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PEMBELANJAAN PEMBELANJAAN PERUSAHAANPERUSAHAAN

PEMBELANJAAN PEMBELANJAAN PERUSAHAANPERUSAHAAN

LECTURE 6 – OPTIMUM LECTURE 6 – OPTIMUM CAPITAL STRUCTURECAPITAL STRUCTURE

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Types of CapitalTypes of Capital

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Capital Structure TheoryCapital Structure Theory

Target capitalTarget capital structurestructure minimizeminimize its cost of its cost of

capital.capital.

A firm’s optimal capital structure will just A firm’s optimal capital structure will just

balancebalance the benefits of debt financing against the benefits of debt financing against

its costs.its costs.

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Capital Structure TheoryCapital Structure Theory

Benefit of debt financing Benefit of debt financing tax shield. tax shield.

The costs of debt financing result fromThe costs of debt financing result from the increased the increased probability of bankruptcyprobability of bankruptcy caused by caused by

debt obligations,debt obligations, the the agency costsagency costs resulting from lenders monitoring resulting from lenders monitoring

the firm’s actions, andthe firm’s actions, and the costs associated with the firm’s managers having the costs associated with the firm’s managers having

more information about the firm’s prospects than do more information about the firm’s prospects than do investors (investors (asymmetric informationasymmetric information).).

PP/MB-IPB/10

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