clase 3

Estructura de CapitalEl valor de una empresa se define como la suma del valor de su deuda y del capital de los accionistasLa mezcla de deuda y el capital de los accionistas es un factor fundamental en el logro del objetivo de los accionistasV = B + S MAXIMIZAR EL VALOR DE LA EMPRESA

Es una de las reas ms complejas en la toma de decisiones financieras, debido a su interrelacin con otras variables financierasMalas decisiones pueden resultar en un alto costo de capital, lo que reducira el VPN de los proyectos de la empresaBuenas decisiones en el financiamiento de la empresa pueden reducir el costo de capital, aumentando el VPN de los proyectosEstructura de Capital

Tipo de Capital

BALANCE GENERALActivosPasivos circulantesPasivos de largo plazoCapital contable Acciones preferentes Acciones comunes Utilidades retenidas

De acuerdo con la teora financiera, cada empresa debe tener una estructura de capital meta, la cual minimiza su costo de capitalSin embargo, la teora todava no aporta una metodologa especfica para determinar la estructura ptima.La estructura debe balancear los beneficios y costos de la deudaTeora de la Estructura de Capital

El mayor beneficio del financiamiento con deuda es el escudo fiscal que proporciona la deducibilidad de los interesesLos costos de la deuda resultan de:El aumento de la probabilidad de quiebra debido a mayores obligacionesLos condicionantes impuestos por los acreedores.Los costos asociados con la informacin asimtricaSobreinversin, subinversin, u ordeamiento de la empresa

Factores que influyen en la estructura de capitalRiesgo de negocioPosicin fiscalFlexibilidad financieraActitudes administrativas

En general, se establece que el valor de mercado de una empresa se maximiza cuando el costo de capital se minimiza (tasa de descuento, o costo de fondos)Una primera aproximacin al valor de la empresa es:Estructura de Capital ptima

Estructura de capital ptima

Estructura de capital ptimaGrficamente

Ejemplo:Estructura de capital ptima

Costo de capital y Valor de la empresa para estructuras de capital alternativasFuente de capitalEstructura1Estructura 2Estructura3Deuda25%40%70%Capital contable75%60%30%WACC10%8%13%FE esperados anuales$20$20$20Valor de la empresa$200.0$250.0$153.8

Estructura de capital ptima

Chart1

0.1200

0.08250

0.125160

WACC

Valor

Deuda total / Activo total

WACC (%)

Valor empresa ($)

WACC & Valor de la empresa

Breakeven

EBIT at Various Levels of Quantity Sold

ItemVariable

Price/UnitP10QuantityTotalTotalTotalTotal

QuantityQSoldRevenueCostsFCVCEBIT

Variable Cost/UnitVC50.00.02,5002,5000.0(2,500)

Fixed CostsFC25005005,0005,0002,5002,5000.0

1,00010,0007,5002,5005,0002,500

1,50015,00010,0002,5007,5005,000

2,00020,00012,5002,50010,0007,500

2,50025,00015,0002,50012,50010,000

3,00030,00017,5002,50015,00012,500

Breakeven

025002500

500050002500

1000075002500

15000100002500

20000125002500

Brekeven

Total Revenue

Total Costs

Total FC

sales (posters)

revenue/costs ($)

OperLeverage

Effects of Operating Leverage on the Income Statement

Scenario 1Scenario 2Scenario 3

Sales DecreaseSales RemainSales Increase

10.0%Unchanged10.0%

Net Sales$630,000$700,000$770,000

Less: Variable Costs

(60% of Sales)378,000420,000462,000

Less: Fixed Costs200,000200,000200,000

EBIT52,00080,000108,000

Ebit DecreasesEbit Increases

35.0%35.0%

FinLeverage

Effects of Financial Leverage on the Income Statement


EBIT DcreaseSales RemainEBIT Increase

35.00%Unchanged35.00%

EBIT52,00080,000108,000

Less: Interest Expense20,00020,00020,000

EBT32,00060,00088,000

Less: Taxes (30%)9,60018,00026,400

Net Income$22,400$42,000$61,600

EPS (42,000 shares)$0.53$1.00$1.47

EPS DecreasesEPS Increases

46.67%46.67%

CombLeverage

Effects of Leverage on the Income StatementEffects of Combined Leverage on the Income Statement

