CF2 Ch 14 Capital Structure Decisions 公司财务与金融 课件.ppt

Chapter 16 Capital Structure Decisions Topics in Chapter Overview and preview of capital structure effects Business versus financial risk The impact of debt on returns Capital structure theory, evidence, and implications for managers Example: Choosing the optimal structure Basic Definitions V = value of firm FCF = free cash flow WACC = weighted average cost of capital rs and rd are costs of stock and debt re and wd are percentages of the firm that are financed with stock and debt. How can capital structure affect value? A Preview of Capital Structure Effects The impact of capital structure on