《公司金融》17ch18 资本结构：债务使用的限制、杠杆企业的估值与资本预算-英文教学课件（非AI生成）.ppt

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《公司金融》17ch18 资本结构：债务使用的限制、杠杆企业的估值与资本预算-英文教学课件（非AI生成）.ppt

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CapitalStructure:LimitstotheUseofDebtChapter17

KeyConceptsandSkills DefinethecostsassociatedwithbankruptcyUnderstandthetheoriesthataddressthelevelofdebtafirmcarriesTradeoffSignalingAgencyCostPeckingOrderKnowrealworldfactorsthataffectthedebttoequityratio

17.1CostsofFinancialDistressBankruptcyBankruptcyrisk?Assumethatbothbondholdersandstockholdersarerisk-neutralandtheinterestrateis10percent.

Whydothebondholdersreceiveonly$35inarecession?

Thepossibilityofbankruptcyhasanegativeeffectonthevalueofthefirm.However,itisnottheriskofbankruptcyitselfthatlowersvalue.Rather,itisthecostsassociatedwithbankruptcy.Itisthestockholderswhobearthesecosts.

17.2DescriptionofFinancialDistressCostsDirectCostsLegalandadministrativecostsAlthoughlargeinabsoluteamount,thesecostsareactuallysmallasapercentageoffirmvalue（3%）IndirectCostsImpairedabilitytoconductbusiness(e.g.,lostsales)Itisquitedifficulttomeasurethem.AgencyCostsWhenafirmhasdebt,conflictsofinterestarisebetweenstockholdersandbondholders.

AgencyCostsSelfishStrategy1:Incentivetotakelargerisks

SelfishStrategy2:Incentivetowardunderinvestmentthefirmcouldraiseequitytoinvestinanewproject.

SelfishStrategy3:MilkingthepropertyThestrategyistopayoutextradividendsorotherdistributionsintimesoffinancialdistress,leavinglessinthefirmforthebondholders.

Whopaysfortheagencycost?Rationalbondholdersprotectthemselvesaccordinglybyraisingtheinterestrate.Forfirmsthatfacethesedistortions,debtwillbedifficultandcostlytoobtain.

17.3CanCostsofDebtBeReduced?ProtectiveCovenantsLimitationsareplacedontheamountofdividendsacompanymaypay.Thefirmmaynotpledgeanyofitsassetstootherlenders.Thefirmmaynotmergewithanotherfirm.Thefirmmaynotsellorleaseitsmajorassetswithoutapprovalbythelender.Thefirmm