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Principles_of_Corporate_Finance_英文第十版习题解答Chap001
Chapter 01 - Goals and Governance of the Firm
PAGE
1-PAGE 8
CHAPTER 1
Goals and Governance of the Firm
Answers to Problem Sets
1. a. real
b. executive airplanes
c. brand names
d. financial
e. bonds
f. investment
g. capital budgeting
h. financing
2. c, d, e, and g are real assets. Others are financial.
3. a. Financial assets, such as stocks or bank loans, are claims held by
investors. Corporations sell financial assets to raise the cash to invest in real assets such as plant and equipment. Some real assets are intangible.
Capital budgeting means investment in real assets. Financing means
raising the cash for this investment.
The shares of public corporations are traded on stock exchanges and can
be purchased by a wide range of investors. The shares of closely held corporations are not traded and are not generally available to investors.
d. Unlimited liability: investors are responsible for all the firm’s debts. A sole
proprietor has unlimited liability. Investors in corporations have limited liability. They can lose their investment, but no more.
e. A corporation is a separate legal “person” with unlimited life. Its owners hold shares in the business. A partnership is a limited-life agreement to establish and run a business.
4. c, d.
5. b, c.
6. Separation of ownership and management typically leads to agency problems,
where managers prefer to consume private perks or make other decisions for their private benefit -- rather than maximize shareholder wealth.
7. a. Assuming that the encabulator market is risky, an 8% expected return on
the FH encabulator investments may be inferior to a 4% return on U.S.
government securities.
b. Unless their financial assets are as safe as U.S. government securities, their cost of capital would be higher. The CFO could consider what the expected return is on assets with similar risk.
8. Shareholders will only vote for (a) maximize shareholder wealth
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