公司金融理论答案

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1、COPYRIGHTNOTICE:JeanTirole:TheTheoryofCorporateFinanceispublishedbyPrincetonUniversityPressandcopyrighted,©2005,byPrincetonUniversityPress.Allrightsreserved.Nopartofthisbookmaybereproducedinanyformbyanyelectronicormechanicalmeans(includingphotocopying

2、,recording,orinformationstorageandretrieval)withoutpermissioninwritingfromthepublisher,exceptforreadingandbrowsingviatheWorldWideWeb.Usersarenotpermittedtomountthisfileonanynetworkservers.FollowlinksforClassUseandotherPermissions.Formoreinformationsen

3、demailto:permissions@pupress.princeton.edu3.9.Exercises1••••ContractEntrepreneurEntrepreneurIncomerealized.3.9Exercises(I,rl).learnsBchooseseffort.Reimbursement.privately.Exercise3.1(randomfinancing).ConsidertheFigure3.10fixed-investmentmodelofSection3.

4、2.WeknowthatifA
A,where(AssumethatA
c0toensurethattheentrepreneurBI−A=pHR−,isnotinthe“−∞range”intheabsenceoffinancing.)∆pComputetheminimumequitylevelAforwhichitisbothoptimalandfeasiblefortheborrowertotheprojectisfinancedbyrisk-neutralinvestorssignacontr

5、actinwhichtheprojectisundertakenwhenthemarketrateofinterestis0.Discusstheforcertain.WealsonotedthatforA

6、thA>0,theentreu(c)denotetheentrepreneur’sutilityfromconpreneurbenefitsfromsigninga“randomfinancing���sumptionwithu>0,u<0.Conducttheanalysiscontract,”though.assumingeitherlimitedliabilityortheabsenceof(i)Consideracontractinwhichtheborrowerinlimitedliabil

7、ity.vestsAˆ∈[0,A]ofherownmoney,theprojectisfinancedwithprobabilityx,andtheborrowerreceivesExercise3.3(randomprivatebenefits).ConsiderRbinthecaseofsuccessand0otherwise.Writethethevariable-investmentmodel:anentrepreneuriniinvestors’breakevencondition.tial

8、lyhascashA.ForinvestmentI,theprojectyields(ii)Showthat(providedtheNPV,pHR−I,isposiRIinthecaseofsuccessand0inthecaseoffailure.tive)itisoptimalfortheborrowertoinvestTheprobabilityofsuccessisequaltopH∈(0,1)iftheentrepreneurworksandpL=0iftheentrep