公司理财15-资本结构--基本概念.pptVIP

第15章 资本结构: 基本概念 15.1 资本结构问题和馅饼理论 15.2 企业价值的最大化和股东利益的最大化 15.3 财务杠杆和公司价值:一个例子 15.4 Modigliani和Miller: 命题II 15.5 税 15.6 小结 15.1 资本结构问题和馅饼理论The Capital-Structure Question 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 两个重要问题The Capital-Structure Question There are really 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 v