《公司理财》斯蒂芬A.罗斯..,机械工业出版社 英文课件

McGraw-Hill/Irwin
Copyright 2004by The McGraw-Hill Companies, Inc. All rights reserved.
15-4
Financial Leverage, EPS, and ROE
Consider an all-equity firm that is considering going into debt. (Maybe some of the original shareholders want to cash out.) Assets Debt Equity Debt/Equity ratio Interest rate Shares outstanding Share price
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Current $20,000 $0 $20,000 0.00 n/a 400 $50
Proposed $20,000 $8,000 $12,000 2/3 8% 240 $50
Copyright 2004by The McGraw-Hill Companies, Inc. All rights reserved.
McGraw-Hill/Irwin
Copyright 2004by The McGraw-Hill Companies, Inc. All rights reserved.
15-2
The Capital-Structure Question and The Pie Theory The value of a firm is defined to be the sum of the value of the firm’s debt and the firm’s equity. V=B+S If the goal of the management of the firm is to make the firm as valuable as possible, the the firm should pick the debt-equity ratio that makes the pie as big as possible.
15-6
EPS and ROE Under Proposed Capital Structure
EBIT Interest Net income EPS ROA ROE
Recession $1,000 640 $360 $1.50 5% 3%
Expected Expansion $2,000 $3,000 640 640 $1,360 $2,360 $5.67 $9.83 10% 15% 11% 20%
15-5
EPS and ROE Under Current Capital Structure
Recession $1,000 0 $1,000 $2.50 5% 5% Expected Expansion $2,000 $3,000 0 0 $2,000 $3,000 $5.00 $7.50 10% 15% 10% 15%
EBIT Interest Net income EPS ROA ROE
Current Shares Outstanding = 400 shares
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Copyright 2004by The McGraw-Hill Companies, Inc. All rights reserved.
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S B
Value of the Firm
Copyright 2004by The McGraw-Hill Companies, Inc. All rights reserved.
15-3
The Capital-Structure Question
There are really two important questions: 1. Why should the stockholders care about maximizing firm value? Perhaps they should be interested in strategies that maximize shareholder value. 2. What is the ratio of debt-to-equity that maximizes the shareholder’s value? As it turns out, changes in capital structure benefit the stockholders if and only if the value of the firm increases.
– – – – – Perfect competition Firms and investors can borrow/lend at the same rate Equal access to all relevant information No transaction costs No taxes
15-0
Chapter Fifteen
Corporate Capital Structure: BasicFinance Ross Westerfield Jaffe Concepts
Seventh Edition
15
Seventh Edition
McGraw-Hill/Irwin
Copyright 2004by The McGraw-Hill Companies, Inc. All rights reserved.
Copyright 2004by The McGraw-Hill Companies, Inc. All rights reserved.
15-9
Assumptions of the Modiglianons Homogeneous Business Risk Classes Perpetual Cash Flows Perfect Capital Markets:
Proposed Shares Outstanding = 240 shares
McGraw-Hill/Irwin
Copyright 2004by The McGraw-Hill Companies, Inc. All rights reserved.
15-7
EPS and ROE Under Both Capital Structures
15-1
Chapter Outline
15.1 The Capital-Structure Question and The Pie Theory 15.2 Maximizing Firm Value versus Maximizing Stockholder Interests 15.3 Financial Leverage and Firm Value: An Example 15.4 Modigliani and Miller: Proposition II (No Taxes) 15.5 Taxes 15.6 Summary and Conclusions
12.00 10.00 8.00 EPS 6.00 4.00 2.00 0.00 (2.00)
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Debt No Debt Break-even point
Advantage to debt
Disadvantage to debt
1,000
2,000
3,000
EBIT in dollars, no taxes EBI
Proposed Shares Outstanding = 240 shares
McGraw-Hill/Irwin
Copyright 2004by The McGraw-Hill Companies, Inc. All rights reserved.
15-8
Financial Leverage and EPS
McGraw-Hill/Irwin
Copyright 2004by The McGraw-Hill Companies, Inc. All rights reserved.
15-12
The MM Propositions I & II (No Taxes)
Proposition I
– Firm value is not affected by leverage VL = VU
Earnings for 40 shares Less interest on $800 (8%) Net Profits ROE (Net Profits / $1,200)
We are buying 40 shares of a $50 stock on margin. We get the same ROE as if we bought into a levered firm. Our personal debt equity ratio is: B $800
S
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=
$1,200
=2
3
Copyright 2004by The McGraw-Hill Companies, Inc. All rights reserved.
15-11
Homemade (Un)Leverage: An Example
EPS of Levered Firm Recession Expected Expansion $1.50 $5.67 $9.83 $36 $64 $100 5% $136 $64 $200 10% $236 $64 $300 15%
Proposition II
– Leverage increases the risk and return to stockholders rs = r0 + (B / SL) (r0 - rB) rB is the interest rate (cost of debt) rs is the return on (levered) equity (cost of equity) r0 is the return on unlevered equity (cost of capital) B is the value of debt SL is the value of levered equity