What Is Financial Structure?
Financial structure refers to the mix of debt and equity that a company uses to finance its operations. This composition directly affects the risk and value of the associated business. The financial managers of the business have the responsibility of deciding the best mixture of debt and equity for optimizing the financial structure.
The Peoria, Ill.-based maker of heavy equipment authorized $10 billion in stock repurchases in January and expected to buy back $1.7 billion of its shares in the first quarter this year to complete its previous $7.5 billion repurchase initiative. The ongoing buybacks are "a result of our record cash flow," said CEO Doug Oberhelman.
Understanding Financial Structure
Companies have several choices when it comes to setting up the business structure of their business. Companies can be either private or public. In each case, the framework for managing the capital structure is primarily the same but the financing options differ greatly.
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Private versus Public
Private and public companies have the same framework for developing their structure but several differences that distinguish the two. Both types of companies can issue equity. Private equity is created and offered using the same concepts as public equity but private equity is only available to select investors rather than the public market on a stock exchange. As such the equity fundraising process is much different than a formal initial public offering (IPO). Private companies can also go through multiple rounds of equity financing over time which affects their market valuation. Companies that mature and choose to issue shares in the public market do so through the support of an investment bank that helps them to pre-market the offering and value the initial shares. All shareholders are converted to public shareholders after an IPO and the market capitalization of the company is then valued based on shares outstanding times market price.
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The first is to view Asia as a market that has proved resistant to rapid development and will require significant structural and regulatory change before taking off. The second sees the possibility of sudden upside surprise.
Going into the debate at Lynn University in Boca Raton, Florida, Obama had an inbuilt advantage on foreign policy and security. As president, with access to daily briefings by intelligence analysts, diplomats and generals, he is better briefed and it showed as he dominated Romney in the first half of the debate.
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专注于新兴市场的基金集团经历了难熬的一年，安本(Aberdeen)和安石(Ashmore)的资产管理规模都严重缩水。新兴市场交易所交易基金(ETF)也遭遇大规模赎回，ETF.com数据显示，投资者从贝莱德(BlackRock)旗下基金iShares MSCI Emerging Markets以及先锋(Vanguard)富时新兴市场(FTSE Emerging Markets)撤出95亿美元。
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Debt versus Equity
不错，2014年完全是一场灾难，只等着引爆。在《年内股市崩盘的概率有多大？》(Doomsday poll: 87% risk of stock crash by year-end)一文中，我们分析了今年年初以来的10大崩盘征兆。之后，我们又不断发现了更多新的妖魔。它们有如嘀嗒作响的定时炸弹，来自国会、最高法院、性问题、碳排放、石油巨头、国家安全局(NSA)、国税局(IRS)、茶党式财政紧缩。接踵而至，让人无法招架。
Many grand and spectacular museums are located in picturesque cities like Bruges, Antwerp and Brussels. Art lovers can fully engage themselves in the numerous treasures dating back to the medieval period. Exploring the quiet towns and appreciating their Gothic architecture is also an opportunity not to be missed. As the hometown of the world’s best beers, chocolates and fries, everyone can be a gourmet here. With the 100th anniversary of the outbreak of World War I approaching, Belgium is set to draw many tourists in the coming years.
Overall, financial managers consider and evaluate the capital structure by seeking to optimize the 2017年门窗幕墙将华丽转身 创新求发展 (WACC). WACC is a calculation that derives the average percentage of payout required by the company to its investors for all of its capital. A simplified determination of WACC is calculated by using a weighted average methodology that combines the payout rates of all of the company’s debt and equity capital.
Metrics for Analyzing Financial Structure
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Data for calculating capital structure metrics usually come from the balance sheet. A primary metric used in evaluating financial structure is a debt to total capital. This provides quick insight on how much of the company’s capital is debt and how much is equity. Debt may include all of the liabilities on a company’s balance sheet or just long-term debt. Equity is found in the shareholders’ equity portion of the balance sheet. Overall, the higher the debt to capital ratio the more a company is relying on debt.
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That even at a lower profit margin (say, 40%) and a 1/3 cannibalization rate (i.e. customers buy one third fewer full-priced iPhones), the cheaper iPhone would increase Apple'srevenue and gross profits (see her spreadsheet above).
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