资本结构和MM定理ppt课件.ppt

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1、第七章资本结构和MM定理MM定理及扩展资本结构的经验证据1MM定理及扩展无税的MM定理（1958）有公司税的MM定理trade-offTheory（权衡理论）等加入个人税的MM定理（米勒定理1977）MM定理的其他用途2TheCapital-StructureQuestionandThePieTheoryThevalueofafirmisdefinedtobethesumofthevalueofthefirm’sdebtandthefirm’sequity.V=B+SIfthegoalofthemanagem

2、entofthefirmistomakethefirmasvaluableaspossible,thethefirmshouldpickthedebt-equityratiothatmakesthepieasbigaspossible.ValueoftheFirmSBSBSBSB3FinancialLeverageandEPS(2.00)0.002.004.006.008.0010.0012.001,0002,0003,000EPSDebtNoDebtBreak-evenpointEBITindollars,n

3、otaxesAdvantagetodebtDisadvantagetodebt4杠杆增加了权益收益（returnonequity,ROE）以及股票持有者的收益，然而也增加了股票风险MM定理认为，两方面的效应恰好抵消5无税的MM定理AssumptionsoftheModigliani-MillerModelHomogeneousExpectationsHomogeneousBusinessRiskClassesPerpetualCashFlowsPerfectCapitalMarkets:Perfectcompe

4、titionFirmsandinvestorscanborrow/lendatthesamerateEqualaccesstoallrelevantinformationNotransactioncostsNotaxes6TheMMPropositionsI&II(NoTaxes)PropositionIFirmvalueisnotaffectedbyleverageVL=VUPropositionIILeverageincreasestheriskandreturntostockholdersrs=r0+(B

5、/SL)(r0-rB)rBistheinterestrate(costofdebt)rsisthereturnon(levered)equity(costofequity)r0isthereturnonunleveredequity(costofcapital)BisthevalueofdebtSListhevalueofleveredequity7TheMMPropositionI(NoTaxes)ULVV=BrEBITB-receivefirmleveredainrsShareholdeBrBreceiv

6、esBondholderThederivationisstraightforward:BrBrEBITBB+-)(isrsstakeholdealltoflowcashtotaltheThus,ThepresentvalueofthisstreamofcashflowsisVLEBITBrBrEBITBB=+-)(ClearlyThepresentvalueofthisstreamofcashflowsisVU8TheMMPropositionII(NoTaxes)Thederivationisstraight

7、forward:SBWACCrSBSrSBBr.++.+=0setThenrrWACC=0rrSBSrSBBSB=.++.+SSB+bysidesbothmultiply0rSSBrSBSSSBrSBBSSBSB+=.+.++.+.+0rSSBrrSBSB+=+.00rrSBrrSBSB+=+.)(00BSrrSBrr-+=9杠杆率上升时，公司更多进行“低成本”的债务融资，然而其股本风险和成本也随之增大，根据MM，两项效应恰好抵消。不考虑税收，资本结构的改变不影响加权资本成本（WACC）WACC仅为资产的风险决

8、定10TheCostofEquity,theCostofDebt,andWACC:MMPropositionIIwithNoCorporateTaxesDebt-to-equityRatioCostofcapital:r(%)r0rBrBSB11有公司税的MM定理TheMMPropositionsI&II(withCorporateTaxes)PropositionI(withCorp