Capital structure defenition
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The document discusses capital structure, which refers to the proportion of debt and equity used to finance a company's assets. An optimal capital structure maximizes share price value and minimizes cost of capital. Factors that affect a company's capital structure include financial risk, growth opportunities, and tax policies. Several theories on capital structure are presented, including the Net Income, Net Operating Income, and Modigliani-Miller approaches.
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Capital structure defenition
The document discusses capital structure, which refers to the proportion of debt and equity used to finance a company's assets. An optimal capital structure maximizes share price value and minimizes cost of capital. Factors that affect a company's capital structure include financial risk, growth opportunities, cash flows, and tax policies. Several theories on capital structure are presented, including the Net Income, Net Operating Income, and Modigliani-Miller approaches.
Theory of Irrelevance of Capital Structure
The document summarizes the theory of irrelevance of capital structure developed by Modigliani and Miller in 1958. It states that under certain assumptions, like no taxes or bankruptcy costs, the value of a firm is unaffected by its capital structure. The theory established that the proportion of debt and equity on a company's balance sheet does not impact its overall valuation. It outlines the assumptions of the theory, provides an example, and notes criticisms of removing real world factors like taxes from the analysis.
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This document discusses capital structure and theories of capital structure. It provides definitions of key terms like capital structure, leverage, and theories proposed by David Durand, Ezra Solomon, and Modigliani-Miller. The net income approach and net operating income approach are explained. The document also discusses the rationale for acceptance of leverage initially and then the reality check. Examples of DLF Ltd.'s capital structure and its challenges due to extensive borrowing are provided.
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This document summarizes a research study that investigated factors influencing the capital structure of the leasing sector in Pakistan from 2001-2010. The study found that size of assets had a negative and significant impact on leverage for leasing companies. Liquidity, tangibility, profitability, and capital intensity did not significantly influence leverage. Therefore, the study concluded that Pakistan's leasing sector follows the pecking order theory in determining its capital structure based on these factors. The document provides context on the leasing sector in Pakistan and reviews several other studies on factors influencing capital structure decisions.
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Capital Structure
A corporation finances itself through a combination of equity and debt. The capital structure should be designed to maximize the long-term market valuation of the firm. The determinants of a company's capital structure include the type of assets financed, the nature of the industry, the degree of competition, potential for obsolescence, the product life cycle stage, financial policies, past capital structure decisions, issues of corporate control, and credit ratings.
5 capital structure theories
The document discusses different theories of capital structure:
1. The Net Income Approach suggests that firm value increases by lowering cost of capital through increasing debt. The optimum structure is when cost and firm value are maximum.
2. The Net Operating Income Approach argues that equity cost rises with debt, offsetting lower debt costs. Firm value is unaffected by capital structure.
3. The Traditional Approach finds a balance, where judicious debt use initially lowers overall costs and raises firm value, but beyond a point costs rise and value falls.
4. The Modigliani-Miller Approach similarly finds no relationship between capital structure and firm value/costs when ignoring taxes, but recognizes taxes lower effective debt costs
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Capital structure defenition
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The document summarizes the theory of irrelevance of capital structure developed by Modigliani and Miller in 1958. It states that under certain assumptions, like no taxes or bankruptcy costs, the value of a firm is unaffected by its capital structure. The theory established that the proportion of debt and equity on a company's balance sheet does not impact its overall valuation. It outlines the assumptions of the theory, provides an example, and notes criticisms of removing real world factors like taxes from the analysis.
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Capital Structure
A corporation finances itself through a combination of equity and debt. The capital structure should be designed to maximize the long-term market valuation of the firm. The determinants of a company's capital structure include the type of assets financed, the nature of the industry, the degree of competition, potential for obsolescence, the product life cycle stage, financial policies, past capital structure decisions, issues of corporate control, and credit ratings.
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The document discusses different theories of capital structure:
1. The Net Income Approach suggests that firm value increases by lowering cost of capital through increasing debt. The optimum structure is when cost and firm value are maximum.
