[讨论]请教高人并购分析的问题

ccchenjun

CFA后学者有问题向各位前辈和学友请教。

在中信出版的《Analysis for Financial Management》第344页，作者提到收购重组的目的之一是可以抵税，并且举例说明了LBO的interest expense抵税的计算。

我的问题是，贷款的抵税作用作为未来现金流入，为什么不同时计算贷款的利息支出？

按照一般投资评价的方法，我们通常把投资评价和筹资问题分开考虑，也就是说，在估算投资的未来现金流量的时候不考虑筹资问题，所以一般的投资项目评价是不计算筹资利息支出的。

但是，作者在344页上考虑了利息支出带来的避税效应，却不考虑利息支出，是不是不配比？

我觉得，利息支出和避税效应，或者同时考虑，或者同时不考虑，可是书中为什么只考虑避税效应，而不考虑利息支出呢？

请各位前辈和学友指点！

jgao2003

You ignore which discount rate you should use under different situation.

In fact, you can get the same answer through both ways.

If you don't inclue the interest expense, you are calculating free cashflow to all investors to all investors(including the debtholders), the discount rate that you should use is based on the asset beta under leveraged situation.

If you do include the interest expense, you are calculating free cashflow to equity holders , the discount rate that you should use is based on the asset beta under unleveraged situation.

So it still match because the nominator and the denominator do match.

In fact, I will prefer to use the 2nd option when I calculate the LBO deal. Because the capital structure will change constantly, which means the beta will change, in turn, the discount rate.

Welcome to the magic world of Finance. Hope that solve your question.