财务管理专业英语3E教学课件作者刘媛媛 Topic 9.ppt

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1、9.1TheChoices:TypesofFinancing9.2TheFinancingMix9.3UnderstandingFinancialRisk9.4CapitalStructureandtheValueofaFirm9.5ChecklistforCapitalStructureDecisionsTheChoices:TypesofFinancingDebtorEquity?EquityOwner’sEquityVentureCapitalandPrivateEquityCommonStockWar

2、rantsContingentValueRightsTheChoices:TypesofFinancingDebtorEquity?DebtBankdebtBondsLeasesTheChoices:TypesofFinancingDebtorEquity?HybridSecuritiesConvertibleBondPreferredStockTheFinancingMixThecapitalstructuredecisioninvolvesdeterminingafirm’sfinancingmix.Ca

3、pitalstructureisthemixoflong-termsourcesoffundsusedbythefirm.UnderstandingFinancialRiskBusinessrisk——thevolatilityofoperatingincome,causedbythenatureofthefirm’sbusinessFinancialrisk——Whenfirmsborrow,theyincurfinancialriskBorrowingincreasestheriskofdefaultf

4、orafirm.Interestandprincipalpaymentsondebtarelegalobligationsforthefirm.Failuretomeetthesepaymentsinatimelymannermayleadtodefaultandeventualbankruptcyforthefirm.Theinterestandprincipalpaymentsassociatedwithborrowingincreasethevolatilityofafirm’searningsper

5、shareanditsreturnonequity.CapitalStructureandtheValueofaFirmTheModigliani-MillerTheoremCapitalStructureandtheValueofaFirmTheM&MTheoremintheRealWorldDoestheM&Mtheoremholdintherealworld?Probablynot.Millerwasquotedlaterassaying:Theviewthatcapitalstructureislit

6、erallyirrelevantorthat“nothingmatters”incorporatefinance,thoughsometimesattributedtous(andtracingperhapstotheveryprovocativewaywemadeourpoint),isfarfromwhatweeveractuallysaidabouttherealworldapplicationsofourtheoreticalpropositions.CapitalStructureandtheVal

7、ueofaFirmTheM&MTheoremintheRealWorldTheModigliani-MillerTheoremwithCorporateTaxes——Thevalueofaleveredfirmisthevalueofanotherwiseidenticalunleveredfirmplusthevalueoftaxshield.WhyFirmsAreNotLeveragedtotheMaximum——CostsofFinancialDistressandBankruptcyCapitalSt

8、ructureandtheValueofaFirmTradeoffTheoryofOptimalCapitalStructureThetaxbenefitsofdebtfinancingbestowedbythegovernmentandthecostsoffinancialdistressthatmayatsomepointaccompanytheuseoffinancialleveragemay