天才カリスマ経営戦略コンサルタント大澤隆之の会計学講座

IQ169 人が思いつかないような全く新しい切り口からの経営戦略を提案する、カリスマコンサルタント大澤隆之のブログ

天才 カリスマ 経営戦略コンサルタント 大澤隆之  経営学基礎 Debt or Equity ?

経営戦略コンサルタント

大澤隆之です

 

出資か、融資か

つまり

デットファイナンスであとくされなく金を集めるか

エクイティファイナンスでリスクを減らすか

その割合って、難しいし、絶対的な答えが出ないことも多い

考える参考の指標をもとに、オーナーの価値観に基づいて

よりベターな未来を選択すべく、

予測するしかありませんね。

 

 

This is memorandum to explain how an increase in the cost of capital impacts the viability of future capital investment alternatives.

 

 

An increase in the cost of capital means that debt to equity ratio is small, and levaldge is small. This means the safety.

 

If you should have any questions, please feel free to contact me.

Sincerely,

 

 

Cost of capital 企業が資金を調達する際に負担するコスト

WACC 負債コストと株主資本コスト(CAPMモデルより)の加重平均

 

WACC is a company’s average cost of obtaining a dollar of long-term capital.

A proposed capital investment should be undertaken by a company only if its expected rate of return exceeds the cost of obtaining the necessary funds as reflected by WACC.

 

Thus, an increase in the cost of capital might result in the company having to reject more proposed projects than in the past.

 

 

 

 

 

This is memorandum to explain the impact on the company of issuing additional debt instead of equity as it relates to the after-tax cost of capital as well as to the company’s financial flexibility and credit rating.

 

Debt finance is beneficial as it relates to the after-tax cost, because of tax shield.

On the contrary, it leads to financial unflexibility, and the credit rating is going down.

 

 

 

Debt finance is a way of raising capital, which is deductible as expense from tax. Generally speaking it is cheaper cost of capital than equity finance. On the other hand, equity finance is another way of raising capital, whose cost of capital is more expensive than debt finance

 

 

Interest expense is tax deductible whereas any dividends distributed will not reduce taxable income.

Thus, the after tax cost of debt will be lower than equity.

However, interest payment are a fixed cost that must be paid when due. Thus, the issuance of debt will reduce flexibility.

Finally, credit rating varies, depending mainly on the ratio of debt to equity.

The issuance of the debt increases the ratio, resulting in a lower credit rating.

That reduction would cause a higher cost for any further borrowing by Omegathron.

 

If you should have any questions, please feel free to contact me.

Sincerely,

 

 

 

 

 

This is memorandum to explain what are the differences between debenture bond or mortgage bond.

 

 

Debenture bond is the non-secure bond, which has the risk not to be payed back when the company default.

On the other hand, mortgage bond is the bond which is mortgaged by something worth it.

 

 

 

 

 

 

Debenture bond is a bond that is collaterized by nothing.

On the other hand, mortgage bond is the bond that is collaterized by something such as land or building, and if you default, creditor can get money by buying the something .

 

It would be better to issue debenture bond to raise fund.

 

If you should have any questions, please feel free to contact me.

Sincerely,

 

 

 

Debenture bonds are unsecured bonds which are normally issued on the credit rating of the company or its potential capacity to make profit.

Mortgage bonds are secured bonds which are supported by liens or mortgages on specific assets.

Thus major differences between debenture and mortgage bonds involves a lien or mortgage on specific assets.

 

Because the company has to offer some assets as collateral when issuing the mortgage bonds, it could issue with better terms than debenture bonds.

 

Takayuki Osawa

 

 

今日のニュース

https://headlines.yahoo.co.jp/hl?a=20180112-00000005-kantelev-l27

以下添付

大阪府泉大津市の焼肉店の従業員に対する集団暴行事件で逮捕された経営者らは、被害者の顔におよそ60本のつまようじを刺した画像を他の従業員に送っていたことがわかりました。

焼肉店経営者の向井正男容疑者(42)らは去年、泉大津市の焼肉店で男性従業員(35)の顔などを角材で十数回殴ったり鼻に入れたティッシュに火をつけたりして、けがをさせた疑いが持たれています。

また、向井容疑者らは被害者の顔に向けて「つまようじボーガン」を発射し、およそ60本が刺さった様子をスマートフォンで撮影していました。

 

私も実はイタズラ好きな方ですが、

これはヤバイですね。

誰がどうみても犯罪行為ですよね。

しかも、集団暴行ですか?

時々、この手のニュース見ますが、どのような心理状態になるのでしょうか?

もともと、こういう行動を起こす素地があったのか

集団心理の特異性ゆえにエスカレートしてしまったのか

人の行動心理って不可解で

時々思いもしないようなことをする人たちいますよね??

 

今年は穏やかに行きたいものです。

そう願いつつ、

新たなステージを歩めるように、今年もスタートしていこうと思います。

天才

IQ169

大澤隆之

経営戦略コンサルタント

 

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