Capital structure
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This document discusses capital structure, which refers to the mix of long-term financing sources like equity shares, preference shares, long-term loans, debentures, bonds, and retained earnings that comprise a firm's permanent capital. It defines capital structure according to various authors and distinguishes it from financial structure, which includes both long-term and short-term liabilities. The objectives of capital structure are to minimize the overall cost of capital and maximize firm value. Factors that determine an appropriate capital structure include profitability, solvency, flexibility, conservatism, control, and legal requirements.
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Capital structure
1. The document discusses capital structure, which refers to the mix of long-term financing sources like equity, debt, and retained earnings.
2. It provides definitions of capital structure and discusses factors that determine an optimal or appropriate capital structure, including profitability, risk, flexibility, and control.
3. An optimal capital structure maximizes firm value and minimizes average cost of capital, but this is difficult to achieve due to various conflicting considerations. The document examines various capital structure theories.
Capital structure theory
Capital structure refers to the combination of debt and equity that a company uses to finance its operations. It involves determining the appropriate mix of different types of securities like equity shares, preference shares, debentures, and long-term loans. An optimal capital structure maximizes the firm's value by minimizing its overall cost of capital. It provides the ideal balance between debt and equity financing.
50179134 capital-structure-analysis-of-bajaj-auto-ltd-thesis001
This document provides a capital structure analysis of Bajaj Auto Ltd. It begins with an abstract, acknowledgements, table of contents, and introduction on capital structure. It then defines capital structure and discusses factors that affect a company's capital structure decision such as business risk, tax position, financial flexibility, and managerial attitude. The document analyzes Bajaj Auto Ltd's capital structure using various ratios and trends over five years. It also performs an Altman's Z-score analysis and provides recommendations. In summary, the document analyzes the key determinants of Bajaj Auto Ltd's capital structure and assesses its financial health.
Capital Structure
The document discusses capital structure, which refers to the mix of long-term financing sources a firm uses, including equity share capital, preference share capital, debt, and internal funds. It defines capital structure according to Pandey as the composition of long-term sources of funds. There are four fundamental patterns of capital structure: equity only, equity and preference shares, equity, preference shares and long-term debt, and equity and long-term debt. Capital structure differs from financial structure in that the former refers only to long-term financing while the latter includes all liabilities. The optimal capital structure balances costs and risks to maximize firm value.
Capital structure.
The document discusses capital structure, which refers to the proportion of debt, preferred stock, and common equity used to finance a company's assets. Capital structure includes long-term debt and stockholder equity. Capitalization refers to the total amount of securities issued, while capital structure refers to the types and proportions of securities. Financial structure includes all financial resources, both short- and long-term. An optimal capital structure maximizes share price and minimizes cost of capital. Factors that determine a company's capital structure include financial leverage, growth and stability of sales, cost of capital, cash flow ability, nature and size of the firm, control, flexibility, requirements of investors, and capital market conditions.
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This document discusses the scope and functions of financial management. It defines financial management as dealing with planning and controlling a firm's financial resources to harmonize individual and enterprise goals. The scope of financial management can be categorized under the traditional or modern approaches. The traditional approach focuses only on procuring funds, while the modern approach covers both acquiring and allocating funds efficiently. The main functions of financial management are making investment, financing, and dividend decisions. Investment decisions involve selecting assets, financing decisions determine the capital structure, and dividend decisions impact shareholder value. Financial management aims to maximize profit and shareholder wealth. Sources of finance include equity shares, preference shares, debentures, retained earnings and various types of loans.
Financial Management - Dr. Sudhaviswa
Financial management refers to the management of capital funds within a firm and involves financial decision making. It includes financial planning, determining fixed capital requirements based on factors like business nature, capitalization involving long-term funding sources, and establishing an optimal capital structure balancing debt and equity. The cost of capital is the minimum return required by providers of funds and includes costs of different sources like debt. Dividend policy involves determining amounts to distribute to shareholders from post-tax profits. Working capital refers to funds available for daily operations and the operating cycle measures the time between cash outflows for inputs and cash inflows from sales.
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Financial planning involves deciding in advance how to allocate financial resources to achieve business objectives such as ensuring adequate funding, minimizing costs, protecting owner control, and maintaining flexibility. It integrates different business functions, eliminates waste, ensures diverse funding sources, reduces uncertainty, and balances cash inflows and outflows while serving as a basis for financial control and lowering financing costs.
