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ID:34532085
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时间:2019-03-07
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1、CORPORATEFINANCIALCORPORATEFINANCIALMANAGEMENTMANAGEMENTPARTIVCAPITALSTRUCTUREANDDIVIDENDPOLICY(chapter12-14)Chapter12Chapter12CAPITALSTRUCTURECONCEPTSIntroductionIntroduction1.Concepts2.CapitalstructureTheory1.1.ConceptsòCapitalStructureVs.FinancialStructureCapitalStructure
2、FinancialStructurePermanents-tdebtTotalcurrentliabilitiesL-TdebtL-TdebtP/SP/SC/SC/S4Continued…òCapitalStructureTerminology–OptimalcapitalstructureoMinimizesafirm’sweightedcostofcapitaloMaximizesthevalueofthefirm–TargetcapitalstructureoCapitalstructureatwhichthefirmplanstoope
3、rate–DebtcapacityoAmountofdebtinthefirm’soptimalcapitalstructureContinued…òCapitalStructureAssumptions–Firm’sinvestmentpolicyisheldconstant–Capitalstructurechangesthedistributionofthefirm’sEBITamongthefirm’sclaimantsDebtholdersPreferredstockholdersCommonstockholders–Constant
4、investmentpolicyleavingthedebtcapacityofthefirmunchanged22..CapitalStructureTheoryCapitalStructureTheoryò问题的提出:资本结构⎯⎯企业面临的财务决策,研究资本结构(债务/资产)与资本成本(企业价值)之间的关系9:美国航空和皇冠公司Continuedò理论指导实践:资本结构——一个颇有争议的论题–TheoreticalPerspectivesonCapitalStructureandFirmValuation(早期资本结构理论,1958年前)o
5、NetIncomeTheoryoNetOperatingIncomeTheoryoTraditionTheoryNetIncomeTheory(NI)NetIncomeTheory(NI)costofcapitalVKsVKaKdDebtTotalAssetsDebt100%TotalAssets100%该图表明NI理论揭示了这种关系:当企业的负债由零趋于100%时,其资本总成本持续下降,企业价值持续上升。所以,若NI的假设是正确的,为使企业价值最大化,企业应使用几乎100%的债务。NetOperatingIncomeTheoryNetOper
6、atingIncomeTheory(NOI)(NOI)costofcapitalVKsKaVKDebtdDebtTotalAssets100TotalAssets100该图表明了NOI的假设及结果:1)不管企业负债多少,固定的Ka使企业价值也成为固定值。2)固定的Ka和Kd意味着负债杠杆会使股东承担的风险增大,则Ks增大。若NOI的假设是正确的,那么资本结构决策就无关紧要。TraditionTheoryTraditionTheorycostofcapitalVKsKaVKdD%D%TA0100TA100Continued–Modigliania
7、ndMiller’sAnalysis(现代资本结构理论,1958年后)(I)MMwithoutaCorporateIncomeTaxoAssumptions:VNotaxesVNotransactioncostsVIndividualsandcorporationsborrowatsamerateoResults:VPropositionI:V=V(=EBIT/k=EBIT/k)LUaeUVPropositionII:k=k+B/E(k-k)eLeUeUdContinuedoIntuition:VPropositionI:Throughhome
8、madeleverage,Individualscaneitherduplicateorundotheeffectsofcorporatelevera
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