- 1、本文档共33页,可阅读全部内容。
- 2、原创力文档(book118)网站文档一经付费(服务费),不意味着购买了该文档的版权,仅供个人/单位学习、研究之用,不得用于商业用途,未经授权,严禁复制、发行、汇编、翻译或者网络传播等,侵权必究。
- 3、本站所有内容均由合作方或网友上传,本站不对文档的完整性、权威性及其观点立场正确性做任何保证或承诺!文档内容仅供研究参考,付费前请自行鉴别。如您付费,意味着您自己接受本站规则且自行承担风险,本站不退款、不进行额外附加服务;查看《如何避免下载的几个坑》。如果您已付费下载过本站文档,您可以点击 这里二次下载。
- 4、如文档侵犯商业秘密、侵犯著作权、侵犯人身权等,请点击“版权申诉”(推荐),也可以打举报电话:400-050-0827(电话支持时间:9:00-18:30)。
查看更多
The Long-Term Financial Deficit (2004) Internal cash flow (retained earnings plus depreciation) 97% Long-term debt and equity 3% Sources of Cash Flow (100%) Uses of Cash Flow (100%) Capital spending 83% Net working capital plus other uses 17% Internal cash flow External cash flow Financial deficit 15.7 Recent Trends in Capital Structure Which are best: book or market values? In general, financial economists prefer market values. However, many corporate treasurers may find book values more appealing due to the volatility of market values. Whether we use book or market values, debt ratios for U.S. non-financial firms have been below 50 percent of total financing. Quick Quiz Describe the basic characteristics of the three primary sources of long-term financing : Long-Term Debt Common Stock Preferred Stock Identify the rights of shareholders and bondholders. * * That’s pretty much the only equation. * * Imagine that there are six people running for the board; three are pro-Smith, three are pro-Wesson. If Wesson spends all 1,200 votes on one of her candidates, Smith cannot defeat that candidate—but he does get to elect the other 2. * Shareholders have the right to vote for the board of directors and other important issues. Cumulative voting increases the likelihood of minority shareholders getting a seat on the board. Proxy votes are similar to absentee ballots. Proxy fights occur when minority owners are trying to get enough votes to obtain seats on the Board or affect other important issues that are coming up for the vote. Different classes of stock can have different rights. Owners may want to issue a nonvoting class of stock if they want to make sure that they maintain control of the firm. * Point out that there are a lot of features of preferred stock that are similar to debt. In fact, many new issues have sinking funds that effectively convert what was a perpetual security into an equity security with a definite maturity. However, for tax purposes, preferred
您可能关注的文档
- 解读巴菲特分析报告.ppt
- 解读存托凭证分析报告.ppt
- 解读九型人格分析报告.ppt
- 解读流动资金贷款管理办法分析报告.ppt
- 建筑工程管理分析报告.ppt
- 解读新建规GB500162014_(260页_图文并茂)分析报告.ppt
- 解读新企业破产法分析报告.ppt
- 解读新消规GB500162014_(260页_图文并茂)分析报告.ppt
- 解读中国(上海)自贸区_第一期分析报告.ppt
- 解读中国甲状腺疾病诊治指南分析报告.ppt
- 氢氧复合单元-概述说明以及解释.pdf
- 毕业生自我鉴定1000字(精选12篇).pdf
- 八年级英语上册 Unit 2 Keeping Healthy Topic 3 Must we do exercise to prevent the flu Section D说课稿 (新版)仁爱版.docx
- 八年级英语上册 Unit 7 Will people have robots Section B(1a-1e)说课稿 (新版)人教新目标版.docx
- 绿色产业市场分析报告.pdf
- 职业中等专业学校教学质量评价汇报材料.pdf
- 设计院年终工作总结(14篇).pdf
- 水井施工方案.pdf
- 气候变化对环境的影响英文作文.pdf
- 水利安全生产风险隐患排查.pdf
文档评论(0)