公司理财期末整理(英文版)
一、***是什么意思？
1）Capital budgeting 资金预算
2）Capital Structure 资金结构
3）Net working capital
二、组织结构图谁负责谁？
三、The corporate firm
Forms of Business Organization
●Attributes:
●It is the cheapest business to form.
●It pay no corporate income taxes.
●The owner has unlimited liability.
●Its life is limited.
●It has difficulty in raising funds.
1)The sole proprietorship 独资企业特点P7
2)The Partnership 合伙企业（The business is owned by two or more persons.）Attributes:特征
@Initiation
@Liability
@ Life
@ Ability to raise funds
@Taxation
@Controlling
（1）General Partnership
@ All partners agree to provide fraction of the work and cash and to share the profit and loss.
@Each partner is liable for all of the debts .
（2）Limited Partnership
One or more partners are designated general partners and other partners are designated limited partners.
3）The Corporation: 公司
A corporation is owned by individuals who normally are not active in the day –to –day operation of that business.
It is by far the most important form of business.
Features:特征
1.Starting
@Starting a corporation is more complicated
@Preparing articles of incorporation and a set of by laws:
Name of corporation
Intended life
Business purpose
Number of shares of stock
Nature of the right granted to shareholders
Number of members of the initial board of directors
2. Three sets of distinct interests:
Shareholders
Directors
Corporation officer
3.It is a legal entity.
4.Ownership
Ownership is represented by shares of stock, it is easy to transfer ownership.
5.Life
6.The corporation has unlimited life
7.Liability
Liability is limited to the amounted invested in the ownership .
8.Taxation: double taxation
9.Raising funds: easy
Corporation Partnership
Liquidity Shares can be easily exchanged Subject to substantial restrictions
V oting Rights Usually each share gets one vote General Partner is in charge; limited
partners may have some voting
rights
Taxation Double Partners pay taxes partnership profits Reinvestment and dividend payout Broad latitude All profits is distributed to partners
Liability Limited liability General partners may have unlimited
liability; limited partners enjoy
limited liability
Continuity Perpetual life Limited life The goal of financial management：
Maximize the current value per share of the existing stock.
1.5 Financial Markets
Classification of financial markets市场分类
1.Money market vs capital market
1) Money Market
The market for debt securities that will pay off in the short term
2) Capital Market
The market for long-term debt and for equity shares (common stock, preferred stock, corporate and government bonds
2.Primary Market vs Secondary Markets
1) Primary Market一级市场
Issuance of a security for the first time
2)Secondary Markets二级市场
Buying and selling of previously issued securities
https://www.360docs.net/doc/939512272.html,anized security exchanges vs over-the counter market (
Securities may be traded in either a dealer or auction market
1) Organized security exchanges are tangible entities
NYSE
2）OCT include all security markets eccept the organized exchanges.
NASDAQ
2.3 Taxes
The one thing we can rely on with taxes is that they are always changing
Marginal vs. average tax rates
Marginal – the percentage paid on the next dollar earned
Average – the tax bill / taxable income
1) Average tax rate is tax bill divided your taxable income.
2) Marginal tax rate is the tax you would pay (in percent) if you earned one more dollar.
例题：
Taxable Income Tax Rate
$ 0 - 50,000 15%
50,001-75,000 25%
75,001-100,000 34%
100,001-335,000 39%
335,001-10,000,000 34%
--------------------------------
The tax rates apply to the part of income in the indicated range only, not all income.
Suppose your firm earns $4 million in taxable income. Use table2.1,we can figure out tax bill as:
.15($50,000)=$7,500
.25(75,00-50,000)=6250
.34(100,000-75,000)=8500
.39(335,000-100,000)=91,650
.34(4,000,000-335,000)=1246,100
Total tax bill 1,360,000
Average tax rate= 1,360,000/4,000,000 =34%
Equation
Cash flows from the assets= Operating cash flow –Investment in NWC –Investment in fixed assets
1.Operating cash flow
Definition: Operating cash flow refers to the cash generated from operations.