2. The Net Operating Income Approach argues that equity cost rises with debt, offsetting lower debt costs. Firm value is unaffected by capital structure.
3. The Traditional Approach finds a balance, where judicious debt use initially lowers overall costs and raises firm value, but beyond a point costs rise and value falls.
4. The Modigliani-Miller Approach similarly finds no relationship between capital structure and firm value/costs when ignoring taxes, but recognizes taxes lower effective debt costs
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This document discusses capital structure and its determinants. It defines capital structure as the mix of different securities used to finance a firm's operations, including bonds, loans, ordinary shares, and preferred shares. It then lists and describes various determinants that must be considered when determining a firm's optimal capital structure, including financial leverage, growth and stability of sales, cost of capital, cash flow ability, nature and size of the firm, control, flexibility, requirements of investors, capital market conditions, assets structure, purpose and period of financing, costs of floating securities, personal considerations, corporate tax rates, and legal requirements. Finally, it briefly outlines four major capital structure theories: the net income approach, net operating income approach, Modig
Capital structure theories 1
The document discusses several theories of capital structure:
1) Net income approach assumes capitalization rates are constant as debt increases, making 100% debt optimal.
2) Net operating income approach finds no optimal structure as equity rates adjust to keep overall rates constant.
3) Traditional approach finds an optimal structure where costs initially fall then rise with more debt.
4) MM theory initially argues capital structure is irrelevant without taxes but debt provides tax shields with taxes.
5) Trade-off theory balances tax shields against costs of financial distress and agency, finding an optimal balance.
Capital structure
This document discusses capital structure and the tradeoffs between debt and equity financing. It notes that the two ways for a business to make money are through debt, which requires fixed payments, or equity, where cash flows are left over after debt payments. It then discusses the costs and benefits of using debt, including tax benefits, added management discipline, bankruptcy costs, agency costs, and loss of flexibility. The document analyzes how these factors impact a firm's optimal capital structure and financing decisions.
Pecking order theory-Finance
The pecking order theory proposes that firms have a hierarchy for financing sources:
1) They prefer internal financing such as retained earnings first.
2) If external financing is needed, they prefer to issue debt over equity to avoid the information costs associated with new share offerings.
3) Equity is seen as a last resort, issued only when debt capacity is exhausted.
Capital structure and theories
This is a capital structure PowerPoint presentation those who can help to create a ppt see this and create your own ppt
Capital structure theories
The document discusses capital structure and various capital structure theories. It defines capital structure as the mix of owned and borrowed capital used to finance a firm's assets. The optimal capital structure maximizes firm value by lowering the overall cost of capital. Several capital structure theories are examined, including the net income approach, net operating income approach, and traditional approach. The net income approach argues firm value increases with more debt due to lower costs. The net operating income approach argues firm value is independent of capital structure. The traditional approach finds an optimal capital structure where costs are minimized.
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The document discusses two theories of capital structure - the net income approach and net operating income approach.
The net income approach proposes that the capital structure decision affects firm valuation, such that increasing leverage lowers the weighted average cost of capital and raises firm value. It assumes costs of equity and debt are constant.
The net operating income approach argues that firm value remains constant despite changes in capital structure. However, increasing leverage raises the cost of equity due to higher risk, even as the overall cost of capital stays the same. It assumes debt changes risk perceptions but not costs.
Capital structure ppt
The document discusses capital structure and its theories. It defines capital structure as the proportion of long-term debt and equity used to finance a company's assets. A company's capital structure determines its risk and cost of capital. There are several theories on capital structure including the net income, net operating income, traditional, and Modigliani-Miller approaches. The optimal capital structure balances minimum costs and risks. Factors like tax rates, control, flexibility, and legal requirements influence a company's choice of capital structure.
