"Corporate Finance":Principles of corporate governance
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Questions 1:
Which of the following statements is the most accurate description concerning the internal rate of return (IRR) method? IRR:
A、 is the preferred method for evaluating mutually exclusive projects.
B、 assumes that all cash flows from a project will be reinvested at the computed IRR.
C 、is sensitive to changes in the firm’s weighted average cost of capital.
Questions 2:
Recent trends in corporate governance most likely include:
A、 focusing on the corporate governance system’s responsibility to maximize shareholder value.
B、 expanding the scope to consider the interests of employees, customers, and suppliers.
C、increasing the diversity of corporate governance systems tailored to specific jurisdictions.
B is correct. The internal rate of return method assumes that the cash flows from a project are reinvested at the project’s IRR; the net present value (NPV) method assumes that cash flows are reinvested at the cost of capital.
A is incorrect. NPV is the preferred method both because NPV directly measures the gain or loss in wealth from the project and because the reinvestment assumption of the NPV method is the more economically realistic.
C is incorrect. The IRR method is not sensitive to WACC but sensitive to the timing and pattern of the cash flows. In particular, when a project has a nonconventional cash flow pattern, there may be multiple IRRs or no IRR.
B is correct. A significant majority of OECD member countries have ratified the influential “Principles of Corporate Governance.” Most recently updated in 2015, the principles call for an expanded scope of stakeholders to be considered as part of a prudent corporate governance system. Regulators and practitioners have responded by moving toward a more effective balance of stakeholder interests.
A is incorrect. There has been a move away from the narrower focus of shareholder theory toward the broader stakeholder theory.
C is incorrect. The trend is toward global convergence of corporate governance systems.
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