兹维博迪金融学第二版课件Chapter16.ppt
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兹维博迪金融学第二版课件Chapter16.ppt
1、ObjectiveTo understand how a firm cancreate value through itscapital structure decisions16.1 Internal Verses External Financing16.2 Equity Financing16.3 Debt Financing16.4 The Irrelevance of Capital Structure in a Frictionless Environment16.5 Creating Value Through Financing Decisions16.6 Reducing C
2、osts16.7 Dealing with Conflicts of Interest16.8 Creating New Opportunities for Stakeholders16.9 Financing Decisions in Practice16.10 How to Evaluate Levered InvestmentsMeanStandardDeviationNodett$10.00$4.08Somdett$11.33$6.80NodettSomdett1CreditorsNoYes2GovernmentYesYes3ShareholdersYesYes0.34*Interes
3、tCFCF 34%Tax_RateTax_Rate*InterestCFTax_Rate*Interest Tax_Rate*EBITInterest Tax_Rate)-(1*Interest)-(EBITInterest EarningsNet CFNodettSomdettNodettSomdettClaimantNodettSomdettCreditorsShareholdersGovernment$0.0 million$66.0 million$34.0 million$40.0 million$39.6 million$20.4 million Total$100.0 milli
4、on$100.0 millionStock Price and Leverage(Real Estate Project with High Bankruptcy Costs)$0$10$20$30$40$50$60$70$80$90$1000%20%40%60%80%100%Debt RatioStock Pricefirm theof uemarket val E D Vequity sfirm theof uemarket val Edebt sfirm a of uemarket val Dinterest of rate free-risk ther leverageut equity w/o ofcost thek)(EDDrEDEkWACCrkEDkkee
