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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

:
1. CF
;
2.

:
D

rd

re(U)

re(L)

We

Wd

WACC

Vu

VL

10

5%

10%

11 25%
11.25%

80%

20%

10 0%
10.0%

50

50

40

20

5%

10%

13.33%

60%

40%

10.0%

50

50

30

30

5%

10%

17.50%

40%

60%

10.0%

50

50

20

40

5%

10%

30.00%

20%

80%

10.0%

50

50

10

V(L)

35%
30%
25%

60

20%

55

15%

50

10%

45

5%

40

0%
0

10

r(D)

20

30

WACC

40

r(e,L)

50

10

20

30

V(L)

40

50



,
,

:
,

:


,

,

,

M&M:
(1963)
I:

VL = VU + tD
D
II:

reL = reU + RP= reU + (reU rd ) (1t)


D
10
20
30
40

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%

D
E
WACC
9.5%
9.1%
8.7%
8.4%

Vu
50
50
50
50

VL
52.4
54.8
57.2
59.6

E
42.4
34.8
27.2
19.6

V(L)

20%
15%

60

10%

55

tD

50

5%

45

0%

40

10

r(D)*(1-T)

20

30

WACC

40

r(e,L)

50

10

20

30

V(L)

40

50

(1976)

(1 tc )(1 te )
VL = VU + 1
D

(1 td )

(
1 td ) (1 tc )(1 te )
t=
(1 td )

: 6,5%,

13%
13%,
20% ->

(
1 0.13) (1 0.2)(1 0.065)
t=
= 14.02%
(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;

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

VL = Vu + tD

tD
Vu

COFD+AC
Vu
V real

(1960)
(1960),

:
(, )


/

D/E
CF


.

,


,
Myers-Majluf
Myers Majluf

:

NPV>0;
NPV>0
.
;

,,

;
, ;
.


WACC

V
WACC

V
V

D/E

D/E

WACC

(OI)


EBIT-EPS

EBIT- EPS


(EPS)

()

(EBIT)

(())
((EBIT - Interest
e es debt ) (1-T)
( )

(EBIT(
Interest
e es equity ) (1-T)
( )
=

ndebt
Interestdebt =
Interestequity =
ndebt =
nequity =
T=

nequity








EBIT- EPS

EPS d = EPS e
(1 t )( EBIT Int
I d ) (1 t )( EBIT Int
I e)
=
nd
ne

Intd x ne Inte x nd
EBIT =
ne nd


EBIT
= Indifference
I diff
level
l l off EBIT
()


WACC

D
E
K d (1 t ) +
K e = WACC
D+E
D+E

1.

2.

3.

EBIT , going concern,


4
4.

5.

6.

Kd

7.

Ke

8.


:
:
1.

EBIT

2.

3.

EAT (earnings after tax)

4.

Kd

5.

Ke

6
6.

(D)

Kd

7.

(E)
Ke

8.

(D+E)

9.
10


D: N new = D / P
:

EPS
S

V
P

11. WACC

WACC

:
I.
()
8.

2. (i)
7.

6.
6

3.
( t)
4.
Kd=i(1-t)

5
5.

(EBIT)
(,
,
..).
)
;

.
t :
EBITt < DPt,
DPt
EBITt t;
DPt (Debt Payments)
,
.

1. .
2. .
3.

T i i =
Tstatistic

4. ,
(
t statistic


)
5.


6.

5 (DP
t statistic)

EBITcurren t DP
EBIT * EBITcurren t

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
34-38
38


,

.

1.


?
2. ?
3.
?

Div 1
P =
r g


,
.

& , 1961 .







.

.

& , 1963 .

,
,
.

, 1979 .


,
+

, .


()


() , ,
()
.


, , .

Announcement day


Ex-dividend day

Payment day

:
:




(, .., )
:



,
,

:
:
,

.

:

!
:
.



. :
M&M:


-
-