第十六章资本结构：债务的运用.pptxVIP

Chapter Outline;16.1 Costs of Financial Distress;16.2 Description of Costs;Balance Sheet for a Company in Distress;Selfish Strategy 1: Take Large Risks;;Selfish Strategy 2: Underinvestment;;Selfish Strategy 3: Milking the Property;16.3 Can Costs of Debt Be Reduced?;Protective Covenants;;;The Pie Model Revisited;;16.6 The Pecking-Order Theory;16.7 Growth and the Debt-Equity Ratio;16.8 Personal Taxes: The Miller Model;Personal Taxes: The Miller Model;Personal Taxes: The Miller Model (cont.);Personal Taxes: The Miller Model (cont.);;;16.9 How Firms Establish Capital Structure;Factors in Target D/