公司理财(精要版·原书第12版)中文Ch16财务杠杆和资本结构政策课件.pptx

1、 财务杠杆和资本结构政策第16章Copyright 2019 McGraw-Hill Education.All rights reserved.No reproduction or distribution without the prior written consent of McGraw-Hill Education.解释财务杠杆的影响 解释税务和破产对资本结构的选择造成的影响 描述破产程序的要点学习目标Copyright 2019 McGraw-Hill Education.All rights reserved.No reproduction or distribution wit

2、hout the prior written consent of McGraw-Hill Education.资本结构问题财务杠杆的影响资本结构与权益资本成本具有公司税的MM定理I和II破产成本最优资本结构重谈饼图啄食顺序理论观察到的资本结构破产程序概览章节纲要Copyright 2019 McGraw-Hill Education.All rights reserved.No reproduction or distribution without the prior written consent of McGraw-Hill Education.我们将研究在其他条件相同的情况下，资本结

3、构的变化如何影响公司的价值。资本重组涉及在不改变公司资产的情况下改变公司所具有的杠杆作用量。该公司可以通过发行债务和回购流通股来提高杠杆率。该公司可以通过发行新股和偿还未偿债务来降低杠杆率。资本重组Copyright 2019 McGraw-Hill Education.All rights reserved.No reproduction or distribution without the prior written consent of McGraw-Hill Education.财务经理的主要目标是什么？最大化股东财富 我们希望选择能够最大化股东财富的资本结构。我们可以通过最大化公司

4、价值或最小化加权资本成本来最大化股东财富。选择资本结构Copyright 2019 McGraw-Hill Education.All rights reserved.No reproduction or distribution without the prior written consent of McGraw-Hill Education.杠杆如何影响公司的每股盈余EPS和权益报酬率ROE？当我们增加债务融资额时，我们会增加固定利息支出。如果我们有一个非常好的一年，那么我们将支付固定成本，并且还有更多的剩余资金供股东使用。如果我们有一个不好的一年，那我们仍然必须支付固定成本，则剩下更少

5、的给股东了。杠杆放大了每股盈余EPS和权益报酬率ROE的差异。财务杠杆的影响Copyright 2019 McGraw-Hill Education.All rights reserved.No reproduction or distribution without the prior written consent of McGraw-Hill Education.在此阶段，我们将忽略税收的影响。当我们发行债券并回购股票时，每股收益和股本回报率会怎样？示例：财务杠杆，每股收益和权益报酬率第一部分Copyright 2019 McGraw-Hill Education.All rights

6、reserved.No reproduction or distribution without the prior written consent of McGraw-Hill Education.权益报酬率ROE的变化 当前：ROE范围从6到20 建议：ROE范围从2到30 每股收益EPS的变化 当前：每股收益从0.6美元到2.00美元不等 建议：每股收益范围从$0.2到$3.00 当财务杠杆增加时，权益报酬率和每股收益的可变性都会增加。示例：财务杠杆，每股收益和权益报酬率-第二部分Copyright 2019 McGraw-Hill Education.All rights reserv

7、ed.No reproduction or distribution without the prior written consent of McGraw-Hill Education.在当前资本结构和计划的资本结构下，找到每股收益相同的EBIT。如果我们期望息税前收益大于盈亏平衡点，那么杠杆可能对我们的股东有利。如果我们期望息税前收益小于盈亏平衡点，那么杠杆将对我们的股东不利。盈亏平衡息税前收益Copyright 2019 McGraw-Hill Education.All rights reserved.No reproduction or distribution without th

8、e prior written consent of McGraw-Hill Education.示例:盈亏平衡息税前收益$1.00500,000500,000EPS$500,000EBIT500,0002EBITEBIT250,000EBIT250,000500,000EBIT250,000250,000EBIT500,000EBITCopyright 2019 McGraw-Hill Education.All rights reserved.No reproduction or distribution without the prior written consent of McGra

9、w-Hill Education.根据到目前为止所看到的，我们可以得出以下三个结论：1.财务杠杆的影响取决于公司的息税前收益。当息税前利润较高时，杠杆作用是有益的。2.在预期的情况下，按股本回报率和每股收益衡量，杠杆会增加股东回报。3.在这种计划的资本结构下，股东面临更大的风险，因为在这种情况下，每股收益和净资产收益率对息税前利润的变化更为敏感。公司借贷结论Copyright 2019 McGraw-Hill Education.All rights reserved.No reproduction or distribution without the prior written conse

