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1、第七章資本結(jié)構(gòu)和MM定理MM定理及擴(kuò)展資本結(jié)構(gòu)的經(jīng)驗(yàn)證據(jù)1MM定理及擴(kuò)展無(wú)稅的MM定理（1958）有公司稅的MM定理trade-offTheory（權(quán)衡理論）等加入個(gè)人稅的MM定理（米勒定理1977）MM定理的其他用途2TheCapital-StructureQuestion andThePieTheoryThevalueofafirmisdefinedtobethesumofthevalueofthefirm’sdebtandthefirm’sequity.V=B+SIfthegoalofthemanagem
2、entofthefirmistomakethefirmasvaluableaspossible,thethefirmshouldpickthedebt-equityratiothatmakesthepieasbigaspossible.ValueoftheFirmSBSBSBSB3FinancialLeverageandEPS(2.00)0.002.004.006.008.0010.0012.001,0002,0003,000EPSDebtNoDebtBreak-evenpointEBITindollars,n
3、otaxesAdvantagetodebtDisadvantagetodebt4杠桿增加了權(quán)益收益（returnonequity,ROE）以及股票持有者的收益，然而也增加了股票風(fēng)險(xiǎn)MM定理認(rèn)為，兩方面的效應(yīng)恰好抵消5無(wú)稅的MM定理AssumptionsoftheModigliani-MillerModelHomogeneousExpectationsHomogeneousBusinessRiskClassesPerpetualCashFlowsPerfectCapitalMarkets:Perfectcompe
4、titionFirmsandinvestorscanborrow/lendatthesamerateEqualaccesstoallrelevantinformationNotransactioncostsNotaxes6TheMMPropositionsI&II(NoTaxes)PropositionIFirmvalueisnotaffectedbyleverageVL=VUPropositionIILeverageincreasestheriskandreturntostockholdersrs=r0+(B
5、/SL)(r0-rB)rBistheinterestrate(costofdebt)rsisthereturnon(levered)equity(costofequity)r0isthereturnonunleveredequity(costofcapital)BisthevalueofdebtSListhevalueofleveredequity7TheMMPropositionI(NoTaxes)ULVV=BrEBITB-receivefirmleveredainrsShareholdeBrBreceiv
6、esBondholderThederivationisstraightforward:BrBrEBITBB+-)(isrsstakeholdealltoflowcashtotaltheThus,ThepresentvalueofthisstreamofcashflowsisVLEBITBrBrEBITBB=+-)(ClearlyThepresentvalueofthisstreamofcashflowsisVU8TheMMPropositionII(NoTaxes)Thederivationisstraight
7、forward:SBWACCrSBSrSBBr.++.+=0setThenrrWACC=0rrSBSrSBBSB=.++.+SSB+bysidesbothmultiply0rSSBrSBSSSBrSBBSSBSB+=.+.++.+.+0rSSBrrSBSB+=+.00rrSBrrSBSB+=+.)(00BSrrSBrr-+=9杠桿率上升時(shí)，公司更多進(jìn)行“低成本”的債務(wù)融資，然而其股本風(fēng)險(xiǎn)和成本也隨之增大，根據(jù)MM，兩項(xiàng)效應(yīng)恰好抵消。不考慮稅收，資本結(jié)構(gòu)的改變不影響加權(quán)資本成本（WACC）WACC僅為資產(chǎn)的風(fēng)險(xiǎn)決
8、定10TheCostofEquity,theCostofDebt,andWACC:MMPropositionIIwithNoCorporateTaxesDebt-to-equityRatioCostofcapital:r(%)r0rBrBSB11有公司稅的MM定理TheMMPropositionsI&II(withCorporateTaxes)PropositionI(withCorp
