公司理财 资本结构：债务运用的限制.ppt

第16章 资本结构：债务运用的限制;16.1 财务困境成本Costs of Financial Distress;;;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;财务困境的间接???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;Selfish Strategy 1: Take Large Risks投资高风险项目;Selfish Stockholders Accept Negative NPV Project with Large Risks;Selfish Strategy 2: Underinvestment投资不足;Selfish Stockholders Forego Positive NPV Project;Selfish Strategy 3: Milking the Property撇脂;利己策略总结： 仅当有破产或财务困境的可能性时，才发生上述的扭曲策略。这些扭曲策略不应影响象通用电气这样多元化经营的一流公司。 由谁来支付利己投资策略的成本？最终由股东承担。因为，如果债权人知道危机逼近时，会要求提高债券利率保护自己。由于股东要负担这些利率，他们最终要负担利己的成本。 因此，面临这些扭曲策略的公司难以获得债务且代价高昂，它们会拥有较低的财务杠杆比率。;16.3 能够降低债务成本吗？ Can Costs of Debt Be Reduced?;Protective Covenants;积极条款：你必须：Positive covenant: Thou shall: 用出售资产收益来购置其他资产 Use proceedsfrom sale of assets for other assets. 允许在合并或分拆时偿还 Allow redemption（赎回） in event of merger or spinoff. 维持良好的资产状况 Maintain good condition of assets. 提供经审计的财务信息 Provide audited financial information.;16.4 税收和财务困境成本的综合影响Integration of Tax Effects and Financial Distress Costs;Debt (B);重提馅饼理论The Pie Model Revisited;16.5 怠工、在职消费与有害投资Shirking, Perquisites, and Bad Investments: The Agency Cost of Equity;自由现金流假说认为，股利的增加能减弱管理层寻求浪费行为的能力。The free cash flow hypothesis says that an increase in dividends should benefit the stockholders by reducing the ability of managers to pursue wasteful activities. 自由现金流假说也认为， 债务的增加比股利的增加更能减弱管理层寻求浪费行为的能力。The free cash flow hypothesis also argues that an increase in de