It is considered that you can not easily make money with financing decisions. You can not fool the market by issuing complex securities or giving wrong information. When you cook the book (window-dressing, choose LIFO or FIFO, change the way of depreciation...), it should never pay. Eg. timing of issuing shares has no effect in theory . However, it is still possible to reduce costs (accountants, lawyers, ...), increase subsidies (tax), etc. choosing the appropriate way and time of financing the long-term development.

In practice, the sources of the funds that serve for financing are internal for 4/5 (internal cash flows) and external for the rest. External financing is 9/10 borrowing and 1/10 stocks.
On average, funds serve ¾ for capital spending and ¼ for net working capital. The financing of an asset should be tied to how long the asset is likely to be on the balance sheet.

Public or private placement >>