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1、CHAPTER 2 B-7Evaluation Warning: The document was created with Spire.Doc for .NET.CHAPTTER 11INTROODUCTTION TO CCORPOORATEE FINNANCEEAnsweers tto Coonceppts RRevieew annd Crriticcal TThinkking Quesstionns1.Caapitaal buudgetting (deccidinng whhetheer too exppand a maanufaacturring plannt), capiital s
2、truucturre (ddecidding whetther to iissuee neww equuity and use the procceedss to retiire ooutsttandiing ddebt), annd woorkinng caapitaal maanageementt (moodifyying the firmms ccrediit coollecctionn pollicy withh itss cusstomeers).2.Diisadvvantaages: unllimitted lliabiilityy, liimiteed liife, difffi
3、cullty iin trransfferriing oownerrshipp, haard tto raaise capiital fundds. SSome advaantagges: simppler, lesss reegulaationn, thhe owwnerss aree alsso thhe maanageers, someetimees peersonnal ttax rratess aree bettter thann corrporaate ttax rratess.3.Thhe prrimarry diisadvvantaage oof thhe coorporrat
4、e formm is the doubble ttaxattion to sshareeholdders of ddistrributted eearniings and diviidendds. SSome advaantagges iincluude: limiited liabbilitty, eease of ttranssferaabiliity, abillity to rraisee cappitall, unnlimiited lifee, annd soo forrth.4.Thhe trreasuurers offficee andd thee conntrolllers
5、offficee aree thee twoo priimaryy orgganizzatioonal grouups tthat repoort ddirecctly to tthe cchieff finnanciial oofficcer. The conttrolllerss offfice handdles costt andd finnanciial aaccouuntinng, ttax mmanaggemennt, aand mmanaggemennt innformmatioon syystemms, wwhilee thee treeasurrerss offfice is
6、 rrespoonsibble ffor ccash and creddit mmanaggemennt, ccapittal bbudgeetingg, annd fiinanccial plannningg. Thhereffore, thee stuudy oof coorporrate finaance is cconceentraated withhin tthe ttreassury grouups funcctionns.5.Too maxximizze thhe cuurrennt maarkett vallue (sharre prrice) of the equiity o
7、of thhe fiirm (whetther itss pubbliclly-trradedd or not).6.Inn thee corrporaate fform of oownerrshipp, thhe shharehholdeers aare tthe oownerrs off thee firrm. TThe sshareeholdders elecct thhe diirecttors of tthe ccorpooratiion, who in tturn appooint the firmms mmanaggemennt. TThis sepaaratiion oof o
8、wwnersship fromm conntroll in the corpporatte foorm oof orrganiizatiion iis whhat ccausees aggencyy prooblemms too exiist. Manaagemeent mmay aact iin itts owwn orr sommeonee elsses bestt intteressts, rathher tthan thosse off thee shaarehoolderrs. IIf suuch eeventts occcur, theey maay coontraadictt t
9、hee goaal off maxximizzing the sharre prrice of tthe eequitty off thee firrm.7.A primmary markket ttranssactiion.8.Inn aucctionn marrketss likke thhe NYYSE, brokkers and agennts mmeet at aa phyysicaal loocatiion (the exchhangee) too mattch bbuyerrs annd seellerrs off asssets. Deaaler markkets likee
10、NASSDAQ conssist of ddealeers ooperaatingg at dispperseed loocalees whho buuy annd seell aassetts thhemseelvess, coommunnicatting withh othher ddealeers eeitheer ellectrroniccallyy or liteerallly ovver-tthe-ccountter.9.Suuch oorgannizattionss freequenntly purssue ssociaal orr polliticcal mmissiions,
11、 so manyy difffereent ggoalss aree connceivvablee. Onne gooal tthat is ooftenn citted iis reevenuue miinimiizatiion; i.e., prrovidde whhatevver ggoodss andd serrvicees arre offfereed att thee lowwest posssiblee cosst too soccietyy. A bettter aapprooach mighht bee to obseerve thatt eveen a not-for-pr
12、offit bbusinness has equiity. Thuss, onne annswerr is thatt thee appproprriatee goaal iss to maxiimizee thee vallue oof thhe eqquityy.10.PPresuumablly, tthe ccurreent sstockk vallue rrefleects the riskk, tiimingg, annd maagnittude of aall ffuturre caash fflowss, booth sshortt-terrm annd loong-tterm.
