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1、confirmingpagesPART5CHAPTER"""""18PAYOUTPOLICYANDCAPITALSTRUCTUREHowMuchShouldaCorporationBorrow?!InChapter17wefoundthatdebtpolicyrarelyavoided.Weignoredpotentialconflictsofinterestmattersinwell-functioningcapitalmarketswithnobetweenthefirm’ssecurityhol
2、ders.Forexample,frictionsorimperfections.Fewfinancialmanagerswouldwedidnotconsiderwhathappenstothefirm’s“old”acceptthatconclusionasapracticalguideline.Ifdebtcreditorswhennewdebtisissuedorwhenashiftpolicydoesn’tmatter,thentheyshouldn’tworryaboutininvestm
3、entstrategytakesthefirmintoariskierit—financingdecisionscouldberoutineorerratic—itbusiness.Weignoredtheinformationproblemsthatwouldn’tmatter.Yetfinancialmanagersdoworryaboutfavordebtoverequitywhencashmustberaisedfromdebtpolicy.Thischapterexplainswhy.new
4、securityissues.WeignoredtheincentiveeffectsIfdebtpolicywerecompletelyirrelevant,thenactualoffinancialleverageonmanagement’sinvestmentanddebtratiosshouldvaryrandomlyfromfirmtofirmandpayoutdecisions.industrytoindustry.Yetalmostallairlines,utilities,Nowwew
5、illputallthesethingsbackin:taxesfirst,banks,andrealestatedevelopmentcompaniesthenthecostsofbankruptcyandfinancialdistress.Thisrelyheavilyondebt.Andsodomanyfirmsincapital-willleadustoconflictsofinterestandtoinformationandintensiveindustriessuchassteel,al
6、uminum,chemicals,incentiveproblems.Intheendwewillhavetoadmitthatpetroleum,andmining.Ontheotherhand,itisraretodebtpolicydoesmatter.findapharmaceuticalcompanyoradvertisingagencyHowever,wewillnotthrowawaytheMMtheorywethatisnotpredominantlyequity-financed.G
7、lamorousdevelopedsocarefullyinChapter17.We’reshootinggrowthcompaniesrarelyusemuchdebtdespiterapidforatheorycombiningMM’sinsightsplustheeffectsofexpansionandoftenheavyrequirementsforcapital.taxes,costsofbankruptcyandfinancialdistress,andTheexplanationoft
8、hesepatternsliespartlyinthevariousothercomplications.We’renotdroppingbackthingsweleftoutofthelastchapter.Wemostlyignoredtoatheorybasedoninefficienciesinthecapitalmarket.taxes.Weassumedbankruptcywascheap,quick,andInstead,wewanttos
