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tài chính doanh nghiệp solutions manual
To download more slides, ebook, solutions and test bank, visit http-''downloadshde.blogspot comSolutions ManualFundamentals of Corporate Finance 9lh e tài chính doanh nghiệp solutions manual edition Ross, Westerfield, and JordanUpdated 12-20-2008To download more slides, ebook, solutions and test bank, visit http- '/downloadslide.blogspot comTo download more slides, ebook, solutions and test bank, visit http '''downloadslide blogspot coniCHAPTER 1INTRODUCTION TO CORPORATEFINANCEAnswers t tài chính doanh nghiệp solutions manual o Concepts Review and Critical Thinking Questions1Capital budgeting (deciding whether to expand a manufacturing plant), capital structure (deciding whtài chính doanh nghiệp solutions manual
ether to issue new equity and use the proceeds to retire outstanding debt), and working capital management (modifying the firm’s credit collection polTo download more slides, ebook, solutions and test bank, visit http-''downloadshde.blogspot comSolutions ManualFundamentals of Corporate Finance 9lh e tài chính doanh nghiệp solutions manual antages: simpler, less regulation, the owners are also the managers, sometimes personal tax rates are better than corporate tax rates.3The primary' disadvantage of the corporate form IS the double taxation to shareholders of distributed earnings and dividends. Some advantages include: limited liabil tài chính doanh nghiệp solutions manual ity, ease of transferability, ability to raise capital, and unlimited life.4In response to Sarbanes-Oxley, small firms have elected to go dark becausetài chính doanh nghiệp solutions manual
of the costs of compliance. The costs to comply with Sarbox can be several million dollars, which can be a large percentage of a small firms profits.To download more slides, ebook, solutions and test bank, visit http-''downloadshde.blogspot comSolutions ManualFundamentals of Corporate Finance 9lh e tài chính doanh nghiệp solutions manual Although the company will still have access to bank loans and the private equity market, the costs associated with raising funds in these markets are usually higher than the costs of raising funds in the public market.5The treasurer’s office and the controller’s office aie the two primary organizat tài chính doanh nghiệp solutions manual ional groups that report directly to the chief financial officer. The controller’s office handles cost and financial accounting, tax management, and mtài chính doanh nghiệp solutions manual
anagement information systems, while the treasurer's office IS responsible for cash and credit management, capital budgeting, and financial planning. To download more slides, ebook, solutions and test bank, visit http-''downloadshde.blogspot comSolutions ManualFundamentals of Corporate Finance 9lh e tài chính doanh nghiệp solutions manual the equity' of the firm (whether it’s publicly-traded or not).7In the corporate form of ownership, the shareholders are the owners of the firm. The shareholders elect the directors of the corporation, who in turn appoint the firm's management. This separation of ownership from control in the corpor tài chính doanh nghiệp solutions manual ate form of organization IS what causes agency problems to exist. Management may act in its own or someone else’s best interests, lather than those oftài chính doanh nghiệp solutions manual
the shareholders. If such events occur, they may contradict the goal of maximizing the share price of the equity of the firm.8A primary market transaTo download more slides, ebook, solutions and test bank, visit http-''downloadshde.blogspot comSolutions ManualFundamentals of Corporate Finance 9lh e tài chính doanh nghiệp solutions manual brokers and agents meet at a physical location (the exchange) to match buyers and sellers of assets. Dealer markets like NASDAQ consist of dealers operating at dispersed locales who buy and sell assets themselves, communicating with other dealers either electronically or literally over-the-counter.I tài chính doanh nghiệp solutions manual D. Such organizations frequently pursue social or political missions, so many different goals are conceivable. One goal that is often cited is revenuetài chính doanh nghiệp solutions manual
minimization; i.e.. provide whatever goods and services are offered at the lowest possible cost to society. A better approach might be to observe thaTo download more slides, ebook, solutions and test bank, visit http-''downloadshde.blogspot comSolutions ManualFundamentals of Corporate Finance 9lh e tài chính doanh nghiệp solutions manual rrent stock value reflects the risk, timing, and magnitude of all future cash flows, both short-term Olid long-term. If this is correct, then the statement is false.12An argument can be made either way. At the one extreme, we could argue that in a market economy, all of these things are priced. Ther tài chính doanh nghiệp solutions manual e IS thus an optimal level of. for example, ethical and or illegal behavior, and the framework of stock valuation explicitly includes these. At the ottài chính doanh nghiệp solutions manual
