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ChapterOutline15.1TheCapital-StructureQuestionandThePieTheory15.2MaximizingFirmValueversusMaximizingStockholderInterests15.3FinancialLeverageandFirmValue:AnExample15.4ModiglianiandMiller:PropositionII(NoTaxes)15.5Taxes15.6SummaryandConclusionsChapterOutline15.1TheCapitaTheCapital-StructureQuestionandThePieTheoryThevalueofafirmisdefinedtobethesumofthevalueofthefirm’sdebtandthefirm’sequity.V=

B+SValueoftheFirmSB

Ifthegoalofthemanagementofthefirmistomakethefirmasvaluableaspossible,thethefirmshouldpickthedebt-equityratiothatmakesthepieasbigaspossible.TheCapital-StructureQuestionTheCapital-StructureQuestionTherearereallytwoimportantquestions:Whyshouldthestockholderscareaboutmaximizingfirmvalue?Perhapstheyshouldbeinterestedinstrategiesthatmaximizeshareholdervalue.Whatistheratioofdebt-to-equitythatmaximizestheshareholder’svalue?Asitturnsout,changesincapitalstructurebenefitthestockholdersifandonlyifthevalueofthefirmincreases.TheCapital-StructureQuestionFinancialLeverage,EPS,andROE

Current Assets $20,000 Debt $0 Equity $20,000 Debt/Equityratio 0.00 Interestrate n/a Sharesoutstanding 400 Shareprice $50

Proposed $20,000 $8,000 $12,000 2/3 8% 240 $50Consideranall-equityfirmthatisconsideringgoingintodebt.(Maybesomeoftheoriginalshareholderswanttocashout.)FinancialLeverage,EPS,andREPSandROEUnderCurrentCapitalStructure

Recession Expected ExpansionEBIT $1,000 $2,000 $3,000Interest 0 0 0Netincome $1,000 $2,000 $3,000EPS $2.50 $5.00 $7.50ROA 5% 10% 15%ROE 5% 10% 15%CurrentSharesOutstanding=400sharesEPSandROEUnderCurrentCapiEPSandROEUnderProposedCapitalStructure

Recession Expected ExpansionEBIT $1,000 $2,000 $3,000Interest 640 640 640Netincome $360 $1,360 $2,360EPS $1.50 $5.67 $9.83ROA 5% 10% 15%ROE 3% 11% 20%ProposedSharesOutstanding=240sharesEPSandROEUnderProposedCapEPSandROEUnderBothCapitalStructures

Levered Recession Expected ExpansionEBIT $1,000 $2,000 $3,000Interest 640 640 640Netincome $360 $1,360 $2,360EPS $1.50 $5.67 $9.83ROA 5% 10% 15%ROE 3% 11% 20%ProposedSharesOutstanding=240shares

All-Equity Recession Expected ExpansionEBIT $1,000 $2,000 $3,000Interest 0 0 0Netincome $1,000 $2,000 $3,000EPS $2.50 $5.00 $7.50ROA 5% 10% 15%ROE 5% 10% 15%CurrentSharesOutstanding=400sharesEPSandROEUnderBothCapitalFinancialLeverageandEPS(2.00)0.002.004.006.008.0010.0012.001,0002,0003,000EPSDebtNoDebtBreak-evenpointEBIindollars,notaxesAdvantagetodebtDisadvantagetodebtEBITFinancialLeverageandEPS(2.0AssumptionsoftheModigliani-MillerModelHomogeneousExpectationsHomogeneousBusinessRiskClassesPerpetualCashFlowsPerfectCapitalMarkets:PerfectcompetitionFirmsandinvestorscanborrow/lendatthesamerateEqualaccesstoallrelevantinformationNotransactioncostsNotaxesAssumptionsoftheModigliani-HomemadeLeverage:AnExample

Recession Expected ExpansionEPSofUnleveredFirm $2.50 $5.00 $7.50Earningsfor40shares $100 $200 $300Lessintereston$800(8%) $64 $64 $64NetProfits $36 $136 $236ROE(NetProfits/$1,200) 3% 11% 20%Wearebuying40sharesofa$50stockonmargin.WegetthesameROEasifweboughtintoaleveredfirm.Ourpersonaldebtequityratiois:HomemadeLeverage:AnExample Homemade(Un)Leverage:AnExample

