1、18.685010.15.0505.06018.1810.15.005.040BSVBS单位：美元单位：美元36.6118.4310.15.0355.06018.1810.15.005.040BSVBS以上忽略了破产费用，实际情况可能是：以上忽略了破产费用，实际情况可能是：单位：美元单位：美元公司价值现在是公司价值现在是61.36元，低于前面计算的元，低于前面计算的68.18元。元。The bondholders get$200;the shareholders get nothing.$200$0book valuemaket value133$50.1100$200$NPVNPV18.18
2、$10.1350$300$NPVNPVShould we accept or reject?自筹的自筹的100元元Debt(B)Value of firm(V)0Present value of taxshield on debtPresent value offinancial distress costsValue of firm underMM with corporatetaxes and debtVL=VU +TCBV=Actual value of firmVU=Value of firm with no debtB*Maximumfirm valueOptimal amount
3、of debtSGBL美元V公司200005.01.0100股东的价值（股东的价值（0时期）时期）=公司价值公司价值-债务价值债务价值=200010001000美元，也可以把当年发行的新债务作为股利支付给股东，美元，也可以把当年发行的新债务作为股利支付给股东，则则美元V股东100005.01.050某一特定时期的利息总是前一期债务的10%.BTTTVVBSCUL1)1()1(1Where:TS=personal tax rate on equity incomeTB=personal tax rate on bond incomeTC=corporate tax rate)1()1()(rec
4、eive firm levered ain rsShareholdeSCBTTBrEBIT)1(receive sBondholderBBTBr)1()1()1()(is rsstakeholde all toflowcash total theThus,BBSCBTBrTTBrEBITBSCBBSCTTTTBrTTEBIT1)1()1(1)1()1()1(asrewritten becan This Continued BSCBBSCTTTTBrTTEBIT1)1()1(1)1()1()1(The first term is the cash flow of an unlevered fir
5、m after all taxes.Its value=VU.A bond is worth B.It promises to pay rBB(1-TB)after taxes.Thus the value of the second term is:BSCTTTB1)1()1(1The value of the sum of these two terms must be VLBTTTVVBSCUL1)1()1(1BTTTVVBSCUL1)1()1(1In the case where TB=TS,we return to M&M with only corporate tax:BTVVCU
6、LDebt(B)Value of firm(V)VUVL=VU+TCB when TS=TBVL VU+TCBwhen TS (1-TC)(1-TS)VL=VU when(1-TB)=(1-TC)(1-TS)VL VU when(1-TB)(1-TC)(1-TS)BTTTVVBSCUL1)1()1(1Debt(B)Value of firm(V)0Present value of taxshield on debtPresent value offinancial distress costsValue of firm underMM with corporatetaxes and debtV
7、L=VU +TCBV=Actual value of firmVU=Value of firm with no debtB*Maximumfirm valueOptimal amount of debtVL VU+TCBwhen TS (1-TC)(1-TS)Agency Cost of EquityAgency Cost of DebtDebt(B)Value of firm(V)0Present value of taxshield on debtPresent value offinancial distress costsValue of firm underMM with corpo
8、ratetaxes and debtVL=VU +TCBV=Actual value of firmVU=Value of firm with no debtB*Maximumfirm valueOptimal amount of debtDebt(B)Value of firm(V)0Present value of taxshield on debtPresent value offinancial distress costsValue of firm underMM with corporatetaxes and debtVL=VU +TCBV=Actual value of firmVU=Value of firm with no debtB*Maximumfirm valueOptimal amount of debtVL VU+TCB when TS (1-TC)(1-TS)Agency Cost of EquityAgency Cost of Debt
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