国际金融原书第12版教学课件作者大卫艾特曼DavidEiteman阿瑟斯通西chapter02课件
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Multinational Business Finance, 12e
(Eiteman, et al)
Chapter 2
Financial Goals and Corporate Governance
2.1
Who Owns the Business?
Multiple Choice
1) Foreign stock markets are frequently characterized by controlling shareholders for the
individual publicly traded firms. Which of the following is NOT identified by the authors as
typical controlling shareholders?
A) The government (for example, privatized utilities).
B) Institutions (such as banks in Germany).
C) Family (such as in France).
D) All of the above were identified by the authors as controlling shareholders.
Answer:
D
Diff: 1
Topic:
2.1 Who Owns the Business?
Skill:
Recognition
True/False
1) In the U.S. and U.K. stock markets are characterized by ownership of firms concentrated in
the hands of a few controlling shareholders. In contrast, the rest of the world tends to have more
widespread ownership of shares.
Answer:
FALSE
Diff: 1
Topic:
2.1 Who Owns the Business?
Skill:
Recognition
2.2
What Is the Goal of Management?
Multiple Choice
1)
A) is the primary objective of the non-Anglo-American model of management.
B) as a management objective treats shareholders on a par with other corporate stakeholders such
as creditors, labor, and local community.
C) has a broader definition than just financial wealth.
D) all of the above
Answer:
D
Diff: 1
Topic:
2.2 What is the Goal of Management
Skill:
Recognition
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2) The Shareholder Wealth Maximization Model
A) combines the interests and inputs of shareholders, creditors, management, employees, and
society.
B) is being usurped by the Stakeholder Capitalism Model as those types of MNEs dominate their
global industry segments.
C) clearly places shareholders as the primary stakeholder.
D) is the dominant form of corporate management in the European-Japanese governance system.
Answer:
C
Diff: 2
Topic:
2.2 What is the Goal of Management
Skill:
Recognition
3) The Stakeholder Capitalism Model
A) clearly places shareholders as the primary stakeholder.
B) combines the interests and inputs of shareholders, creditors, management, employees, and
society.
C) has financial profit as its goal and is often termed impatient capital.
D) is the Anglo-American model of corporate governance.
Answer:
B
Diff: 2
Topic:
2.2 What is the Goal of Management
Skill:
Recognition
4) In the Anglo-American model of corporate governance, the primary goal of management is to
A) maximize the wealth of all stakeholders.
B) maximize shareholder wealth.
C) minimize costs.
D) minimize risk.
Answer:
B
Diff: 1
Topic:
2.2 What is the Goal of Management
Skill:
Recognition
5) In finance, an efficient market is one in which
A) prices are assumed to be correct.
B) prices adjust quickly and accurately to new information.
C) prices are the best allocators of capital in the macro economy.
D) all of the above
Answer:
D
Diff: 2
Topic:
2.2 What is the Goal of Management
Skill:
Recognition
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6) Systematic risk can be defined as
A) the total risk to the firm.
B) the risk of the individual security.
C) the risk of the market in general.
D) the risk that can be systematically diversified away.
Answer:
C
Diff: 2
Topic:
2.2 What is the Goal of Management
Skill:
Recognition
7) Unsystematic risk can be defined as
A) the total risk to the firm.
B) the risk of the individual security.
C) the added risk that a firm's shares bring to a diversified portfolio.
D) the risk of the market in general.
Answer:
B
Diff: 2
Topic:
2.2 What is the Goal of Management
Skill:
Recognition
8) The study of how shareholders can motivate management to accept the prescriptions of the
shareholder wealth maximization model is called
A) market efficiency.
B) the SWM model.
C) agency theory.
D) the SCM model.
Answer:
C
Diff: 2
Topic:
2.2 What is the Goal of Management
Skill:
Recognition
9) Under the Shareholder Wealth Maximization Model of corporate governance, poor firm
performance is likely to be faced with all but which of the following?
A) Sale of shares by disgruntled current shareholders.
B) Shareholder activism to attempt a change in current management.
C) As a maximum threat, initiation of a corporate takeover.
D) Prison time for executive management.
Answer:
D
Diff: 2
Topic:
2.2 What is the Goal of Management
Skill:
Conceptual
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10) Which of the following is a reason why managers act to maximize shareholder wealth in
Anglo-American markets?
A) The use of stock options to align the goals of shareholders and managers.
B) The market for corporate control that allows for outside takeover of the firm.
C) Performance based compensation for executive management.
D) all of the above
Answer:
D
Diff: 2
Topic:
2.2 What is the Goal of Management
Skill:
Conceptual
11) Which of the following is NOT true regarding the stakeholder capitalism model?
A) Banks and other financial institutions are less important creditors than securities markets.
B) Labor unions are more powerful than in the Anglo- American markets.
C) Governments interfere more in the marketplace to protect important stakeholder groups.
D) All of the above are TRUE.
Answer:
A
Diff: 2
Topic:
2.2 What is the Goal of Management
Skill:
Conceptual
12) The stakeholder capitalism model
A) typically avoids the flaw of impatient capital.
B) tries to meet the desires of multiple stakeholders.
C) may leave management without a clear signal about tradeoffs among the several stakeholders.
D) all of the above
Answer:
D
Diff: 2
Topic:
2.2 What is the Goal of Management
Skill:
Conceptual
13) Which of the following is generally NOT considered to be a viable operational goal for a
firm?
A) Maintaining a strong local currency.
B) Maximization of after-tax income.
C) Minimization of the firm's effective global tax burden.
D) Correct positioning of the firm's income, cash flows and available funds as to country and
currency.
Answer:
A
Diff: 2
Topic:
2.2 What is the Goal of Management
Skill:
Conceptual
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14) Which of the following operational goals for the international firm may be incompatible with
the others?
A) Maintaining a strong local currency.
B) Maximization of after-tax income.
C) Minimization of the firm's effective global tax burden.
D) Each of these goals may be incompatible with one or more of the others.
Answer:
D
Diff: 2
Topic:
2.2 What is the Goal of Management
Skill:
Conceptual
15) The primary operational goal for the firm is to
A) maximize after-tax profits in each country where the firm is operating.
B) minimize the total financial risk to the firm.
C) maximize the consolidated after-tax profits of the firm.
D) maximize the total risk to the firm.
Answer:
C
Diff: 3
Topic:
2.2 What is the Goal of Management
Skill:
Conceptual
True/False
1) The stakeholder capitalism model holds that total risk (operational and financial) is more
important than just systematic risk.
A) True
B) False
Answer:
A
Diff: 1
Topic:
2.2 What is the Goal of Management
Skill:
Recognition
2) In recent years the trend has been for markets to increasing focus on the shareholder wealth
form of wealth maximization.
A) True
B) False
Answer:
A
Diff: 1
Topic:
2.2 What is the Goal of Management
Skill:
Recognition
3) Patient Capitalism is characterized by short-term focus by both management and investors.
Answer:
FALSE
Diff: 1
Topic:
2.2 What is the Goal of Management
Skill:
Conceptual
4) Agency theory states that unsystematic risk can be eliminated through diversification.
Answer:
FALSE
Diff: 1
Topic:
2.2 What is the Goal of Management
Skill:
Recognition
5) The stakeholder capitalism model does not assume that equity markets are either efficient or
inefficient.