《金融理论与公司政策(第四版)》课后答案.pdf

Chapter 13 The Role of the CFO, Performance Measurement, and Incentive Design 1. Assume that the cash flows of the firm are a constant perpetuity. In this case the DCF definition of the entity value of the firm is E(EBIT − dep − I ) t t t V = 0 WACC t and since a perpetuity has I = dep , (where I = new plus replacement investment) this reduces to t t t E(EBIT ) t V = 0 WACC t The economic profit approach definition of value is ( It−1 is beginning-of-year invested capital). E(ROIC − WACC )IC V = t t t−1 + IC 0 t−1 WACC t