如何选择WACC法和APV法评估杠杆公司的市场价值

How to Use WACC Method and APV Method to Evaluate the Market Value of Leveraged Companies

摘要: 在杠杆公司的资本预算、资产重组和兼并、杠杆收购等业务领域，往往会使用WACC法和APV法估算、评估项目，重组资产或被兼并公司的价值。由于使用这两种估值方法进行估值时，常常出现不能解释不同模式和时间的现金流对估值的影响，以及使用以上两种评估方法对同一个项目或企业进行估值时，会出现不同的结论。本文试图从理论上解释，在一定的假设条件下，WACC法和APV法是等价的；并进一步分析，在投融资决策相互影响时，杠杆公司优先使用WACC法或APV法的前提和条件：1) 在投资存续期间杠杆公司的杠杆比率保持不变的情形下，优先使用WACC法评估杠杆公司的价值。2) 在投资存续期间内杠杆公司的杠杆比率不断变化的情形下，优先使用APV法评估杠杆公司的价值。仅仅使用WACC法是无法估算杠杆公司的价值，但是可以在使用其他方法评估出公司价值以后，使用WACC法验证杠杆公司价值评估的正确性。

Abstract: WACC and APV methods are often used to estimate and evaluate the value of projects, restructured assets or merged companies in the areas of capital budgeting, asset restructuring and merger, le-veraged buyout and other business areas. There are often different conclusions that can’t explain the impact of cash flow of different modes and times on the valuation when these two valuation methods are used for valuation, and the above two valuation methods are used for valuation of the same project or enterprise. This paper attempts to explain theoretically that WACC method and APV method are equivalent under certain hypothetical conditions, and further analyzes the pre-conditions and conditions for leveraged companies to preferentially use WACC method or APV method when investment and financing decisions interact: 1) the WACC method is preferred to evaluate the value of the leveraged company when the leverage ratio of the leveraged company remains unchanged during the period of investment; 2) the APV method is preferred to evaluate the value of the leveraged company in the case that the leverage ratio of the leveraged company is constantly changing during the duration of the investment. It is impossible to estimate the value of leveraged companies only by using WACC method, but after using other methods to evaluate the value of companies, we can use WACC method to verify the correctness of the value evaluation of leveraged companies.