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Capital structure
1. The document discusses capital structure, which refers to the mix of long-term financing sources like equity, debt, and retained earnings.
2. It provides definitions of capital structure and discusses factors that determine an optimal or appropriate capital structure, including profitability, risk, flexibility, and control.
3. An optimal capital structure maximizes firm value and minimizes average cost of capital, but this is difficult to achieve due to various conflicting considerations. The document examines various capital structure theories.
Capital structure theory
Capital structure refers to the combination of debt and equity that a company uses to finance its operations. It involves determining the appropriate mix of different types of securities like equity shares, preference shares, debentures, and long-term loans. An optimal capital structure maximizes the firm's value by minimizing its overall cost of capital. It provides the ideal balance between debt and equity financing.
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This document provides a capital structure analysis of Bajaj Auto Ltd. It begins with an abstract, acknowledgements, table of contents, and introduction on capital structure. It then defines capital structure and discusses factors that affect a company's capital structure decision such as business risk, tax position, financial flexibility, and managerial attitude. The document analyzes Bajaj Auto Ltd's capital structure using various ratios and trends over five years. It also performs an Altman's Z-score analysis and provides recommendations. In summary, the document analyzes the key determinants of Bajaj Auto Ltd's capital structure and assesses its financial health.
Capital Structure
The document discusses capital structure, which refers to the mix of long-term financing sources a firm uses, including equity share capital, preference share capital, debt, and internal funds. It defines capital structure according to Pandey as the composition of long-term sources of funds. There are four fundamental patterns of capital structure: equity only, equity and preference shares, equity, preference shares and long-term debt, and equity and long-term debt. Capital structure differs from financial structure in that the former refers only to long-term financing while the latter includes all liabilities. The optimal capital structure balances costs and risks to maximize firm value.
Capital structure.
The document discusses capital structure, which refers to the proportion of debt, preferred stock, and common equity used to finance a company's assets. Capital structure includes long-term debt and stockholder equity. Capitalization refers to the total amount of securities issued, while capital structure refers to the types and proportions of securities. Financial structure includes all financial resources, both short- and long-term. An optimal capital structure maximizes share price and minimizes cost of capital. Factors that determine a company's capital structure include financial leverage, growth and stability of sales, cost of capital, cash flow ability, nature and size of the firm, control, flexibility, requirements of investors, and capital market conditions.
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This document discusses the scope and functions of financial management. It defines financial management as dealing with planning and controlling a firm's financial resources to harmonize individual and enterprise goals. The scope of financial management can be categorized under the traditional or modern approaches. The traditional approach focuses only on procuring funds, while the modern approach covers both acquiring and allocating funds efficiently. The main functions of financial management are making investment, financing, and dividend decisions. Investment decisions involve selecting assets, financing decisions determine the capital structure, and dividend decisions impact shareholder value. Financial management aims to maximize profit and shareholder wealth. Sources of finance include equity shares, preference shares, debentures, retained earnings and various types of loans.
Financial Management - Dr. Sudhaviswa
Financial management refers to the management of capital funds within a firm and involves financial decision making. It includes financial planning, determining fixed capital requirements based on factors like business nature, capitalization involving long-term funding sources, and establishing an optimal capital structure balancing debt and equity. The cost of capital is the minimum return required by providers of funds and includes costs of different sources like debt. Dividend policy involves determining amounts to distribute to shareholders from post-tax profits. Working capital refers to funds available for daily operations and the operating cycle measures the time between cash outflows for inputs and cash inflows from sales.
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Financial planning involves deciding in advance how to allocate financial resources to achieve business objectives such as ensuring adequate funding, minimizing costs, protecting owner control, and maintaining flexibility. It integrates different business functions, eliminates waste, ensures diverse funding sources, reduces uncertainty, and balances cash inflows and outflows while serving as a basis for financial control and lowering financing costs.
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The capital structure is the particular combination of debt and equity used by a company to finance its overall operations and growth.
