财务管理基础 第13版 范霍思 课后答案1-26章].khda

1、 Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition, Instructors Manual Contents ChaptersPages 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20. 21. 22. 23. 24. The Role of Financial Management The Business, Tax, and Financial Environments The Time Value of Money* The Valuation of Long- term Securities* Risk and Return* Financial Statement Analysis* Funds Analysis, Cash- flow Analysis, and Financial Planning* Overview of Working- capital Management C

2、ash and Marketable Securities Management Accounts Receivable and Inventory Management Short- term Financing Capital Budgeting and Estimating Cash Flows Capital Budgeting Techniques Risk and Managerial (Real) Options in Capital Budgeting (some sections may be omitted in an abbreviated course) Required Returns and the Cost of Capital Operating and Financial Leverage (may be omitted in an abbreviated course) Capital Structure Determination Dividend Policy The Capital Market Long- term Debt, Preferr

3、ed Stock, and Common Stock Term Loans and Leases (may be omitted in an abbreviated course) Convertibles, Exchangeables, and Warrants Mergers and Other Forms of Corporate Restructuring International Financial Management 9 12 19 32 41 49 61 82 88 93 105 112 120 134 144 157 174 184 195 201 213 225 234 251 *Note: Some instructors prefer to cover Chapters 6 and 7 before going into Chapters 3- 5. These chapters have been written so that this can be done without any problem. 3 Pearson Education Limited

4、 2008 Chapter 1 Chapter 3 Chapter 4 Chapter 5 Chapter 6 Chapter 15 Chapter 16 Chapter 17 THE ROLE OF FINANCIAL MANAGEMENT THE TIME VALUE OF MONEY* THE VALUATION OF LONG- TERM SECURITIES* RISK AND RETURN* FINANCIAL STATEMENT ANALYSIS* REQUIRED RETURNS AND THE COST OF CAPITAL OPERATING AND FINANCIAL LEVERAGE CAPITAL STRUCTURE DETERMINATION (may be omitted in an abbreviated course) term Debt, Preferred Stock, and Common Stockterm Debt, Preferred Stock, and Common Stock (may be omitted in an abbrevi

5、ated course)(may be omitted in an abbreviated course) Convertibles, Exchangeables, and WarrantsConvertibles, Exchangeables, and Warrants Mergers and Other Forms of Corporate RestructuringMergers and Other Forms of Corporate Restructuring International Financial ManagementInternational Financial Management *Note: Some instructors prefer to cover Chapters 6 and 7 before going into Chapters 3*Note: Some instructors prefer to cover Chapters 6 and 7 before going into Chapters 3 (may be omitted in an

6、abbreviated course)(may be omitted in an abbreviated course) term Debt, Preferred Stock, and Common Stock (may be omitted in an abbreviated course)(may be omitted in an abbreviated course) Mergers and Other Forms of Corporate RestructuringMergers and Other Forms of Corporate Restructuring *Note: Some instructors prefer to cover Chapters 6 and 7 before going into Chapters 3*Note: Some instructors prefer to cover Chapters 6 and 7 before going into Chapters 3 chapters have been written so that this

7、 can be done without any problem.chapters have been written so that this can be done without any problem. THE ROLE OF FINANCIAL THE ROLE OF FINANCIAL The Role of Financial Management Increasing shareholder value over time is the bottom line of every move we make. ROBERT GOIZUETA Former CEO, The Coca- Cola Company 9 Pearson Education Limited 2008 Chapter 1: The Role of Financial Management ANSWERS TO QUESTIONS 1. With an objective of maximizing shareholder wealth, capital will tend to be allocate

8、d to the most productive investment opportunities on a risk- adjusted return basis. Other decisions will also be made to maximize efficiency. If all firms do this, productivity will be heightened and the economy will realize higher real growth. There will be a greater level of overall economic want satisfaction. Presumably people overall will benefit, but this depends in part on the redistribution of income and wealth via taxation and social programs. In other words, the economic pie will grow l

9、arger and everybody should be better off if there is no reslicing. With reslicing, it is possible some people will be worse off, but that is the result of a governmental change in redistribution. It is not due to the objective function of corporations. 2. Maximizing earnings is a nonfunctional objective for the following reasons: a. Earnings is a time vector. Unless one time vector of earnings clearly dominates all other time vectors, it is impossible to select the vector that will maximize earnings. b. Each time vector of earning possesses a risk characteristic. Maximizing expected earnings ignores the risk parameter. c. Earnings can be increased by selling stock and buying treasury bills. Earnings will continue to increase since stock does not require out- of- pocket costs. d. The impact of dividend policies is ignored. If all earnings are retained, future earnings are increased. However, stock prices may decrease as a result of adverse reaction to the absence of dividends

《财务管理基础 第13版 范霍思 课后答案1-26章].khda》由会员w****i分享，可在线阅读，更多相关《财务管理基础 第13版 范霍思 课后答案1-26章].khda》请在金锄头文库上搜索。