破产成本与资本结构优化

Bankruptcy Cost and Capital Structure Optimization

在严格的假设条件下,M-M定理及其修正理论认为负债产生节税效应,因而负债率越高企业价值越大,企业应该尽可能多的负债。该理论的最大缺陷是没有考虑到由于债务上升,所引致破产增加的可能性。破产成本的存在,会部分或全部抵消财务杠杆的节税效应,企业的财务杠杆就会受到制约。因此,企业并不是负债率越高越好,而是应在于利息税收收益正好等于由此带来的破产成本和代理成本这一点上,在该点企业资本结构达到最优化。

It is hypothesized in MM theorem and its revision that liability produce tax deductibility effect, so the larger the debt rate is, the larger the corporate value. That is to say, corporations should have as much debt as possible. The biggest drawback of this theory lies in the fact that it does not consider the possibility of bankruptcy due to the increase of the debt. The existence of bankruptcy cost will partly or totally offset the tax deductibility effect. As a result, the corporate financial leverage will be restrained. So it does not mean that the higher the debt rate is, the better the corporation is. The capital structure of a company can be optimized only when a balance is struck between income interest tax, and the sum of bankruptcy cost and agency cost.