internatinalfinancemanagement【國際財(cái)務(wù)管理】lecture1introductiontointernantionalfinancemana(編輯修改稿)
2024-11-14 13:32 本頁面
【文章內(nèi)容簡介】 the firm is less than $D, they get the whatever the firm if worth. If the value of the firm is more than $F, debt holders get a maximum of $F. $F Payoff to shareholders Value of the firm (V) If the value of the firm is less than $D, share holders get nothing. If the value of the firm is more than $D, share holders get everything above $D. Algebraically, the bondholder’s claim is: Min[$D,$V] Algebraically, the shareholder’s claim is: Max[0,$V – $D] Combined Payoffs to Debt and Equity $D $D Combined Payoffs to debt holders and shareholders Value of the firm (V) Debt holders are promised$D. Payoff to debt holders Payoff to shareholders If the value of the firm is less than $F, the shareholder’s claim is: Max[0,$V – $D] = $0 and the debt holder’s claim is Min[$D,$V] = $V. The sum of these is = $V If the value of the firm is more than $V, the shareholder’s claim is: Max[0,$V – $D] = $V – $D and the debt holder’s claim is: Min[$D,$V] = $D. The sum of these is = $V Three basic forms of business anization ? Three major forms in the United States ? Sole proprietorship ? Partnership ? General ? Limited ? Corporation Three basic forms of business anization ? Sole proprietorship: a single individual owns all the firm’s assets and responsible for all its liabilities. The sole proprietor has unlimited liability. A sole proprietorship is not a tax entity. ? A partnership is similar to a sole proprietorship except that there are two or more owners. In a general partnership, all partners have unlimited liability. A partner
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