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V Week 4: Capital Structure with Taxes and Costs of Financial Distress
V 第四周：带税的资本结构与财务困境成本

Mark as done 标记为完成

This week we will introduce two frictions, (taxes and costs of financial distress) and we will consider their implications on the firms’ decisions regarding their capital structure. You will learn that when companies are subject to corporate taxes, and because interest payments to debt-holders and dividends paid to equity-holders are treated differently by the tax code, using debt instead of equity to finance investments creates value. We will discuss how this value is reflected in share prices. You will also learn that increasing the level of debt in the firm’s capital structure comes with an increase in the expected costs of financial distress.
本周我们将介绍两种摩擦（税收和财务困境成本），并考虑它们对公司资本结构决策的影响。您将了解到，当公司面临企业税时，由于税法对债权人支付的利息和股东支付的股息的处理方式不同，使用债务而非股权来融资投资会创造价值。我们将讨论这种价值如何反映在股价中。您还将了解到，增加公司资本结构中的债务水平会伴随预期财务困境成本的增加。
In general, the gain to investors from the tax deductibility of interest payments is referred to as the interest tax shield.
一般来说，投资者从利息支付的税收扣除中获得的收益被称为利息税盾。
Select one:a. Correctb. Incorrect
选择一个：a. 正确 b. 不正确
Question 2 问题 2
The interest tax shield is the additional amount that a firm would have paid in taxes if it did not have leverage.
利息税盾是指如果公司没有杠杆，它将多支付的税款。
Select one:a. Correctb. Incorrect
选择一个：a. 正确 b. 不正确
Because corporations pay taxes on their profits after interest payments are deducted, interest expenses reduce the amount of corporate tax firms must pay.
因为公司在扣除利息支付后的利润上缴税款，利息支出减少了企业必须支付的公司税额。
Select one:a. Correctb. Incorrect
选择一个：a. 正确 b. 不正确

Question 4 问题 4

As Modigliani and Miller made clear in their original work, capital structure does not matter in perfect capital markets. Thus, if capital structure does matter, then it must stem from a market imperfection.
正如莫迪利安尼和米勒在他们的原始工作中所明确指出的，资本结构在完美资本市场中并不重要。因此，如果资本结构确实重要，那么它必须源于市场的不完善。
Select one:a. Correctb. Incorrect
选择一个：a. 正确 b. 不正确

Question 5 问题 5

To determine the benefit of leverage for the value of the firm, we must compute the present value of the stream of future interest tax shields the firm will receive.
为了确定杠杆对公司价值的好处，我们必须计算公司将获得的未来利息税盾流的现值。
Select one:a. Correctb. Incorrect
选择一个：a. 正确 b. 不正确
By increasing the amount paid to debt holders through interest payments, the amount of the pre-tax cash flows that must be paid as taxes increases.
通过增加支付给债权人的利息支付金额，必须作为税款支付的税前现金流量的金额增加。
Select one: 选择一个：
a. Correctb. Incorrect a. 正确 b. 不正确
Consider the income statement for Kroger Inc. shown below (all figures in $ million).
考虑下面显示的 Kroger Inc.的收入报表（所有数字以百万美元计）。

Income Statement for Kroger Inc.
克罗格公司收入报表

Year 年 2006 2005 2004
Total sales 总销售额 60,553 56,434 53,791

销售成本
Cost of goods
sold
Cost of goods sold| Cost of goods | | :--- | | sold |
 45,565 42,140 39,637

销售、一般及管理费用
Selling, general
& admin
expenses
Selling, general & admin expenses| Selling, general | | :--- | | & admin | | expenses |
 11,688 12,191 11,575
Depreciation 折旧 1265 1256 1209
 营业收入
Operating
income
Operating income| Operating | | :--- | | income |
 2035 847 1370
Other income 其他收入 0 847 1370
EBIT 2035 557 604
Interest expense 利息费用 510 290 766
 税前收益
Earnings before
tax
Earnings before tax| Earnings before | | :--- | | tax |
 1525
Year 2006 2005 2004 Total sales 60,553 56,434 53,791 "Cost of goods sold" 45,565 42,140 39,637 "Selling, general & admin expenses" 11,688 12,191 11,575 Depreciation 1265 1256 1209 "Operating income" 2035 847 1370 Other income 0 847 1370 EBIT 2035 557 604 Interest expense 510 290 766 "Earnings before tax" 1525 | Year | 2006 | 2005 | 2004 | | :--- | :--- | :--- | :--- | | Total sales | 60,553 | 56,434 | 53,791 | | Cost of goods <br> sold | 45,565 | 42,140 | 39,637 | | Selling, general <br> & admin <br> expenses | 11,688 | 12,191 | 11,575 | | Depreciation | 1265 | 1256 | 1209 | | Operating <br> income | 2035 | 847 | 1370 | | Other income | 0 | 847 | 1370 | | EBIT | 2035 | 557 | 604 | | Interest expense | 510 | 290 | 766 | | Earnings before <br> tax | 1525 | | |
Taxes (35%) 税收 (35%) 534 102 268
Net income 净收入 991 189 498
Taxes (35%) 534 102 268 Net income 991 189 498| Taxes (35%) | 534 | 102 | 268 | | :--- | :--- | :--- | :--- | | Net income | 991 | 189 | 498 |
The interest rate tax shield for Kroger in 2006 is closest to:
2006 年克罗格的利息税盾最接近：
Select one: 选择一个：
a. $187 million 1.87 亿美元
b. $332 millionc. $ 534 $ 534 $534\$ 534 million
b. 3.32 亿美元 c. $ 534 $ 534 $534\$ 534 百万
d. $179 million 1.79 亿美元
Question 1
问题1
    Correct 正确马克 1.00 分(满分 1.00 『 Flag question 『 旗帜问题
In general, the gain to investors from the tax deductibility of interest payments is referred to as the interest tax shield.
一般来说，投资者从利息支付的税收可扣除性中获得的收益被称为利息税盾。
一般来说，投资者从利息支出的税前扣除中获得的收益被称为利息税盾。
Select one: 选择一个： 选择一个：
a. Correct 正确 a. 正确
b. Incorrect 不正确 b. 不正确

