公司金融简答题

1.3 Corporations.What is the primary disadvantage of the corporate form of organization? Name at least two of the advantages of corporate organization.

什么是公司组织形式的主要劣势呢?至少写两个法人组织的优点

The primary disadvantage of the corporate form is the double taxation to shareholders of distributed earnings and dividends. Some advantages include: limited liability, ease of transferability, ability to raise capital, and unlimited life.

企业形式的主要缺点是股东收益和红利的双重征税。一些优势包括:有限责任,便于可转让性,筹集资金的能力,和无限的生活。

1.6Who owns a corporation? Describe the process whereby the owners control the firm’s management. What is the main reason that an agency relationship exists in the corporate form of organization?In this context, what kinds of problem can arise?

谁拥有一个公司?描述所有者控制公司的管理过程。是什么主要原因导致代理关系存在于企业组织形式中?在这种情况下,会出现什么样的问题?

In 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 corporate form of organization is what causes agency problems to exist. Management may act in its own or someone else's best interests, rather than those of the shareholders. If such events occur, they may contradict the goal of maximizing the share price of the equity of the firm.

企业的所有制形式,股东是公司的所有者。公司的股东选举董事,他反过来任命公司的管理层。这种分离的所有权从企业组织形式的控制代理问题存在的原因。管理层可能会在自己的或别人的最佳利益,而不是股东。如果这样的事件发生时,他们可能会反驳最大化的目标公司的股票的股价。

1.9 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?

假设你是一个非盈利业务的财务经理(非营利性医院,也许)。你认为什么样的目标将是适当的?

Since such organizations frequently pursue goals are providing approach conceivable. One goal that is social or political missions, many different often cited is revenue minimization; i.e., their goods and services to society at the lowest possible cost. Another might be to observe that even a appropriate goal would be to maximize the not-for-profit business has equity. Thus, an value of the equity.

因为这样可以想象经常组织追求的目标是提供方法。一个目标是社会或政治任务,许多不同的被认为是收入最小化,即。,他们的商品和服务社会以尽可能低的成本。另一个可能是观察,即使是一个适当的目标是最大化非盈利企业股权。因此,股票的价值

1.12 Suppose you own stock in company. The current price per share is $25. Anther company has just announced that is wants to buy your company and will pay $35 per share to acquire all the outstanding stock. Your company’s management immediately begins fighting off this hostile bid.Is management acting in stockholders’best interests? Why or why not?假设您的公司的股票。目前的价格是每股25美元。花药公司刚刚宣布,想买你的公司和将支付每股35美元收购所有的已发行股份。贵公司的管理层立即开始抵抗这种敌意收购。是管理代理股东的最佳利益?为什么或为什么不呢?

The goal of management should be to maximize the share price for the current shareholders. If management believes that 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 management believes that this bidder or other unidentified bidders will actually pay more than $35 per share to acquire the company, then they should still fight the offer. However, if the current management cannot increase the value of the firm beyond the bid 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 corporation is acquired, poorly monitored managers have an incentive to fight corporate takeovers in situations such as this.

管理的目标应该是使现有股东的股票价格最大化。如果管理层认为,它可以提高公司的盈利能力,股价将超过35美元,那么他们应该从外部公司提供。如果管理层认为本投标人或其他身份不明的竞标者会支付超过每股35美元收购该公司,然后他们仍应提供。但是,如果当前的管理不能增加价值的公司在投标价格之外,并没有其他更高出价进来,然后管理不是代理的股东的利益战斗。由于当前经理经常失去工作公司收购时,缺乏监控经理有动机斗争等情况下的企业收购。

1.15、In response to the Sarbanes-Oxley Act,many small firms in the Unite States have opted to “go dark” and delist their stock. Why might a company choose this route? What are the costs of “going dark”?

n对萨班斯-奥克斯利法案,很多小公司在美国选择“黑暗”和他们的股票摘牌。为什么一个公司选择这条路?“黑暗”的成本是什么?

The biggest reason that a company would “go dark”is because of the increased audit costs associated with Sarbanes-Oxley compliance. A company should always do a cost-benefit analysis, and it may be the case that the costs of complying with Sarbox outweigh the benefits. Of course, the company could always be trying to hide financial issues of the company! This is also one of the costs of going dark: Investors surely believe that some companies are going dark to avoid the increased scrutiny from SarbOx. This taints other companies that go dark just to avoid compliance costs. This is similar to the lemon problem with used automobiles: Buyers tend to underpay because they know a certain percentage of used cars are lemons. So, investors will tend to pay less for the company stock than they otherwise would. It is important to note that even if the company delists, its stock is still likely traded, but on the over-the-counter market pink sheets rather than on an organized exchange. This adds another cost since the stock is likely less to be liquid now. All else the same, investors pay less for an asset with less liquidity. Overall, the cost to the company is likely a reduced market value. Whether this is good or bad for investors depends on the individual circumstances of the company. It is also important to remember that there are already many small companies that file only limited financial information already.