公司理财(第八版)第十五章_资本结构基本概念(2).pptVIP

Conclusions Case I – no taxes or bankruptcy costs No optimal capital structure Case II – corporate taxes but no bankruptcy costs Optimal capital structure is almost 100% debt Each additional dollar of debt increases the cash flow of the firm Case III – corporate taxes and bankruptcy costs Optimal capital structure is part debt and part equity Occurs where the benefit from an additional dollar of debt is just offset by the increase in expected bankruptcy costs 16-* 13.* Note that we are talking about “expected” in a statistical sense. If the firm goes bankrupt, it will have a certain level of c