Calculation:
Method 1:
OCF= Sales – Costs – Taxes
Method 2:
OCF = EBIT + Depreciation – Taxes
Eg
Nabors, corporation.
2005 Income Statement ($ in millions)
Net sales $9,610
Less: Cost of goods sold 6,310
Less: Depreciation 1,370
Earnings before interest and taxes 1,930
Less: Interest paid 630
Taxable Income $1,300
Less: Taxes 455
Net income $ 845
Method1:
Sales $9,610
Less: cost 6,310
Taxes 455
Operating cash flow $ 2845
Nabors, corporation
2005 Income Statement ($ in millions)
Net sales $9,610
Less: Cost of goods sold 6,310
Less: Depreciation 1,370
Earnings before interest and taxes 1,930
Less: Interest paid 630
Taxable Income $1,300
Less: Taxes 455
Net income $ 845
Method2:
Earnings before interest and taxes $1,930
Plus depreciation 1,370
Less taxes 455
Operating cash flow $ 2845
Positive cash flows were generated from operations of $2845.
2.Change in NWC
Definition:
Net Working Capital =current assets – current liabilities
NWC usually grows with the firm
Change in NWC= ending net working capital – beginning net working capital
3.Change in fixed assets
Method 1:
Ending gross fixed assets- Beginning gross fixed assets = Change in fixed assets Method 2:
Ending net fixed assts - Beginning net fixed assets+ Depreciation
= Change in fixed assets .
Free cash flow
Common-Size Balance Sheets
Compute all accounts as a percent of total assets
(express each item as percentage of total assets
Common-Size Income Statements
Compute all line items as a percent of sales
(express each item as a percentage of total sales)
Categories of Financial Ratios
Short-term solvency or liquidity ratios
Long-term solvency, or financial leverage, ratios
Asset management or turnover ratios
Profitability ratios
Market value ratios
Computing Liquidity Ratios
Meaning
Liquidity ratios are intended to provide information about a firm’s liquidity.
Who are interested in liquidity ratios
short-term creditor
Features
Their book value and market value are likely to be similar.
Calculation
Current Ratio = CA / CL (dollar or times)
708 / 540 = 1.31 times
Quick Ratio (acid-test)= (CA – Inventory) / CL
(708 - 422) / 540 = .53 times
Cash Ratio = Cash / CL
98 / 540 = .18 times
3.3 The Du Pont Identity
It is an integrative approach to ratio analysis.
It evaluates firm’s return on equity (ROE)
Definition of ROE
ROE = Net income / Total equity
Multiply by 1(TA / TA) and then rearrange:
ROE = (NI / TE) (TA / TA)
ROE = (NI / TA) (TA / TE) = ROA * EM
Multiply by 1 again and then rearrange:
ROE = (NI / TA) (TA / TE) (Sales / Sales)
ROE = (NI / Sales) (Sales / TA) (TA / TE)
ROE = PM * TAT * EM
ROE = PM * TAT * EM
Profit margin is a measure of the firm’s operating efficiency – how well it controls costs.
Total asset turnover is a measure of the firm’s asset use efficiency – how well it manages its assets.
Equity multipli er is a measure of the firm’s financial leverage.
3.5 Long-Term Financial Planning
Another use of financial statements
The most comprehensive means of financial planning is to develop a series of pro forma, or projected, financial statements.
External Financing Needed (EFN)
The difference between the forecasted increase in assets and the forecasted increase in liabilities and equity.
Formula: EFN=Assets×g- Spontaneous liabilities×g-
PM×Projected sales×(1-d)
External Financing Needed (EFN) can also be calculated as:
The Internal Growth Rate
The internal growth rate tells us how much the firm can grow assets using retained earnings as the only source of financing.
The Sustainable Growth Rate
The sustainable growth rate tells us how much the firm can grow by using internally generated funds and issuing debt to maintain a constant debt ratio.