Capital structure theories
This document discusses various theories of capital structure, which is the mix of debt and equity used by a company to finance its operations and growth. It describes the net income approach, which argues that firm value increases with more debt due to lower costs. The net operating income approach argues that firm value is independent of capital structure. The traditional approach finds an optimal capital structure that balances these views. Modigliani-Miller theory also argues that firm value is independent of capital structure under certain assumptions. The document provides formulas and diagrams used in each theory.
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The document discusses different approaches to capital structure and the Modigliani-Miller model. It summarizes key assumptions of the MM model, including that capital markets are perfect, leverage at the personal and corporate level are substitutes, and there are no taxes or transaction costs. The MM model shows that firm value and cost of capital are independent of capital structure.
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Financial managers are responsible for investment, financing, and dividend decisions when managing corporate funds. The financing decision addresses how much capital to raise and what the optimal debt-to-equity mix is to maximize firm value. There are two major theories of capital structure: the trade-off theory and pecking order theory. The trade-off theory argues that firms balance tax benefits of debt against bankruptcy costs to determine an optimal debt ratio. The pecking order theory contends that firms prefer internal financing first, then debt, and equity as a last resort, so they do not aim for a target debt ratio. Key differences between the theories include whether firms have a target debt ratio, how profitability affects financing choices, and how well each
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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.
Mba 2 fm u 5 capital structure,dividend policy
This document provides an overview of capital structure theory and policy. It discusses different theories on the relationship between capital structure, cost of capital, and firm value, including: the net operating income approach; traditional approach; Modigliani-Miller hypotheses with and without taxes; and the trade-off theory. It also covers how the cost of equity relates to capital structure and financial distress costs. Key points covered include the interest tax shield advantage of debt financing and how the optimal capital structure balances this benefit against financial distress costs.
Capital structure theories
Contains a descriptive of the following capital structure theories:
1. Net Income Approach
2. Net Operating Income Approach
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4. Traditional Approach
Testing the pecking order theory of capital structure
The paper examines the empirical validity of the pecking order theory of capital structure. It finds mixed support for the theory. While the pecking order works reasonably well for large, established firms in earlier decades, it receives weaker support among smaller, high-growth firms and in later periods like the 1980s-1990s. Equity issues, rather than debt issues, are more closely correlated with financing deficits, contrary to what the theory predicts. Overall, the pecking order theory provides only a partial description of corporate financing behavior.
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The document discusses various aspects of capital structure including definitions, key terms, theories, and principles. It defines capital structure as the mix of debt and equity used by a company to finance its overall operations and long-term needs. Several theories of capital structure are described, including the net income approach, net operating income approach, and Modigliani & Miller approach. Factors that determine an optimal capital structure are discussed, including costs, risks, flexibility, and control. Formulas for calculating financial break-even point, point of indifference, and capital gearing ratio are provided. Examples are given to illustrate how to apply the concepts.
Capital structure ppt
The document discusses capital structure, which is the mix of debt and equity used to finance a firm. The value of a firm is equal to the value of its debt plus the value of its equity. The optimal capital structure maximizes firm value by balancing the debt-equity ratio. Factors that influence the capital structure decision include business risk, taxes, financial flexibility, growth opportunities, and market conditions. Leverage increases risk for shareholders but also increases potential returns, as interest payments are tax deductible. Higher debt leads to greater financial risk.
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The document discusses various aspects of capital structure including:
- Defining capital structure and the components that make up a company's financial structure
- Approaches to determine the appropriate capital structure such as EBIT-EPS, valuation, and cash flow approaches
- The concept of optimal capital structure which maximizes share price value and minimizes cost of capital
- Different forms of capital structure such as equity only, combinations of equity and debt, etc.
- The concepts of leverage including operating, financial, and combined leverage and how they impact risk and returns
Fm net income approach
This document discusses the net income approach to capital structure. It states that according to this approach, the value of a firm is based on the net income available to equity shareholders after paying interest on debt. It provides an example showing how the value of equity, debt, and the firm change as debt levels increase from 0% to 5% to 9% of the total capital. The weighted average cost of capital decreases and the total firm value increases as debt levels and leverage rise. However, the assumptions of the approach do not always hold in reality.
