高级公司理财3

1、Why do companies go public?(Pagano, Panetta Funded / Unfunded pension liabilities; Provisions; etc.,Measures of Leverage,1. TL / TA Broadest definition US, UK have lower leverage than Eur. countries In market value terms, Japan is not more levered 2. Debt (STD + LTD) / TA Here trade credit (non-debt

2、 liabilities) is not included; Lev looks less Germany Reserves are reported separately from equity; these do not cover specific obligations, but serves as “equity for a rainy day” - to offset future drop in earnings Japan: Large companies borrow and then lend to suppliers and related companies (they

3、 have offsetting loans),Adjustments to country-specific features,Do these findings remain same after adjustments (of accounting practices)? Provisions for future liabilities are dubious; so add to equity Pensions liabilities deduct these from assets Intangible assets (goodwill from acquisitions) may

4、 exaggerate assets; so deduct from equity Deferred taxes may have to be considered as part of shareholder equity,Explaining capital structure differences,Capital structure of firms from different countries could be explained by taking into consideration the institutional differences Taxes (corporate, personal, local taxes) Bankruptcy law (US going concern; UK, Germany creditor rights, premature liquidation) Financial system: Bank versus Market-based countries (private financing, bank as underwriter,