Resumo

GONZALEZ NUNEZ, José Luis. Lease or purchase of fixed assets with the use of debt. Contad. Adm [online]. 2013, vol.58, n.2, pp.173-196. ISSN 0186-1042.

This work introduces the VNA (Clear Advantage of the Lease) criterion with the goal of letting any company that wants to incorporate fixed assets into his productive process, know whether it is better to realize it by means of a lease or through a debt-financed purchase. After analyzing the main lease types, the VNA criterion is applied to two different assumptions which also include an approximation to the legal Spanish regulation. Anyway, given its flexibility, the above mentioned criterion can be adapted to different cases and regulations. All kinds of results are obtained in this work, depending on the assumption adopted and on the variability granted to the different parameters used. In this respect, far from making hasty a priori affirmations on the convenience of leasing or buying fixed assets by means of debt, we recommend an ad hoc analysis in every case.

Palavras-chave : fixed assets; lease; purchase; parameters variability.