Unit9CapitalStructure資本結(jié)構(gòu)9.1TheChoices:TypesofFinancing9.2TheFinancingMix9.3UnderstandingFinancialRisk9.4CapitalStructureandtheValueofaFirm9.5ChecklistforCapitalStructureDecisionsEquityTheequityclaimonabusinesscantakeavarietyofforms,dependingpartlyonwhetherthefirmisprivatelyownedorpubliclytradedandpartlyonthefirm’sgrowthandriskcharacteristics.Privatefirmshavetodependeitherontheowneroraprivateentity,usuallyaventurecapitalist,tobringintheequityneededtokeepthebusinessoperatingandexpanding.Publictradedfirmshaveaccesstocapitalmarkets,givingthemawiderarrayofchoices.9.1TheChoices:TypesofFinancing（1）EquityOwner’sEquity—

fundsbroughtinbytheownersofthecompanyMvidethebasisforthegrowthandeventualsuccessofthebusiness.VentureCapitalandPrivateEquityAventurecapitalistorprivateequityinvestorprovidesequityfinancingtosmallandoftenriskybusinessinreturnforashareoftheownershipofthefirm.Smallerandriskierbusinessaremorelikelytoseekventurecapitalandarealsomorelikelytobeaskedtogiveupagreatershareofthevalueofthefirmwhenreceivingtheventurecapital.CommonStock—the

conventionwayforapubliclytradedfirmtoraisemoneyOfferingprice---foranewlylistedcompany,estimatedbyaninvestmentbankUniformordifferentdividendsandvotingrights??Warrants——equityalternativestocommonstockTheholdersreceivedtherighttobuysharesinthecompanyatafixedpricesometimesinthefutureinreturnforpayingforthewarrantsupfront.Whymightafirmusewarrantsratherthancommonstocktoraisemoney?1.warrantsarepricedbasedontheimpliedvolatilityassignedtounderlyingstock---thegreaterthevolatility,thegreaterthevalue.2.warrantsbythemselvescreatenofinancialobligationsatthetimeoftheissue.—ahigh-growthfirm,especiallywhencurrentflowsarelowornegative.3.warrantsdonotcreateanynewadditionalsharescurrentlywhilewhiletheraiseequityinvestmentfundsforcurrentuse.ContingentValueRightsProvideinvestorswithrighttosellstocksforafixedpriceandthusderivetheirvaluefromthevolatilityofthestockandthedesireonthepartofinvestorstohedgetheirlosses.或有價(jià)值權(quán)利是給投資者提供了在固定價(jià)格出售股票的權(quán)利，從而通過股票的波動(dòng)性以及從投資者的利益角度講，減小他們損失的愿望來確定出股票價(jià)值Putoption—optionexchanges,givetheirholdersasimilarrighttoselltheunderlyingstockatafixedprice.DifferencebetweenCVRandPO1.theproceedsfromCVR/POsalesgotothefirm/privateparties.2.CVRtendtobemorelong-termthantypicallistedPOWhychoosetoissueCVR?Thefirmbelievesitissignificantlyundervaluedbythemarkets.--signalCVRarealsousefulifthemarketisoverestimatingvolatilityandtheputpricereflectsthismisestimatedvolatility.ThepresenceofCVRasinsurancemayattractnewinvestorstothemarketforthecommonstock（2）Debt——residualclaimBorrowingcreatesanobligationtomakecashflowpaymentsinoperationandprovidesthelenderwithpriorclaimsifthefirmisinfinancialtrouble.借款會(huì)產(chǎn)生一個(gè)現(xiàn)金流支付的義務(wù)，并且在公司陷入財(cái)務(wù)困境的時(shí)候，債權(quán)人會(huì)擁有優(yōu)先索取權(quán)。9.1TheChoices:TypesofFinancingBankdebtBesidesbeingasourceoflong-termborrowingforfirms,banksalsooftenofferthemaflexibleoptiontomeetunanticipatedorseasonalfinancingneeds.銀行不僅是公司長期借款的來源，它還經(jīng)常為公司提供一個(gè)靈活的服務(wù)以應(yīng)付意外或季節(jié)性的融資需求。lineofcreditTheadvantageofhavingalineofcreditisthatitprovidesthefirmwithaccesstothefundswithouthavingtopayinterestcostsifthefundsremainunused.有信用額度的優(yōu)點(diǎn)是，企業(yè)可以獲得資金，而且如果資金仍然未使用，那么無需支付利息的成本。However，thefirmisrequiredtomaintainacompensatingbalanceonwhichitearnseithernointerestorbelow-marketrates.Bonds

