公司财务原理 第十一版 习题答案 - Principles of Corporate Finance ，11th edition ，solution.pdfVIP

Chapter 01 - Goals and Governance of the Firm CHAPTER 1 Goals and Governance of the Firm Answers to Problem Sets 1. a. real b. executive airplanes c. brand names d. financial e. bonds f. investment g. capital budgeting h. financing 2. c, d, e, and g are real assets. Others are financial. 3. a. Financial assets, such as stocks or bank loans, are claims held by investors. Corporations sell financial assets to raise the cash to invest in real assets such as plant and equipment. Some real assets are intangible. b. Capital budgeting means investment in real assets. Financing means raising the cash for this investment. c. The shares of public corporations are traded on stock exchanges and can be purchased by a wide range of investors. The shares of closely held corporations are not traded and are not generally available to investors. d. Unlimited liability: investors are responsible for all the firm’s debts. A sole proprietor has unlimited liability. Investors in corporations have limited liability. They can lose their investment, but no more. e. A corporation is a separate legal “person” with unlimited life. Its owners hold shares in the business. A partnership is a limited-life agreement to establish and run a business.