公司金融李曜课后练习部分答案

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公司金融课后题答案CHAPTER 18

CHAPTER 18VALUATION AND CAPITAL BUDGETING FOR THE LEVERED FIRMAnswers 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 the NPV of financing side effects.2. The WACC is based on a target debt level while the APV is based on the amount ofdebt.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 doesimplicitly include the 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 betaof the assets of 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 carswith all-equity funding is the price that makes the NPV of the transaction equal tozero. 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)($140,000)PVIFA13%,5 + (.35)(P/5)PVIFA13%,5Setting the NPV equal to zero and solving for the purchase price, we find:0 = –P + (1 – .35)($140,000)PVIFA13%,5 + (.35)(P/5)PVIFA13%,5P = $320,068.04 + (P)(0.35/5)PVIFA13%,5P = $320,068.04 + .2462P.7538P = $320,068.04P = $424,609.54b.The adjusted present value (APV) of a project equals the net present value of theproject if it were 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 $395,000 for the fleet of cars. Because this fleet will be fullydepreciated over five years using the straight-line method, annual depreciationexpense equals:Depreciation = $395,000/5Depreciation = $79,000So, the NPV of an all-equity project is:NPV = –$395,000 + (1 – 0.35)($140,000)PVIFA13%,5 + (0.35)($79,000)PVIFA13%,5 NPV = $22,319.49NPV(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 = $260,000 – (1 – 0.35)(0.08)($260,000)PVIFA8%,5– [$260,000/(1.08)5]NPV = $29,066.93So, the APV of the project is:APV = NPV(All-Equity) + NPV(Financing Side Effects) APV = $22,319.49 + 29,066.93APV = $51,386.422.The adjusted present value (APV) of a project equals the net present value of the projectif it were 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)Since the initial investment of $1.9 million will be fully depreciated over four yearsusing the straight-line method, annual depreciation expense is:Depreciation = $1,900,000/4Depreciation = $475,000NPV = –$1,900,000 + (1 – 0.30)($685,000)PVIFA9.5%,4 + (0.30)($475,000)PVIFA13%,4 NPV (All-equity) = – $49,878.84NPV(Financing Side Effects)The net present value of financing side effects equals the aftertax present value of cash flows resulting from the firm’s debt. So, the NPV of the financing side effects are:NPV = Proceeds(Net of flotation) – Aftertax PV(Interest Payments) – PV(PrincipalPayments)+ 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 = $28,000/4Annual flotation expense = $7,000NPV = ($1,900,000 – 28,000) – (1 – 0.30)(0.095)($1,900,000)PVIFA9.5%,4–$1,900,000/(1.095)4+ 0.30($7,000) PVIFA9.5%,4NPV = $152,252.06So, the APV of the project is:APV = NPV(All-Equity) + NPV(Financing Side Effects) APV = –$49,878.84 + 152,252.06APV = $102,373.233. a.In order to value a firm’s equity using the flow-to-equity approach, discount thecash flows available to equity holders at the cost of the firm’s levered equity. Thecash flows to equity holders will be the firm’s net income. Remembering that thecompany has three stores, we find:Sales $3,600,000COGS 1,530,000G & A costs 1,020,000Interest 102,000EBT $948,000Taxes 379,200NISince this cash flow will remain the same forever, the present value of cash flowsavailable to the firm’s equity holders is a perpetuity. We can discount at the leveredcost of equity, so, the value of the company’s equity is:PV(Flow-to-equity) = $568,800 / 0.19PV(Flow-to-equity) = $2,993,684.21b.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 tocalculate the value of debt. The company has a debt-to-equity ratio of 0.40, whichcan be written algebraically as:B / S = 0.40We can substitute the value of equity and solve for the value of debt, doing so, wefind:B / $2,993,684.21 = 0.40B = $1,197,473.68So, the value of the company is:V = $2,993,684.21 + 1,197,473.68V = $4,191,157.894. a.I n order to determine the cost of the firm’s debt, we need to find the yield tomaturity on its current bonds. With semiannual coupon payments, the yield tomaturity in the company’s bonds is:$975 = $40(PVIFA R%,40) + $1,000(PVIF R%,40)R = .0413 or 4.13%Since the coupon payments are semiannual, the YTM on the bonds is:YTM = 4.13%× 2YTM = 8.26%b.We can use the Capital Asset Pricing Model to find the return on unlevered equity.According to the Capital Asset Pricing Model:R0 = R F+ βUnlevered(R M– R F)R0 = 5% + 1.1(12% – 5%)R0 = 12.70%Now we can find the cost of levered equity. According to Modigliani-MillerProposition II with corporate taxesR S = R0 + (B/S)(R0– R B)(1 – t C)R S = .1270 + (.40)(.1270 – .0826)(1 – .34)R S = .1387 or 13.87%c.In a world with corporate taxes, a firm’s weighted average cost of capital