Scenario 1Scenario 2Scenario 3Scenario 1Scenario 2Scenario 3

10% SalesSales Remain10% Sales10% SalesSales Remain10% Sales

DecreaseUnchangedIncreaseDecreaseUnchangedIncrease

Net Sales$630,000$700,000$770,000Net Sales$630,000$700,000$770,000

Less: Variable CostsLess: Variable Costs

(60% of Sales)378,000420,000462,000(60% of Sales)378,000420,000462,000

Less: Fixed Costs200,000200,000200,000Less: Fixed Costs200,000200,000200,000

EBIT52,00080,000108,000EBIT52,00080,000108,000

Less: Interest Expense20,00020,00020,000Less: Interest Expense20,00020,00020,000

EBT32,00060,00088,000EBT32,00060,00088,000

Less: Taxes (30%)9,60018,00026,400Less: Taxes (30%)9,60018,00026,400

Net Income$22,400$42,000$61,600Net Income$22,400$42,000$61,600

EPS (42,000 shares)$0.53$1.00$1.47


46.67%46.67%

DebtRatios

Debt Ratios for Selected Industries (1994-1995)

DebtTIEDebtTIE

Manufacturing:RatioRatioRetailing:RatioRatio

Books65%3.8Autos78%2.9

Computers58%3.0Restaurants68%2.9

Steel59%3.7Shoes60%3.5

Wholesaling:Services:

Furniture66%2.9Accounting52%6.6

Groceries68%2.6Advertising77%4.9

Hardware60%3.1Physicians70%2.7

Theory

Cost of Capital & Firm Value for Alternative Capital Structures

Source ofCapitalCapitalCapital

CapitalStructure 1Structure 2Structure 3Debt RatioWACCValue

Debt25%40%70%25%10%$200

Equity75%60%30%40%8%$250

WACC10%8%13%70%13%$160

Expected Future

Annual Cash Flows$20$20$20

Firm Value$200$250$160

Theory

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WACC

Value

Total Debt/Total Assets

WACC (%)

Firm Value ($)

WACC & Firm Value

Considera seleccionar la estructura que maximiza la UPA para un rango esperado de UAIIEl nfasis se da en maximizar la utilidad de los accionistas (UPA) Una debilidad de este enfoque es que la utilidad es el nico determinante de la maximizacin de la riquezaEl mtodo no considera de manera explcita el impacto del riesgoEl enfoque UPA-UAII

EjemploLa estructura de capital de JGS, se muestra en la siguiente tabla. Actualmente contempla solo capital contable, por lo tanto, la razn de deuda es de 0%El enfoque UPA-UAII

Breakeven


ItemVariable




Fixed CostsFC25005005,0005,0002,5002,5000.0

1,00010,0007,5002,5005,0002,500

1,50015,00010,0002,5007,5005,000

2,00020,00012,5002,50010,0007,500

2,50025,00015,0002,50012,50010,000

3,00030,00017,5002,50015,00012,500

Breakeven

025002500

500050002500

1000075002500

15000100002500

20000125002500

Brekeven

Total Revenue

Total Costs

Total FC

sales (posters)

revenue/costs ($)

OperLeverage




10.0%Unchanged10.0%

Net Sales$630,000$700,000$770,000


(60% of Sales)378,000420,000462,000

Less: Fixed Costs200,000200,000200,000

EBIT52,00080,000108,000


35.0%35.0%

FinLeverage





EBIT52,00080,000108,000


EBT32,00060,00088,000

Less: Taxes (30%)9,60018,00026,400

Net Income$22,400$42,000$61,600

EPS (42,000 shares)$0.53$1.00$1.47


46.67%46.67%

CombLeverage







(60% of Sales)378,000420,000462,000(60% of Sales)378,000420,000462,000


EBIT52,00080,000108,000EBIT52,00080,000108,000


EBT32,00060,00088,000EBT32,00060,00088,000



EPS (42,000 shares)$0.53$1.00$1.47


46.67%46.67%

DebtRatios


DebtTIEDebtTIE









Theory




Debt25%40%70%25%10%$200

Equity75%60%30%40%8%$250

WACC10%8%13%70%13%$160

Expected Future



Theory

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WACC

Value


WACC (%)

