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RISS 인기검색어
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- 저자 : 朴喜森 (검색결과 4 건)
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朴喜森 동국대학교 대학원 1985 大學院硏究論集-東國大學校 大學院 Vol.15 No.-
The valuation of a firm is dependent upon its expected earnings stream and the rate used to discount this stream or the cost of capital. Therefore, if capital structure is to affect value, it must do so by operating either on expected earnings or on the cost of capital, or both. In general, the debt increases expected earnings, at least so long as the firm does not use the debt up to the level of bancruptcy, because intrest is taxdeductble. There are two approaches to valuation: One is the net income approach (NI) and the other is the net operating approach(NOI). Under the NI approach to valuation, the interest rate and the cost of equity are both constant and independent of the capital structure. But the weighted average or overall cost of capital declines, with increased financial leverage, and thus, the totla value of the firm rises. Under the NOI approach, the cost of equity increases but the cost of debt, the weighted cost of capital, the total value of the firm all remain constant as financial leverage is changed. Two alternative views for the corporate capital structure have been advocated. One is the traditional view and the other is Modigliani-Miller(MM)view. The traditional view suggests that the average cost of capital declines rapidly with debt over a certain range and then begins to rise rapidly. The result is something approximating a V-shaped average cost of capital curve. And the value of a firm is maximized at the point of the lowest average cost of capital. Solomon revised this traditional view by suggesting that the average cost of capital surve is U-shaped rather than V-shaped. That is, the optimal capital structure would be decided within a range of financial leverage rather than any specific leverage level. According to MM, the average cost of capital is constant in a word with no taxes, but declines continuously with increases in debt when corporate income taxes are condidered. However, MM’s position has been strongly criticized on the limithe practicability of assumptions, that is, the assumptions of the arbitrage process, the perfect market, and the extreme leverage. It is, thus, concluded that MM’s view can not be fully accepted that there is at least an optimal capital structure which is decided not at a point but within a range of the financial leverage. It is because the operation of a firm would be a static and critical point of financial leverage.
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