金融论文代写

加拿大代写被抓

加拿大代写被抓

资本结构是负债的构成。公司层面的计算通常包括股权融资和债务融资以及债务与融资的比率。在这一点上,债务融资法规被发现具有稳固的杠杆作用。资本结构被发现是高度复杂的,它包括许多资金来源。杠杆可以定义为从债务中获得的公司资本的比例。这是非常复杂的。在破产的情况下,资本结构从最高的位置到最低的(Leary,和Roberts, 2005)。

加拿大代写被抓

在完美的资本市场,没有交易或破产成本。公司和个人可以借到相同的利率。没有税收,投资回报也没有受到金融不确定性的影响。莫迪利亚尼和米勒在这些条件下得出了两个主要的发现(莫迪利阿尼,米勒,1965)。首先考虑的是公司的价值是独立于资本结构的。第二个建议是,杠杆公司的股权成本等于无杠杆公司的股权成本。风险被发现在投资者阶层之间转移。没有额外的值被创建。最优结构被发现根本没有股权。资本结构被发现包含99%的债务。在现实世界中,这种资本结构没有任何关联(Leary和Roberts, 2005)。

加拿大代写被抓

The capital structure is the composition of liabilities. The firm level calculations usually encompass the equity finance and debt finances and the ratio of the debt to financing. In this, the debt financed statute is found to firm leverage. The capital structure is found to be a highly complex and it includes a number of sources for the collection of the capital. The leverage can be defined as the proportion of the firm capital that is obtained from the debt. This is found to be highly complex. In cases of bankruptcy the capital structure of is divided from the senior most position to the least (Leary, and Roberts, 2005).

加拿大代写被抓

In the perfect capital market, there is no transaction or bankruptcy cost. Firms and individual is found to borrow the same interest rate. There are no taxes and investment returns are not impacted by the financial uncertainty. Modigliani and Miller derived two main findings in these conditions (Modigliani, & Miller, 1965). The first proposition that was considered is that the value of the company is found to be independent of the capital structure. The second proposition is that the cost of equity of the leveraged firm is equal to the cost of equity of the unleveraged firm. The risk is found to be shifted between the investor classes. There is no extra value is created. The optimal structure is found to have no equity at all. The capital structure is found to consist of 99% of the debt. In the real world, this capital structure bears no relevance (Leary, and Roberts, 2005).