公司金融_Capital Structure (II).pptx

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2017-08-15 发布于湖北
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公司金融_Capital Structure (II).pptx

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公司金融_Capital Structure (II)

Corporate Finance;Motivation;We know the market is not perfect, so why bother with MM analysis?;Our approach;Valuation by parts;Imperfection 1: Corporate taxes;Imperfection 1: Corporate taxes;Imperfection 1: Corporate taxes;Imperfection 1: Corporate taxes;Imperfection 1: Corporate taxes;Imperfection 1: Corporate taxes;Impact of corporate taxes;Imperfection 1: Corporate taxes;Imperfection 1: Corporate taxes;Imperfection 1: Corporate taxes;Impact of corporate tax on Re;Imperfection 1: Corporate taxes;Imperfection 1: Corporate taxes;Book Practice Problems;Imperfection 2: Bankruptcy Costs;Imperfection 2: Bankruptcy Costs;Imperfection 2: Bankruptcy Costs;Imperfection 2: Bankruptcy Costs;Imperfection 2: Bankruptcy Costs;Imperfection 2: Bankruptcy Costs;Taxes AND Bankruptcy Costs;Imperfection 3: Agency Problems;Imperfection 3: Agency Problems;Example: Risk-Shifting;Example: Risk-Shifting;Imperfection 3: Agency Problems;Imperfection 3: Agency Problems;Imperfection 1, 2, 3 – Combined;Imperfection 1, 2, 3 – Combined;Real World: Why do Debt Ratios Differ across Firms?;Real World: Why didn’t MSFT have any debt?