CIMB Thai Risk Chief Lectures DPU ExMBA on Capital Strategy
Dhurakij Pundit University's ExMBA program hosted a lecture by CIMB Thai Bank's Senior Vice President of Enterprise Risk Management, Asst. Prof. Dr. Nongnuch Tantisantiwong, on capital structure and financing strategies. The session covered optimizing capital structure for sustainable growth, including WACC calculations, tax shields, and bankruptcy risk trade-offs. The event took place on October 31, 2026 at the university's President Building.
The DPU ExMBA program brought in a senior executive from the financial sector to impart knowledge on cost of capital and financial risk, enhancing executives' business decision-making analysis capabilities. The Executive Master of Business Administration program at Dhurakij Pundit University's Faculty of Business Administration continues developing executive potential through the Financial Management and Technology in the Digital Era course, strengthening management skills in Capital Structure & Financing Strategies. Participants learn to create balance between cost of capital, tax benefits, and risk to increase business value and support sustainable growth.
The lecture was honored by Asst. Prof. Dr. Nongnuch Tantisantiwong, Senior Vice President of Enterprise Risk Management and Risk Infrastructure Development at CIMB Thai Bank, who shared knowledge and perspectives on finance and risk management with ExMBA students on October 31, 2026 at the Satcha Ketutat Meeting Room, DPU President Building.
The lecture was held under the topic "Capital Structure & Financing Strategies: Cost of Capital, Funding Decisions & Financial Risk," emphasizing the concept "Optimizing Capital Structure for Sustainable Business Growth" to help learners understand that decisions on funding sources and debt-to-equity ratios are not merely accounting or finance issues but strategic decisions directly affecting cost of capital, risk, and organizational value in the long term.
The lecture content began with understanding capital structure, comprising debt financing and equity financing, plus the relationship between leverage levels, financial costs, and shareholder expected returns. Participants studied the Modigliani and Miller (M&M Theory), a key foundation of capital structure theory, particularly the impact of corporate income tax on business value and tax benefits from interest payments (Interest Tax Shield).
The lecture also linked these concepts to Weighted Average Cost of Capital (WACC) calculation, a crucial tool executives use to assess fundraising costs and support investment decisions. Learners understand that while debt can create tax benefits and may lower business cost of capital, increasing debt proportion also raises financial risk and shareholder required returns.
Another key topic was Financial Distress & Bankruptcy Risk, a factor executives must weigh alongside borrowing benefits. Content covered both direct bankruptcy costs such as legal fees and restructuring expenses, and indirect costs such as loss of customer and partner confidence, loss of key personnel, and the need to sell assets below fair value to maintain liquidity.
Participants also studied Trade-off Theory, explaining that optimal capital structure requires balancing tax benefits from debt against costs of financial distress.
