公司理财精要第十版(全)PPT
公司理财精要Chap007
One Period Example
• • • • • D1 = $2 dividend expected in one year R = 20% P1 = $14 CF1 = $2 + $14 = $16 Compute the PV of the expected cash flows
( 2 14) P0 $13.33 1.20
– The company pays dividends – You sell your shares, either to another investor in the market or back to the company
• As with bonds, the price of the stock is the present value of these expected cash flows
150 100 50 0 0 0.05 0.1 Growth Rate
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0.15
0.2
Stock Price Sensitivity to Required Return, R
250 200
D1 = $2; g = 5%
Stock Price
150 100 50 0 0 0.05 0.1 0.15 Growth Rate
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Estimating Dividends
Special Cases
• Constant dividend/Zero Growth
– Firm will pay a constant dividend forever – Like preferred stock – Price is computed using the perpetuity formula
公司理财(精要版·原书第12版)PPT中文Ch07 利率和债券估值
• 年数= 5; 收益率= 11; 年金 = 100; 终值 = 1,000 • 债券价值= -963.04
7-6
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▪ 使用计算器:
• 年数= 20;收益率= 8;年金= 100;终值 = 1000 • 债券价值= -1,196.36
7-7
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普通债券收益率
• 假设有一种年利率为10%、期限为15年、票面价值为1,000 美元的债券。目前的价格是928.09美元。
▪ 收益率会高于还是低于10%？
▪ N = 15; PV = -928.09; FV = 1,000; PMT = 100; CPT I/Y = 11%
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《公司理财精要》课后习题及答案13
(22%－Rf )/1.8 = (20.44%－Rf )/1.6 稍加计算，我们就会发现无风险报酬必须是8%：
22%－Rf = (20.44%－Rf)×(1.8/1.6) 22%－20.44%×1.125 = Rf－Rf×1.125
Rf = 8% 13.4 由于市场的期望报酬率是16%，因而市场风险溢酬为：16%－8% = 8%（无风险报酬率是8%）。第一只股票的 贝塔系数是0.70，所以它的期望报酬率是：8% + 0.70×8% = 13.6%。 对于第二只股票而言，风险溢酬是：24%－8% = 16%，比市场风险溢酬大两倍，因此，贝塔系数必定正好等于2。我 们可以用CAPM来加以证实：
股票A 0.07 0.13
状况发生时的报酬率
股票B 0.15 0.03
股票C
0.33 －0.06
a. 这3只股票所组成的等权投资组合的期望报酬率是多少？ b. 一个在股票A和股票B上各投资20%、在股票C上投资60%的投资组合的方差是多少？ 10. 报酬率和标准差 考虑下列信息：
经济状况
极好 好 差 极差
证券
Cooley公司 Moyer公司
贝塔系数
1.8 1.6
期望报酬率（%）
22.00 20.44
如果无风险报酬率是7%，这些证券有没有被正确定价？如果它们被正确定价，无风险报酬率应该是多少？ 13.4 CAPM 假设无风险报酬率是8%，市场的期望报酬率是16%。如果某一特定股票的贝塔系数是0.7，根据CAPM， 该股票的期望报酬率是多少？如果另一只股票的期望报酬率是24%，它的贝塔系数是多少？
发生概率
0.15 0.45 0.35 0.05
股票A
0.30 0.12 0.01 －0.06
公司理财精要版原书第12版英文版最新精品课件Ross_12e_PPT_Ch22
CHAPTER OUTLINE
• Introduction to Behavioral Finance • Biases • Framing Effects • Heuristics • Behavioral Finance and Market Efficiency • Market Efficiency and the Performance of
psychology that men have greater degrees of overconfidence than women.
22-7
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OVERCONFIDENCE AND STOCK MARKET TRADING
• It has been shown that overconfidence by investors leads to overestimation of their own ability to pick the best stocks, leading to excessive trading.
OVERCONFIDENCE
• Example: 80 percent of drivers consider themselves to be above average.
• Business decisions require judgment of an unknown future.
公司财务,第十版,课后答案
e.No, dividend payments should not be treated as incremental cash flows. A firm’s decision to pay or not pay dividends is independent of the decision to accept or reject any given investment project. For this reason, dividends are not an incremental cash flow to a given project. Dividend policy is discussed in more detail in later chapters.
c.No, the research and development costs should not be treated as incremental cash flows. The costs of research and development undertaken on the product during the past three years aresunk costsand should not be included in the evaluation of the project. Decisions made and costs incurred in the past cannot be changed. They should not affect the decision to accept or reject the project.
