如果你也在 怎样代写公司金融学Corporate Finance 这个学科遇到相关的难题，请随时右上角联系我们的24/7代写客服。公司金融学Corporate Finance是金融的一个领域，涉及资金来源、公司的资本结构、管理者为增加公司对股东的价值而采取的行动，以及用于分配金融资源的工具和分析。公司金融的主要目标是最大化或增加股东价值。
公司金融学Corporate Finance相应地，公司财务包括两个主要的分支学科。[引用]资本预算涉及到设定标准，以确定哪些增值项目应该获得投资资金，以及是否用股权或债务资本为该投资融资。营运资金管理是对公司货币资金的管理，涉及流动资产和流动负债的短期经营平衡；这里的重点是管理现金、存货和短期借贷（如提供给客户的信贷条件）。
statistics-lab™ 为您的留学生涯保驾护航 在代写公司金融学Corporate Finance方面已经树立了自己的口碑, 保证靠谱, 高质且原创的统计Statistics代写服务。我们的专家在代写公司金融学Corporate Finance代写方面经验极为丰富，各种代写公司金融学Corporate Finance相关的作业也就用不着说。
经济代写|公司金融学代写Corporate Finance代考|Risks to Creditors from the Operation of a Solvent Company
The operations of a solvent company can create risk to a creditor. As discussed above, there is the risk that the company will in the future be unable to continue borrowing from the creditor and therefore cease to be a source of valuable profit. However, the more serious risk is that the company will, in the future but before the creditor is paid, become unable to pay the creditor’s whole debt. These risks can be manifested in a number of ways. Some risks come from outside sources, such as an economic downturn which reduces the market for the company’s products, or a sudden change in government policy. Other risks come from the conduct of the directors, who are managing the company. The directors may be fraudulent (and operating for their own gain) or incompetent. They can fail to react effectively to external events and forces, in a way which has a deleterious effect on the value of the company. ${ }^{158}$ Alternatively, they may be acting in the best interests of the shareholders, but in a situation where the interests of the shareholders and the creditors diverge, thus creating what are called ‘agency problems’.
In many ways, when the company is solvent, the interests of the creditors and the shareholders are broadly similar. However, because the shareholders benefit from any rise in the value of the company, they are likely to favour riskier projects which may increase that value, while creditors would be happier with lower risk projects which merely retain the status quo. ${ }^{159}$ What the general law’s response to this divergence of interest should be is discussed in chapter five; this section will discuss the responses that creditors can have by way of individual adjustment.
These risks could manifest themselves in a number of ways. ${ }^{160}$ First, the company might, after borrowing from a creditor, incur further debts to others which do not result in an equivalent increase in assets. Supposing A Ltd borrows $£ 100,000$ from B and has $£ 200,000$ worth of assets. B at this point can be sure that it will be paid back. However, if A Ltd then borrows $£ 100,000$ from C, which it uses to pay its ongoing wages bill, B’s position begins to look much more precarious. It is less of a problem if the money A Ltd borrows from C is used to buy a new machine worth $£ 100,000$, as A Ltd’s assets rise to $£ 300,000$. However, even then, B’s position is made worse as it will have to share the $£ 100,000$ ‘cushion’ with C whereas before $\mathrm{C}$ came on the scene it had that cushion all to itself. This problem is called ‘claim dilution.’
Second, the company might withdraw assets from the pool available to the creditors for repayment. Certain withdrawals are obviously necessary for the operation of the company (such as those for the payment of debts), but others may be less obviously in the interests of the creditors. This is particularly true where the recipients of the assets are the shareholders. One example is the payment of dividends; another is the return of capital. Even if the withdrawn assets do not go to the shareholders, they may go to fund risky projects, which, if they fail, mean that the asset pool is reduced. Third, the company might substitute the assets which it had when the creditor made the loan for other, more risky assets, which potentially benefit the shareholders if the risk pays off and the company increases in value, but will be detrimental to the creditors if the risk does not pay off.