Recession Expected ExpansionEPSofLeveredFirm $1.50 $5.67 $9.83Earningsfor24shares $36 $136 $236Plusintereston$800(8%) $64 $64 $64NetProfits $100 $200 $300ROE(NetProfits/$2,000) 5% 10% 15%Buying24sharesofanother-wiseidenticalleveredfirmalongwiththesomeofthefirm’sdebtgetsustotheROEoftheunleveredfirm.ThisisthefundamentalinsightofM&MHomemade(Un)Leverage:AnExamTheMMPropositionsI&II(NoTaxes)PropositionIFirmvalueisnotaffectedbyleverageVL=VUPropositionIILeverageincreasestheriskandreturntostockholdersrs=r0+(B/SL)(r0-rB)rBistheinterestrate(costofdebt)rsisthereturnon(levered)equity(costofequity)r0isthereturnonunleveredequity(costofcapital)BisthevalueofdebtSListhevalueofleveredequityTheMMPropositionsI&II(NoTheMMPropositionI(NoTaxes)Thederivationisstraightforward:ThepresentvalueofthisstreamofcashflowsisVL

ThepresentvalueofthisstreamofcashflowsisVU

TheMMPropositionI(NoTaxesTheMMPropositionII(NoTaxes)Thederivationisstraightforward:TheMMPropositionII(NoTaxeTheCostofEquity,theCostofDebt,andtheWeightedAverageCostofCapital:MMPropositionIIwithNoCorporateTaxesDebt-to-equityRatioCostofcapital:r(%)r0rBrBTheCostofEquity,theCostoTheMMPropositionsI&II(withCorporateTaxes)PropositionI(withCorporateTaxes)FirmvalueincreaseswithleverageVL=VU+TCBPropositionII(withCorporateTaxes)SomeoftheincreaseinequityriskandreturnisoffsetbyinteresttaxshieldrS=r0+(B/S)×(1-TC)×(r0-rB)

rBistheinterestrate(costofdebt)rSisthereturnonequity(costofequity)r0isthereturnonunleveredequity(costofcapital)BisthevalueofdebtSisthevalueofleveredequityTheMMPropositionsI&II(wiTheMMPropositionI(Corp.Taxes)ThepresentvalueofthisstreamofcashflowsisVL

ThepresentvalueofthefirsttermisVU

ThepresentvalueofthesecondtermisTCB

TheMMPropositionI(Corp.TaTheMMPropositionII(Corp.Taxes)StartwithM&MPropositionIwithtaxes:SinceThecashflowsfromeachsideofthebalancesheetmustequal:DividebothsidesbySWhichquicklyreducestoTheMMPropositionII(Corp.TTheEffectofFinancialLeverageontheCostofDebtandEquityCapitalDebt-to-equity

ratio(B/S)Costofcapital:r

(%)r0rBTheEffectofFinancialLeveraTotalCashFlowtoInvestorsUnder

EachCapitalStructurewithCorp.Taxes

All-Equity

Recession Expected ExpansionEBIT $1,000 $2,000 $3,000Interest 0 0 0EBT $1,000 $2,000 $3,000Taxes(Tc=35% $350 $700 $1,050TotalCashFlowtoS/H $650 $1,300 $1,950

Levered

Recession Expected ExpansionEBIT $1,000 $2,000 $3,000Interest($800@8%) 640 640 640EBT $360 $1,360 $2,360Taxes(Tc=35%) $126 $476 $826TotalCashFlow $234+640 $468+$640 $1,534+$640(tobothS/H&B/H): $874 $1,524 $2,174EBIT(1-Tc)+TCrBB $650+$224 $1,300+$224 $1,950+$224 $874 $1,524 $2,174TotalCashFlowtoInvestorsUTotalCashFlowtoInvestorsUnder

EachCapitalStructurewithCorp.TaxesTheleveredfirmpayslessintaxesthandoestheall-equityfirm.Thus,thesumofthedebtplustheequityoftheleveredfirmisgreaterthantheequityoftheunleveredfirm.SGSGB