公司理财(精要版·原书第12版)PPT中文Ch05估值导言Calculator
现值 –例 1
• 假设你一年后需要1万美元来支付一辆新车的首付款。如 果你每年能赚7%， (1.07)1 = 9,345.79 • 计算器
▪ 1N ▪ 7 I/Y ▪ 10,000 FV ▪ CPT PV = -9,345.79
1-14
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复利的影响
• 单利和复利 • 考虑前面的示例
▪ FV 单利 = 1,000 + 50 + 50 = 1,100 ▪ FV 复利 = 1,102.50 ▪ 额外的 2.50来自于第一次利息所得的利息.05(50) = 2.50
1-7
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基本现值等式中终值与现值的关系pvfvt如果这项投资的年回报率为5而你的年回报率为45你会获得多少额外的利息
第5章
估值导言：货币的时间价值(计算器)
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(公司理财)公司理财(精要版)知识点归纳
第一章．公司理财导论1.企业组织形态：单一业主制、合伙制、股份公司（所有权和管理相分离、相对容易转让所有权、对企业债务负有限责任，使企业融资更加容易。
企业寿命不受限制，但双重课税）2.财务管理的目标：为了使现有股票的每股当前价值最大化。
或使现有所有者权益的市场价值最大化。
3.股东与管理层之间的关系成为代理关系。
代理成本是股东与管理层之间的利益冲突的成本。
分直接和间接。
4.公司理财包括三个领域：资本预算、资本结构、营运资本管理第二章．1.在企业资本结构中利用负债成为“财务杠杆”。
2.净利润与现金股利的差额就是新增的留存收益。
3.来自资产的现金流量=经营现金流量（OCF）-净营运资本变动-资本性支出4.OCF=EBIT+折旧-税5.净资本性支出=期末固定资产净值-期初固定资产净值+折旧6.流向债权人的现金流量=利息支出-新的借款净额7.流向股东的现金流量=派发的股利-新筹集的净权益第三章1.现金来源：应付账款的增加、普通股本的增加、留存收益增加现金运用：应收账款增加、存货增加、应付票据的减少、长期负债的减少2.报表的标准化：同比报表、同基年度财报3.ROE=边际利润（经营效率）X总资产周转率（资产使用效率）X权益乘数（财务杠杆）4.为何评价财务报表：内部：业绩评价。
外部：评价供应商、短期和长期债权人和潜在投资者、信用评级机构。
第四章．1.制定财务计划的过程的两个维度：计划跨度和汇总。
2.一个财务计划制定的要件：销售预测、预计报表、资产需求、筹资需求、调剂、经济假设。
3.销售收入百分比法：提纯率=再投资率=留存收益增加额/净利润=1-股利支付率资本密集率=资产总额/销售收入4.内部增长率=(ROAXb)/(1-ROAXb)可持续增长率=ROE/(1-ROEXb):企业在保持固定的债务权益率同时没有任何外部权益筹资的情况下所能达到的最大的增长率。
是企业在不增加财务杠杆时所能保持的最大的增长率。
（如果实际增长率超过可持续增长率，管理层要考虑的问题就是从哪里筹集资金来支持增长。
公司理财精要版第十版课后答案
CHAPTER 18VALUATION AND CAPITAL BUDGETING FOR THE LEVERED FIRM Answers to Concepts Review and Critical Thinking Questions1.APV is equal to the NPV of the project (i.e. the value of the project for an unlevered firm) plus theNPV of financing side effects.2. The WACC is based on a target debt level while the APV is based on the amount of debt.3.FTE uses levered cash flow and other methods use unlevered cash flow.4.The WACC method does not explicitly include the interest cash flows, but it does implicitly includethe interest cost in the WACC. If he insists that the interest payments are explicitly shown, you should use the FTE method.5. You can estimate the unlevered beta from a levered beta. The unlevered beta is the beta of the assetsof the firm; as such, it is a measure of the business risk. Note that the unlevered beta will always be lower than the levered beta (assuming the betas are positive). The difference is due to the leverage of the company. Thus, the second risk factor measured by a levered beta is the financial risk of the company.Solutions to Questions and ProblemsNOTE: All end-of-chapter problems were solved using a spreadsheet. Many problems require multiple steps. Due to space and readability constraints, when these intermediate steps are included in this solutions manual, rounding may appear to have occurred. However, the final answer for each problem is found without rounding during any step in the problem.Basic1. a.The maximum price that the company should be willing to pay for the fleet of cars with all-equity funding is the price that makes the NPV of the transaction equal to zero. The NPV equation for the project is:NPV = –Purchase Price + PV[(1 –t C )(EBTD)] + PV(Depreciation Tax Shield)If we let P equal the purchase price of the fleet, then the NPV is:NPV = –P + (1 – .35)($175,000)PVIFA13%,5 + (.35)(P/5)PVIFA13%,5Setting the NPV equal to zero and solving for the purchase price, we find:0 = –P + (1 – .35)($175,000)PVIFA13%,5 + (.35)(P/5)PVIFA13%,5P = $400,085.06 + (P)(.35/5)PVIFA13%,5P = $400,085.06 + .2462P.7538P = $400,085.06P = $530,761.93b.The adjusted present value (APV) of a project equals the net present value of the project if itwere funded completely by equity plus the net present value of any financing side effects. In this case, the NPV of financing side effects equals the after-tax present value of the cash flows resulting from the firm’s debt, so:APV = NPV(All-Equity) + NPV(Financing Side Effects)So, the NPV of each part of the APV equation is:NPV(All-Equity)NPV = –Purchase Price + PV[(1 – t C )(EBTD)] + PV(Depreciation Tax Shield)The company paid $480,000 for the fleet of cars. Because this fleet will be fully depreciated over five years using the straight-line method, annual depreciation expense equals:Depreciation = $480,000/5Depreciation = $96,000So, the NPV of an all-equity project is:NPV = –$480,000 + (1 – .35)($175,000)PVIFA13%,5 + (.35)($96,000)PVIFA13%,5NPV = $38,264.03NPV(Financing Side Effects)The net present value of financing side effects equals the after-tax present value of cash flows resulting from the firm’s debt, so:NPV = Proceeds – Aftertax PV(Interest Payments) – PV(Principal Payments)Given a known level of debt, debt cash flows should be discounted at the pre-tax cost of debt R B. So, the NPV of the financing side effects are:NPV = $390,000 – (1 – .35)(.08)($390,000)PVIFA8%,5– $390,000/1.085NPV = $43,600.39So, the APV of the project is:APV = NPV(All-Equity) + NPV(Financing Side Effects)APV = $38,264.03 + 43,600.39APV = $81,864.422.The adjusted present value (APV) of a project equals the net present value of the project if it werefunded completely by equity plus the net present value of any financing side effects. In this case, the NPV of financing side effects equals the after-tax present value of the cash flows resulting from the firm’s debt, so:APV = NPV(All-Equity) + NPV(Financing Side Effects)So, the NPV of each part of the APV equation