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1、McGraw-Hill/IrwinCopyright 2002 by The McGraw-Hill Companies,Inc.All rights reserved.17-1ProspectusRecall that there are three questions in corporatefinance.The first regards what long-term investments thefirmshouldmake(thecapitalbudgetingquestion).The second regards the use of debt(the capitalstruc
2、turequestion).Thischapteristhenexusofthesequestions.第一页，编辑于星期二：八点 二十九分。McGraw-Hill/IrwinCopyright 2002 by The McGraw-Hill Companies,Inc.All rights reserved.17-2ChapterOutline17.1AdjustedPresentValueApproach17.2FlowstoEquityApproach17.3WeightedAverageCostofCapitalMethod17.4 A Comparison of the APV,FT
3、E,and WACCApproaches17.5CapitalBudgetingWhentheDiscountRateMustBeEstimated17.6APVExample17.7BetaandLeverage17.8SummaryandConclusions第二页，编辑于星期二：八点 二十九分。McGraw-Hill/IrwinCopyright 2002 by The McGraw-Hill Companies,Inc.All rights reserved.17-317.1AdjustedPresentValueApproachThevalueofaprojecttothefirmc
4、anbethoughtofasthevalueoftheprojecttoanunleveredfirm(NPV)plusthepresentvalueofthefinancingsideeffects(NPVF):Therearefoursideeffectsoffinancing:TheTaxSubsidytoDebtTheCostsofIssuingNewSecuritiesTheCostsofFinancialDistressSubsidiestoDebtFinancing第三页，编辑于星期二：八点 二十九分。McGraw-Hill/IrwinCopyright 2002 by The
5、 McGraw-Hill Companies,Inc.All rights reserved.17-4APVExampleConsideraprojectofthePearsonCompany,thetimingandsizeoftheincrementalafter-taxcashflowsforanall-equityfirmare:01 2 3 4 -$1,000$125$250$375$500Theunleveredcostofequityisr0=10%:Theprojectwouldberejectedbyanall-equityfirm:NPV0.第四页，编辑于星期二：八点 二十
6、九分。McGraw-Hill/IrwinCopyright 2002 by The McGraw-Hill Companies,Inc.All rights reserved.17-5APVExample(continued)Now,imaginethatthefirmfinancestheprojectwith$600ofdebtatrB=8%.Pearsonstaxrateis40%,sotheyhaveaninteresttaxshieldworthTCBrB=.40$600.08=$19.20eachyear.Thenetpresentvalueoftheprojectunderlev
7、erageis:So,Pearsonshouldaccepttheprojectwithdebt.第五页，编辑于星期二：八点 二十九分。McGraw-Hill/IrwinCopyright 2002 by The McGraw-Hill Companies,Inc.All rights reserved.17-6APVExample(continued)NotethattherearetwowaystocalculatetheNPVoftheloan.Previously,wecalculatedthePVoftheinteresttaxshields.Now,letscalculatethe
8、actualNPVoftheloan:Whichisthesameanswerasbefore.第六页，编辑于星期二：八点 二十九分。McGraw-Hill/IrwinCopyright 2002 by The McGraw-Hill Companies,Inc.All rights reserved.17-717.2FlowstoEquityApproachDiscountthecashflowfromtheprojecttotheequityholdersoftheleveredfirmatthecostofleveredequitycapital,rS.Therearethreestep
9、sintheFTEApproach:StepOne:CalculatetheleveredcashflowsStepTwo:CalculaterS.StepThree:ValuationoftheleveredcashflowsatrS.第七页，编辑于星期二：八点 二十九分。McGraw-Hill/IrwinCopyright 2002 by The McGraw-Hill Companies,Inc.All rights reserved.17-8StepOne:LeveredCashFlowsforPearsonSincethefirmisusing$600ofdebt,theequity
10、holdersonlyhavetocomeupwith$400oftheinitial$1,000.Thus,CF0=-$400Eachperiod,theequityholdersmustpayinterestexpense.Theafter-taxcostoftheinterestisBrB(1-TC)=$600.08(1-.40)=$28.80 01 2 3 4-$400$221.20CF2=$250-28.80$346.20CF3=$375-28.80-$128.80 CF4=$500-28.80-600CF1=$125-28.80$96.20第八页，编辑于星期二：八点 二十九分。Mc
