Qualities of a good capital structure
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The document discusses qualities of a good capital structure. It defines capital structure as the mix of long-term funding sources like debt and equity. An optimal capital structure maximizes firm value and minimizes average cost of capital. Qualities of a good capital structure include profitability, solvency/risk, flexibility, minimum cost of capital, safety of investment, and control. It should allow maximum returns through leverage at low cost while balancing debt and equity to control risk.
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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.
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Capital Structure.pdf
The document discusses capital structure and various theories related to it. It defines capital structure as the combination of capital from different sources of financing. It then discusses factors that affect capital structure decisions like control, risk, cost, size and nature of business. It explains optimal capital structure as the perfect mix of debt and equity that maximizes firm value while minimizing cost of capital. It also discusses various methods of analyzing optimal capital structure including EBIT-EPS analysis and indifference point analysis. Finally, it summarizes different theories around capital structure like net income, net operating income, traditional and Modigliani-Miller approaches.
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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.
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1) According to the theory, the value of a firm is based solely on its earnings and investment policy, not its dividend policy. Whether a firm retains earnings or pays dividends, the total return to shareholders is the same.
2) The theory is based on assumptions of perfect capital markets, no taxes, fixed investment policy, and no uncertainty.
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The cost of capital is the expected return required by providers of capital, such as shareholders and lenders. It is important for evaluating investment options and making finance decisions by comparing the cost of different capital sources. There are various approaches to calculating the cost of different capital components like debt, preference shares, equity and retained earnings. The weighted average cost of capital combines the costs of all capital sources based on their relative proportions in the company's capital structure.
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There are several types of dividend policies a company can adopt:
1. A regular dividend policy pays dividends at a usual rate and is preferred by retired investors who need steady income. It requires long-standing, stable earnings.
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Optimal capital structure is the proportion of debt, preference shares, and equity that results in the lowest weighted average cost of capital and highest firm value. It is achieved by balancing debt and equity financing in a way that maximizes the market value per equity share while maintaining financial stability and minimizing financial risk. An optimal structure takes advantage of tax benefits of debt but is difficult to determine precisely due to complex market factors that influence equity values.
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The document summarizes the Modigliani-Miller theory of dividend policy. Some key points:
1) According to the theory, the value of a firm is based solely on its earnings and investment policy, not its dividend policy. Whether a firm retains earnings or pays dividends, the total return to shareholders is the same.
2) The theory is based on assumptions of perfect capital markets, no taxes, fixed investment policy, and no uncertainty.
3) Through mathematical proofs, the theory shows that dividends do not appear in the final equation determining a firm's value, indicating dividend policy is irrelevant to shareholders.
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The document discusses capital structure, which refers to the mix of debt and equity used by a company to finance its long-term operations. It examines several factors that influence a company's capital structure choices as well as different theories about optimal capital structure. The Net Income Theory proposes that firms can maximize value and minimize cost of capital by using as much debt as possible. The Net Operating Income Theory argues capital structure is irrelevant to firm value and cost of capital. The Traditional Theory suggests an optimal debt-equity mix exists. Finally, the Modigliani-Miller Theory states that under certain assumptions, capital structure does not impact firm value or cost of capital, though when taxes are considered, more debt can increase value.
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 presents information on the Markowitz portfolio-optimization model. It discusses how the model provides tools for identifying portfolios that offer the highest returns for a given level of risk. It also notes that combining assets with low positive or negative correlations allows investors to reduce portfolio risk below the average risk of individual assets. The document then examines the security market line, efficient frontier, types of risk, and provides an example calculation of expected returns and risks for individual securities and a combined portfolio.
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Introduction to portfolio management
- Portfolio management refers to managing an individual's collection of investments like stocks, bonds, mutual funds, etc. to generate maximum returns within the investor's risk tolerance and time horizon.
- The expected return of a portfolio is calculated as the weighted average of the returns of the individual assets in the portfolio, weighted by their proportion or weighting in the portfolio.
- By adjusting the relative weights of different assets, a portfolio manager can target a desired expected return that lies between the highest and lowest returns of the individual assets.
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1. The document discusses portfolio selection using the Markowitz model.
2. The Markowitz model aims to find the optimal portfolio, which provides the highest return and lowest risk. It does this by analyzing different combinations of securities to identify efficient portfolios.
3. The document provides details on the tools and steps used in the Markowitz model for portfolio selection, including analyzing expected returns, variance, standard deviation, and coefficients of correlation between securities.
