金融学讲义大纲及课后习题答案详解十六章Word格式文档下载.docx
- 文档编号:20611786
- 上传时间:2023-01-24
- 格式:DOCX
- 页数:12
- 大小:114.30KB
金融学讲义大纲及课后习题答案详解十六章Word格式文档下载.docx
《金融学讲义大纲及课后习题答案详解十六章Word格式文档下载.docx》由会员分享,可在线阅读,更多相关《金融学讲义大纲及课后习题答案详解十六章Word格式文档下载.docx(12页珍藏版)》请在冰豆网上搜索。
16.8CreatingNewOpportunitiesforStakeholders
厂16.9FinancingDecisionsinPractice
16.10HowtoEvaluateLeveredInvestments
corporationsinvestmentplans
ofthecapitalmarketthan
broadestbondsandpromisesoffuturepaymentbythecorporation,suchasaccountspayable,leases,andpensions.
Inafrictionlessfinancialenvironment,wherethereareno
taxesortransactioncosts,andcontractsarecostlesstomakeandenforce,thewealthofshareholdersisthesamenomatter
whatcapitalstructurethefirmadopts.
Intherealworldthereareanumberoffrictionsthatcan
and
firm.A
create
causecapitalstructurepolicytohaveaneffectonthewealthofshareholders.Theseincludetaxes,regulations,
conflictsofinterestbetweenthestakeholdersofthe
firm'
smanagementmightthereforebeableto
decisionsin
shareholdervaluethroughitscapitalstructure
oneofthreeways:
Byreducingtaxcostsorthecostsofburdensomeregulations.
Byreducingpotentialconflictsofinterestamongvarious
stakeholdersinthefirm.
Byprovidingstakeholderswithfinancialassetsnototherwiseavailabletothem.
Therearethreealternativemethodsusedinestimatingthenetpresentvalueofaninvestmentprojecttotakeaccountoffinancialleverage:
theadjustedpresentvaluemethod,theflowstoequitymethod,andtheweightedaveragecostofcapitalmethod
SolutionstoProblemsatEndofChapter
Debt-EquityMix
1.DividoCorporationisanall-equityfinancedfirmwithatotalmarketvalueof$100million.Thecompanyholds$10millionin
cash-equivalentsandhas$90millioninotherassets.Thereare
1,000,000sharesofDividocommonstockoutstanding,eachwithamarketpriceof$100.DividoCorporationhasdecidedtoissue$20millionofbondsandtorepurchase$20millionworthofitsstock.
a.Whatwillbetheimpactonthepriceofitssharesandonthe
wealthofitsshareholders?
Why?
b.AssumethatDivido'
sEBIThasanequalprobabilityofbeing
$20million,or$12million,or$4million.Showtheimpactof
thefinancialrestructuringontheprobabilitydistributionof
earningspershareintheabseneeoftaxes.Whydoesthefact
thattheequitybecomesriskiernotnecessarilyaffect
shareholderwealth?
SOLUTION:
a.InanM&
Mfrictionlessenvironment,wheretherearenotaxesandcontractsarecostlesstomakeandenforce,thewealthofshareholdersisthesamenomatterwhatcapitalstructurethefirmadopts.Insuchanenvironment,neitherthestockprice
norshareholders'
wealthwouldbeaffected.IntherealworldDivido'
smanagementmightbeabletocreateshareholdervaluebyissuingdebtandrepurchasingsharesintwoways:
Byreducingtaxcosts
Byreducingthefreecashflowavailabletomanagementandexposingitselftogreatermarketdiscipline.
b.TheformulaforEPSwithoutdebtis:
EPSlequity=EBIT
1,000,000shares
Theinterestpaymentswillbe$1.2millionperyear(.06x$20million)regardlessoftherealizedvalueofEBITThenumber
ofsharesoutstandingafterexchangingdebtforequitywillbe
StateoftheEconomy
EBIT
Allequityfinancing
With$20millionofdebt
EPS
(1millionshares)
Net
Earnings
EPS(800,000shares)
Badbusiness
$4million
$4pershare
$2.8million
$3.50pershare
Normalbusiness
12
10.8
13.50
Goodbusiness
20
18.8
23.50
Mean
Standarddeviation
$6.53
$8.16
'
sEBITandEPS
ProbabilityDistributionofDivido
800,000.EPSwithdebtistherefore:
EPSthdebt=NetEarnings=EBIT-$1.2million
800,000shares800,000shares
Althoughthesharesofstockbecomeriskierwithdebtfinancing,theexpectedearningspersharegoup.Inafrictionlessfinancialenvironment,theneteffectistoleavethepriceofthestockunaffected.
Leasing
2.PlentileaseandNoleasearevirtuallyidenticalcorporations.
TheonlydiffereneebetweenthemisthatPlentileaseleasesmostofitsplantandequipmentwhereasNoleasebuysitsplantandequipmentandfinancesitbyborrowing.Compareandcontrast
theirmarket-valuebalaneesheets.
