Consistent Valuation and Cost of Capital Expressions with Corporate and Personal Taxes
考察了调整现值法、调整贴现率法和权益现金流法三种估值方法，指出要实现一致估值，必须使用基于相同税收制度和债务税盾假设的资本成本表达式，并展示了加权平均资本成本如何与这些假设保持一致。
This paper examines three valuation methods, each of which should lead to the same value for a given asset.These are the Adjusted Present Value, Adjusted Discount Rate and Flows to Equity methods.To achieve identical valuations, however, the different methods must be implemented with cost of capital expressions that embody a consistent set of assumptions about (1) the tax regime and (2) the time pattern and riskiness of debt tax shields.Valuation and cost of capital expressions that have been proposed in the literature are grouped and contrasted according to these assumptions.It is also shown that the familiar weighted average cost of capital can be consistent with any such set of assumptions, as long as the correct expression is used to estimate the relationship between the levered and unlevered cost of equity.