案例编号:
CN_2018KJYGSCW_8791
译名:
The Debt Ratio of Qingdao Haier
中文关键词:
债务资本;资本结构;节税收益;破产成本;ZZ杠杆模型
英文关键词:
Debt capital; capital structure; tax shield; bankruptcy cost; ZZ leverage model
中文摘要:
公司可否借助债务或资本结构的安排,在获得投资净现值的基础上,再进一步获得融资价值增值,这是理论和实践双方面都感兴趣的问题。本案例针对海尔公司的典型情况,探讨资本结构决策的道理和方法;通过引进原创理论模型,解答资本结构决策的有关问题,进而评价海尔过去20年的资本结构。
英文摘要:
Whether a company can gain further value by utilizing debt or optimizing capital structure in its financing decision in addition to the value created from its investment decision is a problem interested in by academic and practical community. This case explores the mysteries in capital structure decision based on the typical situation of Haier. We solve the problem of capital structure and answer the related problems by use of an innovative model as well as comment on the Haier 's debt ratios during the past 20 years.
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