debtpolicydoesn’tmatter(英文版)(編輯修改稿)
2025-01-24 07:44 本頁(yè)面
【文章內(nèi)容簡(jiǎn)介】 Value of All Equity Firm + PV Tax Shield Example All Equity Value = 600 / .10 = 6,000 PV Tax Shield = 400 20 Capital Structure Firm Value = Value of All Equity Firm + PV Tax Shield Example All Equity Value = 600 / .10 = 6,000 PV Tax Shield = 400 Firm Value with 1/2 Debt = $6,400 21 . Taxes (Personal Corp) Relative Advantage Formula ( Debt vs Equity ) 1TP (1TPE) (1TC) 22 . Taxes (Personal Corp) Relative Advantage Formula ( Debt vs Equity ) 1TP (1TPE) (1TC) RAF 1 Debt RAF 1 Equity Advantage 23 Example 1 All Debt All Equity Ine BTCP less TC=.46 Ine BTP Taxes TP =.5 TPE=0 After Tax Ine . Taxes (Personal Corp) 24 Example 1 All Debt All Equity Ine BTCP less TC=.46 Ine BTP Taxes TP =.5 TPE=0 After Tax Ine . Taxes (Personal Corp) 25 Example 1 All Debt All Equity Ine BTCP less TC=.46 Ine BTP Taxes TP =.5 TPE=0 After Tax Ine RAF = .926 Advantage Equity . Taxes (Personal Corp) 26 Example 2 All Debt All Equity Ine BTCP less TC=.34 Ine BTP Taxes TP =.28 TPE=.21 After Tax Ine . Taxes (Personal Corp) 27 Example 2 All Debt All Equity Ine BTCP less TC=.34 Ine BTP Taxes TP =.28 TPE=.21 After Tax Ine . Taxes (Personal Corp) 28 Example 2 All Debt All Equity Ine BTCP less TC=.34 Ine BTP Taxes TP =.21 TPE=.28 After Tax Ine RAF = Advantage Debt . Taxes (Personal Corp) 29 ? Today’s RAF Debt vs Equity preference. ? Old Tax Code () () = RAF = . Taxes (Personal Corp) 30 ? Today’s RAF Debt vs Equity preference. ? New Tax Code () () = RAF = . Taxes (Personal Corp) 31 ? Today’s RAF Debt vs Equity preference. () () = RAF = Why are panies not all debt? . Taxes (Personal Corp) 32 Capital Structure Structure of Bond Yield Rates D E Bond Yield r 33 Weighted Average Cost of Capital without taxes (traditional view) r D V rD rE Includes Bankruptcy Risk WACC 34 Financial Distress Costs of Financial Distress Costs arising from bankruptcy or distorted business decisions before bankruptcy. 35 Financial Distress Costs of Financial Distress Costs arising from bankruptcy or distorted business decisions before bankruptcy. Market Value = Value if all Equity Financed + PV Tax Shield PV Costs of Financial Distress 36 Financial Distress Debt Market Value of The Firm Value of unlevered firm PV of interest tax shields Costs of financial distress Value of levered firm Optimal amount of debt Maximum value of firm 37 Financial Choices Tradeoff Theory Th
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