capital structur河e and cost of equity(高级公司财务-资本结构与资金成本-英文版课件).pptVIP

* Personal Taxes个人所得税and Debt and Equity Rates of Returns 债券股票收益率 If debt income is taxed more heavily than equity income, to compensate taxable investors for its relative tax disadvantage为了补偿相对劣税应税投资者, the pre-tax return on debt should exceed the pre-tax expected return on equity (both securities assumed risk free)债券的税前收益应该超过股票的税前收益 For investors who are indifferent between holding debt and equity, the personal tax rate satisfies the following condition: rD (1 - TD) = rE (1 - TE), i.e. (after-tax returns on debtequity) * Personal Taxes and Debt and Equity Rates of Returns Assume EBIT rDD ...