简介
The cost of capital concept is widely used in business decision-making. The current theory and estimates for measurement of cost of capital are derived from the seminal Modigliani-Miller analyses. This book generalizes this framework to include non-debt tax shields (e.g., depreciation) and default considerations. It develops several new results and shows how better cost of capital and marginal tax rate estimates can be generated. The unified cost of capital theory presented in the book is illustrated graphically and with comprehensive numerical examples. This book will be of great interest to practicing managers, academics, governmental agencies and private companies that generate cost of capital estimates for public consumption.
目录
Contents 10
Preface 6
List of Figures 12
List of Tables 14
I. Introduction 16
II. Model Setting 20
III. Distributional Assumptions 34
IV. Model Solution Procedure 38
Step 1. The Relevant Tax States 38
Step 2. Determine the Par Yield 42
Step 3. Determine the Risks of the Tax Shields and the Claims 44
Step 4. Determine Expected Rates of Return and Market Values 44
V. Discussion of Results 48
The Borrowing Rate Determines the Firm\u2019s Tax Obligations 48
The Cost of Risky Debt 49
Risk of the Tax Shields and the Firm\u2019s Claims 49
The WACC 51
The Marginal Effects of Borrowing on Firm Risk and the WACC 51
The Marginal Effects of Debt on Firm Value 54
Debt Capacity 55
The \u201cThree Claims View\u201d of the Firm 56
The Value of the Tax Claim 57
Effective MTR 58
VI. Extension to s 脳 s states 60
VII. Numerical Illustration 62
VIII. Conclusion 72
Appendix A 78
Discussion of Various Results 78
A.1 Sign of NPVA 78
A.2 The Par Yield is Non-Decreasing in D 79
A.3 Debt Capacity 79
A.4 For an NPVA > 0 Firm at Debt Capacity, VT > 0 82
A.5 Sensitivity of Bi and 尾i to an Increase in 桅 i 83
Appendix B 92
Examples Illustrating the Firm\u2019s Balance Sheet Using the Data in Table 8 92
References 100
Index 104
Preface 6
List of Figures 12
List of Tables 14
I. Introduction 16
II. Model Setting 20
III. Distributional Assumptions 34
IV. Model Solution Procedure 38
Step 1. The Relevant Tax States 38
Step 2. Determine the Par Yield 42
Step 3. Determine the Risks of the Tax Shields and the Claims 44
Step 4. Determine Expected Rates of Return and Market Values 44
V. Discussion of Results 48
The Borrowing Rate Determines the Firm\u2019s Tax Obligations 48
The Cost of Risky Debt 49
Risk of the Tax Shields and the Firm\u2019s Claims 49
The WACC 51
The Marginal Effects of Borrowing on Firm Risk and the WACC 51
The Marginal Effects of Debt on Firm Value 54
Debt Capacity 55
The \u201cThree Claims View\u201d of the Firm 56
The Value of the Tax Claim 57
Effective MTR 58
VI. Extension to s 脳 s states 60
VII. Numerical Illustration 62
VIII. Conclusion 72
Appendix A 78
Discussion of Various Results 78
A.1 Sign of NPVA 78
A.2 The Par Yield is Non-Decreasing in D 79
A.3 Debt Capacity 79
A.4 For an NPVA > 0 Firm at Debt Capacity, VT > 0 82
A.5 Sensitivity of Bi and 尾i to an Increase in 桅 i 83
Appendix B 92
Examples Illustrating the Firm\u2019s Balance Sheet Using the Data in Table 8 92
References 100
Index 104
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