This study introduces a new version of the adjusted present value (APV) method and ensures its consistent valuation with the cost of capital (CoC) method at the highest level of generalization. The newly developed APV version and equivalent formulae consider stochastic debt and the trade-off between corporate income taxes (CIT) and personal income taxes (PIT), as well as tax benefits and financial distress costs. The value of expected bankruptcy costs aligns with the valuation aspect, enabling practical application of the formulae by valuers. The equivalence also reflects the differing perspectives of tax shields between stockholders and debt holders when PITs are introduced. Ultimately, the results demonstrate that the equivalence in this study aligns with, and can reduce to, previous standard formulae, under their stringent assumptions.

本研究引入了新版本的调整现值（APV）方法，并确保其估值与最高概括水平的资本成本（CoC）方法一致。新开发的 APV 版本和等效公式考虑了随机债务以及企业所得税 (CIT) 和个人所得税 (PIT) 之间的权衡，以及税收优惠和财务困境成本。预期破产成本的值与估值方面一致，使得估值师能够实际应用这些公式。这种等价性还反映了引入个人所得税时股东和债务持有人对税盾的不同看法。最终，结果表明，在严格的假设下，本研究中的等价性与先前的标准公式一致，并且可以简化为先前的标准公式。