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1、EvaluatingACompany'sCapitalStructureForstockinvestorsthatfavorcompanieswithgoodfundamentals,a"strong"balancesheetisanimportantconsiderationforinvestinginacompany'sstock.Thestrengthofacompany'balancesheetcanbeevaluatedbythreebroadcategoriesofinvestment-qualitymeasurements:work
2、ingcapitaladequacy,assetperformanceandcapitalstructure.Inthisarticle,we'lllookatevaluatingbalancesheetstrengthbasedonthecompositionofacompany'scapitalstructure..Acompany'scapitalization(nottobeconfusedwithmarketcapitalization)describesthecompositionofacompany'spermanentorlong
3、-termcapital,whichconsistsofacombinationofdebtandequity.Ahealthyproportionofequitycapital,asopposedtodebtcapital,inacompany'scapitalstructureisanindicationoffinancialfitness.ClarifyingCapitalStructureRelatedTerminologyTheequitypartofthedebt-equityrelationshipistheeasiesttodef
4、ine.Inacompany'scapitalstructure,equityconsistsofacompany'scommonandpreferredstockplusretainedearnings,whicharesummedupintheshareholders'equityaccountonabalancesheet.Thisinvestedcapitalanddebt,generallyofthelong-termvariety,comprisesacompany'scapitalization,i.e.apermanenttype
5、offundingtosupportacompany'sgrowthandrelatedassets.Adiscussionofdebtislessstraightforward.Investmentliteratureoftenequatesacompany'sdebtwithitsliabilities.Investorsshouldunderstandthatthereisadifferencebetweenoperationalanddebtliabilities-itisthelatterthatformsthedebtcomponen
6、tofacompany'scapitalization-butthat'snottheendofthedebtstory.Amongfinancialanalystsandinvestmentresearchservices,thereisnouniversalagreementastowhatconstitutesadebtliability.Formanyanalysts,thedebtcomponentinacompany'scapitalizationissimplyabalancesheet'slong-termdebt.Thisdef
7、initionistoosimplistic.Investorsshouldsticktoastricterinterpretationofdebtwherethedebtcomponentofacompany'scapitalizationshouldconsistofthefollowing:short-termborrowings(notespayable),thecurrentportionoflong-termdebt,long-termdebt,two-thirds(ruleofthumb)oftheprincipalamountof
8、operatingleasesandredeemablepreferredstock.Usingacomprehensivetotald
