chapter14capstructure5-30財(cái)務(wù)管理-資料下載頁
2024-10-17 03:14本頁面
【正文】 ability of financial distress would be greater at any debt level, and the optimal capital structure would be one that had less debt. ? However, lower business risk would lead to an optimal capital structure with more debt. 1419 Other factors to consider when establishing the firm’s target capital structure 1. Industry average debt ratio 2. TIE ratios under different scenarios 3. Lender/rating agency attitudes 4. Reserve borrowing capacity 5. Effects of financing on control 6. Asset structure 7. Expected tax rate 1420 What are “signaling” effects in capital structure? ? Assumptions: ? Managers have better information about a firm’s longrun value than outside investors. ? Managers act in the best interests of current stockholders. ? What can managers be expected to do? ? Issue stock if they think stock is overvalued. ? Issue debt if they think stock is undervalued. ? As a result, investors view a stock offering negativelymanagers think stock is overvalued. 1421 Incorporating signaling effects ? Signaling theory suggests firms should use less debt than the optimal level financial slack. ? This unused debt capacity helps avoid stock sales at a depressed price.
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