Firm Value ($)

WACC & Firm Value

EPS-EBIT

Estructura de capital actual de JGS

Deuda de largo plazo0.0

Acciones comunes (25,000 acciones)$500,000EBIT

Capital total (activos)$500,000Interest

EBT

T

NI

EPS

Podemos calcular coordenadas para valores de la UPA en funcin de la UAIIEl enfoque UPA-UAII

Breakeven


ItemVariable




Fixed CostsFC25005005,0005,0002,5002,5000.0

1,00010,0007,5002,5005,0002,500

1,50015,00010,0002,5007,5005,000

2,00020,00012,5002,50010,0007,500

2,50025,00015,0002,50012,50010,000

3,00030,00017,5002,50015,00012,500

Breakeven

025002500

500050002500

1000075002500

15000100002500

20000125002500

Brekeven

Total Revenue

Total Costs

Total FC

sales (posters)

revenue/costs ($)

OperLeverage




10.0%Unchanged10.0%

Net Sales$630,000$700,000$770,000


(60% of Sales)378,000420,000462,000

Less: Fixed Costs200,000200,000200,000

EBIT52,00080,000108,000


35.0%35.0%

FinLeverage





EBIT52,00080,000108,000


EBT32,00060,00088,000

Less: Taxes (30%)9,60018,00026,400

Net Income$22,400$42,000$61,600

EPS (42,000 shares)$0.53$1.00$1.47


46.67%46.67%

CombLeverage







(60% of Sales)378,000420,000462,000(60% of Sales)378,000420,000462,000


EBIT52,00080,000108,000EBIT52,00080,000108,000


EBT32,00060,00088,000EBT32,00060,00088,000



EPS (42,000 shares)$0.53$1.00$1.47


46.67%46.67%

DebtRatios


DebtTIEDebtTIE









Theory




Debt25%40%70%25%10%$200

Equity75%60%30%40%8%$250

WACC10%8%13%70%13%$160

Expected Future



Theory

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WACC

Value


WACC (%)

Firm Value ($)

WACC & Firm Value

EPS-EBIT

JGS Current Capital Structure40%

25,000

Long-term debt0.0UAII$100,000$200,000

Common stock (25,000 shares @ $20)$500,000Intereses0.00.0

Total Capital (assets)$500,000UAI$100,000$200,000

Impuestos$40,000$80,000

Utilidad neta$60,000$120,000

UPA$2.40$4.80

El enfoque UPA-UAIIJGS est considerando cambiar su estructura de capital, manteniendo el total de los $500,000

Breakeven


ItemVariable




Fixed CostsFC25005005,0005,0002,5002,5000.0

1,00010,0007,5002,5005,0002,500

1,50015,00010,0002,5007,5005,000

2,00020,00012,5002,50010,0007,500

2,50025,00015,0002,50012,50010,000

3,00030,00017,5002,50015,00012,500

Breakeven

Brekeven

Total Revenue

Total Costs

Total FC

sales (posters)

revenue/costs ($)

OperLeverage




10.0%Unchanged10.0%

Net Sales$630,000$700,000$770,000


(60% of Sales)378,000420,000462,000

Less: Fixed Costs200,000200,000200,000

EBIT52,00080,000108,000


35.0%35.0%

FinLeverage





EBIT52,00080,000108,000


EBT32,00060,00088,000

Less: Taxes (30%)9,60018,00026,400

Net Income$22,400$42,000$61,600

EPS (42,000 shares)$0.53$1.00$1.47


46.67%46.67%

CombLeverage







(60% of Sales)378,000420,000462,000(60% of Sales)378,000420,000462,000


EBIT52,00080,000108,000EBIT52,00080,000108,000


EBT32,00060,00088,000EBT32,00060,00088,000



EPS (42,000 shares)$0.53$1.00$1.47


46.67%46.67%

DebtRatios


DebtTIEDebtTIE









Theory




Debt25%40%70%25%10%$200

Equity75%60%30%40%8%$250

WACC10%8%13%70%13%$160

Expected Future



Theory

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WACC

Value


WACC (%)

Firm Value ($)