Capital structure winston joseph
The document discusses capital structure and its importance. Capital structure refers to the relationship between long-term financing sources like debentures, preference shares, and equity shares. There should be a proper mix of debt and equity to finance a firm's assets. A company's capital structure can consist of equity shares only, equity and preference shares, equity shares and debentures, or a mix of all three. The goal is to maximize shareholder value and earnings per share. A proper capital structure also aims to minimize costs, increase share prices, provide investment opportunities, support country growth, and establish creditworthiness for a new company.
Capital structure
Capital structure refers to the composition of long-term capital from sources like loans, reserves, shares, and bonds. It represents the relationship between different types of long-term capital. A proper capital structure maximizes firm value, minimizes costs, and increases share prices. It also allows firms to take advantage of new investment opportunities and supports country growth. Factors that affect capital structure include financial leverage, operating leverage, earnings per share, costs of different sources, growth and stability of sales, flexibility, nature and size of firm, cash flows, control, market conditions, asset structure, financing purpose, and period of finance. Advantages of debt include amplifying returns, greater control and flexibility, while equity provides flexibility in raising funds
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This document defines financial management and its key objectives. Financial management involves planning, organizing, and controlling a company's financial resources and activities. One of the main objectives of financial management is wealth maximization for shareholders over the long term by maximizing share price through earnings and dividends. However, profit maximization alone is an imperfect objective, as it ignores risk, the time value of money, and a company's social responsibilities. The document discusses alternative approaches and key functions of financial management.
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The document discusses capital structure, which refers to the mix of long-term financing sources like debt and equity. It notes that capital structure should maximize returns to shareholders without adding undue risk. It then covers various factors that affect capital structure decisions, including return, risk, flexibility, debt capacity, and control considerations. Specific factors discussed include trading on equity, retaining control, enterprise nature, legal regulations, financing purpose and period, investor requirements, company size, and government policy.
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The document discusses various aspects of financial management including its definition, scope, traditional and modern approaches, functions, objectives, and sources of finance. Specifically, it defines financial management as dealing with planning and controlling a firm's financial resources. It also discusses the functions of investment, financing, and dividend decisions and how financial management aims to maximize profit and shareholder wealth.
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The document discusses capital structure, which refers to the composition or mix of long-term financing sources used by a firm, including equity shares, preference shares, retained earnings, debentures, and bonds. An appropriate capital structure balances profitability, solvency, flexibility, conservatism, and control. It minimizes a firm's cost of capital while maximizing shareholder returns. The document also examines theories of capital structure and the factors that influence a firm's decisions around its long-term financing mix.
Financialmanagement
The document defines financial management and discusses its scope and functions. Under the traditional approach, the scope of finance is restricted to procuring funds, while the modern approach covers both acquiring and allocating funds efficiently. The key functions of financial management are investment decisions, financing decisions, and dividend decisions. Investment decisions involve capital budgeting and working capital management. Financing decisions determine the optimal debt-equity ratio. Dividend decisions balance paying dividends to shareholders with retaining profits for reinvestment.
Capital structure
* Firm X is leveraged as it has Rs. 500000 debentures while Firm Y is unleveraged
* EBIT of both firms is Rs. 100000
* Equity capitalisation rate of Firm X is 17% while that of Firm Y is 13%
* Investor A holds 10% shares of Firm X
* As per MM theory, this difference in capitalisation rate cannot exist for long due to arbitrage process
* Investor A will sell shares of Firm X whose capitalisation rate is higher and buy shares of similar value of Firm Y whose capitalisation rate is lower
* This will increase demand and price of shares of Firm Y and reduce price of shares of Firm X
* The process will continue till
Introduction to capital structure
This document discusses capital structure and the optimal mix of debt and equity financing for companies. It defines capital structure as the composition of a firm's long-term financing which includes equity, preferred stock, and debt. The capital structure should be planned carefully to minimize costs and maximize shareholder value. Companies can raise funds through equity financing such as issuing shares, or through debt financing such as issuing bonds. While equity allows shareholders to trade shares freely, debt requires periodic interest payments and principal repayments which increase costs but also allow tax deductions for companies. The optimal capital structure balances these costs and risks.
