资本结构的计算方法PPT课件

INTENDED LEARNING OUTCOMES
On the successful completion of this section of the module students will be able to:
1. Explain the scope and significance of capital structure theory.
Two questions:
i. What effect does capital structure have on the value of the firm to its owners?
ii. What effect does capital structure have on the cost of capital to the firm?
Fulthor plc is to be set up with a total capital of £10 million. Expected results for the company depend on trading conditions shown below:
Trading Conditions EBIT (£000) ROCE
2. Explain and critically evaluate competing theories of capital structure.
3. Evaluate the evidence on, and implications of capital structure theory.
TOPIC OUTLINE
FINANCIAL GEARING Measures the relationship between debt and
equity in the firm’s capital structure. May be measured as: i. Income Gearing ii. Capital Gearing
i. Tax Exhaustion ii. Debt Capacity iii. Control iv. Managerial Preferences v. Industry vi. Pecking Order Theory
i. Empirical Evidence ii. Implications for Investment
IMPACT OF DEBT FINANCING
Debt appears cheaper than equity as a source of finance for firms:
i. Lower risk for investors ii. Tax advantages iii.Lower transactions costs But debt is is a riskier source of finance for firms: i. Increases risk of financial distress ii. Increases volatility of returns to shareholders
i. Assumptions ii. Propositions iii. Rationale iv. Arbitrage Proof v. Market Imperfections vi. Extension - Capital Structure
in a CAPM context
iii. Static Trade Off Theory
SIGNIFICANCE
OPTIMUM CAPITAL STRUCTURE If capital structure affects firm value there may
be some optimal capital structure for the firm.
INVESTMENT APPRAISAL If capital structure affects the cost of capital
CAPITAL STRUCTURE
AIMS
The aim of this section of the module is to provide students with an introduction to the theory and practice of firms’ capital structure decisions.
Appraisal
CAPITAL STRUCTURE
SCOPE Capital structure concerned with the levels of
debt and equity financing employed by firms to finance their activities.
iv. Other Theories
v. Evidence & ImplicatiBiblioteka Baiduns
i. Impact of Taxation ii. Impact of Bankruptcy Costs iii. Option Pricing & Capital
Structure iv. Agency Costs
then we may have to consider how a project is financed when evaluating it.
GEARING
OPERATING GEARING Refers to the extent to which the firm’s
operating costs are fixed.
i. Introduction
ii. Modigliani-Miller Hypothesis
i. Scope & Significance ii. Measuring Gearing iii. Impact of Debt Financing iv. Assumptions v. Measures of Cost of Capital