公司理财(doc 87)本站还有更多
财务管理,财务管理制度,财务管理专业,公司财务管理制度,财务管理学方面的资料。
doc87Thevalueofthefirmcanbethoughtofasapie.
Thegoalofthemanageristoincreasethesizeofthepie
TheCapitalStructuredecisioncanbeviewedashowbesttosliceupathepie.
Ifhowyouslicethepieaffectsthesizeofthepie,thenthecapitalstructuredecisionmatters
PrimaryMarket
Whenacorporationissuessecurities,cashflowsfrominvestorstothefirm.
Usuallyanunderwriterisinvolved
SecondaryMarkets
Involvethesaleof“used”securitiesfromoneinvestortoanother.
Securitiesmaybeexchangetradedortradeover-the-counterinadealermarket.
Thebasicfeatureofadebtisthatitisapromisebytheborrowingfirmtorepayafixeddollaramountofbyacertaindate.
Theshareholder’sclaimonfirmvalueistheresidualamountthatremainsafterthedebtholdersarepaid.
Ifthevalueofthefirmislessthantheamountpromisedtothedebtholders,theshareholdersgetnothing.
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