Question 2 问题 2

问题 2
Mark 1.00 out of 1.00 Correct 正确马克 1.00 分（满分 1.00 『 Flag question 『 旗帜问题  Mark  1.00  out of  1.00  Correct 正确马克  1.00  分（满分  1.00  『 Flag question  『  旗帜问题  {:[" Mark "1.00" out of "1.00],[" Correct 正确马克 "1.00" 分（满分 "1.00" 『 Flag question "『" 旗帜问题 "]:}\begin{aligned} & \text { Mark } 1.00 \text { out of } 1.00 \\ & \text { Correct 正确马克 } 1.00 \text { 分（满分 } 1.00 \text { 『 Flag question } 『 \text { 旗帜问题 } \end{aligned}正确马克分（满分『『旗帜问题
The interest tax shield is the additional amount that a firm would have paid in taxes if it did not have leverage.
利息税盾是指如果公司没有杠杆，它将多支付的税款。
利息税盾是指公司在没有杠杆的情况下本应支付的额外税款。
Select one: 选择一个: 选择一个:
a. Correct 正确 a. 正确
b. Incorrect 不正确 b. 不正确
Because corporations pay taxes on their profits after interest payments are deducted, interest expenses reduce the amount of corporate tax firms must pay.由于公司在扣除利息支出后才按利润纳税，因此利息支出减少了公司必须缴纳的公司税额。
由于公司在扣除利息支出后才按利润纳税，因此利息支出减少了公司必须缴纳的公司税额。
Select one: 选择一个: 选择一个:
a. Correct 正确 a. 正确
b. Incorrect 不正确 b. 不正确

