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1、CHAPTERValuationandCapital17BudgetingfortheLeveredFirmInlate2005,thestateofTennesseeconvincedNissanWithsubsidizeddebt,amunicipalityguaranteesthetomoveitsU.S.headquartersfromCaliforniatodebt,whichallowsthecompanytoborrowatamuchNashville.SowhydidNissanmakethemove?Oneoflowerinterestrate.I
2、ftheinterestrateonthedebtislowerthereasonswasapackageconsistingof$197millioninthanthecompanysnormalcostofdebt,howdoesastateandlocaltaxcredits.Whenacorporationopensacompanyevaluatethefinancialbenefitsofthisandothermajorplantorconsidersrelocation,municipalitiesoftensuchsubsidies?Inthischap
3、ter,weillustratehowtocreateapackageloadedwithsubsidies,includingtaxevaluateprojectsusingtheadjustedpresentvalueandcredits,subsidizeddebt,educationaltraining,roadandflowtoequityapproachestocapitalbudgetingtoanswerinfrastructurecreation,andotherincentives.thisquestion.17.1AdjustedPresentV
4、alueApproachTheadjustedpresentvalue(APV)methodisbestdescribedbythefollowingformula:APVNPVNPVFInwords,thevalueofaprojecttoaleveredfirm(APV)isequaltothevalueoftheprojecttoanunleveredfirm(NPV)plusthenetpresentvalueofthefinancingsideeffects(NPVF).Wecangenerallythinkoffoursideeffects:1.Theta
5、xsubsidytodebt:ThiswasdiscussedinChapter15,wherewepointedoutthatforperpetualdebtthevalueofthetaxsubsidyistCB.(tCisthecorporatetaxrate,andBisthevalueofthedebt.)ThematerialaboutvaluationundercorporatetaxesinChapter15isactuallyanapplicationoftheAPVapproach.2.Thecostsofissuingnewsecurities
6、:AswewilldiscussindetailinChapter20,invest-mentbankersparticipateinthepublicissuanceofcorporatedebt.Thesebankersmustbecompensatedfortheirtimeandeffort,acostthatlowersthevalueoftheproject.3.Thecostsoffinancialdistress:Thepossibilityoffinancialdistress,andbankruptcyinparticular,ariseswithd
7、ebtfinancing.Asstatedinthepreviouschapter,financialdistressimposescosts,therebyloweringvalue.4.Subsidiestodebtfinancing:Theinterestondebtissuedbystateandlocalgovern-mentsisnottaxabletotheinvestor.Becauseofthis,theyieldontax-exemptdebtisgenerallysubstantiallybelowtheyieldontaxabledebt.Fr
