公司理财16 资本结构：债务用的限制.pptVIP

第16章 资本结构：债务运用的限制 16.1 财务困境成本 16.2 成本的种类 16.3 能够降低债务成本吗？ 16.4 税收和财务困境成本的综合影响 16.5 怠工、在职消费与有害投资 16.6 优序融资理论 16.7 增长和负债比 16.8 个人税 16.9 公司如何确定资本结构 16.10 小结 16.1 财务困境成本Costs of Financial Distress 破产风险或破产成本 Bankruptcy risk versus bankruptcy cost. 例：某公司预测未来的现金流量为100美元或50美元，发生的概率均为50%. 公司没有其他资产，需要支付的利息为60美元。不考虑税收。 假设：（1）债权人和股东是风险中立者；（2）利率（贴现率）为10%. 试评估公司的价值。 结论： 破产的可能性对公司价值有负面影响 The possibility of bankruptcy has a negative effect on the value of the firm. 然而，并不是破产风险本身降低了公司价值 However, it is not the risk of bankruptcy itself that lowers value. 而是与破产密切相关的成本降低了公司价值 Rather it is the costs associated with bankruptcy. 股东承担了这些风险。破产成本损害了股东的利益。 It is the stockholders who bear these costs. 16.2 成本的种类Description of Costs 财务困境的直接成本 Direct Costs 清算和重组的法律成本和管理成本 Legal and administrative costs (tend to be a small percentage of firm value). 在破产和破产前期的所有阶段，自始自终都有律师的介入参与。费用通常是每小时几百美元计，而且快递增加。 已有大量的学术研究在探讨如何衡量财务困境的直接成本。White、Altman和Weiss估计财务困境的直接成本大概是公司市值的3% 财务困境的间接成本 Indirect Costs 经营受到影响 Impaired ability to conduct business (e.g., lost sales) 代理成本 Agency Costs Selfish strategy 1: 冒高风险的动机 Incentive to take large risks Selfish strategy 2: 投资不足的动机Incentive toward underinvestment Selfish Strategy 3: 撇脂 Milking the property 例：Balance Sheet for a Company in Distress Assets BV MV Liabilities BV MV Cash $200 $200 LT bonds $300 Fixed Asset $400 $0 Equity $300 Total $600 $200 Total $600 $200 What happens if the firm is liquidated（清算） today? Selfish Strategy 1: Take Large Risks投资高风险项目 The Gamble Probability Payoff Win Big 10% $1,000 Lose Big 90% $0 Cost of investment is $200 (all the firm’s cash) Required return is 50% Expected CF from the Gamble = $1000 × 0.10 + $0 = $100 Selfish Stockholders Accept Negative NPV Project with Large Risks Expected CF from the Gamble To Bondholders = $300 × 0.10 + $0 = $30 To Stockholders = ($1000 - $300) × 0.10 + $0 = $70 PV of Bonds Without the Gamble = $200 PV of Stocks Without the Gamble = $0 PV of Bonds With the Gamble = $30 / 1.5 =