All-equityfirm LeveredfirmTotalCashFlowtoInvestorsUSummary:NoTaxesInaworldofnotaxes,thevalueofthefirmisunaffectedbycapitalstructure.ThisisM&MPropositionI:VL=VUPropIholdsbecauseshareholderscanachieveanypatternofpayoutstheydesirewithhomemadeleverage.Inaworldofnotaxes,M&MPropositionIIstatesthatleverageincreasestheriskandreturntostockholdersSummary:NoTaxesInaworldofSummary:TaxesInaworldoftaxes,butnobankruptcycosts,thevalueofthefirmincreaseswithleverage.ThisisM&MPropositionI:VL=VU+TCBPropIholdsbecauseshareholderscanachieveanypatternofpayoutstheydesirewithhomemadeleverage.Inaworldoftaxes,M&MPropositionIIstatesthatleverageincreasestheriskandreturntostockholders.Summary:TaxesInaworldoftaProspectus:BankruptcyCostsSofar,wehaveseenM&Msuggestthatfinancialleveragedoesnotmatter,orimplythattaxescausetheoptimalfinancialstructuretobe100%debt.Intherealworld,mostexecutivesdonotlikeacapitalstructureof100%debtbecausethatisastateknownas“bankruptcy”.Inthenextchapterwewillintroducethenotionofalimitontheuseofdebt:financialdistress.Theimportantuseofthischapteristogetcomfortablewith“M&Malgebra”.Prospectus:BankruptcyCostsSoChapterOutline15.1TheCapital-StructureQuestionandThePieTheory15.2MaximizingFirmValueversusMaximizingStockholderInterests15.3FinancialLeverageandFirmValue:AnExample15.4ModiglianiandMiller:PropositionII(NoTaxes)15.5Taxes15.6SummaryandConclusionsChapterOutline15.1TheCapitaTheCapital-StructureQuestionandThePieTheoryThevalueofafirmisdefinedtobethesumofthevalueofthefirm’sdebtandthefirm’sequity.V=

B+SValueoftheFirmSB

Ifthegoalofthemanagementofthefirmistomakethefirmasvaluableaspossible,thethefirmshouldpickthedebt-equityratiothatmakesthepieasbigaspossible.TheCapital-StructureQuestionTheCapital-StructureQuestionTherearereallytwoimportantquestions:Whyshouldthestockholderscareaboutmaximizingfirmvalue?Perhapstheyshouldbeinterestedinstrategiesthatmaximizeshareholdervalue.Whatistheratioofdebt-to-equitythatmaximizestheshareholder’svalue?Asitturnsout,changesincapitalstructurebenefitthestockholdersifandonlyifthevalueofthefirmincreases.TheCapital-StructureQuestionFinancialLeverage,EPS,andROE

Current Assets $20,000 Debt $0 Equity $20,000 Debt/Equityratio 0.00 Interestrate n/a Sharesoutstanding 400 Shareprice $50

Proposed $20,000 $8,000 $12,000 2/3 8% 240 $50Consideranall-equityfirmthatisconsideringgoingintodebt.(Maybesomeoftheoriginalshareholderswanttocashout.)FinancialLeverage,EPS,andREPSandROEUnderCurrentCapitalStructure

Recession Expected ExpansionEBIT $1,000 $2,000 $3,000Interest 0 0 0Netincome $1,000 $2,000 $3,000EPS $2.50 $5.00 $7.50ROA 5% 10% 15%ROE 5% 10% 15%CurrentSharesOutstanding=400sharesEPSandROEUnderCurrentCapiEPSandROEUnderProposedCapitalStructure

Recession Expected ExpansionEBIT $1,000 $2,000 $3,000Interest 640 640 640Netincome $360 $1,360 $2,360EPS $1.50 $5.67 $9.83ROA 5% 10% 15%ROE 3% 11% 20%ProposedSharesOutstanding=240sharesEPSandROEUnderProposedCapEPSandROEUnderBothCapitalStructures

Levered Recession Expected ExpansionEBIT $1,000 $2,000 $3,000Interest 640 640 640Netincome $360 $1,360 $2,360EPS $1.50 $5.67 $9.83ROA 5% 10% 15%ROE 3% 11% 20%ProposedSharesOutstanding=240shares

All-Equity Recession Expected ExpansionEBIT $1,000 $2,000 $3,000Interest 0 0 0Netincome $1,000 $2,000 $3,000EPS $2.50 $5.00 $7.50ROA 5% 10% 15%ROE 5% 10% 15%CurrentSharesOutstanding=400sharesEPSandROEUnderBothCapitalFinancialLeverageandEPS(2.00)0.002.004.006.008.0010.0012.001,0002,0003,000EPSDebtNoDebtBreak-evenpointEBIindollars,notaxesAdvantagetodebtDisadvantagetodebtEBITFinancialLeverageandEPS(2.0AssumptionsoftheModigliani-MillerModelHomogeneousExpectationsHomogeneousBusinessRiskClassesPerpetualCashFlowsPerfectCapitalMarkets:PerfectcompetitionFirmsandinvestorscanborrow/lendatthesamerateEqualaccesstoallrelevantinformationNotransactioncostsNotaxesAssumptionsoftheModigliani-HomemadeLeverage:AnExample

