怎么去學(xué)習(xí)ACCA考試Pecking order theory的內(nèi)容？

ACCA考試要學(xué)習(xí)的知識(shí)點(diǎn)很多，學(xué)員在備考的時(shí)候要認(rèn)真的去了解考試的重難點(diǎn)。ACCA考試備考是學(xué)習(xí)的第 一步，學(xué)員運(yùn)用所學(xué)知識(shí)是通過考試的關(guān)鍵。那么，怎么去學(xué)習(xí)ACCA考試Pecking order theory的內(nèi)容？

ACCA考試Pecking order theory是考試的考點(diǎn)，學(xué)員在學(xué)習(xí)該知識(shí)的時(shí)候，一定要清楚的理解并去掌握其相關(guān)的內(nèi)容。ACCA考試對(duì)學(xué)員來說要掌握的內(nèi)容很多，下面是給大家總結(jié)的相關(guān)知識(shí)點(diǎn)的內(nèi)容：

The pecking order theory is in sharp contrast with the theories that attempt to find an optimal capital structure by studying the trade-off between the advantages and disadvantages of debt finance.In this approach,there is no search for an optimal capital structure.Companies simply follow an established pecking order which enables them to raise finance in the simplest and most efficient manner,the order is as follows:

1.Use all retained earnings available;

2.Then issue debt;

3.Then issue equity,as a last resort.

The justifications that underpin the pecking order are threefold:

Companies will want to minimise issue costs.

Companies will want to minimise the time and expense involved in persuading outside investors of the merits of the project.

The existence of asymmetrical information and the presumed information transfer that result from management actions.We shall now review each of these justifications in more detail.

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