经济代写|公司金融学代写Corporate Finance代考|Hybrids

Doug I. Jones

Doug I. Jones

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如果你也在 怎样代写公司金融学Corporate Finance 这个学科遇到相关的难题,请随时右上角联系我们的24/7代写客服。公司金融学Corporate Finance是金融的一个领域,涉及资金来源、公司的资本结构、管理者为增加公司对股东的价值而采取的行动,以及用于分配金融资源的工具和分析。公司金融的主要目标是最大化或增加股东价值。

公司金融学Corporate Finance相应地,公司财务包括两个主要的分支学科。[引用]资本预算涉及到设定标准,以确定哪些增值项目应该获得投资资金,以及是否用股权或债务资本为该投资融资。营运资金管理是对公司货币资金的管理,涉及流动资产和流动负债的短期经营平衡;这里的重点是管理现金、存货和短期借贷(如提供给客户的信贷条件)。

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经济代写|公司金融学代写Corporate Finance代考|Hybrids

经济代写|公司金融学代写Corporate Finance代考|Hybrids

A hybrid security combines some of the features generally associated with equity capital with some of those associated with debt capital. The idea behind hybrids is to obtain the best of all worlds, by designing a security that is treated as equity for some purposes and treated as debt for others. Hybrids come in a number of forms. Some are regarded as hybrid because their very nature contains elements associated with debt and equity, such as preference shares; others have both of those elements by design, such as deeply subordinated debt securities; and others, such as convertible securities, are regarded as hybrids because they start life as one type of capital (for example, debt) but have the ability to be converted into the other. Some forms of hybrid have existed for some considerable time, such as preference shares, while others have been developed more recently in response to particular issues, such as the regulatory capital requirements discussed in this section. The category of hybrids therefore comprises a number of different devices, which may be utilised for a variety of reasons, the uniting feature being that these securities combine both debt and equity features.

Preference shares are a common form of hybrid security. A typical preference shareholder will have rights in the articles of the company which specify a fixed dividend ${ }^{290}$ and a fixed return on capital, both generally payable in preference to the return on ordinary shares. Unlike ordinary shareholders, preference shareholders generally have no right to participate in the surplus, ie they are not residual claimants, and have no, or very limited, voting rights. The inclusion of rights to fixed returns on income and capital ahead of the ordinary shareholders means that preference shares to some extent resemble loan capital, although the rights of preference shareholders are generally weaker than those of creditors, and they continue to rank behind creditors in the order of payment on a winding up. ${ }^{291}$ Preference shares remain, at law, shares. For accounting purposes, however, they may be classified as either equity or debt, depending on their precise terms. ${ }^{292}$ Preference shares, then, are equity securities which have debt-like features. The attraction of preference shares over ordinary shares from the company’s point of view, or, more particularly, that of the existing shareholders, is that they rarely contain general voting rights, and therefore they do not tend to disturb existing control rights. Their advantage over debt is that the return, though often expressed to be fixed, is not fixed in the same way as debt, and need not be paid in certain circumstances. ${ }^{293}$ The advantage of preference shares for the holder is that they rank ahead of the ordinary shares for various purposes, ${ }^{294}$ and that the prefrential dividend should promise a higher return than the interest payment that could otherwise be obtained by that investor.

经济代写|公司金融学代写Corporate Finance代考|Retained Profits

Retained profits are an internal source of finance for the company, the availability of which will depend upon the profitability of the company and the decisions taken by the company’s directors as to whether to retain those profits or to return them to the shareholders, commonly by way of dividend payments or repurchases of the company’s own shares. The ability of directors to distribute profits to the shareholders in this way is discussed in chapter five. ${ }^{309}$ The capital maintenance rules discussed in that chapter impose some constraints on the circumstances in which returns can be made to shareholders, but where the company has distributable profits, these rules should cause little difficulty. It is predominantly a matter for the directors, acting in accordance with their directors’ duties, whether the company will be best served by retaining its profits to finance its operations or returning some of those profits to its shareholders. The benefits of returning profits to the shareholders will differ depending on a number of factors, including the size of the company and the number and nature of its shareholders.

In a small quasi-partnership company, for example, the benefits for the shareholders are clear. Dividend payments and repurchases of shares can operate as a means for ownermanagers to extract income from such companies. ${ }^{310}$ Dividend payments may be preferable for the shareholders as a value-extraction device since the shares may provide the shareholders with valuable control rights which they do not wish to forgo by having those shares repurchased. ${ }^{311}$ However, share repurchases can be beneficial where one or more of the shareholders wishes to leave the business. There is unlikely to be a ready market for the shares of quasi-partnership companies, and if the other shareholders do not want to buy out the exiting shareholder, but there are funds available for the company to do so, ${ }^{312}$ then a repurchase of the shares by the company may be a useful tool. Balancing these benefits with the company’s interests will be important, however. The external funding options for a small quasi-partnership company are generally more limited than those for larger companies. ${ }^{313}$ Profits are likely to be a key source of financing for the business. It may well be that the owner-managers will forgo the return of profits to them, and/or find other means to extract value from the company.

