APV法知识回顾概要1.ppt

17-* McGraw-Hill Ryerson ? 2003 McGraw–Hill Ryerson Limited Click here for title Recall that there are three questions in corporate finance. The first regards what long-term investments the firm should make (the capital budgeting question). The second regards the use of debt (the capital structure question). This part is the nexus of these questions. 杠杆企业的资本预算 1、Adjusted Present Value Approach （调整净现值法/APV法） 2、Flows to Equity Approach （权益现金流量法/FTE法） 3、 Weighted Average Cost of Capital Method（WACC法） 有杠杆情况下的三种资本预算方法 一、APV法 There are four side effects of financing: The Tax Subsidy to Debt The Costs of Issuing New Securities The Costs of Financial Distress Subsidies to Debt Financing NPVF=节税效应-发行成本-财务困境成本+利息补贴 APV 举例 Consider a project of the Pearson Company, the timing and size of the incremental after-tax cash flows for an all-equity firm (UCF）are: 0 1 2 3 4 -$1,000 $125 $250 $375 $500 The unlevered cost of equity is r0 = 10%: The project would be rejected by an all-equity firm: NPV 0. 无杠杆现金流量（UCF） APV 举例 (续) Now, imagine that the firm finances the project with $600 of debt at rB = 8%. Pearson’s tax rate is 40%, so they have an interest tax shield worth TCBrB = .40×$600×.08 = $19.20 each year. The net present value of the project under leverage is: So, Pearson should accept the project with debt. 二、FTE法 There are three steps in the FTE Approach: 步骤1: 计算出项目现金流量中流向权益所有者的现金流量（LCF） 步骤2: 计算 rS. 步骤3: 用 rS.贴现LCF，计算项目的现值 NPV=项目现值－初始投资中来自权益的那部分 LCF=UCF- B×rB×(1-TC) 步骤1: Levered Cash Flows for Pearson Since the firm is using $600 of debt, the equity holders only have to come up with $400 of the initial $1,000. Thus, CF0 = -$400 Each period, the equity holders must pay interest expense. The after-tax cost of the interest is B×rB×(1-TC) = $600×.08×(1-.40) = $28.80 0 1 2 3 4 -$400 $221.20 CF2 = $250 -28.80 $346.20 CF3 = $375 -28.80 -$128.80 CF4 = $500 -28.80 -600 CF1 = $125-28.80