负债政策改变公司的资本结构应该不会影响对股东的价值本章分析.PPTVIP

As long as investors can borrow or lend on their own account on the same terms as the firm, they are not going to pay more for a firm that borrows on their behalf. The value of the firm after the restructuring must be the same as before. * Debt financing doesn’t affect the operating risk of the firm. Operating Risk – Risk in firm’s operating income. Debt financing does affect the financial risk of the firm. Financial Risk – Risk to shareholders resulting from the use of debt. Ex: with only half the equity to absorb the same amount of operating risk, risk per share must double. Financial Leverage – Debt financing to amplify the effects of changes in operating income on the returns to stockholders. * The circles on the left assume “River Cruises” has no debt. The circles on the right reflect a proposed restructuring that splits firm value 50-50. Shareholders get more than 50% of expected operating income, but only because they bear additional financial risk. * MM’s Proposition II – The required rate of return on equity increases as the firm’s debt-equity ratio increases. * * MM’s Proposition II – The required rate of return on equity increases as the firm’s debt-equity ratio increases. Once the implicit cost of debt is recognized, debt is no cheaper than equity. The return that investors require on their assets is unaffected by the firm’s borrowing decision. * Interest tax shield – Tax savings resulting from deductibility of interest payments. * Interest tax shield – Tax savings resulting from deductibility of interest payments. * * * * Costs of Financial Distress – Cost arising from bankruptcy or distorted business decisions before bankruptcy. Trade-off Theory – Debt levels are chosen to balance interest tax shields against the costs of financial distress. At some point, additional borrowing causes the probability of financial distress to increase rapidly and the potential costs of distress begin to take a substantial bite out of firm value. * Bankruptcy costs