At the other end of the spectrum, in publicly traded companies, shareholders usually expect to receive regular dividends in respect of their shares. In general the dividends received by shareholders in publicly traded companies are kept at a fairly constant level, smoothed over time, and any increases in the dividend payments tend to reflect the underlying long-term prospects of the business. ${ }^{314}$ As a result, directors in publicly traded companies tend to be conservative about their dividend policy. Dividends are kept relatively low, and any increases are contemplated only if the directors are confident about the sustained growth of the company.

经济代写|公司金融学代写Corporate Finance代考|Hybrids

公司金融学代考

经济代写|公司金融学代写Corporate Finance代考|Hybrids

混合证券将权益资本的一些特征与债务资本的一些特征结合起来。混合投资背后的理念是通过设计一种证券,在某些目的下被视为股权,在另一些目的下被视为债务,从而获得最好的结果。混血儿有很多种形式。有些被视为混合型,因为它们的性质包含与债务和股权相关的元素,例如优先股;其他一些基金则有意兼具这两种元素,比如深度次级债证券;而其他的,如可转换证券,则被认为是混合体,因为它们最初是一种资本(例如债务),但有能力转换为另一种资本。有些混合形式已经存在了相当长的一段时间,例如优先股,而其他形式则是最近为响应特定问题而发展起来的,例如本节讨论的监管资本要求。因此,混合类别包括许多不同的工具,这些工具可用于各种原因,其共同特征是这些证券兼具债务和股权特征。

优先股是混合证券的一种常见形式。典型的优先股股东将在公司章程中享有规定固定股息${}^{290}$和固定资本回报的权利,两者通常优先于普通股回报。与普通股东不同,优先股股东通常无权参与盈余,即他们不是剩余索取者,也没有或非常有限的投票权。将固定收益和资本回报率的权利包括在普通股东之前,意味着优先股在某种程度上类似于贷款资本,尽管优先股股东的权利通常比债权人的权利弱,而且在清盘的支付顺序中,他们仍然排在债权人之后。${}^{291}$优先股在法律上仍然是股票。然而,出于会计目的,它们可能被分类为权益或债务,这取决于它们的确切条款。因此,优先股是具有类似债务特征的权益证券。从公司的角度来看,或者更具体地说,从现有股东的角度来看,优先股相对于普通股的吸引力在于,它们很少包含一般投票权,因此它们不会干扰现有的控制权。它们相对于债务的优势在于,收益虽然经常被表示为固定的,但并不像债务那样固定,在某些情况下不需要支付。对于持有者来说,优先股的好处是在各种用途上它们都排在普通股前面,而且优先股股息应该保证比投资者可能获得的利息支付更高的回报。

经济代写|公司金融学代写Corporate Finance代考|Retained Profits

留存利润是公司的内部资金来源,其可用性将取决于公司的盈利能力和公司董事决定是否保留这些利润或将其返还给股东,通常是通过股息支付或回购公司自己的股票。第五章讨论了董事以这种方式向股东分配利润的能力。${}^{309}$在该章中讨论的资本维持规则对可以向股东提供回报的情况施加了一些限制,但如果公司有可分配利润,这些规则应该不会造成什么困难。这主要是由董事根据其董事职责行事的问题,即公司是保留其利润为其运营提供资金,还是将其中一部分利润返还给股东,对公司最有利。将利润返还给股东的好处取决于许多因素,包括公司的规模、股东的数量和性质。

例如,在一家小型准合伙企业中,股东的利益是显而易见的。股息支付和股票回购可以作为业主经理从这些公司提取收入的一种手段。作为一种价值提取手段,股息支付可能更适合股东,因为股票可能为股东提供有价值的控制权,他们不希望通过回购这些股票而放弃这些控制权。${}^{311}$但是,当一个或多个股东希望离开公司时,股票回购是有益的。准合伙公司的股份不太可能有现成的市场,如果其他股东不想买断现有股东的股份,但公司有资金这样做,那么公司回购股份可能是一个有用的工具。然而,平衡这些利益与公司利益将是很重要的。小型准合伙公司的外部融资选择通常比大型公司更为有限。${}^{313}$利润可能是企业融资的主要来源。业主经理人很可能会放弃向他们返还利润,并/或找到其他方式从公司榨取价值。

