导图社区公司理财 X

公司理财 X

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编辑于2021-05-31 16:31:05

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公司理财 X

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公司理财

R19capital budgeting

概念

hard capital rationing

budget is fixed

inflation对tax，profit影响

inf+，dep被低估，tax saving作用降低，real tax+，profit lower than expected

NPV

expansion/replacement project

intial outlay

FCInv(计算折旧)

NWInv=current a-l

期初增加减少投资对NPV影响数值：两部分期初的loutlay和期间的dep（如果设计固定资产要考虑税，t*d

operating outlay

（S-C-D）(1-t)+D

（S—D）（1—t)+D*t

S-C-D相当于EBIT

表的形式出题

terminating stage

1,NWInv

2,sal-(sal-B)t

区别与计算

least common multiple of lives approach

2 solution

equivalent annual annuity(EAA)approach

本质比较PMT（前面先算NPV为PV

比较不同lives的NPV

risk analysis评估项目的投资风险

technique

sensitivity analysis

one variable

scenario analysis

monte carlo simulation

Rproject

CAPM better,WACC reflect the risk of whole company

projects with real option

type

timing

sizing

abandonment option;expansion option

flexibility影响NPV的参数

pric-setting option;production产能 flexibility option

NPV

decision tree；

if NPV<0，是否行权（看时间点未来有option选择，现在无不可以舍掉NPV小于0的

EI economic income投资

is the profit realized from an investment

EI=cash flow-economic depr

EI1=PV(0)*r

EI2=PV(1)*r

课后题13

EP economic profit公司

NPV=market value added is equal to the present value of EP

课后题14

EP=EBIT(1-T)-Capital初*wacc

RI residual income股东

RI=NI-Equity*Re

equity考察

R20Capital structure

theory

MM（计算：多公式）

assumption:完全有效市场

WACC=(D/V)Rd(1-t)+(E/V)Re

cost of debt=Rd(1-t)

without tax

MM1

capital structure irrelevance(Vl=Vu)

leverage+,rd-,re+,WACC constant

MM2

re=ro+（ro-rd）（D/E）

V=EBIT/R0

EBIT=EBT=NI

higher leverage raises the cost of equity

with tax

MM1

WACC is minimized at 100% debt(Vl=Vu+t*d)

t*d tax shield

Equity=Vl-Debt

MM2

re=ro+（ro-rd）（D/E）(1-t)

Re的上升(速度慢)不能100%抵消WACC的下降

V=EBIT(1-T)/WACC

未考虑distress

static trade-off theory

at the point where additional debt would cause the costs of financial distress

Vl=Vu+t*d-PV(costs of financial distress)

t*d=PV(costs of financial distress),optimal capital structure,firm value max

disadvantage:financial distress难以量化

考虑了distress

pecking order theory

disclose less information

首选internal financial;debt;final choice is equity