金融学 第二版 兹维.博迪 罗伯特C默顿等著Bodie2_IM_Ch16.pdfVIP

CHAPTER 16 - Financial Structure of the Firm End-of-Chapter Problems 1. Considering your family as the limiting boundary, what are examples of both internal and external financing options available to enroll in summer school to make up the elementary corporate finance course you failed last semester? Solution: Answers will vary but some examples would be: Internal financing: (i) accounts payable, enroll in summer school and wait as long as possible to pay the tuition bill or rather than pay the balance on your credit card use the cash to pay your tuition charges (ii) accrued wages, rather than pay your brother back the money you owe him for painting your apartment use the cash to pay your tuition, (iii) take the money from your wages or profit share from the family owned restaurant and pay your tuition. External financing: (i) debt financing, increase your student loan borrowing to pay the tuition, (ii) equity (human capital) financing, get the tuition money from your neighbor in exchange for the promise to help him with his income tax preparation for the next ten years. 2. Plentilease and Nolease are virtually identical corporations. The only difference between them is that Plentilease leases most of its plant and e qui pment whe reas Nole ase buys its pl ant and e qui pment and finances it by borrowing. Compare and contrast their market-value balance sheets. Solution: Market-Value Balance Sheets of Nolease and Plentilease Corporations a. Nolease Corporation Assets Liabilities and Shareholders Equity Plant and equipment Bonds Other assets Equity Total Total b. Plentilease Corporation Assets Liabilities and Shareholders Equity Plant and equipment Lease Other assets Equity Total Total The main difference between the bonds and the lease as a form of debt financing is who bears the risk