Unit9CapitalStructure資本結構9.1TheChoices:TypesofFinancing9.2TheFinancingMix9.3UnderstandingFinancialRisk9.4CapitalStructureandtheValueofaFirm9.5ChecklistforCapitalStructureDecisionsEquityTheequityclaimonabusinesscantakeavarietyofforms,dependingpartlyonwhetherthefirmisprivatelyownedorpubliclytradedandpartlyonthefirm’sgrowthandriskcharacteristics.Privatefirmshavetodependeitherontheowneroraprivateentity,usuallyaventurecapitalist,tobringintheequityneededtokeepthebusinessoperatingandexpanding.Publictradedfirmshaveaccesstocapitalmarkets,givingthemawiderarrayofchoices.9.1TheChoices:TypesofFinancing（1）EquityOwner’sEquity—

fundsbroughtinbytheownersofthecompanyMvidethebasisforthegrowthandeventualsuccessofthebusiness.VentureCapitalandPrivateEquityAventurecapitalistorprivateequityinvestorprovidesequityfinancingtosmallandoftenriskybusinessinreturnforashareoftheownershipofthefirm.Smallerandriskierbusinessaremorelikelytoseekventurecapitalandarealsomorelikelytobeaskedtogiveupagreatershareofthevalueofthefirmwhenreceivingtheventurecapital.CommonStock—the

conventionwayforapubliclytradedfirmtoraisemoneyOfferingprice---foranewlylistedcompany,estimatedbyaninvestmentbankUniformordifferentdividendsandvotingrights??Warrants——equityalternativestocommonstockTheholdersreceivedtherighttobuysharesinthecompanyatafixedpricesometimesinthefutureinreturnforpayingforthewarrantsupfront.Whymightafirmusewarrantsratherthancommonstocktoraisemoney?1.warrantsarepricedbasedontheimpliedvolatilityassignedtounderlyingstock---thegreaterthevolatility,thegreaterthevalue.2.warrantsbythemselvescreatenofinancialobligationsatthetimeoftheissue.—ahigh-growthfirm,especiallywhencurrentflowsarelowornegative.3.warrantsdonotcreateanynewadditionalsharescurrentlywhilewhiletheraiseequityinvestmentfundsforcurrentuse.ContingentValueRightsProvideinvestorswithrighttosellstocksforafixedpriceandthusderivetheirvaluefromthevolatilityofthestockandthedesireonthepartofinvestorstohedgetheirlosses.或有價值權利是給投資者提供了在固定價格出售股票的權利，從而通過股票的波動性以及從投資者的利益角度講，減小他們損失的愿望來確定出股票價值Putoption—optionexchanges,givetheirholdersasimilarrighttoselltheunderlyingstockatafixedprice.DifferencebetweenCVRandPO1.theproceedsfromCVR/POsalesgotothefirm/privateparties.2.CVRtendtobemorelong-termthantypicallistedPOWhychoosetoissueCVR?Thefirmbelievesitissignificantlyundervaluedbythemarkets.--signalCVRarealsousefulifthemarketisoverestimatingvolatilityandtheputpricereflectsthismisestimatedvolatility.ThepresenceofCVRasinsurancemayattractnewinvestorstothemarketforthecommonstock（2）Debt——residualclaimBorrowingcreatesanobligationtomakecashflowpaymentsinoperationandprovidesthelenderwithpriorclaimsifthefirmisinfinancialtrouble.借款會產生一個現金流支付的義務，并且在公司陷入財務困境的時候，債權人會擁有優先索取權。9.1TheChoices:TypesofFinancingBankdebtBesidesbeingasourceoflong-termborrowingforfirms,banksalsooftenofferthemaflexibleoptiontomeetunanticipatedorseasonalfinancingneeds.銀行不僅是公司長期借款的來源，它還經常為公司提供一個靈活的服務以應付意外或季節性的融資需求。lineofcreditTheadvantageofhavingalineofcreditisthatitprovidesthefirmwithaccesstothefundswithouthavingtopayinterestcostsifthefundsremainunused.有信用額度的優點是，企業可以獲得資金，而且如果資金仍然未使用，那么無需支付利息的成本。However，thefirmisrequiredtomaintainacompensatingbalanceonwhichitearnseithernointerestorbelow-marketrates.Bonds

