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Adada · 2021年10月14日

老师,我实在不理解static trade-off theory, 能否帮忙简单讲解一下?

NO.PZ2021091701000030

问题如下:

According to the static trade-off theory:

选项:

A.

debt should be used only as a last resort.

B.

companies have an optimal level of debt.

C.

the capital structure decision is irrelevant.

解释:

B is correct. The static trade-off theory indicates that there is a trade-off between the tax shield from interest on debt and the costs of financial distress, leading to an optimal amount of debt in a company’s capital structure.

老师,我实在不理解static trade-off theory, 能否帮忙简单讲解一下?

1 个答案
已采纳答案

lynn_品职助教 · 2021年10月21日

嗨,爱思考的PZer你好:


先介绍下MM理论:

无税的MM理论:企业的资金结构不会影响企业的价值和资金成本。

有税的MM理论:由于debt有抵税的效果,所以当debt最大时,企业价值最大。

有税的MM理论忽略了,随着企业借债的增多,企业破产风险也随之加大~

Static trade-off theory 介于有税和无税MM理论之间,并且考虑了企业的破产风险。理论认为,负债的抵税效果和企业的破产风险之间存在着一个最优的平衡点,可以达到企业价值最大化,并且这个点不是资产=100%负债的时候~

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