首都strUCTURE

有时将刚性视为馅饼是有效的。馅饼的大小将取决于刚性做出的投机决策。在一家公司做出投资决策之后，其财产（例如其土地，建筑物和库存）的价值是坚决的。

融资准备决定公司的价值如何在为组织提供资金的不同实体之间分开。从公司购买债务的人员或机构被称为creditors.股权持有人称为股东。In stipulations of our "firm-as-a- pie" equivalence, financing preparations determine how the pie is sliced. Creditors and shareholders are permitted to slices, and the size of those slices depends on how well the firm makes its speculation decisions as well as how much money each originally contribute to the firm.

然后，公司确定其资本建设。该公司最初可能通过发行债务多于公正性来筹集资金来花在其资源上。之后，它可能会相信通过发行更多的公平性，并利用收益投入新项目或回购其一些债务来改变这种混合。诸如结论之类的融资决策通常可以分别由创造性的投机决策做出。发行债务和公平性的决定应首先将其视为切成薄片的首先接触。但是，它们也可能影响馅饼本身的大小。因此，富有想象力的财务经理可以通过投资和融资行为来影响价值。

Figure provides a graphic illustration of this discussion. The size of the pie is the worth of the firm in the financial markets, and it reflects investors' accepting of the investing and financing behavior of the firm. We can describe the value of the firm,v由两个部分组成，

v=b+s

在哪里bis the value of the debt andsis the value of the impartiality. The pie diagram defines two ways of slicing the pie 50 percent debt and 50 percent impartiality, and 25 percent debt and 75 percent impartiality. The way the pie is sliced could influence its value. If so, the goal of the financial manager will be to choose the finest financing understanding that makes the value of the pie-that is, the price of the firm,v-潜力大。