Recession Expected ExpansionEPSofUnleveredFirm $2.50 $5.00 $7.50Earningsfor40shares $100 $200 $300Lessintereston$800(8%) $64 $64 $64NetProfits $36 $136 $236ROE(NetProfits/$1,200) 3% 11% 20%Wearebuying40sharesofa$50stockonmargin.WegetthesameROEasifweboughtintoaleveredfirm.Ourpersonaldebtequityratiois:HomemadeLeverage:AnExample Homemade(Un)Leverage:AnExample

Recession Expected ExpansionEPSofLeveredFirm $1.50 $5.67 $9.83Earningsfor24shares $36 $136 $236Plusintereston$800(8%) $64 $64 $64NetProfits $100 $200 $300ROE(NetProfits/$2,000) 5% 10% 15%Buying24sharesofanother-wiseidenticalleveredfirmalongwiththesomeofthefirm’sdebtgetsustotheROEoftheunleveredfirm.ThisisthefundamentalinsightofM&MHomemade(Un)Leverage:AnExamTheMMPropositionsI&II(NoTaxes)PropositionIFirmvalueisnotaffectedbyleverageVL=VUPropositionIILeverageincreasestheriskandreturntostockholdersrs=r0+(B/SL)(r0-rB)rBistheinterestrate(costofdebt)rsisthereturnon(levered)equity(costofequity)r0isthereturnonunleveredequity(costofcapital)BisthevalueofdebtSListhevalueofleveredequityTheMMPropositionsI&II(NoTheMMPropositionI(NoTaxes)Thederivationisstraightforward:ThepresentvalueofthisstreamofcashflowsisVL

ThepresentvalueofthisstreamofcashflowsisVU

TheMMPropositionI(NoTaxesTheMMPropositionII(NoTaxes)Thederivationisstraightforward:TheMMPropositionII(NoTaxeTheCostofEquity,theCostofDebt,andtheWeightedAverageCostofCapital:MMPropositionIIwithNoCorporateTaxesDebt-to-equityRatioCostofcapital:r(%)r0rBrBTheCostofEquity,theCostoTheMMPropositionsI&II(withCorporateTaxes)PropositionI(withCorporateTaxes)FirmvalueincreaseswithleverageVL=VU+TCBPropositionII(withCorporateTaxes)SomeoftheincreaseinequityriskandreturnisoffsetbyinteresttaxshieldrS=r0+(B/S)×(1-TC)×(r0-rB)

rBistheinterestrate(costofdebt)rSisthereturnonequity(costofequity)r0isthereturnonunleveredequity(costofcapital)BisthevalueofdebtSisthevalueofleveredequityTheMMPropositionsI&II(wiTheMMPropositionI(Corp.Taxes)ThepresentvalueofthisstreamofcashflowsisVL

ThepresentvalueofthefirsttermisVU

ThepresentvalueofthesecondtermisTCB

TheMMPropositionI(Corp.TaTheMMPropositionII(Corp.Taxes)StartwithM&MPropositionIwithtaxes:SinceThecashflowsfromeachsideofthebalancesheetmustequal:DividebothsidesbySWhichquicklyreducestoTheMMPropositionII(Corp.TTheEffectofFinancialLeverageontheCostofDebtandEquityCapitalDebt-to-equity

ratio(B/S)Costofcapital:r

(%)r0rBTheEffectofFinancialLeveraTotalCashFlowtoInvestorsUnder

EachCapitalStructurewithCorp.Taxes

All-Equity

Recession Expected ExpansionEBIT $1,000 $2,000 $3,000Interest 0 0 0EBT $1,000 $2,000 $3,000Taxes(Tc=35% $350 $700 $1,050TotalCashFlowtoS/H $650 $1,300 $1,950

Levered

Recession Expected ExpansionEBIT $1,000 $2,000 $3,000Interest($800@8%) 640 640 640EBT $360 $1,360 $2,360Taxes(Tc=35%) $126 $476 $826TotalCashFlow $234+640 $468+$640 $1,534+$640(tobothS/H&B/H): $874 $1,524 $2,174EBIT(1-Tc)+TCrBB $650+$224 $1,300+$224 $1,950+$224 $

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