现代企业资本结构--债务的运用.ppt

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1、ChapterOutline16.1CostsofFinancialDistress16.2DescriptionofCosts16.3CanCostsofDebtBeReduced?16.4IntegrationofTaxEffectsandFinancialDistressCosts16.5Shirking,Perquisites,andBadInvestments:ANoteonAgencyCostofEquity16.6ThePecking-OrderTheory16.7GrowthandtheDebt-EquityRatio16

2、.8PersonalTaxes16.9HowFirmsEstablishCapitalStructure16.10SummaryandConclusions16.1CostsofFinancialDistressBankruptcyriskversusbankruptcycost.Thepossibilityofbankruptcyhasanegativeeffectonthevalueofthefirm.However,itisnottheriskofbankruptcyitselfthatlowersvalue.Ratheritist

3、hecostsassociatedwithbankruptcy.Itisthestockholderswhobearthesecosts.16.2DescriptionofCostsDirectCostsLegalandadministrativecosts(tendtobeasmallpercentageoffirmvalue).IndirectCostsImpairedabilitytoconductbusiness(e.g.,lostsales)AgencyCostsSelfishstrategy1:Incentivetotakel

4、argerisksSelfishstrategy2:IncentivetowardunderinvestmentSelfishStrategy3:MilkingthepropertyBalanceSheetforaCompanyinDistressAssetsBVMVLiabilitiesBVMVCash$200$200LTbonds$300FixedAsset$400$0Equity$300Total$600$200Total$600$200Whathappensifthefirmisliquidatedtoday?Thebondhol

5、dersget$200;theshareholdersgetnothing.$200$0SelfishStrategy1:TakeLargeRisksTheGambleProbabilityPayoffWinBig10%$1,000LoseBig90%$0Costofinvestmentis$200(allthefirm’scash)Requiredreturnis50%ExpectedCFfromtheGamble=$1000×0.10+$0=$100SelfishStockholdersAcceptNegativeNPVProject

6、withLargeRisksExpectedCFfromtheGambleToBondholders=$300×0.10+$0=$30ToStockholders=($1000-$300)×0.10+$0=$70PVofBondsWithouttheGamble=$200PVofStocksWithouttheGamble=$0PVofBondsWiththeGamble=$30/1.5=$20PVofStocksWiththeGamble=$70/1.5=$47SelfishStrategy2:UnderinvestmentConsid

7、eragovernment-sponsoredprojectthatguarantees$350inoneperiodCostofinvestmentis$300(thefirmonlyhas$200now)sothestockholderswillhavetosupplyanadditional$100tofinancetheprojectRequiredreturnis10%Shouldweacceptorreject?SelfishStockholdersForegoPositiveNPVProjectExpectedCFfromt

8、hegovernmentsponsoredproject:ToBondholder=$300ToStockholder=($350-$300)=$50PVofBondsWithoutthePr