公司税与债务政策回顾.pptVIP

Capital Structure Firm Value = Value of All Equity Firm + PV Tax Shield Example All Equity Value = 600 / .10 = 6,000 PV Tax Shield = 400 * Capital Structure Firm Value = Value of All Equity Firm + PV Tax Shield Example All Equity Value = 600 / .10 = 6,000 PV Tax Shield = 400 Firm Value with 1/2 Debt = $6,400 * C.S. Taxes (Personal Corp) Relative Advantage Formula ( Debt vs Equity ) 1-TP (1-TPE) (1-TC) * C.S. Taxes (Personal Corp) Relative Advantage Formula ( Debt vs Equity ) 1-TP (1-TPE) (1-TC) RAF 1 Debt RAF 1 E