罗斯公司理财第九版第十八章课后答案对应版.docVIP

第十八章：杠杆企业的股价与资本预算 1、调整的净现值法（APV）如下： （UCFt= 无杠杆企业项目第期流向权益所有者的现金流量R0=无杠杆企业项目的资本成本） 2、APV 法用权益资本成本折现现金流得到无杠杆项目的价值，然后加上负债的节税现值，得到有杠杆情况下的项目价值；而WACC 法则将UCF 按RWACC折现，而RWACC 低于R0 。 3、FTE 法使用的是LCF，而其它两种方法使用的是UCF。 4、WACC 法在计算现金流量时使用的是无杠杆企业的现金流量，没有包含利息，但是在计算加权平均成本的时候包含了利息成本。若在计算现金流时要把利息的支付包括进去，可使用FTF 法。 5、无杠杆企业的贝塔值可以用杠杆的贝塔来衡量，它是企业业务风险的衡量标准；另外，企业的金融风险也可以由贝塔值来衡量。 6.a. The maximum price that the company should be willing to pay for the fleet of cars with all-equity funding is the price that makes the NPV of the transaction equal to zero. The NPV equation for the project is: NPV = –Purchase Price + PV[(1 – tC )(EBTD)] + PV(Depreciation Tax Shield) If we let P equal the purchase price of the fleet, then the NPV is: NPV = –P + (1 – .35)($140,000)PVIFA13%,5 + (.35)(P/5)PVIFA13%,5 Setting the NPV equal to zero and solving for the purchase price, we find: 0 = –P + (1 – .35)($140,000)PVIFA13%,5 + (.35)(P/5)PVIFA13%,5 P = $320,068.04 + (P)(0.35/5)PVIFA13%,5 = $320,068.04 + .2462P .7538P = $320,068.04 则P = $424,609.54 b. The adjusted present value (APV) of a project equals the net present value of the project if it were funded completely by equity plus the net present value of any financing side effects. In this case, the NPV of financing side effects equals the after-tax present value of the cash flows resulting from the firm‘s debt, so: APV = NPV(All-Equity) + NPV(Financing Side Effects) So, the NPV of each part of the APV equation is: NPV(All-Equity) = –Purchase Price + PV[(1 – tC )(EBTD)] + PV(Depreciation Tax Shield) The company paid $395,000 for the fleet of cars. Because this fleet will be fully depreciated over five years using the straight-line method, annual depreciation expense equals: Depreciation = $395,000/5 = $79,000 So, the NPV of an all-equity project is: NPV = –$395,000 + (1 – 0.35)($140,000)PVIFA13%,5 + (0.35)($79,000)PVIFA13%,5 NPV = $22,319.49 NPV(Financing Side Effects) The net present value of financing side effects equals the after-tax present value