| Summary: | 碩士 === 國立中山大學 === 財務管理學系研究所 === 101 === After the basic needs of leasing was satisfied, it turns out that there are more and more types of leasing. Nowadays, leasing is not only associate with the purchase decision of new equipments but also the revaluation of those old ones. Sale leaseback is a very popular way to improve the liquidity of the assets. By the means of selling the ownership of old equipments to the leasing companies and leases it back, one continues to be able to use the asset but no longer owns it. It is a financial transaction from the fixed assets to the current assets, and it can differ the in-kind transfer and the value transfer.
In this study, we take Chimei Innolux as an example, and try to examine whether taking a sale leaseback decision by the model derived from the Johnson-Lewellen net present value model can increase the firm value. According to the empirical result, the lower the book value of the assets, the higher the market value of the assets, the more the money acquired from selling the equipments, the larger the difference between the revaluated lease assets value and the book value, the closer the implied leasing rates to the mortgage rates, and the higher the future leasing expenses, the more favorable to carry out sale leaseback.
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