另一方面,在上市公司中,股东通常期望获得与其股份相关的定期股息。一般来说,上市公司股东收到的股息保持在一个相当恒定的水平,随着时间的推移而平滑,股息支付的任何增加往往反映了企业潜在的长期前景。因此,上市公司的董事往往对其股息政策持保守态度。股息保持在相对较低的水平,只有在董事们对公司的持续增长充满信心的情况下,才会考虑增加股息。

统计代写请认准statistics-lab™. statistics-lab™为您的留学生涯保驾护航。

金融工程代写

金融工程是使用数学技术来解决金融问题。金融工程使用计算机科学、统计学、经济学和应用数学领域的工具和知识来解决当前的金融问题,以及设计新的和创新的金融产品。

非参数统计代写

非参数统计指的是一种统计方法,其中不假设数据来自于由少数参数决定的规定模型;这种模型的例子包括正态分布模型和线性回归模型。

广义线性模型代考

广义线性模型(GLM)归属统计学领域,是一种应用灵活的线性回归模型。该模型允许因变量的偏差分布有除了正态分布之外的其它分布。

术语 广义线性模型(GLM)通常是指给定连续和/或分类预测因素的连续响应变量的常规线性回归模型。它包括多元线性回归,以及方差分析和方差分析(仅含固定效应)。

有限元方法代写

有限元方法(FEM)是一种流行的方法,用于数值解决工程和数学建模中出现的微分方程。典型的问题领域包括结构分析、传热、流体流动、质量运输和电磁势等传统领域。

有限元是一种通用的数值方法,用于解决两个或三个空间变量的偏微分方程(即一些边界值问题)。为了解决一个问题,有限元将一个大系统细分为更小、更简单的部分,称为有限元。这是通过在空间维度上的特定空间离散化来实现的,它是通过构建对象的网格来实现的:用于求解的数值域,它有有限数量的点。边界值问题的有限元方法表述最终导致一个代数方程组。该方法在域上对未知函数进行逼近。[1] 然后将模拟这些有限元的简单方程组合成一个更大的方程系统,以模拟整个问题。然后,有限元通过变化微积分使相关的误差函数最小化来逼近一个解决方案。

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随机分析代写


随机微积分是数学的一个分支,对随机过程进行操作。它允许为随机过程的积分定义一个关于随机过程的一致的积分理论。这个领域是由日本数学家伊藤清在第二次世界大战期间创建并开始的。

时间序列分析代写

随机过程,是依赖于参数的一组随机变量的全体,参数通常是时间。 随机变量是随机现象的数量表现,其时间序列是一组按照时间发生先后顺序进行排列的数据点序列。通常一组时间序列的时间间隔为一恒定值(如1秒,5分钟,12小时,7天,1年),因此时间序列可以作为离散时间数据进行分析处理。研究时间序列数据的意义在于现实中,往往需要研究某个事物其随时间发展变化的规律。这就需要通过研究该事物过去发展的历史记录,以得到其自身发展的规律。

回归分析代写

多元回归分析渐进(Multiple Regression Analysis Asymptotics)属于计量经济学领域,主要是一种数学上的统计分析方法,可以分析复杂情况下各影响因素的数学关系,在自然科学、社会和经济学等多个领域内应用广泛。

MATLAB代写

MATLAB 是一种用于技术计算的高性能语言。它将计算、可视化和编程集成在一个易于使用的环境中,其中问题和解决方案以熟悉的数学符号表示。典型用途包括:数学和计算算法开发建模、仿真和原型制作数据分析、探索和可视化科学和工程图形应用程序开发,包括图形用户界面构建MATLAB 是一个交互式系统,其基本数据元素是一个不需要维度的数组。这使您可以解决许多技术计算问题,尤其是那些具有矩阵和向量公式的问题,而只需用 C 或 Fortran 等标量非交互式语言编写程序所需的时间的一小部分。MATLAB 名称代表矩阵实验室。MATLAB 最初的编写目的是提供对由 LINPACK 和 EISPACK 项目开发的矩阵软件的轻松访问,这两个项目共同代表了矩阵计算软件的最新技术。MATLAB 经过多年的发展,得到了许多用户的投入。在大学环境中,它是数学、工程和科学入门和高级课程的标准教学工具。在工业领域,MATLAB 是高效研究、开发和分析的首选工具。MATLAB 具有一系列称为工具箱的特定于应用程序的解决方案。对于大多数 MATLAB 用户来说非常重要,工具箱允许您学习应用专业技术。工具箱是 MATLAB 函数(M 文件)的综合集合,可扩展 MATLAB 环境以解决特定类别的问题。可用工具箱的领域包括信号处理、控制系统、神经网络、模糊逻辑、小波、仿真等。

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