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1、ChapterOutline15.1TheCapital-StructureQuestionandThePieTheory15.2MaximizingFirmValueversusMaximizingStockholderInterests15.3FinancialLeverageandFirmValue:AnExample15.4ModiglianiandMiller:PropositionII(NoTaxes)15.5Taxes15.6SummaryandConclusionsTheCapital-
2、StructureQuestionandThePieTheoryThevalueofafirmisdefinedtobethesumofthevalueofthefirm’sdebtandthefirm’sequity.V=B+SValueoftheFirmSBIfthegoalofthemanagementofthefirmistomakethefirmasvaluableaspossible,thethefirmshouldpickthedebt-equityratiothatmakesthepie
3、asbigaspossible.TheCapital-StructureQuestionTherearereallytwoimportantquestions:Whyshouldthestockholderscareaboutmaximizingfirmvalue?Perhapstheyshouldbeinterestedinstrategiesthatmaximizeshareholdervalue.Whatistheratioofdebt-to-equitythatmaximizestheshare
4、holder’svalue?Asitturnsout,changesincapitalstructurebenefitthestockholdersifandonlyifthevalueofthefirmincreases.FinancialLeverage,EPS,andROECurrentAssets$20,000Debt$0Equity$20,000Debt/Equityratio0.00Interestraten/aSharesoutstanding400Shareprice$50Propose
5、d$20,000$8,000$12,0002/38%240$50Consideranall-equityfirmthatisconsideringgoingintodebt.(Maybesomeoftheoriginalshareholderswanttocashout.)EPSandROEUnderCurrentCapitalStructureRecessionExpectedExpansionEBIT$1,000$2,000$3,000Interest000Netincome$1,000$2,000
6、$3,000EPS$2.50$5.00$7.50ROA5%10%15%ROE5%10%15%CurrentSharesOutstanding=400sharesEPSandROEUnderProposedCapitalStructureRecessionExpectedExpansionEBIT$1,000$2,000$3,000Interest640640640Netincome$360$1,360$2,360EPS$1.50$5.67$9.83ROA5%10%15%ROE3%11%20%Propos
7、edSharesOutstanding=240sharesEPSandROEUnderBothCapitalStructuresLeveredRecessionExpectedExpansionEBIT$1,000$2,000$3,000Interest640640640Netincome$360$1,360$2,360EPS$1.50$5.67$9.83ROA5%10%15%ROE3%11%20%ProposedSharesOutstanding=240sharesAll-EquityRecessio
8、nExpectedExpansionEBIT$1,000$2,000$3,000Interest000Netincome$1,000$2,000$3,000EPS$2.50$5.00$7.50ROA5%10%15%ROE5%10%15%CurrentSharesOutstanding=400sharesFinancialLeverageandEPS(2.00)0.002.004.006.008.0010.0012.001,0002,0003
