此外,提醒一下要注意Beta_unleverage=B_leverage/(1+D/E*(1-T)) 的背后关键假设:
1. The Hamada formula is based on Modigliani and Miller’s formulation of the tax shield values for constant debt, i.e. when the dollar amount of debt is constant over time. The formulas are not correct if the firm follows a constant leverage policy, i.e. debt capital remains at a constant percentage of equity capital, with continuous (the Harris-Pringle equation) or periodic (the Miles-Ezzell equation) rebalancing of the capital structure.
2. The beta of debt βD equals zero. This is the case if debt capital has negligible risk that interest and principal payments will not be made when owed, which implies that tax deductions on the interest expense will be realized in the period in which the interest is paid.
3. The discount rate used to calculate the tax shield is assumed to be equal to the cost of debt capital (thus, the tax shield has the same risk as debt). This and the constant debt assumptions imply that the value of the tax shield is proportionate to the market value of debt capital (i.e., Tax Shield = T×D).
http://en.wikipedia.org/wiki/Hamada%27s_equation