Question 4
问题4 问题 4

As Modigliani and Miller made clear in their original work, capital structure does not matter in perfect capital markets. Thus, if capital structure does matter, then it must stem from a market imperfection.
正如莫迪利安尼和米勒在他们的原始工作中所明确指出的，资本结构在完美资本市场中并不重要。因此，如果资本结构确实重要，那么它必须源于市场的不完善。
莫迪利亚尼和米勒在他们的原著中明确指出，在完美的资本市场中，资本结构并不重要。因此，如果资本结构确实重要，那么它一定源于市场的不完善。
Select one: 选择一个: 选择一个:
a. Correct 正确 a. 正确
b. Incorrect 不正确 b. 不正确
To determine the benefit of leverage for the value of the firm, we must compute the present value of the stream of future interest tax shields the firm will receive.要确定杠杆对公司价值的益处，我们必须计算公司未来获得的利息税盾流的现值。
要确定杠杆对公司价值的益处，我们必须计算公司未来获得的利息税盾流的现值。
Select one: 选择一个: 选择一个:
a. Correct 正确 ✓ ✓ ✓\checkmark
a. 正确 ✓ ✓ ✓\checkmark
b. Incorrect 不正确 b. 不正确
Question 6 问题 6
问题 6
Incorrect 不正 Mark 0.00 out of 1.00
不正 标记 0.00 / 1.00
By increasing the amount paid to debt holders through interest payments, the amount of the pre-tax cash flows that must be paid as taxes increases.
通过增加支付给债权人的利息支付金额，必须作为税款支付的税前现金流量的金额增加。
通过利息支出向债务人支付的金额增加，税前现金流中必须作为税收支付的金额也随之增加。
Select one: 选择一个: 选择一个:
a. Correct 正确 × × xx\times
a. 正确 × × xx\times
b. Incorrect 不正确 b. 不正确
The interest rate tax shield for Kroger in 2006 is closest to:
2006 年克罗格的利息税盾最接近：
克罗格公司 2006 年的利率税盾最接近于
Select one: 选择一个: 选择一个:
a. $187 million 1.87 亿美元
1.87 亿美元
b. $332 million 3.32 亿美元
3.32 亿美元
c. $ 534 $ 534 $534\$ 534 million 5.34 亿美元
c. $ 534 $ 534 $534\$ 534 百万 5.34 亿美元
d. $179 million 1.79 亿 ✓ ✓ ✓\checkmark Explanation 说明
1.79 亿
美元
Tax rate × × xx\times Interest expense = 510 × 0.35 = = 510 × 0.35 = =510 xx0.35==510 \times 0.35= $178.5 million.
税率 × × xx\times 利息支出 = 510 × 0.35 = = 510 × 0.35 = =510 xx0.35==510 \times 0.35= 1.785 亿美元。
税率 x 利息支出 = 510 × 0.35 = 1.785 = 510 × 0.35 = 1.785 =510 xx0.35=1.785=510 \times 0.35=1.785 亿美元。
Once investors know the recapitalisation will occur, the share price will rise immediately to a level that reflects the value of the interest tax shield that the firm will receive from its recapitalisation.
一旦投资者知道资本重组将会发生，股价将立即上涨至一个反映公司从资本重组中获得的利息税盾价值的水平。
Select one: 选择一个：
a. Correctb. Incorrect a. 正确 b. 不正确
When securities are fairly priced, the original shareholders of a firm capture the full benefit of the interest tax shield from an increase in leverage.
当证券价格合理时，公司的原始股东能够充分享受由于杠杆增加而带来的利息税盾的全部好处。
Select one:a. Correctb. Incorrect
选择一个：a. 正确 b. 不正确
In the presence of corporate taxes, we do not include the interest tax shield as one of the firm’s assets on its market value balance sheet.
在公司税存在的情况下，我们不将利息税盾视为公司市场价值资产负债表上的一项资产。
Select one:a. Correctb. Incorrect
选择一个：a. 正确 b. 不正确
We can analyse the recapitalisation using the market value balance sheet; it states that the total market value of a firm’s securities must equal the total market value of the firm’s assets.
