金融学兹维博迪第二版 第一章答案

CHAPTER1–FinancialEconomics

End-of-ChapterProblems

DefiningFinance

1.

Whatareyourmaingoalsinlife?Howdoesfinanceplayapartinachievingthosegoals?Whatarethe

majortradeoffsyouface?

SAMPLEANSWER:

•

•

•

•

•

•

•

Finishschool

GetgoodpayingjobwhichIlike

Getmarriedandhavechildren

Ownmyownhome

Provideforfamily

Payforchildren’seducation

Retire

HowFinancePlaysaRole:

SAMPLEANSWER:

•

Financehelpsmepayforundergraduateandgraduateeducationandhelpsmedecidewhetherspendingthe

moneyongraduateeducationwillbeagoodinvestmentdecisionornot.

•

•

HighereducationshouldenhancemyearningpowerandabilitytoobtainajobIlike.

OnceIammarriedandhavechildrenIwillhaveadditionalfinancialresponsibilities(dependents)andI

willhavetolearnhowtoallocateresourcesamongindividualsinthehouseholdandlearnhowtosetaside

enough

moneytopayforemergencies,education,vacationsetc.Financealsohelpsmeunderstandhowtomanagerisks

such

asfordisability,lifeandhealth.

•

FinancehelpsmedeterminewhetherthehomeIwanttobuyisagoodvalueornot.Thestudyoffinance

alsohelpsmedeterminethecheapestsourceoffinancingforthepurchaseofthathome.

FinancehelpsmedeterminehowmuchmoneyIwillhavetosaveinordertopayformychildren’s

•

educationaswellasmyownretirement.

MajorTradeoffs:

SAMPLEANSWER

•

Spendmoneynowbygoingtocollege(andpossiblygraduateschool)butpresumablymakemoremoney

onceIgraduateduetomyhighereducation.

Consumenowandhavelessmoneysavedforfutureexpendituressuchasforahouseand/orcarorsave

•

moremoneynowbutconsumelessthansomeofmyfriends

FinancialDecisionsofHouseholds

2.

Whatisyournetworth?Whathaveyouincludedamongyourassetsandyourliabilities?Wouldyoulist

thevalueofyourpotentiallifetimeearningpowerasanassetorliability?Howdoesitcompareinvalueto

otherassetsyouhavelisted?

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SAMPLEANSWER:

$____________(verypossiblynegativeatthispoint)

Assets:

•

•

•

•

Checkingaccountbalance

Savingsaccountbalance

Furniture/Jewelry(watch)

Car(possibly)

Liabilities:

•

•

•

•

Studentloans

Creditcardbalance

Ifrenting,remainderofrentalagreement(unlesssublettingisapossibility)

Carpayments(possibly)

Studentstypicallydon’tthinkaboutthehighvalueoftheirpotentiallifetimeearningpowerwhencalculating

their

networthbutforyoungpeopleitisoftentheirmostvaluableasset.

3.

Howarethefinancialdecisionsfacedbyasinglepersonlivingalonedifferentfromthosefacedbythe

headofahouseholdwithresponsibilityforseveralchildrenofschoolage?Arethetradeoffstheyhaveto

makedifferent,orwilltheyevaluatethetradeoffsdifferently?

Asinglepersonneedsonlytosupporthimselfandthereforecanmakeeveryfinancialdecisiononhisown.

Ifhe

doesnotwanthealthinsurance(andiswillingtobearthefinancialrisksassociatedwiththatdecision)thenno

one

willbeaffectedbythatdecisionotherthanthatsingleperson.Inaddition,thispersonneedstomakeno

decisions

aboutallocatingincomeamongdependents.Asinglepersonisverymobileandcanchoosetolivealmost

anywhere.

Thetradeoffsthisindividualmakesgenerallyconcernissuesofconsuming(orspending)todayversussaving

for

consumptiontomorrow.Sincethispersonissupportingonlyhimself,theneedtosavenowislessimportantthan

for

theheadofhouseholddiscussednext.