10、nt of McGraw-Hill Education.试图得出如下第四个结论：4.由于财务杠杆对股东的预期收益和股票风险都具有影响，因此资本结构是重要的考虑因素。令人惊讶的是，这第四个结论是不正确的。原因是股东可以通过自己借贷来调整财务杠杆的数量。这种利用个人借贷来改变财务杠杆程度的方法称为自制杠杆。企业借贷和自制杠杆Copyright 2019 McGraw-Hill Education.All rights reserved.No reproduction or distribution without the prior written consent of McGraw-Hill E

11、ducation.下面的示例说明，公司是否采用计划的资本结构实际上没有任何区别，因为任何希望采用计划的资本结构的股东都可以使用自制杠杆来简单地创建它。在计划的资本结构内购买100股股份可获得与在原始资本结构内购买200股股份相同的结果。买额外的100股将需要投资者借贷2,000美元。假设投资者可以以与公司相同的利率借款。示例：自制杠杆 Copyright 2019 McGraw-Hill Education.All rights reserved.No reproduction or distribution without the prior written consent of McGra

12、w-Hill Education.表格 16-5Copyright 2019 McGraw-Hill Education.All rights reserved.No reproduction or distribution without the prior written consent of McGraw-Hill Education.莫迪利亚尼和米勒（MM）资本结构理论 定理 I 公司价值 定理 II 加权平均资本成本 公司的价值取决于流入公司的现金流量和资产的风险。改变公司价值 改变现金流量的风险 改变现金流量资本结构理论Copyright 2019 McGraw-Hill Educ

13、ation.All rights reserved.No reproduction or distribution without the prior written consent of McGraw-Hill Education.案例 I 假设 没有公司税或个人税 没有破产成本 案例 II 假设 公司税，但无个人税 没有破产成本 案例 III 案例 公司税，但无个人税 破产成本三种特殊情况下的资本结构理论Copyright 2019 McGraw-Hill Education.All rights reserved.No reproduction or distribution witho

14、ut the prior written consent of McGraw-Hill Education.定理 I 公司的价值不受资本结构变化的影响。公司的现金流量不变。因此，价值不变。定理 II 公司的加权平均资本成本WACC不受资本结构的影响。案例I 定理I和IICopyright 2019 McGraw-Hill Education.All rights reserved.No reproduction or distribution without the prior written consent of McGraw-Hill Education.WACC=RA=(E/V)RE+(

15、D/V)RD RE=RA+(RA RD)(D/E)RA是公司业务风险的“成本”，即公司资产的风险。(RA RD)(D/E)是公司财务风险的“成本”，即股东为补偿杠杆风险而需要的额外收益。案例 I 方程Copyright 2019 McGraw-Hill Education.All rights reserved.No reproduction or distribution without the prior written consent of McGraw-Hill Education.图 16-3Copyright 2019 McGraw-Hill Education.All right

16、s reserved.No reproduction or distribution without the prior written consent of McGraw-Hill Education.数据 要求的资产收益率=16；债务成本=10；债务百分比=D/V=45负债权益比是多少？D/E=(D/V)/(E/V)=(D/V)/(1 D/V)D/E=(0.45)/(1 0.45)=0.8182权益成本是多少？RE=16%+(16%-10%)(.8182)=20.91%假设股票成本为25，那么债务权益比率将是多少？25%=16%+(16%-10%)(D/E)D/E=(25%-16%)/(1

17、6%-10%)=1.5示例:案例 ICopyright 2019 McGraw-Hill Education.All rights reserved.No reproduction or distribution without the prior written consent of McGraw-Hill Education.财务杠杆如何影响系统风险？CAPM:RA=Rf+A(RM Rf)A是公司的资产beta，用于衡量公司资产的系统风险 命题 II 用CAPM替换RA 并假定债务无风险(RD=Rf)RE=Rf+A(1+D/E)(RM Rf)资本资产定价模型,证券市场线和定理 IICopy

18、right 2019 McGraw-Hill Education.All rights reserved.No reproduction or distribution without the prior written consent of McGraw-Hill Education.RE=Rf+A(1+D/E)(RM Rf)CAPM:RE=Rf+E(RM Rf)E=A(1+D/E)因此，股票的系统风险取决于：资产的系统性风险A,or“市场风险”杠杆水平,D/E,or“财务风险”市场风险与财务风险Copyright 2019 McGraw-Hill Education.All rights

19、reserved.No reproduction or distribution without the prior written consent of McGraw-Hill Education.利息可抵税。因此，当一家公司增加债务时，它会减少税收，其他所有条件都是一样的。减少的税增加了公司的现金流量。现金流量增加如何影响公司的价值？案例 II 现金流Copyright 2019 McGraw-Hill Education.All rights reserved.No reproduction or distribution without the prior written consen

