[经济学]金融学概论讲义北大光华管理学院lecture08.docVIP

Principles of Finance Lecture 08 Capital Structure and Dividend Policy Different sources of finance ( Internal financing: retained earnings ( External financing Sources of funds from outside lenders and investors. ( Common stocks The residual claim to the corporation’s assets (and cash flows) ( Debt financing A contractual obligation of the corporation to make regular interest payments and to repay the principal at maturity in return for funds provided to it MM Proposition I ( The firm’s mix of different securities is known as its capital structure ( MM Proposition I: In a frictionless wo