Cha08 罗斯公司理财第九版原版书课后习题

(公司理财)公司理财原书第九版中文版课后答案答案大部分是计算题，参考英文答案翻译，便于理解就好，每章前面几个小题和第八版一样的（附上第八版答案）我自己翻译的，我上传到我的新浪微博上了，你自己去看，我的新浪微博ID：一直在奋斗的大洪这是部分翻译习题答案：第1、2、3、4、5、6、7、8、9、10、14、15、16、17、18、26、27、28章案例答案：第2、3、4、5、15、18章第1章1、在所有权形式的公司中，股东是公司的所有者。

股东选举公司的董事会,董事会任命该公司的管理层。

企业的所有权和控制权分离的组织形式是导致的代理关系存在的主要原因。

管理者可能追求自身或别人的利益最大化，而不是股东的利益最大化。

在这种环境下，他们可能因为目标不一致而存在代理问题。

2、非营利公司经常追求社会或政治任务等各种目标。

非营利公司财务管理的目标是获取并有效使用资金以最大限度地实现组织的社会使命。

3、这句话是不正确的。

管理者实施财务管理的目标就是最大化现有股票的每股价值，当前的股票价值反映了短期和长期的风险、时间以及未来现金流量。

4、有两种结论。

一种极端，在市场经济中所有的东西都被定价。

因此所有目标都有一个最优水平，包括避免不道德或非法的行为，股票价值最大化。

另一种极端，我们可以认为这是非经济现象,最好的处理方式是通过政治手段。

一个经典的思考问题给出了这种争论的答案：公司估计提高某种产品安全性的成本是30美元万。

然而,该公司认为提高产品的安全性只会节省20美元万。

请问公司应该怎么做呢?”5、财务管理的目标都是相同的，但实现目标的最好方式可能是不同的，因为不同的国家有不同的社会、政治环境和经济制度。

6、管理层的目标是最大化股东现有股票的每股价值。

如果管理层认为能提高公司利润，使股价超过35美元,那么他们应该展开对恶意收购的斗争。

如果管理层认为该投标人或其它未知的投标人将支付超过每股35美元的价格收购公司,那么他们也应该展开斗争。

罗斯《公司理财》（第9版）课后习题第1章公司理财导论一、概念题1．资本预算（capital budgeting）答：资本预算是指综合反映投资资金来源与运用的预算，是为了获得未来产生现金流量的长期资产而现在投资支出的预算。

资本预算决策也称为长期投资决策，它是公司创造价值的主要方法。

资本预算决策一般指固定资产投资决策，耗资大，周期长，长期影响公司的产销能力和财务状况，决策正确与否影响公司的生存与发展。

完整的资本预算过程包括：寻找增长机会，制定长期投资战略，预测投资项目的现金流，分析评估投资项目，控制投资项目的执行情况。

资本预算可通过不同的资本预算方法来解决，如回收期法、净现值法和内部收益率法等。

2．货币市场（money markets）答：货币市场指期限不超过一年的资金借贷和短期有价证券交易的金融市场，亦称“短期金融市场”或“短期资金市场”，包括同业拆借市场、银行短期存贷市场、票据市场、短期证券市场、大额可转让存单市场、回购协议市场等。

其参加者为各种政府机构、各种银行和非银行金融机构及公司等。

货币市场具有四个基本特征：①融资期限短，一般在一年以内，最短的只有半天，主要用于满足短期资金周转的需要；②流动性强，金融工具可以在市场上随时兑现，交易对象主要是期限短、流动性强、风险小的信用工具，如票据、存单等，这些工具变现能力强，近似于货币，可称为“准货币”，故称货币市场；③安全性高，由于货币市场上的交易大多采用即期交易，即成交后马上结清，通常不存在因成交与结算日之间时间相对过长而引起价格巨大波动的现象，对投资者来说，收益具有较大保障；④政策性明显，货币市场由货币当局直接参加，是中央银行同商业银行及其他金融机构的资金连接的主渠道，是国家利用货币政策工具调节全国金融活动的杠杆支点。

