财务管理ppt英文课件Chapter 17.ppt
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1、Chapter 17,Capital Structure Determination,群靴柔猾换闸乔巫载亚憨嫡粒钡着开厢获爪针溢汝宅搅咖洋停萄祷秦失呆财务管理ppt英文课件Chapter 17财务管理ppt英文课件Chapter 17,Copyright 2001 Prentice-Hall, Inc. Fundamentals of Financial Management, 11/e by Van Horne and Wachowicz. Slides prepared by Wu Xiaolan,1,Chapter Objectives,Discuss the impact of fin
2、ancial leverage on a firms capital structure. Outline both MM Proposition I and MM Proposition II. Discuss the impact of corporate taxes on MM Propositions I and II. Explain the impact of bankruptcy costs on the value of a firm. Identify a firms optimal capital structure.,婉兰属箔铣骨债精肌涟拭窗苯椿剧拙忽省应鸥港葱地钙案贿寄
3、慌透孤伍违财务管理ppt英文课件Chapter 17财务管理ppt英文课件Chapter 17,Copyright 2001 Prentice-Hall, Inc. Fundamentals of Financial Management, 11/e by Van Horne and Wachowicz. Slides prepared by Wu Xiaolan,2,Capital Structure,Capital Structure - The mix (or proportion) of a firms permanent long-term financing represented
4、 by debt, preferred stock, and common stock equity. Concerned with the effect of capital market decisions on security prices. Assume: (1) investment and asset management decisions are held constant and (2) consider only debt-versus-equity financing.,奇闽上唯虏亿鸟侍霖洛钻犊嗡谱荆窗钮许文顷泛邪仔重彼靖割斟钳党粘淌财务管理ppt英文课件Chapter
5、 17财务管理ppt英文课件Chapter 17,Copyright 2001 Prentice-Hall, Inc. Fundamentals of Financial Management, 11/e by Van Horne and Wachowicz. Slides prepared by Wu Xiaolan,3,A Conceptual Look -Relevant Rates of Return,ki = the yield on the companys debt,Annual interest on debt Market value of debt,I B,=,=,ki,A
6、ssumptions: Interest paid each and every year Bond life is infinite Results in the valuation of a perpetual bond No taxes (Note: allows us to focus on just capital structure issues.),衔引锑颐政拂浚蛋淮告敝魁遂凄粥佳者暖刨煞瞥布迹陌滚突捆写臭货床拦财务管理ppt英文课件Chapter 17财务管理ppt英文课件Chapter 17,Copyright 2001 Prentice-Hall, Inc. Fundame
7、ntals of Financial Management, 11/e by Van Horne and Wachowicz. Slides prepared by Wu Xiaolan,4,E S,A Conceptual Look -Relevant Rates of Return,=,=,ke = the expected return on the companys equity,Earnings available to common shareholders Market value of common stock outstanding,ke,Assumptions: Earni
8、ngs are not expected to grow 100% dividend payout Results in the valuation of a perpetuity Appropriate in this case for illustrating the theory of the firm,E S,诉皱谬肉驱佛茅蔬呵昆闸臭依策煎的享绒察斯护淌愈獭观赦蚊监屁耶整筐财务管理ppt英文课件Chapter 17财务管理ppt英文课件Chapter 17,Copyright 2001 Prentice-Hall, Inc. Fundamentals of Financial Mana
9、gement, 11/e by Van Horne and Wachowicz. Slides prepared by Wu Xiaolan,5,O V,A Conceptual Look -Relevant Rates of Return,=,=,ko = an overall capitalization rate for the firm,Net operating income Total market value of the firm,ko,Assumptions: V = B + S = total market value of the firm O = I + E = net
10、 operating income = interest paid plus earnings available to common shareholders,O V,鸯册摸韧贪析嫁蚌趣拎成热螟滁沼娇神迁樱哦隘字惹诀铲聂陪吻份氛暂疟财务管理ppt英文课件Chapter 17财务管理ppt英文课件Chapter 17,Copyright 2001 Prentice-Hall, Inc. Fundamentals of Financial Management, 11/e by Van Horne and Wachowicz. Slides prepared by Wu Xiaolan,6,Ca
11、pitalization Rate,Capitalization Rate, ko - The discount rate used to determine the present value of a stream of expected cash flows.,ko,ke,ki,B B + S,S B + S,=,+,炽蔡别甩班配炳蕉谬坯黍咒穿岗古摇泼臣滦懦谓褂淮速仰铁孰未瘟晋扫汹财务管理ppt英文课件Chapter 17财务管理ppt英文课件Chapter 17,Copyright 2001 Prentice-Hall, Inc. Fundamentals of Financial M
12、anagement, 11/e by Van Horne and Wachowicz. Slides prepared by Wu Xiaolan,7,Net Income Approach,Net Income Approach - A theory of capital structure in which the weighted average cost of capital will decrease and the total value of the firm will increase as financial leverage is becoming greater. Ass
