现代企业资本结构概念讲义.pptx

Chapter Outline15.1 The Capital-Structure Question and The Pie Theory15.2 Maximizing Firm Value versus Maximizing Stockholder Interests15.3 Financial Leverage and Firm Value: An Example15.4 Modigliani and Miller: Proposition II (No Taxes)15.5 Taxes15.6 Summary and ConclusionsThe Capital-Structure Question and The Pie TheoryThe 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 If the goal of the management of the firm is to make the firm as valuable as possible, the the firm should pick the debt-equity ratio that makes the pie as big as possible. SBValue of the FirmThe Capital-Structure QuestionThere 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?As it turns out, changes in capital structure benefit the stockholders if and only if the value of the firm increases.Financial Leverage, EPS, and ROE Consider an all-equity firm that is considering going into debt. (Maybe some of the original shareholders want to cash out.) Proposed $20,000 $8,000 $12,000 2/3 8% 240 $50 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 ExpansionEBIT $1,000 $2,000 $3,000Interest 0 0 0Net income $1,000 $2,000 $3,000EPS $2.50 $5.00 $7.50ROA 5% 10% 15%ROE 5% 10% 15%Current Shares Outstanding = 400 sharesEPS and ROE Under Proposed Capital Structure Recession Expected ExpansionEBIT $1,000 $2,000 $3,000Interest 640 640 640Net income $360 $1,360 $2,360EPS $1.50 $5.67 $9.83ROA 5% 10% 15%ROE 3% 11% 20%Proposed Shares Outstanding = 240 sharesEPS and ROE Under Both Capital Structures All-EquityRecession Expected ExpansionEBIT $1,000 $2,000 $3,000Interest 0 0 0Net income $1,000 $2,000 $3,000EPS $2.50 $5.00 $7.5