20、t of McGraw-Hill Education.Unlevered FirmLevered FirmEBIT5,0005,000Interest0500Taxable Income5,0004,500Taxes(21%)1,050945Net Income3,9503,555CFFA3,9504,055示例:案例 IICopyright 2019 McGraw-Hill Education.All rights reserved.No reproduction or distribution without the prior written consent of McGraw-Hill

21、 Education.年度利息税盾 税率乘以利息支出 6,250的8债务=500的利息支出 年度税盾=.21(500)=105 年度利息税盾的现值 为简单起见，假设永久债务。现值PV=105/.08=1,312.50 现值PV=D(RD)(TC)/RD=DTC=6,250(.21)=1,312.50利息税盾Copyright 2019 McGraw-Hill Education.All rights reserved.No reproduction or distribution without the prior written consent of McGraw-Hill Educatio

22、n.公司的价值增加了年度利息税盾的现值。杠杆公司的价值(VL)=无杠杆公司的价值(VU)+利息税盾的现值 股权价值=公司价值 债务价值 假设永久现金流量 VU=EBIT(1-T)/RU VL=VU+DTC案例 II 定理ICopyright 2019 McGraw-Hill Education.All rights reserved.No reproduction or distribution without the prior written consent of McGraw-Hill Education.数据 息税前利润=25 million;税率=21%;债务=$75 百万;债务的成

23、本=9%;无杠杆的资本成本=12%无杠杆公司的价值VU=25(1-.21)/.12=$164.58 百万 有杠杆公司的价值VL=164.58+75(.21)=$180.33 百万 权益E=180.33 75=$105.33 百万示例:案例 II 定理 ICopyright 2019 McGraw-Hill Education.All rights reserved.No reproduction or distribution without the prior written consent of McGraw-Hill Education.图 16.4Copyright 2019 McGr

24、aw-Hill Education.All rights reserved.No reproduction or distribution without the prior written consent of McGraw-Hill Education.由于政府对利息支付的补贴，WACC随D/E的增加而降低。RA=(E/V)RE+(D/V)(RD)(1-TC)RE=RU+(RU RD)(D/E)(1-TC)例子 RE=0.12+(0.12-0.09)(75/105.33)(1-.21)=13.68%RA=(105.33/180.33)(0.1368)+(75/180.33)(.09)(1-

25、.21)RA=10.94%案例 II 定理IICopyright 2019 McGraw-Hill Education.All rights reserved.No reproduction or distribution without the prior written consent of McGraw-Hill Education.假设公司改变其资本结构，以使负债权益比变为1。在新的资本结构下，股本成本将如何变化？RE=0.12+(0.12 0.09)(1)(1-.21)=14.37%加权平均资本成本是什么？RA=0.5(0.1437)+0.5(.09)(1-.21)=10.74%示例

26、:案例 II 定理IICopyright 2019 McGraw-Hill Education.All rights reserved.No reproduction or distribution without the prior written consent of McGraw-Hill Education.图 16-5Copyright 2019 McGraw-Hill Education.All rights reserved.No reproduction or distribution without the prior written consent of McGraw-Hi

27、ll Education.现在，我们增加破产成本。随着D/E比率的增加，破产的可能性也会增加。这种增加的可能性将增加预期的破产成本。在某个时候，预期的破产成本增加会抵消利息税盾的额外价值。此时，公司的价值将开始下降，随着增加的债务，WACC将开始增加。案例 IIICopyright 2019 McGraw-Hill Education.All rights reserved.No reproduction or distribution without the prior written consent of McGraw-Hill Education.直接成本 法律费用和管理费用 最终导致债

28、券持有人蒙受额外损失 不利于债务融资 财务困境 履行债务义务方面的重大问题 遭受财务困扰的公司不一定要申请破产破产成本Copyright 2019 McGraw-Hill Education.All rights reserved.No reproduction or distribution without the prior written consent of McGraw-Hill Education.间接破产成本 比直接费用大，但更难衡量和估计。股东希望避免正式的破产申请。债券持有人希望保持现有资产完好无损，以便他们至少可以收到这笔钱。资产损失价值，因为管理层花费时间担心避免破产而不

29、是经营业务。该公司还可能失去销售，经历中断的运营并失去有价值的员工。更多的破产成本Copyright 2019 McGraw-Hill Education.All rights reserved.No reproduction or distribution without the prior written consent of McGraw-Hill Education.图 16-6Copyright 2019 McGraw-Hill Education.All rights reserved.No reproduction or distribution without the prio

30、r written consent of McGraw-Hill Education.图 16-7Copyright 2019 McGraw-Hill Education.All rights reserved.No reproduction or distribution without the prior written consent of McGraw-Hill Education.案例 I 没有税收或破产成本 没有最优的资本结构 案例 II 公司税但无破产成本 最佳的资本结构是几乎100的债务。每增加一美元的债务，就会增加公司的现金流量。案例 III 公司税和破产成本 最优的资本结构

