chapter14capstructure5-30財務(wù)管理(編輯修改稿)
2024-11-13 03:14 本頁面
【文章內(nèi)容簡介】 $2,000 $3,000 $4,000 Interest 1,200 1,200 1,200 EBT $800 $1,800 $2,800 Taxes 320 720 1,120 NI $480 $1,080 $1,680 *Same as for Firm U. 1410 Ratio parison between leveraged and unleveraged firms FIRM U Bad Avg Good BEP % % % ROE % % % TIE ∞ ∞ ∞ FIRM L Bad Avg Good BEP % % % ROE % % % TIE 1411 Risk and return for leveraged and unleveraged firms Expected Values: Firm U Firm L E(BEP) % % E(ROE) % % E(TIE) ∞ Risk Measures: Firm U Firm L σROE % % CVROE 1412 The effect of leverage on profitability and debt coverage ? For leverage to raise expected ROE, must have BEP rd. ? Why? If rd BEP, then the interest expense will be higher than the operating ine produced by debtfinanced assets, so leverage will depress ine. ? As debt increases, TIE decreases because EBIT is unaffected by debt, and interest expense increases (Int. Expense = rdD). 1413 Conclusions ? Basic earning power (BEP) is unaffected by financial leverage
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