资本结构和mm定理.pptxVIP

第七章 资本结构和MM定理MM定理及扩展资本结构的经验证据 MM定理及扩展无税的MM定理（1958）有公司税的MM定理trade-off Theory （权衡理论）等加入个人税的MM定理（米勒定理1977）MM定理的其他用途SSBBThe Capital-Structure Questionand The Pie TheoryThe 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 + SSSBBIf the goal of the management of the firm is to make the firm as valuable as possible, the the firm should pick the debt-equity ratio that makes the pie as big as possible. Value of the FirmFinancial Leverage and EPS12.00Debt10.008.00No DebtAdvantage to debt6.00Break-even point EPS4.00Disadvantage to debt2.000.001,0002,00