Capital structure 1
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students of Universities in Kerala
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The document discusses capital structure, which refers to the proportion of debt, preference shares, and equity on a company's balance sheet. It defines capital structure and optimal capital structure, which is when market value per share is maximum and cost of capital is minimum. An optimum mix of debt and equity can improve a firm's value and lower its weighted average cost of capital. The capital structure is influenced by both internal factors like financial leverage and growth, and external factors like industry norms and interest rates. Different theories on capital structure are presented, including the net income, net operating income, and Modigliani-Miller approaches. The assumptions behind each theory are also outlined.
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This chapter discusses various theories of capital structure and how it relates to the value of the firm and cost of capital. It outlines the Modigliani-Miller view that capital structure does not affect firm value versus the traditional view that moderate debt can lower costs. It also discusses how interest tax shields, bankruptcy costs, and agency costs factor into the optimal capital structure based on a trade-off theory. The chapter further examines pecking order theory and approaches for establishing an appropriate capital structure including cash flow analysis.
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This document discusses capital structure and its determinants. It defines capital structure as the mix of different securities used to finance a firm's operations, including bonds, loans, ordinary shares, and preferred shares. It then lists and describes various determinants that must be considered when determining a firm's optimal capital structure, including financial leverage, growth and stability of sales, cost of capital, cash flow ability, nature and size of the firm, control, flexibility, requirements of investors, capital market conditions, assets structure, purpose and period of financing, costs of floating securities, personal considerations, corporate tax rates, and legal requirements. Finally, it briefly outlines four major capital structure theories: the net income approach, net operating income approach, Modig
Capital structure theories 1
The document discusses several theories of capital structure:
1) Net income approach assumes capitalization rates are constant as debt increases, making 100% debt optimal.
2) Net operating income approach finds no optimal structure as equity rates adjust to keep overall rates constant.
3) Traditional approach finds an optimal structure where costs initially fall then rise with more debt.
4) MM theory initially argues capital structure is irrelevant without taxes but debt provides tax shields with taxes.
5) Trade-off theory balances tax shields against costs of financial distress and agency, finding an optimal balance.
Capital structure
This document discusses capital structure and the tradeoffs between debt and equity financing. It notes that the two ways for a business to make money are through debt, which requires fixed payments, or equity, where cash flows are left over after debt payments. It then discusses the costs and benefits of using debt, including tax benefits, added management discipline, bankruptcy costs, agency costs, and loss of flexibility. The document analyzes how these factors impact a firm's optimal capital structure and financing decisions.
Pecking order theory-Finance
The pecking order theory proposes that firms have a hierarchy for financing sources:
1) They prefer internal financing such as retained earnings first.
2) If external financing is needed, they prefer to issue debt over equity to avoid the information costs associated with new share offerings.
3) Equity is seen as a last resort, issued only when debt capacity is exhausted.
Capital structure and theories
This is a capital structure PowerPoint presentation those who can help to create a ppt see this and create your own ppt
Capital structure theories
The document discusses capital structure and various capital structure theories. It defines capital structure as the mix of owned and borrowed capital used to finance a firm's assets. The optimal capital structure maximizes firm value by lowering the overall cost of capital. Several capital structure theories are examined, including the net income approach, net operating income approach, and traditional approach. The net income approach argues firm value increases with more debt due to lower costs. The net operating income approach argues firm value is independent of capital structure. The traditional approach finds an optimal capital structure where costs are minimized.
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The document discusses two theories of capital structure - the net income approach and net operating income approach.
The net income approach proposes that the capital structure decision affects firm valuation, such that increasing leverage lowers the weighted average cost of capital and raises firm value. It assumes costs of equity and debt are constant.
The net operating income approach argues that firm value remains constant despite changes in capital structure. However, increasing leverage raises the cost of equity due to higher risk, even as the overall cost of capital stays the same. It assumes debt changes risk perceptions but not costs.