Capital Structure and Leverage
The capital structure of a firm refers to how it finances its operations through various sources of funds, including debt through bonds or notes, and equity such as common stock, preferred stock, or retained earnings. Capital structure planning is important for a firm's long-term survival by creating a strong balance sheet and allowing a firm to withstand losses. An optimal capital structure balances debt and equity to lower the cost of capital and maximize firm value. Leverage refers to using assets or funds with fixed costs to magnify earnings, and comes in operating, financial, and combined forms. Operating leverage is concerned with fixed costs in a firm's income, while financial leverage uses debt to potentially increase earnings per share.
FM_Financing Decision_Unit.2 Updated.pptx
The document discusses financing decisions and capital structure. It defines key terms like capital, capitalization, capital structure, sources of long-term funds and their merits and demerits.
The main sources of long-term funds discussed are equity shares, retained earnings, preference shares, debentures, term loans, public deposits, and innovative sources like lease financing, project finance, venture capital and bridge finance.
The document also discusses factors influencing capital structure like leverage, EBIT, EPS and the balance between debt and equity to maximize value while minimizing cost of capital.
Financial management
This document discusses the key concepts of financial management including its meaning, objectives, and functions. It defines financial management as the proper management of funds and acquisition and financing of long-term and short-term credits for a firm. The objectives of financial management are to ensure adequate and regular supply of funds, adequate returns to shareholders, optimum utilization of funds, safety of investments, and a sound capital structure. The functions include procurement of funds through various sources like equity, debt, retained earnings and determining the role of the financial manager in planning, financing, investing and dividend decisions.
Financial management
Financial management deals with planning and controlling a firm's financial resources. It involves three main functions: investment decisions, financing decisions, and dividend decisions. The investment decision involves deciding how funds should be allocated to long-term assets through capital budgeting and short-term assets through working capital management. The financing decision determines the optimal mix of debt and equity. The dividend decision establishes the portion of profits to distribute to shareholders versus retaining for reinvestment. The objectives of financial management are typically to maximize profits or shareholder wealth through efficient allocation of funds.
Capital structure
The document discusses capital structure, asset structure, financial structure, and optimal capital structure. It defines capital structure as the permanent financing of a firm through long-term debt, preferred stock, and net worth. Financial structure includes current liabilities in addition to capital structure. Optimal capital structure is the combination of debt and equity that achieves goals like maximizing returns in the most effective way. Determinants of capital structure include the nature of business, stability of earnings, growth rate, and costs of capital.
Define the term financial management
The document discusses various topics related to financial management including:
1. Financial management involves judicious use of capital and careful selection of funding sources to help a business reach its goals.
2. The scope of financial management includes estimating funding needs, capital structure, funding sources, investment patterns, cash management, and controls.
3. Key financial decisions include investments, financing, dividends, and liquidity. The optimal decisions maximize shareholder wealth.
4. Capital budgeting evaluates long-term investments using techniques like net present value, internal rate of return, and profitability index.
Define the term financial management
The document discusses various topics related to financial management including:
1. Financial management involves judicious use of capital and careful selection of funding sources to help a business reach its goals.
2. The scope of financial management includes estimating funding needs, capital structure, funding sources, investment patterns, cash management, and controls.
3. Key financial decisions include investments, financing, dividends, and liquidity. The optimal decisions maximize shareholder wealth.
4. Capital budgeting evaluates long-term investments using techniques like net present value, internal rate of return, and profitability index.
financial management
The document discusses various topics related to financial management including:
1. Financial management involves judicious use of capital and careful selection of funding sources to help a business reach its goals.
2. The scope of financial management includes estimating funding needs, capital structure, funding sources, investment patterns, cash management, and controls.
3. Key financial decisions include investments, financing, dividends, and liquidity. The optimal decisions maximize shareholder wealth.
4. Capital budgeting evaluates long-term investments using techniques like net present value, internal rate of return, and profitability index.
Ppt financial management
The document discusses various topics related to financial management including capital structure, cost of capital, and capital budgeting. It defines key terms, describes theories and approaches, and lists factors that influence decisions. The three main areas covered are determining appropriate financing mixes, calculating minimum required returns, and evaluating long-term investment projects.
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The capital structure is the particular combination of debt and equity used by a company to finance its overall operations and growth.
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The document discusses capital structure and its importance. Capital structure refers to the relationship between long-term financing sources like debentures, preference shares, and equity shares. There should be a proper mix of debt and equity to finance a firm's assets. A company's capital structure can consist of equity shares only, equity and preference shares, equity shares and debentures, or a mix of all three. The goal is to maximize shareholder value and earnings per share. A proper capital structure also aims to minimize costs, increase share prices, provide investment opportunities, support country growth, and establish creditworthiness for a new company.
