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1、19878_15_c15_p506-547.qxd2/22/0610:36AMPage508CHAPTER15CapitalStructureDecisions:PartIAswesawinChapters9and11,allfirmsneedoperatingcapitaltosupporttheirsales.Toacquirethatoperatingcapital,fundsmustberaised,usuallyasacombinationofequityanddebt.Thefirm’smixtureofdebtand
2、equityiscalleditscapitalstructure.AlthoughactuallevelsofdebtandequitymayvarysomewhatTheThomsonNOWWebsitecontainsanovertime,mostfirmstrytokeeptheirfinancingmixclosetoaExcelfilethatwillguideyouthroughthetargetcapitalstructure.Thecapitalstructuredecisionsincludeachapter’
3、scalculations.Thefileforthisfirm’schoiceofatargetcapitalstructure,theaveragematuritychapterisIFM9Ch15ToolKit.xls,andofitsdebt,andthespecificsourcesoffinancingitchoosesatanyweencourageyoutoopenthefileandparticulartime.Aswithoperatingdecisions,managersshouldfollowalonga
4、syoureadthechapter.makecapitalstructuredecisionsdesignedtomaximizethefirm’svalue.TODISCCOLLECTION508IMAGE:©GETTYIMAGES,INC.,PHO19878_15_c15_p506-547.qxd2/22/0610:36AMPage509BEGINNING-OF-CHAPTERQUESTIONSAsyoureadthischapter,considerhowyoutaxes?Ifafirm’smanagersthoughtt
5、hatMMwouldanswerthefollowingquestions.Youwereexactlyright,andtheywantedtomaxi-shouldnotnecessarilybeabletoanswerthemizethefirm’svalue,whatcapitalstructurequestionsbeforeyoureadthechapter.Rather,wouldtheychoose?youshouldusethemtogetasenseoftheissues4.DoestheMMtheoryapp
6、eartobecorrectascoveredinthechapter.Afterreadingthechap-basedoneitherempiricalresearchorobser-ter,youshouldbeabletogiveatleastpartialvationsoffirms’actualbehavior?Howdoanswerstothequestions,andyoushouldbeassumptionsaffectallthis?abletogivebetteranswersafterthechapterh
7、as5.Whatisthetrade-offtheoryofcapitalstruc-beendiscussedinclass.Note,too,thatitisoftenture?HowdoesitdifferfromMM’stheory?useful,whenansweringconceptualquestions,to6.Ingeneral,doesthemarketviewtheusehypotheticaldatatoillustrateyouranswer.announcementofanewstockissuetob
8、eaWeillustratetheanswerswithanExcelmodelgoodsignal?DoesthesignalingtheoryleadthatisavailableontheThomsonNOWWebsite.tothesame