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The document discusses capital structure and its theories. It defines capital structure as the proportion of long-term debt and equity used to finance a company's assets. A company's capital structure determines its risk and cost of capital. There are several theories on capital structure including the net income, net operating income, traditional, and Modigliani-Miller approaches. The optimal capital structure balances minimum costs and risks. Factors like tax rates, control, flexibility, and legal requirements influence a company's choice of capital structure.
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This document discusses various theories of capital structure, which is the mix of debt and equity used by a company to finance its operations and growth. It describes the net income approach, which argues that firm value increases with more debt due to lower costs. The net operating income approach argues that firm value is independent of capital structure. The traditional approach finds an optimal capital structure that balances these views. Modigliani-Miller theory also argues that firm value is independent of capital structure under certain assumptions. The document provides formulas and diagrams used in each theory.
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The document discusses different approaches to capital structure and the Modigliani-Miller model. It summarizes key assumptions of the MM model, including that capital markets are perfect, leverage at the personal and corporate level are substitutes, and there are no taxes or transaction costs. The MM model shows that firm value and cost of capital are independent of capital structure.
Assignment on pecking order theory
Financial managers are responsible for investment, financing, and dividend decisions when managing corporate funds. The financing decision addresses how much capital to raise and what the optimal debt-to-equity mix is to maximize firm value. There are two major theories of capital structure: the trade-off theory and pecking order theory. The trade-off theory argues that firms balance tax benefits of debt against bankruptcy costs to determine an optimal debt ratio. The pecking order theory contends that firms prefer internal financing first, then debt, and equity as a last resort, so they do not aim for a target debt ratio. Key differences between the theories include whether firms have a target debt ratio, how profitability affects financing choices, and how well each
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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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This document provides an overview of capital structure theory and policy. It discusses different theories on the relationship between capital structure, cost of capital, and firm value, including: the net operating income approach; traditional approach; Modigliani-Miller hypotheses with and without taxes; and the trade-off theory. It also covers how the cost of equity relates to capital structure and financial distress costs. Key points covered include the interest tax shield advantage of debt financing and how the optimal capital structure balances this benefit against financial distress costs.
Capital structure theories
Contains a descriptive of the following capital structure theories:
1. Net Income Approach
2. Net Operating Income Approach
3. Miller Modigliani Hypothesis
4. Traditional Approach
Testing the pecking order theory of capital structure
The paper examines the empirical validity of the pecking order theory of capital structure. It finds mixed support for the theory. While the pecking order works reasonably well for large, established firms in earlier decades, it receives weaker support among smaller, high-growth firms and in later periods like the 1980s-1990s. Equity issues, rather than debt issues, are more closely correlated with financing deficits, contrary to what the theory predicts. Overall, the pecking order theory provides only a partial description of corporate financing behavior.
Capital structure
The document discusses various aspects of capital structure including definitions, key terms, theories, and principles. It defines capital structure as the mix of debt and equity used by a company to finance its overall operations and long-term needs. Several theories of capital structure are described, including the net income approach, net operating income approach, and Modigliani & Miller approach. Factors that determine an optimal capital structure are discussed, including costs, risks, flexibility, and control. Formulas for calculating financial break-even point, point of indifference, and capital gearing ratio are provided. Examples are given to illustrate how to apply the concepts.
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The document discusses capital structure, which is the mix of debt and equity used to finance a firm. The value of a firm is equal to the value of its debt plus the value of its equity. The optimal capital structure maximizes firm value by balancing the debt-equity ratio. Factors that influence the capital structure decision include business risk, taxes, financial flexibility, growth opportunities, and market conditions. Leverage increases risk for shareholders but also increases potential returns, as interest payments are tax deductible. Higher debt leads to greater financial risk.