13、 If thiss is corrrect, theen thhe sttatemment is ffalsee.11.AAn arrgumeent ccan bbe maade eeitheer waay. AAt thhe onne exxtremme, wwe coould arguue thhat iin a markket eeconoomy, all of tthesee thiings are pricced. Therre iss thuus ann opttimall levvel oof, ffor eexampple, ethiical and/or iilleggal
14、bbehavvior, andd thee fraamewoork oof sttock valuuatioon exxpliccitlyy inccludees thhese. At the otheer exxtremme, wwe coould arguue thhat tthesee aree nonn-ecoonomiic phhenommena and are bestt hanndledd thrroughh thee polliticcal pproceess. A cllassiic (aand hhighlly reelevaant) thouught quesstionn
15、 thaat illlusttratees thhis ddebatte gooes ssometthingg likke thhis: “A ffirm has estiimateed thhat tthe ccost of iimproovingg thee saffety of oone oof itts prroduccts iis $330 miillioon. HHowevver, the firmm bellievees thhat iimproovingg thee saffety of tthe pproduuct wwill onlyy savve $220 miillio
16、on inn prooductt liaabiliity cclaimms. WWhat shouuld tthe ffirm do?”12.TThe ggoal willl be the samee, buut thhe beest ccoursse off acttion towaard tthat goall mayy be diffferennt beecausse off diffferiing ssociaal, ppolitticall, annd ecconommic iinstiitutiions.13.TThe ggoal of mmanaggemennt shhouldd
17、 be to mmaximmize the sharre prrice for the currrent sharrehollderss. Iff mannagemment beliievess thaat itt cann impprovee thee proofitaabiliity oof thhe fiirm sso thhat tthe ssharee priice wwill exceeed $35, thenn theey shhouldd figght tthe oofferr froom thhe ouutsidde coompanny. IIf maanageementt
18、bellievees thhat tthis biddder oor otther uniddentiifiedd biddderss willl acctuallly ppay mmore thann $355 perr shaare tto accquirre thhe coompanny, tthen theyy shoould stilll fiight the offeer. HHowevver, if tthe ccurreent mmanaggemennt caannott inccreasse thhe vaalue of tthe ffirm beyoond tthe bbi
19、d ppricee, annd noo othher hhigheer biids ccome in, thenn mannagemment is nnot aactinng inn thee intteressts oof thhe shharehholdeers bby fiightiing tthe oofferr. Siince currrent manaagerss oftten llose theiir joobs wwhen the corpporattion is aacquiired, pooorly moniitoreed maanageers hhave an iince
20、nntivee to fighht coorporrate takeeoverrs inn sittuatiions suchh as thiss.14.WWe woould expeect aagenccy prrobleems tto bee lesss seeveree in otheer coountrries, priimariily ddue tto thhe reelatiivelyy smaall pperceentagge off inddividdual owneershiip. FFewerr inddividdual owneers sshoulld reeducee
21、thee nummber of ddiverrse oopiniions conccerniing ccorpooratee goaals. The highh perrcenttage of iinstiitutiionall ownnershhip mmightt leaad too a hhigheer deegreee of agreeemennt beetweeen owwnerss andd mannagerrs onn deccisioons cconceerninng riisky projjectss. Inn addditioon, iinstiitutiions may
22、be bbetteer abble tto immplemment effeectivve moonitooringg mecchaniisms on mmanaggers thann cann inddividdual owneers, baseed onn thee insstituutionns ddeepeer reesourrces and expeeriennces withh theeir oown mmanaggemennt. TThe iincreease in iinstiitutiionall ownnershhip oof sttock in tthe UUniteed
23、 Sttatess andd thee groowingg acttivissm off theese llargee shaarehoolderr grooups may leadd to a reeducttion in aagenccy prrobleems ffor UU.S. corpporattionss andd a mmore effiiciennt maarkett forr corrporaate ccontrrol.15.HHow mmuch is ttoo mmuch? Whoo is wortth moore, Jackk Wellch oor Tiiger Wood
24、ds? TThe ssimpllest answwer iis thhat ttheree is a maarkett forr exeecutiives justt as therre iss forr alll typpes oof laabor. Exeecutiive ccompeensattion is tthe ppricee thaat cllearss thee marrket. Thee samme iss truue foor atthlettes aand pperfoormerrs. HHavinng saaid tthat, onee asppect of eexec
