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| Topic: |
Business
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| Number of pages / Number of words: |
20 / 5572 |
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Considering all the factors just mentioned, the propositions can now reflect these new variables. The value of a firm can now be dealt with as the sum of the firms' value if it were all equity financed and the PV of the tax shield. In proposition III, Modigliani and Miller refine their hypothesis by introducing an important element of reality- that of inability to absorb interest tax shields due to non-availability of profits and the possibility of financial distress at extreme debt equity ratios...
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The cost of the firm in such a case the value of the firm is equal to the value of the all equity firm plus the PV of the tax shield on interest less the PV of costs of financial distress.
The figure above depicts how the trade off between costs of distress and tax benefits determines optimal capital structure...
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