11、Graw-Hill/IrwinCopyright 2002 by The McGraw-Hill Companies,Inc.All rights reserved.17-9StepTwo:CalculaterSforPearsonTocalculatethedebttoequityratio,B/S,startwiththedebttovalueratio.NotethatthevalueoftheprojectisB=$600whenV=$1,007.09soS=$407.09.第九页，编辑于星期二：八点 二十九分。McGraw-Hill/IrwinCopyright 2002 by Th
12、e McGraw-Hill Companies,Inc.All rights reserved.17-10StepThree:ValuationforPearsonDiscountthecashflowstoequityholdersatrS=11.77%01 2 3 4 -$400$96.20$221.20$346.20 -$128.80 第十页，编辑于星期二：八点 二十九分。McGraw-Hill/IrwinCopyright 2002 by The McGraw-Hill Companies,Inc.All rights reserved.17-1117.3WACCMethodforPe
13、arsonTofindthevalueoftheproject,discounttheunleveredcashflowsattheweightedaveragecostofcapital.SupposePearsonInc.targetdebttoequityratiois1.50第十一页，编辑于星期二：八点 二十九分。McGraw-Hill/IrwinCopyright 2002 by The McGraw-Hill Companies,Inc.All rights reserved.17-12ValuationforPearsonusingWACCTofindthevalueofthep
14、roject,discounttheunleveredcashflowsattheweightedaveragecostofcapital第十二页，编辑于星期二：八点 二十九分。McGraw-Hill/IrwinCopyright 2002 by The McGraw-Hill Companies,Inc.All rights reserved.17-1317.4AComparisonoftheAPV,FTE,andWACCApproachesAllthreeapproachesattemptthesametask:valuationinthepresenceofdebtfinancing.G
15、uidelines:UseWACCorFTEifthefirmstargetdebt-to-valueratioappliestotheprojectoverthelifeoftheproject.UsetheAPViftheprojectslevelofdebtisknownoverthelifeoftheproject.Intherealworld,theWACCisthemostwidelyusedbyfar.第十三页，编辑于星期二：八点 二十九分。McGraw-Hill/IrwinCopyright 2002 by The McGraw-Hill Companies,Inc.All r
16、ights reserved.17-14Summary:APV,FTE,andWACCAPVWACCFTEInitialInvestmentAllAllEquityPortionCashFlowsUCFUCFLCFDiscountRatesr0 rWACCrSPVoffinancingeffectsYesNoNoWhichapproachisbest?UseAPVwhenthelevelofdebtisconstantUseWACCandFTEwhenthedebtratioisconstant第十四页，编辑于星期二：八点 二十九分。McGraw-Hill/IrwinCopyright 200
17、2 by The McGraw-Hill Companies,Inc.All rights reserved.17-1517.5CapitalBudgetingWhentheDiscountRateMustBeEstimatedAscale-enhancingprojectisonewheretheprojectissimilartothoseoftheexistingfirm.Intherealworld,executiveswouldmaketheassumptionthatthebusinessriskofthenon-scale-enhancingprojectwouldbeabout
18、equaltothebusinessriskoffirmsalreadyinthebusiness.Noexactformulaexistsforthis.Someexecutivesmightselectadiscountrateslightlyhigherontheassumptionthatthenewprojectissomewhatriskiersinceitisanewentrant.第十五页，编辑于星期二：八点 二十九分。McGraw-Hill/IrwinCopyright 2002 by The McGraw-Hill Companies,Inc.All rights rese
19、rved.17-1617.6APVExample:WorldwideTrousers,Inc.isconsideringa$5millionexpansionoftheirexistingbusiness.Theinitialexpensewillbedepreciatedstraight-lineover5yearstozerosalvagevalue;thepretaxsalvagevalueinyear5willbe$500,000.Theprojectwillgeneratepretaxearningsof$1,500,000peryear,andnotchangetherisklev
20、elofthefirm.Thefirmcanobtaina5-year$3,000,000loanat12.5%topartiallyfinancetheproject.Iftheprojectwerefinancedwithallequity,thecostofcapitalwouldbe18%.Thecorporatetaxrateis34%,andtherisk-freerateis4%.Theprojectwillrequirea$100,000investmentinnetworkingcapital.CalculatetheAPV.第十六页，编辑于星期二：八点 二十九分。McGra
21、w-Hill/IrwinCopyright 2002 by The McGraw-Hill Companies,Inc.All rights reserved.17-1717.6APVExample:CostThecostoftheprojectisnot$5,000,000.Wemustincludetheroundtripinandoutofnetworkingcapitalandtheafter-taxsalvagevalue.Letsworkourwaythroughthefourtermsinthisequation:NWCisriskless,sowediscountitatrf.
