欢迎来到天天文库
浏览记录
ID:40478484
大小:512.93 KB
页数:62页
时间:2019-08-03
《Week 1 Capital Structure版本》由会员上传分享,免费在线阅读,更多相关内容在学术论文-天天文库。
1、CapitalStructureCapitalStructureCapitalStructureCapitalStructureHowtaxaffectsfinancialchoicesHowtaxaffectsfinancialchoicesMMcontMMcont……�Considertwo“versions”ofthesamefirm–oneversionisUforunlevered(withnodebt)andtheotherversionLforlevered(withdebt)�Thefirmshaveotherwis
2、ethesameoperatingcashflowX�TheunleveredfirmhasvalueVandtheUleveredfirmvalueVLMMcontMMcont……�ThefundamentalquestioniswhetherVUandVLdiffer�ThecashflowsoffirmU’sequityholdersissimplyX�ThecashflowoffirmL’sdebtholdersis(1+r)Dtothefirm’sdebtholdersandX-(1+r)Dtothefirm’sequit
3、yholders,intotalacashflowofXalso�ThevalueofListhecombinedvalueofthedebtandtheequityMMcontMMcont……�SupposeVLissmallerthanVU�Thenaninvestorcanbuya10%holdingofL’sdebtanda10%holdingofL’sequity,whichentitlestheinvestortoa10%shareinthetotalcashflowX.Hewouldthengotothemarketa
4、ndsell10%ofthecashflowX,whichisvaluedat10%ofthevalueofU.Thisleaveshimwithzerofutureliability.�Histradinggainsare10%ofthedifferencebetweenVUandVL,whichwehaveassumedispositive�Thiscannotbepossibleinanarbitragefreemarket,sowecanconcludethatVLmustbeequaltoorgreaterthanVUAs
5、sumptionofMMAssumptionofMM�TheKeyAssumption–thatthesumofallfuturecashflowsdistributedtothefirm’sdebtandequityinvestorisunaffectedbycapitalstructure�Notransactioncosts�NoarbitrageMMTheoremMMTheorem�Thetotalmarketvalueofthefirm,whichisthesameasthesumofthemarketvaluesofth
6、eitemsontheright-handsideofthebalancesheet(thatis,itsdebtandequity),isnotaffectedbyhowitisfinanced�Thisillustrateshowshareholderscanundotheeffectofachangeinafirm’scapitalstructurebymakingoffsettingchangestotheirownportfolio.�Theshareholdercanachievethesamecashflowpatte
7、rnandcontinuetocontrolthesamepercentofthefirm’sshares.�Withouttransactioncosts,theshareholderisindifferenttochangesinthefirm’scapitalstructure.HowRiskyDebtAffectstheHowRiskyDebtAffectstheMMTheoremMMTheorem�TheassumptionsoftheMMTheorempermitbankruptcy,butnobankruptcycos
8、ts.�Ifafirmfailstomeetdebtobligations,theownershipmovecostlesslyfromtheequityholderstothedebtholders.�Onceagain,Stanl
此文档下载收益归作者所有