WACC & Firm Value

EPS-EBIT


25,000

Long-term debt0.0EBIT$100,000$200,000EBIT$100,000$200,000

Common stock (25,000 shares @ $20)$500,000Interest0.00.0EPS$2.40$4.80Estructura actual vs. estructuras alternativas

T0.00.0Razn de deudaActivo totalDeudaCapital contableTasa de inters (10%)Inters anual (%)Nm. de acciones

NI0.00.00%$500,0000.0$500,0000.0%0.025,000

EPS0.00.030%$500,000$150,000$350,00010.0%$15,00017,500

60%$500,000$300,000$200,00010.0%$30,00010,000

EPS-EBIT

EPS

EBIT ($)

EPS ($)

JSG's Zero Leverage Financing Plan

El enfoque UPA-UAII

Breakeven


ItemVariable




Fixed CostsFC25005005,0005,0002,5002,5000.0

1,00010,0007,5002,5005,0002,500

1,50015,00010,0002,5007,5005,000

2,00020,00012,5002,50010,0007,500

2,50025,00015,0002,50012,50010,000

3,00030,00017,5002,50015,00012,500

Breakeven

Brekeven

Total Revenue

Total Costs

Total FC

sales (posters)

revenue/costs ($)

OperLeverage




10.0%Unchanged10.0%

Net Sales$630,000$700,000$770,000


(60% of Sales)378,000420,000462,000

Less: Fixed Costs200,000200,000200,000

EBIT52,00080,000108,000


35.0%35.0%

FinLeverage





EBIT52,00080,000108,000


EBT32,00060,00088,000

Less: Taxes (30%)9,60018,00026,400

Net Income$22,400$42,000$61,600

EPS (42,000 shares)$0.53$1.00$1.47


46.67%46.67%

CombLeverage







(60% of Sales)378,000420,000462,000(60% of Sales)378,000420,000462,000


EBIT52,00080,000108,000EBIT52,00080,000108,000


EBT32,00060,00088,000EBT32,00060,00088,000



EPS (42,000 shares)$0.53$1.00$1.47


46.67%46.67%

DebtRatios


DebtTIEDebtTIE









Theory




Debt25%40%70%25%10%$200

Equity75%60%30%40%8%$250

WACC10%8%13%70%13%$160

Expected Future



Theory

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WACC

Value


WACC (%)

Firm Value ($)

WACC & Firm Value

EPS-EBIT


25,000tax rate34%Estructura de capital

Long-term debt0.0EBIT$100,000$200,000EBIT$100,000$200,000Razn de deuda 30%Razn de deuda 60%

Common stock (25,000 shares @ $20)$500,000Interest0.00.0EPS$2.40$4.80JSG's Alternative Current and Alternative Capital StructuresUAII$100,000$200,000$100,000$200,000

Total Capital (assets)$500,000EBT$100,000$200,000Intereses$15,000$15,000$30,000$30,000

T$40,000$80,000Debt RatioTotal AssetsDebtEquityInt. Rate (%)Annual Int. ($)No. of SharesUAI$85,000$185,000$70,000$170,000

NI$60,000$120,0000%$500,0000.0$500,0000.0%0.025,000Impuestos$28,900$62,900$17,170$51,170

EPS$2.40$4.8030%$500,000$150,000$350,00010.0%$15,00017,500Utilidad neta$56,100$122,100$52,830$118,830

60%$500,000$300,000$200,00016.5%$49,50010,000UPA$3.21$6.98$5.28$11.88

EPS-EBIT

EPS

EBIT ($)

EPS ($)


Anlisis UPA-UAII

Eleccin de la Estructura de capital ptimaSi suponemos que todas las utilidades son pagadas como dividendos, podemos usar el modelo de crecimiento cero [P0 = UPA/ke] para estimar el valor de las acciones:

Breakeven


ItemVariable




Fixed CostsFC25005005,0005,0002,5002,5000.0

1,00010,0007,5002,5005,0002,500

1,50015,00010,0002,5007,5005,000

2,00020,00012,5002,50010,0007,500

2,50025,00015,0002,50012,50010,000

3,00030,00017,5002,50015,00012,500

Breakeven

025002500

500050002500

1000075002500

15000100002500

20000125002500

Brekeven

Total Revenue

Total Costs

Total FC

sales (posters)

revenue/costs ($)

