資本構造의 理論 = The theory of capital structure
저자
具孟會 (釜山大學校 商科大學)
발행기관
釜山大學校(Research Institute for Management & Economy, Pusan National University)
학술지명
권호사항
발행연도
1983
작성언어
Korean
KDC
320.4
자료형태
학술저널
수록면
63-96(34쪽)
제공처
소장기관
F. Modigliani and M. H. Miller(MM), in their outstanding papers of 1958 and 1963, stated the relationship between the behavior of the cost of capital and the value of a firm throughout all degrees of financial leverage. MM made a formidable attack on the traditional view on the cost of capital, capital structure and the valuation of a firm by suggesting three propositions about ① the average cost of capital, ② the cost of equity and ③ the cutoff rate in investment decision. Based on the three propositions, the study of the cost of capital and capital structure has been one of the main topics by financial theorists up to 1970's. Even in the beginning of 1980's the study is still conducted.
It is no doubt that there are some limitations in proving MM's hypotheses. However, the reliability of MM's models based on the three propositions are still accepted as valid. Once we admit the assumptions of the perfect capital market and the constancy of cost of debt through all degrees of financial leverage, MM's models for ① the value of levered firm, ② the cost of equity funds and ③ the WACC do not present any inconsistency with those adjusted to the CAPM or to the personal income tax rate. And MM's average cost of capital can also be used as a cutoff rate in capital budgeting decisions.
The arguments on the validity for the WACC model are mainly caused by the failure to recognize fact that the different WACC models (output) can be derived from the different input factors in calculation. That is, each WACC model represents its unique characteristics according to the following input factors in derivation.
① the type of cash flow like the before-tax cash flow, the overall cash flow or the net operating cash flow
② whether or not MM's valuation model(V_(L) = V_(U) + tB) is adjusted to the WACC model
③ the adjustment of KU's valuation model(V_(L) = V_(U) + MITS) to the WACC model
④ the adjustment of the personal income tax rate to the WACC model
Each WACC after-tax is represented as a decreasing function of the financial leverage(B/V). That means the higher the financial leverage is, the lower the WACC after-tax is, which results in increase of the value of a levered firm. Such a functional relationship between the WACC after-tax and B/Vis also consistent in meaning with MM's valuation model of a levered firm, which presents the addition of the interest tax subsidy to the unleverd firm. Thus, the optimal capital structure can not exist theoretically if the irrational extreme level of fivancial leverage(B/V=1.0) is excluded. KU's models of a levered firm's valuation and the WACC are logically identical to the MM's. KU's models, however, removed MM's impractical hypotheses that the cost of debt is constant at all levels of financial leverage, and that all the firms should be the going-concern. Thus, KU's models are comprehended as the better tools in financial decisions in the sense that they are more contingent to the real financial situations. That is, the models have the higher flexibility in application, because they could be applied to every firm's valuation without limitation on the duration of business operation and the changes of debt costs.
There are two factors affecting the value of a levered firm, when a firm increases the financial leverage. One is the interest tax subsidy and the other is the cost of financial distress. When a firm gradually substitutes the debt for equity funds, the former adds the value of the firm at the amount of tB(MM) or MITS(KU), whereas the latter reduces the firm's value as represented in the following models.
MM: V_(L) = V_(U) + tB - FD
KU: V_(L) = V_(U) + MITS -FD
FD = the cost of financial distress
If a firm increase step by step the financial leverage(B/V) up to 1.0 from 0.0, the cost of financial distress gradually carries the heavier weight (the reduction of a firm's value) than that of the interest tax subsidy (the addition of a firm's value). Thus, there should be a turning point of the value increasing trend in the range of 0.0< B/V <1.0 for a levered firm. That turning point of a firm's value is the indication of the optimal capital structure. That is, the capital structure composed at that turning point is the optimal capital structure which maximize the value of a firm.
There are some difficulties, however, in measuring the cost of financial distress for the valuation of a firm, because the cost is always affected by many related factors. They are ① the nature of industry, ② the size of business, ③ the management situation, ④ the economic situation at the time of measurement and ⑤ the degree of competition and other business environments. Therefore, the measurement of the cost of financial distress is possibly attained for a particular firm at a specific period by research.
However, it is concluded that the optimal capital structure can be surely explained by the counterbalance between the additional effect of the interest tax subsidy to the firm's value and the reduction effect of the firm's value due to the cost of financial distress.
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