第七章 资本结构和MM定理文件.pptVIP

Growth and the Debt-Equity Ratio Growth implies significant equity financing, even in a world with low bankruptcy costs. Thus, high-growth firms will have lower debt ratios than low-growth firms. Growth is an essential feature of the real world; as a result, 100% debt financing is sub-optimal. .......... * 加入个人税的MM定理米勒定理，The Miller Model The Miller Model shows that the value of a levered firm can be expressed in terms of an unlevered firm as: B T T T V V B S C U L . ú ? ù ê ? é - - . - - + = 1 ) 1 ( ) 1 ( 1 Where: TS = personal tax rate on equity income TB = personal tax rate on bond income TC = corporate tax rate .......... * .iuu .iuu .iuu .iuu .iuu .iuu .iuu .iuu .iuu .iuu .iuu .iuu .iuu .iuu 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 .......... * The Capital-Structure Questionand 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 If 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 Firm S B S B S B S B .......... * Financial Leverage and EPS (2.00) 0.00 2.00 4.00 6.00 8.00 10.00 12.00 1,000 2,000 3,000 EPS Debt No Debt Break-even point EBIT in dollars, no taxes Advantage to debt Disadvantage to debt .......... * 杠杆增加了权益收益（return on equity, ROE）以及股票持有者的收益，然而也增加了股票风险 MM定理认为，两方面的效应恰好抵消 .......... * 无税的MM定理 Assumptions of the Modigliani-Miller Model Homogeneous Expectations Homogeneous Business Risk Classes Perpetual Cash Flows Perfect Capital Markets: Perfect competition Firms and investors can borrow/lend at the same rate Equal access to all relevant information No transaction costs No taxes .......... * The MM Propositions I II (No Taxes) Proposition I Firm value is not affected by leverage VL = VU Proposition II Leverage increases the risk and return to st