Forlarger,publiclytradedfirms,analternativetobankdebtistoissuebonds.AdvantagesCarryingmorefavorablefinancingtermsthanequivalentbankdebt,largelybecauseriskissharedbyalargernumberoffinancialmarketinvestors.Providingachancefortheissuertoaddspecialfeatures.相對于的等價的銀行債務，債券往往有更有利的融資條件，主要是因為風險已被大量的金融市場投資者分散掉了。可以提供給發行人一個機會將債券賦予特殊功能LeasesAnoperatingleaseThetermoftheleaseagreementisshorterthanthelifeoftheassetThepresentvalueofleasepaymentisgenerallymuchlowerthantheactualpriceoftheasset.Attheendofthelifeofthelease,theassetrevertsbacktothelessor,whowilleitheroffertosellittothelesseeorleaseittosomebodyelse.Thelesseeusuallyhastherighttocanceltheleaseclearlyresideswiththelessor，withthelesseebearinglittleornoriskiftheassetbecomesobsolete.AcapitalleaseLastsforthelifeoftheasset,withthepresentvalueofleasepaymentscoveringthepriceoftheasset.Acapitalleasegenerallycannotbecanceled,andtheleasecanberenewedattheendofitslifeatareducedrateortheassetcanbeacquiredbylesseeatafavorableprice.Thelessorisnotobligatedtopayinsuranceandtaxesontheasset,leavingtheseobligationuptothelessee.Thelesseeconsequentlyreducestheleasepayments,lendingtowhatarecallednetleases.Acapitalleaseplacessubstantialriskontheshouldersofthelesseeiftheassetlosesvalueorbecomesobsolete.9.1TheChoices:TypesofFinancing（3）HybridSecurities

ConvertibleBondAbondthatcanbeconvertedintoapredeterminednumberofsharesatthediscretionofthebondholder.AmoreattractiveoptionasstockpriceincreaseLowertheinterestrateConversionratio/conversionpremium轉換溢價是指轉換價格超過可轉換債券的轉換價值(可轉換債券按標的股票時價轉換的價值)的部分。轉換溢價是以百分比表示，以可轉換公司債券發行時股票價格為基礎的，它是目前市場價格與轉換值的差，用公式表示為：Cp=Vm?V其中：Cp代表轉換溢價；Vm代表可轉換公司債券的市場價格；V代表轉換價格。為了將一種其他的可轉換公司債券進行比較，一般轉換用百分比表示，稱為轉換溢價率，用公式表示為：Cr=Cp/v其中：Cr代表轉換溢價率。PreferredStockPreferredstockisanothersecuritythatsharessomecharacteristicswithdebtandsomewithequity.Likedebt:afixeddollarpayment;don’thaveashareofcontrol(votingprevileges)Likeequity:paymentsarenottax-deductibleandcomeoutofafter-taxcashflows;don’thaveamaturitydate,priorityafterdebtholders’claims.9.2TheFinancingMixThecapitalstructuredecisioninvolvesdeterminingafirm’sfinancingmix.

Capitalstructureisthemixoflong-termsourcesoffundsusedbythefirm.Anoptimalcapitalstructureisthefinancingmixthatmaximizesthevalueofthefirm.9.3UnderstandingFinancialRisk

Businessrisk——thevolatilityofoperatingincome,causedbythenatureofthefirm’sbusiness

由公司業務的自然屬性造成的經營性收益的波動被成為經營風險。Theuncertaintyofdemand,outputpricesandinputcosts,competitivefactors,andproductandothertypesofliability.Financialrisk——Whenfirmsborrow,theyincurfinancialriskBorrowingincreasestheriskofdefaultforafirm.Theinterestandprincipalpaymentsincreasesthevolatilityofafirm’sEPSandROE.

