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1、19878_16_c16_p548-581.qxd2/22/0610:38AMPage548CHAPTER16CapitalStructureDecisions:PartIIChapter15presentedsomebasicmaterialoncapitalstructure,includingabriefintroductiontocapitalstructuretheory.Wesawthatdebtconcentratesafirm’sbusinessriskonitsstockholders,thusraisingstockholders’risk,butitalso
2、increasestheexpectedreturnonequity.WealsosawthatthereissomeoptimallevelofTheThomsonNOWWebsitecontainsandebtthatmaximizesacompany’sstockprice,andweillustratedExcelfilethatwillguideyouthroughthethisconceptwithasimplemodel.Nowwegointomorechapter’scalculations.Thefileforthisdetailoncapitalstructu
3、retheory.ThiswillgiveyouadeeperchapterisIFM9Ch16ToolKit.xls,andunderstandingofthebenefitsandcostsassociatedwithdebtweencourageyoutoopenthefileandfinancing.followalongasyoureadthechapter.TODISCCOLLECTION548IMAGE:©GETTYIMAGES,INC.,PHO19878_16_c16_p548-581.qxd2/22/0610:38AMPage549BEGINNING-OF-CH
4、APTERQUESTIONSAsyoureadthechapter,considerhowyoudevelopingtheirtheorythat(withnocorpo-wouldanswerthefollowingquestions.Youratetaxes)capitalstructurehasnoeffectonshouldnotnecessarilybeabletoanswerthevalueorthecostofcapital?Whatreal-worldquestionsbeforeyoureadthechapter.Rather,impedimentsexistt
5、ocreatingone’sownyoushouldusethemtogetasenseoftheissues“homemade”leverage?coveredinthechapter.Afterreadingthechap-2.WhatistheessenceofMiller’scontributionter,youshouldbeabletogiveatleastpartialtothetheoryofcapitalstructure,andhowanswerstothequestions,andyoushouldbedoesitrelatetotheearlierMMwi
6、th-taxesabletogivebetteranswersafterthechapterhasposition?beendiscussedinclass.Note,too,thatitisoften3.MMandMillerassumedthatfirmsdonotuseful,whenansweringconceptualquestions,togrow.Iftheygrow,howwouldthisaffectusehypotheticaldatatoillustrateyouranswer.thevalueofthedebttaxshield?WhatdoesWeill
7、ustratetheanswerswithanExcelmodelgrowthdototherequiredrateofreturnonthatisavailableontheThomsonNOWWebsite.equityandtheWACCasafirmincreasesitsAccessingthemodelandworkingthroughitisauseofdebt?usefulexercise,anditprovidesinsightsthatare4.MMandMi
