资本结构2014

1、lesson利润XKd*D(X- Kd*D)*Tc(X- Kd*D)*(1-Tc)股东和债权人的税股东和债权人的税后现金流后现金流股东股东债权人债权人政府政府 C= (X- Kd*D)*(1-Tc)+Kd*D整理后 C= X*(1-Tc)+Kd*D*Tc折现后 VL= VU + D*TcX是是EBIT利润XKd*D(X- Kd*D)*Tc(X- Kd*D)*(1-Tc)Kd*D*TdKd*D*(1-Td)(X- Kd*D)*(1-Tc)*Ts(X- Kd*D)*(1-Tc)*（1-Ts）债务和权益持有者的债务和权益持有者的税后现金流税后现金流股东股东债权人债权人政府政府需要交纳的税需要交纳的税

2、X是是EBIT负债产生的税收所得负债产生的税收所得破产成本：直接成本、间接成本。难以度量。融资顺序Corporate FinanceCorporate Financep1pLHvCorporate FinanceEvLEvLEvL)(1 (Corporate Finance)(1 (EvHvLH)()(EvLEvLE)1 (0vCorporate FinancevLH)()(LH vLvLppH)(1 (负 债 比 例 (%)E P S (元/股)每 股 净 资 产 (元/股)R O E (%)NCFPS公 司99989799989799989799989799 汕电力1.843.185.37

3、.018.165.2202.632.872.97.6785.797.3-.0154东方宾馆2.117.2218.40.090.160.262.802.762.603.145.9110.00.16龙发股份2.272.321.840.140.310.242.192.512.216.3912.211.00.178浙江东日3.5012.98.640.200.350.353.092.962.966.3911.911.70.653燕京啤酒4.418.2829.50.530.510.604.303.973.5812.312.817.00.33虹桥机场5.555.5515.00.440.410.542.902

4、.461.5015.216.635.90.473通化东宝6.2021.27.390.210.450.444.234.343.904.9310.311.2-0.293乐凯胶片6.2919.8-0.840.37-4.413.62-19.110.228.81.356北京中意6.448.496.360.10-.19.0031.41.311.517.4-.150.230.13四通高科7.328.715.09-.110.020.201.421.682.52-7.61.187.87-0.05耀皮玻璃8.3615.221.50.190.070.143.203.113.076.032.284.670.36宁城老

5、窖8.4913.3-0.300.43-2.883.50-10.512.3540.35升华拜克8.60-57.30.31-0.443.63-1.548.5946.825.80.262云维股份8.6816.914.50.03-.200.212.913.033.231.02-6.76.490.117岳阳长兴9.1210.36.30.220.510.551.852.001.6312.025.533.80.355保定天鹅9.158.7723.30.300.330.423.423.143.188.7010.713.20.559燕化高新9.4017.923.30.290.320.453.052.811.959.3711.522.90.580粤华电9.436.7811.8.009-.680.032.462.723.470.39-250.860.12万杰实