二、资本结构的国际及实证及经典理论.ppt

* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * 1 税盾和破产成本的权衡理论 MM proposition II with taxes suggest that an all-debt capital structure is optimal. Is an all-debt capital structure optimal? In the real world, we have taxes, but most firms use both debt and equity financing. How do we reconcile this with the MM proposition with Taxes? By looking at the costs of financial distress! Firms must balance the tax advantages of debt financing with the increased bankruptcy costs. * Direct Costs of Financial Distress 企业在破产前和破产过程中会发生一系列成本，这些成本往往被称为破产成本。 When a firm goes bankruptcy, it has two basic options: Liquidation: The assets of the firm are sold and the proceeds paid out according to the priority rules.(《破产法》第7章) Reorganization: The firm renegotiates with its creditors and issues new securities to replace the old ones. （《破产法》第11章） The legal process of bankruptcy is a long and costly process. There are legal and administrative costs and it will involve hundreds of lawyers. Some fraction of the firm will disappear due to these costs in the process of bankruptcy. These types of costs associated with bankruptcy are called the direct costs of financial distress. * Indirect Costs of Financial Distress When a firm is facing problems meeting its debt obligations, the firm is said to be in financial distress or experiencing financial distress. Financial distress does not necessarily mean “going out of business”（歇业）. 在企业面临财务困境时，其经营活动往往受到重大影响，企业价值大幅下降。这被称为财务困境的间接成本。 Impaired ability to conduct business (e.g., lost sales) 无形资产的损失 * 债务代理成本 当公司面临财务困境时，公司管理者、股东和债权人各怀鬼胎，导致公司价值下降的部分。 股东的利己策略 Selfish strategy 1: Incentive to take large risks Selfish strategy 2: Incentive toward underinvestment 债权人的策略 债权人知道公司管理者和股东会采取减少债务价值的策略，因此会要求提高债务利率来保护自己，从而使得公司融资成本上升、公司价值下降。 破产成本 直接破产成本 是指破产法律过程中所产生的法庭律师和会计等费用 间接破产成本 （财务困境成本） 无形资产的流失 而引发 代理成本 * 利息抵税与财务困境成本的权衡 There is a trade-off between the tax advantage of debt and the costs of financial distress. At l