January 2018
Beginner
976 pages
142h 14m
English
book
Principles of Managerial Finance, 15th Edition
by Scott B. Smart, Chad J. Zutter, Lawrence J. Gitman
Content preview from Principles of Managerial Finance, 15th Edition
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13.2 The Firm’s Capital Structure
LG3
LG4
Capital structure is one of the most complex areas of financial decision making because of its interrelationship with other financial decision variables. Poor capital structure decisions can reduce the value of the firm by increasing the cost of capital, thereby lowering the NPVs of investment projects and making more of them unacceptable. Effective capital structure decisions can increase the value of the firm by lowering the cost of capital, resulting in higher NPVs and more acceptable investment opportunities.
Types of Capital
All the items on the right-hand side of the firm’s balance sheet, excluding current liabilities, are sources of capital. The following simplified balance sheet illustrates ...
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