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ID:56959119
大小:242.00 KB
页数:18页
时间:2020-07-22
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1、ManagerialEconomics&TheoryManagerialeconomicsappliesmicroeconomictheorytobusinessproblemsHowtouseeconomicanalysistomakedecisionstoachievefirm’sgoalofprofitmaximizationMicroeconomicsStudyofbehaviorofindividualeconomicagentsEconomicCostofResourcesOpportunitycos
2、tofusinganyresourceis:WhatfirmownersmustgiveuptousetheresourceMarket-suppliedresourcesOwnedbyothers&hired,rented,orleasedOwner-suppliedresourcesOwned&usedbythefirmTotalEconomicCostTotalEconomicCostSumofopportunitycostsofbothmarket-suppliedresources&owner-supp
3、liedresourcesExplicitCostsMonetarypaymentstoownersofmarket-suppliedresourcesImplicitCostsNonmonetaryopportunitycostsofusingowner-suppliedresourcesEconomicCostofUsingResources(Figure1.1)+=TypesofImplicitCostsOpportunitycostofcashprovidedbyownersEquitycapitalOp
4、portunitycostofusinglandorcapitalownedbythefirmOpportunitycostofowner’stimespentmanagingorworkingforthefirmEconomicProfitversusAccountingProfitEconomicprofit=Totalrevenue–Totaleconomiccost=Totalrevenue–Explicitcosts–ImplicitcostsAccountingprofit=Totalrevenue–
5、ExplicitcostsAccountingprofitdoesnotsubtractimplicitcostsfromtotalrevenueFirmownersmustcoverallcostsofallresourcesusedbythefirmObjectiveistomaximizeeconomicprofitMaximizingtheValueofaFirmValueofafirmPriceforwhichitcanbesoldEqualtonetpresentvalueofexpectedfutu
6、reprofitRiskpremiumAccountsforriskofnotknowingfutureprofitsThelargertherise,thehighertheriskpremium,&thelowerthefirm’svalueMaximizingtheValueofaFirmMaximizefirm’svaluebymaximizingprofitineachtimeperiodCost&revenueconditionsmustbeindependentacrosstimeperiodsVa
7、lueofafirm=SeparationofOwnership&ControlPrincipal-agentproblemConflictthatariseswhengoalsofmanagement(agent)donotmatchgoalsofowner(principal)MoralHazardWheneitherpartytoanagreementhasincentivenottoabidebyallitsprovisions&onepartycannotcosteffectivelymonitorth
8、eagreementCorporateControlMechanismsRequiremanagerstoholdstipulatedamountoffirm’sequityIncreasepercentageofoutsidersservingonboardofdirectorsFinancecorporateinvestmentswithdebtinsteadofeq
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