杠杆企业的估价与资本预算讲义t 2.ppt

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1、ProspectusRecallthattherearethreequestionsincorporatefinance.Thefirstregardswhatlong-terminvestmentsthefirmshouldmake(thecapitalbudgetingquestion).Thesecondregardstheuseofdebt(thecapitalstructurequestion).Thischapteristhenexusofthesequestions.ChapterOutli

2、ne17.1AdjustedPresentValueApproach17.2FlowstoEquityApproach17.3WeightedAverageCostofCapitalMethod17.4AComparisonoftheAPV,FTE,andWACCApproaches17.5CapitalBudgetingWhentheDiscountRateMustBeEstimated17.6APVExample17.7BetaandLeverage17.8SummaryandConclusions1

3、7.1AdjustedPresentValueApproachThevalueofaprojecttothefirmcanbethoughtofasthevalueoftheprojecttoanunleveredfirm(NPV)plusthepresentvalueofthefinancingsideeffects(NPVF):Therearefoursideeffectsoffinancing:TheTaxSubsidytoDebtTheCostsofIssuingNewSecuritiesTheC

4、ostsofFinancialDistressSubsidiestoDebtFinancingAPVExampleConsideraprojectofthePearsonCompany,thetimingandsizeoftheincrementalafter-taxcashflowsforanall-equityfirmare:01234-$1,000$125$250$375$500Theunleveredcostofequityisr0=10%:Theprojectwouldberejectedbya

5、nall-equityfirm:NPV<0.APVExample(continued)Now,imaginethatthefirmfinancestheprojectwith$600ofdebtatrB=8%.Pearson’staxrateis40%,sotheyhaveaninteresttaxshieldworthTCBrB=.40×$600×.08=$19.20eachyear.Thenetpresentvalueoftheprojectunderleverageis:So,Pearsonshou

6、ldaccepttheprojectwithdebt.APVExample(continued)NotethattherearetwowaystocalculatetheNPVoftheloan.Previously,wecalculatedthePVoftheinteresttaxshields.Now,let’scalculatetheactualNPVoftheloan:Whichisthesameanswerasbefore.17.2FlowstoEquityApproachDiscountthe

7、cashflowfromtheprojecttotheequityholdersoftheleveredfirmatthecostofleveredequitycapital,rS.TherearethreestepsintheFTEApproach:StepOne:CalculatetheleveredcashflowsStepTwo:CalculaterS.StepThree:ValuationoftheleveredcashflowsatrS.StepOne:LeveredCashFlowsforP

8、earsonSincethefirmisusing$600ofdebt,theequityholdersonlyhavetocomeupwith$400oftheinitial$1,000.Thus,CF0=-$400Eachperiod,theequityholdersmustpayinterestexpense.Theafter-taxcostoftheinterestisB×rB×(1-TC)=$600×.08×(1-.