杠杆企业的估价与资本预算讲义(28页PPT).pptx

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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，编辑于星期二：四点 三十八分。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，编辑于星期二：四点 三十八分。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，编辑于星期二：四点 三十八分。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，编辑于星期二：四点 三十

6、八分。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，编辑于星期二：四点 三十八分。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，编辑于星期二：四点 三十八分。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，编辑于星期二：四点 三十八分。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，编辑于星期二：四点 三十八分。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，编辑于星期二：四点 三十八分。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，编辑于星期二：四点 三十八分。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，编辑于星期二：四点 三十八分。McGraw-Hill/IrwinCopyright 2002 by The McGraw-Hill Companies,Inc.All rights reserved.17-12ValuationforPearsonusingWACCTofindthevalueofthep

14、roject,discounttheunleveredcashflowsattheweightedaveragecostofcapital第十二页，编辑于星期二：四点 三十八分。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，编辑于星期二：四点 三十八分。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，编辑于星期二：四点 三十八分。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，编辑于星期二：四点 三十八分。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，编辑于星期二：四点 三十八分。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，编辑于星期二：四点 三十八分。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，编辑于星期二：四点 三十八分。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，编辑于星期二：四点 三十八分。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，编辑于星期二：四点 三十八分。McGraw-Hill/IrwinCopyright 2002 by The McGraw-Hill Companies,Inc.All rights reserved.17-2117.6APVExample:AddingitallupSincetheprojecthasapositiveAPV,itlookslikeago.Letsaddthefourtermsinthisequation:第二十一页，编辑于星期二：四点 三十八分。McGraw-Hill/I

26、rwinCopyright 2002 by The McGraw-Hill Companies,Inc.All rights reserved.17-2217.7BetaandLeverageRecallthatanassetbetawouldbeoftheform:第二十二页，编辑于星期二：四点 三十八分。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，编辑于星期二：四点 三十八分。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，编辑于星期二：四点 三十八分。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，编辑于星期二：四点 三十八分。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，编辑于星期二：四点 三十八分。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，编辑于星期二：四点 三十八分。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。16:22:5316:22:5316:2211/9/2022 4:2

32、2:53 PM3、每天只看目标，别老想障碍。11月-2216:22:5316:22Nov-2209-Nov-224、宁愿辛苦一阵子，不要辛苦一辈子。16:22:5316:22:5316:22Wednesday,November 9,20225、积极向上的心态，是成功者的最基本要素。11月-2211月-2216:22:5316:22:53November 9,20226、生活总会给你另一个机会，这个机会叫明天。09十一月20224:22:53下午16:22:5311月-227、人生就像骑单车，想保持平衡就得往前走。十一月224:22下午11月-2216:22November 9,20228、业余生活要有意义，不要越轨。2022/11/916:22:5316:22:5309 November 20229、我们必须在失败中寻找胜利，在绝望中寻求希望。4:22:53下午4:22下午16:22:5311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 4:22:53 PM16:22:5309-11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 4:22 PM11/9/2022 4:22 PM11月-2211月-22谢谢大家谢谢大家第二十八页，编辑于星期二：四点 三十八分。