国际金融CorporateFinance3rdBerkDeMarzoSolution教材习题全解答案第一章.doc

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1、Chapter1TheCorporation1-1.Whatisthemostimportantdifferencebetweenacorporationandallotherorganizationalforms?Acorporationisalegalentityseparatefromitsowners.1-2.Whatdoesthephraselimitedliabilitymeaninacorporatecontext?Owners’liabilityislimitedtotheamounttheyinvestedinthefirm.Stockhol

2、dersarenotresponsibleforanyencumbrancesofthefirm;inparticular,theycannotberequiredtopaybackanydebtsincurredbythefirm.1-3.Whichorganizationalformsgivetheirownerslimitedliability?Corporationsandlimitedliabilitycompaniesgiveownerslimitedliability.Limitedpartnershipsprovidelimitedliabil

3、ityforthelimitedpartners,butnotforthegeneralpartners.1-4.Whatarethemainadvantagesanddisadvantagesoforganizingafirmasacorporation?Advantages:Limitedliability,liquidity,infinitelifeDisadvantages:Doubletaxation,separationofownershipandcontrol1-5.ExplainthedifferencebetweenanScorporatio

4、nandaCcorporation.Ccorporationsmustpaycorporateincometaxes;Scorporationsdonotpaycorporatetaxes,butmustpassthroughtheincometoshareholderstowhomitistaxable.Scorporationsarealsolimitedto75shareholdersandcannothavecorporateorforeignstockholders.1-6.YouareashareholderinaCcorporation.Thec

5、orporationearns$2persharebeforetaxes.Onceithaspaidtaxesitwilldistributetherestofitsearningstoyouasadividend.Thecorporatetaxrateis40%andthepersonaltaxrateon(bothdividendandnon-dividend)incomeis30%.Howmuchisleftforyouafteralltaxesarepaid?First,thecorporationpaysthetaxes.Aftertaxes,isl

6、efttopaydividends.Oncethedividendispaid,personaltaxmustbepaid,whichleaves.So,afterallthetaxesarepaid,youareleftwith84¢.1-7.RepeatProblem6assumingthecorporationisanScorporation.AnScorporationdoesnotpaycorporateincometax.Soitdistributes$2toitsstockholders.Thesestockholdersmustthenpayp

7、ersonalincometaxonthedistribution.Sotheyareleftwith.1-8.Youhavedecidedtoformanewstart-upcompanydevelopingapplicationsfortheiPhone.Giveexamplesofthethreedistincttypesoffinancialdecisionsyouwillneedtomake.AsthemanagerofaniPhoneapplicationsdeveloper,youwillmakethreetypesoffinancialdeci

8、sions.i.Youwillmake