货币市场的交易主体是短期资金的供需者。

需求者是为了获得现实的支付手段，调节资金的流动性并保持必要的支付能力，供应者提供的资金也大多是短期临时闲置性的资金。

Earlier in the chapter, we saw how bonds were rated based on their credit risk. What you will find if you start looking at bonds of different ratings is that lower-rated bonds have higher yields.We stated earlier in this chapter that a bond’s yield is calculated assuming that all the promised payments will be made. As a result, it is really a promised yield, and it may or may not be what you will earn. In particular, if the issuer defaults, your actual yield will be lower, probably much lower. This fact is particularly important when it comes to junk bonds. Thanks to a clever bit of marketing, such bonds are now commonly called high-yield bonds, which has a much nicer ring to it; but now you recognize that these are really high promised yield bonds.Next, recall that we discussed earlier how municipal bonds are free from most taxes and, as a result, have much lower yields than taxable bonds. Investors demand the extra yield on a taxable bond as compensation for the unfavorable tax treatment. This extra compensation is the taxability premium.Finally, bonds have varying degrees of liquidity. As we discussed earlier, there are an enormous number of bond issues, most of which do not trade on a regular basis. As a result, if you wanted to sell quickly, you would probably not get as good a price as you could otherwise. Investors prefer liquid assets to illiquid ones, so they demand a liquidity premium on top of all the other premiums we have discussed. As a result, all else being the same, less liquid bonds will have higher yields than more liquid bonds.ConclusionIf we combine everything we have discussed, we find that bond yields represent the combined effect of no fewer than six factors. The first is the real rate of interest. On top of the real rate are five premiums representing compensation for (1) expected future inflation, (2) interest rate risk, (3) default risk, (4) taxability, and (5) lack of liquidity. As a result, determining the appropriate yield on a bond requires careful analysis of each of these factors.Summary and ConclusionsThis chapter has explored bonds, bond yields, and interest rates. We saw that:1. Determining bond prices and yields is an application of basic discounted cash flow principles.2. Bond values move in the direction opposite that of interest rates, leading to potential gains orlosses for bond investors.3. Bonds are rated based on their default risk. Some bonds, such as Treasury bonds, have no riskof default, whereas so-called junk bonds have substantial default risk.4. Almost all bond trading is OTC, with little or no market transparency in many cases. As a result,bond price and volume information can be difficult to find for some types of bonds.5. Bond yields and interest rates reflect six different factors: the real interest rate and fivepremiums that investors demand as compensation for inflation, interest rate risk, default risk, taxability, and lack of liquidity.In closing, we note that bonds are a vital source of financing to governments and corporations of all types. Bond prices and yields are a rich subject, and our one chapter, necessarily, touches on only the most important concepts and ideas. There is a great deal more we could say, but, instead, we will move on to stocks in our next chapter.Concept Questions1. Treasury Bonds Is it true that a U.S. Treasury security is risk-free?2. Interest Rate Risk Which has greater interest rate risk, a 30-year Treasury bond or a 30-year21. Using Bond Quotes Suppose the following bond quote for IOU Corporation appears in thefinancial page of today’s newspaper. Assume the bond has a face value of $1,000 and the current date is April 15, 2010. What is the yield to maturity of the bond? What is the current yield?22. Finding the Maturity You’ve just found a 10 percent coupon bond on the market that sells forpar value. What is the maturity on this bond?CHALLENGE (Questions 23–30)23. Components of Bond Returns Bond P is a premium bond with a 9 percent coupon. Bond D isa 5 percent coupon bond currently selling at a discount. Both bonds make annual payments, havea YTM of 7 percent, and have five years to maturity. What is the current yield for Bond P? For BondD? If interest rates remain unchanged, what is the expected capital gains yield over the next year for Bond P? For Bond D? Explain your answers and the interrelationship among the various types of yields.24. Holding Period Yield The YTM on a bond is the interest rate you earn on your investment ifinterest rates don’t change. If you actually sell the bond before it matures, your realized return is known as the holding period yield (HPY).1. Suppose that today you buy a 9 percent annual coupon bond for $1,140. The bond has 10years to maturity. What rate of return do you expect to earn on your investment?2. Two years from now, the YTM on your bond has declined by 1 percent, and you decide tosell. What price will your bond sell for? What is the HPY on your investment? Compare this yield to the YTM when you first bought the bond. Why are they different?25. Valuing Bonds The Morgan Corporation has two different bonds currently outstanding. Bond Mhas a face value of $20,000 and matures in 20 years. The bond makes no payments for the first six years, then pays $800 every six months over the subsequent eight years, and finally pays $1,000 every six months over the last six years. Bond N also has a face value of $20,000 and a maturity of20 years; it makes no coupon payments over the life of the bond. If the required return on boththese bonds is 8 percent compounded semiannually, what is the current price of Bond M? Of Bond N?26. R eal Cash Flows When Marilyn Monroe died, ex-husband Joe DiMaggio vowed to place freshflowers on her grave every Sunday as long as he lived. The week after she died in 1962, a bunch of fresh flowers that the former baseball player thought appropriate for the star cost about $8.Based on actuarial tables, “Joltin’ Joe” could expect to live for 30 years after the actress died.Assume that the EAR is 10.7 percent. Also, assume that the price of the flowers will increase at 3.5 percent per year, when expressed as an EAR. Assuming that each year has exactly 52 weeks, what is the present value of this commitment? Joe began purchasing flowers the week after Marilyn died.27. Real Cash Flows You are planning to save for retirement over the next 30 years. To save forretirement, you will invest $800 a month in a stock account in real dollars and $400 a month in a bond account in real dollars. The effective annual return of the stock account is expected to be 12 percent, and the bond account will earn 7 percent. When you retire, you will combine your money into an account with an 8 percent effective return. The inflation rate over this period is expected to be 4 percent. How much can you withdraw each month from your account in real terms assuminga 25-year withdrawal period? What is the nominal dollar amount of your last withdrawal?28. Real Cash Flows Paul Adams owns a health club in downtown Los Angeles. He charges hiscustomers an annual fee of $500 and has an existing customer base of 500. Paul plans to raise the annual fee by 6 percent every year and expects the club membership to grow at a constant rate of3 percent for the next five years. The overall expenses of running the health club are $75,000 ayear and are expected to grow at the inflation rate of 2 percent annually. After five years, Paul2. How many of the coupon bonds must East Coast Yachts issue to raise the $40 million? Howmany of the zeroes must it issue?3. In 20 years, what will be the principal repayment due if East Coast Yachts issues the couponbonds? What if it issues the zeroes?4. What are the company’s considerations in issuing a coupon bond compared to a zero couponbond?5. Suppose East Coast Yachts issues the coupon bonds with a make-whole call provision. Themake-whole call rate is the Treasury rate plus .40 percent. If East Coast calls the bonds in 7 years when the Treasury rate is 5.6 percent, what is the call price of the bond? What if it is 9.1 percent?6. Are investors really made whole with a make-whole call provision?7. After considering all the relevant factors, would you recommend a zero coupon issue or aregular coupon issue? Why? Would you recommend an ordinary call feature or a make-whole call feature? Why?。

