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注会综合阶段英语水平提升班——第六单元3

t-admin154 网校老师 发表于 2017-10-29 16:30:22 | 评论:0  查看:1026次 [注会英语]
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Unit 6         Financial management
3. Long-term financing
3.1 Operating gearing (leverage)
Operating gearing is a measure of the extent to which a firm’s operating costs are fixed rather than variable as this affects the level of business risk in the firm. Firms with high levels of fixed costs are usually described as having high operating gearing.
经营杠杆计量的是企业经营成本中固定成本而非变动成本所占比重,固定成本比重往往影响企业的经营风险水平。
Operating gearing can be measured as:  
   % change in EBIT   
% change in turnover
图片11.png
  式中:DOL----经营杠杆系数;
△ EBIT----息税前利润变动额;
EBIT----变动前息税前利润;
△S——营业收入(销售量)变动量;
S——变动前营业收入(销售量)
图片12.png
Thus if the sales of a company vary, the greater the operating gearing the greater the EBIT variability.
因此如果收入发生变化,经营杠杆系数越大,EBIT 的变动就越大。(EBIT的波动大小即反映经营风险的大小)
3.2 Financial gearing (leverage)
Financial gearing is a measure of the extent to which debt is used in the capital structure.
财务杠杆计量的是资本结构中债务资本所占的比重。
图片13.png
图片14.png
A company with higher financial gearing will have greater variability in returns to shareholders relative to a given level of variability in EBIT.
对于给定的EBIT变动,财务杠杆系数高的企业,股东收益的变动会更大。
3.3 Total gearing (leverage)
总杠杆系数=财务杠杆系数×经营杠杆系数
DTL =DFL×DOL 
图片15.png
Thus if the sales of a company vary, the ultimate variability of returns to shareholders will be determined by the level of operating gearing- which determines the EBIT variability- as amplified by the level of financial gearing.
因此如果企业的销售收入发生变动,股东收益的最终变动取决于经营杠杆系数 ——决定了EBIT 的变动——并且财务杠杆系数放大了销售收入变动对股东收益的影响。
图片16.png
3.4 Capital structure theories
M&M with no taxation
The WACC and the value of the firm are unaffected by changes in gearing levels and gearing is irrelevant. Implication for finance: choice of finance is irrelevant to shareholder wealth: company can use any mix of funds.
在没有企业所得税的情况下,负债企业的价值与无负债企业的价值相等,即无论企业是否有负债,企业的资本结构与企业价值无关。因此企业可以使用任何资金的组合。
M&M with taxation
Gearing up reduces the WACC and increases the MV of the company. The optimal capital structure is 99.9% gearing.
Implication for finance: the company should use as much debt as possible.
随着企业负债比例提高,企业价值也随之提高,加权资本成本降低。在理论上全部融资来源于负债时,企业价值达到最大。
Pecking-order theory优序融资理论
In this approach, there is no search for an optimal capital structure through a theorized process. Instead it is argued that firms will raise new funds as follows:
w Internally-generated funds
w Debt
w New issue of equity
当企业存在融资需求时,首先选择内源融资,其次会选择债务融资,最后选择股权融资。
How firms establish capital structure
The theories of capital structure are among the most elegant and sophisticated in the field of finance. No exact formula is available for evaluating the optimal debt-equity ratio. Debt-equity ratios vary across industries. Three factors determine the target debt-equity ratio:
w Taxes: firms with high taxable income should rely more on debt than firms
with low taxable income.
w Types of assets: firms with a high percentage of intangible assets such as
research and development should have low debt. Firms with primarily tangible assets should have higher debt.
w Uncertainty of operating income: firms with high uncertainty of operating
income should rely mostly on equity.
资本结构的决策没有统一的原则与模式,目标债务权益比率往往受到三个因素的影响:税收,资产的类型,经营收入的不确定性。
3.5 Theories of dividend policy
Dividend irrelevancy theory 股利无关理论
The dividend irrelevancy theory put forward by M&M(米勒Miller)和莫迪格利安尼Modigliani))argues that in a perfect capital market (no taxation, no transaction costs, no market imperfections ), existing shareholders will only be concerned about increasing their wealth, but will be indifferent as to whether that increase comes in the form of a dividend or through capital growth.
在一个完美资本市场,投资者并不关心公司股利的分配,股利的支付比率不影响公司的价值。
Dividend relevance 股利相关理论
Practical influences, including market imperfections, mean that changes in dividend policy, particularly reductions in dividends paid, can have an adverse effect on shareholder wealth:
w Reductions in dividend can convey “bad news” to shareholders (dividend
signaling ) (信号理论)
w Changes in dividend policy, particularly reductions, may conflict with
investor liquidity requirements.
w Changes in dividend policy may upset investor tax planning (clientele effect).( 客户效应理论) (不同税收等级的投资者对待股利分配态度差异)
Different groups of shareholders are likely to prefer different payout pattern, e.g. high rate tax payers prefer capital gains to dividend income because they can choose the timing of the gain to minimize the tax burden.)
As a result companies tend to adopt a stable dividend policy and keep shareholders informed of any changes.
Alternatives to cash dividends:
w Share repurchase: using surplus cash to buy back shares.
w Stock dividends: a company allows its shareholders to take their
dividends in the form of new shares rather than cash. The effect of a stock dividend is to increase the number of shares that each owner holds. Because there are more shares outstanding, each is simply worth less.
w Stock split: it is essentially the same thing as a stock dividend, except
that a split is expressed as a ratio instead of a percentage.
股票回购,股票股利,股票分割
图片17.png

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