4.4 Simplifications
Perpetuity
A constant stream of cash flows that lasts forever
Growing perpetuity
A stream of cash flows that grows at a constant rate forever
Annuity
A stream of constant cash flows that lasts for a fixed number of periods
Growing annuity
A stream of cash flows that grows at a constant rate for a fixed number of periods
Zero Coupon Bonds
Make no periodic interest payments (coupon rate = 0%)
The entire yield to maturity comes from the difference between the purchase price and the par value
Cannot sell for more than par value
Sometimes called zeroes, deep discount bonds, or original issue discount bonds (OIDs) Treasury Bills and principal-only Treasury strips are good examples of zeroes
The Fisher Effect
The Fisher Effect defines the relationship between real rates, nominal rates, and inflation.
(1 + R) = (1 + r)(1 + h), where
R = nominal rate
r = real rate
h = expected inflation rate
Approximation
R = r + h
例子
If we require a 10% real return and we expect inflation to be 8%, what is the nominal rate? R = (1.1)(1.08) – 1 = .188 = 18.8%
Approximation: R = 10% + 8% = 18%
Because the real return and expected inflation are relatively high, there is a significant difference between the actual Fisher Effect and the approximation.
公司理财(英文版)题库2
CHAPTER 2 Financial Statements & Cash Flow Multiple Choice Questions: I. DEFINITIONS BALANCE SHEET b 1. The financial statement showing a firm’s accounting value on a particular date is the: a. income statement. b. balance sheet. c. statement of cash flows. d. tax reconciliation statement. e. shareholders’ equity sheet. Difficulty level: Easy CURRENT ASSETS c 2. A current asset is: a. an item currently owned by the firm. b. an item that the firm expects to own within the next year. c. an item currently owned by the firm that will convert to cash within the next 12 months. d. the amount of cash on hand the firm currently shows on its balance sheet. e. the market value of all items currently owned by the firm. Difficulty level: Easy LONG-TERM DEBT b 3. The long-term debts of a firm are liabilities: a. that come due within the next 12 months. b. that do not come due for at least 12 months. c. owed to the firm’s suppliers. d. owed to the firm’s shareholders. e. the firm expects to incur within the next 12 months. Difficulty level: Easy NET WORKING CAPITAL e 4. Net working capital is defined as: a. total liabilities minus shareholders’ equity. b. current liabilities minus shareholders’ equity. c. fixed assets minus long-term liabilities. d. total assets minus total liabilities. e. current assets minus current liabilities. Difficulty level: Easy LIQUID ASSETS d 5. A(n) ____ asset is on e which can be quickly converted into cash without significant loss in value.
公司理财(英文版)题库2说课讲解
公司理财(英文版)题 库2
CHAPTER 2 Financial Statements & Cash Flow Multiple Choice Questions: I. DEFINITIONS BALANCE SHEET b 1. The financial statement showing a firm’s accounting value on a particular date is the: a. income statement. b. balance sheet. c. statement of cash flows. d. tax reconciliation statement. e. shareholders’ equity sheet. Difficulty level: Easy CURRENT ASSETS c 2. A current asset is: a. an item currently owned by the firm. b. an item that the firm expects to own within the next year. c. an item currently owned by the firm that will convert to cash within the next 12 months. d. the amount of cash on hand the firm currently shows on its balance sheet. e. the market value of all items currently owned by the firm. Difficulty level: Easy LONG-TERM DEBT b 3. The long-term debts of a firm are liabilities: a. that come due within the next 12 months. b. that do not come due for at least 12 months. c. owed to the firm’s suppliers. d. owed to the firm’s shareholde rs. e. the firm expects to incur within the next 12 months. Difficulty level: Easy NET WORKING CAPITAL e 4. Net working capital is defined as: a. total liabilities minus shareholders’ equity. b. current liabilities minus shareholders’ equity. c. fixed assets minus long-term liabilities. d. total assets minus total liabilities. e. current assets minus current liabilities. Difficulty level: Easy LIQUID ASSETS d 5. A(n) ____ asset is on e which can be quickly converted into cash without significant loss in value.