OperLeverage




10.0%Unchanged10.0%

Net Sales$630,000$700,000$770,000


(60% of Sales)378,000420,000462,000

Less: Fixed Costs200,000200,000200,000

EBIT52,00080,000108,000


35.0%35.0%

FinLeverage





EBIT52,00080,000108,000


EBT32,00060,00088,000

Less: Taxes (30%)9,60018,00026,400

Net Income$22,400$42,000$61,600

EPS (42,000 shares)$0.53$1.00$1.47


46.67%46.67%

CombLeverage







(60% of Sales)378,000420,000462,000(60% of Sales)378,000420,000462,000


EBIT52,00080,000108,000EBIT52,00080,000108,000


EBT32,00060,00088,000EBT32,00060,00088,000



EPS (42,000 shares)$0.53$1.00$1.47


46.67%46.67%

DebtRatios


DebtTIEDebtTIE









Theory




Debt25%40%70%25%10%$200

Equity75%60%30%40%8%$250

WACC10%8%13%70%13%$160

Expected Future



Theory

0.1200

0.08250

0.125160

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WACC

Value


WACC (%)

Firm Value ($)

WACC & Firm Value

EPS-EBIT


25,000tax rate40%Capital Structure

Long-term debt0.0EBIT0.0$100,000$200,000EBIT$100,000$200,00030% Debt Ratio60% Debt Ratio

Common stock (25,000 shares @ $20)$500,000Interest0.00.00.0EPS$2.40$4.80JSG's Alternative Current and Alternative Capital StructuresEBIT0.0$100,000$200,0000.0$100,000$200,000

Total Capital (assets)$500,000EBT0.0$100,000$200,000Interest$15,000$15,000$15,000$49,500$49,500$49,500EBITEPS (0% Debt)EPS (30% Debt)EPS (60% Debt)

T0.0$40,000$80,000Debt RatioTotal AssetsDebtEquityInt. Rate (%)Annual Int. ($)No. of SharesEBT$(15,000)$85,000$185,000$(49,500)$50,500$150,5000.00.0$(0.51)$(2.97)

NI0.0$60,000$120,0000%$500,0000.0$500,0000.0%0.025,000T$(6,000)$34,000$74,000$(19,800)$20,200$60,200$100,000$2.40$2.91$3.03

EPS0.0$2.40$4.8030%$500,000$150,000$350,00010.0%$15,00017,500NI$(9,000)$51,000$111,000$(29,700)$30,300$90,300$200,000$4.80$6.34$9.03

60%$500,000$300,000$200,00016.5%$49,50010,000EPS$(0.51)$2.91$6.34$(2.97)$3.03$9.03

EPS-EBIT

0

0

EPS

EBIT ($)

EPS ($)


OptCapStr

000

000

000

EPS (0% Debt)

EPS (30% Debt)

EPS (60% Debt)

EBIT($)

EPS($)

EPS-EBIT Analysis

Razn de deudaUPA esperadaRendimiento requeridoPrecio accin

0%$2.4011.5%$20.87

10%$2.5511.7%$21.79

20%$2.7212.1%$22.48

30%$2.9112.5%$23.28

40%$3.1214.0%$22.29

50%$3.1816.5%$19.27

60%$3.0319.0%$15.95

Eleccin de la Estructura de capital ptima

Chart1

2.420.8695652174

2.5521.7948717949

2.7222.479338843

2.9123.28

3.1222.2857142857

3.1819.2727272727

3.0315.9473684211

UPA

precio accin

razn de deuda

UPA

precio accin

Sheet1

Razn de deudaUPA esperadaPrecio accinrend.

requerido

0%$2.40$20.8711.5%

10%$2.55$21.7911.7%

20%$2.72$22.4812.1%

30%$2.91$23.2812.5%

40%$3.12$22.2914.0%

50%$3.18$19.2716.5%

60%$3.03$15.9519.00%

Sheet1

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UPA

precio accin

razn de deuda

UPA

precio accin

Sheet2

Sheet3

El apalancamiento resulta del uso de costos fijos para incrementar los rendimientos de la empresaGeneralmente, un mayor apalancamiento implica un aumento en el riesgo y rendimientoEl nivel de apalancamiento en la estructura de capital de la empresa, puede afectar significativamente su riesgo y rendimientoApalancamiento

