国际金融原书第12版教学课件作者大卫艾特曼DavidEiteman阿瑟斯通西chapter02课件Word文件下载.docx

国际金融原书第12版教学课件作者大卫艾特曼DavidEiteman阿瑟斯通西chapter02课件Word文件下载.docx

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Answer:

D

Diff:

1

Topic:

2.1WhoOwnstheBusiness?

Skill:

Recognition

True/False

1）IntheU.S.andU.K.stockmarketsarecharacterizedbyownershipoffirmsconcentratedinthehandsofafewcontrollingshareholders.Incontrast,therestoftheworldtendstohavemorewidespreadownershipofshares.

FALSE

2.2WhatIstheGoalofManagement?

1）"

Maximizecorporatewealth"

A）istheprimaryobjectiveofthenon-Anglo-Americanmodelofmanagement.

B）asamanagementobjectivetreatsshareholdersonaparwithothercorporatestakeholderssuchascreditors,labor,andlocalcommunity.

C）hasabroaderdefinitionthanjustfinancialwealth.

D）alloftheabove

2.2WhatistheGoalofManagement

2）TheShareholderWealthMaximizationModel

A）combinestheinterestsandinputsofshareholders,creditors,management,employees,andsociety.

B）isbeingusurpedbytheStakeholderCapitalismModelasthosetypesofMNEsdominatetheirglobalindustrysegments.

C）clearlyplacesshareholdersastheprimarystakeholder.

D）isthedominantformofcorporatemanagementintheEuropean-Japanesegovernancesystem.

C

2

3）TheStakeholderCapitalismModel

A）clearlyplacesshareholdersastheprimarystakeholder.

B）combinestheinterestsandinputsofshareholders,creditors,management,employees,andsociety.

C）hasfinancialprofitasitsgoalandisoftentermedimpatientcapital.

D）istheAnglo-Americanmodelofcorporategovernance.

B

4）IntheAnglo-Americanmodelofcorporategovernance,theprimarygoalofmanagementisto

A）maximizethewealthofallstakeholders.

B）maximizeshareholderwealth.

C）minimizecosts.

D）minimizerisk.

5）Infinance,anefficientmarketisoneinwhich

A）pricesareassumedtobecorrect.

B）pricesadjustquicklyandaccuratelytonewinformation.

C）pricesarethebestallocatorsofcapitalinthemacroeconomy.

6）Systematicriskcanbedefinedas

A）thetotalrisktothefirm.

B）theriskoftheindividualsecurity.

C）theriskofthemarketingeneral.

D）theriskthatcanbesystematicallydiversifiedaway.

7）Unsystematicriskcanbedefinedas

C）theaddedriskthatafirm'

ssharesbringtoadiversifiedportfolio.

D）theriskofthemarketingeneral.

8）Thestudyofhowshareholderscanmotivatemanagementtoaccepttheprescriptionsoftheshareholderwealthmaximizationmodeliscalled

A）marketefficiency.

B）theSWMmodel.

C）agencytheory.

D）theSCMmodel.

9）UndertheShareholderWealthMaximizationModelofcorporategovernance,poorfirmperformanceislikelytobefacedwithallbutwhichofthefollowing?

A）Saleofsharesbydisgruntledcurrentshareholders.

B）Shareholderactivismtoattemptachangeincurrentmanagement.

C）Asamaximumthreat,initiationofacorporatetakeover.

D）Prisontimeforexecutivemanagement.

Conceptual

10）WhichofthefollowingisareasonwhymanagersacttomaximizeshareholderwealthinAnglo-Americanmarkets?

A）Theuseofstockoptionstoalignthegoalsofshareholdersandmanagers.

B）Themarketforcorporatecontrolthatallowsforoutsidetakeoverofthefirm.

C）Performancebasedcompensationforexecutivemanagement.

11）WhichofthefollowingisNOTtrueregardingthestakeholdercapitalismmodel?

A）Banksandotherfinancialinstitutionsarelessimportantcreditorsthansecuritiesmarkets.

