资本结构的计算方法资料教程

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
OPERATING GEARING Refers to the extent to which the firm’s operating costs are fixed.
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
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.
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
EBIT
600
Debt Interest
200
Shareholder Earnings 400
EPS (pence)
5
Return on Equity
5%
1,500 1,500
15 15%
2,400 2,400
24 24%
1,500
200 1,300 16.25 16.25%
2,400
200 2,200
3. The cut-off rate for investment appraisal is independent of the firm’s capital structure and therefore of the way in which the project is financed.
Keg = Kou + (kou - kd)(Vd/Ve)
Where Kou =
Kd = Vd = Ve =
Cost of equity of ungeared firm of same risk Cost of debt in geared firm Value of debt in geared firm Value of equity in geared firm
= X-I = E+I
= Ve + Vd
THE CAPITAL STRUCTURE DEBATE
Two basic views on capital structure:
1. Capital structure has no impact on the overall cost of capital to the firm or its total value. (Modigiani- Miller Hypothesis)
INVESTMENT APPRAISAL If capital structure affects the cost of capital then we may have to consider how a project is financed when evaluating it.
GEARING
45
60% gearing
42
39
36
33
30
27
20% gearing
24
0% gearing
21
18
15
12
9
6
3
0
0 2 4 6 8 10 12 14 16 18 20 22 24 ROCE%
ASSUMPTIONS
1. The capital structure of the firm is altered by substituting debt for equity and vice versa.
ASSUMPTIONS 1. Perfect Capital Markets 2. Firms can be categorised into equivalent risk
classes 3. Investors have homogeneous expectations 4. No Taxes
PROPOSITIONS
2. There is an optimum capital structure for the firm at which its total value is maximised. (Traditional Theory, Static Trade-off Theory)
MODIGLIANI-MILLER HYPOTHESIS
Poor 600 6%
Normal 1,500 15%
Good 2,400 24%
Three possible financing structures are being considered:
i. Gearing 0% (Equity 10 million £1 shares)
ii. Gearing 20% (Equity 8 million £1 shares, 10% Debt £2 million)
iii.Gearing 60% (Equity 4 million £1 shares, 10% Debt £6 million)
i. Gearing 0%
EBIT
600
Shareholder Earnings 600
EPS (pence)
6
Return on Equity
6%
ii. Gearing 20%
27.5 27.5%
iii. Gearing 60%
EBIT
Debt Interest Shareholder Earnings EPS (pence) Return on Equity
600
600 0 0 0%
1,500 2,400
600
600
900 1,800
22.5
45
22.5% 45%
Return on Equity %
4. The capital structure of the firm comprises equity and perpetual debt only.
MEASURES OF COST OF CAPITAL
ຫໍສະໝຸດ BaiduCost of equity (ke):
E/Ve
Cost of debt (kd):
I/Vd
2. Explain and critically evaluate competing theories of capital structure.
3. Evaluate the evidence on, and implications of capital structure theory.
TOPIC OUTLINE
Overall Cost of Capital (ko): ke(Ve/Vo) + kd(Vd/Vo) = X/Vo
Where: E = I= X= Ve = Vd = Vo =
Net Income Debt Interest Net Operating Income Value of Equity Value of Debt Total Value of Firm
SCOPE Capital structure concerned with the levels of debt and equity financing employed by firms to finance their activities.
Two questions:
i. What effect does capital structure have on the value of the firm to its owners?
2. The firm pays out its entire net income (earnings after interest and taxes) as dividends.
3. The net operating income of the firm is not expected to grow.
ke Cost of Capital
ko
kd
Leverage (Vd/Ve)
Cost of Capital under Modigliani-Miller Hypothesis
The cost of equity increases to exactly offset any benefits from increased use of cheaper debt. The cost of equity for a geared firm is given by:
ii. What effect does capital structure have on the cost of capital to the firm?
SIGNIFICANCE
OPTIMUM CAPITAL STRUCTURE If capital structure affects firm value there may be some optimal capital structure for the firm.
For example assume Ur plc and Gor plc are firms in the same industry with the same risk. Ur is all equity whereas Gor is financed 60% by equity and 40% by debt. The cost of equity to Ur is 12%, the cost of debt to Gor plc is 5%.
1. The total value of the firm is independent of its capital structure.
2. The cost of equity increases to exactly offset any benefits from increased use of cheaper debt.
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.
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
CAPITAL STRUCTURE