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Munn Industrial Components currently finances its operations with 100% equity, but is considering changing its target capital structure to 70% equity and 30% debt. Munn has a large asset base, a 20% operating profit margin, and the average interest rate on debt is expected to be 6.0%. If Munn makes the change to its capital structure and EBIT is unchanged, what is most likely the impact on Munn’s net income and return on equity (ROE) respectively?

You should be able to figure out this question with logic (without having to use calculations). The interest expense associated with using debt represents a fixed cost that reduces net income. However, the lower net income value is spread over a smaller base of equity capital, serving to increase the ROE.

帮忙解释一下，偶不是这方面专家，如有错漏还请高手们指正 :-)fficeffice" />

The question is : what is most likely the impact on Munn’s net income and return on equity (ROE) respectively? 注意到 "most likely". 不是绝对的。

我想到两个证明方法如下，

方法1：（不精确的定性思考）

假定两家公司， ROE 相同，但公司1 有资产E，无负债。公司2有资产 0.7E，最初无负债，欲负债 0.3E。倒过来想，不考虑税收，假定0.7E 净资产上产生的收益率是 ROE，增加0.3E的债务，那么，利息率大于资产收益率的情况下，不会增进股东权益的，不会增加总的资产收益率的。但如果利息小于 ROE 就会增加股东权益，取得更高的股东权益。为了简化，这里没考虑负债的税盾作用。下边这种方法有个精确的计算，请参考。

方法2： --- 精确的定量计算

1.资本结构变化 E ==〉 0.7E+D(0.3E)

2.净利（NI）假定利息为I, 税率为 Rt，利息率为 Ri

I = 0.3E * Ri =0.3Ri*E

NI1 = EBIT(1-Rt)

NI2 = (EBIT - I) * (1 - Rt)

= EBIT（1-Rt） - I（1-Rt）

= NI1 - I（1-Rt） =NI1 - 0.3Ri*E(1-Rt)

3. ROE ROE1= NI1/E

ROE2=（NI1-0.3Ri*E*(1-Rt）)/0.7*E

= 10/7* ROE1 - 3Ri/7 *(1-Rt)

==〉当 ROE1 = Ri(1-Rt) 时， ROE2 = ROE1。

当 ROE1 < Ri(1-Rt) 时， ROE2 < ROE1。

当 ROE1 > Ri(1-Rt) 时， ROE2 > ROE1。

从上边这个等式可以看出，净资产收益率增减的临界值是 Ri(1-Rt). 这里边的 Ri(1-Rt)可以看作负债的融资成本，如果融资成本高于融资前的资产收益率，那么将损坏股东的权益价值，也就是降低了股本收益率（净资产收益率）。

“ You should be able to figure out this question with logic (without having to use calculations). The interest expense associated with using debt represents a fixed cost that reduces net income. However, the lower net income value is spread over a smaller base of equity capital, serving to increase the ROE. ”

对于本题来说，较高的经营利润率不能够推导出ROE高于负债融资成本的结论，本题同时也指出有很大的资产规模，（Munn has a large asset base, a 20% operating profit margin）。

如果理论上负债就一定能够增进股东权益（提高净资产收益率），我想这也有点太纵容高负债经营了吧 :-).