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1、CHAPTER2B-7CHAPTER1INTRODUCTIONTOCORPORATEFINANCEAnswerstoConceptsReviewandCriticalThinkingQuestions1.Capitalbudgeting(decidingwhethertoexpandamanufacturingplant),capitalstructure(decidingwhethertoissuenewequityandusetheproceedstoretireoutstandingdebt),andworkingcapitalmanagement
2、(modifyingthefirm’screditcollectionpolicywithitscustomers).2.Disadvantages:unlimitedliability,limitedlife,difficultyintransferringownership,hardtoraisecapitalfunds.Someadvantages:simpler,lessregulation,theownersarealsothemanagers,sometimespersonaltaxratesarebetterthancorporatetax
3、rates.3.Theprimarydisadvantageofthecorporateformisthedoubletaxationtoshareholdersofdistributedearningsanddividends.Someadvantagesinclude:limitedliability,easeoftransferability,abilitytoraisecapital,unlimitedlife,andsoforth.4.Thetreasurer’sofficeandthecontroller’sofficearethetwopr
4、imaryorganizationalgroupsthatreportdirectlytothechieffinancialofficer.Thecontroller’sofficehandlescostandfinancialaccounting,taxmanagement,andmanagementinformationsystems,whilethetreasurer’sofficeisresponsibleforcashandcreditmanagement,capitalbudgeting,andfinancialplanning.Theref
5、ore,thestudyofcorporatefinanceisconcentratedwithinthetreasurygroup’sfunctions.5.Tomaximizethecurrentmarketvalue(shareprice)oftheequityofthefirm(whetherit’spublicly-tradedornot).6.Inthecorporateformofownership,theshareholdersaretheownersofthefirm.Theshareholderselectthedirectorsof
6、thecorporation,whointurnappointthefirm’smanagement.Thisseparationofownershipfromcontrolinthecorporateformoforganizationiswhatcausesagencyproblemstoexist.Managementmayactinitsownorsomeoneelse’sbestinterests,ratherthanthoseoftheshareholders.Ifsucheventsoccur,theymaycontradictthegoa
7、lofmaximizingthesharepriceoftheequityofthefirm.7.Aprimarymarkettransaction.8.InauctionmarketsliketheNYSE,brokersandagentsmeetataphysicallocation(theexchange)tomatchbuyersandsellersofassets.DealermarketslikeNASDAQconsistofdealersoperatingatdispersedlocaleswhobuyandsellassetsthemse
8、lves,communicatingwithotherdealerseither
