当前位置：中博教育 > ACCA > 学习指导 > ACCA FM知识点：Gearing

ACCA FM知识点：Gearing

文章来源：ACCA全球官网

发布时间：2021-11-22 14:53

阅读：570次

财务管理教学大纲的E部分涉及商业财务：什么类型的财务？什么来源？什么组合？首先考虑企业的形成和初始增长，然后是成熟和成熟的公司，并将研究在不同阶段可能面临的融资选择和决策。本文重点讲解Gearing。

Gearing

When deciding what sorts of finance to issue,companies must always bear in mind the average cost of their finance.This article does not go into gearing considerations in any detail except to point out that some borrowing can lower the cost of capital.

If there is no borrowing,all finance will be equity and that is high cost to compensate for the high risk attaching to it.Debt finance is cheap because it has lower risk and enjoys tax relief on interest.

免费下载：ACCA历年真题+高频知识点+学霸笔记

Therefore,introducing some debt into the finance mix begins to pull down the average cost of capital.However,at very high levels of gearing the increased risk of default pushes up both the cost of debt and the cost of equity,and the average cost of finance starts to rise.Somewhere,there is an optimum gearing ratio with the cheapest mix of finance.

The previous paragraph briefly described the traditional theory of gearing.Modigliani and Miller suggested an alternative view,but the very precise conditions and restrictions their theories require are not often found in practice.

Ken Garrett is a freelance lecturer and author

2022年ACCA最新学习资料包

请大家认真填写以下信息，获取2025年ACCA学习资料包，会以网盘链接的形式给到大家，点击免费领取后请尽快保存。