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PEMBELANJAAN PEMBELANJAAN PERUSAHAANPERUSAHAAN
PEMBELANJAAN PEMBELANJAAN PERUSAHAANPERUSAHAAN
LECTURE 6 – OPTIMUM LECTURE 6 – OPTIMUM CAPITAL STRUCTURECAPITAL STRUCTURE
PP/MB-IPB/10 22
Types of CapitalTypes of Capital
PP/MB-IPB/10 33
Capital Structure TheoryCapital Structure Theory
Target capitalTarget capital structurestructure minimizeminimize its cost of its cost of
capital.capital.
A firm’s optimal capital structure will just A firm’s optimal capital structure will just
balancebalance the benefits of debt financing against the benefits of debt financing against
its costs.its costs.
PP/MB-IPB/10 44
Capital Structure TheoryCapital Structure Theory
Benefit of debt financing Benefit of debt financing tax shield. tax shield.
The costs of debt financing result fromThe costs of debt financing result from the increased the increased probability of bankruptcyprobability of bankruptcy caused by caused by
debt obligations,debt obligations, the the agency costsagency costs resulting from lenders monitoring resulting from lenders monitoring
the firm’s actions, andthe firm’s actions, and the costs associated with the firm’s managers having the costs associated with the firm’s managers having
more information about the firm’s prospects than do more information about the firm’s prospects than do investors (investors (asymmetric informationasymmetric information).).
PP/MB-IPB/10
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