公司理财第九版罗斯课后案例答案 Case Solutions CorporateFinance1. 案例一：公司资金需求分析问题：一家公司需要资金支持其新项目。

通过分析现金流量，推断该公司是否需要向外部借款或筹集其他资金。

解答：为了确定公司是否需要外部资金，我们需要分析公司的现金流量状况。

首先，我们需要计算公司的净现金流量（净收入加上非现金项目）。

然后，我们需要将净现金流量与项目的投资现金流量进行对比。

假设公司预计在项目开始时投资100万美元，并在项目运营期为5年。

预计该项目每年将产生50万美元的净现金流量。

现在，我们需要进行以下计算：净现金流量 = 年度现金流量 - 年度投资现金流量年度投资现金流量 = 100万美元年度现金流量 = 50万美元净现金流量 = 50万美元 - 100万美元 = -50万美元根据计算结果，公司的净现金流量为负数（即净现金流出），意味着公司每年都会亏损50万美元。

因此，公司需要从外部筹集资金以支持项目的运营。

2. 案例二：公司股权融资问题：一家公司正在考虑通过股权融资来筹集资金。

根据公司的财务数据和资本结构分析，我们需要确定公司最佳的股权融资方案。

解答：为了确定最佳的股权融资方案，我们需要参考公司的财务数据和资本结构分析。

首先，我们需要计算公司的资本结构比例，即股本占总资本的比例。

然后，我们将不同的股权融资方案与资本结构比例进行对比，选择最佳的方案。

假设公司当前的资本结构比例为60%的股本和40%的债务，在当前的资本结构下，公司的加权平均资本成本（WACC）为10%。

现在，我们需要进行以下计算：•方案一：以新股发行筹集1000万美元，并将其用于项目投资。

在这种方案下，公司的资本结构比例将发生变化。

假设公司的股本增加至80%，债务比例减少至20%。

根据资本结构比例的变化，WACC也将发生变化。

新的WACC可以通过以下公式计算得出：新的WACC = (股本比例 * 股本成本) + (债务比例 * 债务成本)假设公司的股本成本为12%，债务成本为8%：新的WACC = (0.8 * 12%) + (0.2 * 8%) = 9.6%•方案二：以新股发行筹集5000万美元，并将其用于项目投资。

