Chương 18 Một Công ty có nên Vay bao nhiêu?

Khi một công ty mặc định, nguyên nhân (gian lận vắng mặt) thường là một vấn đề điều hành. Mặc dù cả hai cổ đông và debtholders là tồi tệ, tương ứng của họ tỷ lệ lợi nhuận dự được xác định một cách đền bù cho sự rủi ro. Kết hợp vị trí của các cổ đông và chủ sở hữu trái phiếu trong trách nhiệm hữu hạn và các công ty trách nhiệm vô hạn đều giống nhau. Khả năng giao tài sản cho chủ nợ, và không phải trả nợ, có giá trị cho các cổ đông kể từ khi nó là...
Nội dung trích xuất từ tài liệu:
Chương 18 Một Công ty có nên Vay bao nhiêu? CHAPTER 18 How Much Should a Firm Borrow? Answers to Practice Questions 1. For $1 of debt income: Corporate tax = $0 Personal tax = 0.44× $1 = $0.440 Total = $0.440 For $1 of equity income, with all capital gains realized immediately: Corporate tax = 0.35× $1 = $0.350 Personal tax = 0.44× 0.5× [$1 – (0.35× $1)] + 0.20× 0.5× [$1 – (0.35× $1)] = $0.208 Total = $0.558 For $1 of equity income, with all capital gains deferred forever: Corporate tax = 0.35× $1 = $0.350 Personal tax = 0.44× 0.5× [$1 – (0.35× $1)] = $0.143 Total = $0.493 2. Consider a firm that is levered, has perpetual expected cash flow X, and has an interest rate for debt of rD. The personal and corporate tax rates are T p and Tc, respectively. The cash flow to stockholders each year is: (X - rDD)(1 - Tc)(1 - Tp) Therefore, the value of the stockholders’ position is: (X) (1 − Tc ) (1 − Tp ) (rD ) ( D) (1 − Tc ) (1 − Tp ) VL = − (r) (1 − Tp ) (rD ) (1 − Tp ) (X) (1 − Tc ) (1 − Tp ) VL = − [( D) (1 − Tc )] (r) (1 − Tp ) where r is the opportunity cost of capital for an all-equity-financed firm. If the stockholders borrow D at the same rate rD, and invest in the unlevered firm, their cash flow each year is: [(X) (1 − Tc ) (1 − Tp )] − [ ( rD ) ( D) (1 − Tp )] 161 The value of the stockholders’ position is then: (X) (1 − Tc ) (1 − Tp ) (rD ) ( D) (1 − Tp ) VU = − (r) (1 − Tp ) (rD ) (1 − Tp ) (X) (1 − Tc ) (1 − Tp ) VU = −D (r) (1 − Tp ) The difference in stockholder wealth, for investment in the same assets, is: VL – V U = D T c This is the change in stockholder wealth predicted by MM. If individuals could not deduct interest for personal tax purposes, then: (X)(1 − Tc ) (1 − Tp ) (rD )( D) VU = − (r)(1 − Tp ) (rD ) (1 − Tp ) Then: (rD ) ( D) − [ ( rD )( D) (1 − Tc ) (1 − Tp )] VL − VU = (rD ) (1 − Tp )  Tp  VL − VU = ( D Tc ) +  D   (1 − T )   p So the value of the shareholders’ position in the levered firm is relatively greater when no personal interest deduction is allowed. 3. The book value of Pfizer’s assets is $21,529 million. With a 40 percent book debt ratio: Long-term debt + Other long-term liabilities = 0.40 × $21,529 = $8,612 This is [$8,612 – ($2,123 + $4,330)] = $2,159 more than shown in Table 18.3(a). The corporate tax rate is 35 percent, so firm value increases by: 0.35 × $2,159 = $756 million The market value of the firm is now: ($296,247 + $756) = $297,003 million. The market value balance sheet is: Net working capital $5,206 $4,282 Long-term debt Market value of long-term assets 291,797 4,330 Other long-term liabilities 288,391 Equity Total Assets $297,003 $297,003 Firm market value 4. Answers here will vary depending on the company chosen. 162 5. The value of interest tax shields is determined by:  The on-going degree of profitability.  The ability to carry-forward and carry-back excess credits  The ability to maintain debt levels on an on-going basis.  The rates of personal and corporate taxes.  The amount of non-interest tax shields 6. When a firm defaults, the cause (absent fraud) is usually an operating problem. Although both shareholders and debtholders are worse off, their respective expected rates of return are determined in a manner that compensates for this risk. The combined positions of stockholders and bondholders in limited liability and unlimited liability firms are the same. The ability to assign the assets to the creditors, and not have to repay, has value to the shareholders since it is a more efficient transfer of wealth. 7. Assume the following facts for Circular File: Book Values Net working capital $20 $50 Bonds outstanding Fixed assets 80 50 Common stock Total assets $100 $100 Total liabilities Market Values Net working capital $20 $25 Bonds outstanding Fixed assets 10 5 Common stock Total assets $30 $30 Total liabilities a. Playing for Time Suppose Circular File foregoes replacement of $10 of capital equipment, so that the new balance sheet may appear as follows: ...