资源描述:
《modern financial management 8ed solutions manual》由会员上传分享,免费在线阅读,更多相关内容在工程资料-天天文库。
1、GeneratedbyFoxitPDFCreator©FoxitSoftwarehttp://www.foxitsoftware.comForevaluationonly.EndofChapterSolutionsthModernFinancialManagement8editionRoss,Westerfield,Jaffe,JordanGeneratedbyFoxitPDFCreator©FoxitSoftwarehttp://www.foxitsoftware.comForevaluationonly.GeneratedbyFoxitPDFCreator©FoxitSoftwareht
2、tp://www.foxitsoftware.comForevaluationonly.CHAPTER1INTRODUCTIONTOCORPORATEFINANCEAnswerstoConceptQuestions1.Inthecorporateformofownership,theshareholdersaretheownersofthefirm.Theshareholderselectthedirectorsofthecorporation,whointurnappointthefirm’smanagement.Thisseparationofownershipfromcontrolin
3、thecorporateformoforganizationiswhatcausesagencyproblemstoexist.Managementmayactinitsownorsomeoneelse’sbestinterests,ratherthanthoseoftheshareholders.Ifsucheventsoccur,theymaycontradictthegoalofmaximizingthesharepriceoftheequityofthefirm.2.Suchorganizationsfrequentlypursuesocialorpoliticalmissions,
4、somanydifferentgoalsareconceivable.Onegoalthatisoftencitedisrevenueminimization;i.e.,providewhatevergoodsandservicesareofferedatthelowestpossiblecosttosociety.Abetterapproachmightbetoobservethatevenanot-for-profitbusinesshasequity.Thus,oneansweristhattheappropriategoalistomaximizethevalueoftheequit
5、y.3.Presumably,thecurrentstockvaluereflectstherisk,timing,andmagnitudeofallfuturecashflows,bothshort-termandlong-term.Ifthisiscorrect,thenthestatementisfalse.4.Anargumentcanbemadeeitherway.Attheoneextreme,wecouldarguethatinamarketeconomy,allofthesethingsarepriced.Thereisthusanoptimallevelof,forexam
6、ple,ethicaland/orillegalbehavior,andtheframeworkofstockvaluationexplicitlyincludesthese.Attheotherextreme,wecouldarguethatthesearenon-economicphenomenaandarebesthandledthroughthepoliticalprocess.Aclassic(andhighlyrelevant)thoughtquestionthatillustratesthisdebategoessomethinglikethis:“Afirmhasestima
7、tedthatthecostofimprovingthesafetyofoneofitsproductsis$30million.However,thefirmbelievesthatimprovingthesafetyoftheproductwillonlysave$20millioninproductliabilityclaims.Whatshouldthefirmdo?”5.Thegoalwillbet