資源描述：
《Week 1 Capital Structure版本》由會員上傳分享，免費(fèi)在線閱讀，更多相關(guān)內(nèi)容在學(xué)術(shù)論文-天天文庫。
1、CapitalStructureCapitalStructureCapitalStructureCapitalStructureHowtaxaffectsfinancialchoicesHowtaxaffectsfinancialchoicesMMcontMMcont……?Considertwo“versions”ofthesamefirm–oneversionisUforunlevered(withnodebt)andtheotherversionLforlevered(withdebt)?Thefirmshaveotherwis
2、ethesameoperatingcashflowX?TheunleveredfirmhasvalueVandtheUleveredfirmvalueVLMMcontMMcont……?ThefundamentalquestioniswhetherVUandVLdiffer?ThecashflowsoffirmU’sequityholdersissimplyX?ThecashflowoffirmL’sdebtholdersis(1+r)Dtothefirm’sdebtholdersandX-(1+r)Dtothefirm’sequit
3、yholders,intotalacashflowofXalso?ThevalueofListhecombinedvalueofthedebtandtheequityMMcontMMcont……?SupposeVLissmallerthanVU?Thenaninvestorcanbuya10%holdingofL’sdebtanda10%holdingofL’sequity,whichentitlestheinvestortoa10%shareinthetotalcashflowX.Hewouldthengotothemarketa
4、ndsell10%ofthecashflowX,whichisvaluedat10%ofthevalueofU.Thisleaveshimwithzerofutureliability.?Histradinggainsare10%ofthedifferencebetweenVUandVL,whichwehaveassumedispositive?Thiscannotbepossibleinanarbitragefreemarket,sowecanconcludethatVLmustbeequaltoorgreaterthanVUAs
5、sumptionofMMAssumptionofMM?TheKeyAssumption–thatthesumofallfuturecashflowsdistributedtothefirm’sdebtandequityinvestorisunaffectedbycapitalstructure?Notransactioncosts?NoarbitrageMMTheoremMMTheorem?Thetotalmarketvalueofthefirm,whichisthesameasthesumofthemarketvaluesofth
6、eitemsontheright-handsideofthebalancesheet(thatis,itsdebtandequity),isnotaffectedbyhowitisfinanced?Thisillustrateshowshareholderscanundotheeffectofachangeinafirm’scapitalstructurebymakingoffsettingchangestotheirownportfolio.?Theshareholdercanachievethesamecashflowpatte
7、rnandcontinuetocontrolthesamepercentofthefirm’sshares.?Withouttransactioncosts,theshareholderisindifferenttochangesinthefirm’scapitalstructure.HowRiskyDebtAffectstheHowRiskyDebtAffectstheMMTheoremMMTheorem?TheassumptionsoftheMMTheorempermitbankruptcy,butnobankruptcycos
8、ts.?Ifafirmfailstomeetdebtobligations,theownershipmovecostlesslyfromtheequityholderstothedebtholders.?Onceagain,Stanl
