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1、SampaVideo,Inc.Asmallvideochainisdecidingwhethertoengageinanewlineofdeliverybusinessandisconductinganeconomicanalysisofthevaluationimpactsofthisdecision.Thisisacasebasicallyregardinghowtomeasurethebenefitsoffinancialleverageviadifferentvaluationapproaches.Firmvaluation(disc
2、ountcashflow)andcostofcapitalWhenyouusetheafter-taxcostofcapitaltobethediscountrate,youbasicallytakeintheeffectofthefinancing.Ifyoudiscounttheprojectcashflows(withoutfinancing)bytheafter-taxcostofcapital,youwillgettheexactnetpresentvalueasyouuseittodiscountthetotalcashflows
3、(projectcashflowsplusthefinancingcashflows).Thatis,whenyouusetheafter-taxcostofcapitaltodiscountfinancingrelatedcashflows,thenetpresentvaluewouldbezero.（t=0）（t=1）（t=2）（t=3）（t=4）Initialinvest.(totalcost)(8,000,000)Inc.rev.6,000,0006,000,0006,000,0006,000,000Inc.cost(2,000,00
4、0)(2,000,000)(2,000,000)(2,000,000)Deprec.2,000,0002,000,0002,000,0002,000,000OPCF3,500,0003,500,0003,500,0003,500,000NOPCF3,000,000ProjectCF(8,000,000)3,500,0003,500,0003,500,0006,500,000Financing8,000,000Interest(AT)(360,000)(360,000)(360,000)(360,000)Repay.(8,000,000)Fin
5、.Rel.CF8,000,000(360,000)(360,000)(360,000)(8,360,000)TotalCF03,140,0003,140,0003,140,000(1,860,000)（t=0）（t=1）（t=2）（t=3）（t=4）ProjectCF(8,000,000)3,500,0003,500,0003,500,0006,500,000NPV(at4.5%)7,072,024（t=0）（t=1）（t=2）（t=3）（t=4）TotalCF03,140,0003,140,0003,140,000(1,860,000)NP
6、V(at4.5%)7,072,024（t=0）（t=1）（t=2）(t=3）（t=4）Fin.Rel.CF8,000,000(360,000)(360,000)(360,000)(8,360,000)NPV(at4.5%)0Assumingthatfinancingtotallycomesfromdebt,andthebefore-taxcostofcapitalis6%,taxrate25%,sotheafter-taxcostofcapital4.5%.ValuationMethodsAdjustedPresentValue(APV)Ap
7、proachWACCapproachVL=CFL/WACCwhereWACC=KSU[1-twd]CapitalcashflowsapproachVL=(CFL+KDD)/KSUAdjustedPresentValue(APV)ApproachAPV=PVofassetflows+PVofsideeffectsassociatedwiththefinancingprogram.AdjustedPresentValue(APV)Approach1.CalculatePVofproject(orenterprise)assumingitisall
8、equityfinanced(i.e.nointerestexpense)2.Calculatevalueoftaxshield.Comparetaxpayment