我们可以使用市场价值资产负债表分析资本重组；它表明公司的证券总市场价值必须等于公司资产的总市场价值。
Select one:a. Correctb. Incorrect
选择一个：a. 正确 b. 不正确
Once investors know the recapitalisation will occur, the share price will rise immediately to a level that reflects the value of the interest tax shield that the firm will receive from its recapitalisation.
一旦投资者知道资本重组将会发生，股价将立即上涨至一个反映公司从资本重组中获得的利息税盾价值的水平。
一旦投资者知道将进行资本结构调整，股价就会立即上涨，达到反映公司从资本结构调整中获得的利息税保护价值的水平。
Select one: 选择一个: 选择一个:
a. Correct 正确 a. 正确
b. Incorrect 不正确 b. 不正确
Question 2 问题 2
问题 2
When securities are fairly priced, the original shareholders of a firm capture the full benefit of the interest tax shield from an increase in leverage.
当证券价格合理时，公司的原始股东能够充分享受由于杠杆增加而带来的利息税盾的全部好处。
当证券定价公允时，公司的原始股东就能从杠杆率的增加中获得利息税保护的全部好处。
Select one: 选择一个: 选择一个:
a. Correct 正确 ✓ ✓ ✓\checkmark
a. 正确 ✓ ✓ ✓\checkmark
b. Incorrect 不正确 b. 不正确
Question 3 问题 3
问题 3
Correct 正确卫 Mark 1.00 out of 1.00
正确卫 标记 1.00 / 1.00
In the presence of corporate taxes, we do not include the interest tax shield as one of the firm’s assets on its market value balance sheet.
在公司税存在的情况下，我们不将利息税盾视为公司市场价值资产负债表上的一项资产。
在存在公司税的情况下，我们不将利息税盾作为公司资产的市值资产负债表中的资产之一。
Select one: 选择一个: 选择一个:
a. Correct 正确 a. 正确
b. Incorrect 不正确 b. 不正确
Question 4 问题 4
问题 4
Mark 1.00 out of 1.00 Correct 正确马克 1.00 分（满分 1.00 『 Flag question 『 旗帜问题  Mark  1.00  out of  1.00  Correct 正确马克  1.00  分（满分  1.00  『 Flag question  『  旗帜问题  {:[" Mark "1.00" out of "1.00],[" Correct 正确马克 "1.00" 分（满分 "1.00" 『 Flag question "『" 旗帜问题 "]:}\begin{aligned} & \text { Mark } 1.00 \text { out of } 1.00 \\ & \text { Correct 正确马克 } 1.00 \text { 分（满分 } 1.00 \text { 『 Flag question } 『 \text { 旗帜问题 } \end{aligned}正确马克分（满分『『旗帜问题
We can analyse the recapitalisation using the market value balance sheet; it states that the total market value of a firm’s securities must equal the total market value of the firm’s assets.
我们可以使用市场价值资产负债表分析资本重组；它表明公司的证券总市场价值必须等于公司资产的总市场价值。
我们可以用市值资产负债表来分析资本结构调整；该表规定，公司证券的总市值必须等于公司资产的总市值。
Select one: 选择一个： 选择一个：
  • a. Correct 正确 a. 正确
    b. Incorrect 不正确 b. 不正确
Because the assets of the firm might be more valuable if kept together, creditors seizing assets in a piecemeal fashion might destroy much of the remaining value of the firm
由于公司的资产如果保持在一起可能更有价值，债权人以零散的方式扣押资产可能会摧毁公司剩余价值的很大一部分
Select one:a. Correctb. Incorrect
选择一个：a. 正确 b. 不正确
Debt holders can then take legal action against the firm to collect payment by seizing the firm’s assets.
债权人可以对公司采取法律行动，通过扣押公司的资产来收回款项。
Select one:a. Correctb. Incorrect
选择一个：a. 正确 b. 不正确
When a corporation becomes financially distressed, outside professionals, such as legal and accounting experts, consultants, appraisers, auctioneers, and others who are experienced in selling distressed assets, are generally hired.
当公司面临财务困境时，通常会聘请外部专业人士，如法律和会计专家、顾问、评估师、拍卖师以及其他在出售困境资产方面经验丰富的人士。

