第8章资本结构理论PPT文件格式下载.ppt

第8章资本结构理论PPT文件格式下载.ppt

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持续的现金流PerfectCapitalMarkets:

完美市场假设Perfectcompetition：

充分竞争Firmsandinvestorscanborrow/lendatthesamerate公司和投资者可以以同样利率借款Equalaccesstoallrelevantinformation同等条件获得所有相关信息Notransactioncosts无交易成本Notaxes无税收环境TheMMPropositionsI&

II（NoTaxes）PropositionI：

公司价值模型FirmvalueisnotaffectedbyleverageVL=VUPropositionII：

公司权益成本模型Leverageincreasestheriskandreturntostockholdersrs=r0+（B/SL）（r0-rB）rBistheinterestrate（costofdebt）rsisthereturnon（levered）equity（costofequity）r0isthereturnonunleveredequity（costofcapital）BisthevalueofdebtSListhevalueofleveredequityTheMMPropositionI（NoTaxes）ULVV=BrEBITB-receivefirmleveredainrsShareholdeBrBreceivesBondholderThederivationisstraightforward:

BrBrEBITBB+-）（isrsstakeholdealltoflowcashtotaltheThus,ThepresentvalueofthisstreamofcashflowsisVLEBITBrBrEBITBB=+-）（ClearlyThepresentvalueofthisstreamofcashflowsisVUP223无套利均衡分析方法。

TheMMPropositionI（NoTaxes）Thederivationisstraightforward:

SBWACCrSBSrSBBr+=0setThenrrWACC=0rrSBSrSBBSB=+SSB+bysidesbothmultiply0rSSBrSBSSSBrSBBSSBSB+=+0rSSBrrSBSB+=+00rrSBrrSBSB+=+）（00BSrrSBrr-+=TheCostofEquity,theCostofDebt,andtheWeightedAverageCostofCapital:

MMPropositionIIwithNoCorporateTaxesDebt-to-equityRatioCostofcapital:

r（%）r0rBrBSBTheMMPropositionsI&

II（withCorporateTaxes）PropositionI（withCorporateTaxes）FirmvalueincreaseswithleverageVL=VU+TCBPropositionII（withCorporateTaxes）SomeoftheincreaseinequityriskandreturnisoffsetbyinteresttaxshieldrS=r0+（B/S）（1-TC）（r0-rB）rBistheinterestrate（costofdebt）rSisthereturnonequity（costofequity）r0isthereturnonunleveredequity（costofcapital）BisthevalueofdebtSisthevalueofleveredequityTheMMPropositionII（Corp.Taxes）BTVVCUL+=）1（）（receivefirmleveredainrsShareholdeCBTBrEBIT-BrBreceivesBondholderBrTBrEBITBCB+-）1（）（isrsstakeholdealltoflowcashtotaltheThus,ThepresentvalueofthisstreamofcashflowsisVL=+-BrTBrEBITBCB）1（）（ClearlyThepresentvalueofthefirsttermisVUThepresentvalueofthesecondtermisTCBBrTBrTEBITBCBC+-=）1（）1（BrBTrBrTEBITBCBBC+-=）1（TheMMPropositionII（Corp.Taxes）StartwithM&

MPropositionIwithtaxes:

）（）1（00BCSrrTSBrr-+=BTVVCUL+=SinceBSVL+=Thecashflowsfromeachsideofthebalancesheetmustequal:

BCUBSBrTrVBrSr+=+0BrTrTBSBrSrBCCBS+-+=+0）1（DividebothsidesbySBCCBSrTSBrTSBrSBr+-+=+0）1（1BTVBSCU+=+）1（CUTBSV-+=WhichquicklyreducestoTheEffectofFinancialLeverageontheCostofDebtandEquityCapitalwithCorporateTaxesDebt-to-equityratio（B/S）Costofcapital:

r（%）r0rBTotalCashFlowtoInvestorsUnderEachCapitalStructurewithCorp.TaxesTheleveredfirmpayslessintaxesthandoestheall-equityfirm.Thus,thesumofthedebtplustheequityoftheleveredfirmisgreaterthantheequityoftheunleveredfirm.SGSGBAll-equityfirmLeveredfirmTotalCashFlowtoInvestorsUnderEachCapitalStructurewithCorp.TaxesThesumofthedebtplustheequityoftheleveredfirmisgreaterthantheequityoftheunleveredfirm.Thisishowcuttingthepiedifferentlycanmakethepielarger:

thegovernmenttakesasmallersliceofthepie!

SGSGBAll-equityfirmLeveredfirmSummary:

NoTaxesInaworldofnotaxes,thevalueofthefirmisunaffectedbycapitalstructure.ThisisM&

MPropositionI:

VL=VUPropIholdsbecauseshareholderscanachieveanypatternofpayoutstheydesirewithhomemadeleverage.Inaworldofnotaxes,M&

MPropositionIIstatesthatleverageincreasestheriskandreturntostockholders）（00BLSrrSBrr-+=Summary:

TaxesInaworldoftaxes,butnobankruptcycosts,thevalueofthefirmincreaseswithleverage.ThisisM&

VL=VU+TCBPropIholdsbecauseshareholderscanachieveanypatternofpayoutstheydesirewithhomemadeleverage.Inaworldoftaxes,M&

MPropositionIIstatesthatleverageincreasestheriskandreturntostockholders.）（）1（00BCLSrrTSBrr-+=PersonalTaxes:

TheMillerModelTheMillerModelshowsthatthevalueofaleveredfirmcanbeexpressedintermsofanunleveredfirmas:

BTTTVVBSCUL-+=1）1（）1（1Where:

TS=personaltaxrateonequityincomeTB=personaltaxrateonbondincomeTC=corporatetaxratePersonalTaxes:

TheMillerModelThederivationisstraightforward:

）1（）1（）（receivefirmleveredainrsShareholdeSCBTTBrEBIT-）1（receivesBondholderBBTBr-）1（）1（）1（）（isrsstakeholdealltoflowcashtotaltheThus,BBSCBTBrTTBrEBIT-+-+-BSCBBSCTTTTBrTTEBIT1）1（）1

（1）1（）1（）1（asrewrittenbecanThisPersonalTaxes:

TheMillerModel（cont.）-+-BSCBBSCTTTTBrTTEBIT1）1（）1

（1）1（）1（）1（Thefirsttermisthecashflowofanunleveredfirmafteralltaxes.Itsvalue=VU.AbondisworthB.ItpromisestopayrBB（1-TB）aftertaxes.Thusthevalueofthesecondtermis:

Thetotalcashflowtoallstakeholdersintheleveredfirmis:

Thevalueofth