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

1、Answer: DDiff: 1Topic: 2.1 Who Owns the Business?Skill: RecognitionTrue/False1） In the U.S. and U.K. stock markets are characterized by ownership of firms concentrated in the hands of a few controlling shareholders. In contrast, the rest of the world tends to have more widespread ownership of shares

2、. FALSE2.2 What Is the Goal of Management?1） Maximize corporate wealthA） is the primary objective of the non-Anglo-American model of management.B） as a management objective treats shareholders on a par with other corporate stakeholders such as creditors, labor, and local community.C） has a broader d

3、efinition than just financial wealth.D） all of the above 2.2 What is the Goal of Management2） The Shareholder Wealth Maximization ModelA） combines the interests and inputs of shareholders, creditors, management, employees, and society.B） is being usurped by the Stakeholder Capitalism Model as those

4、types of MNEs dominate their global industry segments.C） clearly places shareholders as the primary stakeholder.D） is the dominant form of corporate management in the European-Japanese governance system. C 23） The Stakeholder Capitalism ModelA） clearly places shareholders as the primary stakeholder.

5、B） combines the interests and inputs of shareholders, creditors, management, employees, and society.C） has financial profit as its goal and is often termed impatient capital.D） is the Anglo-American model of corporate governance. B4） In the Anglo-American model of corporate governance, the primary g

6、oal of management is toA） maximize the wealth of all stakeholders.B） maximize shareholder wealth.C） minimize costs.D） minimize risk.5） In finance, an efficient market is one in whichA） prices are assumed to be correct.B） prices adjust quickly and accurately to new information.C） prices are the best

7、allocators of capital in the macro economy.6） Systematic risk can be defined asA） the total risk to the firm.B） the risk of the individual security.C） the risk of the market in general.D） the risk that can be systematically diversified away.7） Unsystematic risk can be defined asC） the added risk tha

8、t a firms shares bring to a diversified portfolio.D） the risk of the market in general.8） The study of how shareholders can motivate management to accept the prescriptions of the shareholder wealth maximization model is calledA） market efficiency.B） the SWM model.C） agency theory.D） the SCM model.9）

9、 Under the Shareholder Wealth Maximization Model of corporate governance, poor firm performance is likely to be faced with all but which of the following?A） Sale of shares by disgruntled current shareholders.B） Shareholder activism to attempt a change in current management.C） As a maximum threat, in

10、itiation of a corporate takeover.D） Prison time for executive management. Conceptual10） Which of the following is a reason why managers act to maximize shareholder wealth in Anglo-American markets?A） The use of stock options to align the goals of shareholders and managers.B） The market for corporate

11、 control that allows for outside takeover of the firm.C） Performance based compensation for executive management.11） Which of the following is NOT true regarding the stakeholder capitalism model?A） Banks and other financial institutions are less important creditors than securities markets.B） Labor u

12、nions are more powerful than in the Anglo-American markets.C） Governments interfere more in the marketplace to protect important stakeholder groups.D） All of the above are TRUE. A12） The stakeholder capitalism model A） typically avoids the flaw of impatient capital.B） tries to meet the desires of mu

13、ltiple stakeholders.C） may leave management without a clear signal about tradeoffs among the several stakeholders.13） Which of the following is generally NOT considered to be a viable operational goal for a firm?A） Maintaining a strong local currency.B） Maximization of after-tax income.C） Minimizati

14、on of the firms effective global tax burden.D） Correct positioning of the firms income, cash flows and available funds as to country and currency.14） Which of the following operational goals for the international firm may be incompatible with the others?D） Each of these goals may be incompatible wit

15、h one or more of the others.15） The primary operational goal for the firm is toA） maximize after-tax profits in each country where the firm is operating.B） minimize the total financial risk to the firm.C） maximize the consolidated after-tax profits of the firm.D） maximize the total risk to the firm.

16、 31） The stakeholder capitalism model holds that total risk （operational and financial） is more important than just systematic risk.A） TrueB） False2） In recent years the trend has been for markets to increasing focus on the shareholder wealth form of wealth maximization.3） Patient Capitalism is char

17、acterized by short-term focus by both management and investors.4） Agency theory states that unsystematic risk can be eliminated through diversification.5） The stakeholder capitalism model does not assume that equity markets are either efficient or inefficient. TRUE6） The stakeholder capitalism model

18、 assumes that only systematic risk counts or is a prime concern for management.7） Dividend yield is the change in the share price of stock as traded in the public equity markets.Essay1） Describe the management objectives of a firm governed by the shareholder wealth maximization model and one governe

19、d by the stakeholder wealth maximization model. Give an example of how these two models may lead to different decision-making by executive management. Shareholder wealth maximization attempts to do just that, typically through the maximization of share price. Stakeholder wealth maximization is much

20、more difficult because of the necessity to satisfy many stakeholders all having approximately equal claim on the objectives of management. These stakeholders may include shareholders, creditors, customers, employees, and community. Differing decisions may occur in a situation that involves significa

21、nt social costs. For example, in the U.S. the decision to shift production from a local factory to a foreign one may be in large based on the change in NPV as the result of the move with only minor consideration of the impact that a change in location would have on the community at large or the loca

22、l employees. A manager of a stakeholder driven firm may place equal or greater emphasis on the local employees and community and choose to maintain the current facility rather than move even if the foreign operation provided a much greater NPV. Ultimately, the latter may cause an inefficient allocat

23、ion of scarce resources and lead to an overall lower standard of living. 2.3 Corporate Governance1） Which of the following broad topics is NOT identified as an area to be established as good corporate governance practice by the Organization for Economic Cooperation and Development （OECD）?A） Protect the