chapter17corporatefinance公司理財機械工業(yè)出版社rossppt課件(參考版)
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【正文】 Chapter 17 Valuation and Capital Budgeting for the Levered Firm 1 Chapter 17 Executive Summary ? Financing and Investment decisions are actually related. ? A project of an allequity firm might be rejected, while the same project might be accepted for a levered but otherwise identical firm. ? Previously we assume that the firm is financed with equity only. The goal of this chapter is to value a project, or the firm itself, when leverage is employed. 2 Chapter 17 Executive Summary ? Three standard approaches to valuation under leverage: – APV (adjustedpresentvalue) – FTE (flowtoequity) – WACC (weightedaveragecostofcapital) 3 Chapter 17 AdjustedPresentValue Approach ? APV = NPV + NPVF – APV: adjusted present value – NPV: value of the project to an unlevered firm – NPVF: present value of the financing side effects. 4 Chapter 17 AdjustedPresentValue Approach ? One can generally think of four side effects – The Tax Subsidy to Debt – The Costs of Issuing New Securities – The costs of Financial Distress –Subsidies to Debt Financing ?We consider the tax subsidy only in the following example. ?Example One (page 469) 5 Chapter 17 AdjustedPresentValue Approach ? C
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