罗斯《公司理财》第9版精要版英文原书课后部分章节答案详细»1 / 17 CH5 11，13，18，19，20 11. To find the PV of a lump sum, we use: PV = FV / (1 + r) t PV = $1,000,000 / (1.10) 80 = $488.19 13. To answer this question, we can use either the FV or the PV formula. Both will give the same answer since they are the inverse of each other. We will use the FV formula, that is: FV = PV(1 + r) t Solving for r, we get: r = (FV / PV) 1 / t –1 r = ($1,260,000 / $150) 1/112 – 1 = .0840 or 8.40% To find the FV of the first prize, we use: FV = PV(1 + r) t FV = $1,260,000(1.0840) 33 = $18,056,409.94 18. To find the FV of a lump sum, we use: FV = PV(1 + r) t FV = $4,000(1.11) 45 = $438,120.97 FV = $4,000(1.11) 35 = $154,299.40 Better start early! 19. We need to find the FV of a lump sum. However, the money will only be invested for six years, so the number of periods is six. FV = PV(1 + r) t FV = $20,000(1.084)6 = $32,449.33 20. To answer this question, we can use either the FV or the PV formula. Both will give the same answer since they are the inverse of each other. We will use the FV formula, that is: FV = PV(1 + r) t Solving for t, we get: t = ln(FV / PV) / ln(1 + r) t = ln($75,000 / $10,000) / ln(1.11) = 19.31 So, the money must be invested for 19.31 years. However, you will not receive the money for another two years. From now, you’ll wait: 2 years + 19.31 years = 21.31 years CH6 16，24，27，42，58 16. For this problem, we simply need to find the FV of a lump sum using the equation: FV = PV(1 + r) t 2 / 17 It is important to note that compounding occurs semiannually. To account for this, we will divide the interest rate by two (the number of compounding periods in a year), and multiply the number of periods by two. Doing so, we get: FV = $2,100[1 + (.084/2)] 34 = $8,505.93 24. This problem requires us to find the FV A. The equation to find the FV A is: FV A = C{[(1 + r) t – 1] / r} FV A = $300[{[1 + (.10/12) ] 360 – 1} / (.10/12)] = $678,146.38 27. The cash flows are annual and the compounding period is quarterly, so we need to calculate the EAR to make the interest rate comparable with the timing of the cash flows. Using the equation for the EAR, we get: EAR = [1 + (APR / m)] m – 1 EAR = [1 + (.11/4)] 4 – 1 = .1146 or 11.46% And now we use the EAR to find the PV of each cash flow as a lump sum and add them together: PV = $725 / 1.1146 + $980 / 1.1146 2 + $1,360 / 1.1146 4 = $2,320.36 42. The amount of principal paid on the loan is the PV of the monthly payments you make. So, the present value of the $1,150 monthly payments is: PV A = $1,150[(1 – {1 / [1 + (.0635/12)]} 360 ) / (.0635/12)] = $184,817.42 The monthly payments of $1,150 will amount to a principal payment of $184,817.42. The amount of principal you will still owe is: $240,000 – 184,817.42 = $55,182.58 This remaining principal amount will increase at the interest rate on the loan until the end of the loan period. So the balloon payment in 30 years, which is the FV of the remaining principal will be: Balloon payment = $55,182.58[1 + (.0635/12)] 360 = $368,936.54 58. To answer this question, we should find the PV of both options, and compare them. Since we are purchasing the car, the lowest PV is the best option. The PV of the leasing is simply the PV of the lease payments, plus the $99. The interest rate we would use for the leasing option is the same as the interest rate of the loan. The PV of leasing is: PV = $99 + $450{1 –[1 / (1 + .07/12) 12(3) ]} / (.07/12) = $14,672.91 The PV of purchasing the car is the current price of the car minus the PV of the resale price. The PV of the resale price is: PV = $23,000 / [1 + (.07/12)] 12(3) = $18,654.82 The PV of the decision to purchase is: $32,000 – 18,654.82 = $13,345.18 3 / 17 In this case, it is cheaper to buy the car than leasing it since the PV of the purchase cash flows is lower. To find the