资约本结构i.pptVIP

加权资金成本 * 各种资本结构下投资者所得的总现金流（有公司税） 全股本 Recession Expected Expansion EBIT $1,000 $2,000 $3,000 Interest 0 0 0 EBT $1,000 $2,000 $3,000 Taxes (Tc = 35% $350 $700 $1,050 Total Cash Flow to S/H $650 $1,300 $1,950 Recession Expected Expansion EBIT $1,000 $2,000 $3,000 Interest ($800 @ 8% ) 640 640 640 EBT $360 $1,360 $2,360 Taxes (Tc = 35%) $126 $476 $826 Total Cash Flow $234+640 $884+$640 $1,534+$640 (to both S/H B/H): $874 $1,524 $2,174 EBIT(1-Tc)+TCrBB $650+$224 $1,300+$224 $1,950+$224 $874 $1,524 $2,174 杠杆经营 各种资本结构下投资者所得的总现金流（有公司税） 杠杆经营企业缴纳税收比全股本企业少。 因此，杠杆经营企业的债务和股本总额大于全股本企业的股权总额。