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Constant Leverage And Constant Cost Of Capital: A Common Knowledge Half-Truth

Estudios gerenciales, 2008-04, Vol.24 (107), p.13-33 [Tạp chí có phản biện]

2008 Universidad ICESI ;Copyright Universidad Icesi Apr-Jun 2008 ;This work is licensed under a Creative Commons Attribution 4.0 International License. ;ISSN: 0123-5923 ;DOI: 10.1016/S0123-5923(08)70035-4

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  • Nhan đề:
    Constant Leverage And Constant Cost Of Capital: A Common Knowledge Half-Truth
  • Tác giả: Vélez–Pareja, Ignacio ; Ibragimov, Rauf ; Tham, Joseph
  • Chủ đề: Cash flow ; cash flows ; constant cost of capital ; constant leverage ; Cost of capital ; costo de capital constante ; Costo promedio ponderado de capital ; CPPC ; Discount rates ; endeudamiento constante ; Financial leverage ; flujos de caja ; MANAGEMENT ; Studies ; Tax shelters ; WACC
  • Là 1 phần của: Estudios gerenciales, 2008-04, Vol.24 (107), p.13-33
  • Mô tả: A typical approach for valuing finite cash flows is to assume that leverage is constant (usually as target leverage) and the cost of equity, Ke and the Weighted Average Cost of Capital, WACC are also assumed to be constant. For cash flows in perpetuity, and with the cost of debt, Kd as the discount rate for the tax shield, it is indeed the case that the Ke and WACC applied to the FCF are constant if the leverage is constant. However this does not hold true for finite cash flows. In this document we show that for finite cash flows, Ke and hence WACC depend on the discount rate that is used to value the tax shield, TS and as expected, Ke and WACC are not constant with Kd as the discount rate for the tax shield, even if the leverage is constant. We illustrate this situation with a simple example. We analyze five methods: DCF using APV, FCF and traditional and general formulation for WACC, present value of CFE plus debt and Capital Cash Flow, CCF. Un enfoque típico para valorar flujos de caja finitos es suponer que el endeudamiento es constante (generalmente como un endeudamiento objetivo o deseado) y que por tanto, el costo del patrimonio, Ke y el costo promedio ponderado de capital CPPC, también son constantes. Para los flujos de caja perpetuos, y con el costo de la deuda, Kd como la tasa de descuento para el ahorro en impuestos o escudo fiscal, Ke y el CPPC aplicado al flujo de caja libre FCL son constantes si el endeudamiento es constante. Sin embargo esto no es verdad para los flujos de caja finitos. En este documento mostramos que para flujos de caja finitos, Ke y por lo tanto el CPPC dependen de la tasa de descuento que se utiliza para valorar el ahorro en impuestos, AI y según lo esperado, Ke y el CPPC no son constantes con Kd como la tasa de descuento para el ahorro en impuestos, aunque el endeudamiento sea constante. Ilustramos esta situación con un ejemplo simple. Analizamos cinco métodos: el flujo de caja descontado, FCD, usando APV, el FCD y la formulación tradicional y general del CPPC, el valor presente del flujo de caja del accionista, FCA más deuda y el flujo de caja de capital, FCC.
  • Nơi xuất bản: Santiago de Cali: Elsevier España
  • Ngôn ngữ: English;Spanish;Portuguese
  • Số nhận dạng: ISSN: 0123-5923
    DOI: 10.1016/S0123-5923(08)70035-4
  • Nguồn: SciELO
    ProQuest Central
    DOAJ Directory of Open Access Journals
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