breakeven resale price, we need to find the resale price that makes the PV of the two options the same. In other words, the PV of the decision to buy should be: $32,000 – PV of resale price = $14,672.91 PV of resale price = $17,327.09 The resale price that would make the PV of the lease versus buy decision is the FV ofthis value, so: Breakeven resale price = $17,327.09[1 + (.07/12)] 12(3) = $21,363.01 CH7 3，18，21，22，31 3. The price of any bond is the PV of the interest payment, plus the PV of the par value. Notice this problem assumes an annual coupon. The price of the bond will be: P = $75({1 – [1/(1 + .0875)] 10 } / .0875) + $1,000[1 / (1 + .0875) 10 ] = $918.89 We would like to introduce shorthand notation here. Rather than write (or type, as the case may be) the entire equation for the PV of a lump sum, or the PV A equation, it is common to abbreviate the equations as: PVIF R,t = 1 / (1 + r) t which stands for Present V alue Interest Factor PVIFA R,t = ({1 – [1/(1 + r)] t } / r ) which stands for Present V alue Interest Factor of an Annuity These abbreviations are short hand notation for the equations in which the interest rate and the number of periods are substituted into the equation and solved. We will use this shorthand notation in remainder of the solutions key. 18. The bond price equation for this bond is: P 0 = $1,068 = $46(PVIFA R%,18 ) + $1,000(PVIF R%,18 ) Using a spreadsheet, financial calculator, or trial and error we find: R = 4.06% This is thesemiannual interest rate, so the YTM is: YTM = 2 4.06% = 8.12% The current yield is:Current yield = Annual coupon payment / Price = $92 / $1,068 = .0861 or 8.61% The effective annual yield is the same as the EAR, so using the EAR equation from the previous chapter: Effective annual yield = (1 + 0.0406) 2 – 1 = .0829 or 8.29% 20. Accrued interest is the coupon payment for the period times the fraction of the period that has passed since the last coupon payment. Since we have a semiannual coupon bond, the coupon payment per six months is one-half of the annual coupon payment. There are four months until the next coupon payment, so two months have passed since the last coupon payment. The accrued interest for the bond is: Accrued interest = $74/2 × 2/6 = $12.33 And we calculate the clean price as: 4 / 17 Clean price = Dirty price –Accrued interest = $968 –12.33 = $955.67 21. Accrued interest is the coupon payment for the period times the fraction of the period that has passed since the last coupon payment. Since we have a semiannual coupon bond, the coupon payment per six months is one-half of the annual coupon payment. There are two months until the next coupon payment, so four months have passed since the last coupon payment. The accrued interest for the bond is: Accrued interest = $68/2 × 4/6 = $22.67 And we calculate the dirty price as: Dirty price = Clean price + Accrued interest = $1,073 + 22.67 = $1,095.67 22. To find the number of years to maturity for the bond, we need to find the price of the bond. Since we already have the coupon rate, we can use the bond price equation, and solve for the number of years to maturity. We are given the current yield of the bond, so we can calculate the price as: Current yield = .0755 = $80/P 0 P 0 = $80/.0755 = $1,059.60 Now that we have the price of the bond, the bond price equation is: P = $1,059.60 = $80[(1 – (1/1.072) t ) / .072 ] + $1,000/1.072 t We can solve this equation for t as follows: $1,059.60(1.072) t = $1,111.11(1.072) t –1,111.11 + 1,000 111.11 = 51.51(1.072) t2.1570 = 1.072 t t = log 2.1570 / log 1.072 = 11.06 11 years The bond has 11 years to maturity.31. The price of any bond (or financial instrument) is the PV of the future cash flows. Even though Bond M makes different coupons payments, to find the price of the bond, we just find the PV of the