is:NPV(All-Equity)NPV = –Purchase Price + PV[(1 –t C)(EBTD)] + PV(Depreciation Tax Shield)Since the initial investment of $1.7 million will be fully depreciated over four years using thestraight-line method, annual depreciation expense is:Depreciation = $1,700,000/4Depreciation = $425,000NPV = –$1,700,000 + (1 – .30)($595,000)PVIFA13%,4 + (.30)($425,000)PVIFA9.5%,4NPV (All-equity) = –$52,561.35NPV(Financing Side Effects)The net present value of financing side effects equals the aftertax present value of cash flowsresulting from the firm’s debt. So, the NPV of the financing side effects are:NPV = Proceeds(Net of flotation) – Aftertax PV(Interest Payments) – PV(Principal Payments) + PV(Flotation Cost Tax Shield)Given a known level of debt, debt cash flows should be discounted at the pre-tax cost of debt, R B.Since the flotation costs will be amortized over the life of the loan, the annual flotation costs that will be expensed each year are:Annual flotation expense = $45,000/4Annual flotation expense = $11,250NPV = ($1,700,000 – 45,000) – (1 – .30)(.095)($1,700,000)PVIFA9.5%,4– $1,700,000/1.0954 + .30($11,250) PVIFA9.5%,4NPV = $121,072.23So, the APV of the project is:APV = NPV(All-Equity) + NPV(Financing Side Effects)APV = –$52,561.35 + 121,072.23APV = $68,510.883. a.In order to value a firm’s equity using the flow-to-equity approach, discount the cash flowsavailable to equity holders at the cost of the firm’s levered equity. The cash flows to equity holders will be the firm’s net income. Remembering that the company has three stores, we find:Sales $3,900,000COGS 2,010,000G & A costs 1,215,000Interest 123,000EBT $ 552,000Taxes 220,800NI $ 331,200Since this cash flow will remain the same forever, the present value of cash flows available tothe firm’s equity holders is a perpetuity. We can discount at the levered cost of equity, so, thevalue of the company’s equity is:PV(Flow-to-equity) = $331,200 / .19PV(Flow-to-equity) = $1,743,157.89b.The value of a firm is equal to the sum of the market values of its debt and equity, or:V L = B + SWe calculated the value of the company’s equity in part a, so now we need to calculate the value of debt. The company has a debt-to-equity ratio of .40, which can be written algebraically as:B / S = .40We can substitute the value of equity and solve for the value of debt, doing so, we find:B / $1,743,157.89 = .40B = $697,263.16So, the value of the company is:V = $1,743,157.89 + 697,263.16V = $2,440,421.054. a.In order to determine the cost of the firm’s debt, we need to find the yield to maturity on itscurrent bonds. With semiannual coupon payments, the yield to maturity of the company’s bonds is:$1,080 = $35 (PVIFA R%,40) + $1,000(PVIF R%,40)R = .03145, or 3.145%Since the coupon payments are semiannual, the YTM on the bonds is:YTM = 3.145%× 2YTM = 6.29%b.We can use the Capital Asset Pricing Model to find the return on unlevered equity. Accordingto the Capital Asset Pricing Model:R0 = R F+ βUnlevered(R M–R F)R0 = 4% + .85(11% – 4%)R0 = 9.95%Now we can find the cost of levered equity. According to Modigliani-Miller Proposition II with corporate taxesR S = R0 + (B/S)(R0–R B)(1 –t C)R S = .0995 + (.40)(.0995 – .0629)(1 – .34)R S = .1092, or 10.92%c.In a world with corporate taxes, a firm’s weighted average cost of capital is equal to:R WACC = [B / (B + S)](1 –t C)R B + [S / (B + S)]R SThe problem does not provide either the debt-value ratio or equity-value ratio. However, the firm’s debt-equity ratio is:B/S = .40Solving for B:B = .4SSubstituting this in the debt-value ratio, we get:B/V = .4S / (.4S + S)B/V = .4 / 1.4B/V = .29And the equity-value ratio is one minus the debt-value ratio, or:S/V = 1 – .29S/V = .71So, the WACC for the company is:R WACC = .29(1 – .34)(.0629) + .71(.1092)R WACC = .0898, or 8.98%5. a.The equity beta of a firm financed entirely by equity is equal to its unlevered beta. Since eachfirm has an unlevered beta of 1.10, we can find the equity beta for each. Doing so, we find:North PoleβEquity = [1 + (1 –t C)(B/S)]βUnleveredβEquity = [1 + (1 – .35)($2,900,000/$3,800,000](1.10)βEquity = 1.65South PoleβEquity = [1 + (1 –t C)(B/S)]βUnleveredβEquity = [1 + (1 – .35)($3,800,000/$2,900,000](1.10)βEquity = 2.04b.We can use the Capital Asset Pricing Model to find the required return on each firm’s equity.Doing so, we find:North Pole:R S = R F+ βEquity(R M–R F)R S = 3.20% + 1.65(10.90% – 3.20%)R S = 15.87%South Pole:R S = R F+ βEquity(R M–R F)R S = 3.20% + 2.04(10.90% – 3.20%)R S = 18.88%6. a.If flotation costs are not taken into account, the net present value of a loan equals:NPV Loan = Gross Proceeds – Aftertax present value of interest and principal paymentsNPV Loan = $5,850,000 – .08($5,850,000)(1 – .40)PVIFA8%,10– $5,850,000/1.0810NPV Loan = $1,256,127.24b.The flotation costs of the loan will be:Flotation costs = $5,850,000(.025)Flotation costs = $146,250So, the annual flotation expense will be:Annual flotation expense = $146,250 / 10Annual flotation expense = $14,625If flotation costs are taken into account, the net present value of a loan equals:NPV Loan = Proceeds net of flotation costs – Aftertax present value of interest and principalpayments + Present value of the flotation cost tax shieldNPV Loan = ($5,850,000 – 146,250) – .08($5,850,000)(1 – .40)(PVIFA8%,10)– $5,850,000/1.0810 + $14,625(.40)(PVIFA8%,10)NPV Loan = $1,149,131.217.First we need