金融學(xué)概論作業(yè)與答案第五次

1、第五次作業(yè)1Divido公司是一個(gè)完全以股權(quán)融資的公司，其總市值為10000萬(wàn)元。該公司持有1000萬(wàn)元的現(xiàn)金等價(jià)物和9000萬(wàn)元的其它資產(chǎn)。公司發(fā)行在外的普通股共計(jì)100萬(wàn)份，每股市價(jià)為100元。 Divido 公司決定發(fā)行2000萬(wàn)元的債券，并且回購(gòu)價(jià)值2000萬(wàn)元的股票。在一個(gè)滿(mǎn)足M&M 定理、無(wú)摩擦的市場(chǎng)環(huán)境中，債券的發(fā)行對(duì)股票價(jià)格和股東財(cái)富有什么樣的影響，為什么？假設(shè) Dividos息稅前收益（ EBIT）有可能是2000萬(wàn)元， 1200萬(wàn)元，或 400萬(wàn)元，并且這三種結(jié)果發(fā)生的可能性相同。求在無(wú)稅收的環(huán)境中，該資本結(jié)構(gòu)調(diào)整行為對(duì)每股盈余的概率分布的影響 。為什么股權(quán)風(fēng)險(xiǎn)變大不一定會(huì)

2、影響股東的財(cái)富狀況？2英國(guó)Comfort Shoe 公司決定將其Tango Dance Shoes 分部分離出去，使其成為美國(guó)的一個(gè)獨(dú)立公司。Tango Dance Shoes 分部資產(chǎn)的經(jīng)營(yíng)風(fēng)險(xiǎn)與Comfort公司整體的經(jīng)營(yíng)風(fēng)險(xiǎn)相同。Comfort公司的資本結(jié)構(gòu)為40%的債務(wù)和60%的股權(quán)（均按市值計(jì)算），并且管理層認(rèn)為這一結(jié)構(gòu)是最優(yōu)的。對(duì)Comfort公司資產(chǎn)的應(yīng)得收益率（Required return）為每年16%，而公司（包括分部）現(xiàn)在須支付的債務(wù)利息為每年10% 。預(yù)計(jì)Tango Shoes 分部的年銷(xiāo)售收入可能會(huì)保持去年的水平，即1000萬(wàn)元?？勺兂杀緸殇N(xiāo)售的55% 。年折舊是10

3、0萬(wàn)元，并且折舊費(fèi)用正好與每年的新增投資額相等。公司稅率為 40% 。在無(wú)負(fù)債形式下， Tango Shoes 分部的價(jià)值應(yīng)該是多少？如果Tango Shoes分部分連同500萬(wàn)元的債務(wù)一起分離出去，那么它的價(jià)值又是多少？股東對(duì)Tango Shoes 分部的應(yīng)得收益率（Required return）是多少?證明新公司股東權(quán)益的市場(chǎng)價(jià)值相對(duì)于股東得到的收益是合理的。3在問(wèn)題7的基礎(chǔ)上，假設(shè) Foxtrot Dance Shoe 公司制造傳統(tǒng)樣式的舞鞋，是Tango Dance Shoes公司的競(jìng)爭(zhēng)者。 Foxtrot公司與Tango公司有相似的風(fēng)險(xiǎn)和特征，區(qū)別只在于前者是完全無(wú)負(fù)債的。由于擔(dān)心

4、Tango Dance Shoes公司為了維持自己的市場(chǎng)地位可能會(huì)收購(gòu)Foxtrot公司， Foxtrot公司決定進(jìn)行債務(wù)融資以回購(gòu)其股票。 如果現(xiàn)在發(fā)行在外的股票為500,000股，那么Foxtrot公司股票的每股價(jià)值是多少?如果Foxtrot公司打算按照公司價(jià)值的40進(jìn)行債務(wù)融資，則它能夠回購(gòu)多少股份，以及回購(gòu)價(jià)格將是多少？ Foxtrot公司是否應(yīng)該借入更多的資金?4A leveraged buyout (LBO) is the acquisition by a small group of equity investors of a public or private company

5、financed primarily with debt. The equityholders service the heavy interest and principal payments with cash from operations and/or asset sales. The shareholders generally hope to reverse the LBO within three to seven years by way of a public offering or sale of the company to another firm. A buyout

6、is therefore likely to be successful only if the firm generates enough cash to serve the debt in the early years, and if the company is attractive to other buyers as the buyout matures. In a leveraged buyout, the equity investors are expected to pay off outstanding principal according to a specific

7、timetable. The owners know that the firms debt-equity ratio will fall and can forecast the dollar amount of debt needed to finance future operations. Under these circumstances, the adjusted-present-value (APV) approach is more practical than the weighted-average-cost-of-capital (WACC) approach becau

8、se the capital structure is changing. The APV method can be used to value companied as well as projects. Applied in this way, the maximum value of a levered firm (VL) is its value as an all-equity entity (VU) plus the discounted value of the interest tax shields from the debt its assets will support

9、 (PVTS). This relation can be stated as In the second part of this equation, UCFt is the unlevered cash flow from operations for year t. Discounting these cash flows by the required return on assets, r0, yields the all-equity value of the company. Bt-1 represents the debt balance remaining at the en

10、d of year(t-1). Because interest in a given year is based on the debt balance remaining at the end of the previous year, the interest paid in year t is rBBt-1. The numerator of the second term, TCrBBt-1, is therefore the tax shield for year t. We discount this series of annual tax shields using the

11、rate at which the firm borrows, rB.The following RJR Nabisco transaction, the largest LBO in history, gives an example.The RJR Nabisco Buyout. In the summer of 1998, the price of RJR stock was hovering around $55 a share. The firm had $5 billion of debt. The firms CEO, acting in concert with some ot

12、her senior management of the firm, announced a bid of $75 per share to take the firm private in a management buyout. Within days of managements offer, Kohlberg, Kravis and Roberts(KKR) entered the fray with a $90 bid of their own. By the end of November, KKR emerged from the ensuing bidding process

13、with an offer of $109 a share, or $25 billion total. If succeeded, KKR planned to sell several of RJRs food divisions and operate the remaining parts of the firm more efficiently. Table 4.1 presents KKRs projected cash flows for RJR under the buyout, adjusting for operational efficiencies and includ

14、ing planned asset sales.TABLE 4.1 RJR Operating Cash Flows (in $millions except for tax rate)19891990199119921993Operating income$2,620$3,410$3,645$3,950$4,310Tax rate on operating income34%34%34%34%34%Depreciation449475475475475Capital expenditures522512525538551Change in working capital203275-200-

15、225-250Proceeds from asset sales3,5451,805With respect to financial strategy, KKR planned a significant increase in leverage with accompanying tax benefits. Specifically, KKR issued almost $24 billion of new debt to complete the buyout, raising annual interest costs to more than $3 billion. Table 4.

16、2 presents the projected interest expense and tax shields for the transaction.TABLE 4.2 Projected Interest Expenses and Tax Shields (in $millions)19891990199119921993Interest expenses$3,384$3,004$3,111$3,294$3,483Other relevant financial data needed for the valuation are presented in Table 4.3.TABLE 4.3 Other relevant data needed for the valuation of RJRKKRs required return on assets r014%Pretax average cost of debt rB13.5%Assumed debt to equity ratio for RJR after