(APV) 16.6.1 " ". APV PV " ", - . , Global Connections Corporation, , , 20% , 0,20 APV . , " " , , 0,30 0,20 APV. , APV
APV = PV + PV " "
= 105 . .+0,06 = 105 . ./0,94= 111,70 . .
0,06 APV, , PV " " 6,70 . . Global Connections Corporation, (adjusted net present value, ANPV) [7]
ANPV= NPV + PV " "
= 5 . . + 6,70 . . = 11,70 . .
(flow to equity, FTE) . NPV , kg, , :[8]
ke = k + (1 - t) (k - r)d (16.1)
k ( )
t
r ,
d ( )
Global Connections Corporation ( )
d, .0,20/0,80 = 0,25, (16.1) ,
ke = 0,10 +(1 - 0,30)(0,10 - 0,08)0,25 = 0,1035.
Global Connections Corporation , CFS,
CFS = - = 10,5 . . - (1 - /) D = 10,5 . . - 0,7 0,08 D =10,5 . . - 0, 056 D,
D Global Connections Corporation . , , ,
|
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E = CFS /k = 101,45 . .-0,5411D
= 101,45 . . - 0.5411 0.25 .
=101,45 . .-0,1353 E
=101,45 . ./1,1353 = 89,36 . .
D = 22,34 . ., Global Connections Corporation D = 0,25E. , , 100,0 . . 22,34 . . = 77,66 . . , NPV , , 89,36 . . 77,66 . . = 11,70 . .; .
PV (weighted average cost of capital, WACC) , . 100 . . .
WACC
(16.2)
WACC ( ). . , 4
WACC =0,10350,80 +0,70,80,20 =0,0904
NPV ( ), WACC, 100 . . :
NPV= | 10,5 . . | -100,0 . . = 11,7 . . |
0,094 |
16.13 |
, ( ) Global Connections Corporation 20%, 30%, . APV NPV , . FTE I wacc, , NPV, APV |
, , .
( ) , , , : , .
, , , .
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, , . : , , ( , ). , . : (1) , , (2) (3) , .
"" : , .