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1、CHAPTER15CapitalStructureBasicConceptsInearly2006,conglomerateTycoInternational,Ltd.,wasincostsassociatedwiththebreakup,Tycowouldhaveevaluatingaplantobreakupthecompany.Thebreakupabout$12.5billionintotaldebttoallocate.Thecompanywouldresultinthreeseparatecompanies:electronics,offeredli
2、ttleguidanceonthecapitalstructuresitplannedhealthcare,andfireandsecurityservices.Underthefornewcompanies,otherthantosaythedebtforeachplanTyco’sshareholderswouldendupwithsharesincompanywouldhave“solidinvestmentgrade”ratings.thethreenewcompanies.ButoneloomingquestionSohowshouldacompanyc
3、hooseacapitalstructureforwashowthecompanywouldsplititsexistingdebtloaditselfor,inTyco’scase,foritsoffspring?Wewillexploreamongthethreenewcompanies.Withthecurrentthisandotherissuesinthischapter.debtonitsbalancesheetandanadditional$1billion15.1TheCapitalStructureQuestionandthePieTheory
4、Howshouldafirmchooseitsdebt–equityratio?Wecallourapproachtothecapitalstructurequestionthepiemodel.Ifyouarewonderingwhywechosethisname,justtakealookatFigure15.1.Thepieinquestionisthesumofthefinancialclaimsofthefirm,debtandequityinthiscase.Wedefinethevalueofthefirmtobethissum.Hencethevalueo
5、fthefirm,V,is:VBS(15.1)whereBisthemarketvalueofthedebtandSisthemarketvalueoftheequity.Figure15.1presentstwopossiblewaysofslicingthispiebetweenstockanddebt:40percent–60percentand60percent–40percent.Ifthegoalofthemanagementofthefirmistomakethefirmasvaluableaspossible,thenthefirmshouldpic
6、kthedebt–equityratiothatmakesthepie—thetotalvalue—asbigaspossible.Thisdiscussionbegstwoimportantquestions:1.Whyshouldthestockholdersinthefirmcareaboutmaximizingthevalueoftheentirefirm?Afterall,thevalueofthefirmis,bydefinition,thesumofboththedebtandtheequity.Instead,whyshouldthestockholde
7、rsnotpreferthestrategythatmaxi-mizestheirinterestsonly?2.Whatratioofdebttoequitymaximizestheshareholders’interests?Letusexamineeachofthetwoquestionsinturn.423ros05902_ch15.indd4239/25/0611:17:11AM424PartIVCapitalStructureandDividendPolicyFigure15.1ValueofFirmValueofFirmTwoPieModelsof
8、CapitalStruc
