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Olivia.W🌸 · 2024年03月27日

no financial distress cost是啥意思

NO.PZ2023112701000066

问题如下:

The view that debt financing is highly advantageous and the optimal capital structure is 100% debt is consistent with:

选项:

A.MM without taxes. B.MM with taxes and financial distress costs. C.MM with taxes and no financial distress cost.

解释:

Correct Answer: C

C is correct. MM with taxes and no distress cost leads to the conclusion that the optimal capital structure is 100% debt. This is because tax law favors debt financing over equity financing since the interest expense on debt financing is tax deductible. Ignoring financial distress costs, the value of the company increases with increasing levels of debt. The value of the levered firm (VL) is greater than that of the unlevered one (VU) by the amount equal to the tax rate multiplied by the level of debt (tD).

no financial distress cost是啥意思

1 个答案

王琛_品职助教 · 2024年03月27日

嗨,爱思考的PZer你好:


1

这是 MM 理论的假设之一,没有财务困境成本

即,企业不需要考虑因债务水平过高,而导致的潜在财务风险,如违约风险和破产成本

请参考基础班讲义墨迹版 P332

2

因为 VL = VU + DxT

理论上,企业可以无限制地增加债务,以利用债务的税盾效应,从而最大化企业价值

所以 D 越大,VL 越大,所以最大的情况下,就是全负债结构

请参考基础班讲义墨迹版 P343

2

扩展一下,如果考虑了财务困境成本,那就是 Static Trade-Off Theory 了

请参考基础班讲义墨迹版 P351

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