Capital structure
Capital structure refers to the composition of long-term capital from sources like loans, reserves, shares, and bonds. It represents the relationship between different types of long-term capital. A proper capital structure maximizes firm value, minimizes costs, and increases share prices. It also allows firms to take advantage of new investment opportunities and supports country growth. Factors that affect capital structure include financial leverage, operating leverage, earnings per share, costs of different sources, growth and stability of sales, flexibility, nature and size of firm, cash flows, control, market conditions, asset structure, financing purpose, and period of finance. Advantages of debt include amplifying returns, greater control and flexibility, while equity provides flexibility in raising funds
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This document defines financial management and its key objectives. Financial management involves planning, organizing, and controlling a company's financial resources and activities. One of the main objectives of financial management is wealth maximization for shareholders over the long term by maximizing share price through earnings and dividends. However, profit maximization alone is an imperfect objective, as it ignores risk, the time value of money, and a company's social responsibilities. The document discusses alternative approaches and key functions of financial management.
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The document discusses capital structure, which refers to the mix of long-term financing sources like debt and equity. It notes that capital structure should maximize returns to shareholders without adding undue risk. It then covers various factors that affect capital structure decisions, including return, risk, flexibility, debt capacity, and control considerations. Specific factors discussed include trading on equity, retaining control, enterprise nature, legal regulations, financing purpose and period, investor requirements, company size, and government policy.
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The document discusses various aspects of financial management including its definition, scope, traditional and modern approaches, functions, objectives, and sources of finance. Specifically, it defines financial management as dealing with planning and controlling a firm's financial resources. It also discusses the functions of investment, financing, and dividend decisions and how financial management aims to maximize profit and shareholder wealth.
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The document discusses capital structure, which refers to the composition or mix of long-term financing sources used by a firm, including equity shares, preference shares, retained earnings, debentures, and bonds. An appropriate capital structure balances profitability, solvency, flexibility, conservatism, and control. It minimizes a firm's cost of capital while maximizing shareholder returns. The document also examines theories of capital structure and the factors that influence a firm's decisions around its long-term financing mix.
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The document defines financial management and discusses its scope and functions. Under the traditional approach, the scope of finance is restricted to procuring funds, while the modern approach covers both acquiring and allocating funds efficiently. The key functions of financial management are investment decisions, financing decisions, and dividend decisions. Investment decisions involve capital budgeting and working capital management. Financing decisions determine the optimal debt-equity ratio. Dividend decisions balance paying dividends to shareholders with retaining profits for reinvestment.
Capital structure
* Firm X is leveraged as it has Rs. 500000 debentures while Firm Y is unleveraged
* EBIT of both firms is Rs. 100000
* Equity capitalisation rate of Firm X is 17% while that of Firm Y is 13%
* Investor A holds 10% shares of Firm X
* As per MM theory, this difference in capitalisation rate cannot exist for long due to arbitrage process
* Investor A will sell shares of Firm X whose capitalisation rate is higher and buy shares of similar value of Firm Y whose capitalisation rate is lower
* This will increase demand and price of shares of Firm Y and reduce price of shares of Firm X
* The process will continue till
Introduction to capital structure
This document discusses capital structure and the optimal mix of debt and equity financing for companies. It defines capital structure as the composition of a firm's long-term financing which includes equity, preferred stock, and debt. The capital structure should be planned carefully to minimize costs and maximize shareholder value. Companies can raise funds through equity financing such as issuing shares, or through debt financing such as issuing bonds. While equity allows shareholders to trade shares freely, debt requires periodic interest payments and principal repayments which increase costs but also allow tax deductions for companies. The optimal capital structure balances these costs and risks.
Capital Structure and Leverage
The capital structure of a firm refers to how it finances its operations through various sources of funds, including debt through bonds or notes, and equity such as common stock, preferred stock, or retained earnings. Capital structure planning is important for a firm's long-term survival by creating a strong balance sheet and allowing a firm to withstand losses. An optimal capital structure balances debt and equity to lower the cost of capital and maximize firm value. Leverage refers to using assets or funds with fixed costs to magnify earnings, and comes in operating, financial, and combined forms. Operating leverage is concerned with fixed costs in a firm's income, while financial leverage uses debt to potentially increase earnings per share.
