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1、,Corporate Finance Ross Westerfield Jaffe,Sixth Edition,Appendix 21A: APV Approach to Leasing,APV = All-Equity Value + Financing NPV,Calculations shown on the following slides will show that for the latest Clumzee Movers example (where the tax rate is 25%) APV = $591.38 $1,135.30 APV = $543.91 Which
2、 is the same value as the easier NPV analysis.,Appendix 21A: APV Approach to Leasing,APV = All-Equity Value + Financing NPV To find the all-equity value, discount the cash flows at the pre-tax interest rate. The after tax rate was 5% which implies a pretax rate of 6.66% = 5%/(1-.25).,Appendix 21A: A
3、PV Approach to Leasing,APV = All-Equity Value + Financing NPV The NPV of the financing is the forgone interest tax shields on the debt that ClumZee movers didnt go into when they leased instead of bought the truck. ClumZee agreed to a lease payment of $5,900. This payment would support a loan of $25,543.91,Appendix 21A: APV Approach to Leasing,The lost interest tax shield associated with this additional debt capacity of $25,543.91 has a present value of $1,135.30,
