【精】lecture15thecapitalstructuredecision-展示頁
2025-01-26 06:20本頁面
【正文】 00$7 5,0 00Inco me Oper atingBoomExpect edSlump Econ omy th eof Stat e Outc ome50 0,0 00 $deb t of ueMarke t v al50 0,0 00 $Share s of Valu eMarke t $10sha reper Price50 ,00 0sha res ofNumber DataMM (Debt Policy Doesn’t Matter) 169。The McGrawHill Companies, Inc.,2023 15 4 Irwin/McGrawHill MM (Debt Policy Doesn’t Matter) Assumptions ?By issuing 1 security rather than 2, pany diminishes investor choice. This does not reduce value if: ? Investors do not need choice, OR ? There are sufficient alternative securities ?Capital structure does not affect cash flows ... ?No taxes ?No bankruptcy costs ?No effect on management incentives 169。The McGrawHill Companies, Inc.,2023 15 2 Irwin/McGrawHill Topics Covered ?Debt and Value in a Tax Free Economy ?Capital Structure and Corporate Taxes ?Cost of Financial Distress ?Explaining Financial Choices 169。169。The McGrawHill Companies, Inc.,2023 15 1 Irwin/McGrawHill Chapter 15 Fundamentals of Corporate Finance Third Edition The Capital Structure Decision Brealey Myers Marcus slides by Matthew Will 169。The McGrawHill Companies, Inc.,2023 15 3 Irwin/McGrawHill MM (Debt Policy Doesn’t Matter) ?Modigliani Miller ?When there are no taxes and capital markets function well, it makes no difference whether the firm borrows or individual shareholders borrow. Therefore, the market value of a pany does not depend on its capital structure. 169。The McGrawHill Companies, Inc.,202
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