Select one: 选择一个：

a. Correctb. Incorrect
To receive the full tax benefits of leverage, a firm needs to use 100% debt financing.
为了获得杠杆的全部税收优惠，企业需要使用 100%的债务融资。
Select one: 选择一个：
a. Correct 正确
b. Incorrect b. 错误

If bankruptcy is costly, these costs might offset the tax advantages of debt
如果破产成本高，这些成本可能会抵消债务的税收优势

financing. 融资。
Select one:a. Correctb. Incorrect
选择一个：a. 正确 b. 不正确
Although indirect costs of bankruptcy are difficult to measure accurately, they are typically much lower than the direct costs of bankruptcy.
尽管破产的间接成本难以准确衡量，但通常远低于破产的直接成本。
Select one:a. Correctb. Incorrect
选择一个：a. 正确 b. 不正确
Because many aspects of the bankruptcy process are independent of the size of the firm, the costs are typically higher, in percentage terms, for smaller firms.
由于破产过程的许多方面与公司的规模无关，因此小型公司的成本通常在百分比上更高。
Select one: 选择一个：
a. Correctb. Incorrect a. 正确 b. 不正确
Question 8 问题 8
Suppliers may be unwilling to provide a firm with inventory if they fear they will not be paid.
供应商可能不愿意向公司提供库存，如果他们担心不会得到付款。
Select one:a. Correctb. Incorrect
选择一个：a. 正确 b. 不正确
The loss of customers is likely to be large for producers of raw materials (such as sugar or aluminium), as the value of these goods, once delivered, depends on the seller’s continued success.
客户流失对原材料生产商（如糖或铝）的影响可能会很大，因为这些商品一旦交付，其价值取决于卖方的持续成功。
Select one:a. Correctb. Incorrect
选择一个：a. 正确 b. 不正确
The loss of key employees is negligible during periods of financial distress, as they expect to get a large compensation in case the company goes bankrupt.
在财务困境期间，关键员工的流失几乎可以忽略不计，因为他们预计在公司破产的情况下会获得丰厚的赔偿。
Select one: 选择一个：
a. Correctb. Incorrect a. 正确 b. 不正确
The indirect costs of financial distress are higher for companies with relatively more intangible assets, as these tend to lose more value in fire sales.
财务困境的间接成本对于拥有相对更多无形资产的公司来说更高，因为这些资产在火灾销售中往往会损失更多价值。
Select one:a. Correctb. Incorrect
选择一个：a. 正确 b. 不正确
The tradeoff theory weighs the costs of debt that result from shielding cash flows from taxes against the benefits from the effects of financial distress associated with leverage.
权衡理论权衡了由于保护现金流免受税收影响而产生的债务成本与与杠杆相关的财务困境所带来的好处。
Select one:a. Correctb. Incorrect
选择一个：a. 正确 b. 不正确
According to the tradeoff theory, the total value of a levered firm equals the value of the firm without leverage plus the present value of the tax savings from debt, less the present value of financial distress costs.
根据权衡理论，杠杆公司的总价值等于无杠杆公司的价值加上债务带来的税收节省的现值，减去财务困境成本的现值。
Select one:a. Correctb. Incorrect
选择一个：a. 正确 b. 不正确
Because the assets of the firm might be more valuable if kept together, creditors seizing assets in a piecemeal fashion might destroy much of the remaining value of the firm
由于公司的资产如果保持在一起可能更有价值，债权人以零散的方式扣押资产可能会摧毁公司剩余价值的很大一部分
由于公司的资产如果保持在一起可能更有价值，债权人以零散的方式扣押资产可能会摧毁公司剩余价值的很大一部分
Select one: 选择一个: 选择一个:
a. Correct 正确 a. 正确
b. Incorrect 不正确 b. 不正确
Question 2 问题2 Correct 正确评分 1.00 / 1.00 1.00 / 1.00 1.00//1.00quad1.00 / 1.00 \quad Flag question ↾ ↾ ↾\upharpoonright 标记问题
问题 2 正确评分 1.00 / 1.00 1.00 / 1.00 1.00//1.00quad1.00 / 1.00 \quad 标记问题 ↾ ↾ ↾\upharpoonright
Debt holders can then take legal action against the firm to collect payment by seizing the firm’s assets.
债权人可以对公司采取法律行动，通过扣押公司的资产来收回款项。
债权人可以对公司采取法律行动，通过扣押公司的资产来收取付款。
Select one: 选择一个: 选择一个:
a. Correct 正确 a. 正确
b. Incorrect 不正确 b. 不正确
When a corporation becomes financially distressed, outside professionals, such as legal and accounting experts, consultants, appraisers, auctioneers, and others who are experienced in selling distressed assets, are generally hired.
当公司面临财务困境时，通常会聘请外部专业人士，如法律和会计专家、顾问、评估师、拍卖师以及其他在出售困境资产方面经验丰富的人士。
当公司面临财务困境时，通常会聘请外部专业人士，如法律和会计专家、顾问、评估师、拍卖师以及其他在出售困境资产方面经验丰富的人士。
Select one: 选择一个: 选择一个:
a. Correct 正确 a. 正确
b. Incorrect 不正确 b. 不正确
Question 4 问题 4 4 4quad4 \quad Correct 正确评分 1.00 / 1.00 1.00 / 1.00 1.00//1.00quad1.00 / 1.00 \quad Flag question ∇ ∇ grad\nabla 标记问题
问题 4 4 4 4quad4 \quad 正确评分 1.00 / 1.00 1.00 / 1.00 1.00//1.00quad1.00 / 1.00 \quad 标记问题 ∇ ∇ grad\nabla
To receive the full tax benefits of leverage, a firm needs to use 100% debt financing.
为了获得杠杆的全部税收优惠，企业需要使用 100%的债务融资。
为了获得杠杆的全部税收优惠，企业需要使用 100 % 100 % 100%100 \% 的债务融资。
Select one: 选择一个： 选择一个：
a. Correct 正确 a. 正确
b. Incorrect 不正确 b. 不正确
Correct 正确评分 1.00 / 1.00 ∣ 1.00 / 1.00 ∣ 1.00//1.00quad∣1.00 / 1.00 \quad \mid Flag question ↾ ↾ ↾\upharpoonright 标记问题
正确评分 1.00 / 1.00 ∣ 1.00 / 1.00 ∣ 1.00//1.00quad∣1.00 / 1.00 \quad \mid 标记问题 ↾ ↾ ↾\upharpoonright
If bankruptcy is costly, these costs might offset the tax advantages of debt financing.
如果破产成本高，这些成本可能会抵消债务融资的税收优势。

