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1、CHAPTER1INTRODUCTIONTOCORPORATEFINANCEAnswerstoConceptsReviewandCriticalThinkingQuestions1.Capitalbudgeting(decidingwhethertoexpandamanufacturingplant),capitalstructure(decidingwhethertoissuenewequityandusetheproceedstoretireoutstandingdebt),andworkingcapitalmanagement(
2、modifyingthefirm’screditcollectionpolicywithitscustomers).2.Disadvantages:unlimitedliability,limitedlife,difficultyintransferringownership,hardtoraisecapitalfunds.Someadvantages:simpler,lessregulation,theownersarealsothemanagers,sometimespersonaltaxratesarebetterthancor
3、poratetaxrates.3.Theprimarydisadvantageofthecorporateformisthedoubletaxationtoshareholdersofdistributedearningsanddividends.Someadvantagesinclude:limitedliability,easeoftransferability,abilitytoraisecapital,unlimitedlife,andsoforth.4.Thetreasurer’sofficeandthecontroller
4、’sofficearethetwoprimaryorganizationalgroupsthatreportdirectlytothechieffinancialofficer.Thecontroller’sofficehandlescostandfinancialaccounting,taxmanagement,andmanagementinformationsystems,whilethetreasurer’sofficeisresponsibleforcashandcreditmanagement,capitalbudgetin
5、g,andfinancialplanning.Therefore,thestudyofcorporatefinanceisconcentratedwithinthetreasurygroup’sfunctions.5.Tomaximizethecurrentmarketvalue(shareprice)oftheequityofthefirm(whetherit’spublicly-tradedornot).6.Inthecorporateformofownership,theshareholdersaretheownersofthe
6、firm.Theshareholderselectthedirectorsofthecorporation,whointurnappointthefirm’smanagement.Thisseparationofownershipfromcontrolinthecorporateformoforganizationiswhatcausesagencyproblemstoexist.Managementmayactinitsownorsomeoneelse’sbestinterests,ratherthanthoseoftheshare
7、holders.Ifsucheventsoccur,theymaycontradictthegoalofmaximizingthesharepriceoftheequityofthefirm.7.Aprimarymarkettransaction.8.InauctionmarketsliketheNYSE,brokersandagentsmeetataphysicallocation(theexchange)tomatchbuyersandsellersofassets.DealermarketslikeNASDAQconsistof
8、dealersoperatingatdispersedlocaleswhobuyandsellassetsthemselves,communicatingwithotherdealerseitherelectronica