Capital Structure
The document discusses various aspects of capital structure including:
- Defining capital structure and the components that make up a company's financial structure
- Approaches to determine the appropriate capital structure such as EBIT-EPS, valuation, and cash flow approaches
- The concept of optimal capital structure which maximizes share price value and minimizes cost of capital
- Different forms of capital structure such as equity only, combinations of equity and debt, etc.
- The concepts of leverage including operating, financial, and combined leverage and how they impact risk and returns
Fm net income approach
This document discusses the net income approach to capital structure. It states that according to this approach, the value of a firm is based on the net income available to equity shareholders after paying interest on debt. It provides an example showing how the value of equity, debt, and the firm change as debt levels increase from 0% to 5% to 9% of the total capital. The weighted average cost of capital decreases and the total firm value increases as debt levels and leverage rise. However, the assumptions of the approach do not always hold in reality.
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students of Universities in Kerala
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Capitalstructuredefenition 100426194038-phpapp02
The document discusses capital structure, which refers to the proportion of debt, preference shares, and equity on a company's balance sheet. It defines capital structure and optimal capital structure, which is when market value per share is maximum and cost of capital is minimum. An optimum mix of debt and equity can improve a firm's value and lower its weighted average cost of capital. The capital structure is influenced by both internal factors like financial leverage and growth, and external factors like industry norms and interest rates. Different theories on capital structure are presented, including the net income, net operating income, and Modigliani-Miller approaches. The assumptions behind each theory are also outlined.
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The document discusses capital structure and the factors considered when determining a firm's optimal capital structure. It defines capital structure as the mix of long-term financing sources like debt, preference shares, and equity. Management should choose a capital structure that minimizes the firm's cost of capital while maximizing shareholder value. Different approaches for determining the optimal capital structure are described, including the net income, net operating income, Modigliani-Miller, and traditional intermediate approaches.
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2. The net operating income/Modigliani-Miller approach, which argues that changing capital structure does not affect overall cost of capital or firm value.
3. The traditional/intermediate approach, which argues that increasing debt initially decreases overall cost of capital up to an optimal point, after which further increasing debt increases overall cost of capital.
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Capital structure refers to the mix of long-term debt and equity used by a firm to finance its operations. The objective is to determine an optimal structure that minimizes the firm's overall cost of capital. Various theories provide different perspectives on the relationship between capital structure and firm value. The Modigliani-Miller theorem states that under certain assumptions, the value of the firm is unaffected by its capital structure. However, when taxes are considered, debt becomes more attractive as interest payments are tax deductible, lowering the overall cost of capital. Determining the appropriate capital structure involves balancing multiple factors to maximize shareholder value.
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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 document discusses various methods of financing for businesses. It describes capital structure as the combination of debt and equity used to finance a company's assets. It then discusses three main methods of financing - equity financing, debt financing, and lease financing. Equity financing involves selling ownership stakes, debt financing involves taking loans that must be repaid with interest, and lease financing allows using assets without ownership through rental agreements.
Ch 6
The document discusses various capital structure theories:
1. The net income approach suggests that changing the capital structure will change the cost of capital and value of the firm. It assumes no taxes and constant costs.
2. The net operating income approach assumes the overall cost of capital remains unchanged for different leverage levels. It focuses on how debt affects the risk and required return on equity.
3. The MM approach argues that the value and cost of capital are independent of capital structure under certain assumptions. Increased risk from debt is offset by lower cost of debt.
4. The traditional approach suggests moderate use of debt can lower costs up to a point, but costs rise sharply at very high leverage levels.
Chapter-1-Capital Structure Policy and Leverage.pptx
This document outlines key concepts related to capital structure including:
1) Capital structure refers to the mix of a firm's long-term financing from debt, preferred stock, and common equity. It influences business risk and financial risk.
2) Four primary factors influence capital structure decisions: business risk, tax benefits of debt, financial flexibility, and managerial conservatism.
3) Determining the optimal capital structure involves analyzing how changes in capital structure impact EPS, stock price, and the firm's weighted average cost of capital (WACC).
