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1、.CHAPTER18VALUATIONANDCAPITALBUDGETINGFORTHELEVEREDFIRMAnswerstoConceptsReviewandCriticalThinkingQuestions1.APVisequaltotheNPVoftheproject(i.e.thevalueoftheprojectforanunleveredfirm)plustheNPVoffinancingsideeffects.2.TheWACCisbasedonatargetdebtlevelwhiletheAPVisbasedontheamountofdebt
2、.3.FTEusesleveredcashflowandothermethodsuseunleveredcashflow.4.TheWACCmethoddoesnotexplicitlyincludetheinterestcashflows,butitdoesimplicitlyincludetheinterestcostintheWACC.Ifheinsiststhattheinterestpaymentsareexplicitlyshown,youshouldusetheFTEmethod.5.Youcanestimatetheunleveredbetafr
3、omaleveredbeta.Theunleveredbetaisthebetaoftheassetsofthefirm;assuch,itisameasureofthebusinessrisk.Notethattheunleveredbetawillalwaysbelowerthantheleveredbeta(assumingthebetasarepositive).Thedifferenceisduetotheleverageofthecompany.Thus,thesecondriskfactormeasuredbyaleveredbetaisthefi
4、nancialriskofthecompany.SolutionstoQuestionsandProblemsNOTE:Allend-of-chapterproblemsweresolvedusingaspreadsheet.Manyproblemsrequiremultiplesteps.Duetospaceandreadabilityconstraints,whentheseintermediatestepsareincludedinthissolutionsmanual,roundingmayappeartohaveoccurred.However,the
5、finalanswerforeachproblemisfoundwithoutroundingduringanystepintheproblem.Basic1.a.Themaximumpricethatthecompanyshouldbewillingtopayforthefleetofcarswithall-equityfundingisthepricethatmakestheNPVofthetransactionequaltozero.TheNPVequationfortheprojectis:NPV=–PurchasePrice+PV[(1–tC)(EBT
6、D)]+PV(DepreciationTaxShield)IfweletPequalthepurchasepriceofthefleet,thentheNPVis:精品doc.NPV=–P+(1–.35)($140,000)PVIFA13%,5+(.35)(P/5)PVIFA13%,5精品doc.SettingtheNPVequaltozeroandsolvingforthepurchaseprice,wefind:0=–P+(1–.35)($140,000)PVIFA13%,5+(.35)(P/5)PVIFA13%,5P=$320,068.04+(P)(0.3
7、5/5)PVIFA13%,5P=$320,068.04+.2462P.7538P=$320,068.04P=$424,609.54b.Theadjustedpresentvalue(APV)ofaprojectequalsthenetpresentvalueoftheprojectifitwerefundedcompletelybyequityplusthenetpresentvalueofanyfinancingsideeffects.Inthiscase,theNPVoffinancingsideeffectsequalstheafter-taxpresen
8、tvalueofthec
