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1、11INTRODUCTIONTOCPATEFINANCEAnswerstoConceptQuestions1.Inthecpatefmofownershiptheshareholdersaretheownersofthefirm.Theshareholderselectthedirectsofthecpationwhointurnappointthefirm’smanagement.Thisseparationofownershipfr

2、omcontrolinthecpatefmofganizationiswhatcausesagencyproblemstoexist.Managementmayactinitsownsomeoneelse’sbestinterestsratherthanthoseoftheshareholders.Ifsucheventsoccurtheymaycontradictthegoalofmaximizingthesharepriceofth

3、eequityofthefirm.2.Suchganizationsfrequentlypursuesocialpoliticalmissionssomanydifferentgoalsareconceivable.Onegoalthatisoftencitedisrevenueminimizationi.e.providewhatevergoodsservicesareofferedatthelowestpossiblecosttos

4、ociety.Abetterapproachmightbetoobservethatevenanotfprofitbusinesshasequity.Thusoneansweristhattheappropriategoalistomaximizethevalueoftheequity.3.Presumablythecurrentstockvaluereflectstherisktimingmagnitudeofallfuturecas

5、hflowsbothshttermlongterm.Ifthisiscrectthenthestatementisfalse.4.Anargumentcanbemadeeitherway.Attheoneextremewecouldarguethatinamarketeconomyallofthesethingsarepriced.Thereisthusanoptimalleveloffexampleethicalillegalbeha

6、vitheframewkofstockvaluationexplicitlyincludesthese.Attheotherextremewecouldarguethatthesearenoneconomicphenomenaarebesthledthroughthepoliticalprocess.Aclassic(highlyrelevant)thoughtquestionthatillustratesthisdebategoess

7、omethinglikethis:“Afirmhasestimatedthatthecostofimprovingthesafetyofoneofitsproductsis$30million.Howeverthefirmbelievesthatimprovingthesafetyoftheproductwillonlysave$20millioninproductliabilityclaims.Whatshouldthefirmdo”

8、5.Thegoalwillbethesamebutthebestcourseofactiontowardthatgoalmaybedifferentbecauseofdifferingsocialpoliticaleconomicinstitutions.6.Thegoalofmanagementshouldbetomaximizethesharepricefthecurrentshareholders.Ifmanagementbeli

9、evesthatitcanimprovetheprofitabilityofthefirmsothatthesharepricewillexceed$35thentheyshouldfighttheofferfromtheoutsidecompany.Ifmanagementbelievesthatthisbidderotherunidentifiedbidderswillactuallypaymethan$35persharetoac

10、quirethecompanythentheyshouldstillfighttheoffer.Howeverifthecurrentmanagementcannotincreasethevalueofthefirmbeyondthebidpricenootherhigherbidscomeinthenmanagementisnotactingintheinterestsoftheshareholdersbyfightingtheoff

11、er.Sincecurrentmanagersoftenlosetheirjobswhenthecpationisacquiredpolymonitedmanagershaveanincentivetofightcpatetakeoversinsituationssuchasthis.32FINANCIALSTATEMENTSCASHFLOWAnswerstoConceptsReviewCriticalThinkingQuestions

12、1.True.Everyassetcanbeconvertedtocashatsomeprice.Howeverwhenwearereferringtoaliquidassettheaddedassumptionthattheassetcanbequicklyconvertedtocashatnearmarketvalueisimptant.2.Therecognitionmatchingprinciplesinfinancialacc

13、ountingcallfrevenuesthecostsassociatedwithproducingthoserevenuestobe“booked”whentherevenueprocessisessentiallycompletenotnecessarilywhenthecashiscollectedbillsarepaid.Notethatthiswayisnotnecessarilycrectit’sthewayaccount

14、antshavechosentodoit.3.Thebottomlinenumbershowsthechangeinthecashbalanceonthebalancesheet.Assuchitisnotausefulnumberfanalyzingacompany.4.Themajdifferenceisthetreatmentofinterestexpense.Theaccountingstatementofcashflowstr

15、eatsinterestasanoperatingcashflowwhilethefinancialcashflowstreatinterestasafinancingcashflow.Thelogicoftheaccountingstatementofcashflowsisthatsinceinterestappearsontheincomestatementwhichshowstheoperationsftheperioditisa

16、noperatingcashflow.Inrealityinterestisafinancingexpensewhichresultsfromthecompany’schoiceofdebtequity.Wewillhavemetosayaboutthisinalater.Whencomparingthetwocashflowstatementsthefinancialstatementofcashflowsisameappropria

17、temeasureofthecompany’sperfmancebecauseofitstreatmentofinterest.5.Marketvaluescanneverbenegative.Imagineashareofstocksellingf–$20.Thiswouldmeanthatifyouplacedanderf100sharesyouwouldgetthestockalongwithacheckf$2000.Howman

18、ysharesdoyouwanttobuyMegenerallybecauseofcpateindividualbankruptcylawswthfapersonacpationcannotbenegativeimplyingthatliabilitiescannotexceedassetsinmarketvalue.6.Fasuccessfulcompanythatisrapidlyexpingfexamplecapitaloutla

19、yswillbelargepossiblyleadingtonegativecashflowfromassets.Ingeneralwhatmattersiswhetherthemoneyisspentwiselynotwhethercashflowfromassetsispositivenegative.7.It’sprobablynotagoodsignfanestablishedcompanytohavenegativecashf

20、lowfromoperationsbutitwouldbefairlydinaryfastartupsoitdepends.8.Fexampleifacompanyweretobecomemeefficientininventymanagementtheamountofinventyneededwoulddecline.Thesamemightbetrueifthecompanybecomesbetteratcollectingitsr

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