Theheadofhouseholdwithseveralchildrenmustshareresources(income)amongdependents.Thisindividual

must

bepreparedtodealwithriskmanagementissuessuchashowtobepreparedforpotentialfinancial

emergencies

(suchasaserioushealthproblemexperiencedbyamemberofthefamilyorhomeownersinsuranceincaseofa

fire

orothermishap).Becausetherearemorepeopleinthishouseholdthanwithasingleperson,therearegreater

risks

thatsomeonewillgetsickorinjured.Andbecausetherearedependents,thewageearner(s)shouldthink

carefully

aboutlifeanddisabilityinsurance.Inaddition,thefamilyisnotasmobileasthesingleindividual.Becauseof

the

schoolagechildren,thefamilymightwanttolivenear“goodschools”thinkingthatastrongereducation

will

eventuallyhelpthosechildren’sfuturewellbeingandfinancialsituation.Thus,thetradeoffsforthe

headof

householdaremorecomplex:moremoneyisneededtoconsumetoday(heorsheneedstosupport

more

dependents),butalotmoremoneyisalsoneededtosaveforfutureexpensessuchaseducationandhousing

and

moremoneyisneededforriskmanagementsuchaslifeanddisabilityinsurance.

4.

FamilyAandfamilyBbothconsistofafather,motherandtwochildrenofschoolage.InfamilyAboth

spouseshavejobsoutsidethehomeandearnacombinedincomeof$100,000peryear.InfamilyB,onlyone

spouseworksoutsidethehomeandearns$100,000peryear.Howdothefinancialcircumstancesand

decisionsfacedbythetwofamiliesdiffer?

Withtwowageearners,thereislessriskofatotallossoffamilyincomeduetounemploymentordisability

than

thereisinasinglewageearninghousehold.Thesinglewageearningfamilywillprobablywantmoredisability

and

lifeinsurancethanthetwowageearningfamily.Ontheflipside,however,thetwowageearningfamilymay

needto

spendextramoneyonchildcareexpensesiftheyneedtopaysomeonetowatchthechildrenafterschool.

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5.

Supposewedefinefinancialindependenceastheabilitytoengageinthefourbasichouseholdfinancial

decisionswithoutresorttotheuseofrelative’sresourceswhenmakingfinancingdecisions.Atwhatage

shouldchildrenbeexpectedtobecomefinanciallyindependent?

Studentswillhavedifferingresponsestothisquestiondependingupontheirspecificexperiencesandopinions.

Most

willprobablysayindependenceshouldcomeafterfinishingtheireducation,andtheyhaveasignificant

flowof

income.

6.Youarethinkingofbuyingacar.Analyzethedecisionbyaddressingthefollowingissues:

a.

Arethereareotherwaystosatisfyyourtransportationrequirementsbesidesbuyingacar?Makealistof

allthealternativesandwritedowntheprosandcons.

TransportationMode

Walking

Pros

Cons

Takesalongtime

Destinationmaybetoofar

•

Takesyoudirectlywhereyouwant

togo

•

•

•

•

•

Nooutofpocketcosts

Convenient

Bicycle

Bus

•

•

Takesyoudirectlytowhereyou

wanttogo

Requiresphysicalstrengthand

endurance

•

•

•

•

Nooutofpocketmarginalcosts

Convenient

Destinationmaybetoofar

Inexpensive

•

Maynottakeyoudirectlywhere

youwanttogo

Reachesmoredistantdestinations

•

•

•

Inconvenientschedulestogo

Manystops,notefficient

Subway

•

•

Inexpensive

Fast

Maynottakeyoudirectlywhere

youwanttogo

•

Localdestinationsonlyonlimited

network

Train

•

•

•

Reachesdistantdestinations

Moderatelyexpensive

Maynottakeyoudirectlywhere

youwanttogo

Airplane

•

•

•

•

Reachesdistantdestinations

Fast

Mostexpensive

Willnottakeyoudirectlywhere

youwanttogo

b.Whatarethedifferentwaysyoucanfinancethepurchaseofacar?