22、Salvagevalueshouldhavethesameriskastherestofthefirmsassets,soweuser0.第十七页，编辑于星期二：八点 二十九分。McGraw-Hill/IrwinCopyright 2002 by The McGraw-Hill Companies,Inc.All rights reserved.17-1817.6APVExample:PV unlevered projectThePV unlevered projectisthepresentvalueoftheunleveredcashflowsdiscountedattheunlevere
23、dcostofcapital,18%.Turningourattentiontothesecondterm,第十八页，编辑于星期二：八点 二十九分。McGraw-Hill/IrwinCopyright 2002 by The McGraw-Hill Companies,Inc.All rights reserved.17-1917.6APVExample:PV depreciation tax shieldThePV depreciation tax shieldisthepresentvalueofthetaxsavingsduetodepreciationdiscountedattheri
24、skfreerate,atrf=4%Turningourattentiontothethirdterm,第十九页，编辑于星期二：八点 二十九分。McGraw-Hill/IrwinCopyright 2002 by The McGraw-Hill Companies,Inc.All rights reserved.17-2017.6APVExample:PV interest tax shieldThePV interest tax shieldisthepresentvalueofthetaxsavingsduetointerestexpensediscountedatthefirmsdebt
25、rate,atrD=12.5%Turningourattentiontothelastterm,第二十页，编辑于星期二：八点 二十九分。McGraw-Hill/IrwinCopyright 2002 by The McGraw-Hill Companies,Inc.All rights reserved.17-2117.6APVExample:AddingitallupSincetheprojecthasapositiveAPV,itlookslikeago.Letsaddthefourtermsinthisequation:第二十一页，编辑于星期二：八点 二十九分。McGraw-Hill/I
26、rwinCopyright 2002 by The McGraw-Hill Companies,Inc.All rights reserved.17-2217.7BetaandLeverageRecallthatanassetbetawouldbeoftheform:第二十二页，编辑于星期二：八点 二十九分。McGraw-Hill/IrwinCopyright 2002 by The McGraw-Hill Companies,Inc.All rights reserved.17-2317.7BetaandLeverage:NoCorp.TaxesInaworldwithoutcorporat
27、etaxes,andwithrisklesscorporatedebt,itcanbeshownthattherelationshipbetweenthebetaoftheunleveredfirmandthebetaofleveredequityis:Inaworldwithoutcorporatetaxes,andwithriskycorporatedebt,itcanbeshownthattherelationshipbetweenthebetaoftheunleveredfirmandthebetaofleveredequityis:第二十三页，编辑于星期二：八点 二十九分。McGra
28、w-Hill/IrwinCopyright 2002 by The McGraw-Hill Companies,Inc.All rights reserved.17-2417.7BetaandLeverage:withCorp.TaxesInaworldwithcorporatetaxes,andrisklessdebt,itcanbeshownthattherelationshipbetweenthebetaoftheunleveredfirmandthebetaofleveredequityis:Sincemustbemorethan1foraleveredfirm,itfollowsth
29、at第二十四页，编辑于星期二：八点 二十九分。McGraw-Hill/IrwinCopyright 2002 by The McGraw-Hill Companies,Inc.All rights reserved.17-2517.7BetaandLeverage:withCorp.TaxesIfthebetaofthedebtisnon-zero,then:第二十五页，编辑于星期二：八点 二十九分。McGraw-Hill/IrwinCopyright 2002 by The McGraw-Hill Companies,Inc.All rights reserved.17-2617.8Summ
30、aryandConclusions1.TheAPVformulacanbewrittenas:2.TheFTEformulacanbewrittenas:3.TheWACCformulacanbewrittenas第二十六页，编辑于星期二：八点 二十九分。McGraw-Hill/IrwinCopyright 2002 by The McGraw-Hill Companies,Inc.All rights reserved.17-2717.8SummaryandConclusions4UsetheWACCorFTEifthefirmstargetdebttovalueratioappliesto
31、theprojectoveritslife.5TheAPVmethodisusedifthelevelofdebtisknownovertheprojectslife.6Thebetaoftheequityofthefirmispositivelyrelatedtotheleverageofthefirm.第二十七页，编辑于星期二：八点 二十九分。1、每一个成功者都有一个开始。勇于开始，才能找到成功的路。11月-2211月-22Wednesday,November 9,20222、成功源于不懈的努力，人生最大的敌人是自己怯懦。17:13:4717:13:4717:1311/9/2022 5:1
32、3:47 PM3、每天只看目标，别老想障碍。11月-2217:13:4717:13Nov-2209-Nov-224、宁愿辛苦一阵子，不要辛苦一辈子。17:13:4717:13:4717:13Wednesday,November 9,20225、积极向上的心态，是成功者的最基本要素。11月-2211月-2217:13:4717:13:47November 9,20226、生活总会给你另一个机会，这个机会叫明天。09十一月20225:13:47下午17:13:4711月-227、人生就像骑单车，想保持平衡就得往前走。十一月225:13下午11月-2217:13November 9,20228、业余生活要有意义，不要越轨。2022/11/917:13:4717:13:4709 November 20229、我们必须在失败中寻找胜利，在绝望中寻求希望。5:13:47下午5:13下午17:13:4711月-2210、一个人的梦想也许不值钱，但一个人的努力很值钱。11/9/2022 5:13:47 PM17:13:4709-11月-2211、在真实的生命里，每桩伟业都由信心开始，并由信心跨出第一步。11/9/2022 5:13 PM11/9/2022 5:13 PM11月-2211月-22谢谢大家谢谢大家第二十八页，编辑于星期二：八点 二十九分。