TAILIEUCHUNG - Ebook Principles of corporate finance (11E): Part 2

(BQ) Part 2 book "Principles of corporate finance" has contents: Corporate finance, understanding options, valuing options, real options, the many different kinds of debt, managing risk, working capital management, financial planning, financial analysis,.and other contents. | pages 18 Part 5 Payout Policy and Capital Structure CHAPTER ● ● ● ● ● How Much Should a Corporation Borrow? I n Chapter 17 we found that debt policy rarely matters in wellfunctioning capital markets with no frictions or imperfections. Few financial managers would accept that conclusion as a practical guideline. If debt policy doesn’t matter, then they shouldn’t worry about it—financing decisions could be routine or erratic—it wouldn’t matter. Yet financial managers do worry about debt policy. This chapter explains why. If debt policy were completely irrelevant, then actual debt ratios should vary randomly from firm to firm and industry to industry. Yet in some industries, companies borrow much more heavily than in others. Look, for example, at Table . You can see that hotels and airlines are huge issuers of debt. On the other hand, high-tech businesses—such as biotech, software, and Internet companies—finance almost entirely with equity. Glamorous growth companies rarely use much debt despite rapid expansion and often heavy requirements for capital. The explanation of these patterns lies partly in the things we left out of the last chapter. We mostly ignored taxes. We assumed bankruptcy was cheap, quick, and painless. It isn’t, and there are costs associated with financial distress even if legal bankruptcy is ultimately avoided. We ignored potential conflicts of interest between the firm’s security holders. For example, we did not consider what happens to the firm’s “old” creditors when new debt is issued or when a shift in investment strategy takes the firm into a riskier business. We ignored the information problems that favor debt over equity when cash must be raised from new security issues. We ignored the incentive effects of financial leverage on management’s investment and payout decisions. Now we will put all these things back in: taxes first, then the costs of bankruptcy and financial distress. This will lead us to conflicts of .

• Tài chính doanh nghiệp
• Principles of corporate finance
• Corporate finance
• Corporate finance
• Understanding options
• Valuing options
• Real options
• Financial planning
• Financial analysis
• Working capital management
• Corporate restructuring
• Valuing bonds
• Efficient markets
• How corporations issue securities
• Payout policy
• Behavioral finance
• The value of common stocks
• The cost of capital
• Crporate restructuring
• Corporate Finance DeMYSTiFieD
• Corporate Finance Demystified 2 E
• Demystified 2 E
• basic principles
• The finance function
• capital markets
• Market efficiency
• Ratio analysis
• Long term finance
• Hybrid finance
• Investment appraisal methods
• Capital structure
• Dividend policy
• Capital budgeting
• Capital budgeting techniques
• The finance functioncapital markets
• Long term financeHybrid finance
• Incomplete records
• Accounts of clubs
• The conventional accounting model
• Financial reporting
• Cash flow statements
• Perceiving others
• Introducing social psychology
• Social cognition
• The self
• Social psychology
• Calculate present values
• Common stocks
• Performance measurement
• Managing international risks
• Investment appraisal
• The capital asset pricing model
• Risk management
• Financial statements analysis
• Financial models
• Interest rates
• Bond valuation
• Discounted cash flow valuation
• Stock valuation
• Efficient capital markets
• Behavioral challenges
• Dividends and other payouts
• Raising capital
• how to calculate present values
• the net present value rule
• making investment decisions
• other investment criteria
• onomic occurrences
• outline the economic
• economic enterprises
• macroeconomic
• financial operations
• business operations
• corporate governance
• business expenses
• financial statements
• financial ratios
• financial management
• finance
• manage
• financial risk
• currency
• Finance Decision
• Decision Structures
• Developing Finance Function
• The Principles of Investment
• Perfect Markets
• the Separation Theorem
• Conclusions
• Principles
• project risk
• project risk analysis
• evaluation of investment projects
• investment
• Micro ECON 5
• Principles of microeconomics
• Resource markets
• Labor markets
• Labor unions
• Transaction costs
• Asymmetric information
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