is equalto: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.H owever, the firm’s debt-equity ratio of is:B/S = 0.40Solving for B:B = 0.4SSubstituting 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)(.0826) + .71(.1387) R WACC = .1147 or 11.47%5. a.The equity beta of a firm financed entirely by equity is equal to its unlevered beta.Since each firm has an unlevered beta of 1.25, 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](1.25)βEquity = 1.87South PoleβEquity = [1 + (1 – t C)(B/S)]βUnleveredβEquity = [1 + (1 – .35)($3,800,000/$2,900,000](1.25)βEquity = 2.31b.We can use the Capital Asset Pricing Model to find the required return on eachfirm’s equity. Doing so, we find:North Pole:R S = R F+ βEquity(R M– R F)R S = 5.30% + 1.87(12.40% – 5.30%)R S = 18.58%South Pole:R S = R F+ βEquity(R M– R F)R S = 5.30% + 2.31(12.40% – 5.30%)R S = 21.73%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 principalpaymentsNPV Loan = $5,350,000 – .08($5,350,000)(1 – .40)PVIFA8%,10– $5,350,000/1.0810NPV Loan = $1,148,765.94b.The flotation costs of the loan will be:Flotation costs = $5,350,000(.0125)Flotation costs = $66,875So, the annual flotation expense will be:Annual flotation expense = $66,875 / 10 Annual flotation expense = $6,687.50If 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 andprincipalpayments + Present value of the flotation cost tax shieldNPV Loan = ($5,350,000 – 66,875) – .08($5,350,000)(1 – .40)(PVIFA8%,10)– $5,350,000/1.0810 + $6,687.50(.40)(PVIFA8%,10)NPV Loan = $1,099,840.407.First we need to find the aftertax value of the revenues minus expenses. The aftertaxvalue is:Aftertax revenue = $3,800,000(1 – .40)Aftertax revenue = $2,280,000Next, 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(PVIFA6%,6) + $2,280,000(PVIFA14%,6)NPV = $1,203,328.438.Whether the company issues stock or issues equity to finance the project is irrelevant.The company’s optimal capital structure determines the WACC. In a world wi th 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)(.072) + .20(.1140)R WACC = .0608 or 6.08%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 = –$40,000,000 + $2,600,000 / 0.0608NPV = $2,751,907.399. a.The company has a capital structure with three parts: long-term debt, short-termdebt, and equity. Since interest payments on both long-term and short-term debt aretax-deductible, multiply the pretax costs by (1 – t C) to determine the aftertax coststo be used in the weighted average cost of capital calculation. The WACC using thebook value weights is:R WACC = (w STD)(R STD)(1 – t C) + (w LTD)(R LTD)(1 – t C) + (w Equity)(R Equity)R WACC = ($3 / $19)(.035)(1 – .35) + ($10 / $19)(.068)(1 – .35) + ($6 / $19)(.145)R WACC = 0.0726 or 7.26%ing the market value weights, the company’s WACC is:R WACC = (w STD)(R STD)(1 – t C) + (w LTD)(R LTD)(1 – t C) + (w Equity)(R Equity)R WACC = ($3 / $40)(.035)(1 – .35) + ($11 / $40)(.068)(1 – .35) + ($26 / $40)(.145) R WACC = 0.1081 or 10.81%ing the target debt-equity ratio, the target debt-value ratio for the company is:B/S = 0.60B = 0.6SSubstituting 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 = 0.20STD = 0.2LTDSubstituting 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 by multiplying 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 = (w STD)(R STD)(1 – t C) + (w LTD)(R LTD)(1 – t C) + (w Equity)(R Equity)R WACC = (.06)(.035)(1 – .35) + (.31)(.068)(1 – .35) + (.625)(.145)R WACC = 0.1059 or 10.59%d.The differences in the WACCs are due to the different weighting schemes. Thecompany’s WACC will most closely resemble the WACC calculated using targetweights since future projects will be financed at the target ratio. Therefore, theWACC computed with target weights should be used for project evaluation.Intermediate10.The adjusted present value of a project equals the net present value of the project underall-equity financing 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 = $30,000,000/5Annual depreciation = $6,000,000NPV = –$30,000,000 + (1 – 0.35)($3,800,000)PVIFA5.13%,20 +(0.35)($6,000,000)PVIFA5,13%,20NPV = –$5,262,677.95NPV(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 = $18,000,000 – (1 – 0.35)(0.05)($18,000,000)PVIFA8.5%,15– $18,000,000/1.08515 NPV = $7,847,503.56So, the APV of the project is:APV = NPV(All-Equity) + NPV(Financing Side Effects)APV = –$5,262,677.95 + $7,847,503.56APV = $2,584,825.6111.If the company had to issue debt under the terms it would normally receive, the interestrate on the debt 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 = $18,000,000 – (1 – 0.35)(0.085)($18,000,000)PVIFA8.5%,15–$18,000,000/((1.085)15NPV = $4,446,918.69Using 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 = –$5,262,677.95 + $4,446,918.69APV = –$815,759.27The gain to the company from issuing subsidized debt is the difference between the two APVs, so:Gain from subsidized debt = $2,584,825.61 – (–815,759.27)Gain from subsidized debt = $3,400,584.88Most 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 underall-equity financing 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 + (0.50)(R0– 0.09)(1 – 0.40)R0 = 0.1438 or 14.38%Now we can find the NPV of an all-equity project, which is:NPV = PV(Unlevered Cash Flows)NPV = –$21,000,000 + $6,900,000/1.1438 + $11,000,000/(1.1438)2 +$9,500,000/(1.1438)3NPV = –$212,638.89Next, 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 are:NPV = $7,000,000 – (1 – .40)(.09)($7,000,000) / (1.09) – $2,333,333.33/(1.09)– (1 – .40)(.09)($4,666,666.67)/(1.09)2– $2,333,333.33/(1.09)2– (1 – .40)(.09)($2,333,333.33)/(1.09)3– $2,333,333.33/(1.09)3 NPV = $437,458.31So, the APV of project is:APV = NPV(All-equity) + NPV(Financing side effects)APV = –$212,638.89 + 437,458.31APV = $224,819.4213. a.To calculate the NPV of the project, we first need to find the company’s WACC. Ina world with corporate taxes, a firm’s weighted average cost of ca pital 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 = 6,000,000($20)Market value of equity = $120,000,000So, the debt-value ratio and equity-value ratio are:Debt-value = $35,000,000 / ($35,000,000 + 120,000,000)Debt-value = .2258Equity-value = $120,000,000 / ($35,000,000 + 120,000,000)Equity-value = .7742Since the CEO believes its current capital structure is optimal, these values can beused as the target weights 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 thecompany’s cost of equity, we need to calculate the stock beta. The stock beta can becalculated as:β = σS,M / σ2Mβ = .036 / .202β = 0.90Now 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 = 6% + 0.90(7.50%)R S = 12.75%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 = .2258(1 – .35)(.08) + .7742(.1275)R WACC = .1105 or 11.05%Finally, we can use the WACC to discount the unlevered cash flows, which givesus an NPV of:NPV = –$45,000,000 + $13,500,000(PVIFA11.05%,5)NPV = $4,837,978.59b.The weighted average cost of capital used in part a will not change if the firmchooses to fund the project entirely with debt. The weighted average cost of capitalis based on optimal capital structure weights. Since the current capital structure isoptimal, all-debt funding for the project simply implies that the firm will have touse more equity in the future to bring the capital structure back towards the target.Challenge14. a.The company is currently an all-equity firm, so the value as an all-equity firmequals the present value of aftertax cash flows, discounted at the cost of the firm’sunlevered cost of equity. So, the current value of the company is:V U = [(Pretax earnings)(1 – t C)] / R0V U = [($28,000,000)(1 – .35)] / .20V U = $91,000,000The price per share is the total value of the company divided by the sharesoutstanding, or:Price per share = $91,000,000 / 1,500,000Price per share = $60.67b.The adjusted present value of a firm equals its value under all-equity financing plusthe net present value of any financing side effects. In this case, the NPV offinancing side effects equals the aftertax present value of cash flows resulting fromthe firm’s debt. Given a known level of debt, debt cash flows can be discounted atthe pretax cost of debt, so the NPV of the financing effects are:NPV = Proceeds – Aftertax PV(Interest Payments)NPV = $35,000,000 – (1 – .35)(.09)($35,000,000) / .09NPV = $12,250,000So, the value of the company after the recapitalization using the APV approach is:V = $91,000,000 + 12,250,000V = $103,250,000Since 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 = $103,250,000 / 1,500,000New share price = $68.83c.The company will use the entire proceeds to repurchase equity. Using the shareprice we calculated in part b, the number of shares repurchased will be:Shares repurchased = $35,000,000 / $68.83Shares repurchased = 508,475And the new number of shares outstanding will be:New shares outstanding = 1,500,000 – 508,475New shares outstanding = 991,525The 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 thecompany minus the value of debt, or:New value of equity = $103,250,000 – 35,000,000New value of equity = $68,250,000So, the price per share of the company after recapitalization will be:New share price = $68,250,000 / 991,525New share price = $68.83The price per share is unchanged.d.In order to v alue a firm’s equity using the flow-to-equity approach, we mustdiscount the cash flows 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 = .20 + ($35,000,000 / $68,250,000)(.20 – .09)(1 – .35)R S = .2367 or 23.67%After the recapitalization, the