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1、ValuationandfinancingenterprisesProfessorRobertHansenI.DebtandvalueIncomeStatementWeexaminetwoimportantstoriesforthebenefitandSalestcosttradeoffsfromusingdebt.LaterwewillexamineCOGSandSG&AtmorestoriesEBDITAtEarningsbeforedepreciation,interestandtaxesDDEPtDepreciationEB
2、ITtEarningsbeforeinterestandtaxesA.TaxshieldsandbankruptcycostInterestExpensetTheborrowingratetimestheparvalue;rBBB.AgencycostsofdebtandequityEBTEarningsbeforetaxestC.SumupTaxestTx[EBIT–rBB],whereTisthetaxrateNItNetIncome(“Profit”);(1–T)x[EBIT–rBB]12ExampleI.1,A.Debtta
3、xshieldsandbankruptcycostDebttaxshieldLookatthetaxshieldfromthedebt,EBIT=$150,T=30%,andrA=13.33%.ThefirmissuesCompanyUCompanyL$375inperpetualbonds,atinterestcostof8%.Byhowmuchdoesfirmvaluechange?TxEBITTx[EBIT-rBB]TxEBITTxEBIT-TxrBBPerperiodtaxsavingsareTrBB=$9.Theprese
4、ntvalueofthesesavingsisCo.LpaysTrBBlessintaxes.ThisisworthTrBTrBB/rB=TB=$9/.08=$112.5!BLu?TxB.SoV?V?TBrB34BankruptcyTheAbsolutePriorityRuleThefirmisinfinancialdistresswhenoperatingcashClaimsarefullysatisfiedbyseniority.flowsareinsufficienttomeetcurrentobligations,andth
5、efirmmusttakesomesortofcorrectiveCreditors:action.?Secured:Paidfirst,maynotbepaidinfull?Unsecured:PaidaftersecuredispaidinfullmayButbankruptcyalonedoesnotdestroyvalue(itisreceivenothingpricedin-azerosumgameinwhichsomewinandsomelose).Equityholders:Itisbankruptcycostthat
6、destroysvalue.Paidlastandlikelypaidnothing56I.Debtandvalue1ValuationandfinancingenterprisesProfessorRobertHansenHowtogobankrupt?ExpectedbankruptcycostPrivateworkout:Directcosts(2%to5%)arelegalexpenses,accountingfees,andadministrativecosts.Indirect(17%)costs?Lowerdirect
7、coststhanbankruptcyaresaleslostduetoheightenedchanceof?Feweradvantagesforstockholders,sinceabsolutebankruptcy.prioritytendstobeviolatedinbankruptcysettlementsExante,expectedcostsaresmallerdependingontheFormalbankruptcy:probabilityofbankruptcy?AllowsDIPdebtthatisseniort
8、ooutstanding?Taxcarry-forwardsarepreservedE[BCost]=Pbankrupt(Lev)xBankruptcyCosts?Easierformorecomplicatedcapitalstru
