彼得羅斯公司理財cap(3)-資料下載頁
2024-10-18 14:47本頁面
【正文】 : ? (1TC) x (1TS) ? Interest payments are only taxed at the individual level since they are tax deductible by the corporation, so the bondholder receives: ? (1TB) 1721 Personal Taxes ? If TS= TB then the firm should be financed primarily by debt (avoiding double tax). ? The firm is indifferent between debt and equity when: (1TC) x (1TS) = (1TB) 1722 How Firms Establish Capital Structure ? Most corporations have low DebtAsset ratios. ? Changes in financial leverage affect firm value. ? Stock price increases with leverage and viceversa。 this is consistent with Mamp。M with taxes. ? Another interpretation is that firms signal good news when they lever up. ? There are differences in capital structure across industries. ? There is evidence that firms behave as if they had a target DebtEquity ratio. 1723 Factors in Target D/E Ratio ? Taxes ? Since interest is tax deductible, highly profitable firms should use more debt (., greater tax benefit). ? Types of Assets ? The costs of financial distress depend on the types of assets the firm has. ? Uncertainty of Operating Ine ? Even without debt, firms with uncertain operating ine have a high probability of experiencing financial distress. ? Pecking Order and Financial Slack ? Theory stating that firms prefer to issue debt rather than equity if internal financing is insufficient. 1724 Quick Quiz ? What are the direct and indirect costs of bankruptcy? ? Define the “selfish” strategies stockholders may employ in bankruptcy. ? Explain the tradeoff, signaling, agency cost, and pecking order theories. ? What factors affect realworld debt levels?
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