ApalancamientoOperativoFinancieroTotal

Apalancamiento operativoPunto de equilibrio operativoCuando la utilidad operativa = 0

Apalancamiento operativoExistencia de costos operativos fijos

Grado de apalancamiento operativo (GAO)

Apalancamiento operativoEjemplo:Las ventas de una empresa son $8,100, los costos fijos operativos $2,500, el precio de venta unitario $10 y los costos variables unitarios $5

El punto de equilibrio es:

El GAO es:5001,4

Apalancamiento operativoIngresosCosto total operativoprdidaPto. equilibriooperativoutilidadUnidades vendidas

Chart6

025002500

50027502500

100030002500

150032502500

200035002500

250037502500

300040002500

350042502500

400045002500

450047502500

500050002500

550052502500

600055002500

650057502500

700060002500

750062502500

800065002500

850067502500

900070002500

950072502500

1000075002500

1050077502500

1100080002500

1150082502500

1200085002500

1250087502500

1300090002500

1350092502500

1400095002500

1450097502500

15000100002500

I

CT

Sheet1

Razn de deudaUPA esperadaPrecio accinrend.

requerido

0%$2.40$20.8711.5%

10%$2.55$21.7911.7%

20%$2.72$22.4812.1%

30%$2.91$23.2812.5%

40%$3.12$22.2914.0%

50%$3.18$19.2716.5%

60%$3.03$15.9519.00%

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UPA

precio accin

razn de deuda

UPA

precio accin

Sheet2

Example: Omnibus Posters has fixed operating costs of $2,500, a sales price of $10 per poster, and variable costs of $5 per poster. Find the OBP.

CF2500QUAIIICT

precio100(2,500.00)0.02,500.002500

cv550(2,250.00)500.002,750.002500

100(2,000.00)1,000.003,000.002500

Q500150(1,750.00)1,500.003,250.002500

200(1,500.00)2,000.003,500.002500

250(1,250.00)2,500.003,750.002500

300(1,000.00)3,000.004,000.002500

350(750.00)3,500.004,250.002500

400(500.00)4,000.004,500.002500

450(250.00)4,500.004,750.002500

5000.05,000.005,000.002500

550250.005,500.005,250.002500

600500.006,000.005,500.002500

650750.006,500.005,750.002500

7001,000.007,000.006,000.002500

7501,250.007,500.006,250.002500

8001,500.008,000.006,500.002500

8501,750.008,500.006,750.002500

9002,000.009,000.007,000.002500

9502,250.009,500.007,250.002500

10002,500.0010,000.007,500.002500

10502,750.0010,500.007,750.002500

11003,000.0011,000.008,000.002500

11503,250.0011,500.008,250.002500

12003,500.0012,000.008,500.002500

12503,750.0012,500.008,750.002500

13004,000.0013,000.009,000.002500

13504,250.0013,500.009,250.002500

14004,500.0014,000.009,500.002500

14504,750.0014,500.009,750.002500

15005,000.0015,000.0010,000.002500

Sheet2

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Sheet3

Apalancamiento financieroPunto de equilibrio financieroCuando la UPA = 0

Apalancamiento financieroExistencia de costos financieros fijos

Grado de apalancamiento financiero (GAF)

Apalancamiento Financiero, Utilidad por Accin, y Rendimiento sobre Capital ActualActivos$20,000Deuda$0Capital Accionario$20,000Razn Deuda a Capital0.00Tasa de Intersn/aAcciones400Precio de Acciones$50Propuesto$20,000$8,000$12,0002/38%240$50Supongamos que tenemos una empresa que tiene solo capital accionario (Con quizs algunos accionistas que quieren vender)

UPA y Rend. Sobre Patrimonio bajo la Estructura de Capital ActualRecesinEsperadoExpansinUAII$1,000$2,000$3,000Inters000Utilidad Neta$1,000$2,000$3,000UPA$2.50$5.00$7.50Rend. a Activos5%10%15%Rend. a Patrimonio5%10%15%

Acciones Actuales = 400 acciones

UPA y Rend. Sobre Patrimonio bajo la Estructura de Capital PropuestaRecesinEsperadoExpansinUAII$1,000$2,000$3,000Interes640640640Utilidad Neta$360$1,360$2,360UPA$1.50$5.67$9.83Rend. Sobre Activos5%10%15%Rend. Sobre Patrimonio3%11%20%

