"Corporate Finance":Corporate governance practices

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來源: 正保會(huì)計(jì)網(wǎng)校編輯：小鞠橘桔 2020/12/07 11:17:03　字體：大小

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Questions 1:

Based on good corporate governance practices, independent board members most likely:

A、 are pre-approved by management before being nominated.

B 、have a “l(fā)ead” director when the board chair is not independent.

C 、hold large equity positions but have never worked at the company

Questions 2:

Given the following information about a firm:

● debt-to-equity ratio (D/E) of 50%

● tax rate of 40%

● cost of debt of 8%

● cost of equity of 13%

the firm’s weighted average cost of capital (WACC) is closest to:

A 、8.9%.

B 、7.5%.

C、 10.3%.

View answer resolution

【Answer to question 1】B

【analysis】

B is correct. Under good corporate governance practices, independent board members should have a “l(fā)ead” director when the board chair is not independent.

A is incorrect. The Nomination Committee identifies qualified candidates for director positions, not management.

C is incorrect. Board members with a large stake in the company are not independent because they have a material ownership relationship with it.

【Answer to question 2】C

【analysis】

C is correct. Convert D/E to the weight for debt:

Corporate Finance:Corporate governance practices

A is incorrect because it uses a 50% weight for debt and equity.

B is incorrect because it uses (2/3) for the weight of debt and (1/3) for the weight of equity.

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