公司理财英文版答案

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1、关于这份公司理财英文版答案说明大家一般都是用的中文版本,所以题目和英文原书有些出入,我提供的是英文版的详细答案,除了概念题外,都没有原始题目对应,但是这并不防碍大家找到答案,因为中文和英文的题目在数字上全是一致的,所以大家拿着这份答案可以很容易的找到书中的题目重点章节：前18章+22章，还有23章、兼并与收购章节也别忽视。CONCEPT部分解决是是所有章节的概念题CONCEPTQUESTIONS-CHAPTER11.1·Whatarethethreebasicquestionsofcorporatefinance?a.Investmentdecision(capitalbudgeti

2、ng):Whatlong-terminvestmentstrategyshouldafirmadopt?b.Financingdecision(capitalstructure):Howmuchcashmustberaisedfortherequiredinvestments?c.Short-termfinancedecision(workingcapital):Howmuchshort-termcashflowdoescompanyneedtopayitsbills.·Describecapitalstructure.Capitalstructureisthemixofdiffer

3、entsecuritiesusedtofinanceafirm'sinvestments.·Listthreereasonswhyvaluecreationisdifficult.Valuecreationisdifficultbecauseitisnoteasytoobservecashflowsdirectly.Thereasonsare:a.Cashflowsaresometimesdifficulttoidentify.b.Thetimingofcashflowsisdifficulttodetermine.c.Cashflowsareuncertainandtherefor

4、erisky.1.2·Whatisacontingentclaim?Acontingentclaimisaclaimwhosepayoffsaredependentonthevalueofthefirmattheendoftheyear.Inmoregeneralterms,contingentclaimsdependonthevalueofanunderlngasset.·Describeequityanddebtascontingentclaims.Bothdebtandequitydependonthevalueofthefirm.Ifthevalueofthefirmisgr

5、eaterthantheamountowedtodebtholders,theywillgetwhatthefirmowesthem,whilestockholderswillgetthedifference.Butifthevalueofthefirmislessthanequity,bondholderswillgetthe快乐人大考研屋http://jianzhirenda.blog.163.com/valueofthefirmandequityholdersnothing.1.3·Defineaproprietorship,apartnershipandacorporatio

6、n.Aproprietorshipisabusinessownedbyasingleindividualwithunlimitedliability.Apartnershipisabusinessownedbytwoormoreindividualswithunlimitedliability.Acorporationisabusinesswhichisa"legalperson"withmanylimitedliabilityowners.·Whataretheadvantagesofthecorporateformofbusinessorganization?Limitedlia

7、bility,eastofownershiptransferandperpetualsuccession.1.4·Whatarethetwotypesofagencycosts?Monitoringcostsoftheshareholdersandtheincentivefeespaidtothemanagers.·Howaremanagersbondedtoshareholders?a.Shareholdersdeterminethemembership