财务管理专业英语 教学课件 作者 崔刚主编 Chapter 8.pptx

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1、g10byzw主编8.1LeverageAnalyses8.2MMProposition8.3LimitstotheUseofDebt8.1　LeverageAnalyses8.1.1　TheCapital-StructureQuestionandThePieTheory8.1.2　LeverageandReturnstoShareholdersThroughoutthediscussion,weassumethatcorporateinvestmentandassetmanagementdecisionsremainunchanged.Theai

2、mwastotrytoseparatetheeffectsonstockpricesfromthechangeoffinancingmix.Wedefinethevalueofthefirmtobethissum.Hence,thevalueofthefirm,Vis8.1.1　TheCapital-StructureQuestionandThePieTheory（8-1）8.1.1　TheCapital-StructureQuestionandThePieTheoryFigure8-1　TwoWayofSlicingPieBetweenStock

3、andDebt8.1.2　LeverageandReturnstoShareholders8.1.2　LeverageandReturnstoShareholders8.1.2　LeverageandReturnstoShareholders8.1.2　LeverageandReturnstoShareholdersFigure8-2　RelationshipBetweenFinancialLeverageandEPSorEBI8.2　MMPropositionMMPropositionI:Theirargumentcomparesasimples

4、trategy,whichwecallstrategyA,withatwo-partstrategy,whichwecallstrategyB.BothofthesestrategiesforshareholdersofAcompanyareilluminatedinTable8-4.Letusnowexaminethefirststrategy.StrategyAStrategyB:8.2.1RisktoEquityholdersRiseswithLeverage8.2.2PresentValueoftheTaxShield8.2.3Valu

5、eoftheLeveredFirm8.2　MMPropositionStrategyABuy100sharesoftheleveredequity.ThesecondlineinthetoppanelofTable8-4showsEPSfortheproposedleveredequityinthethreeeconomicstates.Thethirdlineshowstheearningsinthethreestatesforanindividualbuying100shares.Thenextlineshowsthatthecostofthe

6、se100sharesis＄2，000.Letusnowconsiderthesecondstrategy,whichhastwopartstoit.StrategyB:1.Borrow＄2，000fromeitherabankor,morelikely,abrokeragehouse.(Ifthebrokeragehouseisthelender,wesaythatthisisgoingonmargin.)2.Usetheborrowedproceedsplusyourowninvestmentof＄2，000(atotalof＄4，000)to

7、buy200sharesofthecurrentunleveredequityat＄20pershare.StrategyB:MMPropositionI(notaxes):Thevalueoftheleveredfirmisthesameasthevalueoftheunleveredfirm.Ofcourse,thestudyofMMisbasedonsomeunrealisticassumptions,whichincludingthefollowing:(1)Nobrokeragecosts.(2)Noincometax.(3)Nobank

8、ruptcycosts.(4)Investorscouldgettheloaninthesameinterestasthe