公司理财 资本结构_图文.ppt

Franco Modigliani Merton Miller Leverage Increases Risk The variability in both ROE and EPS increases when financial leverage is increased. Leverage increases the risk of holding equity! Hence, greater use of debt magnifies EPS and ROE in either direction (when the profitability is good or bad). Using more debt makes EPS and ROE more risky since both EPS and ROE are more sensitive to changes in EBIT（财务杠杆度）。 * 不考虑公司税的MM 模型：小结 假定环境：Perfect Capital markets Firms and investors can borrow/lend at the same rate. No transaction costs. No corporate or personal income taxes. 结论： 杠杆企业价值与无杠杆企业价值相等：VL= VU 权益成本随着负债的增加而上升： 政策含义： 资本结构变化不改变企业加权平均资本成本（WACC） 企业不存在最优资本结构（Optimal Capital Structure） * 三、资本结构的静态权衡理论 考虑公司所得税的MM模型 利息抵税与财务困境成本的权衡 考虑个人所得税时的权衡：Miller模型 关于最优资本结构的讨论 * 利息抵税 Debt is different than equity in two distinguishing ways: Interest payments are tax deductible. (A benefit of debt financing) Unmet debt obligations can result in bankruptcy. (A cost of debt financing) We first look at the effect of introducing the corporate taxes on the MM Propositions. 由于利息是在税前支付，与无杠杆企业相比，杠杆企业因为支付利息所交付的公司所得税较少，这被称为利息抵税（或节税），所减少的税额称作税盾（Tax shield）。 * 利息抵税效应 Consider two firms that have identical assets and operations with a constant earnings of $EBIT in perpetuity. * 无杠杆企业与所得税 Earnings EBIT Taxes EBIT ? TC After-tax Earnings EBIT ? (1 – TC) Cash flow to Shareholders EBIT ? (1 – TC) Cash flow to Bond holders 0 Total Cash Flow EBIT x (1 – TC) Notes: Since there are no bond holders, the cash flow to bond holders is zero. * 杠杆企业与公司所得税 Earnings EBIT Taxes (EBIT – RD D) ? TC After-tax Earnings (EBIT – RD D) ? (1 – TC) Cash flow to Shareholders (EBIT – RD D) ? (1 – TC) Cash flow to Bond holders RD D Total Cash Flow = (EBIT – RD D) ? (1 – TC) + RD D = (EBIT) ? (1 – TC) + RD D TC * 税盾 无杠杆企业流向投资者（股东）的现金流 EBIT ?(1 – TC) 杠杆企业流向投资者（股东和债权人）的现金流 (EBIT) ? (1 – TC) + RD D TC 与无杠杆企业相比，杠杆企业流向投资者的现金流较高，高出的部分（ RD D TC ）就是税盾。 * 税盾的现值 假定杠杆企业保持债务额为D，则利息税盾为永久年金， RDDT