Borrowingincreasestheriskofdefaultforafirm.Interestandprincipalpaymentsondebtarelegalobligationsforthefirm.Failuretomeetthesepaymentsinatimelymannermayleadtodefaultandeventualbankruptcyforthefirm.

Theinterestandprincipalpaymentsassociatedwithborrowingincreasethevolatilityofafirm’searningspershareanditsreturnonequity.9.4.1TheModigliani-MillerTheoremTheModiglianiandMillerTheoremstatesthatintheabsenceofcorporateandpersonaltaxes,transactioncosts,andothermarketimperfections,thevalueofafirmisindependentofitscapitalstructure.Inotherwords,managerscannotalterthevalueoftheirfirmsbythecapitalstructuresthattheychoose.

9.4CapitalStructureandtheValueofaFirm

M&Marguethatunderahighlyrestrictivesetofassumptions,thevalueofthefirmisdeterminedsolelybythesizeandtheriskinessoftherealcashflowsgeneratedbythefirm’sassetsandnotbyhowthesecashflowsaredividedbetweenthedebtandequitystakeholdersofthefirm.

M＆M理論認為，在這種多重限制的條件下，公司的價值完全是由公司現金流的大小和公司的資產所產生的真實流量所帶來的風險決定的，而與這些現金流是如何在債務和所有者權益之間分配是無關。TheModigliani-MillerTheorem

9.4.2TheM&MTheoremintheRealWorld

DoestheM&Mtheoremholdintherealworld?Probablynot.

Theviewthatcapitalstructureisliterallyirrelevantorthat“nothingmatters”incorporatefinance,thoughsometimesattributedtous(andtracingperhapstotheveryprovocativewaywemadeourpoint),isfarfromwhatweeveractuallysaidabouttherealworldapplicationsofourtheoreticalpropositions.這種認為資本結構從理論上來講與經營融資相關程度低或者無關的理論，（雖然有時歸因于我們提出的觀點帶有挑釁性）和我們曾經說過的在實際情況中對該理論的應用還是有很大差距的TheModigliani-MillerTheoremwithCorporateTaxesM&M理論與企業稅Thevalueofaleveredfirmisthevalueofanotherwiseidenticalunleveredfirmplusthevalueoftaxshield.WhyFirmsAreNotLeveragedtotheMaximum？為什么企業不用杠桿效應使價值最大化——CostsofFinancialDistressandBankruptcy財務困境和破產費用9.4.2TheM&MTheoremintheRealWorld

9.4.3TradeoffTheoryofOptimalCapitalStructure

Thetaxbenefitsofdebtfinancingbestowedbythegovernmentandthecostsoffinancialdistressthatmayatsomepointaccompanytheuseoffinancialleveragemayleadtoastatictradeoffthatprovidesanoptimalcapitalstructureforafirm.政府所賦予的債務融資的稅收利益和財務困境成本可能在一定程度上配合著財務杠桿的使用可能會導致一個靜態權衡，它為公司提供了一個最佳的資本結構。1.Managerspreferinternalfinancingtoexternalfinancing.經理人們傾向于內部融資甚于外部融資。2.Whenoperatingcashflowsandresultingprofitsarehigherthanexpectedandinexcessofwhatthefirmneedstofundnewcapitalexpendituresandpaydividends,managerspayoffdebtorinvestinmarketablesecurities.Whentheyareless,managersdrawdowncashbalancesandsellmarketablesecuritiesinordertofundnewexpendituresandpaydividends.當經營性現金流量和由此產生的利潤高于預期，而且超過了企業所需的新增資本支出和股利支付，經理人們會還清債務，或投資于有價證券。如果它們很少，管理者們會動用現金結余或者出售有價證券來彌補新增的支和支付股息。9.4.4PeckingOrderTheoryofCapitalStructure—Asymmetryinformation

3.Afterdrawingdowncashbalance