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The document discusses the cost of capital. It defines cost of capital as the minimum return expected by investors for providing capital to a company. It includes the costs of debt, equity, preference shares, and retained earnings. The weighted average cost of capital takes the costs of different sources of capital weighted by their proportions. Calculating cost of capital is important for capital budgeting and evaluating new projects and investments.
Cost of capital
The cost of capital is the expected return required by providers of capital, such as shareholders and lenders. It is important for evaluating investment options and making finance decisions by comparing the cost of different capital sources. There are various approaches to calculating the cost of different capital components like debt, preference shares, equity and retained earnings. The weighted average cost of capital combines the costs of all capital sources based on their relative proportions in the company's capital structure.
Capital Budgeting Decisions
1) Capital budgeting is the process of planning for capital expenditures that are expected to generate returns over multiple years. It involves evaluating potential long-term investment projects and determining which ones to undertake.
2) The document discusses various capital budgeting techniques for evaluating projects, including payback period, accounting rate of return, net present value, and internal rate of return. It also outlines the typical capital budgeting process of identifying, screening, evaluating, approving, implementing, and reviewing projects.
3) Key factors in capital budgeting include properly accounting for the time value of money, risk analysis, and ensuring projects will maximize long-term profitability for the company. Both traditional and modern discounted cash flow methods have advantages and
Portfolio selection, markowitz model
PORTFOLIO, financial assets, Physical Assets, investment purpose, maximize his returns, and minimize the risk, optimal portfolio., MARKOWITZ MODEL, statistical procedures, risk-return tradeoff, return on investment, risk-averse., monetary inflow, variance of return, efficient frontier, Investment objective, portfolio manager, DIVERSIFICATION, consistent return, Lower risk, portfolio, securities by industry, Systematic risk, unsystematic risk, riskless borrowing, preference for return
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A Comparative Analysis of Capital Structure between Banking and Non-Banking F...
Similar to Qualities of a good capital structure
Capital structure spk
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.
Financial planning
The document discusses objectives and importance of financial planning, capital structure, fixed capital, and working capital. Specifically:
- Financial planning aims to ensure adequate funding, minimize costs, protect ownership, provide flexibility, and keep plans simple and consistent. It integrates departments and ensures profitability, adequate funds, and reduced uncertainty.
- Capital structure refers to the mix of long-term funding sources like debt, equity, and reserves. It aims to maximize returns, minimize risk and costs, provide flexibility and control, and ensure solvency.
- Fixed capital refers to long-term investments in assets like property, plant, and equipment. Management of fixed capital involves long-term investment decisions.
- Working
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
Financing Decisions
Here are the key steps to solve this problem using EBIT-EPS approach:
1. Calculate EBIT for the existing business (given as Rs. 30,000)
2. For each financing option, calculate:
- Interest expense
- Tax expense
- Earnings available to equity shareholders
- EPS
3. Compare EPS under each option and select the option with highest EPS
4. Detailed calculations for each option need to be shown to arrive at the optimal capital structure
The optimal financing option can be determined by comparing EPS under each alternative. The option with highest EPS would be preferred.
Cost of capital ,discounted rate of return
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Capital structure by NEERAJ SINDHU
This document discusses capital structure and its key aspects. It defines capital structure as the mix of long-term funding sources for a company, including equity, preference shares, debentures, and retained earnings. It outlines features like return, risk, simplicity and flexibility. Factors affecting capital structure are also examined, such as trading on equity, government policy, and purpose of financing. The merits and demerits of different capital structure options are analyzed, such as no fixed liability but dilution of control with equity shares.
Financial management
Financial management involves planning, organizing, and controlling financial resources to meet organizational goals. The key activities include investment decisions, financial decisions, and dividend decisions. Objectives include ensuring adequate and regular funding, adequate returns for shareholders, optimal fund utilization, and safety of investments. Functions include estimating capital needs, determining capital sources and structure, investing funds, and managing cash flows. Capital budgeting techniques for evaluating investments include payback period, net present value, internal rate of return, and profitability index. Cost of capital refers to the minimum return required by investors and is important for capital structure decisions and investment evaluations. Sources of capital include debt, preferred stock, common equity, and retained earnings.
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.