Forlarger,publiclytradedfirms,analternativetobankdebtistoissuebonds.AdvantagesCarryingmorefavorablefinancingtermsthanequivalentbankdebt,largelybecauseriskissharedbyalargernumberoffinancialmarketinvestors.Providingachancefortheissuertoaddspecialfeatures.相對(duì)于的等價(jià)的銀行債務(wù)，債券往往有更有利的融資條件，主要是因?yàn)轱L(fēng)險(xiǎn)已被大量的金融市場投資者分散掉了。可以提供給發(fā)行人一個(gè)機(jī)會(huì)將債券賦予特殊功能LeasesAnoperatingleaseThetermoftheleaseagreementisshorterthanthelifeoftheassetThepresentvalueofleasepaymentisgenerallymuchlowerthantheactualpriceoftheasset.Attheendofthelifeofthelease,theassetrevertsbacktothelessor,whowilleitheroffertosellittothelesseeorleaseittosomebodyelse.Thelesseeusuallyhastherighttocanceltheleaseclearlyresideswiththelessor，withthelesseebearinglittleornoriskiftheassetbecomesobsolete.AcapitalleaseLastsforthelifeoftheasset,withthepresentvalueofleasepaymentscoveringthepriceoftheasset.Acapitalleasegenerallycannotbecanceled,andtheleasecanberenewedattheendofitslifeatareducedrateortheassetcanbeacquiredbylesseeatafavorableprice.Thelessorisnotobligatedtopayinsuranceandtaxesontheasset,leavingtheseobligationuptothelessee.Thelesseeconsequentlyreducestheleasepayments,lendingtowhatarecallednetleases.Acapitalleaseplacessubstantialriskontheshouldersofthelesseeiftheassetlosesvalueorbecomesobsolete.9.1TheChoices:TypesofFinancing（3）HybridSecurities

ConvertibleBondAbondthatcanbeconvertedintoapredeterminednumberofsharesatthediscretionofthebondholder.AmoreattractiveoptionasstockpriceincreaseLowertheinterestrateConversionratio/conversionpremium轉(zhuǎn)換溢價(jià)是指轉(zhuǎn)換價(jià)格超過可轉(zhuǎn)換債券的轉(zhuǎn)換價(jià)值(可轉(zhuǎn)換債券按標(biāo)的股票時(shí)價(jià)轉(zhuǎn)換的價(jià)值)的部分。轉(zhuǎn)換溢價(jià)是以百分比表示，以可轉(zhuǎn)換公司債券發(fā)行時(shí)股票價(jià)格為基礎(chǔ)的，它是目前市場價(jià)格與轉(zhuǎn)換值的差，用公式表示為：Cp=Vm?V其中：Cp代表轉(zhuǎn)換溢價(jià)；Vm代表可轉(zhuǎn)換公司債券的市場價(jià)格；V代表轉(zhuǎn)換價(jià)格。為了將一種其他的可轉(zhuǎn)換公司債券進(jìn)行比較，一般轉(zhuǎn)換用百分比表示，稱為轉(zhuǎn)換溢價(jià)率，用公式表示為：Cr=Cp/v其中：Cr代表轉(zhuǎn)換溢價(jià)率。PreferredStockPreferredstockisanothersecuritythatsharessomecharacteristicswithdebtandsomewithequity.Likedebt:afixeddollarpayment;don’thaveashareofcontrol(votingprevileges)Likeequity:paymentsarenottax-deductibleandcomeoutofafter-taxcashflows;don’thaveamaturitydate,priorityafterdebtholders’claims.9.2TheFinancingMixThecapitalstructuredecisioninvolvesdeterminingafirm’sfinancingmix.

Capitalstructureisthemixoflong-termsourcesoffundsusedbythefirm.Anoptimalcapitalstructureisthefinancingmixthatmaximizesthevalueofthefirm.9.3UnderstandingFinancialRisk

Businessrisk——thevolatilityofoperatingincome,causedbythenatureofthefirm’sbusiness

由公司業(yè)務(wù)的自然屬性造成的經(jīng)營性收益的波動(dòng)被成為經(jīng)營風(fēng)險(xiǎn)。Theuncertaintyofdemand,outputpricesandinputcosts,competitivefactors,andproductandothertypesofliability.Financialrisk——Whenfirmsborrow,theyincurfinancialriskBorrowingincreasestheriskofdefaultforafirm.Theinterestandprincipalpaymentsincreasesthevolatilityofafirm’sEPSandROE.