net income of the company will be:EBIT $28,000,000Interest 3,150,000EBT $24,850,000 Taxes 8,697,500 Net incomeThe firm pays all of its earnings as dividends, so the entire net income is availableto shareholders. Using the flow-to-equity approach, the value of the equity is:S = Cash flows available to equity holders / R SS = $16,152,500 / .2367S = $68,250,00015. a.If the company were financed entirely by equity, the value of the firm would beequal to the present value of its unlevered after-tax earnings, discounted at itsunlevered cost of capital. First, we need to find the company’s unlevered cash flows,which are:Sales $28,900,000Variable costs 17,340,000EBT $11,560,000Tax 4,624,000Net incomeSo, the value of the unlevered company is:V U = $6,936,000 / .17V U = $40,800,000b.According to Modigliani-Miller Proposition II with corporate taxes, the value oflevered equity is:R S = R0 + (B/S)(R0– R B)(1 – t C)R S = .17 + (.35)(.17 – .09)(1 – .40)R S = .1868 or 18.68%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-equityratio for the company is:B/S = 0.35B = 0.35SSubstituting 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 comp any’s WACC is:R WACC = [B / (B + S)](1 – t C)R B + [S / (B + S)]R SR WACC = .26(1 – .40)(.09) + .74(.1868)R WACC = .1524 or 15.24%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 = $6,936,000 / .1524V L = $45,520,661.16Now 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 = $45,520,661.16(.26)B = $11,801,652.89S = V L(Equity-value)S = $45,520,661.16(.74)S = $33,719,008.26d.In order to value a firm’s equity using the flow-to-equity approach, we can discountthe cash flows 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 $28,900,000Variable costs 17,340,000EBIT $11,560,000Interest 1,062,149EBT $10,497,851Tax 4,199,140Net incomeSo, the value of equity with the flow-to-equity method is:S = Cash flows available to equity holders / R SS = $6,298,711 / .1868 S = $33,719,008.2616. a.Since the company is currently an all-equity firm, its value equals the present valueof its unlevered after-tax earnings, discounted at its unlevered cost of capital. Thecash flows to shareholders for the unlevered firm are:EBIT $83,000Tax 33,200Net incomeSo, the value of the company is:V U = $49,800 / .15V U = $332,000b.The adjusted present value of a firm equals its value under all-equity financing plusthe net present value of any financing side effects. In this case, the NPV offinancing side effects equals the after-tax present value of cash flows resulting fromdebt. Given a known level of debt, debt cash flows should be discounted at thepre-tax cost of debt, so:NPV = Proceeds – Aftertax PV(Interest payments)NPV = $195,000 – (1 – .40)(.09)($195,000) / 0.09NPV = $78,000So, using the APV method, the value of the company is:APV = V U + NPV(Financing side effects)APV = $332,000 + 78,000APV = $410,000The value of the debt is given, so the value of equity is the value of the companyminus the value of the debt, or:S = V – BS = $410,000 – 195,000S = $215,000c.According to Modigliani-Miller Proposition II with corporate taxes, the requiredreturn of levered equity is:R S = R0 + (B/S)(R0– R B)(1 – t C)R S = .15 + ($195,000 / $215,000)(.15 – .09)(1 – .40)R S = .1827 or 18.27%d.In order to value a firm’s equity using the flow-to-equity approach, we can discountthe cash flows 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, whichare:EBIT $83,000Interest 17,550EBT $65,450Tax 26,180Net incomeSo, the value of equity with the flow-to-equity method is:S = Cash flows available to equity holders / R SS = $39,270 / .1827S = $215,00017.Since the company is not publicly traded, we need to use the industry numbers tocalculate the industry levered return on equity. We can then find the industry unlevered return on equity, and re-lever the industry return on equity to account for the different use of leverage. So, using the CAPM to calculate the industry levered return on equity, we find:R S = R F+ β(MRP)R S = 5% + 1.2(7%)R S = 13.40%Next, to find the average cost of unlevered equity in the holiday gift industry we can use Modigliani-Miller Proposition II with corporate taxes, so:R S = R0 + (B/S)(R0– R B)(1 – t C).1340 = R0 + (.35)(R0– .05)(1 – .40)R0 = .1194 or 11.94%Now, we can use the Modigliani-Miller Proposition II with corporate taxes to re-lever the return on equity to account for this company’s debt-equity ratio. Doing so, we find:R S = R0 + (B/S)(R0– R B)(1 – t C)R S = .1194 + (.40)(.1194 – .05)(1 – .40)R S = .1361 or 13.61%Since the project is financed at the firm’s target debt-equity ratio, it must be discounted at t he company’s weighted average cost of capital. In a world with corporate taxes, a firm’s weighted average cost of capital equals:。

