- 1、本文档共34页,可阅读全部内容。
- 2、原创力文档(book118)网站文档一经付费(服务费),不意味着购买了该文档的版权,仅供个人/单位学习、研究之用,不得用于商业用途,未经授权,严禁复制、发行、汇编、翻译或者网络传播等,侵权必究。
- 3、本站所有内容均由合作方或网友上传,本站不对文档的完整性、权威性及其观点立场正确性做任何保证或承诺!文档内容仅供研究参考,付费前请自行鉴别。如您付费,意味着您自己接受本站规则且自行承担风险,本站不退款、不进行额外附加服务;查看《如何避免下载的几个坑》。如果您已付费下载过本站文档,您可以点击 这里二次下载。
- 4、如文档侵犯商业秘密、侵犯著作权、侵犯人身权等,请点击“版权申诉”(推荐),也可以打举报电话:400-050-0827(电话支持时间:9:00-18:30)。
查看更多
Topic One: firm; cost
• Different ownership form and the importance of each form
– Proprietorship (single owner)
– Partnerships (multiple owners)
– Corporations.
• Limited liability
– Sole proprietors and partners are ally liable for the debts
of their business. All the owners’assets, not just those invested
in the business, are at risk.
– In U.S. 87 percent of business sales are made by corporations,
even though only 20 percent of all firms are corporations.
– Corporations are companies whose capital is divided into share
that are held by individuals who have only limited responsibility
for the debts of the . That is, a shareholder has limited
liability. If the corporation fails, ( is unable to pay is bills, the
shareholders need not pay for the debt using their al
assets. A shareholder’s loss is limited to the price paid for the
stock.
– The rise of the corporation co ide with the need to rease
the size of firms.
Key Parties in a Firm and Their Utility
• Shareholders elect a board of directors to run the corporation.
• Th delegates the day to day responsibility to officers of the
.
• The stocks are not concentrated in the hands of a few key employees.
• Once stock is issued, the corporation receives nothing when individuals
buy or sell the shares on a stock market.
• Shareholders: dividend and the price appreciation
• Corporations also raise money by issuing debt. The promise to pay those
who lend them money (debt holders) a stipulated amount of interest plus
repayment of the loan.
• Debt holders are paid first, stock holders are paid from what remains.
Separation of ownership and control
• Agency issue: In many corporations, there is often no single
shareholder with the
文档评论(0)