摘要
在不考虑所得税的影响时 ,公司的价值就是权益与债务的市场价值之和 ,即V =S +B。在逐步引入各种所得税之后 ,公司的市场价值就不再是权益与负债的简单相加 ,而是V =Vu + [1- ( 1-TC) ( 1-TS) /( 1-TB) ] B。
Without income taxes, the value of a firm is the sum of equity and debt, expressed by V=S+B. But taking income taxes into account, the value of a firm isnt simply composed of equity and debt any more, which is expressed by V=Vu+[1-(1-T C)*(1-T S)/(1-T B)]*B.
出处
《兰州商学院学报》
2002年第1期45-47,共3页
Journal of Lanzhou Commercial College
