金融学前沿-资本结构与股利政策.ppt

资本结构与股利政策 流动资产 固定资产 1有形固定资产 2 无形固定资产 资产总价值 股东权益 流动负债 长期负债 公司投资者总价值 公司资产负债表 流动资产 固定资产 1 有形固定资产 2 无形固定资产 股东权益 流动负债 长期负债 公司应投资 于哪些长期 资产？ The Capital Budgeting Decision（资本预算） 公司资产负债表 公司如何筹集资 本性支出所需要 的现金？ The Capital Structure Decision（资本结构） 流动资产 固定资产 1 有形固定资产 2 无形固定资产 股东权益 流动负债 长期负债 公司资产负债表 债务与股权 The Capital-Structure Question and The Pie Theory The value of a firm is defined to be the sum of the value of the firms debt and the firms equity. V = B + S Value of the Firm SB If the goal of the management of the firm is to make the firm as valuable as possible, the the firm should pick the debt-equity ratio that makes the pie as big as possible. Current Assets$8,000 Debt$0 Equity$8,000 Debt/Equity ratio0.00 Interest raten/a Shares outstanding400 Share price$20 Proposed $8,000 $4,000 $4,000 1/1 10% 200 $20 Financial Leverage, EPS, and ROE Consider an all-equity firm that is considering going into debt. (Maybe some of the original shareholders want to cash out.) Assumptions of the Modigliani-Miller Model Homogeneous Expectations Homogeneous Business Risk Classes Perpetual Cash Flows Perfect Capital Markets: Perfect competition Firms and investors can borrow/lend at the same rate Equal access to all relevant information No transaction costs No taxes EPS and ROE Under Both Capital Structures LeveredRecession Expected Expansion EBIT$400$1,200$2,000 Interest400 400 400 Net income$0$800$1,600 EPS$0$4.00$8.00 ROA5% 15%25% ROE0% 20%40% Proposed Shares Outstanding = 200 shares All-Equity RecessionExpectedExpansion EBIT$400$1,200$2,000 Interest000 Net income$400$1,200$2,000 EPS$1.00$3.00$5.00 ROA5%15%25% ROE5%15%25% Current Shares Outstanding = 400 shares The MM Propositions I tax on equity = tpe and tax on debt = tpd MM proposition I with all taxes Cash flow after all taxes is n Discount after tax cash flows at appropriate rates to find value For all equity firm, use the corresponding discount rate For debt, should be (1- tpd)rD MM proposition I with corporate and personal taxes Taxes (Personal & Corporate) RAF VU Debt RAF = 1 VL=VU Debt=Equity RAF 1 VLVU Equity Advantage Relative Tax Advantage Over Debt 权衡理论（Trade-off Theory） Financial Distress Costs Financial distress Significant problems in meeting debt obligations Most firms that experience financial distress do not ultimately file for bankruptcy Direct costs Bankruptcy Cost Legal and administrative costs Ultimately cause bondholders to incur additional losses Disincentive to (limit) debt financing Financial Distress Costs Indirect costs Larger than direct costs, but more difficult to measure and estimate Stockholders want to avoid a formal bankruptcy filing Bondholders want to keep existing assets intact so they can at least receive that money Assets lose value as management spends time worrying about avoiding bankruptcy instead of running the business The firm may also lose sales, experience interrupted operations and lose valuable employees Financial Distress Debt Market value of the firm Value of unlevered firm PV of interest tax shields Costs of financial distress Value of levered firm Optimal amount of debt Maximum value of firm New Capital Structure Theory Asymmetric Information Assumption Management controls much more information about the firm than do investors. Signaling Model - Ross Model (by Debt Ratio ) - Pecking Order Theory (negative effect of signals) Ross Model Debt ratio is a tool to transfer inside information An increased debt ratio shows the managers good expectation for the firm Hence, higher debt ratio becomes a good signal for the firms operating quality Pecking Order Theory InternalBank loansBondEquity German y 7912-10 Japan702744 UK93154-5 US961115-8 Common type of finance (%) linvestments first financed with internal funds (financial slack) new debt new equity safest security first adverse selection cost, eg used cars if security is sensitive to new info, then risky debt based on collateral, hence easier to value no well defined debt/equity mix Pecking Order Why is debt preferred to equity? Management optimistic on company will issue debt - signals equity undervalued Management pessimistic on company will issue equity as considers equity overvalued - signalling that the stock is overvalued The issue of equity will drive down stock price - adverse selection Pecking Order external financing 股利政策 股利政策概述 一、股利的种类 股利（dividend)可以有以下分类： 1、按发放的内容： 现金股利(cash dividend)：公司向股东支付现金。 股票股利(stock dividend)：公司向股东支付股票红利， 发行在外的股票数量增加 财产股利（Property dividends） 证券股利 实物股利（Property dividends ） 2、按发放的形式： 规则的现金股利：美国公司通常一个季度一次。 额外股利： 预期之外发放的股利 3、按股利的来源： 正常股利：利润的分享，即来源于当期利润或累计的留存收益。 清算性股利(liquidating dividend)：资本的分配 (distribution) 二、发放现金股利的程序 股利公告日：公司董事会宣布发放现金股利 股权登记日；可以享有现金股利分配权的最后的股票买入 日 除息日 ：扣除红利后的股票价格调整日 股利支付日：资格的股东接收到现金股利 理论上，除息后股票价格将下跌。如果不考虑税，则其下跌 金额 正好等于股利额。如果考虑个人所得税，不考虑资本利得税 ，股票价 格的下跌额小于股利额 三、公司股利政策类别 剩余股利政策。税后利润首先用于满足公司投资资 金的需求，剩余者用于发放现金股利。 稳定现金股利额政策。各期现金股利保持稳定，不 减少，也不轻易增加。 稳定现金股利率政策。每年在税后利润中提取固定 比例的利润用于发放现金股利。 正常股利加额外股利政策。除按稳定数额发放现金 股利外，在公司有较多现金时，增发一部分额外股 利。 股利政策理论 两鸟在林比如一鸟在手论(A bird in the hand is worth two in the bush)：现金股利比资本 利得具有更强的确定性，因此更受股东欢迎。 所得税效应论：由于资本利得的所得税税率低于 现金股利的所得税税率，所以少