公司金融研究(6)(公司金融研究-上海财经大学李曜)

三、通货膨胀与资本预算

1、 real interest rate / nominal interest rate
1 no min al int erestrate real int erestrate 1 1 inf lationrate

Real interest rate nominal interest rate – inflation rate
(fixed cos ts deprecaiti on ) (1 Tc ) (salesprice var iable cos ts ) (1 Tc )
Contribution margin: （sales pricevariable costs)(1-Tc) 案例：链接

在项目决策分析中，有一系列的决策需要做出，此时运用决策树分析方法。
案例：链接该企业面临两个决策：1、是否进行市场调查和前期的开发投资？2、是否根据调查结果进行大规模生产？

七、敏感性分析、情景分析

敏感性分析（sensitivity analysis),也称 what-if analysis, BOP analysis。检验NPV 方法对某些具体参数假设变化的敏感性。案例中：REVENUE（market share,market size, price per engine), COST（variable cost, fixed cost) 链接

敏感性分析的关键：某一个参数变化，而其余参数不变(维持期望的最可能值），计算项目的NPV。
敏感性分析的价值： 1、用来判断某个项目是否值得投资； 2、用来判断哪一个参数更为重要。

李健金融学第3版课后习题答案

第1章经济主体的财务活动与金融1．如何理解金融源于社会经济生活？答：金融在人们的经济活动和日常生活中随处可见，各经济主体的生产、经营、消费、支付等活动都需要用货币来支付；一些经济主体有资金盈余，他们需要把资金存放银行或投资等，而另一些经济主体存在资金短缺，他们需要通过各种方式融入资金。

与之相适应，有专门的机构发行货币，提供各种金融产品和服务；有专门的市场融通资金和交易金融产品；有专设的机构进行管理和监督，由此形成金融体系。

可见，金融源于生活，融入日常经济活动之中。

2．如何理解各经济主体的金融活动以及开放经济下国内外各部门的经济金融活动？答：（1）封闭经济由居民（亦称“住户”）、非金融企业、金融机构与政府这四大经济部门组成，各经济部门内部及不同的经济部门之间不断地发生着各种各样的经济活动，并引起错综复杂的资金活动。

