mm理論和無套利ppt課件-展示頁
2024-10-28 04:57本頁面
【正文】 3. Time preference of consumption —— the stronger preference to current consumption, the higher the risk premium required and the higher the interest rates and vice versa. 4. Risk aversion —— the more the risk aversion, the higher the risk premium required and the lower the riskfree interest rates. ? Four basic factors 27 ? The Benchmark of Interest — Yield to Maturity (YTM) YTM varies with different financial instruments, because the exposure of financial instruments are quite different and the required risk premiums differ from each other. Riskfree interest varies with terms . It’s called the term structure of interests. — Riskfree interests ? ? No! Yes! 。M Proposition 2: The cost of equity of a firm equals the cost of capital of the firm without liability and the risk premium of WACC multiplied by financial leverage. 12 All transactions in financial markets are zero – NPV transaction activities. Proposition! 13 Implication of Mamp。M 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 amp。M assumptions: ? Frictionless assumptions – No ine taxes – No transaction costs – No information asymmetry – No cost to resolve interest conflicts among stakeholders ? All liabilities are riskfree 6 Notes: A mini – case: does capital structure matter? 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
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