Acciones Propuestas = 240 acciones

UPA y Rend sobre Patrimonio bajo ambas estructuras de capitalApalancadaRecesinEsperadoExpansinUAII$1,000$2,000$3,000Interes640640640Utilidad Neta$360$1,360$2,360UPA$1.50$5.67$9.83Rend. sobre Activos5%10%15%Rend. Sobre Patrimonio3%11%20%Acciones Comunes Propuestas = 240 accionesTodo Capital AccionarioRecesinEsperadoExpansinUAII$1,000$2,000$3,000Interes000Utilidad Neta$1,000$2,000$3,000UPA$2.50$5.00$7.50Rend sobre Activos5%10%15%Rend sobre Patrimonio5%10%15%Acciones Comunes = 400 acciones

Apalancamiento Financiero y UPA(2.00)0.002.004.006.008.0010.0012.001,0002,0003,000UPADeudaNo DeudaPunto de Equilibrio UAII en pesos, no impuestosVentaja de DeudaDesventaja de Deuda

Apalancamiento totalApalancamiento totalExistencia de costos fijos, tanto operativos como financierosGrado de apalancamiento total (GAT)

*Los cambios en la estructura de capital de la empresa slo beneficiarn a los accionistas si incrementan el valor de la empresa

***Estructura de capital metaMezcla de deudas y capital contable con que la empresa planea financiar sus inversionesPoltica de estructura de capitalImplica un intercambio entre riesgo y rendimientoEstructura ptimaAquella que genera equilibrio entre el riesgo y el rendimiento para el logro de la meta final, consistente en la maximizacin del valor de la empresaEl lado derecho de un balance general denota su estructura financiera. Por lo tanto, la estructura financiera incluye los pasivos circulantes ms las deudas a largo plazo y el capital contable de la empresa (todo aquello que se usa para financiar los activos. Una empresa tiene opcin de elegir entre dos instrumentos bsicos de financiamiento: deuda y capital. Hay cuatro caractersticas distintivas:Vencimiento. Las deudas tienen vencimiento, deben ser liquidadas en alguna fecha especfica. El capital no tiene fecha de vencimiento.Derechos sobre las utilidades. Existen tres aspectos de los derechos sobre las utilidades que distinguen el pasivo del capital:Prioridad en derecho. El derecho de los acreedores tiene prioridad sobre el derecho de los propietarios. Deben cubrirse primero todas las obligaciones a los acreedores y en algunos casos, los propietarios no pueden retirar utilidades si tales retiros ponen en peligro el derecho de prioridad de los acreedores.Seguridad en cuanto a derecho. Si la empresa prometi pagar intereses sobre la deuda, est obligada a pagarlos, sin importar el nivel de las utilidades. Los pagos de intereses son un cargo fijo.Monto del derecho. Los pagos de intereses estn limitados a cierta cantidad fija.Derechos sobre los activos. Los derechos de los acreedores sobre los activos tienen siempre prioridad sobre los propietariosDerecho a voto en la administracin. Los acreedores no tienen voto directo en la administracin de una empresa

