清華大學(xué)經(jīng)管學(xué)院--金融工程1-文庫(kù)吧資料
2025-02-09 12:38本頁(yè)面
【正文】 leverage any impact on the firm value? 10 MM Theory MM assumptions: ? Frictionless assumptions – No ine taxes – No transaction costs – No information asymmetry – No cost to resolve interest conflicts among stakeholders ? All liabilities are riskfree 11 Notes: A mini case Two panies EBIT Capital structure Firm value $10 million bonds: $40 million, 8% shares: 600,000 1. A’ s share price: $100 per share expected return: 10% 1 million shares $100 million B ? A 2. B’ s bond: riskfree the share number is supposed share expected return: ? 12 (Riskfree) No Position Immediate Cash Flow Cash Flow in the Future Replication of A’ s Stock Using B’ s Stock and Bonds B’ s Total Payments = B’ s Net Earnings + Interest Payments = ( EBIT $ million) + $ million = EBIT Suppose price of B’ s stock = $90 per share Short sell 1% A’ s shares at $100 per share Buy 1% B’ s shares at $90 per share Buy 1% B’ s bonds +$1,000,000 ? 1% of EBIT ? $540,000 1%?( EBIT? $3,200,000 ) ? $400,000 1% ? $3,200,000 Net Cash Flow $60,000 0 Arbitrage Price of B’ s stock = $100 per share 13 MM Proposition 1 ? Proposition 1: Under MM Assumption, ., in the frictionless environment, the total market value of a firm is independent of its capital structure. ? Think of the firm as a gigantic pizza, divided into quarters. If now, you cut each quarter in half into eights, the M M proposition says that you will have more pieces, but not more pizza. — Merton Miler 14 Probability Distribution of EBIT and EPS for the Two Companies State of the Economy EBIT Company A Company B EPS Net EPS (1 million shares) Earnings (600,000 s
教學(xué)課件相關(guān)推薦
鄂ICP備17016276號(hào)-1