资本结构与税:财务风险、杠杆及税收影响.pptx

资本结构与税:财务风险、杠杆及税收影响.pptx

CorporateFinance

(P13306)Lecture4:CapitalStructure?Reading:B.M.AChapter18XiupingHuaXiaogangBiAssistantProfessorsinFinance?1

ContentCorporateTaxesCorporateandPersonalTaxesCostofFinancialDistressPeckingOrderofFinancialChoices2

CapitalStructureCorporateTaxesFinancialRisk-Risktoshareholdersresultingfromtheuseofdebt.FinancialLeverage-Increaseinthevariabilityofshareholderreturnsthatcomesfromtheuseofdebt.Howmuchdebtyouhaveused,asset/debtratioInterestTaxShield-Taxsavingsresultingfromdeductibilityofinterestpayments.3

CapitalStruc

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