金融學(xué)前沿-資本結(jié)構(gòu)與股利政策-展示頁
2025-05-25 05:24本頁面
【正文】 = (1 – tC) (X – rDD) + rDD = (1 – tC) X+ tC (rDD) Difference due to ‘tax shield’ created by tax deductibility of interest expense ? The value of each of these firms is: ? ?? ? ? ? DD1 1 D = = DcUAc cL U cAtXVrtX trV V trr???Note: The risk of the first part of the cash flow to L is same as U, thus use same rA The discount rate for debt is the same as the required rate of return on debt, rD MM proposition 1 with corporate taxes ? The value of two firms in the same risk class will differ by the present value of their tax shield VL = VU + PV (debt tax shield) ? Intuition: In effect, the government pays a fraction tc of the interest expense. Total Cash Flow to Investors Under Each Capital Structure with Corp. Taxes The levered firm pays less in taxes than does the allequity firm. Thus, the sum of the debt plus the equity of the levered firm is greater than the equity of the unlevered firm. S G S G B Allequity firm Levered firm Total Cash Flow to Investors Under Each Capital Structure with Corp. Taxes The sum of the debt plus the equity of the levered firm is greater than the equity of the unlevered firm. This is how cutting the pie differently can make the pie larger: the government takes a smaller slice of the pie! S G S G B Allequity firm Levered firm MM Proposition II (Corporate Taxes) L U CV V t D? ? ?L U CV D E D E V t D? ? ? ? ? ? ?UCV E D ( 1 t )? ? ? ?Start with Mamp。資本結(jié)構(gòu)與股利政策 流動(dòng)資產(chǎn) 固定資產(chǎn) 1有形固定資產(chǎn) 2 無形固定資產(chǎn) 資產(chǎn)總價(jià)值 股東權(quán)益 流動(dòng)負(fù)債 長期負(fù)債 公司投資者總價(jià)值 公司資產(chǎn)負(fù)債表 流動(dòng)資產(chǎn) 固定資產(chǎn) 1 有形固定資產(chǎn) 2 無形固定資產(chǎn) 股東權(quán)益 流動(dòng)負(fù)債 長期負(fù)債 公司應(yīng)投資于哪些長期資產(chǎn)？ The Capital Budgeting Decision（ 資本預(yù)算 ） 公司資產(chǎn)負(fù)債表 公司如何籌集資本性支出所需要的現(xiàn)金？ The Capital Structure Decision（ 資本結(jié)構(gòu) ） 流動(dòng)資產(chǎn) 固定資產(chǎn) 1 有形固定資產(chǎn) 2 無形固定資產(chǎn) 股東權(quán)益 流動(dòng)負(fù)債 長期負(fù)債 公司資產(chǎn)負(fù)債表 債務(wù)與股權(quán) The CapitalStructure Question and The Pie Theory ? The value of a firm is defined to be the sum of the value of the firm’s debt and the firm’s equity. ? V = B + S Value of the Firm S B ? If the goal of the management of the firm is to make the firm as valuable as possible, the the firm should pick the debtequity ratio that makes the pie as big as possible. Current Assets $8,000 Debt $0 Equity $8,000 Debt/Equity ratio Interest rate n/a Shares outstanding 400 Share price $20 Proposed $8,000 $4,000 $4,000 1/1 10% 200 $20 Financial Leverage, EPS, and ROE Consider an allequity firm that is considering going into debt.
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