cash flows. The PV of the cash flows for Bond M is: P M = $1,100(PVIFA 3.5%,16 )(PVIF 3.5%,12 ) + $1,400(PVIFA3.5%,12 )(PVIF 3.5%,28 ) + $20,000(PVIF 3.5%,40 ) P M = $19,018.78 Notice that for the coupon payments of $1,400, we found the PV A for the coupon payments, and then discounted the lump sum back to today. Bond N is a zero coupon bond with a $20,000 par value, therefore, the price of the bond is the PV of the par, or: P N = $20,000(PVIF3.5%,40 ) = $5,051.45 CH8 4，18，20，22，244. Using the constant growth model, we find the price of the stock today is: P 0 = D 1 / (R – g) = $3.04 / (.11 – .038) = $42.22 5 / 17 18. The price of a share of preferred stock is the dividend payment divided by the required return. We know the dividend payment in Year 20, so we can find the price of the stock in Y ear 19, one year before the first dividend payment. Doing so, we get: P 19 = $20.00 / .064 P 19 = $312.50 The price of the stock today is the PV of the stock price in the future, so the price today will be: P 0 = $312.50 / (1.064) 19 P 0 = $96.15 20. We can use the two-stage dividend growth model for this problem, which is: P 0 = [D 0 (1 + g 1 )/(R – g 1 )]{1 – [(1 + g 1 )/(1 + R)] T }+ [(1 + g 1 )/(1 + R)] T [D 0 (1 + g 2 )/(R –g 2 )] P0 = [$1.25(1.28)/(.13 –.28)][1 –(1.28/1.13) 8 ] + [(1.28)/(1.13)] 8 [$1.25(1.06)/(.13 – .06)] P 0 = $69.55 22. We are asked to find the dividend yield and capital gains yield for each of the stocks. All of the stocks have a 15 percent required return, which is the sum of the dividend yield and the capital gains yield. To find the components of the total return, we need to find the stock price for each stock. Using this stock price and the dividend, we can calculate the dividend yield. The capital gains yield for the stock will be the total return (required return) minus the dividend yield. W: P 0 = D 0 (1 + g) / (R – g) = $4.50(1.10)/(.19 – .10) = $55.00 Dividend yield = D 1 /P 0 = $4.50(1.10)/$55.00 = .09 or 9% Capital gains yield = .19 – .09 = .10 or 10% X: P 0 = D 0 (1 + g) / (R – g) = $4.50/(.19 – 0) = $23.68 Dividend yield = D 1 /P 0 = $4.50/$23.68 = .19 or 19% Capital gains yield = .19 – .19 = 0% Y: P 0 = D 0 (1 + g) / (R – g) = $4.50(1 – .05)/(.19 + .05) = $17.81 Dividend yield = D 1 /P 0 = $4.50(0.95)/$17.81 = .24 or 24% Capital gains yield = .19 – .24 = –.05 or –5% Z: P 2 = D 2 (1 + g) / (R – g) = D 0 (1 + g 1 ) 2 (1 +g 2 )/(R – g 2 ) = $4.50(1.20) 2 (1.12)/(.19 – .12) = $103.68 P 0 = $4.50 (1.20) / (1.19) + $4.50(1.20) 2 / (1.19) 2 + $103.68 / (1.19) 2 = $82.33 Dividend yield = D 1 /P 0 = $4.50(1.20)/$82.33 = .066 or 6.6% Capital gains yield = .19 – .066 = .124 or 12.4% In all cases, the required return is 19%, but the return is distributed differently between current income and capital gains. High growth stocks have an appreciable capital gains component but a relatively small current income yield; conversely, mature, negative-growth stocks provide a high current income but also price depreciation over time. 24. Here we have a stock with supernormal growth, but the dividend growth changes every year for the first four years. We can find the price of the stock in Y ear 3 since the dividend growth rate is constant after the third dividend. The price of the stock in Y ear 3 will be the dividend in Y ear 4, divided by the required return minus the constant dividend growth rate. So, the price in Y ear 3 will be: 6 / 17 P3 = $2.45(1.20)(1.15)(1.10)(1.05) / (.11 – .05) = $65.08 The price of the stock today will be the PV of the first three dividends, plus the PV of the stock price in Y ear 3, so: P 0 = $2.45(1.20)/(1.11) + $2.45(1.20)(1.15)/1.11 2 + $2.45(1.20)(1.15)(1.10)/1.11 3 + $65.08/1.11 3 P 0 = $55.70 CH9 3，4，6，9，15 3. Project A has cash flows of $19,000 in Y ear 1, so the cash flows are short by $21,000 of recapturing the