You are appointed financial director of a cement group which has no debts. What should you...
You are appointed financial director of a cement group which has no debts. What should you be concerned about?
Homework Answers
Answer: There are mainly two sources of finance:
Equity- It is the company's share capital that is issued to the public to raise funds.
Debt- It is the issuance of bonds or loan taken from banks.
If in a company, there is no debt, there are following concerns:
- If there is only equity financing then cost of equity capital will be higher because shareholders want higher return on equity.
- There is lack of control in all equity financing because common shareholders are the owners of the company and have voting rights, they are many in numbers.
- When company has debt in its capital structure, it gets benefit of interest deduction for income tax purpose, interest on loan is a deductible expense.
- When there is debt in the company, lender of debt never interferes in the business and whole control is with management and key people of the company.
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