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1、SolutionsManualFundamentalsofCorporateFinance9theditionRoss,Westerfield,andJordanUpdated12-20-2008CHAPTER1B-3CHAPTER1INTRODUCTIONTOCORPORATEFINANCEAnswerstoConceptsReviewandCriticalThinkingQuestions1.Capitalbudgeting(decidingwhethertoexpandamanufacturingplant),capitalstructure(decidingwhethertoiss
2、uenewequityandusetheproceedstoretireoutstandingdebt),andworkingcapitalmanagement(modifyingthefirm’screditcollectionpolicywithitscustomers).2.Disadvantages:unlimitedliability,limitedlife,difficultyintransferringownership,hardtoraisecapitalfunds.Someadvantages:simpler,lessregulation,theownersarealso
3、themanagers,sometimespersonaltaxratesarebetterthancorporatetaxrates.3.Theprimarydisadvantageofthecorporateformisthedoubletaxationtoshareholdersofdistributedearningsanddividends.Someadvantagesinclude:limitedliability,easeoftransferability,abilitytoraisecapital,andunlimitedlife.4.InresponsetoSarbane
4、s-Oxley,smallfirmshaveelectedtogodarkbecauseofthecostsofcompliance.ThecoststocomplywithSarboxcanbeseveralmilliondollars,whichcanbealargepercentageofasmallfirmsprofits.Amajorcostofgoingdarkislessaccesstocapital.Sincethefirmisnolongerpubliclytraded,itcannolongerraisemoneyinthepublicmarket.Althoughth
5、ecompanywillstillhaveaccesstobankloansandtheprivateequitymarket,thecostsassociatedwithraisingfundsinthesemarketsareusuallyhigherthanthecostsofraisingfundsinthepublicmarket.5.Thetreasurer’sofficeandthecontroller’sofficearethetwoprimaryorganizationalgroupsthatreportdirectlytothechieffinancialofficer
6、.Thecontroller’sofficehandlescostandfinancialaccounting,taxmanagement,andmanagementinformationsystems,whilethetreasurer’sofficeisresponsibleforcashandcreditmanagement,capitalbudgeting,andfinancialplanning.Therefore,thestudyofcorporatefinanceisconcentratedwithinthetreasurygroup’sfunctions.6.Tomaxim
7、izethecurrentmarketvalue(shareprice)oftheequityofthefirm(whetherit’spublicly-tradedornot).7.Inthecorporateformofownership,theshareholdersaretheownersofthefirm.Theshareholderselectthedirectorsofthecorporation,whoi