initial investment, so the payback for Project A is: Payback = 1 + ($21,000 / $25,000) = 1.84 years Project B has cash flows of: Cash flows = $14,000 + 17,000 + 24,000 = $55,000 during this first three years. The cash flows are still short by $5,000 of recapturing the initial investment, so the payback for Project B is: B: Payback = 3 + ($5,000 / $270,000) = 3.019 years Using the payback criterion and a cutoff of 3 years, accept project A and reject project B. 4. When we use discounted payback, we need to find the value of all cash flows today. The value today of the project cash flows for the first four years is: V alue today of Y ear 1 cash flow = $4,200/1.14 = $3,684.21 V alue today of Y ear 2 cash flow = $5,300/1.14 2 = $4,078.18 V alue today of Y ear 3 cash flow = $6,100/1.14 3 = $4,117.33 V alue today of Y ear 4 cash flow = $7,400/1.14 4 = $4,381.39 To findthe discounted payback, we use these values to find the payback period. The discounted first year cash flow is $3,684.21, so the discounted payback for a $7,000 initial cost is: Discounted payback = 1 + ($7,000 – 3,684.21)/$4,078.18 = 1.81 years For an initial cost of $10,000, the discounted payback is: Discounted payback = 2 + ($10,000 –3,684.21 –4,078.18)/$4,117.33 = 2.54 years Notice the calculation of discounted payback. We know the payback period is between two and three years, so we subtract the discounted values of the Y ear 1 and Y ear 2 cash flows from the initial cost. This is the numerator, which is the discounted amount we still need to make to recover our initial investment. We divide this amount by the discounted amount we will earn in Y ear 3 to get the fractional portion of the discounted payback. If the initial cost is $13,000, the discounted payback is: Discounted payback = 3 + ($13,000 – 3,684.21 – 4,078.18 – 4,117.33) / $4,381.39 = 3.26 years 7 / 17 6. Our definition of AAR is the average net income divided by the average book value. The average net income for this project is: A verage net income = ($1,938,200 + 2,201,600 + 1,876,000 + 1,329,500) / 4 = $1,836,325 And the average book value is: A verage book value = ($15,000,000 + 0) / 2 = $7,500,000 So, the AAR for this project is: AAR = A verage net income / A verage book value = $1,836,325 / $7,500,000 = .2448 or 24.48% 9. The NPV of a project is the PV of the outflows minus the PV of the inflows. Since the cash inflows are an annuity, the equation for the NPV of this project at an 8 percent required return is: NPV = –$138,000 + $28,500(PVIFA 8%, 9 ) = $40,036.31 At an 8 percent required return, the NPV is positive, so we would accept the project. The equation for the NPV of the project at a 20 percent required return is: NPV = –$138,000 + $28,500(PVIFA 20%, 9 ) = –$23,117.45 At a 20 percent required return, the NPV is negative, so we would reject the project. We would be indifferent to the project if the required return was equal to the IRR of the project, since at that required return the NPV is zero. The IRR of the project is: 0 = –$138,000 + $28,500(PVIFA IRR, 9 ) IRR = 14.59% 15. The profitability index is defined as the PV of the cash inflows divided by the PV of the cash outflows. The equation for the profitability index at a required return of 10 percent is: PI = [$7,300/1.1 + $6,900/1.1 2 + $5,700/1.1 3 ] / $14,000 = 1.187 The equation for the profitability index at a required return of 15 percent is: PI = [$7,300/1.15 + $6,900/1.15 2 + $5,700/1.15 3 ] / $14,000 = 1.094 The equation for the profitability index at a required return of 22 percent is: PI = [$7,300/1.22 + $6,900/1.22 2 + $5,700/1.22 3 ] / $14,000 = 0.983 8 / 17 We would accept the project if the required return were 10 percent or 15 percent since the PI is greater than one. We would reject the project if the required return were 22 percent since the PI。