完整word版公司理财英文版题库8
CHAPTER 8 Making Capital Investment Decisions I. DEFINITIONS INCREMENTAL CASH FLOWS a 1. The changes in a firm's future cash flows that are a direct consequence of accepting a project are called _____ cash flows. a. incremental b. stand-alone c. after-tax d. net present value e. erosion Difficulty level: Easy EQUIVALENT ANNUAL COST e 2. The annual annuity stream o f payments with the same present value as a project's costs is called the project's _____ cost. a. incremental b. sunk c. opportunity d. erosion e. equivalent annual Difficulty level: Easy SUNK COSTS c 3. A cost that has already been paid, or the liability to pay has already been incurred, is a(n): a. salvage value expense. b. net working capital expense. c. sunk cost. d. opportunity cost. e. erosion cost. Difficulty level: Easy OPPORTUNITY COSTS d 4. Th e most valuable investment given up i f an alternative investment is chosen is a(n): a. salvage value expense. b. net working capital expense.
罗斯公司理财Chap004全英文题库及答案
Chapter 04 Discounted Cash Flow Valuation Answer Key Multiple Choice Questions 1. An annuity stream of cash flow payments is a set of: A.level cash flows occurring each time period for a fixed length of time. B. level cash flows occurring each time period forever. C. increasing cash flows occurring each time period for a fixed length of time. D. increasing cash flows occurring each time period forever. E. arbitrary cash flows occurring each time period for no more than 10 years. Difficulty level: Easy Topic: ANNUITY Type: DEFINITIONS
2. Annuities where the payments occur at the end of each time period are called _____, whereas _____ refer to annuity streams with payments occurring at the beginning of each time period. A. ordinary annuities; early annuities B. late annuities; straight annuities C. straight annuities; late annuities D. annuities due; ordinary annuities E.ordinary annuities; annuities due Difficulty level: Easy Topic: ANNUITIES DUE Type: DEFINITIONS
英文版罗斯公司理财习题答案
CHAPTER 8 MAKING CAPITAL INVESTMENT DECISIONS Answers to Concepts Review and Critical Thinking Questions 1. In this context, an opportunity cost refers to the value of an asset or other input that will be used in a project. The relevant cost is what the asset or input is actually worth today, not, for example, what it cost to acquire. 2. a.Yes, the reduction in the sales of the company’s other products, referred to as erosion, and should be treated as an incremental cash flow. These lost sales are included because they are a cost (a revenue reduction) that the firm must bear if it chooses to produce the new product. b. Yes, expenditures on plant and equipment should be treated as incremental cash flows. These are costs of the new product line. However, if these expenditures have already occurred, they are sunk costs and are not included as incremental cash flows. c. No, the research and development costs should not be treated as incremental cash flows. The costs of research and development undertaken on the product during the past 3 years are sunk costs and should not be included in the evaluation of the project. Decisions made and costs incurred in the past cannot be changed. They should not affect the decision to accept or reject the project. d. Yes, the annual depreciation expense should be treated as an incremental cash flow. Depreciation expense must be taken into account when calculating the cash flows related to a given project. While depreciation is not a cash expense that directly affects c ash flow, it decreases a firm’s net
英文版罗斯公司理财习题答案Chap020
CHAPTER 20 INTERNATIONAL CORPORATE FINANCE Answers to Concepts Review and Critical Thinking Questions 1. a. The dollar is selling at a premium because it is more expensive in the forward market than in the spot market (SFr 1.53 versus SFr 1.50). b.The franc is expected to depreciate relative to the dollar because it will take more francs to buy one dollar in the future than it does today. c.Inflation in Switzerland is higher than in the United States, as are nominal interest rates. 2.The exchange rate will increase, as it will take progressively more pesos to purchase a dollar. This is the relative PPP relationship. 3.a.The Australian dollar is expected to weaken relative to the dollar, because it will take more A$ in the future to buy one dollar than it does today. b.The inflation rate in Australia is higher. c.Nominal interest rates in Australia are higher; relative real rates in the two countries are the same. 4. A Yankee bond is most accurately described by d. 5. No. For example, if a cou ntry’s currency strengthens, imports bee cheaper (good), but its exports bee more expensive for others to buy (bad). The reverse is true for currency depreciation. 6.Additional advantages include being closer to the final consumer and, thereby, saving on transportation, significantly lower wages, and less exposure to exchange rate risk. Disadvantages include political risk and costs of supervising distant operations. 7. One key thing to remember is that dividend payments are made in the home currency. More generally, it may be that the owners of the multinational are primarily domestic and are ultimately concerned about their wealth denominated in their home currency because, unlike a multinational, they are not internationally diversified.
