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1、CapitalStructure:BasicConceptsChapter16Copyright©2010bytheMcGraw-HillCompanies,Inc.Allrightsreserved.McGraw-Hill/IrwinKeyConceptsandSkillsUnderstandtheeffectoffinancialleverage(i.e.,capitalstructure)onfirmearningsUnderstandhomemadeleverageUnderstandcapitalstructuretheorieswithandw
2、ithouttaxesBeabletocomputethevalueoftheunleveredandleveredfirmChapterOutline16.1TheCapitalStructureQuestionandThePieTheory16.2MaximizingFirmValueversusMaximizingStockholderInterests16.3FinancialLeverageandFirmValue:AnExample16.4ModiglianiandMiller:PropositionII(NoTaxes)16.5Taxes16
3、.1CapitalStructureandthePieThevalueofafirmisdefinedtobethesumofthevalueofthefirm’sdebtandthefirm’sequity.V=B+SIfthegoalofthefirm’smanagementistomakethefirmasvaluableaspossible,thenthefirmshouldpickthedebt-equityratiothatmakesthepieasbigaspossible.ValueoftheFirmSBSBSBSBStockholderI
4、nterestsTherearetwoimportantquestions:Whyshouldthestockholderscareaboutmaximizingfirmvalue?Perhapstheyshouldbeinterestedinstrategiesthatmaximizeshareholdervalue.Whatistheratioofdebt-to-equitythatmaximizestheshareholder’svalue?Asitturnsout,changesincapitalstructurebenefitthestockho
5、ldersifandonlyifthevalueofthefirmincreases.16.3FinancialLeverage,EPS,andROECurrentAssets$20,000Debt$0Equity$20,000Debt/Equityratio0.00Interestraten/aSharesoutstanding400Shareprice$50Proposed$20,000$8,000$12,0002/38%240$50Consideranall-equityfirmthatiscontemplatinggoingintodebt.(Ma
6、ybesomeoftheoriginalshareholderswanttocashout.)EPSandROEUnderCurrentStructureRecessionExpectedExpansionEBIT$1,000$2,000$3,000Interest000Netincome$1,000$2,000$3,000EPS$2.50$5.00$7.50ROA5%10%15%ROE5%10%15%CurrentSharesOutstanding=400sharesEPSandROEUnderProposedStructureRecessionExpe
7、ctedExpansionEBIT$1,000$2,000$3,000Interest640640640Netincome$360$1,360$2,360EPS$1.50$5.67$9.83ROA1.8%6.8%11.8%ROE3.0%11.3%19.7%ProposedSharesOutstanding=240sharesFinancialLeverageandEPS(2.00)0.002.004.006.008.0010.0012.001,0002,0003,000EPSDebtNoDebtBreak-evenpointEBITindollars,no
8、taxesAdvantagetodebtDisadvantaget