her extreme, we could argue that these are non-economic phenomena and are best handled through the political process. A classic (and highly relevant) To download more slides, ebook, solutions and test bank, visit http-''downloadshde.blogspot comSolutions ManualFundamentals of Corporate Finance 9lh e tài chính doanh nghiệp solutions manual ucts IS $30 million. However, the firm believes that improving the safety of the product Will only save $20 million 111 product liability claims. What should the film do?”13The goal Will be the same, but the best course of action toward that goal may be different because of differing social, politic tài chính doanh nghiệp solutions manual al, and economic institutions.14The goal of management should be to maximize the share price for the current shareholders. If management believes thattài chính doanh nghiệp solutions manual
It can improve the profitability of the firm so that the share price will exceed $35. then they should fight the offer from the outside company. If mTo download more slides, ebook, solutions and test bank, visit http-''downloadshde.blogspot comSolutions ManualFundamentals of Corporate Finance 9lh e tài chính doanh nghiệp solutions manual till fight the offer. However, if the current management cannot increase the value of the firm beyond the bld price, and no other higher bids come in. then management IS not acting in the interests of the shareholders by fighting the offer. Since current managers often lose their jobs when the corpo tài chính doanh nghiệp solutions manual ration is acquired, poorly monitored managers have an incentive to fight corporate takeovers in situations such as this.15We would expect agency probltài chính doanh nghiệp solutions manual
ems to be less severe in countries with a relatively small percentage of individual ownership. Fewer individual owners should reduce the number of divTo download more slides, ebook, solutions and test bank, visit http-''downloadshde.blogspot comSolutions ManualFundamentals of Corporate Finance 9lh e tài chính doanh nghiệp solutions manual managers on decisions concerning risky projects. In addition, institutions may be belter able to implement effective monitoring mechanisms on managers than can individual owners. based on the institutions’ deeper resources and experiences with their own management. The increase in institutional own tài chính doanh nghiệp solutions manual ership of slock in the United Slates and the growing activism of these large shareholder groups may lead to a reduction in agency problems for U.S. cotài chính doanh nghiệp solutions manual
rporations and a more efficient market for corporate control.CHAPTER! B-316How much is too much ? Who is worth more, Ray Irani or Tiger Woods? The simTo download more slides, ebook, solutions and test bank, visit http-''downloadshde.blogspot comSolutions ManualFundamentals of Corporate Finance 9lh e tài chính doanh nghiệp solutions manual ket. The same is true for athletes and performers. Having said that, one aspect of executive compensation desenes comment. A primary' reason executive compensation has grown so dramatically is that companies have increasingly moved to stock-based compensation. Such movement is obviously consistent w tài chính doanh nghiệp solutions manual ith the attempt to better align stockholder and management interests. In recent years, stock prices have soared, so management has cleaned up. It is stài chính doanh nghiệp solutions manual
ometimes argued that much of this reward is simply due to rising stock prices in general, not managerial performance. Perhaps in the future, executiveTo download more slides, ebook, solutions and test bank, visit http-''downloadshde.blogspot comSolutions ManualFundamentals of Corporate Finance 9lh e tài chính doanh nghiệp solutions manual more slides, ebook, solutions and test bank, visit http:-' ’downloadslide.blogspot coinCHAPTER 2FINANCIAL STATEMENTS, TAXES AND CASH FLOWAnswers to Concepts Review and Critical Thinking Questions1Liquidity measures how quickly and easily an asset can be converted to cash without significant loss in tài chính doanh nghiệp solutions manual value. It’s desirable for firms to have high liquidity so that they have a large factor of safety in meeting short-term creditor demands. However, sintài chính doanh nghiệp solutions manual
ce liquidity also has an opportunity cost associated with it—namely that higher returns can generally be found by investing the cash into productive aTo download more slides, ebook, solutions and test bank, visit http-''downloadshde.blogspot comSolutions ManualFundamentals of Corporate Finance 9lh e tài chính doanh nghiệp solutions manual ese opposing needs.Gọi ngay
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