企业资本结构决策管理.pptxVIP

资本结构决策;资本结构决策;资本结构 ;;E S;O V;资本化比率;营业净利理论;权益报酬率;总市场价值 = O / ko = $1,350 / .15 = $9,000 权益市场价 = V - B = $9,000 - $3,000 = $6,000 权益报酬率 = E / S = ($1,350 - $300) / $6,000 = 17.50%;; ;营业净利理论的总结;传统方法; ;传统方法总结;总价值原则: Modigliani and Miller (MM); 债务市场价值 ($65M) 权益市场价值 ($35M) 企业总价值 ($100M);套利 和公司总价值;套利 Example;税前收益 = E = O - I = $10,000 - $0 = $10,000 权益市场价 = E / ke = $10,000 / .15 = $66,667 总价值 = $66,667 + $0 = $66,667 综合资本化率 = 15% B/S = 0;套利 Ex