公司理财(罗斯)第15章(英文.ppt

15-0,CHAPTER,15,CapitalStructure:BasicConcepts,15-1,ChapterOutline,15.1TheCapital-StructureQuestionandThePieTheory15.2MaximizingFirmValueversusMaximizingStockholderInterests15.3FinancialLeverageandFirmValue:AnExample15.4ModiglianiandMiller:PropositionII(NoTaxes)15.5Taxes15.6SummaryandConclusionshttp:/highered.mcgraw-,15-2,TheCapital-StructureQuestionandThePieTheory,Thevalueofafirmisdefinedtobethesumofthevalueofthefirmsdebtandthefirmsequity.V=B+S,Ifthegoalofthemanagementofthefirmistomakethefirmasvaluableaspossible,thefirmshouldpickthedebt-equityratiothatmakesthepieasbigaspossible.,ValueoftheFirm,S,B,S,B,15-3,TheCapital-StructureQuestion,Therearereallytwoimportantquestions:Whyshouldthestockholderscareaboutmaximizingfirmvalue?Perhapstheyshouldbeinterestedinstrategiesthatmaximizeshareholdervalue.Whatistheratioofdebt-to-equitythatmaximizestheshareholdersvalue?.,15-4,15.2MaximizingFirmValueversusMaximizingStockholderInterests,Readtheexampleonp403-404,15-5,15-6,15-7,Asitturnsout,changesincapitalstructurebenefitthestockholdersifandonlyifthevalueofthefirmincreases.(likeprobabilityI),15-8,FinancialLeverage,EPS,andROE,Whatistheratioofdebt-to-equitythatmaximizestheshareholdersvalue?WeusethefollowingexampletodemonstratetheeffectsoffinancialleverageonEPSandROE.,15-9,FinancialLeverage,EPS,andROE,CurrentAssets$20,000Debt$0Equity$20,000Debt/Equityratio0.00Interestraten/aSharesoutstanding400Shareprice$50,Proposed$20,000$8,000$12,0002/38%240$50,Consideranall-equityfirmthatisconsideringgoingintodebt.(Maybesomeoftheoriginalshareholderswanttocashoutorthefirmwantstoissuedebttobuybacksomeequity),15-10,EPSandROEUnderCurrentCapitalStructure,RecessionExpectedExpansionEBIT$1,000$2,000$3,000Interest000Netincome$1,000$2,000$3,000EPS(NI/Shares)$2.50$5.00$7.50ROA(EBIT/Assets)5%10%15%ROE(NI/Equity)5%10%15%CurrentSharesOutstanding=400shares,assets=$20,000,15-11,EPSandROEUnderProposedCapitalStructure,RecessionExpectedExpansionEBIT$1,000$2,000$3,000Interest640640640Netincome$360$1,360$2,360EPS$1.50$5.67$9.83ROA5%10%15%ROE3%11%20%ProposedSharesOutstanding=240shares,Equity=$12,000,15-12,EPSandROEUnderBothCapitalStructures,LeveredRecessionExpectedExpansionEBIT$1,000$2,000$3,000Interest640640640Netincome$360$1,360$2,360EPS$1.50$5.67$9.83ROA5%10%15%ROE3%11%20%ProposedSharesOutstanding=240shares,All-EquityRecessionExpectedExpansionEBIT$1,000$2,000$3,000Interest000Netincome$1,000$2,000$3,000EPS$2.50$5.00$7.50ROA5%10%15%ROE5%10%15%CurrentSharesOutstanding=400shares,15-13,FinancialLeverageandEPS,(2.00),0.00,2.00,4.00,6.00,8.00,10.00,12.00,1,000,2,000,3,000,EPS,Debt,NoDebt,Break-evenpoint,EBITindollars,notaxes,Advantagetodebt,Disadvantagetodebt,15-14,SinceEPS=(EBITI)/Shareswhenthereisnotax,wecomputethebreak-evenEBITpointas:(EBIT)/400=(EBIT640)/240=Break-evenEBIT=$1,600,15-15,AssumptionsoftheModigliani-MillerModel,ModiglianiandMillerarguedthatthevalueofthefirm,andthereforevalueofstockholders,wouldnotbeaffectedbyfinancialleveragegiventhefollowingassumptions.HomogeneousExpectationsHomogeneousBusinessRiskClassesPerpetualCashFlowsPerfectCapitalMarkets:PerfectcompetitionFirmsandinvestorscanborrow/lendatthesamerateEqualaccesstoallrelevantinformationNotransactioncostsNotaxes,15-16,HomemadeLeverage:AnExample,InvestorAhas$1,200.Ifthefirmdoesnotadopttheproposedcapitalstructure,hecanbuy24sharesusinghisownmoneyandborrow$800tobuyanother16shares,totaling40shares.RecessionExpectedExpansionEPSofUnleveredFirm$2.50$5.00$7.50Earningsfor40shares$100$200$300Lessintereston$800(8%)$64$64$64NetProfits$36$136$236ROE(NetProfits/$1,200)3%11%20%Wearebuying40sharesofa$50stockonmargin.WegetthesameROEasifweboughtintoaleveredfirm.Ourpersonaldebtequityratiois:,15-17,Homemade(Un)Leverage:AnExample,InvestorBhas$2,000.ThefirmadoptstheproposedcapitalstructurebutinvestorBdoesnotwantanyleverage.Shecanuse$1,200tobuy24sharesandinveststheremaining$800at8%.RecessionExpectedExpansionEPSofLeveredFirm$1.50$5.67$9.83Earningsfor24shares$36$136$236Plusintereston$800(8%)$64$64$64NetProfits$100$200$300ROE(NetProfits/$2,000)5%10%15%Buying24sharesofanother-wiseidenticalleveredfirmalongwiththesomeofthefirmsdebtgetsustotheROEoftheunleveredfirm.ThisisthefundamentalinsightofM$2,400,000B)$2,400,000;$30,000,000C)$2,400,000;$33,000,000D)$3,960,000;$30,000,000E)$3,960,000;$33,000,000,15-53,Answer:ERationale:CF=EBIT(1-T)=$6,000,000(1-.34)=$3,960,000V=EBIT(1-T)/rV=$6,000,000(1-.34)/.12=$3,960,000/.12=$33,000,000,15-54,3.Afirmhaszerodebtinitscapitalstructure.Itsoverallcostofcapitalis9%.Thefirmisconsideringanewcapitalstructurewith40%debt.Theinterestrateonthedebtwouldbe4%.Assumingthatthecorporatetaxrateis34%,itscostofequitycapitalwiththenewcapitalstructurewouldbe?A)10.3%B)11.0%C)11.2%D)13.9%E)Noneoftheabove.,15-55,Answer:CRationale:rs=ro+(B/S)(1-Tc)(ro-rB)rs=.09+(.4/.6)(1-.34)(.09-.04)=.09+.022=.112=11.2%,15-56,4.Afirmhasadebt-to-equityratioof1.Itscostofequityis16%,anditscostofdebtis8%.Ifthecorporatetaxrateis25%,whatwoulditscostofequitybeifthedebt-to-equityratiowere0?A)11.11%.B)12.57%.C)13.33%.D)16.00%.E)Noneoftheabove,15-57,Answer:BRationale:rs=ro+(B/S)(1-Tc)(ro-rB).16=ro+(1)(1-.25)(ro-.08).16=ro+.75ro0.06.22=1.75roro=12.57%,15-58,5.Afirmhasadebt-t