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1、ManagerialEconomicsChapter121NondebtTaxShieldsDeAngeloMasulis(1980)(DM)extendedMMMillerbyincludingothertaxshieldsbesidesinteresti.e.nondebttaxshields(NDTS).ExistenceofNDTS??taxableincome??probabilityofbeingabletouseallof
2、ITSe.g.ofNDTS:depreciationdepletionallowances?largeraresuchallowanceslessistheneedftheITS?lessisincentivetouseFL?DMfindthatsucha‘balancing’?KSvalueofdebt?exerciseoptionpaybondholdersclaimrestofVfstockholders.VVuFLFLVL=Vu
3、TBVL=VuTBPTINDTSVL=VuTBPTIPTI=personaltaximpactFig.124ManagerialEconomicsChapter123whereFLishighasisFDFIwilloccurthis=↓RAprod.=↓NOI=prob.iscompounded.Thiscan↑incentivetosearchfthose‘sideeffects’whichcanlikewisecompoundth
4、eprob.OperationalManagerialInefficienciesDuetoFDfirmmaytrytocompensatevia:layoffofpersonnellowerproductqualitylesstrainingfwkerslessspentonRDdecreaseofwkersafetyconditions.?‘...indertosurvivethefirmsacrificessomeimptanta
5、ctivitieswhichitnmallyundertakes...’(Pinchesp.354)butthismayonlybuytime!?FD??ks??P0BothdirectindirectcostsofFDmay?1020%ofV?firmswithgreaterprobabilityofFDwillbrowlessAgencyCosts(AC)AsFL?sACassociatedwithequity(ACE)?since
6、ownershipislessdilutedcostsofassuringthatmanagementpursuesownersinterestsdecreaseAsFL?sACassociatedwithdebt(ACD)?ACcanarisebetweensuppliersofcapital(principals)betweenthesemanagement(agents).(12.6)?unleveredfirmshaveACdu
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