to find the aftertax value of the revenues minus expenses. The aftertax value is:Aftertax revenue = $3,200,000(1 – .40)Aftertax revenue = $1,920,000Next, we need to find the depreciation tax shield. The depreciation tax shield each year is:Depreciation tax shield = Depreciation(t C)Depreciation tax shield = ($11,400,000 / 6)(.40)Depreciation tax shield = $760,000Now we can find the NPV of the project, which is:NPV = Initial cost + PV of depreciation tax shield + PV of aftertax revenueTo find the present value of the depreciation tax shield, we should discount at the risk-free rate, and we need to discount the aftertax revenues at the cost of equity, so:NPV = –$11,400,000 + $760,000(PVIFA3.5%,6) + $1,920,000(PVIFA11%,6)NPV = $772,332.978.Whether the company issues stock or issues equity to finance the project is irrelevant. Thecompany’s optimal capital structure determines the WACC. In a world with corporate taxes, a firm’s weighted average cost of capital equals:R WACC = [B / (B + S)](1 –t C)R B + [S / (B + S)]R SR WACC = .80(1 – .34)(.069) + .20(.1080)R WACC = .0580, or 5.80%Now we can use the weighted average cost of capital to discount NEC’s unlevered cash flows. Doing so, we find the NPV of the project is:NPV = –$45,000,000 + $3,100,000 / .0580NPV = $8,418,803.429. a.The company has a capital structure with three parts: long-term debt, short-term debt, andequity. Since interest payments on both long-term and short-term debt are tax-deductible, multiply the pretax costs by (1 –t C) to determine the aftertax costs to be used in the weighted average cost of capital calculation. The WACC using the book value weights is:R WACC = (X STD)(R STD)(1 –t C) + (X LTD)(R LTD)(1 –t C) + (X Equity)(R Equity)R WACC = ($10 / $19)(.041)(1 – .35) + ($3 / $19)(.072)(1 – .35) + ($6 / $19)(.138)R WACC = .0650, or 6.50%ing the market value weights, the company’s WACC is:R WACC = (X STD)(R STD)(1 –t C) + (X LTD)(R LTD)(1 –t C) + (X Equity)(R Equity)R WACC = ($11 / $40)(.041)(1 – .35) + ($10 / $40)(.072)(1 – .35) + ($26 / $40)(.138)R WACC = .1005, or 10.05%ing the target debt-equity ratio, the target debt-value ratio for the company is:B/S = .60B = .6SSubstituting this in the debt-value ratio, we get:B/V = .6S / (.6S + S)B/V = .6 / 1.6B/V = .375And the equity-value ratio is one minus the debt-value ratio, or:S/V = 1 – .375S/V = .625We can use the ratio of short-term debt to long-term debt in a similar manner to find the short-term debt to total debt and long-term debt to total debt. Using the short-term debt to long-term debt ratio, we get:STD/LTD = .20STD = .2LTDSubstituting this in the short-term debt to total debt ratio, we get:STD/B = .2LTD / (.2LTD + LTD)STD/B = .2 / 1.2STD/B = .167And the long-term debt to total debt ratio is one minus the short-term debt to total debt ratio, or: LTD/B = 1 – .167LTD/B = .833Now we can find the short-term debt to value ratio and long-term debt to value ratio bymultiplying the respective ratio by the debt-value ratio. So:STD/V = (STD/B)(B/V)STD/V = .167(.375)STD/V = .063And the long-term debt to value ratio is:LTD/V = (LTD/B)(B/V)LTD/V = .833(.375)LTD/V = .313So, using the target capital structure weights, the company’s WACC is:R WACC = (X STD)(R STD)(1 –t C) + (X LTD)(R LTD)(1 – t C) + (X Equity)(R Equity)R WACC = (.063)(.041)(1 – .35) + (.313)(.072)(1 – .35) + (.625)(.138)R WACC = .1025, or 10.25%d.The differences in the WACCs are due to the different weighting schemes. The company’sWACC will most closely resemble the WACC calculated using target weights since futureprojects will be financed at the target ratio. Therefore, the WACC computed with targetweights should be used for project evaluation.Intermediate10.The adjusted present value of a project equals the net present value of the project under all-equityfinancing plus the net present value of any financing side effects. In the joint venture’s case, the NPV of financing side effects equals the aftertax present value of cash flows resulting from the firms’ debt. So, the APV is:APV = NPV(All-Equity) + NPV(Financing Side Effects)The NPV for an all-equity firm is:NPV(All-Equity)NPV = –Initial Investment + PV[(1 –t C)(EBITD)] + PV(Depreciation Tax Shield)Since the initial investment will be fully depreciated over five years using the straight-line method, annual depreciation expense is:Annual depreciation = $80,000,000/5Annual depreciation = $16,000,000NPV = –$80,000,000 + (1 – .35)($12,100,000)PVIFA13%,20 + (.35)($16,000,000)PVIFA13%,5NPV = –$5,053,833.77NPV(Financing Side Effects)The NPV of financing side effects equals the after-tax present value of cash flows resulting from the firm’s debt. The coupon rate on the debt is relevant to determine the interest payments, but the resulting cash flows should still be discounted at the pretax cost of debt. So, the NPV of the financing effects is:NPV = Proceeds – Aftertax PV(Interest Payments) – PV(Principal Repayments)NPV = $25,000,000 – (1 – .35)(.05)($25,000,000)PVIFA8.5%,15– $25,000,000/1.08515NPV = $10,899,310.51So, the APV of the project is:APV = NPV(All-Equity) + NPV(Financing Side Effects)APV = –$5,053,833.77 + $10,899,310.51APV = $5,845,476.7311.If the company had to issue debt under the terms it would normally receive, the interest rate on thedebt would increase to the company’s normal cost of debt. The NPV of an all-equity project would remain unchanged, but the