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盧德煥 群山大學校 1984 論文集 Vol.8 No.-
To seek the firm's goal of maximizing shareholder wealth, financial managers should strive to maximize the market value per share and to minimize its cost capital. The theory of capital structure is, therefore, based on the valuation of a firm and the estimation of the cost of capital. A great deal of controversy has developed over whether or not the capital structure of a firm affects its cost of capital. Traditionalists argue that the firm can lower its cost of capital and increase the total value of the firm by the judicious use of leverage. MM(1958), on the other hand, argue that in the absence of taxes and other market imperfections, the total value of the firm and its cost of capital are independent of capital structure. But MM(1963) revised their theory by considering the effect of the corporate taxes. Financial managers can analyze the capital structure problem in an OPM going stockholders an option to buy back the firm at the maturity of the debt. As with any option, an increase in the variance of the associated asset will increase the value of the option. It is to the stockholders' advantage to increase variance, either by increasing the riskiness of the assets of the firm or by increasing the proportion of debt. Debtholders can protect themselves against this occurrence by imposing protective covenants. To a lesser extent, stockholders also need to protect themselves against the erosion of their position. The MM thesis depends upon supplies of capital protecting themselves against expropriation of value without compensation. This protection involves agency costs. Stockholders, who ultimately bear agency cost, have an incentive to see that it is efficient. Beyond some threshold, agency cost are likely to increase at an increasing rate with leverage. Like bankruptcy costs, agency costs may limit the amount of debt in an optimal capital structure. In choosing an appropriate capital structure, the financial managers should consider a number of factors. The more important of these capital structure determinants are growth rate of future sales, stability of future sales, competitive structure of the industry, asset structure of the firm, control position and attitudes toward risk of owners and managers and so on. Considering the above factors, financial manager can gain insight into capital structure appropriate to the firm through the following methods. These are analyzing the relationship between on EBIT and EPS for alternative methods of financing, a comparison of capital structure ratios for similar companies, regression studies and simulations, and discussions with investment analysts, investment bankers, and other lenders. The methods described above for analyzing the appropriate amount of leverage do not give an exact answer. In this way, the firm is able to obtain the capital structure most appropriate for its situation-the one it hopes will maximize the market price of the stock, all other factors hold constant.
노덕환 한국지역발전학회 2008 지역발전연구 Vol.7 No.2
Firms are increasingly recognizing the necessity of developing new products. New product(innovation), however, can fail. The key to successful innovation lies in developing better newproduct ideas and developing sound research and decision procedures at each of the newproductdevelopment process. The purpose of each stage is to decide whether the idea should be further developed or dropped. In this paper, especially, commercialization(product development, market testing, launching, sales planning and financing planning) is focused. Operating leverage and financial leverage refers to the use of fixed cost(fixed asset, debt) in an attempt to level up profitability. Both types of leverage affect the level and variability of the firm's aftertax earnings and, hence, the firm's overall risk and return. The higher the expected level of sales(or EBIT) assuming that it exceeds Breakeven point (or Financing breakeven point), the stronger the case that can be made for investing in fixed assets.(or debt financing)