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103876
Traditional and Modernist views
Descrição
Aberystwyth University Corporate Finance Mapa Mental sobre Traditional and Modernist views, criado por Harley Wickstead em 22-05-2013.
Sem etiquetas
corporate finance
corporate finance
aberystwyth university
Mapa Mental por
Harley Wickstead
, atualizado more than 1 year ago
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Criado por
Harley Wickstead
mais de 11 anos atrás
52
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Resumo de Recurso
Traditional and Modernist views
Traditional
Ignored taxes
Risk: Debt < equity
financing effects
Debt= cheaper
^^ borrowing = ^^ WACC
= ^^ in financial risk
= ^^bankruptcy risk
=^^ required rate of return
=^^ WACC
Interest paid before dividends
Minimum WACC
Optimal capital structure
Perfect mix of debt and equity
LINK between company's value and level of borrowing
Modernist
M&M 1958
Ignores taxes
Assumes a perfect market
No bankruptcy risk
Kd is constant
WACC is therefore constant
Debt is risk free
Debt is cheaper
increase proportion of debt
Equity is risky
No optimal capital structure
No perfect mix
NO LINK between borrowing and value of company
M&M 1963
Includes taxes
Recognises tax relief
From interest to debt holders
interest payments = smaller tc liability
=Tax relief + benefit to borrowing
^^ borrowing \/ \/ WACC
no bankruptcy risk = 100% debt
VL > VU
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