Market-ValueBalaneeSheetsofNoleaseandPlentilease
Corporations
a.NoleaseCorporation
Assets
LiabilitiesandShareholders'
Equity
Plantandequipment
Bonds
Otherassets
Equity
Total
b.PlentileaseCorporation
Lease
Themaindiffereneebetweenthebondsandtheleaseasaformofdebtfinancingiswhobearstheriskassociatedwiththeresidualmarketvalueoftheleasedassetattheendofthetermofthelease.SineeNoleaseCorporationhasboughtits
equipment,itbearsthisrisk.InPlentilease'
scase,however,
itisthelessorthatbearsthisresidual-valuerisk.
PensionLiabilities
3.EuropensandAsiapensarevirtuallyidenticalcorporations.
TheonlydiffereneebetweenthemisthatEuropenshasacompletelyunfundedpensionplan,andAsiapenshasafullyfundedpensionplan.Compareandcontrasttheirmarket-valuebalanee
sheets.Whatdiffereneedoesthefundingstatusofthepensionplanmaketothestakeholdersofthesetwocorporations?
BalaneeSheetsofAsiapensandEuropensCorporationsa.AsiapensBalaneeSheet
Operatingassets:
Plant,equipment,etc.
Pensionliability
Pensionassets:
stocks,bonds,etc.
Shareholders'
b.EuropensBalaneeSheet
Operating
Pension
assets:
Plant,
liability
equipment,etc.
Asiapenshasfundeditspensionplanbyissuingbondsandinvestingthefundsraisedinasegregatedpoolofpensionfundassets.ThesepensionassetstaketheformofadiversifiedportfolioofstocksandbondsissuedbyothercompaniesandserveascollateralforthepensionbenefitspromisedbyAsiapenstoitsempioyees.InthecaseofEuropens,thereisnosegregatedpoolofpensionassets.ThepensionpromisesofEuropensarebackedbytheassetsofthecompanyitself.Therefore,theempioyeesofAsiapensaremoresecureaboutreceivingtheirpromisedpensionbenefits,sincethebenefitsarecollateralizedbyamorediversifiedportfolioofassets.
Inthecaseofbothcompanies,however,anyunfundedpensionliabilityreducesshareholdersequity.
4.ComfortShoeCompanyofEnglandhasdecidedtospinoffitsTangoDanceShoeDivisionasaseparatecorporationintheUnitedStates.TheassetsoftheTangoDanceShoeDivisionhavethesameoperatingriskcharacteristicsasthoseofComfort.Thecapital
structureofComforthasbeen40%debtand60%equityintermsofmarketingvalues,andisconsideredbymanagementtobeoptimal.
TherequiredreturnonComfort'
sassets(ifunievered)is16%peryear,andtheinterestratethatthefirm(andthedivision)mustcurrentlypayontheirdebtis10%peryear.
SalesrevenuefortheTangoShoeDivisionisexpectedtoremain
indefinitelyatlastyear'
slevelof$10million.Variablecosts
are55%ofsales.Annualdepreciationis$1million,whichis
exactlymatchedeachyearbynewinvestments.Thecorporatetax
rateis40%.
a.
b.
c.
d.
HowmuchistheTangoShoeDivisionworthinunleveredform?
IftheTangoShoeDivisionisspunoffwith$5millionindebt,howmuchwoulditbeworth?
WhatrateofreturnwilltheshareholdersoftheTangoShoeDivisionrequire?
Showthatthemarketvalueoftheequityofthenewfirmwouldbejustifiedbytheearningstotheshareholders.
TheunieveredfreecashflowfortheTangoShoeDivisionwouldbe(in$millions):
Sales:
Var.Cost:
DepreciationTaxableIncomeTaxes(@40%)After-TaxIncome
Depreciation
$2.1million
Investment1.0FreeCashFlow
Unievered,Tangoisworth:
$2.1million/0.16=$13.125million
IfTangohad$5millionofdebt,itstotalvaluewouldbe:
MarketValuewithDebt=MarketValuewithoutDebt+PVofInterestTaxShield
V.=Vu+TxB
=$13.125+(.4x5)=$15.125million
TangoEquity=$15.125$5=$10.125million
Tango'
scostofequitycapitalwouldbe.1778
ke=k+(1-T)(k-r)D/E=.16+(1-.4)(.16-.10)x5/10.125=.1778
Thevalueoftheequityshouldbethepresentvalueoftheexpectednetincomediscountedattherequiredrateofreturnonequity.Theexpectednetincomewillbetheunieveredcashflowlesstheafter-taxcostoftheinterestofthedebt:
$2.1-(.6)(.1x$5)=$2.1-$.3=$1.8millionperyear
S=$1.8million/.1778=$10.125million
5.
Basedontheaboveproblem,SupposethatFoxtrotDanceShoesmakescustomdesigneddanceshoesandisacompetitorofTangoDanceShoes.FoxtrothassimilarrisksandcharacteristicsasTangoexceptthatitiscompletelyunievered.FearfulthatTango
DanceShoesmaytrytotakeoverFoxtrotinordertocontrol
a.Currentpricepershare:
$13.125million/.5millions
- 配套讲稿:
如PPT文件的首页显示word图标,表示该PPT已包含配套word讲稿。双击word图标可打开word文档。
- 特殊限制:
部分文档作品中含有的国旗、国徽等图片,仅作为作品整体效果示例展示,禁止商用。设计者仅对作品中独创性部分享有著作权。
- 关 键 词:
- 金融学 讲义 大纲 课后 习题 答案 详解 十六