公司理财15资本结构基本概念

1、Value of the FirmSB If the goal of the management of the firm is to make the firm as valuable as possible, the the firm should pick（选择）（选择） the debt-equity ratio that makes the pie as big as possible. Consider an all-equity firm that is considering going into debt. Proposed$20,000$8,000$12,0002/38%2

2、40$50RecessionExpectedExpansionEBIT$1,000$2,000$3,000All-EquityRecessionExpectedExpansionEBIT$1,000$2,000$3,000Interest000Net income$1,000$2,000$3,000EPS$2.50$5.00$7.50ROA5%10%15%ROE5%10%15%Current Shares Outstanding = 400 shares(2.00)0.002.004.006.008.0010.0012.001,0002,0003,000EPSDebtNo DebtBreak-

3、even point EBI in dollars, no taxesAdvantage to debtDisadvantage to debt160032200, 1$800$SBULVV BrEBITBreceive firm levered ain rsShareholdeBrBreceive sBondholder推导过程推导过程 The derivation is straightforward:BrBrEBITBB)(is rsstakeholde all toflowcash total theThus,The present value of this stream of ca

4、sh flows is VL EBITBrBrEBITBB)(ClearlyThe present value of this stream of cash flows is VU 推导过程推导过程 The derivation is straightforward:SBWACCrSBSrSBBr0set Then rrWACC0rrSBSrSBBSBSSBby sidesboth multiply 0rSSBrSBSSSBrSBBSSBSB0rSSBrrSBSB00rrSBrrSBSB)(00BSrrSBrrDebt-to-equity RatioCost of capital: r (%)

5、r0rBSBWACCrSBSrSBBr)(00BLSrrSBrrrBSB命题命题I的一个推论是，公司的的一个推论是，公司的rWACC 固不变，与资本结构固不变，与资本结构无关无关股东的期望收益随着财务杠杆的增加而增加股东的期望收益随着财务杠杆的增加而增加)(00BLSrrSBrrBTVVCUL )1 ()(receive firm levered ain rsShareholdeCBTBrEBITBrBreceive sBondholderBrTBrEBITBCB)1 ()(is rsstakeholde all toflowcash total theThus,The present val

6、ue of this stream of cash flows is VL BrTBrEBITBCB)1 ()(Clearly The present value of the first term（以r0贴现） is VU The present value of the second term（以rB贴现）is TCB BrTBrTEBITBCBC)1 ()1 (BrBTrBrTEBITBCBBC)1 (Start with M&M Proposition I with taxes:)()1 (00BCSrrTSBrrBTVVCUL Since BSVLThe cash flows

7、 from each side of the balance sheet must equal:BCUBSBrTrVBrSr0BrTrTBSBrSrBCCBS0)1 (Divide both sides by SBCCBSrTSBrTSBrSBr0)1(1BTVBSCU)1 (CUTBSVWhich quickly reduces（化简）（化简） toDebt-to-equityratio (B/S)Cost of capital: r(%)r0rB)()1 (00BCLSrrTSBrrSLLCBLWACCrSBSTrSBBr)1 (All-EquityRecessionExpectedExpansionEBIT$1,000$2,000$3,000Interest000EBT$1,000$2,000$3,000Taxes (Tc = 35%）$350$700$1,050Total Cash Flow to S/H $650$1,300$1,950The levered firm pays less in taxes than does the all-equity firm.Thus, the sum of the debt plus the equity of the levered firm is greate