Capital structure
The document discusses capital structure, which refers to the types of securities (debt vs equity) and their proportions that make up a company's total capital. An optimal capital structure minimizes a company's cost of capital. Factors that affect a company's capital structure choice include financial leverage, growth stability, cost of capital, risk tolerance, cash flow ability to service debt, firm size and nature, control and flexibility needs, and capital market conditions.
Capital structure decisions
This document discusses capital structure decisions and optimal capital structure. It defines capital structure as the mix of long-term financing sources like debt and equity. An optimal capital structure minimizes costs while maximizing firm value. It balances financial risk from debt against non-employment of debt capital risk. The optimal structure achieves the lowest weighted average cost of capital.
Mfconcept
Mutual funds allow investors to pool their money together into a portfolio that is professionally managed. The key benefits of mutual funds include diversification of risk, professional management, and reduced transaction costs. A mutual fund is made up of a trust that holds the securities in the fund. The trust is managed by a board of trustees and an asset management company. Regulators like SEBI oversee the mutual fund industry in India and work to protect investors. Distribution channels play an important role in helping mutual funds reach retail investors. Agents and brokers are typically compensated through upfront and trail commissions.
Concept of mutual fund
This presentation not only explain the concept of mutual funds but also explain the classification of various types of mutual fund schemes.
Nism Chapter 2.pdf
Mutual funds pool money from investors and invest it in securities like stocks and bonds. They have different investment objectives depending on investors' needs for safety, liquidity or returns. Mutual funds provide benefits like diversification, transparency and liquidity. They are classified by structure, management style, investment universe and other factors. Some types include equity funds, debt funds, hybrid funds, fixed maturity plans and real estate funds. Mutual funds offer systematic investment plans to help investors invest regularly and build wealth over the long run.
Cost of capital
Cost of Capital,Meaning,Computation of Specific Costs,Cost of Debt,Cost of Preference Shares,Cost of Equity Capital,Cost of Retained Earnings ,Weighted Average Cost of Capital
Capitalization and capital structure
This document discusses capitalization and capital structure. It defines capitalization as the total value of capital employed in a business. Capital structure comprises ownership capital and borrowed capital. An optimum capital structure balances risk and return with minimal cost of capital. Both over-capitalization and under-capitalization are disadvantageous, though under-capitalization can increase returns. Determinants of capital structure include cost of capital, firm size and nature, financial leverage, cost of raising funds, growth and stability of sales, and legal/tax factors.
Theories of capital structure
There are different theories regarding capital structure. Based on the emphasis given to the debt and equity capital, various theories have been developed. A short presentation here tries to capture some of them.
Financial Planning Guide
The document provides information on financial planning for do-it-yourself (DIY) investors. It discusses the basics of financial planning including assessing one's budgets, financial commitments, goals, and determining fund requirements. It covers various aspects of financial planning like risk assessment, asset allocation, portfolio management, and investment frameworks. The document emphasizes the importance of financial planning, diversification, low-cost investment avenues, and rebalancing portfolios. It provides worksheets to help estimate retirement expenses and income needs.
COST OF CAPITAL.pptx
Cost of capital is the expected rate of return required by providers of capital, including shareholders, lenders, and debt-holders. It is the additional amount paid beyond the principal to financiers, either as a one-time payment or regular payments. This additional amount paid is the cost of using the capital. Cost of capital is used to discount or compound cash flows and is also known as the hurdle rate. There are explicit, implicit, specific, and weighted average methods to calculate cost of capital. The weighted average cost of capital combines the costs of each capital component weighted by its proportion of total capital.
Capital Structure
This document discusses capital structure and leverage. It defines capital structure as the composition of a company's long-term capital sources including loans, reserves, shares and bonds. The optimal capital structure maximizes firm value by balancing the use of debt and equity. Leverage refers to a company's use of fixed-cost funds, like debt, to increase returns to shareholders. Both financial leverage and operating leverage can magnify the impact of changes in revenues and earnings but also increase business risk.
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.
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Ethical issues in the stock market
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Internal check is an accounting procedure that divides duties so that no single individual can carry out all stages of a transaction. This helps prevent errors and fraud. The document outlines procedures for controlling cash receipts and payments, including having separate cashiers, issuing pre-numbered receipts, daily bank deposits, reconciling bank statements, and requiring authorized signatures on checks. It emphasizes dividing duties, timely recording, safeguarding assets, and oversight as key parts of internal checks.
