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ACCA FM知识点：莫迪利亚尼和米勒的含税模型存在的问题

文章来源：ACCA全球官网

发布时间：2021-11-26 11:27

阅读：542次

公司的资本结构是指公司用于为其资产融资的股权和债务融资的混合。一些公司可能是全股权融资，根本没有债务，而其他公司可能拥有低水平的股权和高水平的债务。股权和债务资本混合的决定称为融资决策。上文我们介绍了Modigliani and Miller’s with-tax model，本文我们继续讲解莫迪利亚尼和米勒的含税模型存在的问题。

Market imperfections

There is clearly a problem with Modigliani and Miller’s with-tax model,because companies’capital structures are not almost entirely made up of debt.Companies are discouraged from following this recommended approach because of the existence of factors like bankruptcy costs,agency costs and tax exhaustion.All factors which Modigliani and Miller failed to take in account.

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Bankruptcy costs

Modigliani and Miller assumed perfect capital markets;therefore,a company would always be able to raise funding and avoid bankruptcy.In the real world,a major disadvantage of a company taking on high levels of debt is that there is a significant possibility of the company defaulting on its increased interest payments and hence being declared bankrupt.If shareholders and debt-holders become concerned about the possibility of bankruptcy risk,they will need to be compensated for this additional risk.Therefore,the cost of equity and the cost of debt will increase,WACC will increase and the share price reduces.It is interesting to note that shareholders suffer a higher degree of bankruptcy risk as they come last in the creditors’hierarchy on liquidation.

If this with-tax model is modified to take into account the existence of bankruptcy risks at high levels of gearing,then an optimal capital structure emerges which is considerably below the 99.99%level of debt previously recommended.

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