如何计算自由现金流(pdf32)(1)

1CHAPTER10FROMEARNINGSTOCASHFLOWSThevalueofanassetcomesfromitscapacitytogeneratecashflows.Whenvaluingafirm,thesecashflowsshouldbeaftertaxes,priortodebtpaymentsandafterreinvestmentneeds.Whenvaluingequity,thecashflowsshouldbeafterdebtpayments.Therearethusthreebasicstepstoestimatingthesecashflows.Thefirstistoestimatetheearningsgeneratedbyafirmonitsexistingassetsandinvestments,aprocessweexaminedinthelastchapter.Thesecondstepistoestimatetheportionofthisincomethatwouldgotowardstaxes.Thethirdistodevelopameasureofhowmuchafirmisreinvestingbackforfuturegrowth.Wewillexaminethelasttwostepsinthischapter.Wewillbeginbyinvestigatingthedifferencebetweeneffectiveandmarginaltaxesatthisstage,aswellastheeffectsofsubstantialnetoperatinglossescarriedforward.Toexaminehowmuchafirmisreinvesting,wewillbreakitdownintoreinvestmentintangibleandlong-livedassets(netcapitalexpenditures)andshort-termassets(workingcapital).WewilluseamuchbroaderdefinitionofreinvestmenttoincludeinvestmentsinR&Dandacquisitionsaspartofcapitalexpenditures.TheTaxEffectTocomputetheafter-taxoperatingincome,youmultiplytheearningsbeforeinterestandtaxesbyanestimatedtaxrate.Thissimpleprocedurecanbecomplicatedbythreeissuesthatoftenariseinvaluation.Thefirstisthewidedifferencesyouobservebetweeneffectiveandmarginaltaxratesforthesefirmsandthechoiceyoufacebetweenthetwoinvaluation.Thesecondissuearisesusuallywithyoungerfirmsandiscausedbythelargelossestheyoftenreport,leadingtolargenetoperatinglossesthatarecarriedforwardandcansavetaxesinfutureyears.Thethirdissuearisesfromthecapitalizingofresearchanddevelopmentandotherexpenses.Thefactthattheseexpenditurescanbeexpensedimmediatelyleadstomuchhighertaxbenefitsforthefirm.EffectiveversusMarginalTaxrate2Youarefacedwithachoiceofseveraldifferenttaxrates.Themostwidelyreportedtaxrateinfinancialstatementsistheeffectivetaxrate,whichiscomputedfromthereportedincomestatement.EffectiveTaxRate=IncomeTaxableDueTaxesThesecondchoiceontaxratesisthemarginaltaxrate,whichisthetaxratethefirmfacesonitslastdollarofincome.Thisratedependsonthetaxcodeandreflectswhatfirmshavetopayastaxesontheirmarginalincome.IntheUnitedStates,forinstance,thefederalcorporatetaxrateonmarginalincomeis35%;withtheadditionofstateandlocaltaxes,mostfirmsfaceamarginalcorporatetaxrateof40%orhigher.WhilethemarginaltaxratesformostfirmsintheUnitedStatesshouldbefairlysimilar,therearewidedifferencesineffectivetaxratesacrossfirms.Figure10.1providesadistributionofeffectivetaxratesforfirmsintheUnitedStatesinJanuary2001.Notethatthenumberoffirmsreportingeffectivetaxratesoflessthan10%aswellasthenumberoffirmsreportingeffectivetaxratesofmorethan100%.Inaddition,itisworthFigure10.1:EffectiveTaxratesforU.S.Firms:January200102004006008001000120014000-5%5-10%10-15%15-20%20-25%25-30%30-35%35-40%40-45%45-50%50%3notingthatthistabledoesnotincludeabout2000firmsthatdidnotpaytaxesduringthemostrecentfinancialyearorhaveanegativeeffectivetaxrate.1ReasonsforDifferencesbetweenMarginalandEffectiveTaxRatesGiventhatmostofthetaxableincomeofpubliclytradedfirmsisatthehighestmarginaltaxbracket,whywouldafirm’seffectivetaxratebedifferentfromitsmarginaltaxrate?Thereareatleastthreereasons:1.Manyfirms,atleastintheUnitedStates,followdifferentaccountingstandardsfortaxandreportingpurposes.Forinstance,firmsoftenusestraightlinedepreciationforreportingpurposesandaccelerateddepreciationfortaxpurposes.Asaconsequence,thereportedincomeissignificantlyhigherthanthetaxableincome,onwhichtaxesarebased2.2.Firmssometimesusetaxcreditstoreducethetaxestheypay.Thesecredits,inturn,canreducetheeffectivetaxratebelowthemarginaltaxrate.3.Finally,firmscansometimesdefertaxesonincometofutureperiods.Iffirmsdefertaxes,thetaxespaidinthecurrentperiodwillbeataratelowerthanthemarginaltaxrate.Inalaterperiod,however,whenthefirmpaysthedeferredtaxes,theeffectivetaxratewillbehigherthanthemarginaltaxrate.4.Thestructureofthetaxratesistieredwiththefirst$Xinincometaxedatalowerrate(15%),thesubsequent$Yinincometaxedatahigherrate(?%)andanyamountover$Ztaxedat35%.Asaresult,theeffectivetaxratebasedonthetotaltaxafirmpayswillbelowerthanthemarginaltaxratewhichis35%.MarginalTaxRatesforMultinationalsWhenafirmhasglobaloperations,itsincomeistaxedatdifferentratesindifferentlocales.Whenthisoccurs,whatisthemarginaltaxrateforthefirm?Therearethreewaysinwhichwecandealwithdifferenttaxrates.1Anegativeeffectivetaxrateusuallyarisesbecauseafirmisreportinganincomeinitstaxbooks(onwhichitpaystaxes)andalossinitsreportingbooks.2Sincetheeffectivetaxrateisbaseduponthetaxespaid(whichcomesfromthetaxstatement),theeffectivetaxratewillbelowerthanthemarginaltaxrateforfirmsthatchangeaccountingmethodstoinflatereportedearnings.4•Thefirstistouseaweightedaverageofthemarginaltaxrates,withtheweightsbasedupontheincomederivedbythefirmfromeachofthesecountries.Theproblemwiththisapproachisthattheweightswillchangeovertimeifincomeisgrowingatdifferentratesindifferentcountries.•Thesecondistousethemarginaltaxrateofthecountryinwhichthecompanyisincorporated,withtheimplicitassumptionbeingthattheincomegeneratedinothercountrieswi