V = B S

1

• ????????? ?????????

2
15.1 ????????? ????????? ?? ???????

• ?????? ?????????? ???? ?????? ?????? ?? ????????
  ????????? ????.
• V B S

• ?? ?????? ??????????? ??????? ??????
  ??????????? ????????????, ????? ???? ???????
  ????/???????? ????????? ????? ?????????, ???????
  ???????????? ?????? ??????????? ?????????? ?????

S
B
S
B
?????? ??????????
3
?????????? ??????????

• ??? ????????????? ??????
• ????? ???? ??????? ??????????? ?????? ???????????
  ??????? ????? ???? ???????????? ???????????
  ?????????? ??????????? ???????
• ?? ???? ????/???????? ????????? ?????????,
  ??????? ?????????? ??????????? ?????
  ?????????????
• ???????, ??? ????????? ????????? ????????????
  ????? ?????????? ??????????? (?????????) ??????
  ?? ?????? ????? ?? ?????? ?????????? ???????.

4
15.3 ????????? ????????, EPS, ?? ROE
???????? ???????? ????????? ??????????? ????????
??????? ????? ??????.(???????? ????????????
?????????????? ???????? ??????? ??????????
???????)
5
EPS ?? ROE ????????? ??????????
6
EPS ?? ROE ????? ?????? ??????
7
????????? ???????? ?? EPS
12.00
????
10.00
8.00
????? ???????????
????? ????????????
6.00
Break-even
EPS
4.00
2.00
0.00
1,000
2,000
3,000
????? ???????????????
EBIT
(2.00)
8
MM ?????? (????????????? ??????)

• ?????????? ??????????
• ?????????? ?????? ???????
• ??????? ?????? ????????
• ?????????? ????????? ??????
• ?????????? ???????????
• ??? ?????????? ?????????
• ?????????? ??????????
• ???????????? ??????? ?? ????
• ???????????? ?? ????

9
????????
10
MM ???????? I

• ????????? ????????? ????????????? ??????
  ??????????? ?????????????
• VL VU

11
15.4 MM ???????? II

• ???????? II
• ???? ????? ????? ?? ?????????? ?????????
• Rs R0 (B / SL) (R0 - RB)
• RB ???????? (?????? ?????????)
• Rs ????????? ????????? (???. ????????? ?????????)
• R0 ????? ?????? ????????? ?????????
• B ????? ????????
• SL ?????????????? ????????? ???????

12
MM ???????? II
???????????
13
MM ???????? II
Cost of capital R ()
R0
RB
RB
Debt-to-equity Ratio
14
15.5 MM ?????????? I II (?????????????)

• ???????? I
• ?????? ?????????? ??????? ?????????? ?????
• VL VU TC B
• ???????? II
• ????? ?????? ????? ?????????? ????????????
  ?????????????
• RS R0 (B/S)(1-TC)(R0 - RB)
• RB is the interest rate (cost of debt)
• RS is the return on equity (cost of equity)
• R0 is the return on unlevered equity (cost of
  capital)
• B is the value of debt
• S is the value of levered equity

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MM ???????? I
The present value of this stream of cash flows is
VL
The present value of the first term is VU The
present value of the second term is TCB
17
MM Proposition II (With Taxes)
Start with MM Proposition I with taxes
Since
The cash flows from each side of the balance
sheet must equal
Divide both sides by S
Which quickly reduces to
18
The Effect of Financial Leverage
Cost of capital R()
R0
RB
Debt-to-equityratio (B/S)
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