Financethroughabankloanorlease,financethroughacardealerwithaloanoraleaseorfinancethecar

outof

yourownsavings.

c.Obtaininformationfromatleastthreedifferentprovidersofautomobilefinancingonthetermsthey

offer.

d.Whatcriteriashouldyouuseinmakingyourdecision?

Yourdecisionwillbetoselectthefinancingalternativethathasthelowestcosttoyou.

Whenanalyzingtheinformation,youshouldconsiderthefollowing:

•

Doyouhavethecashsavedtomakeanoutrightpurchase?Whatinterestratewouldyoubegivingupto

makethatpurchase?Doyoupayadifferentpriceforthecarifyoupaycashratherthanfinance?

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•

Fordifferingloanplans,whatisthedownpaymenttoday?Whatarethemonthlypayments?Forhowlong?

Whatistherelevantinterestrateyouwillbepaying?Doesthewholeloangetpaidthroughmonthlypayments

oris

thereaballoonpaymentattheend?Aretaxesand/orinsurancepaymentsincludedinthemonthlypayments?

•

Fordifferingleaseplans,whatisthedownpaymenttoday?Whatarethemonthlypayments?Forhow

long?Doyouownthecarattheendofthelease?Ifnot,whatdoesitcosttobuythecar?Doyouhavetobuythe

car

attheendoftheleaseorisitanoption?Isthereachargeifyoudecidenottobuythecar?Whatrelevantinterest

rate

willyoubepaying?Aretaxesand/orinsurancepaymentsincludedinthemonthlypayments?Arethere

mileage

restrictions?

7.Matcheachofthefollowingexampleswithoneofthefourcategoriesofbasictypesofhouseholdfinancial

decisions.

AttheSafewaypayingwithyourdebitcardratherthantakingthetimetowriteacheck

Decidingtotaketheproceedsfromyourwinninglotteryticketanduseittopayforanextended

vacationontheItalianRiviera

FollowingHillary’sadviceandsellingyourMicrosoftsharestoinvestinporkbellyfutures

Helpingyour15-yearoldsonlearntodrivebylettingputtinghimbehindthewheelonthebackroad

intotown

Takinguptheofferfromthepoolsupplycompanytopayoffyournewhottubwitha15-monthloan

withzeropaymentsforthefirstthreemonths

Thefirstisthemostdifficultsinceinpracticeitissimplyacashtransactioninvolvingnofinancing.Assuch

the

purchaseisaconsumptiondecisiononlyandthepaymentchoiceisnotafinancingdecision.Thesecondis

alsoa

consumption/savingdecision.Thethirdisanexchangeofonefinancialassetforanotherandtherefore

an

investmentdecision.Thefourthisarisk-managementdecisionsinceyouhavesubjectedyourselftoincreased

risk

thatisnotcoveredbyinsurance.Thefinalexampleisafinancingdecisioninvolvingaloantofinancea

purchase.

FormsofBusinessOrganization

8.Youarethinkingofstartingyourownbusiness,buthavenomoney.

a.

Thinkofabusinessthatyoucouldstartwithouthavingtoborrowanymoney.

Anybusinessthatinvolvesastudent’sownpersonalservicewouldbecheaptostartup.Forinstanceheorshe

could

startabusinessrunningerrandsforothers,walkingtheirdogs,shoppingetc.Alongthosesamelinestheycould

start

somekindofconsultingbusiness.Bothofthesebusinessescouldberunoutoftheirdormroomortheirown

home

andcouldbestartedwithverylittlecapital.Iftheywantedtohireadditionalworkers,theywouldhavetobepaid

on

acommissionbasistolimitupfrontexpenses.

b.Nowthinkofabusinessthatyouwouldwanttostartifyoucouldborrowanyamountofmoneyatthe

goingmarketinterestrate.

Certainlytherearemanyinterestingbusinessesthatcouldbestartedifonecouldfinance100%ofthebusiness

with

borrowedcapitalandnoequity.Sinceyouwillbeabletoborrow100%ofthefinancing,youwillbewillingto

take

alotgreaterriskthanifyouwereinvestingyourownmoney.

c.Whataretherisksyouwouldfaceinthisbusiness?

