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Table of Contents
1. Introduction
2. literature review on capital structure-related theory
  2.1 Modigliani-Miller Theorem
  2.2 Trade-off Theory
  2.3 Pecking Order Theory
  2.4 Agency cost and problems
3. Discussion and application of theory
  3.1 Tax advantage of debt in BA
  3.2 Capital structure analysis of BA
  3.3 Impact on share price
4. Conclusion
5. References

1. Introduction
In the real financing world, stock investors usually prefer companies with good fundamentals. A strong balance sheet, for in stance, would be a very important factor to be taken into consideration when investing in a company’s stock. Bascially, there are three elements in the balance sheet that can be assessed by investors for measurement: working capital adequacy, asset performance and capital structure (Loth R., 2009).

Capital structure, which is the core concern of this report, refers to the means of company’s management process on its assets, through using individual or combined resources like equity and/or debt; and then the capital structure, therefore, becomes an essential component of company’s liability.

Since this report is going to analyze the utilization of debt in capital structure, gearing ratio, defined as the proportion of the capital employed of the firm which come from outside of the business Finance(for example short-term loans) and thereby is the best observation tool to examine the outcome.

This report will mainly focus on the capital structure, along with the use of debt, to examine how well the tax advantage it will be, by using the debt in company’s capital structure. Apart from that, the report will see the influences 代写coursework of that on company’s share prices. The whole article is divided into four sections, which are introduction, literature review on theoretical issue, application of those theories, by using British Airway’s case study in the first coursework and final conclusion. The report is expected to write about 2,700 words.

5 References
1) Bae S. C., Klein D. P., Padmaraj P. (1994). “Event risk bond covenants, agency costs of debt and equity, and stockholder wealth”[internet], available at:
https://findarticles.com/p/articles/mi_m4130/is_n4_v23/ai_16793099/pg_2/?tag=content;col1
Accessed at: 12th December, 2009

2) Brounen D., Eichholtz P. M.A. (2001). “Capital Structure Theory:Evidence from European Property Companies’ Capital Offerings”, University of Amsterdam.

3) Harris, M., & Raviv, A., https://www.51lunwen.org/Ghostwrite/Courswork.html(1991), The theory of capital structure, The Journal of Finance, 46(1), pp.297-355.

4) Lymer A., Oats L. (2009). “Taxation: policy and practice” 15th edt. Fiscal Publication, UK

5) Ricketts M. (2002) “The Economics of Business Enterprise” 3rd edt. Edward Elgar Publishing Ltd. UK

6) Scholes et al.(2009) “Taxes and Business Strategy” 4th edt. Pearson Prentice Hall, USA

7) Tax Aid (1996). “The Tax Debt Handbook”. Communications in Print Plc, UK.

8) Wikipidia (2009). “Capital Structure”, Wikipidia[online], available at:
https://en.wikipedia.org/wiki/Capital_structure
Accessed at: 13th December, 2009