融资与资本结构理论.pptVIP

The Theories of Medium/Long-term Financing Decision Capital Structure －Utilize capital markets to finance investment and create value 一. Financing Instruments Equity financing instruments －Venture capital －Common Stock －Option-linked equity: Puttable common stock 一. Financing Instruments Debt －Bank loan －Private debt －Public bonds －Fixed versus floating rate －Option-linked bonds: Puttable versus callable －Income bonds Debt Financing Instruments Advantages of debt 1. Tax Benefit Higher tax rates－Higher tax benefit Disadvantages of debt 1.Bankruptcy Cost: Higher business risk－