资本结构和MM定理.pptxVIP

第七章资本结构和MM定理MM定理及扩展资本结构的经验证据

MM定理及扩展无税的MM定理（1958）有公司税的MM定理trade-offTheory（权衡理论）等加入个人税的MM定理（米勒定理1977）MM定理的其他用途

TheCapital-StructureQuestion

andThePieTheoryThevalueofafirmisdefinedtobethesumofthevalueofthefirm’sdebtandthefirm’sequity.V=B+SIfthegoalofthemanagementofthefirmistomakethefirmasvaluableaspossible,thethefirmshouldpickthedebt-equityratiothatmakesthepieasbigaspossible.ValueoftheFirmSBSBSBSB

FinancialLeverageandEPS(2.00)0.002.004.006.008.0010.0012.001,0002,0003,000EPSDebtNoDebtBreak-evenpointEBITindollars,not