经济代写|公司金融学代写Corporate Finance代考|Restrictions on the Company’s Activities
Restrictions on the company’s activities by creditors take the form of terms (‘covenants’) in the borrower/lender contract. Their actual content and operation are discussed in detail in chapter six. The grant of security by the company also has a restrictive effect, and this is discussed in detail in chapter seven. Certain important points about covenants can, however, be made here. Although the terms themselves are reasonably standard, the extent to which they are included in any given contract is a matter of the bargaining power of the parties, and what each party is able, and wants, to achieve. Lenders will want as much protection from restrictions as possible, while borrowers will want maximum flexibility of operation, and therefore as few restrictions as possible. In theory the level of restriction could be a direct trade-off against the price paid for the loan, so that the most expensive loan would be covenant-free, and the cheapest would include total restriction. In practice, other factors also play a part, ${ }^{168}$ which are discussed in the rest of this section.
The credit risk of the borrower is critical, so that a borrower who is a poor credit risk will only be able to borrow on reasonably tight covenants, and lenders will not lend to such a borrower below a certain level of covenant protection, at whatever price. Conversely, a strongly creditworthy borrower will be able to borrow on the basis of few restrictions, and is likely to value flexibility of operation above the benefits of a very low interest rate.
The number of lenders is also important. Where there is one lender (such as in a bank loan), covenants tend to be much stronger than where there are large numbers of lenders. Covenants in a syndicated loan are also usually stronger than those in a bond issue, particularly when the borrower is an investment grade company. ${ }^{170}$ This is partly because banks are in a position to negotiate firm covenants from the start, while in a bond issue the level of protection is set by the issuer at the level it thinks (or is advised) the market will bear. ${ }^{171}$ It is also partly because banks are in a better position to monitor and react to breaches of covenant, and can use such breaches as a trigger for renegotiation, whereas, despite the presence of a trustee, this process is much less easy for dispersed bondholders. ${ }^{172}$ Another relevant reason is that bonds are tradable, and so the holders are able to exit more easily; they often would prefer to do this, rather than go through the process of enforcing