第07章资本结构资料.pptVIP

Franco Modigliani Merton Miller Leverage Increases Risk The variability in both ROE and EPS increases when financial leverage is increased. Leverage increases the risk of holding equity! Hence, greater use of debt magnifies EPS and ROE in either direction (when the profitability is good or bad). Using more debt makes EPS and ROE more risky since both EPS and ROE are more sensitive to changes in EBIT（财务杠杆度）。 * 不考虑公司税的MM 模型：小结 假定环境：Perfect Capital markets Firms and investors can borrow/lend at the same rate. No transaction costs. No corporate or personal income taxes. 结论： 杠杆企业价值与无杠杆企业价值相等：VL