公司理财部分课后答案.docx

Chapter 1 Goal OF Firm N0.2, 3, 4, 5, 10. Not-for-Profit Firm Goals Suppose you were the financial manager of a not-for-profit business (a not-for-profit hospital, perhaps). What kinds of goals do you think would be appropriate? 答：所有者权益的市场价值的最大化。 Goal of the Firm Evaluate the following statement: Managers should not focus on the current stock value because doing so will lead to an overemphasis on short-term profits at the expense of Iong-term profits. 答：错误；因为现在的股票价值已经反应了短期和长期的的风险、时间以及未来现金流量。 Ethics and Firm Goals Can the goal of maximizing the value of the stock conflict with other goals, such as avoiding unethical or illegal behavior? In particular, do you think subjects like customer and employee safety, the environment, and the general good of society fit in this framework, or are they essentially ignored? Think of some specific scenarios to illustrate your answer. 答：有两种极端。一种极端，所有的东西都被定价。因此所有目标都有一个最优水平，包括避免不道德或 非法的行为，股票价值最大化。另一种极端，我们可以认为这是非经济现象，最好的处理方式是通过政治手 段。 一个经典的思考问题给出了这种争论的答案：公司估计提高某种产品安全性的成本是30万美元。然而，该 公司认为提高产品的安全性只会节省20万美元。请问公司应该怎么做呢？” International Firm Goal Would the goal of maximizing the value of the stock differ for financial management in a foreign country? Why or why not? 答：财务管理的目标都是相同的，但实现目标的最好方式可能是不同的（因为不同的国家有不同的社会、政 治环境和经济制度） 10. Goal of Financial Management Why is the goal of financial management to maximize the current value of the compan/s stock? In other words, why isnt the goal to maximize the future value? 答：最大化现在公司股票的价格和最大化未来股票价格是一样的。股票的价值取决于公司未来所有的现金 流量。从另一方面来看，支付大量的现金股利给股东，股票的预期价格将会上升。 Chapter 2 Building a Balance Sheet Sankey, Inc., has current assets of $4,900, net fixed assets of $25,000, current liabilities of $4,100, and long-term debt of $10,300. What is the value of the shareholders, equity account for this firm? How much is net working capital? 答：所有者权益二资产-负债 the shareholders equity account二25000-10300二 14700 净运营资本二流动资产-流动负债net working capitaI =4900-4100=800 Building an Income Statement Shelton, lnc.t has sales of $435,000, costs