Vouching of subsidiary books
Vouching involves verifying book entries against source documents like invoices and receipts. When vouching purchase books, checks include examining invoices for supplier name, goods received, and approval. Purchase return books are vouched by checking debit notes and goods records. For sales books, checks involve verifying invoices, order books, dispatch records, and asset sales. Sales return books are vouched by examining credit notes and goods received records to validate returned item details and postings.
Control
Control refers to managing performance against standards and correcting deviations to achieve objectives according to plans. It involves setting standards, measuring actual performance, and taking corrective action. The objectives of control are to measure progress, uncover deviations, ensure plans are effective, indicate when corrective action is needed, optimize resource use, adapt to changing environments, and provide feedback. Deviations can occur due to changes, delegation, mistakes, and complexity. Limitations include difficulty setting qualitative standards, inability to control external factors, employee resistance, expense, measurement challenges, inflexible standards, and lack of controller knowledge. Control is a fundamental management function for efficiently achieving organizational objectives and ensuring the organization moves in the right direction.
Administration and management
Management involves getting tasks completed effectively and efficiently to achieve goals, while administration refers to creating and enforcing rules and regulations. Some scholars view management and administration as distinct processes, with administration setting objectives and policies and management executing them. Others see management as including administration, where top management sets policies, middle management plans and organizes, and lower management supervises. Still others use management and administration interchangeably to refer to the same process of planning, organizing, directing, and controlling resources in both business and government.
Profit and loss account of banking companies
The document outlines the key components of a profit and loss account for banking companies in India. It discusses that a profit and loss account summarizes revenues, costs, and expenses over a financial year to calculate profit or loss. It then describes the various schedules that make up a bank's profit and loss account, including interest earned and expended, other income, and operating expenses. The profit or loss is then appropriated to reserves, dividends, or transferred to the balance sheet.
Price and output determination under perfec competition
Under perfect competition, firms are price takers and cannot influence the market price. The market price is determined by the intersection of total industry demand and supply. In the short run, a firm can be in a situation of normal profit, super normal profit, or loss depending on the relationship between average revenue (AR) and average cost (AC). In the long run, all firms will earn only normal profits as inefficient firms exit the industry. The shutdown point occurs when a firm's average variable cost equals its average revenue.
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Independent Study - College of Wooster Research (2023-2024)
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Qualities of a good capital structure
- 1. QUALITIES OF A GOOD CAPITAL STRUCTURE PRESENTED BY: ANAND SARAN 142005
- 2. CAPITAL STRUCTURE • Capital structure is the mix of the long-term sources of funds used by a firm. It is made up of debt and equity securities • It is composed of long-term debt, preference share capital and shareholders’ funds • Capital structure is a part of the financial structure.
- 3. OPTIMAL CAPITAL STRUCTURE • Optimal capital structure refers to the combination of debt and equity in total capital that maximizes the value of the company. • An optimal capital structure is designated as one at which the average cost of capital is the lowest which produces an income that leads to maximization of the market value of the securities at that income.
- 4. An optimal capital structure tries to optimize two variables at the same time. An optimal capital structure tries to: • Maximize market value of securities • Minimize average cost of capital
- 5. QUALITIES OF A GOOD CAPITAL STRUCTURE • Profitability / Return • Solvency / Risk • Security of Investment • Minimum cost of capital • Flexibility • Conservation / Capacity • Control
- 6. MAXIMUM RETURN • Maximisation of the returns of the shareholders • A sound capital structure should permit the maximum use of leverage at a minimum cost so as to provide better profitability and thus maximizing earnings per share.
- 7. LESS RISK • The capital structure should represent a balance between different types of ownership and debt securities. • The capital structure provides insight into how risky a company is.
- 8. FLEXIBILITY • The company should be able to procure more capital in times of need and should be able to pay all its debts when it does not require funds. • Flexibility gives the finance manager the ability to alter the firm’s capital structure with minimum cost and delay.
- 9. SAFTY OF INVESTMENT • A sound capital structure should ensure safety of investment. • Fluctuations in the earnings of the company should not place heavy strain on its financial structure.
- 10. MINIMUM COST OF CAPITAL • The capital structure should ensure the minimum costs of capital which in turn would increase its ability to generate more wealth for the company. • WACC: The weighted average cost of capital (WACC) is the rate that a company is expected to pay on average to all its security holders. The WACC is commonly referred to as the firm's cost of capital.
- 11. CONTROL • The capital structure of a company should not dilute the control of equity shareholders of the company • Convertible debentures should be issued with great caution • Extensive debt threatens the solvency and credit rating of the company.