covenants and renegotiating. ${ }^{173}$ Further, bond investors can diversify their holdings and spread their risk, so they are less affected by the financial distress of one issuer. ${ }^{174} \mathrm{In}$ fact, an important function of bond covenants is to protect the value of the bond, rather than (directly) against the risk of non-payment. ${ }^{175}$ However, where the issuer also has a considerable amount of loan debt, bondholders may not wish to be at a disadvantage compared to the lenders, and the bond covenants may go some way to reflect those in the loan agreements, at least to the extent that this is practicable. ${ }^{176}$ It might be thought that as syndicated loans became more easily traded, this would lead to a reduction in covenants: this, however, does not appear to have been the case. Such evidence as there is suggests that covenants have been kept reasonably strict, ${ }^{177}$ partly because the lead bank often retains its stake, partly to reassure purchasers of the quality of the loan purchased, and partly to enable purchasers either to monitor themselves or to rely on the lead bank’s continued monitoring; there is also a possibility that the bondholders ‘free-ride’ on the monitoring of the banks.
公司金融学代考
经济代写|公司金融学代写Corporate Finance代考|Risks to Creditors from the Operation of a Solvent Company
有偿债能力的公司的经营会给债权人带来风险。如上所述，存在这样的风险，即公司将来将无法继续向债权人借款，从而不再是有价值的利润来源。然而，更严重的风险是，公司将在未来，但在偿还债权人之前，变得无力偿还债权人的全部债务。这些风险可以以多种方式表现出来。有些风险来自外部，比如经济低迷导致公司产品市场减少，或者政府政策突然改变。其他风险来自管理公司的董事的行为。董事们可能是欺诈性的(并为自己的利益而运作)或不称职的。他们可能无法对外部事件和力量做出有效反应，从而对公司的价值产生有害影响。${}^{158}$或者，他们可能按照股东的最大利益行事，但在股东和债权人的利益发生分歧的情况下，从而产生所谓的“代理问题”。
在许多方面，当公司有偿付能力时，债权人和股东的利益大致相似。然而，由于股东从公司价值的任何上升中受益，他们可能会倾向于风险较高的项目，这可能会增加价值，而债权人会更乐意接受风险较低的项目，这只是保持现状。${}^{159}$一般法则对这种利益分歧的反应应在第五章中讨论;本节将讨论债权人可以通过个别调整的方式作出的反应。
这些风险可能以多种方式表现出来。首先，公司在向债权人借款后，可能会向他人进一步负债，而这并不会导致资产的等额增加。假设A有限公司从B那里借了10万英镑，拥有价值20万英镑的资产。此时，B可以肯定它会被偿还。然而，如果A有限公司随后从C那里借了10万英镑，用来支付持续的工资账单，B的处境开始变得更加不稳定。如果a有限公司从C那里借的钱用于购买价值10万美元的新机器，那么问题就小了，因为a有限公司的资产增加到30万美元。然而，即使这样，B的处境也变得更糟，因为它将不得不与C分享10万英镑的“缓冲”，而在$\ mathm {C}$出现之前，它拥有全部的缓冲。这个问题被称为“权利稀释”。
其次，公司可能会从可供债权人偿还的资产池中撤出资产。某些提款显然是公司经营所必需的(如偿还债务)，而另一些则可能不那么明显地符合债权人的利益。当资产的接受者是股东时，情况尤其如此。一个例子是支付股息;另一个是资本的回报。即使被撤回的资产没有流向股东，它们也可能流向风险项目，如果这些项目失败，就意味着资产池的减少。第三，公司可能会用债权人贷款时所拥有的资产替换其他风险更大的资产，如果风险得到偿还，公司价值增加，股东可能会受益，但如果风险没有得到偿还，债权人就会受到损害。
经济代写|公司金融学代写Corporate Finance代考|Restrictions on the Company’s Activities
债权人对公司活动的限制以借款人/贷款人合同条款(“契约”)的形式出现。第六章详细论述了其具体内容和操作。公司授予担保也具有限制性作用，这在第七章中进行了详细论述。然而，关于契约的某些重要观点可以在这里提出。虽然这些条款本身是合理的标准，但它们在任何特定合同中的适用程度取决于双方的议价能力，以及每一方能够实现和希望实现的目标。贷款人将希望尽可能多地免受限制，而借款人将希望最大限度地灵活操作，因此希望限制尽可能少。从理论上讲，限制的程度可能是对贷款价格的直接权衡，因此，最昂贵的贷款将是无契约的，而最便宜的贷款将包括全部限制。在实践中，其他因素也起作用，${}^{168}$将在本节的其余部分讨论。
