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1、CHAPTER13CapitalStructureandLeverageBusinessvs.financialriskOptimalcapitalstructureOperatingleverageCapitalstructuretheoryUncertaintyaboutfutureoperatingincome(EBIT),i.e.,howwellcanwepredictoperatingincome?Notethatbusinessriskdoesnotincludefinancingeffects.Whatisbusinessrisk?ProbabilityEBITE(EBIT)0
2、LowriskHighriskWhatdeterminesbusinessrisk?Uncertaintyaboutdemand(sales).Uncertaintyaboutoutputprices.Uncertaintyaboutcosts.Product,othertypesofliability.Operatingleverage.Whatisoperatingleverage,andhowdoesitaffectafirm’sbusinessrisk?Operatingleverageistheuseoffixedcostsratherthanvariablecosts.Ifmos
3、tcostsarefixed,hencedonotdeclinewhendemandfalls,thenthefirmhashighoperatingleverage.EffectofoperatingleverageMoreoperatingleverageleadstomorebusinessrisk,forthenasmallsalesdeclinecausesabigprofitdecline.Whathappensifvariablecostschange?Sales$Rev.TCFCQBESales$Rev.TCFCQBE}ProfitUsingoperatingleverage
4、Typicalsituation:CanuseoperatingleveragetogethigherE(EBIT),butriskalsoincreases.ProbabilityEBITLLowoperatingleverageHighoperatingleverageEBITHWhatisfinancialleverage? Financialrisk?Financialleverageistheuseofdebtandpreferredstock.Financialriskistheadditionalriskconcentratedoncommonstockholdersasare
5、sultoffinancialleverage.Businessriskvs.FinancialriskBusinessriskdependsonbusinessfactorssuchascompetition,productliability,andoperatingleverage.Financialriskdependsonlyonthetypesofsecuritiesissued.Moredebt,morefinancialrisk.Concentratesbusinessriskonstockholders.Anexample: Illustratingeffectsoffina
6、ncialleverageTwofirmswiththesameoperatingleverage,businessrisk,andprobabilitydistributionofEBIT.Onlydifferwithrespecttotheiruseofdebt(capitalstructure).FirmUFirmLNodebt$10,000of12%debt$20,000inassets$20,000inassets40%taxrate40%taxrateFirmU:UnleveragedEconomyBadAvg.GoodProb.0.250.500.25EBIT$2,000$3,
7、000$4,000Interest000EBT$2,000$3,000$4,000Taxes(40%)8001,2001,600NI$1,200$1,800$2,400FirmL:LeveragedEconomyBadAvg.GoodProb.*0.250.500.25EBIT*$2,000$3,000$4,000Interest1,2001,2001,200EBT$800$1,800$2,800Taxes(