公司理财精要版原书第12版习题库答案Ross12e_Chapter11_TB
Fundamentals of Corporate Finance, 12e (Ross) Chapter 11 Project Analysis and Evaluation 1) Forecasting risk is defined as the possibility that: A) some proposed projects will be rejected. B) some proposed projects will be temporarily delayed. C) incorrect decisions will be made due to erroneous cash flow projections. D) some projects will be mutually exclusive. E) tax rates could change over the life of a project. 2) The key means of defending against forecasting risk is to: A) rely primarily on the net present value method of analysis. B) increase the discount rate assigned to a project. C) shorten the life of a project. D) identify sources of value within a project. E) ignore any potential salvage value that might be realized. 3) Steve is fairly cautious when analyzing a new project and thus he projects the most optimistic, the most realistic, and the most pessimistic outcome that can reasonably be expected. Which type of analysis is he using? A) Simulation testing B) Sensitivity analysis C) Break-even analysis D) Rationing analysis E) Scenario analysis 4) Scenario analysis is best suited to accomplishing which one of the following when analyzing a project? A) Determining how fixed costs affect NPV B) Estimating the residual value of fixed assets C) Identifying the potential range of reasonable outcomes D) Determining the minimal level of sales required to break-even on an accounting basis E) Determining the minimal level of sales required to break-even on a financial basis 5) Which one of the following will be used in the computation of the best-case analysis of a proposed project? A) Minimal number of units that are expected to be produced and sold B) The lowest expected salvage value that can be obtained for a project's fixed assets C) The most anticipated sales price per unit D) The lowest variable cost per unit that can reasonably be expected E) The highest level of fixed costs that is actually anticipated
公司理财(英文版)题库15
CHAPTER 15 Capital Structure: Basic Concepts Multiple Choice Questions: I. DEFINITIONS HOMEMADE LEVERAGE a 1. The use of personal borrowing to change the overall amount of financial leverage to which an individual is exposed is called: leverage. a. homemade recapture. b. dividend c. the weighted average cost of capital. d. private placement. debt offset. e. personal Difficulty level: Easy MM PROPOSITION I b 2. The proposition that the value of the firm is independent of its capital structure is called: a. the capital asset pricing model. b. MM Proposition I. c. MM Proposition II. d. the law of one pric e. e. the efficient markets hypothesis. Difficulty level: Easy MM PROPOSITION II c 3. The proposition that the cost of equity is a positive linear function of capital structure is called: a. the capital asset pricing model. b. MM Proposition I. c. MM Proposition II. d. the law of one pric e. e. the efficient markets hypothesis. Difficulty level: Medium INTEREST TAX SHIELD a 4. The tax savings of the firm derived from the deductibility of interest expense is called the: a. interest shield. tax basis. b. depreciable umbrella. c. financing d. current yield. e. tax-loss carryforward savings. Difficulty level: Easy