Borrowingincreasestheriskofdefaultforafirm.Interestandprincipalpaymentsondebtarelegalobligationsforthefirm.Failuretomeetthesepaymentsinatimelymannermayleadtodefaultandeventualbankruptcyforthefirm.

Theinterestandprincipalpaymentsassociatedwithborrowingincreasethevolatilityofafirm’searningspershareanditsreturnonequity.9.4.1TheModigliani-MillerTheoremTheModiglianiandMillerTheoremstatesthatintheabsenceofcorporateandpersonaltaxes,transactioncosts,andothermarketimperfections,thevalueofafirmisindependentofitscapitalstructure.Inotherwords,managerscannotalterthevalueoftheirfirmsbythecapitalstructuresthattheychoose.

9.4CapitalStructureandtheValueofaFirm

M&Marguethatunderahighlyrestrictivesetofassumptions,thevalueofthefirmisdeterminedsolelybythesizeandtheriskinessoftherealcashflowsgeneratedbythefirm’sassetsandnotbyhowthesecashflowsaredividedbetweenthedebtandequitystakeholdersofthefirm.

M＆M理論認(rèn)為，在這種多重限制的條件下，公司的價(jià)值完全是由公司現(xiàn)金流的大小和公司的資產(chǎn)所產(chǎn)生的真實(shí)流量所帶來的風(fēng)險(xiǎn)決定的，而與這些現(xiàn)金流是如何在債務(wù)和所有者權(quán)益之間分配是無關(guān)。TheModigliani-MillerTheorem

9.4.2TheM&MTheoremintheRealWorld

DoestheM&Mtheoremholdintherealworld?Probablynot.

Theviewthatcapitalstructureisliterallyirrelevantorthat“nothingmatters”incorporatefinance,thoughsometimesattributedtous(andtracingperhapstotheveryprovocativewaywemadeourpoint),isfarfromwhatweeveractuallysaidabouttherealworldapplicationsofourtheoreticalpropositions.這種認(rèn)為資本結(jié)構(gòu)從理論上來講與經(jīng)營融資相關(guān)程度低或者無關(guān)的理論，（雖然有時(shí)歸因于我們提出的觀點(diǎn)帶有挑釁性）和我們?cè)?jīng)說過的在實(shí)際情況中對(duì)該理論的應(yīng)用還是有很大差距的TheModigliani-MillerTheoremwithCorporateTaxesM&M理論與企業(yè)稅Thevalueofaleveredfirmisthevalueofanotherwiseidenticalunleveredfirmplusthevalueoftaxshield.WhyFirmsAreNotLeveragedtotheMaximum？為什么企業(yè)不用杠桿效應(yīng)使價(jià)值最大化——CostsofFinancialDistressandBankruptcy財(cái)務(wù)困境和破產(chǎn)費(fèi)用9.4.2TheM&MTheoremintheRealWorld

9.4.3TradeoffTheoryofOptimalCapitalStructure

Thetaxbenefitsofdebtfinancingbestowedbythegovernmentandthecostsoffinancialdistressthatmayatsomepointaccompanytheuseoffinancialleveragemayleadtoastatictradeoffthatprovidesanoptimalcapitalstructureforafirm.政府所賦予的債務(wù)融資的稅收利益和財(cái)務(wù)困境成本可能在一定程度上配合著財(cái)務(wù)杠桿的使用可能會(huì)導(dǎo)致一個(gè)靜態(tài)權(quán)衡，它為公司提供了一個(gè)最佳的資本結(jié)構(gòu)。1.Managerspreferinternalfinancingtoexternalfinancing.經(jīng)理人們傾向于內(nèi)部融資甚于外部融資。2.Whenoperatingcashflowsandresultingprofitsarehigherthanexpectedandinexcessofwhatthefirmneedstofundnewcapitalexpendituresandpaydividends,managerspayoffdebtorinvestinmarketablesecurities.Whentheyareless,managersdrawdowncashbalancesandsellmarketablesecuritiesinordertofundnewexpendituresandpaydividends.當(dāng)經(jīng)營性現(xiàn)金流量和由此產(chǎn)生的利潤高于預(yù)期，而且超過了企業(yè)所需的新增資本支出和股利支付，經(jīng)理人們會(huì)還清債務(wù)，或投資于有價(jià)證券。如果它們很少，管理者們會(huì)動(dòng)用現(xiàn)金結(jié)余或者出售有價(jià)證券來彌補(bǔ)新增的支和支付股息。9.4.4PeckingOrderTheoryofCapitalStructure—Asymmetryinformation

3.Afterdrawingdowncashbalance