*Allowing companies to deduct interest payments when computing taxable income lowers the amount of corporate taxes.This in turn increases firm cash flows and makes more cash available to investors.In essence, the government is subsidizing the cost of debt financing relative to equity financing.The probability that debt obligations will lead to bankruptcy depends on the level of a companys business risk and financial risk.Business risk is the risk to the firm of being unable to cover operating costs.In general, the higher the firms fixed costs relative to variable costs, the greater the firms operating leverage and business risk.Business risk is also affected by revenue and cost stability.The firms capital structure - the mix between debt versus equity - directly impacts financial leverage.Financial leverage measures the extent to which a firm employs fixed cost financing sources such as debt and preferred stock.The greater a firms financial leverage, the greater will be its financial risk - the risk of being unable to meet its fixed interest and preferred stock dividends.When a firm borrows funds by issuing debt, the interest rate charged by lenders is based on the lenders assessment of the risk of the firms investments.After obtaining the loan, the firms stockholders and/or managers could use the funds to invest in riskier assets.If these high risk investments pay off, the stockholders benefit but the firms bondholders are locked in and are unable to share in this success.Agency Costs Imposed by LendersTo avoid this, lenders impose various monitoring costs on the firm.Examples would of these monitoring costs would:include raising the rate on future debt issues, denying future loan requests, imposing restrictive bond provisions.Asymmetric information results when managers of a firm have more information about operations and future prospects than do investors.Asymmetric information can impact the firms capital structure as follows:Suppose management has identified an extremely lucrative investment opportunity and needs to raise capital. Based on this opportunity, management believes its stock is undervalued since the investors have no information about the investment.In this case, management will raise the funds using debt since they believe/know the stock is undervalued (underpriced) given this information. In this case, the use of debt is viewed as a positive signal to investors regarding the firms prospects.On the other hand, if the outlook for the firm is poor, management will issue equity instead since they believe/know that the price of the firms stock is overvalued (overpriced). Issuing equity is therefore generally thought of as a negative signal.

*INFLUENCIA DE LA INDUSTRIA EN LA ESTRUCTURA FINANCIERALas industrias de la construccin y del comercio al mayoreo dependen ms del uso de PC para financiar sus activos. Las empresas de electricidad y gas representan a los usuarios de ms importancia de los pasivos a lp.ADECUACIN. Se refiere a la compatibilidad de los tipos de fondos usados con relacin a la naturaleza de los activos financiados. Como regla general, es conveniente financiar los activos permanentes, incluyendo los activos circulantes permanentes con fondos permanentes.RIESGO. El riesgo total de una empresa est compuesto por la variabilidad de las ventas (riesgo comercial), la palanca de operacin (riesgo de operacin) y la palanca financiera (riesgo financiero).El grado de variabilidad de las ventas que puede ser considerado como riesgo de negocio est determinado en su mayor parte por el sector industrial que eligi para operar. Esto es porque los cambios o movimientos en la actividad econmica influirn sobre la produccin y las ventas en algunas industrias ms que en otras. Las compaas que tienen una gran parte de su riesgo comercial explicada por el riesgo sistemtico (movimientos macroeconmicos) y tienen elevados ndices de riesgo sistemtico, por lo general emplean menor apalancamiento operativo y financiero.En muchos casos, una ca. no puede controlar su riesgo comercial, simplemente es el riesgo inherente de una inversin. En contraste, el riesgo financiero est determinado por la cantidad de deuda que tiene, una mayor deuda aumenta el riesgo financiero.***********Basic Shortcoming of EPS-EBIT AnalysisAlthough EPS maximization is generally good for the firms shareholders, the basic shortcoming of this method is that it does not necessary maximize shareholder wealth because it fails to consider risk.If shareholders did not require risk premiums (additional return) as the firm increased its use of debt, a strategy focusing on EPS maximization would work.Unfortunately, this is not the case.The following discussion will attempt to create a framework for making capital budgeting decisions that maximizes shareholder wealth -- i.e., considers both risk and return.Perhaps the best way to demonstrate this is through the following example:

*Assume that JSG is attempting to choose the best of several alternative capital structures -- specifically, debt ratios of 0, 10, 20, 30, 40, 50, and 60 percent. Furthermore, for each of these capital structures, the firm has estimated EPS, the CV of EPS, and required return

****APALANCAMIENTO OPERATIVO. Es la mezcla relativa de costos fijos y variables que se emplean para producir un bien o servicio.El apalancamiento operativo es importante a causa de su impacto sobre el riesgo de la inversin. El apalancamiento operativo afecta el riesgo total de un proyecto, tanto el diversificable como el no diversificable, por lo que afecta la beta del proyecto y por lo tanto el costo de capital.*Q=500GAO=2.61***The firm borrows $8,000 and buys back 160 shares at $50 per share.*****APALANCAMIENTO OPERATIVO. Es la mezcla relativa de costos fijos y variables que se emplean para producir un bien o servicio.El apalancamiento operativo es importante a causa de su impacto sobre el riesgo de la inversin. El apalancamiento operativo afecta el riesgo total de un proyecto, tanto el diversificable como el no diversificable, por lo que afecta la beta del proyecto y por lo tanto el costo de capital.

clase 3

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