彼得羅斯公司理財cap(4)-資料下載頁
2024-10-18 14:47本頁面
【正文】 a source of financing, typically between 70 and 90%. ? Firms usually spend more than they generate internally—the deficit is financed by new sales of debt and equity. ? Net new issues of equity are dwarfed by new sales of debt. ? This is consistent with the pecking order hypothesis. ? Firms in other countries rely to a greater extent than . firms on external equity. 1518 The LongTerm Financial Deficit Internal cash flow (retained earnings plus depreciation) 80% Longterm debt and equity 20% Sources of Cash Flow (100%) Uses of Cash Flow (100%) Capital spending 80% Net working capital plus other uses 20% Internal cash flow External cash flow Financial deficit 1519 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 . nonfinancial firms have been below 50 percent of total financing. 1520 Quick Quiz ? Describe the basic characteristics of mon and preferred stock. ? Differentiate between cumulative voting and straight voting. ? Identify the rights of shareholders and bondholders. ? How would the following characteristics impact the yield on a bond: ? Callable ? Sinking Fund
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