【精】lecture15thecapitalstructuredecision-文庫吧資料
2025-01-24 06:20本頁面
【正文】 / .10 = 6,000 PV Tax Shield = 400 Firm Value with 1/2 Debt = $6,400 169。The McGrawHill Companies, Inc.,2023 15 12 Irwin/McGrawHill . Corporate Taxes All Equity 1/2 Debt EBIT 1,000 1,000 Interest Pmt 0 100 Pretax Ine 1,000 900 Taxes 40% 400 360 Net Cash Flow $600 $540 Total Cash Flow All Equity = 600 *1/2 Debt = 640 (540 + 100) Example You own all the equity of Space Babies Diaper Co.. The pany has no debt. The pany’s annual cash flow is $1,000, before interest and taxes. The corporate tax rate is 40%. You have the option to exchange 1/2 of your equity position for 10% bonds with a face value of $1,000. Should you do this and why? 169。The McGrawHill Companies, Inc.,2023 15 10 Irwin/McGrawHill Financial Risk Risk to shareholders resulting from the use of debt. Financial Leverage Increase in the variability of shareholder returns that es from the use of debt. Interest Tax Shield Tax savings resulting from deductibility of interest payments. . Corporate Taxes 169。The McGrawHill Companies, Inc.,2023 15 8 Irwin/McGrawHill Weighted Average Cost of Capital without taxes (traditional view) r D V rD rE Includes Bankruptcy Risk WACC 169。The McGrawHill Companies, Inc.,2023 15 6 Irwin/McGrawHill Example cont. 50% debt 25%15%5% sha res on Retur n 0$.5 0sha reper Earnin gs12 5,0 0075 ,00 0$2 5,0 00earni ngsEqui ty 50 ,00 050 ,00 0$5 0,0 00Int erest17 5,0 0012 5,0
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