chapter17corporatefinance公司理財(cái)機(jī)械工業(yè)出版社rossppt課件-資料下載頁
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【正文】 rget debttoequity ratio, we use WACC and FTE for capital budgeting. ? However, as we mentioned earlier, APV is the preferred approach when there are side benefits and side costs to debt. ? An example, in addition to the tax subsidy to debt, both flotation costs and interest subsidies e into play. 19 Chapter 17 Beta and Leverage ? Chapter 12 (page 318) provides the formula for the relationship between the beta of the mon stock and leverage of the firm in a world without taxes. ? Formula ? This relationship holds under the assumption that the beta of debt is zero. 20 Chapter 17 Beta and Leverage ? The corporatetax case. Formula . ? It can be seen that leveerage increases the equity beta less rapidly under corporate taxes. ? This occurs because, under taxes, leverage creates a riskless tax shield, thereby lowering the risk of the entire firm. 21 Chapter 17 Beta and Leverage ? Example of scaleenhancing project. ? Example of not scaleenhancing project. 22 Chapter 17 Summary and Conclusions 23 Chapter 17 24 Chapter 17 謝謝觀看 /歡迎下載 BY FAITH I MEAN A VISION OF GOOD ONE CHERISHES AND THE ENTHUSIASM THAT PUSHES ONE TO SEEK ITS FULFILLMENT REGARDLESS OF OBSTACLES. BY FAITH I BY FAITH
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