XX秋季在职研究生财务3.pptVIP

XX秋季在职研究生财务3FinancialDistressandAgencyCostsofDebtAparticularlyoutrageousstoryconcernedtwounrelatedstoresbothnamedMitchellsinNewYorkCity.WhenoneMitchellsdeclaredbankruptcy,customersstayedawayfrombothstores.Intime,thesecondstorewasforcedtodeclarebankruptcyaswell.另一个让人觉得好笑的故事是关于纽约两家同名却毫不相干的商店破产的例子。当其中一家宣告破产时,两家商店顾客都严重流失,最终,另一家商店也被迫宣告破产。XX秋季在职研究生财务3FinancialDistressandAgencyCostsofDebtAgencyCostsofDebt(Thinkofacombinationowner/managerhere,tryingtotakeadvantageofbondholders)ExcessiveRiskTaking(采取高风险的经营决策)Underinvestment(投资不足)–stockholderswon’tpayincapitalOverpayDividends(支付高额股息)XX秋季在职研究生财务3PriceImpactXX秋季在职研究生财务3(信用贷款,无担保的)XX秋季在职研究生财务3XX秋季在职研究生财务3(财务杠杆增大即债务融资增加)XX秋季在职研究生财务3发行新股,股价下跌股价将随着银行贷款的增加而上升,但对公募债券发行反应微小。XX秋季在职研究生财务3稀释效应？(高估,即市帐比高于市场平均水平)(企业经营前景惨淡)XX秋季在职研究生财务35.CapitalstructureMMtheorem(MM理论)Trade-offTheory(权衡理论)PeckingOrderTheory(优序融资理论)XX秋季在职研究生财务3Modigliani-MillerTheoremAssume假定Efficientmarketsandnoasymmetricinformation资本市场完全有效,信息完全对称Notaxes无税Notransactionorbankruptcycosts无交易和破产成本XX秋季在职研究生财务3MMPropositionIThevalueofthefirmisindependentof(与……无关)itscapitalstructure.Financingchoicesareirrelevant!(不重要,无关的)XX秋季在职研究生财务3MM1:Arbitrageargument

——ThesetupTwofirmsidentical(相同的)ininvestmentsbutdifferentcapitalstructureCashflowsof$Cperperiodinperpetuity(永续)Allcashflowspaidoutasdividends–nogrowthSinceidenticalrisk,alsohaveidenticalrequiredreturnsofr0iftheyareallequityfinancedBut,oneofthefirmsislevered(withvalueVL=BL+SL),theotherisunlevered(withvalueVU)XX秋季在职研究生财务3MM1:ArbitrageargumentMM1:VL=VUShowarbitrageifthepropositiondoesn’tholdPortfolio1Composition:fractionaofequityintheleveredfirm.Initialcost:aSLReturns:perpetualcashflowsofa(C-rBBL)VL=BL+SLVUXX秋季在职研究生财务3Portfolio2Composition:Invest