《CapitalStructureandCostofEquity(高级公司财务-》-课件.ppt

* Personal Taxes个人所得税and Debt and Equity Rates of Returns 债券股票收益率 If debt income is taxed more heavily than equity income, to compensate taxable investors for its relative tax disadvantage为了补偿相对劣税应税投资者, the pre-tax return on debt should exceed the pre-tax expected return on equity (both securities assumed risk free)债券的税前收益应该超过股票的税前收益 For investors who are indifferent between holding debt and equity, the personal tax rate satisfies the following condition: rD (1 - TD) = rE (1 - TE), i.e. (after-tax returns on debtequity) * Personal Taxes and Debt and Equity Rates of Returns Assume EBIT rDD ... interest payment (X-rDD)Tc … is the corporate tax企业税 (X-rDD)(1-Tc) … amount due to equity holders before personal tax税前应付股东个人所得 (X-rDD)(1-Tc)TE … personal taxes on equity income个人股票所得税 (X-rDD)(1-Tc)(1-TE) … after taxes cash flow to equity holders股权持有人税后利润 rDD (1-TD) … after tax cash flow to debt holders债权人税后利润 * Personal Taxes and Debt and Equity Rates of Returns Let C = total after-tax cash flow stream flowing to debt and equity holders Let X = EBIT C= (X-rDD)(1-Tc)(1-TE) + rDD (1-TD) = X(1-Tc)(1-TE) + rDD[(1-TD) - (1-Tc)(1-TE)] The RHS term represents the tax gain税后收益 from leverage Assuming the level of debt债务水平 is permanently fixed永久固定, the gain from leverage can be valued by discounting the perpetuity payments at the after-(personal) tax rate of debt, rD(1-TD) or equivalently at the after -(personal) tax rate of equity, rE(1-TE). * Personal Taxes and Debt and Equity Rates of Returns {rDD[(1-TD) - (1-Tc)(1-TE)]}/ rD(1-TD) = TgD Where: Hence: If Tg 0 …Firms issue enough debt to eliminate their tax liability消除应纳税额 If Tg 0 …Firms include no debt in their capital structure If Tg = 0 …Firms will be indifferent about their debt level, i.e. (1-TD) = (1-Tc)(1-TE) * Financial Leverage and Financial Distress财务困境 Financial distress occurs when a firm has difficulty in meeting its contractual obligations合同义务Bankruptcy is an extended state of financial distress