股票与融资（Stock and financing）.docVIP

股票与融资（Stock and financing） 1. compared with equity financing, the issuance of bonds where the pros and cons of the company? Compared with stock financing, the issuance of bonds on the companys advantages are: (1) from the cost of financing, the bond financing, bond interest in The cost of tax payment, so it has offset the tax base; in equity financing, corporate shares and holders of double taxation, That is to pay dividends from after tax earnings. Compared with equity financing, bond issuance costs low. You can also lock the cost of bond financing, especially The expected effect of interest rate period significantly. (2) from the analysis of control rights, bond financing will not weaken the existing shareholders of the company for the relative balance of rights. The equity financing for new shareholders, the management structure of the company affected decentralized control. (3) from the analysis if the shareholder returns. The company investment returns higher than bond interest rates, because the cost of bond financing is relatively fixed interest, enable the company to make more use of external debt. To expand the size of the company, it can increase the companys earnings per share and net assets yield rate, improve returns to shareholders, namely leverage. bond Disadvantages: financing bonds have a fixed maturity and regular payment of interest, will increase the companys financial costs and financial Risk; bond financing by the company capital structure, will also affect the companys ability to refinance. 2. provisions of the current law, within the company, the issuer must be approved by the general meeting of shareholders, try to analyze the reasons. The company law provisions of article 103rd: the general meeting of shareholders exercise the powers of the first paragraph, determining the companys operation guidelines and investment plans; ninth, Make a resolution on the issue of corporate bonds. The company law provisions of article 163rd: Limited by Shar