公司理财Chap12概要1.ppt

Capital Structure: Basic Concepts Key Concepts and Skills Understand the effect of financial leverage (i.e., capital structure) on firm earnings Understand homemade leverage Understand capital structure theories with and without taxes Be able to compute the value of the unlevered and levered firm Chapter Outline 12.1 The Capital Structure Question and the Pie Theory 12.2 Stockholder Interests and Firm Value 12.3 Financial Leverage, EPS, and ROE 12.4 Modigliani and Miller: Proposition II (No Taxes) 12.5 Taxes 12.1 Capital Structure and the Pie Theory The value of a firm is defined to be the sum of the value of the firm’s debt and the firm’s equity. V = B + S 12.2 Stockholder Interests and Firm Value There are two important questions: Why should the stockholders care about maximizing firm value? Perhaps they should be interested in strategies that maximize shareholder value. What is the ratio of debt-to-equity that maximizes the shareholder’s value? 12.3 Financial Leverage, EPS, and ROE Current Assets $8,000 Debt $0 Equity $8,000 Debt/Equity ratio 0 Interest rate 0 Shares outstanding 400 Share price $20 EPS and ROE Under Current Structure Recession Expected Expansion EBI $400 $1,200 $2,000 Interest 0 0 0 Net income $400 $1,200 $2,000 EPS $1.00 $3.00 $5.00 ROA 5% 15% 25% ROE 5% 15% 25% Current Shares Outstanding = 400 shares EPS and ROE Under Proposed Structure Recession Expected Expansion EBI $400 $1,200 $2,000 Interest 400 400 400 Net income $0 $800 $1,600 EPS $0 $4.00 $8.00 ROA 0% 10% 20% ROE 0% 20% 40% Proposed Shares Outstanding = 200 shares Have a try! A corporation is comparing two different capital structures, an all-equity plan (Plan 1) and a levered plan (Plan 2). Under Plan 1, the corporation would have 240,000 shares of stock outstanding. Under Plan 2, there would be 160,000 shares of stock outstanding and $3.1 million in debt outstanding. The interest rate on the debt is 10% and there are no taxes. If EBIT is $750,000, which plan will