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現代企業資本結構--債務的運用.ppt

'現代企業資本結構--債務的運用.ppt'
Chapter Outline16.1 Costs of Financial Distress16.2 Description of Costs16.3 Can Costs of Debt Be Reduced?16.4 Integration of Tax Effects and Financial Distress Costs16.5 Shirking, Perquisites, and Bad Investments: A Note on Agency Cost of Equity16.6 The Pecking-Order Theory16.7 Growth and the Debt-Equity Ratio16.8 Personal Taxes16.9 How Firms Establish Capital Structure16.10 Summary and Conclusions16.1 Costs of Financial DistressBankruptcy risk versus bankruptcy cost.The possibility of bankruptcy has a negative effect on the value of the firm.However, it is not the risk of bankruptcy itself that lowers value.Rather it is the costs associated with bankruptcy.It is the stockholders who bear these costs.16.2 Description of CostsDirect CostsLegal and administrative costs (tend to be a small percentage of firm value).Indirect CostsImpaired ability to conduct business (e.g., lost sales)Agency CostsSelfish strategy 1: Incentive to take large risksSelfish strategy 2: Incentive toward underinvestmentSelfish Strategy 3: Milking the propertyBalance Sheet for a Company in DistressAssets BV MV Liabilities BV MVCash $200 $200 LT bonds $300 Fixed Asset $400 $0 Equity $300 Total $600 $200 Total $600 $200What happens if the firm is liquidated today?The bondholders get $200; the shareholders get nothing.$200$0Selfish Strategy 1: Take Large RisksThe Gamble Probability PayoffWin Big 10% $1,000Lose Big 90% $0Cost of investment is $200 (all the firm’s cash)Required return is 50%Expected CF from the Gamble = $1000 × 0.10 + $0 = $100Selfish Stockholders Accept Negative NPV Project with Large RisksExpected CF from the GambleTo Bondholders = $300 × 0.10 + $0 = $30To Stockholders = ($1000 - $300) × 0.10 + $0 = $70PV of Bonds Without the Gamble = $200PV of Stocks Without the Gamble = $0PV of Bonds With the Gamble = $30 / 1.5 = $20PV of Stocks With the Gamble = $70 / 1.5 = $47Selfish Strategy 2: UnderinvestmentConsider a government-sponsored project that guarantees $350 in one periodCost of investment is $300 (the firm only has $200 now) so the stockholders will have to supply an additional $100 to finance the projectRequired return is 10%Should we accept or reject?Selfish Stockholders Forego Positive NPV ProjectExpected CF from the government sponsored project:To Bondholder = $300To Stockholder = ($350 - $300) = $50PV of Bonds Without the Project = $200PV of Stocks Without the Project = $0PV of Bonds With the Project = $300 / 1.1 = $272.73PV of Stocks with the project = $50 / 1.1 - $100 = -$54.55Selfish Strategy 3: Milking the PropertyLiquidating dividendsSuppose our firm paid out a $200 dividend to the shareholders. This leaves the firm insolvent, with nothing for the bondholders, but plenty for the former shareholders.Such tactics often violate bond indentures.Increase perquisites to shareholders and/or management 16.3 Can Costs of Debt Be Reduced?Protective CovenantsDebt Consolidation:If we minimize the 。省略部分。firm valueOptimal amount of debtVL < VU + TCB when TS (1-TC)×(1-TS)Agency Cost of EquityAgency Cost of Debt16.9 How Firms Establish Capital StructureMost Corporations Have Low Debt-Asset Ratios.Changes in Financial Leverage Affect Firm Value.Stock price increases with increases in leverage and vice-versa; this is consistent with M&M with taxes.Another interpretation is that firms signal good news when they lever up.There are Differences in Capital Structure Across Industries.There is evidence that firms behave as if they had a target Debt to Equity ratio.Factors in Target D/E RatioTaxesIf corporate tax rates are higher than bondholder tax rates, there is an advantage to debt.Types of AssetsThe costs of financial distress depend on the types of assets the firm has.Uncertainty of Operating IncomeEven without debt, firms with uncertain operating income have high probability of experiencing financial distress.Pecking Order and Financial SlackTheory stating that firms prefer to issue debt rather than equity if internal finance is insufficient.16.10 Summary and ConclusionsCosts of financial distress cause firms to restrain their issuance of debt.Direct costsLawyers’ and accountants’ feesIndirect CostsImpaired ability to conduct businessIncentives to take on risky projectsIncentives to underinvestIncentive to milk the propertyThree techniques to reduce these costs are:Protective covenantsRepurchase of debt prior to bankruptcyConsolidation of debt16.10 Summary and ConclusionsBecause costs of financial distress can be reduced but not eliminated, firms will not finance entirely with debt.Debt (B)Value of firm (V)0Present value of tax shield on debtPresent value of financial distress costsValue of firm under MM with corporate taxes and debtVL = VU + TCBV = Actual value of firmVU = Value of firm with no debtB*Maximum firm valueOptimal amount of debt16.10 Summary and ConclusionsIf distributions to equity holders are taxed at a lower effective personal tax rate than interest, the tax advantage to debt at the corporate level is partially offset. In fact, the corporate advantage to debt is eliminated if (1-TC) × (1-TS) = (1-TB)Debt (B)Value of firm (V)0Present value of tax shield on debtPresent value of financial distress costsValue of firm under MM with corporate taxes and debtVL = VU + TCBV = Actual value of firmVU = Value of firm with no debtB*Maximum firm valueOptimal amount of debtVL < VU + TCB when TS (1-TC)×(1-TS)Agency Cost of EquityAgency Cost of Debt16.10 Summary and ConclusionsDebt-to-equity ratios vary across industries. Factors in Target D/E Ratio TaxesIf corporate tax rates are higher than bondholder tax rates, there is an advantage to debt.Types of AssetsThe costs of financial distress depend on the types of assets the firm has.Uncertainty of Operating IncomeEven without debt, firms with uncertain operating income have high probability of experiencing financial distress.
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企業 資本 運用 現代 債務 結構
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