第六小组-第三次作ppt课件.ppt

第六小组第三次作业,组长：邹金莲协作人：韩莉莉王彬辛明辉李来军黄荔,9.4CapitalStructureandtheValueofaFirm资本结构与公司价值构,Financialeconomistswidelyacceptthepremisethatmanagersshouldmakedecisionsthatmaximizethevalueofthefirmscommonequity.经济学家广泛接受的假设是，经理人应该做出使公司的普通股权益价值最大化的决策。FrancoModiglianiandMertonMillerpioneeredtheresearcheffortsrelatingcapitalstructureandthevalueofafirm.Inaworldofperfect(offrictionless)capitalmarketswithnocorporateofpersonaltaxes,thevalueofafirmisindependentofitscapitalstructure.,9.4.1TheModigliani-MillerTheorem莫迪格利安尼-米勒定理,1、Intheabsenceofcorporateandpersonaltaxes,transactioncosts,andothermarketimperfections,thevalueoffirmsisindependentofitscapitalstructure.在没有企业和个人所得税，没有交易成本，并且不存在其他市场不完善的情况下，企业的价值独立于其资本结构的。,9.4.1TheModigliani-MillerTheorem,2、Underahighlyrestrictivesetofassumptions,thevalueofthefirmisdeterminedsolelybythesizeandtheriskinessoftherealcashflowsgeneratedbythefirmsassetsnotbyhowthesecashflowsaredividedbetweenthedebtandequitystakeholdersofthefirm.在这种多重限制的条件下，公司价值完全是由公司现金流的大小和公司的资产所产生的真实流量所带来的风险决定的，而与这些现金流是如何在债务和所有权益之间分配无关。,9.4.1CapitalStructureandtheValueofaFirm资本结构与公司价值构,TheModigliani-MillerTheorem,9.4.2TheM&MTheoremintheRealWorld,Theviewthatcapitalstructureisliterallyirrelevantorthat“nothingmatters”incorporatefinance,thoughsometimesattributedtous(andtracingperhapstotheveryprovocativewaywemadeourpoint),isfarfromwhatweeveractuallysaidabouttherealworldapplicationsofourtheoreticalpropositions.这种认为资本结构从理论上来讲与经济融资相关程度低或者无关理论，（虽然有时归因于我们提出的观点带有挑衅性）和我们曾经说过的在实际情况中对该理论的应用还是很有差距的。,9.4.2TheM&MTheoremintheRealWorld,1.TheModigliani-MillerTheoremwithCorporatetaxesM&M理论与企业税2.WhyFirmAreNotLeveragedtotheMaximum为什么企业不用杠杆效应使价值最大化3.CostofFinancialDistressandBankruptcy财务困境和财务破产,9.4.2TheM&MTheoremintheRealWorld,1.TheModigliani-MillerTheoremwithCorporatetaxesM&M理论与企业税Anissueiswhetherthetax-deductibilityoftheinterestpaymentsassociatedwithcorporateborrowingswouldaffectthevalueofthefirm.税收扣除的关联企业借款的利息支出是否影响公司价值。Thevalueofaleveredfirmisthevalueofanotherwiseidenticalunleveredfirmplusthevalueoftaxshield.杠杆效应价值=无杠杆效应+税盾,9.4.2TheM&MTheoremintheRealWorld,2.WhyFirmAreNotLeveragedtotheMaximumfinancialdistress财务危机bankruptcy破产成本3.CostofFinancialDistressandBankruptcyItreferstoanygeneralweakeninginacompanysfinancialconditioncausedbyexcessivefinancialleverage.(过度使用财务杠杆而导致公司财务状况的弱化。),Actualbankruptcyisnotrequiredforafirmtofacecostsoffinancialdistress.Justthethreatofbankruptcanleadtodeteriorationinthefirmsoperatingperformance.实际破产不需要公司面临财务困境成本.只是破产的威胁可能导致公司的经营业绩恶化。,9.4.3TradeoffTheoryofOptimalCapitalStructure最优资本结构的权衡理论,Thetaxbenefitsofdebtfinancingbestowedbythegovernmentandthecostsoffinancialdistressthatmayatsomepointtheuseoffinancialleveragemayleadtoastatictradeoffthatprovidesanoptimalcapitalstructure.政府所赋予的债务融资的税收利益和债务困境成本可能在一定程度上配合着财务杠杆的使用可能会导致一个静态权衡，它为公司提供了一个最佳的资本结构。,9.4.3TradeoffTheoryofOptimalCapitalStructure,Accordingtothetradeofftheory,firmswithinitiallylittleornodebtshouldconsideraddingdebttotheircapitalstructurebecauseofthetaxdeductibilityoftheinterestpayments.Recallthatthisinteresttaxshield.根据权衡理论，最初只有很少会没有债务的公司可以考虑在资本结构中增加债务比例，因为债务支付的利息有抵税效应。这个利息税盾实质上是一种政府补贴，但它可以增加公司的价值。,manyfactors:确定最佳资本结构考虑的因素：,Thefirmsmarginaltaxrate,企业的边际税率；Theamountofothernon-interesttaxshields,其他利息税盾；Thevariabilityoffirmsoperatingearnings,公司经营收入的变化量；Thelikelihoodandthemagnitudeofthecostoffinancialdistressforthatfirm.公司财务困境的可能性和大小。,9.4.3TradeoffTheoryofOptimalCapitalStructure最优资本结构的权衡理论,FirmswillborrowonlyuptothepointwherethetaxbenefitfromanotherdollarofdebtfinancingexactlyequalsthecostfromtheincreasedprobabilityoffinancialdistressAtthispointastatictradeoffexistsbetweendebtandfinancingwherethefirmmaximizesitsvalue.公司将只借用当一份债务融资产生的收益正好等于其引起的债务困境所产生的成本那时的借款额，这时就产生了一个在债务和股权融资之间的静态权衡，这种结构会使企业价值最大化。,9.4.4PeckingOrderTheoryofCapitalStructure资本结构的排序理论,Thebasisforthepeckingordertheoryofcapitalstructureisthenotionthatmanagershaveinsideinformation.资本结构的排序理论的潜在前提是管理者能够获得内部信息。,Thepeckingorderoffinancialchoicesforfirmsisasfollows:公司融资选择的理论如下：,1.Managerspreferinternalfinancingtoexternalfinancing.经理人倾向于内部投资甚于外部投资。2.Whenoperatingcashflowsandresultsprofitarehigherthanexpectedandinexcessofwhatthefirmneedstofundnewcapitalexpenditureandpayoffdebtorinvestinmarketablesecurities.当经营性现金流量和由此产生的利润高于预期，而且高出了企业所需的新增资本支出和股利支付，经理人们会还清债务，或投资于有价证券。,Thepeckingorderoffinancialchoicesforfirmsisasfollows:公司融资选择的理论如下：,3.Afterdrawingdowncashbalancesandsellingmarketablesecurities,managersneedtoseekextern