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第1页共42页编号：时间：2021年x月x日书山有路勤为径，学海无涯苦作舟页码：第1页共42页CONCEPTQUESTIONS-CHAPTER11.1Whatarethethreebasicquestionsofcorporatefinance?a.Investmentdecision(capitalbudgeting):Whatlong-terminvestmentstrategyshouldafirmadopt?b.Financingdecision(capitalstructure):Howmuchcashmustberaisedfortherequiredinvestments?c.Short-termfinancedecision(workingcapital):Howmuchshort-termcashflowdoescompanyneedtopayitsbills.Describecapitalstructure.Capitalstructureisthemixofdifferentsecuritiesusedtofinanceafirm'sinvestments.Listthreereasonswhyvaluecreationisdifficult.Valuecreationisdifficultbecauseitisnoteasytoobservecashflowsdirectly.Thereasonsare:a.Cashflowsaresometimesdifficulttoidentify.b.Thetimingofcashflowsisdifficulttodetermine.c.Cashflowsareuncertainandthereforerisky.1.2Whatisacontingentclaim?Acontingentclaimisaclaimwhosepayoffsaredependentonthevalueofthefirmattheendoftheyear.Inmoregeneralterms,contingentclaimsdependonthevalueofanunderlyingasset.Describeequityanddebtascontingentclaims.Bothdebtandequitydependonthevalueofthefirm.Ifthevalueofthefirmisgreaterthantheamountowedtodebtholders,theywillgetwhatthefirmowesthem,whilestockholderswillgetthedifference.Butifthevalueofthefirmislessthanequity,bondholderswillgetthevalueofthefirmandequityholdersnothing.1.3Defineaproprietorship,apartnershipandacorporation.Aproprietorshipisabusinessownedbyasingleindividualwithunlimitedliability.Apartnershipisabusinessownedbytwoormoreindividualswithunlimitedliability.Acorporationisabusinesswhichisa"legalperson"withmanylimitedliabilityowners.Whataretheadvantagesofthecorporateformofbusinessorganization?Limitedliability,eastofownershiptransferandperpetualsuccession.1.4Whatarethetwotypesofagencycosts?Monitoringcostsoftheshareholdersandtheincentivefeespaidtothemanagers.第2页共42页第1页共42页编号：时间：2021年x月x日书山有路勤为径，学海无涯苦作舟页码：第2页共42页Howaremanagersbondedtoshareholders?a.Shareholdersdeterminethemembershiptotheboardofdirectors,whichselectsmanagement.b.Managementcontractsandincentivesarebuildintocompensationarrangements.c.Ifafirmistakenoverbecausethefirm'spricedropped,managerscouldlosetheirjobs.d.Competitioninthemanageriallabormarketmakesmanagersperforminthebestinterestofstockholders.Canyourecallsomemanagerialgoals?Maximizationofcorporatewealth,growthandcompanysize.Whatistheset-of-contractsperspective?Theviewofthecorporationasasetofcontractingrelationshipsamongindividualswhohaveconflictingobjectives.1.5Distinguishbetweenmoneymarketsandcapitalmarkets.Moneymarketsaremarketsfordebtsecuritiesthatpayoffinlessthanoneyear,whilecapitalmarketsaremarketsforlong-termdebtandequityshares.Whatislisting?ListingreferstotheproceduresbywhichacompanyappliesandqualifiessothatitsstockcanbetradedontheNewYorkStockExchange.Whatisthedifferencebetweenaprimarymarketandasecondarymarket?Theprimarymarketisthemarketwhereissuersofsecuritiessellthemforthefirsttimetoinvestors,whileasecondarymarketisamarketforsecuritiespreviouslyissued.CONCEPTQUESTIONS-CHAPTER22.1Whatisthebalance-sheetequation?Assets=Liabilities+Stockholders'equityWhatthreethingsshouldbekeptinmindwhenlookingatabalancesheet?Accountingliquidity,debtvs.equity,andvaluevs.cost.2.2Whatistheincomestatementequation?Revenue-expenses=IncomeWhatarethethreethingstokeepinmindwhenlookingatanincomestatement?第3...