沈阳农业大学经济管理学院公司理财课件 第十一章.ppt

内容提要与学习要点 内容提要：本章主要介绍企业资本结构的基本概念及资本结构理论的MM定理及其扩展形式。 学习要点： 1. 资本结构； 2.无税收世界的MM定理； 3. 有税但无破产成本世界的MM定理 1.资本结构概述 资本结构是指企业各种资本的价值构成及其比例。 广义的资本结构是指企业全部资本价值的构成及其比例关系。 狭义的资本结构是指企业各种长期资本价值的构成及其比例关系，尤其是指长期的股权资本与债权资本的构成及其比例关系。 1.1 馅饼模型（pie model） The value of a firm is defined to be the sum of the value of the firm’s debt and the firm’s equity. V = B + S 1.2 资本结构问题 There are really two important questions: Why should the stockholders care about maximizing firm value? Perhaps they should be interested in strategies that maximize shareholder value. What is the ratio of debt-to-equity that maximizes the shareholder’s value? 1.2.1 企业价值最大化与股东利益最大化 As it turns out, changes in capital structure benefit the stockholders if and only if the value of the firm increases.见285页例15-1 当且仅当企业的价值提高时，资本结构的变化对股东有利。 管理者应该选择他们所认为的可使公司价值最高的资本结构，因为该资本结构将对公司的股东最有利。 1.2.2 Financial Leverage, EPS, and ROE Current Assets $20,000 Debt $0 Equity $20,000 Debt/Equity ratio 0.00 Interest rate n/a Shares outstanding 400 Share price $50 EPS and ROE Under Current Capital Structure Recession Expected Expansion EBIT $1,000 $2,000 $3,000 Interest 0 0 0 Net income $1,000 $2,000 $3,000 EPS $2.50 $5.00 $7.50 ROA 5% 10% 15% ROE 5% 10% 15% Current Shares Outstanding = 400 shares EPS and ROE Under Proposed Capital Structure Recession Expected Expansion EBIT $1,000 $2,000 $3,000 Interest 640 640 640 Net income $360 $1,360 $2,360 EPS $1.50 $5.67 $9.83 ROA 5% 10% 15% ROE 3% 11% 20% Proposed Shares Outstanding = 240 shares EPS and ROE Under Both Capital Structures Levered Recession Expected Expansion EBIT $1,000 $2,000 $3,000 Interest 640 640 640 Net income $360 $1,360 $2,360 EPS $1.50 $5.67 $9.83 ROA 5% 10% 15% ROE 3% 11% 20% Proposed Shares Outstanding = 240 shares Financial Leverage and EPS 2. MM定理（无税） 基本假设： Homogeneous Expectations Homogeneous Business Risk Classes Perpetual Cash Flows Perfect Capital Markets: Perfec