借款人的信用风险是至关重要的，因此，信用风险较低的借款人只能在合理严格的契约下借款，而贷款人无论以何种价格，都不会向低于一定契约保护水平的借款人放贷。相反，信誉良好的借款人能够在很少限制的基础上借款，并且可能更重视业务的灵活性，而不是极低利率的好处。
贷款机构的数量也很重要。在只有一个出借人的地方(比如银行贷款)，契约往往比有大量出借人的地方要牢固得多。银团贷款的契约通常也比债券发行的契约更严格，尤其是当借款人是一家投资级公司时。这在一定程度上是因为银行从一开始就处于谈判公司契约的地位，而在债券发行中，保护水平是由发行人在其认为(或建议)市场将承受的水平上设定的。部分原因还在于，银行在监督违约行为和对违约行为作出反应方面处于更有利的地位，可以利用这种违约行为触发重新谈判。然而，尽管有受托人的存在，这一过程对分散的债券持有人来说要容易得多。${}^{172}$另一个相关的原因是债券是可交易的，因此持有人能够更容易地退出;他们通常更愿意这样做，而不是经历执行契约和重新谈判的过程。${}^{173}$此外，债券投资者可以分散他们的持有和分散他们的风险，因此他们较少受到一个发行人的财务困境的影响。事实上，债券契约的一个重要功能是保护债券的价值，而不是(直接)防范不付款的风险。${}^{175}$但是，如果发行人也有相当数量的贷款债务，债券持有人可能不希望与贷方相比处于不利地位，并且债券契约可能以某种方式反映贷款协议中的条款，至少在可行的范围内。${}^{176}$人们可能认为，由于银团贷款变得更容易交易，这将导致盟约的减少;然而，情况似乎并非如此。现有的证据表明，契约得到了相当严格的遵守，部分原因是牵头银行经常保留其股份，部分原因是为了使购买者对所购贷款的质量放心，部分原因是为了使购买者能够自我监督或依赖牵头银行的持续监督;还有一种可能性是，债券持有人可以搭银行监管的便车。
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金融工程代写
金融工程是使用数学技术来解决金融问题。金融工程使用计算机科学、统计学、经济学和应用数学领域的工具和知识来解决当前的金融问题，以及设计新的和创新的金融产品。
非参数统计代写
非参数统计指的是一种统计方法，其中不假设数据来自于由少数参数决定的规定模型；这种模型的例子包括正态分布模型和线性回归模型。
广义线性模型代考
广义线性模型（GLM）归属统计学领域，是一种应用灵活的线性回归模型。该模型允许因变量的偏差分布有除了正态分布之外的其它分布。
术语 广义线性模型（GLM）通常是指给定连续和/或分类预测因素的连续响应变量的常规线性回归模型。它包括多元线性回归，以及方差分析和方差分析（仅含固定效应）。
有限元方法代写
有限元方法（FEM）是一种流行的方法，用于数值解决工程和数学建模中出现的微分方程。典型的问题领域包括结构分析、传热、流体流动、质量运输和电磁势等传统领域。
有限元是一种通用的数值方法，用于解决两个或三个空间变量的偏微分方程（即一些边界值问题）。为了解决一个问题，有限元将一个大系统细分为更小、更简单的部分，称为有限元。这是通过在空间维度上的特定空间离散化来实现的，它是通过构建对象的网格来实现的：用于求解的数值域，它有有限数量的点。边界值问题的有限元方法表述最终导致一个代数方程组。该方法在域上对未知函数进行逼近。[1] 然后将模拟这些有限元的简单方程组合成一个更大的方程系统，以模拟整个问题。然后，有限元通过变化微积分使相关的误差函数最小化来逼近一个解决方案。
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随机分析代写
随机微积分是数学的一个分支，对随机过程进行操作。它允许为随机过程的积分定义一个关于随机过程的一致的积分理论。这个领域是由日本数学家伊藤清在第二次世界大战期间创建并开始的。
时间序列分析代写
随机过程，是依赖于参数的一组随机变量的全体，参数通常是时间。 随机变量是随机现象的数量表现，其时间序列是一组按照时间发生先后顺序进行排列的数据点序列。通常一组时间序列的时间间隔为一恒定值（如1秒，5分钟，12小时，7天，1年），因此时间序列可以作为离散时间数据进行分析处理。研究时间序列数据的意义在于现实中，往往需要研究某个事物其随时间发展变化的规律。这就需要通过研究该事物过去发展的历史记录，以得到其自身发展的规律。
回归分析代写
多元回归分析渐进（Multiple Regression Analysis Asymptotics）属于计量经济学领域，主要是一种数学上的统计分析方法，可以分析复杂情况下各影响因素的数学关系，在自然科学、社会和经济学等多个领域内应用广泛。
MATLAB代写
MATLAB 是一种用于技术计算的高性能语言。它将计算、可视化和编程集成在一个易于使用的环境中，其中问题和解决方案以熟悉的数学符号表示。典型用途包括：数学和计算算法开发建模、仿真和原型制作数据分析、探索和可视化科学和工程图形应用程序开发，包括图形用户界面构建MATLAB 是一个交互式系统，其基本数据元素是一个不需要维度的数组。这使您可以解决许多技术计算问题，尤其是那些具有矩阵和向量公式的问题，而只需用 C 或 Fortran 等标量非交互式语言编写程序所需的时间的一小部分。MATLAB 名称代表矩阵实验室。MATLAB 最初的编写目的是提供对由 LINPACK 和 EISPACK 项目开发的矩阵软件的轻松访问，这两个项目共同代表了矩阵计算软件的最新技术。MATLAB 经过多年的发展，得到了许多用户的投入。在大学环境中，它是数学、工程和科学入门和高级课程的标准教学工具。在工业领域，MATLAB 是高效研究、开发和分析的首选工具。MATLAB 具有一系列称为工具箱的特定于应用程序的解决方案。对于大多数 MATLAB 用户来说非常重要，工具箱允许您学习和应用专业技术。工具箱是 MATLAB 函数（M 文件）的综合集合，可扩展 MATLAB 环境以解决特定类别的问题。可用工具箱的领域包括信号处理、控制系统、神经网络、模糊逻辑、小波、仿真等。