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The document discusses financing decisions and capital structure. It defines key terms like capital, capitalization, capital structure, sources of long-term funds and their merits and demerits.
The main sources of long-term funds discussed are equity shares, retained earnings, preference shares, debentures, term loans, public deposits, and innovative sources like lease financing, project finance, venture capital and bridge finance.
The document also discusses factors influencing capital structure like leverage, EBIT, EPS and the balance between debt and equity to maximize value while minimizing cost of capital.
Financial management
This document discusses the key concepts of financial management including its meaning, objectives, and functions. It defines financial management as the proper management of funds and acquisition and financing of long-term and short-term credits for a firm. The objectives of financial management are to ensure adequate and regular supply of funds, adequate returns to shareholders, optimum utilization of funds, safety of investments, and a sound capital structure. The functions include procurement of funds through various sources like equity, debt, retained earnings and determining the role of the financial manager in planning, financing, investing and dividend decisions.
Financial management
Financial management deals with planning and controlling a firm's financial resources. It involves three main functions: investment decisions, financing decisions, and dividend decisions. The investment decision involves deciding how funds should be allocated to long-term assets through capital budgeting and short-term assets through working capital management. The financing decision determines the optimal mix of debt and equity. The dividend decision establishes the portion of profits to distribute to shareholders versus retaining for reinvestment. The objectives of financial management are typically to maximize profits or shareholder wealth through efficient allocation of funds.
Capital structure
The document discusses capital structure, asset structure, financial structure, and optimal capital structure. It defines capital structure as the permanent financing of a firm through long-term debt, preferred stock, and net worth. Financial structure includes current liabilities in addition to capital structure. Optimal capital structure is the combination of debt and equity that achieves goals like maximizing returns in the most effective way. Determinants of capital structure include the nature of business, stability of earnings, growth rate, and costs of capital.
Define the term financial management
The document discusses various topics related to financial management including:
1. Financial management involves judicious use of capital and careful selection of funding sources to help a business reach its goals.
2. The scope of financial management includes estimating funding needs, capital structure, funding sources, investment patterns, cash management, and controls.
3. Key financial decisions include investments, financing, dividends, and liquidity. The optimal decisions maximize shareholder wealth.
4. Capital budgeting evaluates long-term investments using techniques like net present value, internal rate of return, and profitability index.
Define the term financial management
The document discusses various topics related to financial management including:
1. Financial management involves judicious use of capital and careful selection of funding sources to help a business reach its goals.
2. The scope of financial management includes estimating funding needs, capital structure, funding sources, investment patterns, cash management, and controls.
3. Key financial decisions include investments, financing, dividends, and liquidity. The optimal decisions maximize shareholder wealth.
4. Capital budgeting evaluates long-term investments using techniques like net present value, internal rate of return, and profitability index.
financial management
The document discusses various topics related to financial management including:
1. Financial management involves judicious use of capital and careful selection of funding sources to help a business reach its goals.
2. The scope of financial management includes estimating funding needs, capital structure, funding sources, investment patterns, cash management, and controls.
3. Key financial decisions include investments, financing, dividends, and liquidity. The optimal decisions maximize shareholder wealth.
4. Capital budgeting evaluates long-term investments using techniques like net present value, internal rate of return, and profitability index.
Ppt financial management
The document discusses various topics related to financial management including capital structure, cost of capital, and capital budgeting. It defines key terms, describes theories and approaches, and lists factors that influence decisions. The three main areas covered are determining appropriate financing mixes, calculating minimum required returns, and evaluating long-term investment projects.
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This document provides an introduction to management accounting. It defines management accounting as accounting that provides financial information to assist management with planning, controlling, and decision making. Management accounting derives information from financial accounting and cost accounting. It is used internally and provides both monetary and non-monetary information for purposes such as forecasting, budgeting, and performance analysis. The document outlines the objectives, characteristics, scope, functions, and techniques of management accounting and compares it to financial accounting and cost accounting.
