05日

同学你好, 首先,A选项说high residual value,意思就是这个lease asset在承租人手上能够被有效消耗的价值很少,这样才会有很多的剩余价值可以留给出租人——也就是你花了大价钱钱租了一个资产,但是没有办法最大化利用这个资产(因为还有很多剩余价值保留下来),这对你来说肯定是不利的。花了钱肯定希望能将这个资产使用到榨干最后一点价值,才是最划算的——从这个角度,就应该选A

其次,CFA的题目都是三个选项中选最优的,而不是要求某个选项一定要100%正确才能选,从排除法的角度,B和C肯定是对承租人有利的,所以肯定不能选B和C,那就只有A可以选了