第十六章资本结构：债务的运用cypc.pptx

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1、McGraw-Hill/IrwinCopyright 2002 by The McGraw-Hill Companies,Inc.All rights reserved.16-0Chapter Outline16.1 Costs of Financial Distress16.2 Description of Costs16.3 Can Costs of Debt Be Reduced?16.4 Integration of Tax Effects and Financial Distress Costs16.5 Shirking,Perquisites,and Bad Investments

2、:A Note on Agency Cost of Equity16.6 The Pecking-Order Theory16.7 Growth and the Debt-Equity Ratio16.8 Personal Taxes16.9 How Firms Establish Capital Structure16.10 Summary and ConclusionsMcGraw-Hill/IrwinCopyright 2002 by The McGraw-Hill Companies,Inc.All rights reserved.16-116.1 Costs of Financial

3、 Distress Bankruptcy risk versus bankruptcy cost.The possibility of bankruptcy has a negative effect on the value of the firm.However,it is not the risk of bankruptcy itself that lowers value.Rather it is the costs associated with bankruptcy.It is the stockholders who bear these costs.McGraw-Hill/Ir

4、winCopyright 2002 by The McGraw-Hill Companies,Inc.All rights reserved.16-216.2 Description of Costs Direct Costs Legal and administrative costs(tend to be a small percentage of firm value).Indirect Costs Impaired ability to conduct business(e.g.,lost sales)Agency Costs Selfish strategy 1:Incentive to take large risks Selfish strategy 2:Incentive toward underinvestment Selfish Strategy 3:Milking the property