31、是部分债务和部分权益。发生在额外的一美元债务收益仅被预期破产成本增加所抵消的情况下。结论Copyright 2019 McGraw-Hill Education.All rights reserved.No reproduction or distribution without the prior written consent of McGraw-Hill Education.图 16-8Copyright 2019 McGraw-Hill Education.All rights reserved.No reproduction or distribution without the p

32、rior written consent of McGraw-Hill Education.仅当企业承担较大的税收责任时，税收优惠才是重要的。财务困境的风险 财务困境的风险越大，则对公司而言最优的债务就越少。财务困境的成本因公司和行业而异，作为经理，您需要了解您所在行业的成本。管理建议Copyright 2019 McGraw-Hill Education.All rights reserved.No reproduction or distribution without the prior written consent of McGraw-Hill Education.图 16-9Cop

33、yright 2019 McGraw-Hill Education.All rights reserved.No reproduction or distribution without the prior written consent of McGraw-Hill Education.公司的价值=市场债权+非市场债权 市场债权是股东和债券持有人的债权。非上市索赔是政府和其他潜在利益相关者的索赔。公司的整体价值不受资本结构变化的影响。市场债权与非市场债权之间的价值划分可能会受到资本结构决策的影响。企业的价值Copyright 2019 McGraw-Hill Education.All ri

34、ghts reserved.No reproduction or distribution without the prior written consent of McGraw-Hill Education.理论指出，如果内部融资不足，企业更愿意发行债务而不是股权规则 1:首先使用内部融资。规则 2:接下来发行债券，最后发行新股本。啄食顺序理论与权衡理论不一致：没有目标资本结构。盈利企业运用更少的债务融资。公司需要宽松的财务环境。啄食顺序理论Copyright 2019 McGraw-Hill Education.All rights reserved.No reproduction or

35、distribution without the prior written consent of McGraw-Hill Education.资本结构的确因行业而异。根据Ibbotson Associates，Inc.的 2010年资本成本年鉴的差异。最低债务水平 债务权益比为8.46的药物 权益资本负债率为10.02的计算机设备 最高债务水平 拥有193.88权益比的有线电视 负债权益比为177.19的航空公司观察到的资本结构Copyright 2019 McGraw-Hill Education.All rights reserved.No reproduction or distrib

36、ution without the prior written consent of McGraw-Hill Education.您可以在Reuters找到有关公司与其行业，部门和标准普尔500指数有关的资本结构的信息。单击链接转到该站点。选择一家公司并获取报价。选择财务数据。WEB示例Copyright 2019 McGraw-Hill Education.All rights reserved.No reproduction or distribution without the prior written consent of McGraw-Hill Education.经营失败业务终止

37、，债权人蒙受损失 法定破产-向联邦法院申请破产 技术性破产公司无法履行债务义务 会计破产-权益账面价值为负破产过程 第 I 部分Copyright 2019 McGraw-Hill Education.All rights reserved.No reproduction or distribution without the prior written consent of McGraw-Hill Education.清算 1978年联邦破产改革法案第7章 受托人根据绝对优先权规则接管资产，出售资产并分配收益 重组 1978年联邦破产改革法案第11章 通过偿还债权人的条款重组公司破产过程 第

38、II部分Copyright 2019 McGraw-Hill Education.All rights reserved.No reproduction or distribution without the prior written consent of McGraw-Hill Education.解释杠杆对每股收益和净资产收益率的影响。什么是盈亏平衡EBIT，我们如何计算？我们如何确定最佳的资本结构？本章讨论的三种情况下的最佳资本结构是什么？清算和重组的区别是什么？快速测验Copyright 2019 McGraw-Hill Education.All rights reserved.N

39、o reproduction or distribution without the prior written consent of McGraw-Hill Education.假设一家公司的经理知道该公司正面临财务困境。经理人是否应该从债权人那里借钱并向股东发放大笔一次性股息？债权人将如何控制这种潜在的财富转移？伦理问题Copyright 2019 McGraw-Hill Education.All rights reserved.No reproduction or distribution without the prior written consent of McGraw-Hill

40、 Education.假设案例II-定理I中为永久现金流量，具有以下值的公司股权价值是多少？:息税前利润=5,000万美元 税率=21 债务=1亿美元 债务成本=9 无杠杆的资本成本=12综合性习题Copyright 2019 McGraw-Hill Education.All rights reserved.No reproduction or distribution without the prior written consent of McGraw-Hill Education.本章结束 第16章Copyright 2019 McGraw-Hill Education.All rights reserved.No reproduction or distribution without the prior written consent of McGraw-Hill Education.