Financial accounting
This document provides an overview of accounting concepts and processes. It defines accounting as the process of recording, classifying, and summarizing financial transactions, and communicating the results to interested parties. The key concepts discussed include the accounting equation, money measurement, accrual accounting, and matching principle. It also describes the accounting process, from recording transactions to preparing financial statements. Finally, it discusses the different types of accounts, books, and accounting systems used such as journals, ledgers, cash books, and subsidiary records.
Entrepreneurial development
This document provides an overview of entrepreneurial development and the concept of entrepreneurship. It discusses the evolution of how "entrepreneur" has been defined over time, from military expedition leaders to individuals undertaking business risks. Key individuals who contributed definitions, like Cantillon and Schumpeter, are outlined. Entrepreneurial traits like psychological, sociological, and economic factors are examined. The document also covers qualities, functions, and classifications of entrepreneurs as well as their significance for economic development through job creation, innovation, and harnessing local resources.
Cost of capital
This document discusses the cost of capital. It defines cost of capital as the minimum rate of return that a firm must earn on its investments to maintain its value. Cost of capital has several components, including the return at zero risk, and premiums for business risk and financial risk. The document also discusses the different types of capital like debt, equity and retained earnings, and how to compute the cost of each. It explains weighted average cost of capital is calculated by weighting the costs of different sources of capital by their proportions.
Financial management
This document discusses key concepts in financial management. It begins by defining finance and its importance in economic activities. It then discusses different types of finance including private, public, individual, partnership and business finance. The main topics covered include financial management, its objectives like profit maximization and wealth maximization, liquidity management, approaches to financial management including traditional and modern approaches, and the main functions of finance like investment, financing, liquidity and dividend decisions. Criticisms of profit and wealth maximization objectives are also provided. The document provides an overview of fundamental concepts in the field of financial management.
Management accounting
This document provides an introduction to management accounting. It begins by defining the three main categories of accounting: financial accounting, cost accounting, and management accounting. It then proceeds to explain each category in more detail and provide their key objectives and characteristics. The document also compares and contrasts management accounting with financial accounting and cost accounting. Finally, it outlines the scope of management accounting and lists some of the common tools and techniques used in management accounting, such as budgeting, standard costing, ratio analysis, and discounted cash flow.
Management accounting
This document provides an introduction to management accounting. It begins by defining the three main categories of accounting: financial accounting, cost accounting, and management accounting. It then proceeds to explain each category in more detail and provide their key objectives and characteristics. The document also compares and contrasts management accounting with financial accounting and cost accounting. Finally, it outlines the scope of management accounting and lists some of the common tools and techniques used in management accounting, such as budgeting, standard costing, ratio analysis, and discounted cash flow.
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"Does Foreign Direct Investment Negatively Affect Preservation of Culture in the Global South? Case Studies in Thailand and Cambodia."
Do elements of globalization, such as Foreign Direct Investment (FDI), negatively affect the ability of countries in the Global South to preserve their culture? This research aims to answer this question by employing a cross-sectional comparative case study analysis utilizing methods of difference. Thailand and Cambodia are compared as they are in the same region and have a similar culture. The metric of difference between Thailand and Cambodia is their ability to preserve their culture. This ability is operationalized by their respective attitudes towards FDI; Thailand imposes stringent regulations and limitations on FDI while Cambodia does not hesitate to accept most FDI and imposes fewer limitations. The evidence from this study suggests that FDI from globally influential countries with high gross domestic products (GDPs) (e.g. China, U.S.) challenges the ability of countries with lower GDPs (e.g. Cambodia) to protect their culture. Furthermore, the ability, or lack thereof, of the receiving countries to protect their culture is amplified by the existence and implementation of restrictive FDI policies imposed by their governments.
My study abroad in Bali, Indonesia, inspired this research topic as I noticed how globalization is changing the culture of its people. I learned their language and way of life which helped me understand the beauty and importance of cultural preservation. I believe we could all benefit from learning new perspectives as they could help us ideate solutions to contemporary issues and empathize with others.
