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(capital structure) , , . : ; (re); WACC .
- : / ; ; ; , ; ; .
M&M: (1958) I:
VL = E + D =VU = E II: ,
D reL = reU + RP= reU + (reU rd ) E:D 10 20 30 4035% 30% 25% 20% 15% 10% 5% 0% 0 10 20 30 40 5060 55 50 45 40 0
: 1. CF ; 2. .WACC 10.0% 10 0% 10.0% 10.0% 10.0% Vu 50 50 50 50V(L)
rd 5% 5% 5% 5%
re(U) 10% 10% 10% 10%
re(L) 11.25% 11 25% 13.33% 17.50% 30.00%
We 80% 60% 40% 20%
Wd 20% 40% 60% 80%
VL 50 50 50 50
E 40 30 20 10
10
20
30
40
50
r(D)
WACC
r(e,L)
V(L)
, ,
: ,
, ,
: ,
, ,
M&M: (1963) I:
VL = VU + tD D II:
reL = reU + RP= reU + (reU rd ) (1t) D 10 20 30 4020% 15% 10% 5% 0% 0 10 20 30 40 5060 55 50 45 40 0
D EWACC 9.5% 9.1% 8.7% 8.4% Vu 50 50 50 50V(L)
rd 3.8% 3.8% 3.8% 3.8%
re(U) 10% 10% 10% 10%
re(L) 10.9% 12.2% 14.2% 17.8%
We 80.9% 63.5% 47.6% 32.9%
Wd 19.1% 36.5% 52.4% 67.1%
VL 52.4 54.8 57.2 59.6
E 42.4 34.8 27.2 19.6
tD
10
20
30
40
50
r(D)*(1-T)
WACC
r(e,L)
V(L)
(1976)
(1 tc )(1 te ) VL = VU + 1 D (1 td )
(1 td ) (1 tc )(1 te ) t= (1 td )
: 6,5%, 13% 20% -> 13%, ?
(1 0.13) (1 0.2)(1 0.065) = 14.02% t= (1 0.13)V L = V u + tD = 700 $ + 0 . 1402 500 $ = 770 . 11 $
M$M , ,
, , , , , ( , ) ( ) ( , , ..)
(trade-off theory) ( y)
VL = VU + tD PV(COFD )COFD costs of financial distress; V
VL = Vu + tD
tD Vu
COFD Vu V real
(agency costs) , . : ; ;
VL = VU + tD PV(COFD PV( AC) )COFD costs of financial distress; AC agency costs V
VL = Vu + tD
tD Vu
COFD+AC Vu V real
(1960) (1960), : (, ) /
D/E CF
. ,
, Myers Majluf Myers-Majluf : NPV>0 NPV>0; . ; , , ; , ; .
WACC
VWACC
VV
D/E
D/E
WACC (OI)
EBIT-EPS
EBIT- EPS (EPS) ()
(EBIT)
() ( ) ( (EBIT - Interestdebt ) (1-T) e es ( )=
(EBIT- Interestequity ) (1-T) ( e es ( ) nequity
ndebtInterestdebt = Interestequity = ndebt = nequity = T=
EBIT- EPS
EPS d = EPS e (1 t )( EBIT I d ) (1 t )( EBIT I e ) Int Int = nd ne
Intd x ne Inte x nd EBIT = ne nd EBIT = Indifference level of EBIT I diff l l f ()
WACC
D E K d (1 t ) + K e = WACC D+E D+E
: 1. 2. 3. 4. 4 5. 6. 7. 8. EBIT , going concern, Kd Ke
: :1. 2. 3. 4. 5. 6. 6 7. 8. 9. 10 EBIT EAT (earnings after tax) Kd Ke (D) Kd (E) Ke (D+E) D: N new = D / P : EPS S V P WACC
11. WACC
: I. ()8.
2. (i)7.
3. ( t) 4. Kd=i(1-t)
6. 6
5. 5
(EBIT) (, , ..). ) ; . t : EBITt < DPt DPt, EBITt t; DPt (Debt Payments) , .
1. . 2. . 3.
Tstatistic T i i =
EBITcurren t DP EBIT * EBITcurren t
4. , ( t statistic ) ) 5. 6. 5 (DP t statistic)
DP
C ? D/E D/E ?
D/E D/E
?
D/E -
D/E: -
?
: -
; ; ;
(stakeholders) , .
: . .,. . (.). .: , 2001. 16 .. . - , , 11, 2004., . 18-21 .., ., .. . - , 2004, 4, .19-34 .., . : . , , 2005, 4, . 34 38 34-38
, .
1. ? 2. ? 3. ?
:
Div 1 P = r g , .
& , 1961 . : . .
& , 1963 . , , . ,
, 1979 . , +
, .
() () , , () .
, , .
,
? , , ,
; ;
Announcement day
Ex-dividend day
Payment day
: : (, .., ) : , ,
: : , . : ! : .
. : M&M: - - ,