二、资本结构的国际实证及经典理论.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,