如果破产成本高，这些成本可能会抵消债务融资的税收优势。

Select one: 选择一个： 选择一个：
a. Correct 正确 a. 正确
b. Incorrect 不正确 b. 不正确
Question 6 问题6 Correct 正确评分 1.00 / 1.00 1.00 / 1.00 1.00//1.00quad1.00 / 1.00 \quad Fark 1.00 out of 1.00
问题 6 正确评分 1.00 / 1.00 1.00 / 1.00 1.00//1.00quad1.00 / 1.00 \quad Fark 1.00 满分 1.00
Although indirect costs of bankruptcy are difficult to measure accurately, they are typically much lower than the direct costs of bankruptcy.
尽管破产的间接成本难以准确衡量，但通常远低于破产的直接成本。
尽管破产的间接成本难以准确衡量，但通常远低于破产的直接成本。
Select one: 选择一个: 选择一个:
a. Correct 正确 a. 正确
）b. Incorrect 不正确 不正确
Question 7 问题 7
问题 7
Because many aspects of the bankruptcy process are independent of the size of the firm, the costs are typically higher, in percentage terms, for smaller firms.
由于破产过程的许多方面与公司的规模无关，因此小型公司的成本通常在百分比上更高。
由于破产过程的许多方面与公司的规模无关，因此小型公司的成本通常在百分比上更高。
Select one: 选择一个： 选择一个：
a. Correct 正确 a. 正确
b. Incorrect 不正确 b. 不正确
Question 8 问题 8 问题 8
Correct 正确评分 1.00 / 1.00 ⊩ 1.00 / 1.00 ⊩ 1.00//1.00quad⊩1.00 / 1.00 \quad \Vdash Flag question ↾ ↾ ↾\upharpoonright 标记问题
正确评分 1.00 / 1.00 ⊩ 1.00 / 1.00 ⊩ 1.00//1.00quad⊩1.00 / 1.00 \quad \Vdash 标记问题 ↾ ↾ ↾\upharpoonright
Suppliers may be unwilling to provide a firm with inventory if they fear they will not be paid.
供应商可能不愿意向公司提供库存，如果他们担心不会得到付款。
供应商可能不愿意向公司提供库存, 如果他们担心不会得到付款。
供应商可能不愿意向公司提供库存，如果他们担心不会得到付款。
Select one: 选择一个: 选择一个:
a. Correct 正确 a. 正确
b. Incorrect 不正确 b. 不正确
The loss of customers is likely to be large for producers of raw materials (such as sugar or aluminium), as the value of these goods, once delivered, depends on the seller’s continued success.
客户流失对原材料生产商（如糖或铝）的影响可能会很大，因为这些商品一旦交付，其价值取决于卖方的持续成功。
客户流失对原材料生产商（如糖或铝）的影响可能会很大，因为这些商品一旦交付，其价值取决于卖方的持续成功。
Select one: 选择一个： 选择一个：
a. Correct 正确 a. 正确
b. Incorrect 不正确 b. 不正确
Question 10 问题 10
问题 10
Correct 正确评分 1.00 / 1.00 Fark question ↾ 标记问题  Correct 正确评分  1.00 / 1.00  Fark question  ↾  标记问题  " Correct 正确评分 "1.00//1.00quad" Fark question "↾" 标记问题 "\text { Correct 正确评分 } 1.00 / 1.00 \quad \text { Fark question } \upharpoonright \text { 标记问题 }正确评分标记问题
The loss of key employees is negligible during periods of financial distress, as they expect to get a large compensation in case the company goes bankrupt.
在财务困境期间，关键员工的流失几乎可以忽略不计，因为他们预计在公司破产的情况下会获得丰厚的赔偿。
在财务困境期间，关键员工的流失几乎可以忽略不计，因为他们预计在公司破产的情况下会获得丰厚的赔偿。
Select one: 选择一个: 选择一个:
a. Correct 正确 a. 正确
b. Incorrect 不正确 b. 不正确
According to the tradeoff theory, the total value of a levered firm equals the value of the firm without leverage plus the present value of the tax savings from debt, less the present value of financial distress costs.
根据权衡理论，杠杆公司的总价值等于无杠杆公司的价值加上债务带来的税收节省的现值，减去财务困境成本的现值。
根据权衡理论，杜杆公司的总价值等于无杠杆公司的价值加上债务带来的税收节省的现值，减去财务困境成本的现值。
Select one: 选择一个: 选择一个:
a. Correct 正确 a. 正确
b. Incorrect 不正确 b. 不正确

