Soru arşivi yükleniyor…
Sorular yükleniyor…
Sınav ve konu sorularıyla çalış. Cevabını kontrol et, zorlandığın soruları kaydet ve yeniden çöz.
152 sorunun metninde arama yapabilirsin.
Diğer 3 görselli soruları kendi sayfalarında çözebilirsin.
Kendi cevabını düşün, sonra yayımlanmış cevapla karşılaştır. Değerlendirmeyi sen yaparsın.
İlerleme yükleniyor…
Agency theory suggests that agency problems may arise if managers (agents) pursue different objectives other than those of the shareholders (principals). Shareholders’ seek for wealth maximization which can be attained by the maximization of the value of the firm.
Cevabın yayımlanmış cevapla uyuştu mu?
The economic conditions in general impact the investment and financing decisions simultaneously. The economic policies of the country where the company is established to determine the market conditions shaping up both the forces of demand and supply. The political and economic stability affect the level of risk at the macro and micro levels.
Cevabın yayımlanmış cevapla uyuştu mu?
The return on invested capital (ROIC) measures the operating profitability on capital investments. NOPAT is the net operating profit after taxes and the capital is the amount of capital investment required for the persistence of the operations. The variance in the ROIC is an indicator of the business risk and a higher variance demonstrates a higher business risk.
Cevabın yayımlanmış cevapla uyuştu mu?
As products differ, the demand and supply mechanisms of each industry are unique. Therefore, the size and type of investments vary across industries which necessitate financing under different capital structures. The intensity of the industry-wide competition displays a significant effect on capital structure decisions since value maximization is straitened under heavy competition. Demand volatility may also alter financing decisions in favor of equity issues to balance out the business risk which may raise the WACC and deteriorate firm value.
Cevabın yayımlanmış cevapla uyuştu mu?
Capital expenditure refers to outlay of funds by the firm that is expected to produce benefits over a period of time longer than one year.
Cevabın yayımlanmış cevapla uyuştu mu?
Strategy refers to formulation and implementation of a company’s key decisions.
Cevabın yayımlanmış cevapla uyuştu mu?
Capital budgeting refers to the process of evaluating and selecting long-term investments which are consistent with the firm’s main objective of maximizing shareholders’ wealth.
Cevabın yayımlanmış cevapla uyuştu mu?
Corporate strategy refers to strategies for company’s whole portfolio of resources, and strategies for business unit’s products, as well.
Cevabın yayımlanmış cevapla uyuştu mu?
Economic profit refers to the risk-adjusted present value of revenue minus all costs, including the opportunity cost of capital.
Cevabın yayımlanmış cevapla uyuştu mu?
1. Identifying potential investments 2. Analyzing the set of investment opportunities, isolating those that will create shareholder value, and prioritizing them if necessary 3. Implementing and monitoring the investment projects selected
Cevabın yayımlanmış cevapla uyuştu mu?
Depreciation is considered as a relevant cash flow to capital investment project evaluation which should be included in the analysis. In fact, depreciation is a non-cash expense item, but it affects the taxable income of a company. It means that although one does not need any cash to pay depreciation expense each year, it changes the amount of taxes paid which is a cash expense. Remember the income statement and note that depreciation expense is subtracted from revenue, and EBITDA (earnings before interest, tax, depreciation and amortization) is found. It means that it is deducted before the tax expense is calculated. By this way, depreciation creates a tax-shield. Likewise, in capital investment project’s income statement, depreciation is deducted before the tax expense is calculated. To calculate the cash flow of a project, we should add depreciation amount back to the project’s net income.
Cevabın yayımlanmış cevapla uyuştu mu?
1. Replacement of the existing plant and equipment 2. Modernization of the existing plant and equipment 3. Expansion of the existing and new products
Cevabın yayımlanmış cevapla uyuştu mu?
Incremental cash flow refers to a change in a firm’s net cash flow attributable to an investment project.
Cevabın yayımlanmış cevapla uyuştu mu?
Opportunity cost refers to the return on the best alternative use of an asset; the highest return that will not be earned if funds are invested in a particular project.
Cevabın yayımlanmış cevapla uyuştu mu?
1. Mutually exclusive projects: the type of projects in which selecting one project prevents other projects from being undertaken. 2. Independent projects: the type of projects in which projects are not in direct competition with one another. 3. Contingent projects: the type of projects in which approval or rejection of a project is contingent on approval or rejection of another project.
Cevabın yayımlanmış cevapla uyuştu mu?
Investment refers to all kinds of spendings made to acquire, sustain, and increase production factors.
Cevabın yayımlanmış cevapla uyuştu mu?
Competitive advantage refers to a firm’s attribute that may allow the firm to generate economic profits.
Cevabın yayımlanmış cevapla uyuştu mu?
Positive economic profits (or positive net present value projects) can stem from two sources: i) market imperfections, ii) creating competitive advantage.
Cevabın yayımlanmış cevapla uyuştu mu?
In perfectly competitive markets it is assumed that it is not possible to find investment projects which provide positive net present value.
Cevabın yayımlanmış cevapla uyuştu mu?
Payback period technique tells the length of time it takes to get the initial cash outflow back.
Cevabın yayımlanmış cevapla uyuştu mu?
Financing costs are irrelevant cash flows to capital investment project evaluation which should not be included in the analysis. Although interest and loan payments require cash outflow, one should exclude them while making estimations of cash flows. The reason is cost of financing or minimum rate of required return is included in the capital budgeting analysis in the discount rate. Financing costs are incorporated in the process with the discount rate. Therefore, it would be double-considering if we included financing costs as cash outflows.
Cevabın yayımlanmış cevapla uyuştu mu?
Discounted payback period technique tells the length of time it takes cumulative present values of cash inflows will be equal to the initial cash outflow.
Cevabın yayımlanmış cevapla uyuştu mu?
Sunk cost refers to a cash outlay that has already been incurred and that cannot be recovered regardless of whether the project is accepted or rejected.
Cevabın yayımlanmış cevapla uyuştu mu?
Externalities refer to the way in which accepting a project affects the cash flows in other areas of the firm.
Cevabın yayımlanmış cevapla uyuştu mu?
Companies have to decide on the portion of the earnings to be distributed, if the distribution will be in the form of cash or stock purchases, and the stability of the distribution in order to develop a firm dividen policy.
Cevabın yayımlanmış cevapla uyuştu mu?