25、uutivee commpenssatioon deeservves ccommeent. A prrimarry reeasonn exeecutiive ccompeensattion has growwn soo draamatiicallly iss thaat coompannies havee inccreassinglly mooved to sstockk-bassed ccompeensattion. Succh moovemeent iis obbviouusly conssisteent wwith the atteempt to bbetteer allign stoc
26、ckhollder and manaagemeent iinterrestss. Inn reccent yearrs, sstockk priices havee soaared, so manaagemeent hhas ccleanned uup. IIt iss sommetimmes aargueed thhat mmuch of tthis rewaard iis siimplyy duee to risiing sstockk priices in ggenerral, not manaageriial pperfoormannce. Perhhaps in tthe ffutu
27、rre, eexecuutivee commpenssatioon wiill bbe deesignned tto reewardd onlly diifferrentiial pperfoormannce, i.e., sttock pricce inncreaases in eexcesss off gennerall marrket incrreasees.CHAPTER 2 B-13CHAPTTER 22FINANNCIALL STAATEMEENTS, TAXXES AAND CCASH FLOWWAnsweers tto Coonceppts RRevieew annd Crri
28、ticcal TThinkking Quesstionns1.Liiquiddity meassuress howw quiicklyy andd eassily an aassett cann be convverteed too cassh wiithouut siignifficannt looss iin vaalue. Its deesiraable for firmms too havve hiigh lliquiidityy so thatt theey haave aa larrge ffactoor off saffety in mmeetiing sshortt-terrm
29、 crredittor ddemannds. Howeever, sinnce lliquiidityy alsso haas ann oppportuunityy cosst asssociiatedd witth ittnammely thatt higgher retuurns can geneerallly bee fouund bby innvestting the cashh intto prroducctivee asssetslow liquuiditty leevelss aree alsso deesiraable to tthe ffirm. Its upp to the
30、 firmms ffinannciall mannagemment stafff too finnd a reassonabble ccomprromisse beetweeen thhese oppoosingg neeeds.2.Thhe reecognnitioon annd maatchiing pprincciplees inn finnanciial aaccouuntinng caall ffor rrevennues, andd thee cossts aassocciateed wiith pproduucingg thoose rrevennues, to be “book
31、ked” whenn thee revvenuee proocesss is esseentiaally comppletee, noot neecesssarilly whhen tthe ccash is ccolleectedd or billls arre paaid. Notee thaat thhis wway iis noot neecesssarilly coorrecct; iits the way accoountaants havee choosen to ddo itt.3.Hiistorricall cossts ccan bbe obbjecttivelly ann
32、d prrecissely meassuredd wheereass marrket valuues ccan bbe diifficcult to eestimmate, andd difffereent aanalyysts woulld coome uup wiith ddiffeerentt nummberss. Thhus, therre iss a ttradeeoff betwween releevancce (mmarkeet vaaluess) annd obbjecttivitty (bbook valuues).4.Deeprecciatiion iis a non-ca
33、shh dedductiion tthat refllectss adjjustmmentss madde inn assset bbook valuues iin acccorddancee witth thhe maatchiing pprincciplee in finaanciaal acccounntingg. Inntereest eexpennse iis a cashh outtlay, butt its a finaancinng coost, not an ooperaatingg cosst.5.Maarkett vallues can neveer bee neggat
34、ivve. IImagiine aa shaare oof sttock sellling for $200. Thhis wwouldd meaan thhat iif yoou pllacedd an ordeer foor 1000 shharess, yoou woould get the stocck allong withh a ccheckk forr $2,000. Howw manny shharess do you wantt to buy? Morre geeneraally, beccausee of corpporatte annd inndiviiduall ban
35、nkrupptcy lawss, neet woorth for a peersonn or a coorporratioon caannott be negaativee, immplyiing tthat liabbilitties cannnot eexceeed asssetss in markket vvaluee.6.Foor a succcessfful ccompaany tthat is rrapiddly eexpanndingg, foor exxamplle, ccapittal ooutlaays wwill be llargee, poossibbly lleadi
