企业财务管理15.pdf

15-0 CHAPTER Capital Structure: Basic Concepts 15-1 Chapter Outline 15.1 The Capital-Structure Question and The Pie Theory 15.1 The Capital-Structure Question and The Pie Theory 15.2 Maximizing Firm Value versus Maximizing 15.2 Maximizing Firm Value versus Maximizing Stockholder Interests Stockholder Interests 15.3 Financial Leverage and Firm Value: An Example 15.3 Financial Leverage and Firm Value: An Example 15.4 Modigliani and Miller: Proposition II (No Taxes) 15.4 Modigliani and Miller: Proposition II (No Taxes) 15.5 Taxes 15.5 Taxes 15.6 Summary and Conclusions 15.6 Summary and Conclusions 15-2 The Capital-Structure Question and The Pie Theory The value of a firm is defined to be the sum of The value of a firm is defined to be the sum of the value of the firm’s debt and the firm’s equity. the value of the firm’s debt and the firm’s equity. V = B + S V = B + S If the goal of the management SSSS BBBB of the firm is to make the firm as valuable as possible, the the firm should pick the debt-equity ratio that makes the pie as big as possible. Value of the Firm 15-3 The Capital-Structure Question There are really two important questions: There are really two important questions: 1. Why should the stockholders care about maximizing 1. Why should the stockholders care about maximizing firm value? Perhaps they should be interested in firm value? Perhaps they should be interested in strategies that maximize shareholder value. strategies that maximize shareholder value. 2. What is the ratio of debt-to-equity that maximizes the 2. What is the ratio of debt-to-equity that maximizes the