[Answeris,ofcourse,dependentonanswertoquestion“b.”]

d.Wherecanyougetfinancingforyournewbusiness?

Dependinguponthesizeofthefinancingneeded,studentsshouldbelookingforbothdebtandequityfinancing.

The

sourcesofthisfinancingrangesfromindividualsandcreditcards(forverysmallsums)tobanks,venture

capitalists,

publicdebtandequitymarkets,insurancecompaniesandpensionfunds

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9.

Chooseanorganizationthatisnotafirm,suchasacluborchurchgroupandlistthemostimportant

financialdecisionsithastomake.Whatarethekeytradeoffstheorganizationfaces?Whatroledo

preferencesplayinchoosingamongalternatives?Interviewthefinancialmanageroftheorganizationand

checktoseeifheorsheagreeswithyou.

SAMPLEANSWER:

LocalChurchgroup.Mostimportantfinancialdecisions:

•

Whetherornottorepairdamagedonetochurchandgroundsduringlastbighurricane(specifically

repairingtheleakingroof)

•

•

•

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Whatprojecttoputoffinordertopayforrepairdamage

HowtopayforrenovationstodownstairsSundayschoolrooms

Howtoincreasememberattendanceandcontributions

HowtoorganizeandsolicitvolunteersfortheannualChurchSale(largestfundraiseroftheyear)

KeyTradeoffsandPreferences:

Churchgroupfundsareseverelylimited,sotheorganizationneedstoprioritizeexpensesbaseduponcostand

need.

Notallprojectsthatareneededwillbeundertakenduetotheexpenseinvolved.Anequallylargeamountoftime

willbespenttryingtoraisefinancingsincefundsinflowisvariable.Sincenotallprojectscanbefinanced,

preferencesofdifferentimportantindividuals(suchasthepastor)takeongreatsignificanceinthedecision-

making

process.

MarketDiscipline:Takeovers

10.

ChallengeQuestion:Whilethereareclearadvantagestotheseparationofmanagementfrom

ownershipofbusinessenterprises,thereisalsoafundamentaldisadvantageinthatitmaybecostlytoalign

thegoalsofmanagementwiththoseoftheowners.Suggestatleasttwomethods,otherthanthetakeover

market,bywhichtheconflictcanbereduced,albeitatsomecost.

Onewayistoprovideincentivesforthemanagerssothattheyincreasetheirpaywhenownersinterests

are

improved.Anexamplewouldbecompensatingmanagerswithstockoptions,thevalueofwhichincreasewith

the

marketvalueofshareholder’sinterests.Asecondmethodistomorecloselymonitorthebehaviorofthe

managers.

Outsidemanagementconsultantsandauditorsservethisroleinpartparticularlytotheextentthattheyreport

their

findingstorepresentativesfromownershipgroups.Bothofthesesolutionsassumethemanagement

cannot

effectivelydeceivemarketsorconsultant/auditorsthroughmisleadinginformationoractionstoinflatethe

market

valueoftheownershipsharesorthereperformancerecords.

11.ChallengeQuestion:Considerapoorlyrunlocalcoffeeshopwithitsprimelocationfeaturingasteady

streamofpotentialclientspassingbyontheirwaytoandfromcampus.Howdoesthelongtimedisgruntled,

sloppyandinefficientowner-managerofCup-a-Joesurviveandavoiddiscipliningfromthetakeovermarket?

