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erton模型为公司债务定价，说通过组合策略来求出公司价值，请问下究竟如何才能得出公司价值和波动率 ，万分感谢

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关键词：公司债 公司价值 万分感谢 波动率 ert 请教 定价 债务

The value of the firm can also be obtained by valuing each claim on the firm
separately. In this approach, which is called adjusted present value (APV), we begin by
valuing equity in the firm, assuming that it was financed only with equity. We then
consider the value added (or taken away) by debt by considering the present value of the
tax benefits that flow from debt and the expected bankruptcy costs.
Value of firm = Value of all-equity financed firm + PV of tax benefits +
Expected Bankruptcy Costs