Rien de mieux quune structure parfaite de capitaux
Date de publication :
07/05/2008
Langue :
Anglais
Format :
.doc
Nombre de pages :
6 pages
Sommaire :
Sommaire
- How recognize and assess a capital structure?
- Main determinants of capital structure: equity versus debt
- Measurement methods of a capital structure
- Several methods to choice a relevant financing mix
- The traditional view of capital structure
- Modigliani and Miller's theories
Résumé :
There is no such thing as a perfect capital structure (titre original)
The relevance of a company capital structure has been the subject of several theories and debate. The capital structure of a company is a mix of different securities. Capital structure refers to the way a corporation finances itself through some combination of equity sales, equity option, bonds and loans. So it is essentially a debate over the proportion of debt and equity financing the company. However capital structure is not just a question about debt and equity. There are many flavors of debt or equity and also convertible bonds. The aim of every company is to do some profit. Therefore an optimal capital structure could allow maximizing profit of the company. An optimal capital structure refers to the particular combination which minimizes the cost of capital, and maximizing the stock price. It's an important financial decision undertaken by the managers of the company. It's necessary to assess the effect of the capital structure choice on the investor's behaviour. The proportion of debt and equity has an implication for stockholder value.
The relevance of a company capital structure has been the subject of several theories and debate. The capital structure of a company is a mix of different securities. Capital structure refers to the way a corporation finances itself through some combination of equity sales, equity option, bonds and loans. So it is essentially a debate over the proportion of debt and equity financing the company. However capital structure is not just a question about debt and equity. There are many flavors of debt or equity and also convertible bonds. The aim of every company is to do some profit. Therefore an optimal capital structure could allow maximizing profit of the company. An optimal capital structure refers to the particular combination which minimizes the cost of capital, and maximizing the stock price. It's an important financial decision undertaken by the managers of the company. It's necessary to assess the effect of the capital structure choice on the investor's behaviour. The proportion of debt and equity has an implication for stockholder value.
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