企业资本结构选择ppt课件.ppt

《企业资本结构选择ppt课件.ppt》由会员上传分享，免费在线阅读，更多相关内容在教育资源-天天文库。

1、PlayingGameswithTaxesandIncentivesDebt-EquityChoice1TypesofDebtFinancing1.Bankloans2.Leases3.CommercialPaper4.CorporateBonds2BankLoansLineofcreditAnarrangementbetweenabankandafirmthatrequiresthebanktoquoteaninterestrate,typicallyforashort-termloan,whenthefirmrequeststheloan.Thebankaut

2、horizesthemaximumloanamountwhensettingupthelineofcredit.LoancommitmentAnarrangementthatrequiresabanktolenduptoamaximumprespecifiedloanamountataprespecifiedinterestrateatthefirm’srequestaslongasthefirmmeetstherequirementsestablishedwhenthecommitmentwasdrawnup.Therearetwotypesofloancomm

3、itments:Revolver,inwhichfundsflowbackandforthbetweenthebankandthefirmwithoutanypredeterminedschedule.Fundsaredrawnfromtherevolverwheneverthefirmwantsthem,uptothemaximumamountspecified.Theymaybesubjecttoanannualcleanupinwhichthefirmmustretireallborrowings.Nonrevolvingloancommitmentinwh

4、ichthefirmmaynotpaydowntheloanandthensubsequentlyincreasetheamountofborrowing.3LeasesAdebtinstrumentinwhichtheownerofanasset,thelessor,givestherighttousetheassettoanotherparty,thelessee,inreturnforasetofcontractuallyfixedpayments.Operatinglease:Anagreement,usuallyshortterm,allowingthe

5、lesseetoretaintherighttocanceltheleaseandreturntheassettothelessor.Financiallease(orcapitallease):Anagreementthatgenerallyextendsoverthelifeoftheassetandindicatesthatthelesseecannotreturntheassetexceptwithsubstantialpenalties.Leveragedlease(assetpurchasefinancedbyathirdparty),Directle

6、ase(assetpurchasefinancedbythemanufactureroftheasset),andSaleandleaseback(assetpurchasedfromthelesseebythelessor).4CommercialPaperCommercialpaperisacontractbywhichaborrowerpromisestopayaprespecifiedamounttothelenderofthecommercialpaperatsomedateinthefuture,usuallyonetosixmonths.Thispr

7、especifiedamountisgenerallypaidoffbyissuingnewcommercialpaper(rollover).Typicallyonlyavailabletoverylargecompanieswithveryhighcreditratings.Thesecontractsaretypicallytradedinpublicmarketsandcarryverylowinterestrates.5CorporateBondsBondsaretradablefixed-incomesecurities.Alwayshaveaface

8、amoun