Thisisnotaquestionaboutamisalignmentofthegoalsoftheowner(s)andmanager(s)ofafirmsincewehave

explicitlysaidthefirmisowner-managed.Ifinfactthecoffeeshopismismanagedthepotentialexistsforan

outsidertopurchaseacontrollinginterestintheoperationandputmoreefficientmanagementintoplaceifthe

purchasepricedoesnotexceedthevalueofprofitstobegeneratedbytheefficientlymanagedfirm.Ifthe

present

ownerchoosesnottosellhemustvaluethefirmformorethanthevalueoftheprofitsgeneratedbyanefficiently

managedfirm.Thereforehispositioninthefirmmustgenerateforhimnon-pecuniarybenefits,orbenefits

unrelatedtothefirm’sprofitabilityandheisthereforenotavaluemaximizer.Perhapsheenjoysmakingfunof

his

clientsortakesprideinhiseclectictastesininteriordecorating.Inanycasethetakeovermarketdoesdiscipline

himinthesensethathewillbeforcedtopayforhisnon-pecuniarybenefitsinthesensethathetradesoffprofits.

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Thesamecouldbesaidofanowner-managerwholackstherequiredspecializedskillstoproperlyrunthefirm

but

neverthelesscontinuestooperatethecompanyinefficientlybecausehe‘likes’thework!

TheRoleoftheFinanceSpecialistinaCorporation

12.Whichofthefollowingtasksundertakenwithinacorporateofficearelikelytofallunderthesupervision

ofthetreasurer?Thecontroller?

Arrangingtoextendalineofcreditfromabank

Arrangingwithaninvestmentbankforaforeignexchangetransaction

Producingadetailedanalysisofthecoststructureofthecompany’salternativeproductlines

TakingcashpaymentsforcompanysalesandpurchasingU.S.TreasuryBills

FilingquarterlystatementswiththeSecuritiesandExchangeCommission

Thefirsttwoandthefourthitemsareresponsibilitiesofthetreasurerwhilethethirdandfifthitemsfallunderthe

workloadofthecontroller’soffice.

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Objectives

y

y

y

Definefinance.

Explainwhyfinanceisworthstudying.

Introducetwoofthemainplayersintheworldoffinance—householdsandfirms—andthekindsof

financialdecisionstheymake.Theothermainplayers,financialintermediariesandgovernment,are

introducedinchapter2.

Contents

DefiningFinance

1.1

1.2

1.3

1.4

1.5

1.6

1.7

1.8

1.9

WhyStudyFinance?

FinancialDecisionsofHouseholds

FinancialDecisionsofFirms

FormsofBusinessOrganization

SeparationofOwnershipandManagement

TheGoalofManagement

MarketDiscipline:Takeovers

TheRoleoftheFinanceSpecialistinaCorporation

Summary

Financeisthestudyofhowtoallocatescarceresourcesovertime.Thetwofeaturesthatdistinguishfinanceare

that

thecostsandbenefitsoffinancialdecisionsarespreadoutovertimeandareusuallynotknownwith

certaintyin

advancebyeitherthedecisionmakeroranybodyelse.

Abasictenetoffinanceisthattheultimatefunctionofthesystemistosatisfypeople’sconsumption

preferences.Economicorganizationssuchasfirmsandgovernmentsexistinordertofacilitatethe

achievementof

thatultimatefunction.Manyfinancialdecisionscanbemadestrictlyonthebasisofimprovingthetrade-

offs

availabletopeoplewithoutknowledgeoftheirconsumptionpreferences.

Thereareatleastfivegoodreasonstostudyfinance:

y

y

y

y

y

Tomanageyourpersonalresources.

Todealwiththeworldofbusiness.

Topursueinterestingandrewardingcareeropportunities.

Tomakeinformedpublicchoicesasacitizen.

Toexpandyourmind.

Theplayersinfinancetheoryarehouseholds,businessfirms,financialintermediaries,andgovernments.

Householdsoccupyaspecialplaceinthetheorybecausetheultimatefunctionofthesystemistosatisfy

the

preferencesofpeople,andthetheorytreatsthosepreferencesasgiven.Financetheoryexplainshousehold

behavior

asanattempttosatisfythosepreferences.Thebehavioroffirmsisviewedfromtheperspectiveofhowitaffects

the

welfareofhouseholds.

Householdsfacefourbasictypesoffinancialdecisions:

y

y

y

Savingdecisions:Howmuchoftheircurrentincomesho