如果不考虑同一个经济部门内部不同主体之间的经济活动，单是考察部门之间的经济活动与资金流动，可以发现所有的经济部门都无法独立、封闭地生存。

同时，居民、非金融企业、政府三个部门都不可避免地与金融机构发生关系。

居民需要把节余的资金存放银行、投资证券或购买保险等，也需要在资金不足时向银行申请贷款（如住房按揭贷款）；非金融企业需要通过银行、进行资金结算，办理存款、贷款、信托、租赁等业务，或在证券市场通过股票、债券等工具融入资金等；政府也需要通过银行来实现资金调度、划拨，其银行账户会形成一定的存款，同时需要在证券市场上发行政府债券进行融资等。

（2）对于开放经济而言，本国各经济部门不可避免地与国外经济部门发生经济关系，产生国际金融活动。

开放部门的对外金融活动主要体现在两个方面：一是对外贸易和劳务所产生的国际结算与融资；二是投资活动，包括实业投资和纯粹的金融投资。

3．居民的收支如何引起金融活动？居民的盈余或短缺如何通过金融来调节？答：（1）现代居民经济生活中的日常收入、支出活动和储蓄投资、借贷等理财活动构成了现代金融供求的重要组成部分。

公司金融研究(5)(公司金融研究-上海财经大学李曜)

公司金融研究（5）
李曜 2005年10月20日
第八章资本预算的其他投资原则
内涵报酬率/内部报酬率法（IRR) IRR方法的问题讨论 MIRR 获利指数法(PI)
一、内部报酬率 Internal Rate of Return (IRR)
IRR 是使现金流入的现值之和等于现金流出现值之和的贴现率，也即使净现值等于零的贴现率。
后的现金数 @12
流现值
%
（@12%)
1
-20 70 10 70.5
3.53 50.5
2
-10 15 40 45.3
4.53 35.3
PI 的决策标准
（1）如果PI > 1, 接受项目。如果PI < 1, 放弃项目。（2）PI越高, 项目越好。
对于互斥项目，选择 PI最高的项目——？
西方调查结果：IRR，NPV方法是排名1、2的两种主要方法。
可以准确预测现金流的项目，可以采用NPV法。
教材阅读：Ross, Corporate Finance, (6th edition) , Chapter 6
第九章 NPV方法在资本预算中的具体运用
一、现金流的几个基本问题公司金融中，关注的是现金流；财务会计中，关注的是利润。项目选择——现金流的增量 1、沉没成本（SUNK COST）
NPV
@0 @10 @15 IRR %%%
2000 669 109 16.04 %
B -10000 1000 1000 12000 4000 751 -484 12.94
NPV
4000 B
2000 A
k
互斥项目
k < 10.55: 选择B k > 10.55: 选择A

东北财经大学智慧树知到“金融学”《公司金融》网课测试题答案2

东北财经大学智慧树知到“金融学”《公司金融》网课测试题答案（图片大小可自由调整）第1卷一.综合考核(共15题)1.MM理论的基本假设包括()A.公司只有长期负债和普通股两项长期资本B.公司资产总额不变C.没有公司和个人所得税，没有财务困境成本D.公司增长率为零E.公司预期的息税前收益为常数2.由一个人拥有的企业被称为()。

A、公司B、独资企业C、合伙企业D、有限责任公司3.金融市场的参加者包括()。

A.经济实体B.金融机构C.中央银行D.政府及其有关行政机构E.个人4.影响股利政策决策的因素包括()。

A.公司盈利的稳定性B.信息效应C.法律法规的规定D.股东的偏好E.宏观经济条件5.对企业的长期投资进行管理的过程称为()。

A、营运资本管理B、代理成本分析C、资本结构管理D、资本预算管理6.下列各项中，属于企业筹资引起的财务活动有()A.偿还借款B.购买国库券C.支付股票股利D.利用商业信用E.留存利润7.其他条件不变，在()情况下，项目的净现值会增加。