罗斯 公司理财 英文练习题 附带答案 第九章
CHAPTER 9 Risk Analysis, Real Options, and Capital Budgeting Multiple Choice Questions: I、DEFINITIONS SCENARIO ANALYSIS b 1、An analysis of what happens to the estimate of the net present value when you examine a number of different likely situations is called _____ analysis、 a、forecasting b、scenario c、sensitivity d、simulation e、break-even Difficulty level: Easy SENSITIVITY ANALYSIS c 2、An analysis of what happens to the estimate of net present value when only one variable is changed is called _____ analysis、 a、forecasting b、scenario c、sensitivity d、simulation e、break-even Difficulty level: Easy SIMULATION ANALYSIS d 3、An analysis which combines scenario analysis with sensitivity analysis is called _____ analysis、 a、forecasting b、scenario c、sensitivity d、simulation e、break-even Difficulty level: Easy BREAK-EVEN ANALYSIS e 4、An analysis o f the relationship between the sales volume and various measures of profitability is called _____ analysis、 a、forecasting b、scenario c、sensitivity d、simulation e、break-even Difficulty level: Easy VARIABLE COSTS a 5、Variable costs: a、change in direct relationship to the quantity of output produced、 b、are constant in the short-run regardless of the quantity of output produced、 c、reflect the change in a variable when one more unit of output is produce d、
罗斯《公司理财》英文习题答案DOCchap012
公司理财习题答案 第十二章 Chapter 12: Risk, Return, and Capital Budgeting 12.1 Cost of equity R S = 5 + 0.95 (9) = 13.55% NPV of the project = -$1.2 million + $340,.00011355 1 5 t t =∑ = -$20,016.52 Do not undertake the project. 12.2 a. R D = (-0.05 + 0.05 + 0.08 + 0.15 + 0.10) / 5 = 0.066 R M = (-0.12 + 0.01 + 0.06 + 0.10 + 0.05) / 5 = 0.02 b. D R - D R M R -R M (M R -M R )2 (D R -R D )(M R -R M ) -0.116 -0.14 0.0196 0.01624 -0.016 -0.01 0.0001 0.00016 0.014 0.04 0.0016 0.00056 0.084 0.08 0.0064 0.00672 0.034 0.03 0.0009 0.00102 0.0286 0.02470 Beta of Douglas = 0.02470 / 0.0286 = 0.864 12.3 R S = 6% + 1.15 ? 10% = 17.5% R B = 6% + 0.3 ? 10% = 9% a. Cost of equity = R S = 17.5% b. B / S = 0.25 B / (B + S) = 0.2 S / (B + S) = 0.8 WACC = 0.8 ? 17.5% + 0.2 ? 9% (1 - 0.35) = 15.17% 12.4 C σ = ()21 04225.0 = 0.065 M σ = ()21 01467 .0 = 0.0383 Beta of ceramics craftsman = CM ρC σ M σ / M σ2 = CM ρC σ/ M σ = (0.675) (0.065) / 0.0383 = 1.146 12.5 a. To compute the beta of Mercantile Manufacturing’s stock, you need the product of the deviations of Mercantile’s returns from their mean and the deviations of the market’s returns from their mean. You also need the squares of the deviations of the market’s returns from their mean.