NPV of the financing side effects would change. The NPV of the financing side effects would be:NPV = Proceeds – Aftertax PV(Interest Payments) – PV(Principal Repayments)NPV = $25,000,000 – (1 – .35)(.085)($25,000,000)PVIFA8.5%,15– $25,000,000/1.08515NPV = $6,176,275.95Using the NPV of an all-equity project from the previous problem, the new APV of the project would be:APV = NPV(All-Equity) + NPV(Financing Side Effects)APV = –$5,053,833.77 + $6,176,275.95APV = $1,122,442.18The gain to the company from issuing subsidized debt is the difference between the two APVs, so: Gain from subsidized debt = $5,845,476.73 – 1,122,442.18Gain from subsidized debt = $4,723,034.55Most of the value of the project is in the form of the subsidized interest rate on the debt issue.12.The adjusted present value of a project equals the net present value of the project under all-equityfinancing plus the net present value of any financing side effects. First, we need to calculate the unlevered cost of equity. According to Modigliani-Miller Proposition II with corporate taxes:R S = R0 + (B/S)(R0–R B)(1 –t C).16 = R0 + (.50)(R0– .09)(1 – .40)R0 = .1438 or 14.38%Now we can find the NPV of an all-equity project, which is:NPV = PV(Unlevered Cash Flows)NPV = –$18,000,000 + $5,700,000/1.1438 + $9,500,000/(1.1438)2 + $8,800,000/1.14383NPV = $124,086.62Next, we need to find the net present value of financing side effects. This is equal the aftertax present value of cash flows resulting from the firm’s debt. So:NPV = Proceeds – Aftertax PV(Interest Payments) – PV(Principal Payments)Each year, an equal principal payment will be made, which will reduce the interest accrued during the year. Given a known level of debt, debt cash flows should be discounted at the pre-tax cost of debt, so the NPV of the financing effects is:NPV = $9,300,000 – (1 – .40)(.09)($9,300,000) / 1.09 – $3,100,000/1.09– (1 – .40)(.09)($6,200,000)/1.092– $3,100,000/1.092– (1 – .40)(.09)($3,100,000)/1.093– $3,100,000/1.093NPV = $581,194.61So, the APV of project is:APV = NPV(All-equity) + NPV(Financing side effects)APV = $124,086.62 + 581,194.61APV = $705,281.2313. a.To calculate the NPV of the project, we first need to find the company’s WACC. In a worldwith corporate taxes, a firm’s weighted average cost of capital equals:R WACC = [B / (B + S)](1 –t C)R B + [S / (B + S)]R SThe market value of the company’s equity is:Market value of equity = 4,500,000($25)Market value of equity = $112,500,000So, the debt-value ratio and equity-value ratio are:Debt-value = $55,000,000 / ($55,000,000 + 112,500,000)Debt-value = .3284Equity-value = $112,500,000 / ($55,000,000 + 112,500,000)Equity-value = .6716Since the CEO believes its current capital structure is optimal, these values can be used as the target w eights in the firm’s weighted average cost of capital calculation. The yield to maturity of the company’s debt is its pretax cost of debt. To find the company’s cost of equity, we need to calculate the stock beta. The stock beta can be calculated as:β = σS,M / σ2Mβ = .0415 / .202β = 1.04Now we can use the Capital Asset Pricing Model to determine the cost of equity. The Capital Asset Pricing Model is:R S = R F+ β(R M–R F)R S = 3.4% + 1.04(7.50%)R S = 11.18%Now, we can calculate the company’s WACC, which is:R WACC = [B / (B + S)](1 –t C)R B + [S / (B + S)]R SR WACC = .3284(1 – .35)(.065) + .6716(.1118)R WACC = .0890, or 8.90%Finally, we can use the WACC to discount the unlevered cash flows, which gives us an NPV of: NPV = –$42,000,000 + $11,800,000(PVIFA8.90%,5)NPV = $4,020,681.28b.The weighted average cost of capital used in part a will not change if the firm chooses to fundthe project entirely with debt. The weighted average cost of capital is based on optimal capital structure weights. Since the current capital structure is optimal, all-debt funding for the project simply implies that the firm will have to use more equity in the future to bring the capital structure back towards the target.14.We have four companies with comparable operations, so the industry average beta can be used as thebeta for this project. So, the average unlevered beta is:βUnlevered = (1.15 + 1.08 + 1.30 + 1.25) / 4βUnlevered = 1.20A debt-to-value ratio of .40 means that the equity-to-value ratio is .60. This implies a debt-equityratio of .67{=.40/.60}. Since the project will be levered, we need to calculate the levered beta, which is:βLevered = [1 + (1 –t C)(Debt/Equity)]βUnleveredβLevered = [1 + (1 – .34)(.67)]1.20βLevered = 1.72Now we can use the Capital Asset Pricing Model to determine the cost of equity. The Capital Asset Pricing Model is:R S = R F+ β(R M–R F)R S = 3.8% + 1.72(7.00%)R S = 15.85%Now, we can calculate the company’s WACC, which is:R WACC = [B / (B + S)](1 –t C)R B + [S / (B + S)]R SR WACC = .40(1 – .35)(.068) + .60(.1585)R WACC = .1130, or 11.30%Finally, we can use the WACC to discount the unlevered cash flows, which gives us an NPV of: NPV = –$4,500,000 + $675,000(PVIFA11.30%,20)NPV = $770,604.48Challenge15. a.The company is currently an all-equity firm, so the value as an all-equity firm equals thepresent value of aftertax cash flows, discounted at the cost of the firm’s unlevered cost of equity. So, the current value of the company is:V U = [(Pretax earnings)(1 –t C)] / R0V U = [($21,000,000)(1 – .35)] / .16V U = $85,312,500The price per share is the total value of the