博迪金融学讲义大纲和课后习题答案

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1、Instructor’sManualChapter3Page32CHAPTER1WHATISFINANCE?Objectives·Definefinance.·Explainwhyfinanceisworthstudying.·Introducethemainplayersintheworldoffinance—householdsandfirms—andthekindsoffinancialdecisionstheymake.Outline1.1DefiningFinance1.2WhyStudyFinance?1.3FinancialDecisionsofHo

2、useholds1.4FinancialDecisionsofFirms1.5FormsofBusinessOrganization1.6SeparationofOwnershipandManagement1.7TheGoalofManagement1.8MarketDiscipline:Takeovers1.9TheRoleoftheFinanceSpecialistinaCorporationSummaryFinanceisthestudyofhowtoallocatescarceresourcesovertime.Thetwofeaturesthatdist

3、inguishfinancearethatthecostsandbenefitsoffinancialdecisionsarespreadoutovertimeandareusuallynotknownwithcertaintyinadvancebyeitherthedecision-makeroranybodyelse.Abasictenetoffinanceisthattheultimatefunctionofthesystemistosatisfypeople’sconsumptionpreferences.Economicorganizationssuch

4、asfirmsandgovernmentsexistinordertofacilitatetheachievementofthatultimatefunction.Manyfinancialdecisionscanbemadestrictlyonthebasisofimprovingthetradeoffsavailabletopeoplewithoutknowledgeoftheirconsumptionpreferences.Thereareatleastfivegoodreasonstostudyfinance:·Tomanageyourpersonalre

5、sources.·Todealwiththeworldofbusiness.·Topursueinterestingandrewardingcareeropportunities.·Tomakeinformedpublicchoicesasacitizen.·Toexpandyourmind.Theplayersinfinancetheoryarehouseholdsandbusinessfirms.Householdsoccupyaspecialplaceinthetheorybecausetheultimatefunctionofthesystemistosa

6、tisfythepreferencesofpeople,andthetheorytreatsthosepreferencesasgiven.Financetheoryexplainshouseholdbehaviorasanattempttosatisfythosepreferences.Thebehavioroffirmsisviewedfromtheperspectiveofhowitaffectsthewelfareofhouseholds.Householdsfacefourbasictypesoffinancialdecisions:·Savingdec

7、isions:Howmuchoftheircurrentincomeshouldtheysaveforthefuture?·Investmentdecisions:Howshouldtheyinvestthemoneytheyhavesaved?·Financingdecisions:Whenandhowshouldtheyuseotherpeople’smoneytosatisfytheirwantsandneeds?·Riskmanagementdecisions:Howandonwhattermsshouldtheyseektoreducetheeconom

8、icunc