财务管理第十六章课件.ppt

《财务管理第十六章课件.ppt》由会员上传分享，免费在线阅读，更多相关内容在行业资料-天天文库。

1、Chapter16FinancialLeverageandCapitalStructurePolicyMcGraw-Hill/IrwinCopyright©2013byTheMcGraw-HillCompanies,Inc.Allrightsreserved.KeyConceptsandSkillsUnderstandtheeffectoffinancialleverageoncashflowsandthecostofequityUnderstandtheimpactoftaxesandbankruptcyoncapitalstructurechoiceUnderstand

2、thebasiccomponentsofthebankruptcyprocess16-2ChapterOutlineTheCapitalStructureQuestionTheEffectofFinancialLeverageCapitalStructureandtheCostofEquityCapitalM&MPropositionsIandIIwithCorporateTaxesBankruptcyCostsOptimalCapitalStructureThePieAgainThePecking-OrderTheoryObservedCapitalStructuresA

3、QuickLookattheBankruptcyProcess16-3CapitalRestructuringWearegoingtolookathowchangesincapitalstructureaffectthevalueofthefirm,allelseequalCapitalrestructuringinvolveschangingtheamountofleverageafirmhaswithoutchangingthefirm’sassetsThefirmcanincreaseleveragebyissuingdebtandrepurchasingoutsta

4、ndingsharesThefirmcandecreaseleveragebyissuingnewsharesandretiringoutstandingdebt16-4ChoosingaCapitalStructureWhatistheprimarygoaloffinancialmanagers?MaximizestockholderwealthWewanttochoosethecapitalstructurethatwillmaximizestockholderwealthWecanmaximizestockholderwealthbymaximizingthevalu

5、eofthefirmorminimizingtheWACC16-5TheEffectofLeverageHowdoesleverageaffecttheEPSandROEofafirm?Whenweincreasetheamountofdebtfinancing,weincreasethefixedinterestexpenseIfwehaveareallygoodyear,thenwepayourfixedcostandwehavemoreleftoverforourstockholdersIfwehaveareallybadyear,westillhavetopayou

6、rfixedcostsandwehavelessleftoverforourstockholdersLeverageamplifiesthevariationinbothEPSandROE16-6Example:FinancialLeverage,EPSandROE–PartIWewillignoretheeffectoftaxesatthisstageWhathappenstoEPSandROEwhenweissuedebtandbuybacksharesofstock?16-7Example:FinancialLeverage,EPSandROE–PartIIVaria

7、bilityinROECurrent:ROErangesfrom6%to20%Proposed:ROErangesfrom2%to30%VariabilityinEPSCurrent:EPSrangesfrom$.60to$2.00Proposed:EPSrangesfrom$.20to$3.00ThevariabilityinbothROEandEPSincreaseswhenfinancialleverageisincreased16-8Break-EvenEBITFindEBITwhereEPSisthesa