ECOM144 Principles of Corporate Finance Problem Set 4
ECOM144 公司财务原理 习题集 4

  1. Pelamed Pharmaceuticals has EBIT of $ 325 $ 325 $325\$ 325 million in 2006. In addition, Pelamed has interest expenses of $ 125 $ 125 $125\$ 125 million and a corporate tax rate of 40%.
    Pelamed 制药在 2006 年的息税前利润（EBIT）为 $ 325 $ 325 $325\$ 325 百万。此外，Pelamed 的利息支出为 $ 125 $ 125 $125\$ 125 百万，企业税率为 40%。
    a) What is Pelamed’s 2006 net income?
    Pelamed 2006 年的净收入是多少？
    b) What is the total of Pelamed’s 2006 net income and interest payments?
    b) Pelamed 2006 年的净收入和利息支付总额是多少？
    c) If Pelamed had no interest expenses, what would its 2006 net income be?
    c) 如果 Pelamed 没有利息支出，那么它 2006 年的净收入将是多少？
How does it compare to your answer in part b?
它与您在 b 部分的答案相比如何？
d) What is the amount of Pelamed’s interest tax shield in 2006?
d) Pelamed 在 2006 年的利息税盾金额是多少？
2. Suppose the corporate tax rate is 40 % 40 % 40%40 \%. Consider a firm that earns $ 1000 $ 1000 $1000\$ 1000 before interest and taxes each year with no risk. The firm’s capital expenditures equal its depreciation expenses each year, and it will have no changes to its net working capital. The risk-free interest rate is 5 % 5 % 5%5 \%.
2. 假设企业税率为 40 % 40 % 40%40 \% 。考虑一家每年在无风险情况下赚取 $ 1000 $ 1000 $1000\$ 1000 的公司，税前利润。该公司的资本支出等于每年的折旧费用，并且其净营运资本不会发生变化。无风险利率为 5 % 5 % 5%5 \% 。
a) Suppose the firm has no debt and pays out its net income as a dividend each year. What is the value of the firm’s equity?
假设公司没有债务，每年将净收入作为股息支付。公司的股权价值是多少？
b) Suppose instead the firm makes interest payments of $ 500 $ 500 $500\$ 500 per year. What is the value of equity? What is the value of debt?
b) 假设公司每年支付利息 $ 500 $ 500 $500\$ 500 。股权的价值是多少？债务的价值是多少？
c) What is the difference between the total value of the firm with leverage and without leverage?
c) 带杠杆和不带杠杆的公司的总价值有什么区别？
d) The difference in part © is equal to what percentage of the value of the debt?
d) 部分©的差额占债务价值的百分比是多少？
3. Rally, Inc., is an all-equity firm with assets worth $ 25 $ 25 $25\$ 25 billion and 10 billion shares outstanding. Rally plans to borrow $ 10 $ 10 $10\$ 10 billion and use these funds to repurchase shares. The firm’s corporate tax rate is 35 % 35 % 35%35 \%, and Rally plans to keep its outstanding debt equal to $ 10 $ 10 $10\$ 10 billion permanently.
3. Rally, Inc. 是一家全股权公司，资产价值 $ 25 $ 25 $25\$ 25 亿，流通股为 100 亿股。Rally 计划借款 $ 10 $ 10 $10\$ 10 亿，并将这些资金用于回购股票。公司的企业税率为 35 % 35 % 35%35 \% ，Rally 计划将其流动债务永久保持在 $ 10 $ 10 $10\$ 10 亿。
a) Without the increase in leverage, what would Rally’s share price be?
a) 如果没有杠杆的增加，Rally 的股价会是多少？
b) What is the lowest price Rally can offer and have shareholders tender their shares? What will its stock price be after the share repurchase in that case?
b) Rally 可以提供的最低价格是多少，以便股东愿意出让他们的股份？在这种情况下，回购股份后其股票价格将是多少？
c) Suppose Rally offers $ 3.00 $ 3.00 $3.00\$ 3.00 per share, and shareholders tender their shares at this price. What will Rally’s share price be after the repurchase?
c) 假设 Rally 以每股 $ 3.00 $ 3.00 $3.00\$ 3.00 的价格报价，股东以此价格出售他们的股份。那么 Rally 的股价在回购后将是多少？
4. Markum Enterprises is considering permanently adding $ 100 $ 100 $100\$ 100 million of debt to its capital structure. Markum’s corporate tax rate is 35 % 35 % 35%35 \%.
4. Markum Enterprises 正在考虑将 $ 100 $ 100 $100\$ 100 百万美元的债务永久性地添加到其资本结构中。Markum 的公司税率为 35 % 35 % 35%35 \% 。
a) Absent personal taxes, what is the value of the interest tax shield from the new debt?
a) 在没有个人税的情况下，新债务的利息税盾的价值是多少？
b) If investors pay a tax rate of 40 % 40 % 40%40 \% on interest income, and a tax rate of 20 % 20 % 20%20 \% on income from dividends and capital gains, what is the value of the interest tax shield from the new debt?
b) 如果投资者对利息收入的税率为 40 % 40 % 40%40 \% ，对股息和资本利得的收入税率为 20 % 20 % 20%20 \% ，那么新债务的利息税盾的价值是多少？
5. Rogot Instruments makes fine violins and cellos. It has $ 1 $ 1 $1\$ 1 million in debt outstanding, equity valued at $ 2 $ 2 $2\$ 2 million, and pays corporate income tax at a rate of 21 % 21 % 21%21 \%. Its cost of equity is 12 % 12 % 12%12 \% and its cost of debt is 7 % 7 % 7%7 \%.
5. Rogot Instruments 制造精美的小提琴和大提琴。它有 $ 1 $ 1 $1\$ 1 百万的未偿债务，股权价值为 $ 2 $ 2 $2\$ 2 百万，企业所得税税率为 21 % 21 % 21%21 \% 。其股本成本为 12 % 12 % 12%12 \% ，债务成本为 7 % 7 % 7%7 \% 。
a) What is Rogot’s pre-tax WACC?
罗戈特的税前加权平均资本成本（WACC）是多少？
b) What is Rogot’s (effective after-tax) WACC?
b) Rogot 的（税后有效）加权平均资本成本（WACC）是多少？