A.贴现率增加时; 现金流延期一年发生B.初始投资增加时C.贴现率降低时D.现金流在最后一期一次性发生，而不是在整个项目持续期内均衡发生8.利润最大化作为财务管理目标的缺点是()。

A、片面追求利润最大化B、可能导致公司的短期行为; 没有反映剩余产品的价值量C、没有考虑风险因素D、没有考虑货币的时间价值E、没有反映股东提供的资金的成本9.递延年金的特点有()。

A、最初若干期没有收付款项B、最后若干期没有收入款项C、其终值计算与普通年金相同D、其现值计算与普通年金相同E、其终值计算与即期年金相同10.其他情况不变，如果某一附息票的债券溢价出售，则()A.其票面利率与到期收益率相等B.其市场价格低于票面金额C.其一定是支付一次利息D.其到期收益率一定低于其票面利率11.公司财务经理筹资决策工作的内容包括()。

A.财务分析B.选择筹资工具C.会计核算D.估算资本成本E.决定股利分配12.下列关于有效市场假说的说法正确的有()。

公司金融研究(总复习课)(公司金融研究-上海财经大学李曜)

Cash flows of project A are expressed in real terms while those of project B are expressed in nominal terms. The appropriate nominal discount rate is 15%,and the inflation is 4%.Which project should you choose?
0 Sales revenue Operating costs investment depreciation
1 7000 2000
2 7000 2000
3 7000 2000
4 7000 2000
10000 2500 2500 2500 2500
Net working 200 capital(end of year)
VI. Strategy and analysis in using NPV

8. Kids&Toys Inc. has purchased a $200,000 machine to produce toy cars. The machine will be fully depreciated by the straight-line method for its economic life of five years and will be worthless after its life. The firm expects that the sales price of the toy is $25 while its variable cost is $5. The firm should also pay $350,000 as fixed costs each year. The corporate tax rate for the company is 25%,and the appropriate discount rate is 12%. What is the present value break-even point?

公司金融研究(7)(公司金融研究-上海财经大学李曜)

2、半强有效市场事件研究法(event study)

AR i R i E(R i )
CAR i AR i

CAR的变化是否发生在事件发生日？

对股息分配、利润、收购兼并、资本投资、发行股票等等事件进行CAR分析，可（举例：我所做的研究）——股票增值权证券市场对某件事件是如何反应的？

证券分析师通过信息分析和发布，可以缩小信息投资者和非信息投资者之间的差距，增加股票流动性，降低资本成本。
第十一章融资决策、资本结构与股利政策

一、融资决策同样运用净现值方法（NPV）进行融资决策分析。净现值为正的融资项目比较少。发行多少的股票或债券？发行何种股票或债券？何时发行股票或债券？融资给企业价值增加的可能原因： 1、欺骗投资者（fool investors) 将证券打包（package securities)复杂化,以获得溢价发行。——有效市场不可能

举例：某公司的计算
Cov(R i , R M ) i ,M 2 Var (R M ) M
对的讨论
1、真实世界中的对某股票的月度收益率与标普500指数月度收益率进行回归，回归系数的稳定性 2、例如：GE公司在20年中，基本稳定 3、采用行业的数值可以减少估计误差。（只要公司的运行和行业其他公司相仿）。

的主要决定因素 4、
（1）业务收入的周期性（cyclicality of revenues) 主营业务收入与经济周期（business cycle)密切相关的行业：高科技、汽车、零售、钢铁、石化、银行等值高；周期性股票 ——股票波动性（variability)和周期性（cyclicality) 不同,波动性大的股票的值不一定大反之，不相关的行业：公用事业、铁路、食品、航空等，值低；稳定性股票

公司金融李曜课后练习部分答案

公司金融课后题答案CHAPTER 18

公司金融研究(6)(公司金融研究-上海财经大学 李曜)

李健金融学第3版课后习题答案

公司金融研究(5)(公司金融研究-上海财经大学李曜)

东北财经大学智慧树知到“金融学”《公司金融》网课测试题答案2

公司金融研究(总复习课)(公司金融研究-上海财经大学 李曜)

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最新《公司金融学》全本课后习题参考答案

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公司金融研究(总复习课)(公司金融研究-上海财经大学李曜)

公司金融研究(7)(公司金融研究-上海财经大学李曜)