36、ing tto neegatiive ccash floww froom asssetss. Inn gennerall, whhat mmatteers iis whhetheer thhe mooney is sspentt wissely, nott wheetherr cassh fllow ffrom asseets iis poositiive oor neegatiive.7.Itts pprobaably not a goood ssign for an eestabblishhed ccompaany, but it wwouldd be fairrly oordinnary
37、 for a sttart-up, so iit deependds.8. For eexampple, if aa commpanyy werre too beccome moree effficieent iin innventtory manaagemeent, the amouunt oof innventtory needded wwouldd decclinee. Thhe saame mmightt be truee if it bbecommes bbetteer att colllectting its receeivabbles. In geneeral, anyythin
38、ng thhat lleadss to a deeclinne inn endding NWC relaativee to begiinninng woould havee thiis efffectt. Neegatiive nnet ccapittal sspendding woulld meean mmore longg-livved aassetts weere lliquiidateed thhan ppurchhasedd.9.Iff a ccompaany rraisees moore mmoneyy froom seellinng sttock thann it payss i
39、n diviidendds inn a ppartiiculaar peeriodd, itts caash fflow to sstockkholdders willl be negaativee. Iff a ccompaany bborroows mmore thann it payss in inteerestt, itts caash fflow to ccrediitorss willl bee neggativve.10.TThe aadjusstmennts ddiscuussedd werre puurelyy acccountting channges; theey haa
40、d noo cassh fllow oor maarkett vallue cconseequennces unleess tthe nnew aaccouuntinng innformmatioon caausedd stoockhoolderrs too revvaluee thee derrivattivess.Soluttionss to Quesstionns annd PrrobleemsNOTE: Alll endd of chappter probblemss werre soolvedd usiing aa sprreadssheett. Maany pprobllems r
41、equuire multtiplee steeps. Due to sspacee andd reaadabiilityy connstraaintss, whhen tthesee inttermeediatte stteps are inclludedd in thiss sollutioons mmanuaal, rroundding may appeear tto haave ooccurrred. Howweverr, thhe fiinal answwer ffor eeach probblem is ffoundd witthoutt rouundinng duuringg an
42、yy steep inn thee prooblemm.Basiic1.Too finnd owwners eqquityy, wee musst coonstrruct a baalancce shheet as ffolloows:Ballancee SheeetCA$5,0000CL$4,3300NFA 233,0000LTD13,0000OEE ?TA$28,0000TL & OE$28,000We kknow thatt tottal lliabiilitiies aand oownerrs eequitty (TTL & OE) mustt equual ttotall assse
43、ts of $28,0000. We aalso knoww thaat TLL & OOE iss equual tto cuurrennt liiabillitiees pllus llong-termm debbt pllus oownerrs eequitty, sso owwners eqquityy is:OE = $228,0000 113,0000 4,3000 = $10,700NWCC = CCA CL = $5,000 4,300 = $7700 2.Thhe inncomee staatemeent ffor tthe ccompaany iis:Incoome SSt
44、ateementtSalees$5277,0000Costts 2880,0000Deprreciaationn 38,0000EBITT$2099,0000Inteerestt 15,0000EBT$1944,0000Taxees(355%) 67,9900Net incoome$1266,10003.Onne eqquatiion ffor nnet iincomme iss: Net iincomme = Diviidendds + Addiitionn to retaainedd earrninggs Rearrrangiing, we gget:Addittion to rretai
45、ined earnningss = NNet iincomme Diviidendds = $1266,1000 448,0000 = $78,1004.EPPS= Neet inncomee / SSharees = $1126,1100 / 30,000 = $44.20 per sharreDPS= Diivideends / Shharess = $448,0000 / 30,0000 = $11.60 per sharre5.Too finnd thhe boook vvaluee of currrent asseets, we uuse: NWC = CAA CCL. RRearr
46、rangiing tto soolve for currrent asseets, we gget:CA = NWC + CLL = $900KK + 22.2M = $33.1MThe markket vvaluee of currrent asseets aand ffixedd asssets is ggivenn, soo:Bookk vallue CA = $33.1M Markket vvaluee CA = $22.8MBookk vallue NNFA= $44.0M Markket vvaluee NFAA = $33.2MBookk vallue aassetts= $33.1M + 4.0M = $7.1M Markket vvaluee asssets = $22.8M + 3.2M = $6.0M6.Taaxes = 0.15($50K) + 00.25($25KK) + 0.344($255K) + 0.339($2273K 1000K) = $889,72207.Thhe avveragge taax raate iis thhe tootal tax paidd divvidedd by net incoome, so:Averaage ttax