跨国金融原理(第三版)教师手册 M02_MOFF9242_03_IM_C02.pdf

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Chapter2

FinancialGoalsandCorporateGovernance

Questions

1.OwnershipoftheBusiness.Howdoesownershipalterthegoalsandgovernanceofabusiness?

dividendsandcapitalgainsfromtheappreciationofshareprice:

−

DividendPricePrice

Shareholderreturn21

PricePrice

wheretheinitialprice,P,isequivalenttotheinitialinvestmentbytheshareholder,andPisthe

capitalgains,12%.

dividendyield

profits,andthendistributesthoseprofitstoownershipintheformofdividends.Capitalgains—the

withsharepriceappreciation.

managedbythefamilyitself.

2.SeparationofOwnershipandManagement.

ofhowbusinessesarestructuredandled?

Thefieldofagencytheory

succeedisopentodebate.However,ifmanagementdeviatestoomuchfromSWMobjectivesof

rulethatexistsinmostAnglo-Americanmarkets.

6Moffett/Stonehill/Eiteman•FundamentalsofMultinationalFinance,ThirdEdition

3.CorporateGoals:ShareholderWealthMaximization.Explaintheassumptionsandobjectivesof

theshareholderwealthmaximizationmodel.

TheAnglo-Americanmarketsarecharacterizedbyaphilosophythatafirm’sobjectiveshouldbe

tomaximizeshareholderwealth.Anglo-AmericanisdefinedtomeantheUnitedStates,United

Kingdom,Canada,Australia,andNewZealand.Thistheoryassumesthatthefirmshouldstrive

tomaximizethereturntoshareholders—thoseindividualsowningequitysharesinthefirm,as

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