1 PEMBELANJAAN PERUSAHAAN LECTURE 6 – OPTIMUM CAPITAL STRUCTURE

PP/MB-IPB/10 2 Types of Capital

PP/MB-IPB/10 3 Capital Structure Theory Target capital structure  minimize its cost of capital. A firm’s optimal capital structure will just balance the benefits of debt financing against its costs.

PP/MB-IPB/10 4 Capital Structure Theory Benefit of debt financing  tax shield. The costs of debt financing result from the increased probability of bankruptcy caused by debt obligations, the increased probability of bankruptcy caused by debt obligations, the agency costs resulting from lenders monitoring the firm’s actions, and the agency costs resulting from lenders monitoring the firm’s actions, and the costs associated with the firm’s managers having more information about the firm’s prospects than do investors (asymmetric information). the costs associated with the firm’s managers having more information about the firm’s prospects than do investors (asymmetric information).

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