公司理财期末整理(英文版)
一、***是什么意思？ 1）Capital budgeting 资金预算 2）Capital Structure 资金结构 3）Net working capital 二、组织结构图谁负责谁？ 三、The corporate firm Forms of Business Organization ●Attributes: ●It is the cheapest business to form. ●It pay no corporate income taxes. ●The owner has unlimited liability. ●Its life is limited. ●It has difficulty in raising funds. 1)The sole proprietorship 独资企业特点P7 2)The Partnership 合伙企业（The business is owned by two or more persons.）Attributes:特征 @Initiation @Liability @ Life @ Ability to raise funds @Taxation @Controlling （1）General Partnership @ All partners agree to provide fraction of the work and cash and to share the profit and loss. @Each partner is liable for all of the debts . （2）Limited Partnership One or more partners are designated general partners and other partners are designated limited partners. 3）The Corporation: 公司 A corporation is owned by individuals who normally are not active in the day –to –day operation of that business. It is by far the most important form of business. Features:特征 1.Starting @Starting a corporation is more complicated @Preparing articles of incorporation and a set of by laws: Name of corporation Intended life Business purpose
完整word版公司理财英文版题库7
CHAPTER 7 Net Present Value and Other Investment Rules Multiple Choice Questions: I. DEFINITIONS NET PRESENT V ALUE a 1. The difference between the present value of an investment and its cost is the: a. net present value. b. internal rate of return. c. payback perio d. d. profitability index. e. discounted payback period. Difficulty level: Easy NET PRESENT V ALUE RULE c 2. Which one of the following statements concerning net present value (NPV) is correct? a. An investment should be accepted if, and only if, the NPV is exactly equal to zero. b. An investment should be accepted only if the NPV is equal to the initial cash flow. c. An investment should be accepted if the NPV is positive and rejected if it is negative. d. An investment with greater cash inflows than cash outflows, regardless of when the cash flows occur, will always have a positive NPV and therefore should always be accepted. e. Any project that has positive cash flows for every time period after the initial investment should be accepted. Difficulty level: Easy PAYBACK c 3. The length of time require d for an investment to generat e cash flows sufficient to recover the initial cost o f the investment is called the: a. net present value. b. internal rate of return. c. payback perio d. d. profitability index. e. discounted cash period. Difficulty level: Easy
公司理财课件
公司理财课件 公司理财 Stephen A Ross等著吴世农等译机械工业出版社 第一章公司理财导论 1.1 什么是公司理财 1.1.1 公司理财定义和研究内容 （一）定义现代公司财务指的是为公司筹措资金并将筹到的资金投资于公司的项目，以使公司股东财富最大化。 （二）为实现上述目标，公司理财主要研究下述内容： 1.公司长期投资项目—资本预算 2.公司投资资金来源—资本结构 3.公司日常财务活动管理—营运资本管理 1.1.2 资本结构 公司的资金来源包括债权和股权，债权与股权比例构成资本结构。 公司价值V（value），债权价值B（Bond），股权价值S（stock），有： V=B+S 资本结构就是研究如何安排债权与股权比重以实现公司价值最大化。
1.1.3 财务经理 理财活动在公司中居于重要地位，是高层管理者的主要活动之一。一个 公司财务组织结构：（见课本） 1.2 现代公司财务的目标 1.2.1 现代公司财务的目标是股东财富最大化 财务经理应当寻求公司股东未来预期收益现值的最大化，可以是股息， 也可以是资本利得。 1.2.2 影响股东财富最大化的一些因素 1、相关的社会职能与股东财富最大化。平衡利益相关者与股东利益之 间关系。 2、所有权、控制权与股东财富最大化。经理人与股东之间的委托代理， 利益不一致。需要激励措施。 1.2.3 细分目标 1、收益率目标：如成本控制、市场份额等； 2、风险控制目标：避免破产、稳定性、安全性； 1.2.4 这一目标可能存在的问题 1、没有考虑利益相关者——企业社会责任。 2、有些企业并没有股东——最大化现有所有者权益的市场价值。
罗斯公司理财Chap002全英文试题库及答案
Chapter 02 Financial Statements and Cash Flow Answer Key Multiple Choice Questions 1.The financial statement showing a firm's accounting value on a particular date is the: A.income statement. B.balance sheet. C.statement of cash flows. D.tax reconciliation statement. E.shareholders' equity sheet. Difficulty level: Easy Topic: BALANCE SHEET Type: DEFINITIONS 2.A current asset is: A.an item currently owned by the firm. B.an item that the firm expects to own within the next year. C.an item currently owned by the firm that will convert to cash within the next 12 months. D.the amount of cash on hand the firm currently shows on its balance sheet. E.the market value of all items currently owned by the firm. Difficulty level: Easy Topic: CURRENT ASSETS Type: DEFINITIONS