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ACCA FM知识点：Tax exhaustion

文章来源：ACCA全球官网

发布时间：2021-11-26 13:57

阅读：916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Agency costs，本文我们继续讲解Tax exhaustion。

Tax exhaustion

The fact that interest is tax-deductible means that as a company gears up,it generally reduces its tax bill.The tax relief on interest is called the tax shield–because as a company gears up,paying more interest,it shields more of its profits from corporate tax.The tax advantage enjoyed by debt over equity means that a company can reduce its WACC and increases its value by substituting debt for equity,providing that interest payments remain tax deductible.

However,as a company gears up,interest payments rise,and reach a point that they are equal to the profits from which they are to be deducted;therefore,any additional interest payments beyond this point will not receive any tax relief.

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This is the point where companies become tax-exhausted,ie interest payments are no longer tax deductible,as additional interest payments exceed profits and the cost of debt rises significantly from Kd(1-t)to Kd.Once this point is reached,debt loses its tax advantage and a company may restrict its level of gearing.

The WACC will initially fall,because the benefits of having a greater amount of cheaper debt outweigh the increase in cost of equity due to increasing financial risk.The WACC will continue to fall until it reaches its minimum value,ie the optimal capital structure represented by the point X.

Benefits of cheaper debt>increase in keg due to increasing financial risk

If the company continues to gear up,the WACC will then rise as the increase in financial risk/Keg outweighs the benefit of the cheaper debt.At very high levels of gearing,bankruptcy risk causes the cost of equity curve to rise at a steeper rate and also causes the cost of debt to start to rise.

Increase in Keg due to financial and bankruptcy risk>Benefits of cheaper debt

Shareholder wealth is affected by changing the level of gearing.There is an optimal gearing level at which WACC is minimised and the total value of the company is maximised.Financial managers have a duty to achieve and maintain this level of gearing.While we accept that the WACC is probably U-shaped for companies generally,we cannot precisely calculate the best gearing level(ie there is no analytical mechanism for finding the optimal capital structure).The optimum level will differ from one company to another and can only be found by trial and error.

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