company divided by the shares outstanding, or:Price per share = $85,312,500 / 1,300,000Price per share = $65.63b.The adjusted present value of a firm equals its value under all-equity financing plus the netpresent value of any financing side effects. In this case, the NPV of financing side effects equals the aftertax present value of cash flows resulting from the firm’s debt. Given a known level of debt, debt cash flows can be discounted at the pretax cost of debt, so the NPV of the financing effects are:NPV = Proceeds – Aftertax PV(Interest Payments)NPV = $30,000,000 – (1 – .35)(.09)($30,000,000) / .09NPV = $10,500,000So, the value of the company after the recapitalization using the APV approach is:V = $85,312,500 + 10,500,000V = $95,812,500Since the company has not yet issued the debt, this is also the value of equity after the announcement. So, the new price per share will be:New share price = $95,812,500 / 1,300,000New share price = $73.70c.The company will use the entire proceeds to repurchase equity. Using the share price wecalculated in part b, the number of shares repurchased will be:Shares repurchased = $30,000,000 / $73.70Shares repurchased = 407,045And the new number of shares outstanding will be:New shares outstanding = 1,300,000 – 407,045New shares outstanding = 892,955The value of the company increased, but part of that increase will be funded by the new debt.The value of equity after recapitalization is the total value of the company minus the value of debt, or:New value of equity = $95,812,500 – 30,000,000New value of equity = $65,812,500So, the price per share of the company after recapitalization will be:New share price = $65,812,500 / 892,955New share price = $73.70The price per share is unchanged.d.In order to value a firm’s equity using the flow-to-equity approach, we must discount the cashflows available to equity holders at the cost of the firm’s levered equity. According to Modigliani-Miller Proposition II with corporate taxes, the required return of levered equity is: R S = R0 + (B/S)(R0–R B)(1 –t C)R S = .16 + ($30,000,000 / $65,812,500)(.16 – .09)(1 – .35)R S = .1807, or 18.07%After the recapitalization, the net income of the company will be:EBIT $21,000,000Interest 2,700,000EBT $18,300,000Taxes 6,405,000Net income $11,895,000The firm pays all of its earnings as dividends, so the entire net income is available toshareholders. Using the flow-to-equity approach, the value of the equity is:S = Cash flows available to equity holders / R SS = $11,895,000 / .1807S = $65,812,50016. a.If the company were financed entirely by equity, the value of the firm would be equal to thepresent value of its unlevered after-tax earnings, discounted at its unlevered cost of capital.First, we need to find the company’s unlevered cash flows, which are:Sales $17,500,000Variable costs 10,500,000EBT $7,000,000Tax 2,800,000Net income $4,200,000So, the value of the unlevered company is:V U = $4,200,000 / .13V U = $32,307,692.31b.According to Modigliani-Miller Proposition II with corporate taxes, the value of levered equityis:R S = R0 + (B/S)(R0–R B)(1 –t C)R S = .13 + (.35)(.13 – .07)(1 – .40)R S = .1426 or 14.26%c.In a world with corporate taxes, a firm’s weighted average cost of capital equals:R WACC = [B / (B + S)](1 –t C)R B + [S / (B + S)]R SSo we need the debt-value and equity-value ratios for the company. The debt-equity ratio forthe company is:B/S = .35B = .35SSubstituting this in the debt-value ratio, we get:B/V = .35S / (.35S + S)B/V = .35 / 1.35B/V = .26And the equity-value ratio is one minus the debt-value ratio, or:S/V = 1 – .26S/V = .74So, using the capital structure weights, the company’s WACC is:R WACC = [B / (B + S)](1 –t C)R B + [S / (B + S)]R SR WACC = .26(1 – .40)(.07) + .74(.1426)R WACC = .1165, or 11.65%We can use the weighted average cost of capital to discount the firm’s unlevered aftertax earnings to value the company. Doing so, we find:V L = $4,200,000 / .1165V L = $36,045,772.41Now we can use the debt-value ratio and equity-value ratio to find the value of debt and equity, which are:B = V L(Debt-value)B = $36,045,772.41(.26)B = $9,345,200.25S = V L(Equity-value)S = $36,045,772.41(.74)S = $26,700,572.16d.In order to value a firm’s equity using the flow-to-equity approach, we can discount the cashflows available to equity holders at the cost of the firm’s levered equity. First, we need to calculate the levered cash flows available to shareholders, which are:Sales $17,500,000Variable costs 10,500,000EBIT $7,000,000Interest 654,164EBT $6,345,836Tax 2,538,334Net income $3,807,502So, the value of equity with the flow-to-equity method is:S = Cash flows available to equity holders / R SS = $3,807,502 / .1426S = $26,700,572.1617. a.Since the company is currently an all-equity firm, its value equals the present value of itsunlevered after-tax earnings, discounted at its unlevered cost of capital. The cash flows to shareholders for the unlevered firm are:EBIT $118,000Tax 47,200Net income $70,800So, the value of the company is:V U = $70,800 / .14V U = $505,714.29b.The adjusted present value of a firm equals its value under all-equity financing plus the netpresent value of any financing side effects. In this case, the NPV of financing side effects equals the after-tax present value of cash flows resulting from debt. Given a known level of debt, debt cash flows should be