文档介绍：1 capital structure: theory and practice 谢军会计学博士、教授( ******@scnu. ) 华南师范大学经济与管理学院会计系主任佛山塑料集团股份有限公司独立董事广东银禧科技股份有限公司独立董事广东塑料交易所股份有限公司独立董事 2参考文献? Theory of capital structure, Harris- Raviv(1991), JOF; ? A survey of corporate governance, Shleifer-Vishny(1997), JOF; ? In search of new foundation, Zingales(2000), JOF. 3 Return to NPV ? NPV employs discount rates ? These discount rates are risk adjusted ? The risk adjustment is a byproduct of market established prices ? Adjustable discount rates change asset values 4 Return to NPV Example The government is lending you $100,000 for 10 years at 3% and only requiring interest payments prior to maturity. Since 3% is obviously below market, what is the value of the below market rate loan? repayment loan of PV - pmts interest of PV - borrowed amount NPV ? 5 Return to NPV Example The government is lending you $100,000 for 10 years at 3% and only requiring interest payments prior to maturity. Since 3% is obviously below market, what is the value of the below market rate loan? Assume the market return on equivalent risk projects is 10 %. 012 , 43 $ 988 , 56 000 , 100 ) 10 .1( 000 , 100 ) 10 .1( 000 ,3 000 , 00 1 NPV 10 101 ??????????????t t6融资 NPV ?零和博弈:投资者之间的利益分配?发行价与发行承诺?股东与债权人之间的利益分配?旧股东与新股东之间的利益分配?信息不对称(Myers-Majluf, 1984) 7融资 NPV corporation investor obligation money creditors old new shareholders conflict conflict 8 例子:主银行对企业股东的租金剥削?银行对企业或股东的剥削? monopolist rent ? Bank-based financial system ?日本主银行对企业利润的掠夺(Weinstein- Yafeh , 1998) ?银行对创业企业的资本限制(Gilson- Black, 1998) 9例子:借款 NPV 的计算?某公司发行面值为 100000 元的三年期零息债券,发行价格为 81000 元。该公司实际利率为 8% ,问该项债券的融资是否为股东带来了新价值? 3 100000 100000 81000 81000 (1 ) (1 ) 81000 79380 1620 n financing NPV r ?? ? ??? ?? ?? 10 例子:借款 NPV 的计算? If financing NPV>0, 公司支付的实际利率低于其市场利率(与其债券信用评级对称),该债务融资行为能够为股东创造新价值(剥削了债权人的利益) . ? If financing NPV<0, 公司支付的实际利率高于其市场利率(与其债券信用评级对称),该债务融资行为会损害股东价值(补贴了债权人) ?该债务融资行为为股东创造了 1620 元的新价值