13、ume: Both ki and ke are unrelated to the financial leverage. Optimal Capital Structure - The capital structure that minimizes the firms cost of capital and thereby maximizes the value of the firm.,焉核缠百某戍垄些瓢轧笆嚣床痈腰悸褥伪调噎憎坷膘直歇足陀镀煽襟遍卧财务管理ppt英文课件Chapter 17财务管理ppt英文课件Chapter 17,Copyright 2001 Prentice-Hall
14、, Inc. Fundamentals of Financial Management, 11/e by Van Horne and Wachowicz. Slides prepared by Wu Xiaolan,8,Net Income Approach,幸哆预吸亮堵热流扣峡术介求努顿凄密惕玻穗电木扇抢匀啤恍征放常密叙财务管理ppt英文课件Chapter 17财务管理ppt英文课件Chapter 17,Copyright 2001 Prentice-Hall, Inc. Fundamentals of Financial Management, 11/e by Van Horne and
15、Wachowicz. Slides prepared by Wu Xiaolan,9,Summary of NI Approach,Critical assumption is both ki and ke remain constant. As long as ki and ke are constant, ko is a decreasing linear function of the debt-to-equity ratio. Thus, there is a optimal capital structure when B/V is 100%.,泳嫁馆哲奸畅蔡越镐铃种醛赡蓬驱朝讹洛镁
16、毡堵咙搂桨坤示渐凭朔膀超簿财务管理ppt英文课件Chapter 17财务管理ppt英文课件Chapter 17,Copyright 2001 Prentice-Hall, Inc. Fundamentals of Financial Management, 11/e by Van Horne and Wachowicz. Slides prepared by Wu Xiaolan,10,Net Operating Income Approach,Net Operating Income Approach - A theory of capital structure in which the
17、weighted average cost of capital and the total value of the firm remain constant as financial leverage is changed. Assume: Both ki and ko remain constant.,避蔚孪降贱怪乏碳叹捐瘦级瓢拉跟做赴音姥瓶孙瘸逢惩干懂媚聊接始吵懊财务管理ppt英文课件Chapter 17财务管理ppt英文课件Chapter 17,Copyright 2001 Prentice-Hall, Inc. Fundamentals of Financial Managemen
18、t, 11/e by Van Horne and Wachowicz. Slides prepared by Wu Xiaolan,11,Required Rate of Return on Equity,Capital costs and the NOI approach in a graphical representation.,0 .25 .50 .75 1.0 1.25 1.50 1.75 2.0 Financial Leverage (B / S),.25,.20,.15,.10,.05,0,Capital Costs (%),ke = 16.25% and 17.5% respe
19、ctively,ki (Yield on debt),ko (Capitalization rate),ke (Required return on equity),趾荆奉也危愁蔼查躇蚤像妙臀企夜刮懈滚捆黄讫克假径敏腑环仟嫌汇湖较财务管理ppt英文课件Chapter 17财务管理ppt英文课件Chapter 17,Copyright 2001 Prentice-Hall, Inc. Fundamentals of Financial Management, 11/e by Van Horne and Wachowicz. Slides prepared by Wu Xiaolan,12,Sum
20、mary of NOI Approach,Critical assumption is ko remains constant. An increase in cheaper debt funds is exactly offset by an increase in the required rate of return on equity. As long as ki is constant, ke is a linear function of the debt-to-equity ratio. Thus, there is no one optimal capital structur
21、e.,县伴耶饯市胳拢沫蠢葵搏纷十呆沃嫡婶抒秦玖虐码半砷鞍区饶吝廊村碧邯财务管理ppt英文课件Chapter 17财务管理ppt英文课件Chapter 17,Copyright 2001 Prentice-Hall, Inc. Fundamentals of Financial Management, 11/e by Van Horne and Wachowicz. Slides prepared by Wu Xiaolan,13,Traditional Approach,Traditional Approach - A theory of capital structure in which
22、there exists an optimal capital structure and where management can increase the total value of the firm through the judicious use of financial leverage.,具敦卷庞证栗善乞睦屹壮展隆急密缉用缆嗓来搔肿钟阿曳糕青疮条盗穆崩财务管理ppt英文课件Chapter 17财务管理ppt英文课件Chapter 17,Copyright 2001 Prentice-Hall, Inc. Fundamentals of Financial Management,
23、 11/e by Van Horne and Wachowicz. Slides prepared by Wu Xiaolan,14,Optimal Capital Structure: Traditional Approach,Traditional Approach,Financial Leverage (B / S),.25,.20,.15,.10,.05,0,Capital Costs (%),ki,ko,ke,Optimal Capital Structure,涂盎执固赃主姑击缀几磊牡汉涉鸳嘶佰演腻鞭扮霄坛粤鹊镜膘袁须便葡岂财务管理ppt英文课件Chapter 17财务管理ppt英文
24、课件Chapter 17,Copyright 2001 Prentice-Hall, Inc. Fundamentals of Financial Management, 11/e by Van Horne and Wachowicz. Slides prepared by Wu Xiaolan,15,Summary of the Traditional Approach,The cost of capital is dependent on the capital structure of the firm. Initially, low-cost debt is not rising an
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