discounted at the pre-tax cost of debt, so:NPV = Proceeds – Aftertax PV(Interest payments)NPV = $235,000 – (1 – .40)(.08)($235,000) / .08NPV = $94,000So, using the APV method, the value of the company is:APV = V U + NPV(Financing side effects)APV = $505,714.29 + 94,000APV = $599,714.29The value of the debt is given, so the value of equity is the value of the company minus the value of the debt, or:S = V–BS = $599,714.29 – 235,000S = $364,714.29c.According to Modigliani-Miller Proposition II with corporate taxes, the required return oflevered equity is:R S = R0 + (B/S)(R0–R B)(1 –t C)R S = .14 + ($235,000 / $364,714.29)(.14 – .08)(1 – .40)R S = .1632, or 16.32%d.In order to value a firm’s equity using the flow-to-equity approach, we can discount the cashflows available to equity holders at the cost of the firm’s levered equity. First, we need to calculate the levered cash flows available to shareholders, which are:EBIT $118,000Interest 18,800EBT $99,200Tax 39,680Net income $59,520。
公司理财(精要版·原书第12版)PPT中文Ch16财务杠杆和资本结构政策
4. 由于财务杠杆对股东的预期收益和股票风险都具有影响，因此资 本结构是重要的考虑因素。
• 令人惊讶的是，这第四个结论是不正确的。
▪ 原因是股东可以通过自己借贷来调整财务杠杆的数量。 ▪ 这种利用个人借贷来改变财务杠杆程度的方法称为自制杠杆。
16-12
示例：自制杠杆
• 下面的示例说明，公司是否采用计划的资本结构实际上没有任 何区别，因为任何希望采用计划的资本结构的股东都可以使用 自制杠杆来简单地创建它。
• 在计划的资本结构内购买100股股份可获得与在原始资本结构 内购买200股股份相同的结果。
▪ 买额外的100股将需要投资者借贷2,000美元。 ▪ 假设投资者可以以与公司相同的利率借款。
1613下面的示例说明公司是否采用计划的资本结构实际上没有任何区别因为任何希望采用计划的资本结构的股东都可以使用自制杠杆来简单地创建它
第16章
财务杠杆和资本结构政策
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16-8
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16-6
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公司理财 (《公司理财》PPT课件
第2节 利润表分析
一、认识利润表 利润表也称作损益表，它是反映公司经
营成果的报表，与资产负债表不同的是， 它反映的不同一个时点，而是一定时期 的数据，所以人们把它归结为动态报表。
收入
收入，是指公司在日常活动中形成的、 会导致所有者权益增加的、与所有者投 入资本无关的经济利益的总流入。收入 具体包括销售商品收入、提供劳务收入 和让渡资产使用权收入。
（三）政府
国家的中央政府和地方政府为了弥补财政收支 上的赤字。或是为了国家或地方的某项公共工 程建设，可以通过发行各种债券筹集资金，所 以政府是金融市场的资金需求者。政府有时也 会出于对经济活动的干预和调节而向金融市场 提供资金。中央政府和地方政府都是金融市场 的参与者。
（四）个人
个人是金融市场重要的资金供应者。在 我国，个人或是直接参与金融市场的交 易活动，或是成为金融市场间接融资的 资金供应者。当然，个人也可以成为金 融市场上的资金需求者。
资产
资产是指公司过去的交易或者事项形成 的、由公司拥有或者控制的、预期会给 公司带来经济利益的资源。
在同时满足以下条件时，确认为资产: (1)与该资源有关的经济利益很可能流入
公司； (2)该资源的成本或者价值能够可靠地计
量。
负债
负债是指公司过去的交易或者事项形成 的、预期会导致经济利益流出公司的现 时义务。
该指标反映公司应收账款的流动程度。计算公 式为：
赊销收入净额
应收账款周转率＝—————————
平均应收账款余额
式中：
赊销收入净额＝销售收入－现销收入－销售退 回、折让、折扣
平均应收账款余额＝（期初应收账款＋期末应 收账款）÷２
（二）存货周转率
该指标衡量公司销售能力和存货是否过 量。计算公式为：
公司理财精要版第10版 Chap05-06
5-6
5.1 终值和复利：单期投资的情形
终值（Future Value, FV）：
指在一定的利率水平下，现在一定量的资金在未来某一时
点上的价值。
如果你投资$10,000，收益率为5%，一年后你的投资将增长为
$10,500。 其中，
$500 是利息 ($10,000 ×0.05) $10,000 是本金偿还 ($10,000 × 1) $10,500 是本息合计，可由下式计算得到： $10,500 = $10,000×(1.05) 该投资在期末的本息合计金额被称为终值。
5
$1.10
0
$1.54 $2.16 $3.02
1 2 3
$4.23
4
$5.92
5
5.1 终值和复利
终值和复利计算
如果资金按复利（compound interest）计算，利息将被进
行再投资；而在单利（simple interest）情况下，利息没有 进行再投资，每期只赚取初始本金的利息。 $1×( 1 + r )2=1+2r+r2>1+2r 如果投资金额越大，期限越长，复利的威力就越大。 $V×( 1 + r )n >>V + V×r×n 附录表A-1给出了“1元钱在T期末的复利值（终值系数）”。
计算公式：r = (FV / PV)1/t – 1
FV C0 (1 r)T
$ 5 0 ,0 0 0 ( 1r) 1 0 $ 5 ,0 0 0
1 2
$50,000 $5,000 (1 r )12 (1 r) 10
1 12
r 10
公司理财(精要版·原书第12版)PPT中文Ch07 利率和债券估值
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7-13
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债券价格:息票率与收益率的关系
• 如果到期收益率=票面利率,则票面价值= 债券价格
• 如果到期收益率>票面利率,则票面价值>债券价格
▪ 为什么？贴现率提供高于票面利率的收益率。 ▪ 低于面值的价格，称为折价债券
• 如果到期收益率<票面利率,则票面价值<债券价格
▪ 为什么？较高的票面利率导致价值高于票面价值。 ▪ 高于票面价值的价格，称为溢价债券
章节纲要
• 债券及债券估值 • 债券特性 • 债券评级 • 不同类型的债券 • 债券市场 • 通货膨胀和利率 • 债券收益率的决定因素
7-3
Copyright © 2019 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.
示例7.1
▪ 有多少票息支付？ ▪ 什么是半年一次的息票支付？ ▪ 半年收益率是多少？ ▪ 债券价格是多少？
公司理财精要第十版课件
公司理财精要第十版
2-12
例：边际税率和平均税率
• 假设你的公司赚取的应税所得额是4百万美 元
▪ 公司应缴纳多少税？ ▪ 平均税率是多少？ ▪ 边际税率是多少？
• 若你在考察一个项目，该项目将使得公司 的应纳税所得额增加1百万美元，则你在分 析中应该使用的税率是多少？
公司理财精要第十版
第二章
财务报表、税与现金流
公司理财精要第十版
关键概念与技能
• 掌握账面价值与市场价值的区别 • 掌握会计收益和现金流量的区别 • 掌握平均和边际税率的差别 • 掌握如何从一家公司的财务报表判断它的现金流量
公司理财精要第十版
2-2
章节概要
• 资产负债表 • 利润表 • 税务 • 现金流量
公司理财精要第十版
• 来自资产的现金流 = 547 – 130 – 330 = 87 美元
公司理财精要第十版
2-16
例:US公司-第2部分
• 流向债权人的现金流(B/S 和I/S) = 利息支 付-净新增借款= 24美元
• 流向股东的现金流(B/S 和I/S) = 股利支付 -净新募集权益= 63美元
• 来自资产的现金流= 24 + 63 = 87美元
2-21
职业道德问题
• 为什么对财务报表的操纵不仅是不道德和违 法的，还对股东有坏的影响？
(3,596 – 2,140) = 382 • 来自资产的现金流量 = 1,146 – 433 – 382 = 331 • 流向债权人的现金流= 93 – (538 – 581) = 136 • 流向股东的现金流= 285 – (462 – 372) = 195 • 来自资产的现金流量 = 136 + 195 = 331 • 现金流恒等式成立.
公司理财(罗斯光盘)
公司理财（精要版）（原书第6版）Fundamentals of Corporate Finance(6th edition)斯蒂芬A. 罗斯（Stephen A. Ross ）（麻省理工学院）伦道夫W. 威斯特菲尔德（Randolph W. Westerfield ）（南加利福尼亚大学）布拉德福德D. 乔丹（Bradford D. Jordan ）（肯塔基大学）方红星译（美）著斯蒂芬A. 罗斯（Stephen A. Ross ）现任麻省理工学院（MIT ）斯隆管理学院（Sloan School ofManagement ）弗朗科·莫迪格利安尼（Franco Modigliani ）财务与经济学教授，在此之前任耶鲁大学商学院经济学与财务学教授，是世界上著述最丰的财务学家和经济学家之一。
罗斯教授以其在“套利定价理论”（APT ）方面的杰出成果而闻名于世，并且在信号理论、代理理论、期权定价以及利率的期间结构理论等领域有深厚造诣。
他曾任美国财务学会会长，现任多家学术和实践类杂志副主编，加州教师退休基金会（CalTech ）托管人，大学退休权益基金会（CREF ）及Freddie Mac 公司董事，罗尔-罗斯资产管理公司董事会主席。
伦道夫W. 威斯特菲尔德（Randolph W. Westerfield ）南加利福尼亚大学（USC ）马歇尔商学院（Marshall School ofBusiness ）院长，罗伯特R. 朵克森（Robert R. Dockson ）工商管理教席教授。
1988～1993年任该院财务与企业经济学系主任，财务学教授。
此前曾在宾夕法尼亚大学（UPenn ）沃顿（Wharton ）商学院任教长达20年，并担任财务学系主任，怀特（Rodney L. White ）财务学研究中心高级副主任。
他的学术专长包括公司财务政策、投资管理与分析、兼并与收购以及股票市场价格行为等。
他还兼任健康管理协会（NYSE ：HMA ）、William Lyon 住宅公司（NYSE ：WLS ）、Lord 基金会、AACSB 国际等公司董事，曾任美国电报电话（AT&T ）、美孚（Mobil ）石油、太平洋企业等著名公司以及美国联邦政府、司法部、劳工部和加利福尼亚州顾问。
公司理财(精要版·原书第12版)PPT中文Ch08 股票估价
学习目标
• 解释如何根据未来的股利及其增长率计算股票价 格
• 展示如何通过相对倍数来对股票进行估值 • 展示公司总监通常选择使用的不同估值方法 • 解释股票市场的运作机制
8-2
Copyright © 2019 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.
