Lecture11财务杠杆和资本结构程序.ppt

* 考虑公司所得税的MM模型命题II * What About the Real World? Year Debt/Total assets 2000 92.8% 2001 93.9% 2002 98.2% 2003 94.5% 2004 94.3% 2005 96.9% Long Time No1 Automaker Crashes and Burns! April 28, 2000 $93.63 May 29, 2009 $0.75 * Yixia Wang * * 各行业的资产负债率 (U.S.A) High leverage industry D/E ratio Low leverage industry D/E ratio Tire Rubber 75% Biotechnology 4% Hotel/Gaming 43% Semiconductor 6% Water utility 60% Internet 2% Paper 65% Software services 3% Electric utility 91% Drugs 8% Steel 27% Medical supplies 6% * 财务困境成本 如果公司陷入财务困境，可能面临的情况是? 销售收入下降，公司经营效率进一步降低…… 高额的破产费用: pay lawyers and adviser