Solution 解决方案

  1. Pelamed Pharmaceuticals has EBIT of $ 325 $ 325 $325\$ 325 million in 2006. In addition, Pelamed has interest expenses of $ 125 $ 125 $125\$ 125 million and a corporate tax rate of 40%.
    Pelamed 制药在 2006 年的息税前利润（EBIT）为 $ 325 $ 325 $325\$ 325 百万。此外，Pelamed 的利息支出为 $ 125 $ 125 $125\$ 125 百万，企业税率为 40%。
    a) What is Pelamed’s 2006 net income?
    Pelamed 2006 年的净收入是多少？
N I = ( 325 − 125 ) ( 1 − 0.4 ) = $ 120 m N I = ( 325 − 125 ) ( 1 − 0.4 ) = $ 120 m NI=(325-125)(1-0.4)=$120 mN I=(325-125)(1-0.4)=\$ 120 m
b) What is the total of Pelamed’s 2006 net income and interest payments?
b) Pelamed 2006 年的净收入和利息支付总额是多少？
N I + Interest = 120 m + $ 125 m = $ 245 m N I +  Interest  = 120 m + $ 125 m = $ 245 m NI+" Interest "=120 m+$125 m=$245 mN I+\text { Interest }=120 m+\$ 125 m=\$ 245 m
c) If Pelamed had no interest expenses, what would its 2006 net income be? How does it compare to your answer in part b?
c) 如果 Pelamed 没有利息支出，那么它 2006 年的净收入将是多少？这与你在 b 部分的答案相比如何？
N I = 325 ( 1 − 0.4 ) = $ 195 m N I = 325 ( 1 − 0.4 ) = $ 195 m NI=325(1-0.4)=$195 mN I=325(1-0.4)=\$ 195 m
This is $ 50 m $ 50 m $50m\$ 50 \mathrm{~m} lower than in part b).
这比部分 b)低 $ 50 m $ 50 m $50m\$ 50 \mathrm{~m} 。
d) What is the amount of Pelamed’s interest tax shield in 2006?
d) Pelamed 在 2006 年的利息税盾金额是多少？
Taxshild = 0.4 × $ 125 m = $ 50 m  Taxshild  = 0.4 × $ 125 m = $ 50 m " Taxshild "=0.4 xx$125 m=$50 m\text { Taxshild }=0.4 \times \$ 125 m=\$ 50 m
  1. Suppose the corporate tax rate is 40 % 40 % 40%40 \%. Consider a firm that earns $ 1000 $ 1000 $1000\$ 1000 before interest and taxes each year with no risk. The firm’s capital expenditures equal its depreciation expenses each year, and it will have no changes to its net working capital. The risk-free interest rate is 5 % 5 % 5%5 \%.
    假设企业税率为 40 % 40 % 40%40 \% 。考虑一家每年在无风险情况下赚取 $ 1000 $ 1000 $1000\$ 1000 的公司，税前利润和利息。该公司的资本支出等于每年的折旧费用，并且其净营运资本不会发生变化。无风险利率为 5 % 5 % 5%5 \% 。
    a) Suppose the firm has no debt and pays out its net income as a dividend each year. What is the value of the firm’s equity?
    假设公司没有债务，每年将净收入作为股息支付。公司的股权价值是多少？
N I = ( 1 − 0.4 ) 1000 = 600 N I = ( 1 − 0.4 ) 1000 = 600 NI=(1-0.4)1000=600N I=(1-0.4) 1000=600
Thus, equity holders receive dividends of $ 600 $ 600 $600\$ 600 per year with no risk.
因此，股东每年获得 $ 600 $ 600 $600\$ 600 的股息，且没有风险。
E = $ 600 0.05 = $ 12 , 000 E = $ 600 0.05 = $ 12 , 000 E=($600)/(0.05)=$12,000E=\frac{\$ 600}{0.05}=\$ 12,000
b) Suppose instead the firm makes interest payments of $ 500 $ 500 $500\$ 500 per year. What is the value of equity? What is the value of debt?
b) 假设公司每年支付利息 $ 500 $ 500 $500\$ 500 。股权的价值是多少？债务的价值是多少？
D = 500 0.05 = 10 , 000 N I = ( 1 − 0.4 ) ( 1000 − 500 ) = 300 E = $ 300 0.05 = $ 6 , 000 D = 500 0.05 = 10 , 000 N I = ( 1 − 0.4 ) ( 1000 − 500 ) = 300 E = $ 300 0.05 = $ 6 , 000 {:[D=(500)/(0.05)=10","000],[NI=(1-0.4)(1000-500)=300],[E=($300)/(0.05)=$6","000]:}\begin{gathered} D=\frac{500}{0.05}=10,000 \\ N I=(1-0.4)(1000-500)=300 \\ E=\frac{\$ 300}{0.05}=\$ 6,000 \end{gathered}
c) What is the difference between the total value of the firm with leverage and without leverage?
c) 带杠杆和不带杠杆的公司的总价值有什么区别？
Without leverage the firm value is: $ 12 , 000 $ 12 , 000 $12,000\$ 12,000
没有杠杆的公司价值为： $ 12 , 000 $ 12 , 000 $12,000\$ 12,000
With leverage: $ 10 , 000 + $ 6 , 000 = $ 16 , 000 $ 10 , 000 + $ 6 , 000 = $ 16 , 000 $10,000+$6,000=$16,000\$ 10,000+\$ 6,000=\$ 16,000 带杠杆： $ 10 , 000 + $ 6 , 000 = $ 16 , 000 $ 10 , 000 + $ 6 , 000 = $ 16 , 000 $10,000+$6,000=$16,000\$ 10,000+\$ 6,000=\$ 16,000
The difference is $ 4 , 000 $ 4 , 000 $4,000\$ 4,000
差异是 $ 4 , 000 $ 4 , 000 $4,000\$ 4,000
d) The difference in part © is equal to what percentage of the value of the debt?
d) 部分©的差额占债务价值的百分比是多少？
4 , 000 10 , 000 = 0.4 = corporate tax rate 4 , 000 10 , 000 = 0.4 =  corporate tax rate  (4,000)/(10,000)=0.4=" corporate tax rate "\frac{4,000}{10,000}=0.4=\text { corporate tax rate }
Did you expect that? 你期待吗？
3. Rally, Inc., is an all-equity firm with assets worth $ 25 $ 25 $25\$ 25 billion and 10 billion shares outstanding. Rally plans to borrow $ 10 $ 10 $10\$ 10 billion and use these funds to repurchase shares. The firm’s corporate tax rate is 35 % 35 % 35%35 \%, and Rally plans to keep its outstanding debt equal to $ 10 $ 10 $10\$ 10 billion permanently.
3. Rally, Inc. 是一家全股权公司，资产价值 $ 25 $ 25 $25\$ 25 亿，流通股为 100 亿股。Rally 计划借款 $ 10 $ 10 $10\$ 10 亿，并将这些资金用于回购股票。公司的企业税率为 35 % 35 % 35%35 \%