预测股利：特殊情况
• 股息零增长 ▪ 公司将永远支付固定股息 ▪ 像优先股一样 ▪ 价格是用永续公式计算的
• 股息固定增长 ▪ 公司将每段时期以固定的百分比增加股息 ▪ 价格是使用增长永续模型计算的
• 股息超常增长 ▪ 股利增长最初并不稳定，但最终会趋于稳定增长 ▪ 价格是用多级模型计算的
8-9
Copyright © 2019 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.
你预期它会在一年后支付2美元的股利并且你相信你可以在支付股利之后马上以14美元的价格出售如果你针对股票的风险所要求的回报率为20你愿意为一股股票支付的最高价格是多少
第8章
股票估价
Copyright © 2019 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.
公司理财精要Chap009
– 100% depreciated over 3 year life
• Investment in NWC • Tax rate • Cost of capital
9-8
Pro Forma Income Statement
Table 9.1
Sales (50,000 units at $4.00/unit) Variable Costs ($2.50/unit) Gross profit $200,000 125,000 $ 75,000
• Particularly useful when the major incremental cash flows are the purchase of equipment and the associated depreciation tax shield
– i.e., choosing between two different machines
D = (Initial cost – salvage) / number of years Straight Line Salvage Value
• MACRS
Depreciate 0 Recovery Period = Class Life 1/2 Year Convention Multiply percentage in table by the initial cost
9-15
Changes in NWC
• GAAP requirements:
– Sales recorded when made, not when cash is received
• Cash in = Sales - ΔAR
– Cost of goods sold recorded when the corresponding sales are made, whether suppliers paid yet or not
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职业道德问题
• 若烟草公司卖出的产品被证实是会致人上瘾并有损健 康的，则这种做法是否道德？若产品是合法的，则这 个问题有关系吗？
• 当面临一个收购要约时，董事会是否只需要考虑价格 因素？
• 若只关注股东的财富，这样是否符合职业道德规范？ 或许是否应该考虑利益相关者的整体利益？
• 若公司采取扼杀竞争的方式以试图提高回报，则应该 受到惩罚吗？（例，微软）
• 代理问题 – 委托人与代理人之间的利益冲突
• 管理目标与代理成本
1-12
管理经理人
• 经理人薪酬
• 可以使用激励手段使管理者和股东的利益 相匹配
• 应仔细设计激励手段以达到目标
• 公司控制
– 面临被接管威胁的管理者可能表现更好
• 其他相关利益者
1-13
金融市场
• 流向公司的现金流 • 一级市场与二级市场
1-3
公司理财
1-4
财务经理
• 财务经理试图回答一些或所有的这些问题 • 财务总监（CFO）:公司的首席财务经理 • 财务主管: 负责现金管理、信用管理、资本性
支出以及财务计划 • 主计长: 负责税务、成本会计、财务会计以及
数据处理
1-5
财务管理决策
• 资本预算 • 企业应该从事哪些长期投资？
1-16
章节结束
1-17
• 公司经营的目标应该是什么？
– 利润最大化？ – 成本最小化？ – 市场份额最大化？ – 最大化公司股票的当前价值？
• 这是否意味着我们应该采取所有的办法 来最大化企业主的财富？
1-11
代理人问题
• 代理关系 • 委托人雇佣代理人以代表他/她的权 益 • 股东（委托人）雇佣经理（代理人 ）来经营企业
• 资本结构 • 我们该如何支付购买资产的钱？ • 我们应该采取债务还是权益融资？
• 营运资本管理 • 我们如何管理企业的日常财务活动？
1-6
企业组织形式
• 美国主要的三种形式
▪ 单一业主制 ▪ 合伙制
• 普通合伙制 • 有限合伙制
▪ 股份公司
• 有责任公司
1-7
单一业主制
• 优势: • 最容易建立
• 管制较少
• 单一业主保留所 有利润
• 只作为个人所得 征税一次
• 劣势: • 业主寿命有限
• 权益资本只限 于业主的个人 财富
• 无限责任 • 较难转让
1-8
合伙制
• 优势： • 两个以上业主 • 更多可用资本 • 相对容易建立
• 只作为个人所得 征税一次
• 劣势 • 无限责任 • 普通合伙制 • 有限合伙制
– 交易商与拍卖市场 – 公开上市与场外交易证券
• 纽约证券交易所NYSE • 纳斯达克NASDAQ
1-14
小测验
• 三种类型的财务经理决策是什么？应该如何 回答？
• 三种主要的企业组织形式是什么？ • 财务管理的目标是什么？ • 代理人问题是什么，何为在股份公司内部存
在？ • 一级市场和二级市场的区别是什么？
• 当某个合伙人去世 或希望卖出时，合 伙制解散
• 难以转让所有权
1-9
股份公司
• 优势: • 有限责任 • 无限寿命
• 所有权与管理 权分离
• 所有权容易转 让
• 容易筹得资金
• 劣势:
• 所有权与管理权 分离
• 双重征税（对公 司利润按公司税 率征税，对股利 收入按个人税率 征税）
1-10
财务管理目标
第一章 公司理财概论
关键概念和技能
• 了解财务管理决策的基本类型和财务经理的 作用。
• 了解不同组织形态的企业的财务影响。 • 理解财务管理的目标。 • 了解经理和所有者之间产生的利益冲突。 • 了解不同形式的金融市场。
1-2
章节概要
• 公司理财与财务经理 • 企业组织形态 • 财务管理的目标 • 代理问题与公司控制 • 金融市场与公司