公司理財(cái)(羅斯)第1章(英文)(編輯修改稿)
2025-01-04 22:00 本頁面
【文章內(nèi)容簡介】 18,Example1,Suppose debtholders are promised $100,the firm’s value is $75, how much will the debtholders and stockholders get? In this case, the debtholders will get $75=min(75,100), the stockholders will get nothing! The stockholders’ claim= max(0,75100)=0,119,Example 2,If the firm’s value is $200,the firm has promised to pay the debtholder $100, how much will the debtholder and stockholders get? The debtholder will get $100=min(100,200), the stockholders will get $100=max[0,(200100)].,120,Multiple choice,The Simple Corporation has outstanding obligation to the Complex Corporation of $250. It is yearend and the total cash flow of Simple from all sources is $325. The contingent payoff to the debtholders and the shareholders is A) $ $325 B) $75。 $250 C) $ $75 D) $325。 $250 E) None of the above.,121,1.3 The Corporate Firm,The corporate form of business is the standard method for solving the problems encountered in raising large amounts of cash. However, businesses can take other forms.,122,Forms of Business Organization,The Sole Proprietorship(p10) A sole proprietorship is a business owned by one person. The Partnership: any two or more persons can get together and form a partnership. General Partnership: all partners agree to provide some fraction of work and cash and to share the profits and losses Limited Partnership: permit the liability of some of the partners to be limited to the amount of cash each has contributed to the partnership,123,The Corporation A corpotation is a legal entity, it can have a name and enjoy many of the legal power of natural persons( enter into contracts and may sue and be sued) Advantages Liquidity and Marketability of Ownership: ownership can be readily transfererred Liability: limited liability Continuity of Existence: unlimited life Disadvantages Tax Considerations:double taxation,124,A Comparison of Partnership and Corporations(p13),125,1.4 Goals of the Corporate Firm,The traditional answer is that the managers of the corporation are obliged to make efforts to maximize shareholder wealth.,126,The SetofContracts Perspective,The organisation,Interest group,Investor,The public,Suppliers,Government,Media,Consumers,Industry bodies,Employees,,,127,The SetofContracts Perspective,The firm can be viewed as a set of contracts. One of these contracts is between shareholders and managers. The managers will usually act in the shareholders’ interests. The shareholders can devise contracts that align the incentives of the managers with the goals of the shareholders. The shareholders can monitor the managers behavior. This contracting and monitoring is costly.,128,Agency costs,The cost of resolving the conflicts of interest betwee
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