【正文】 ???$,1$$ ????AP VThe lost interest tax shield associated with this additional debt capacity of $25, has a present value of $1, 0 1 2 3 4 5O u t s t a n d i n g B a l a n c e o f t h e L o a n $ 2 5 ,5 4 3 .9 1 $ 2 0 , 9 2 1 . 1 1 $ 1 6 , 0 6 7 . 1 6 $ 1 0 , 9 7 0 . 5 2 $ 5 , 6 1 9 . 0 5 $ 0 . 0 0In t e re s t $ 1 , 7 0 2 . 9 3 $ 1 , 3 9 4 . 7 4 $ 1 , 0 7 1 . 1 4 $ 7 3 1 . 3 7 $ 3 7 4 . 6 0T a x D e d u c t i o n o n i n t e re s t $ 4 2 5 . 7 3 $ 3 4 8 . 6 9 $ 2 6 7 . 7 9 $ 1 8 2 . 8 4 $ 9 3 . 6 5A ft e r t a x I n t e re s t E x p e n s e $ 1 ,2 7 7 .2 0 $ 1 ,0 4 6 .0 6 $ 8 0 3 .3 6 $ 5 4 8 .5 3 $ 2 8 0 .9 5McGrawHill/Irwin Copyright 169。 2023 by The McGrawHill Companies, Inc. All rights reserved. 2131 Debt Displacement and Lease Valuation 5432 )066 ($)066 ($)066 ($)066 ($)066 ($,1$ ??????$,1$$ ????AP VThe lost interest tax shield associated with this additional debt capacity of $25, has a present value of $ 0 1 2 3 4 5O u ts ta n d i n g B a l a n c e o f th e L o a n $ 2 5 , 2 1 9 . 2 0 $ 2 0 , 6 5 5 . 1 6 $ 1 5 , 8 6 2 . 9 2 $ 1 0 , 8 3 1 . 0 7 $ 5 , 5 4 7 . 6 2 $ 0 . 0 0I n t e re s t $ 1 , 9 1 0 . 5 5 $ 1 , 5 6 4 . 7 8 $ 1 , 2 0 1 . 7 4 $ 8 2 0 . 5 4 $ 4 2 0 . 2 7T a x D e d u c t i o n o n i n t e re s t $ 6 4 9 . 5 9 $ 5 3 2 . 0 3 $ 4 0 8 . 5 9 $ 2 7 8 . 9 8 $ 1 4 2 . 8 9A ft e rt a x I n t e re s t E x p e n s e $ 1 , 2 6 0 . 9 6 $ 1 , 0 3 2 . 7 6 $ 7 9 3 . 1 5 $ 5 4 1 . 5 5 $ 2 7 7 . 3 8E x t ra C a s h t h a t p u rc h a s i n g fi rm g e n e re a t e s o v e r l e a s i n g fi rm 5 , 8 2 5 . 0 0$ 5 , 8 2 5 . 0 0$ 5 , 8 2 5 . 0 0$ 5 , 8 2 5 . 0 0$ 5 , 8 2 5 . 0 0$ McGrawHill/Irwin Copyright 169。 2023 by The McGrawHill Companies, Inc. All rights reserved. 2132 Appendix 21A: APV Approach to Leasing APV = AllEquity Value + Financing NPV Calculations shown on the following slides will show that for the latest Clumzee Movers example (where the tax rate is 25%) APV = $ – $1, APV = –$ Which is the same value as the easier NPV analysis. McGrawHill/Irwin Copyright 169。 2023 by The McGrawHill Companies, Inc. All rights reserved. 2133 Appendix 21A: APV Approach to Leasing APV = AllEquity Value + Financing NPV ? To find the allequity value, discount the cash flows at the pretax interest rate. The after tax rate was 5% which implies a pretax rate of % = 5%/(). $)066 ( 900,5$000,25$ueequ ity valAll 51??? ??t tCash Flows ClumZee Movers: Leasing Instead of Buying Year 0 Years 15 Cost of truck we didn’t buy $25,000 Lost Depreciation Tax Shield 5,000 (.25) = –$1,250 AfterTax Lease Payments 6,200 (1 –.25) = –$4,650 $25,000 –$5,900 McGrawHill/Irwin Copyright 169。 2023 by The McGrawHill Companies, Inc. All rights reserved. 2134 Appendix 21A: APV Approach to Leasing APV = AllEquity Value + Financing NPV ? The NPV of the financing is the fone interest tax shields on the debt that ClumZee movers didn’t go into when they leased instead of bought the truck. ? ClumZee agreed to a lease payment of $5,900. ? This payment would support a loan of $25, ????51 )(900,5$,25$capacit ydeb t IncreasedttMcGrawHill/Irwin Copyright 169。 2023 by The McGrawHill Companies, Inc. All rights reserved. 2135 Appendix 21A: APV Approach to Leasing 5432 )066 ($)066 ($)066 ($)066 ($)066 ($,1$ ??????$,1$$ ????AP VThe lost interest tax shield associated with this additional debt capacity of $25, has a present value of $1, 0 1 2 3 4 5O u ts ta n d i n g B a l a n c e o f t h e L o a n$ 2 5 ,5 4 3 .9 1 $ 2 0 ,9 2 1 .1 1 $ 1 6 ,0 6 7 .1 6 $ 1 0 ,9 7 0 .5 2 $ 5 ,6 1 9 .0 5 $ 0 .0 0In t e re s t $ 1 ,7 0 2 .9 3 $ 1 ,3 9 4 .7 4 $ 1 ,0 7 1 .1 4 $ 7 3 1 .3 7 $ 3 7 4 .6 0T a x D e d u c t i o n o n i n t e re s t $ 4 2 5 .7 3 $ 3 4 8 .6 9 $ 2 6 7 .7 9 $ 1 8 2 .8 4 $ 9 3 .6 5A ft e r t a x I n t e re s t E x p e n s e $ 1 ,2 7 7 .2 0 $ 1 ,0 4 6 .0 6 $ 8 0 3 .3 6 $ 5 4 8 .5 3 $ 2 8 0 .9 5McGrawHill/Irwin Copyright 169。 2023 by The McGrawHill Companies, Inc. All rights reserved. 2136 演講完畢，謝謝觀看！