TAILIEUCHUNG - Ebook Corporate finance: Part 2
(BQ) Part 2 book "Corporate finance" has contents: Corporate claims, capital structure and capital budgeting in a perfect market, more market imperfections influencing capital structure, proforma financial statements, capital structure dynamics, international finance,.and other contents. | Corporate Claims WHO OWNS WHAT? H ow should projects be financed? You have already encountered the two basic financing choices that firms have: Current firm owners can accept new limited partners, which they can accomplish by issuing equity (stock). Or they can borrow money, which they can accomplish by issuing debt (bonds), either to public lenders or private lenders (such as banks). However, there are also many other financial claims that firm owners can sell, most of which are hybrids of these two basic choices, debt and equity. In addition, there are other claims that arise in the conduct of business, such as accounts payable, pension obligations, and income taxes due. The capital structure is the sum total of all claims on the assets of the firms. Together, the claims represent the rights that own all the firm’s assets—they are the firm. In the first part of this chapter, you will learn about the basic choices that corporations have. It explains that you should think of a claim as a bundle of cash flow rights and control rights. The cash flow rights describe how much money the claims holders are supposed to receive. The control rights describe what claims holders can and cannot do, especially when they do not receive the cash flows originally promised to them. In the second part of this chapter, you will see how IBM’s capital structure evolved from 2001 to 2003. It will show you how complex real-world capital structures can be. THE BASIC BUILDING BLOCKS The corporate charter is the document that lays down the basics of the firm. It specifies who formally holds decision power, how the firm can engage in further contracts, how the charter can be amended, and so on. The corporate charter also addresses how the firm may be governed in the future. Together with the legal and regulatory framework in which it operates—which is jurisdiction dependent—the The firm’s charter sets up the governance of the firm. 541 542 CHAPTER 15 Even real estate owners do not fully own .
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