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Michael, LMIC Economist, presented findings that reveal a weakened relationship between labour market tightness and job quality indicators following the pandemic. Labour market tightness coincided with growth in real wages for only a portion of workers: those in low-wage jobs requiring little education. Several factors—including labour market composition, worker and employer behaviour, and labour market practices—have contributed to the absence of worker benefits. These will be investigated further in future work.1. Elemental Economics - Introduction to mining.pdf
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Do elements of globalization, such as Foreign Direct Investment (FDI), negatively affect the ability of countries in the Global South to preserve their culture? This research aims to answer this question by employing a cross-sectional comparative case study analysis utilizing methods of difference. Thailand and Cambodia are compared as they are in the same region and have a similar culture. The metric of difference between Thailand and Cambodia is their ability to preserve their culture. This ability is operationalized by their respective attitudes towards FDI; Thailand imposes stringent regulations and limitations on FDI while Cambodia does not hesitate to accept most FDI and imposes fewer limitations. The evidence from this study suggests that FDI from globally influential countries with high gross domestic products (GDPs) (e.g. China, U.S.) challenges the ability of countries with lower GDPs (e.g. Cambodia) to protect their culture. Furthermore, the ability, or lack thereof, of the receiving countries to protect their culture is amplified by the existence and implementation of restrictive FDI policies imposed by their governments.
My study abroad in Bali, Indonesia, inspired this research topic as I noticed how globalization is changing the culture of its people. I learned their language and way of life which helped me understand the beauty and importance of cultural preservation. I believe we could all benefit from learning new perspectives as they could help us ideate solutions to contemporary issues and empathize with others.Tax System, Behaviour, Justice, and Voluntary Compliance Culture in Nigeria -...
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Capital structure
- 1. CAPITAL STRUCTURE Dr.S.BELLARMIN DIANA Assistant Professor Department of Management Studies Bon Secours College for women, Thanjavur
- 2. MEANING Capital structure refers to the make-up of a firm’s capitalization. It represents the mix of different sources of long term funds. It is the permanent financing of the company represented primarily by long-term debt and equity. Equity shares Preference shares Long-term loans Debentures or Bonds Retained earnings LONG TERM FUNDS
- 3. DEFINITION “Capital Structure of a company refers to the composition or make up of its capitalization and it includes all long-term capital resources”. Gerestenbeg “The mix of a firm’s permanent long-term financing represented by debt, preferred stock, and common stock equity”. James C. Van Horne
- 4. DEFINITION “The composition of a firm’s financing consists of equity, preference, and debt”. Presana Chandra
- 5. FINANCIAL STRUCTURE VS CAPITAL STRUCTURE The term financial structure is different from the capital structure. Financial structure shows the pattern of total financing. It measures the extent to which total funds are available to finance the total assets of the business. Financial Structure = Total liabilities Or Financial Structure = Capital Structure + Current liabilities.
- 6. FINANCIAL STRUCTURE VS CAPITAL STRUCTURE Financial Structures 1.It includes both long-term and short-term sources of of funds 2.It means the entire liabilities side of the balance sheet. sheet. 3.Financial structures consist of all sources of capital. capital. 4.It will not be more important while determining the the value of the firm. Capital Structures 1. It includes only the long-term sources of funds. 2. It means only the long-term liabilities of the company. 3. It consist of equity, preference and retained earning capital. 4. It is one of the major determinant of value of the firm.
- 7. OBJECTIVES OF CAPITAL STRUCTURE OBJECTIVES MINIMIZE THE OVERALL COST OF CAPITAL MAXIMIZE THE VALUE OF THE FIRM
- 8. PATTERNS OF CAPITAL STRUCTURE
- 9. OPTIMUM CAPITAL STRUCTURE • Optimum capital structure may be defined as the capital structure or combination of debt and equity, that leads to the maximum value of the firm. • The optimum capital structure is obtained when the market value per share is maximum while the average cost of capital is minimum.
- 10. Considerations for achieving the goal of optimum capital structure considerations Borrow when cheap Tax advantage of corporate tax Avoid perceived risk Flexible structure
- 11. FEATURES OF AN APPROPRIATE CAPITAL STRUCTURE Profitability Solvency Flexibility Conservatism Control
- 12. FACTORS DETERMINING CAPITAL STRUCTURE TRADING ON EQUITY RETAINING CONTROL NATURE OF ENTERPRISE LEGAL REQUIREMENTS PURPOSE OF FINANCE PERIOD OF FINANCING MARKET SENTIMENTS REQUIREMENT OF INVESTORS SIZE OF THE COMPANY GOVERNMENT POLICY PROVISION FOR THE FUTURE