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1、confirmingpagesPART5"""""CHAPTERPAYOUTPOLICYANDCAPITALSTRUCTURE19FinancingandValuation!InChapters5and6weshowedhowtovalueaall-equity-financed,andthenadjustthisbase-casecapitalinvestmentprojectbyafour-stepprocedure:valuetoaccountforfinancing.1.Forecastafter-taxcashflo
2、ws,assumingall-equityAdjustedpresentvalue1APV2financing.!base-casevalue"valueoffinancingsideeffects2.Assesstheproject’srisk.Onceyouidentifyandvaluethefinancingside3.Estimatetheopportunitycostofcapital.effects,calculatingAPVisnomorethanaddition4.CalculateNPV,usingthe
3、opportunitycostofcapitalorsubtraction.asthediscountrate.Thisisahow-to-do-itchapter.Inthefirstsection,There’snothingwrongwiththisprocedure,butnowweexplainandderivetheafter-taxWACCanduseitwe’regoingtoextendittoincludevaluecontributedbytovalueaprojectandbusiness.Thenin
4、Section19-2financingdecisions.Therearetwowaystodothis:weworkthroughamorecomplexandrealisticvaluation1.Adjustthediscountrate.Theadjustmentistypicallyproblem.Section19-3coverssometricksofthetrade:downward,toaccountforthevalueofinteresttaxhelpfulhintsonhowtoestimateinp
5、utsandonhowtoshields.Thisisthemostcommonapproach,whichadjustWACCwhenbusinessriskorcapitalstructureisusuallyimplementedviatheafter-taxweighted-changes.Section19-4turnstotheAPVmethod.Theideaaveragecostofcapital(WACC).WeintroducedthebehindAPVissimpleenough,buttracingth
6、roughalltheafter-taxWACCinChapters9and17,butherewefinancingsideeffectscanbetricky.Weconcludetheprovidealotmoreguidanceonhowitiscalculatedchapterwithaquestion-and-answersectiondesignedandused.toclarifypointsthatmanagersandstudentsoftenfind2.Adjustthepresentvalue.That
7、is,startbyestimatingconfusing.TheAppendixcoversanimportantspecialthefirmorproject’sbase-casevalue,assumingitiscase,namely,theafter-taxvaluationofsafecashflows."""""19-1TheAfter-TaxWeighted-AverageCostofCapitalWefirstaddressedproblemsofvaluationandcapitalbudgetinginC
8、hapters2to6.Inthoseearlychapterswesaidhardlyawordaboutfinancingdecisions.Infactweproceededunderthesimplestpossiblefinancingassumption,name
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