[專業(yè)課]【西南財大課件金融經濟學】lecture3-costofcapital-資料下載頁
2024-10-16 17:11本頁面
【正文】 ate Finance 39 APV approach ? A project can have three sources of value to the shareholders: ? NPV of the free cash flow from the real assets ? NPV of subsidies etc ? NPV of financing effects Corporate Finance 40 APV (b) ? APV deposes the value in two parts: 1. NPV assuming all equity financing 2. PV of benefits and costs of debt ? Discount rates: 1. DR for unlevered assets 2. DR for the firm?s debt, .: rD = rf + ?D MP ? Then: APV = NPV + B(D) C(D) where D is the ?optimal? debt level Corporate Finance 41 Example ? Investment = 100 ? FCF = 20 / year (for 10 years) ? beta (OA) = 1 ? rf = 5% ? the firm can borrow 80m on the asset ? rD = 8% ? No costs of financial distress ? Tax = 30% Corporate Finance 42 Answer ? NPV (13%) = ? Yearly interest = .08 x 80 = ? Yearly tax shield = .30 x = ? If the spread over the riskfree rate reflects the default risk, there is some probability the firm will default (and not enjoy the tax shield). Say that prob is 25% ? Then: expected yearly tax shield = .75 x = Corporate Finance 43 Answer ? Discount rate = cost of debt = 8% ? PVTS = ? APV = NPV + B(D) = + = Corporate Finance 44 Assessing APV ? Main problem: ? How to estimate the ?optimal? capital structure ? More in general, how to estimate D, C(D) and B(D) ? However, a capital structure must be chosen anyway ? Using APV forces you to think about CS beforehand Corporate Finance 45 WACC approach ? The wacc approach incorporates the tax shield into the discount rate ? It is the most popular method because it is simpler, not necessarily better! ? Downside: it is less flexible than APV ? Caution: ? use the firm?s beta only if the project is in the same risk class。 otherwise find a project?s beta Corporate Finance 46 WACC or APV? ? Given that they are not equivalent the choice is relevant ? Using WACC because it is easier is obviously a wrong argument ? Criterion: ? known debt level or known (or target) D/E ratio ? other effects of debt are important (like subsidised debt) ? use APV Corporate Finance 47 Practice ? Calculate your pany?s cost of capital ? Use Thomson One Banker to get betas ? Rf : newspapers ? Market risk premium, 5% (unless you want to research yourself) ? Take all forms of financing into account ? Use market values! ? Use parable panies (see Marriot example)
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