现金流估值外文文献Word下载.docx

现金流估值外文文献Word下载.docx

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作者:

Fisher,FranklinM;

Noe,ChristopherF;

Schouten,EvanSue

出版物名称:

StanfordJournalofLaw,Business&

Finance

卷:

10

期:

2

页:

18-30

页数:

13

出版年份:

2013

ISSN:

10788794

TheSaleoftheWashingtonRedskins:

Fisher,FranklinM;

Thispaperpresentsaneconomicargumentforhowadiscountedcashflow（DCF）analysisshouldproperlyaccountfortaxeswhenvaluinganScorporation.Throughasimplenumericalexample,wedemonstratethatignoringtaxesinaDCFanalysiswhenvaluinganScorporationpotentiallyleadstoanoverestimationofvalue.Toproducemoremeaningfulvaluationestimates,weproposethatanyDCFanalysisusedtovalueanScorporationshouldadjustcashflowstoreflectitsowners'

personaltaxburdens.Ourapproachhasthepossibilitytoaffectlitigationoutcomesirrespectiveofwhetherthevaluationestimatesareusedindependentlyorincomparisontomarketprices.Theadvantageofourapproachisthatitresultsinclaimantsbeing"

madewhole"

andnothingmore.

Introduction

Thediscountedcashflow（DCF）methodforvaluinganassettakestheexpectedfuturecashflowsthattheassetwillgenerate,anddiscountsthembacktothepresentatanappropriatecostofcapitaltoproduceanestimateofcurrentvalue.WhiletheuseoftheDCFmethodhasbecomeincreasinglycommoninU.S.courts,certainaspectsofhowthevaluationtechniqueisimplementedarestillbeingdebated.89Forexample,questionsstillremainaboutthetreatmentoftaxeswhenvaluingapartnershiporScorporationusingtheDCFmethod.90PartnershipsandScorporationsarenottaxedatthecorporatelevel.91Instead,incomefortheseentitiesispassedthroughtoownersandtaxedattheindividuallevelintheyearthatitisearned.Isitappropriate,therefore,toignoretaxeswhenvaluingapartnershiporScorporationusingtheDCFmethodbecause,strictlyspeaking,theseentitiesdonotpaytaxes?

Alternatively,shouldaDCFanalysisaccountfortaxeswhenvaluingapartnershiporScorporationbecausethepricearationaleconomicagentwouldbewillingtopayforsuchanenterprisereflectsitsultimatetaxburden,regardlessofwheretaxesareactuallypaid?

TheU.S.CourtofAppealsfortheSixthCircuittoucheduponthesequestionsinGrossv.Commissioner,anappealofa1999UnitedStatesTaxCourtdecision.92ThecaseinvolvedadisputebetweentaxpayersandtheInternalRevenueService（IRS）overthefairmarketvalueofsharesofstockinanScorporationforgifttaxpurposes.ValuationexpertsforbothtaxpayersandtheIRSusedtheDCFmethodtoestimatethevalueoftheScorporationstake.Indoingso,thetaxpayers'

expertappliedafictitioustaxburdentotheScorporationcashflows.TheexpertfortheIRSdidnot.Thetaxpayers'

expertjustifiedhisuseoftax-affectedcashflowsbyarguingprimarilythatsuchanadjustmentcompensatedforcertaindifficult-to-quamifycostsofScorporationstatus.Asadditionalsupportfortheirposition,taxpayerspointedtomentionsintwointernalIRSdocumentsofmakingadjustmentsfortaxesinthecontextofvaluingScorporations.However,thetaxcourtwasnotsufficientlypersuadedbytheseargumentsandruledinfavoroftheIRS.

Theappealscourtaffirmedtherulingofthetaxcourt,butthejudges'

opinionshighlightedcontinueddisagreementoverhowtaxesshouldbetreatedwithrespecttothevaluationofpass-throughentities.93SeniorJudgeAvernCohnwroteforthemajority,

Valuationisafactspecifictaskexercise;

taxaffectingisbutonetooltoaccomplishthattask.Thegoalofvaluationistocreateafictionalsaleatthetimethegiftwasmade,takingintoaccountthefactsandcircumstancesoftheparticulartransaction.TheTaxCourtdidthatanddeterminedthattaxaffectingwasnotappropriateinthiscase.Idonotfinditsconclusionsclearlyerroneous.94JudgeEricclayrespondedinadissentingopinion,

Althoughthemajorityofthefactorsthetaxcourtusedincalculatingthevaluationamountwereproper,Itakeissuewiththecourt'

suseofa0%taxaffectandwouldthereforeholdthattotheextentthevaluationwasbasedupontheuseofa0%taxaffect,thecourt'

sultimatefindingthattheG&

Jstockwasworth$10,190persharewasclearlyerroneous.However,inasmuchasJudgeDaughtreyandJudgeCohnfindthatthetaxcourtdidnotclearlyerrinconcludingthatitwasappropriatenottotaxaffectthestockinordertodetermineitsfairmarketvalue,thetaxcourtdecisionisAFFIRMED.95

ThispaperpresentsaneconomicargumentforhowaDCFanalysisshouldproperlyaccountfortaxeswhenvaluin