曼彻斯特大学：高级公司金融学：资本结构 I课件.ppt

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1、BMAN30111AdvancedCorporateFinanceCapitalStructureIMaria-TeresaMarchicaVietAnhDangMBSAccountingandFinanceCapitalStructureTheoriesModiglianiandMiller’s(MM)propositions.Capitalstructuretheorywithtaxconsiderations:MM’spropositionwithcorporatetaxes.TheMillermodelwithbothcorporat

2、eandpersonaltaxes.Financialdistresscostsandthe(static)trade-offtheoryofcapitalstructure.Asymmetricinformationandthepeckingorder（权势等级）theoryofcapitalstructure.2BasicConceptsandQuestionsCapitalstructureLeverage/gearingMainquestionsincapitalstructureresearch:Iscapitalstructurer

3、elevant?Howdofirmsmakecapitalstructuredecisions?Isdebtlesscostlythanequity?Dofirmspreferdebttoequityfinance?Isthereanoptimalcapitalstructure?3TraditionalViewofCapitalStructurererruD/Erd(D/E)*D/EVVu(D/E)*rWACCVL4ModiglianiandMiller’s(1958)PropositionIUnderperfectcapitalmarket

4、assumptions,thetotalvalueofafirmisequaltothemarketvalueofthetotalcashflowsgeneratedbyitsassets,andisNOTaffectedbyitschoiceofcapitalstructure.Implication:capitalstructureisirrelevant,i.e.,theirrelevancetheorem.The`pizzaanalogy’:“…thenumberandshapeofthepiecesdon’taffectthesize

5、ofthepizza.Andsimilarly,thestocksandbondsissueddon’taffecttheaggregatevalueofthefirm.Theyjustsliceuptheunderlyingearningsindifferentways”.5AssumptionsofMM’sIrrelevancePropositionsPerfectcapitalmarketswithoutfrictions:Notaxes,transactioncostsandissuancecosts.Noagencyproblemsa

6、ndasymmetricinformation.Investorsandfirmscanborrowandlendatthesamerate.Financingdecisionsdonotchangethecashflowsgeneratedbyinvestments.Noarbitrage6NoArbitrageandtheLawofOnePriceSupposetwoidenticalsecuritiestradeatdifferentmarketprices.Arbitrageopportunitytoearnrisklessprofit

7、sArbitrageursseektobuy(long)thecheapersecurityandsell(short)themoreexpensiveone.Tradingbythearbitrageursbidsup(depresses)thepriceofthecheaper(moreexpensive)security.Onceallarbitrageopportunitiesareexploited,thetwosecuritiestradeatthesameprice,i.e.,thelawofoneprice.7ProofofMM

8、’sIrrelevancePropositionsArbitrageopportunitiesareavailableifMM’sPropositio