B）LaborunionsaremorepowerfulthanintheAnglo-Americanmarkets.

C）Governmentsinterferemoreinthemarketplacetoprotectimportantstakeholdergroups.

D）AlloftheaboveareTRUE.

A

12）Thestakeholdercapitalismmodel

A）typicallyavoidstheflawofimpatientcapital.

B）triestomeetthedesiresofmultiplestakeholders.

C）mayleavemanagementwithoutaclearsignalabouttradeoffsamongtheseveralstakeholders.

13）WhichofthefollowingisgenerallyNOTconsideredtobeaviableoperationalgoalforafirm?

A）Maintainingastronglocalcurrency.

B）Maximizationofafter-taxincome.

C）Minimizationofthefirm'

seffectiveglobaltaxburden.

D）Correctpositioningofthefirm'

sincome,cashflowsandavailablefundsastocountryandcurrency.

14）Whichofthefollowingoperationalgoalsfortheinternationalfirmmaybeincompatiblewiththeothers?

D）Eachofthesegoalsmaybeincompatiblewithoneormoreoftheothers.

15）Theprimaryoperationalgoalforthefirmisto

A）maximizeafter-taxprofitsineachcountrywherethefirmisoperating.

B）minimizethetotalfinancialrisktothefirm.

C）maximizetheconsolidatedafter-taxprofitsofthefirm.

D）maximizethetotalrisktothefirm.

3

1）Thestakeholdercapitalismmodelholdsthattotalrisk（operationalandfinancial）ismoreimportantthanjustsystematicrisk.

A）True

B）False

2）Inrecentyearsthetrendhasbeenformarketstoincreasingfocusontheshareholderwealthformofwealthmaximization.

3）PatientCapitalismischaracterizedbyshort-termfocusbybothmanagementandinvestors.

4）Agencytheorystatesthatunsystematicriskcanbeeliminatedthroughdiversification.

5）Thestakeholdercapitalismmodeldoesnotassumethatequitymarketsareeitherefficientorinefficient.

TRUE

6）Thestakeholdercapitalismmodelassumesthatonlysystematicrisk"

counts"

orisaprimeconcernformanagement.

7）Dividendyieldisthechangeinthesharepriceofstockastradedinthepublicequitymarkets.

Essay

1）Describethemanagementobjectivesofafirmgovernedbytheshareholderwealthmaximizationmodelandonegovernedbythestakeholderwealthmaximizationmodel.Giveanexampleofhowthesetwomodelsmayleadtodifferentdecision-makingbyexecutivemanagement.

Shareholderwealthmaximizationattemptstodojustthat,typicallythroughthemaximizationofshareprice.Stakeholderwealthmaximizationismuchmoredifficultbecauseofthenecessitytosatisfymanystakeholdersallhavingapproximatelyequalclaimontheobjectivesofmanagement.Thesestakeholdersmayincludeshareholders,creditors,customers,employees,andcommunity.Differingdecisionsmayoccurinasituationthatinvolvessignificantsocialcosts.Forexample,intheU.S.thedecisiontoshiftproductionfromalocalfactorytoaforeignonemaybeinlargebasedonthechangeinNPVastheresultofthemovewithonlyminorconsiderationoftheimpactthatachangeinlocationwouldhaveonthecommunityatlargeorthelocalemployees.AmanagerofastakeholderdrivenfirmmayplaceequalorgreateremphasisonthelocalemployeesandcommunityandchoosetomaintainthecurrentfacilityratherthanmoveeveniftheforeignoperationprovidedamuchgreaterNPV.Ultimately,thelattermaycauseaninefficientallocationofscarceresourcesandleadtoanoveralllowerstandardofliving.

2.3CorporateGovernance

1）WhichofthefollowingbroadtopicsisNOTidentifiedasanareatobeestablishedasgoodcorporategovernancepracticebytheOrganizationforEconomicCooperationandDevelopment（OECD）?

A）Protectthe