196.capital structure intro lecture 1
The document discusses capital structure and the various sources of financing available to companies, including debt, equity, hybrid securities, and loan capital. It covers the relative costs and risks of different financing options. The key theories discussed are Modigliani-Miller theory, which establishes that capital structure does not affect firm value under certain assumptions, and the trade-off theory, which recognizes that while debt is cheaper than equity, it also carries higher financial risks. An optimal capital structure balances these costs and risks to minimize the weighted average cost of capital and maximize firm value.
Financial Management - An overview
1. The document discusses factors that affect a company's dividend policy, including stability of earnings, the age of the corporation, liquidity of funds, extent of share distribution, needs for additional capital, trade cycles, and government policies.
2. Key factors mentioned are the nature of the business, availability of cash, ownership structure, financing requirements for expansion, business cycles, and changes in government regulations.
3. Stable earnings allow companies to more consistently predict savings and earnings to set dividend policy, while new companies often retain more earnings for expansion and older companies can establish clearer policies.
ch 12 cost of capital.pdf
- BASF is a major international company with over 112,000 employees across 5 continents. It operates in industries like agriculture, chemicals, oil/gas, and plastics.
- In an attempt to increase value, BASF launched Vision 2020, a comprehensive strategic plan that challenged employees to act entrepreneurially. A key goal was for the company to earn its weighted average cost of capital (WACC) plus a premium each year.
- The chapter will explain how to calculate a firm's WACC, which is the minimum return needed to satisfy investors including stockholders, bondholders, and preferred stockholders. It will also discuss when the WACC should and should not be used.
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Capital structure theories - NI Approach, NOI approach & MM Approach
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Chapter-1-Capital Structure Policy and Leverage.pptx
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The one
This document contains prompts for self-reflection on interests and values. It asks the reader to describe themselves in one word, share what they are passionate about, and choose or create a political party they would identify with. It also includes an open-ended drawing prompt intended to unleash creativity.
Marketing scope
Marketing provides several career benefits such as growth opportunities, monetary benefits through salary and incentives, exposure to external environments to gain confidence, and skills to effectively handle the world. A marketer meets at least 5 new people daily, providing opportunities. Marketing manager roles generate revenue and relationships for corporate growth. Career opportunities in marketing exist in sectors based on skills including events, sales channels, brand management, advertising, and as a brand consultant. Qualification requirements depend on the sector, with some preferring communication and adaptability skills and others analytical skills obtainable through financial courses to progress in profiles such as marketing research and analytics.
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The document provides an overview of the stock market in India, including what shares are, how stock exchanges work, and some of the major indices. It discusses that shares represent ownership in a company and are traded on stock exchanges. It then describes the two major stock exchanges in India - the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE). It provides details on two major indices, the BSE Sensex which tracks 30 large companies on the BSE, and the Nifty 50 which tracks 50 large companies on the NSE. It concludes with a brief overview of the Securities and Exchange Board of India (SEBI) which regulates stock exchanges in India.
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The document discusses several types of financial markets. The primary market involves the initial public offering of stocks and bonds to raise capital. In the secondary market, already-issued financial instruments are traded, such as stocks on a stock exchange. Money markets provide short-term borrowing and lending, mainly between banks, using instruments like treasury bills and certificates of deposit. The debt market involves one party lending to another for a predetermined interest rate and term, using government securities, corporate bonds, and other debt instruments. The foreign exchange market facilitates international trade and payments in different currencies, with exchange rates fluctuating between currencies.
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The purpose of the stock market is to support business growth through mutual benefits. Companies raise capital by selling stock, which allows them to expand. For example, a young couple started a small furniture business called Super Star Furniture. After 10 years of growth, they wanted to expand to new cities but needed over 1 crore rupees. To obtain this funding, they decided to sell 40% of their company stock. This raised 2 crore rupees for expansion and increased the total value of the business. Within a year, both the couple's ownership value and total profits had increased, demonstrating how the stock market enables business growth.
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The document provides an analogy comparing the stock market to a film production. It describes:
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