罗斯《公司理财》第9版笔记和课后习题（含考研真题）详解-第8篇理财专题【圣才出品】第8篇理财专题第29章收购、兼并与剥离29.1 复习笔记企业间的并购是一项充满不确定性的投资活动。

在并购决策中必须运用的基本法则是：当一家企业能够为并购企业的股东带来正的净现值时才会被并购。

因此确定目标企业的净现值显得尤为重要。

并购具有以下几个特点：并购活动产生的收益被称作协同效应；并购活动涉及复杂的会计、税收和法律因素；并购是股东可行使的一种重要控制机制；并购分析通常以计算并购双方的总价值为中心；并购有时涉及非善意交易。

1．收购的基本形式收购是指一个公司（收购方）用现金、债券或股票购买另一家公司的部分或全部资产或股权，从而获得对该公司的控制权的经济活动。

收购的对象一般有两种：股权和资产。

企业可以运用以下三种基本法律程序进行收购，即：①吸收合并或新设合并；②收购股票；③收购资产。

吸收合并是指一家企业被另一家企业吸收，兼并企业保持其名称和身份，并且收购被兼并企业的全部资产和负债的收购形式。

吸收合并的目标企业不再作为一个独立经营实体而存在。

新设合并是指兼并企业和被兼并企业终止各自的法人形式，共同组成一家新的企业。

收购股票是指用现金、股票或其他证券购买目标企业具有表决权的股票。

2．并购的分类兼并通常是指一个公司以现金、证券或其他形式购买取得其他公司的产权，使其他公司丧失法人资格或改变法人实体，并取得对这些企业决策控制权的经济行为。

兼并和收购虽然有很多不同，但也存在不少相似之处：①兼并与收购的基本动因相似。

要么为扩大企业的市场占有率；要么为扩大企业生产规模，实现规模经营；要么为拓宽企业经营范围，实现分散经营或综合化经营。

总之，企业兼并或收购都是增强企业实力的外部扩张策略或途径。

②企业兼并与收购都以企业产权交易为对象，都是企业资本营运的基本方式。

正是由于两者有很多相似之处，现实中，两者通常统称为“并购”。

按照并购双方的业务性质可以分为：（1）横向并购。

CHAPTER 2FINANCIAL STATEMENTS AND CASH FLOWAnswe rs to Concepts Review and Critical Thinking Questions1. True. Every asset can be converted to cash at some price. However, when we are referring to a liquidasset, the added assumption that the asset can be quickly converted to cash at or near market value is important.2. The recognition and matching principles in financial accounting call for revenues, and the costsassociated with producing those revenues, to be ―booked‖when the revenue process isessentiallycomplete, not necessarily when the cash is collected or bills are paid. Note that this way is notnecessarily correct; it‘s the way accountants have chosen to do it.3. The bottom line number shows the change in the ca sh balanc e on the balance sheet. As such, it is nota use ful number for analyzing a company.4. The major difference is the treatment of interest expense. The accounting statement of cash flowstreats interest as an operating ca sh flow, while the financial ca sh flows treat interest as a financing cash flow. The logic of the accounting statement of cash flows is that since interest appears on the income statement, which shows the operations for the period, it is an operating cash flow. In reality, interest is a financing expense, which results from the company‘s choice of debt and equity. We will have more to say about this in a later chapter. When compa ring the two c ash flow statements, thefinancial statement of cash flows is a more appropriate measure of the company‘s performa ncebecause of its treatment of interest.5. Market values can never be negative. Imagine a share of stock selling for –$20. This would meanthat if you placed an order for 100 shares, you would get the stock along with a check for $2,000.How ma ny shares do you want to buy? More generally, because of corpora te andindividualbankruptcy laws, net worth for a person or a corporation cannot be negative, implying that liabilities cannot exceed assets in market value.6. For a successful c ompany that is rapidly expanding, for example, capital outlays will be large,possibly leading to negative c ash flow from assets. In general, what matters is whether the money is spent wisely, not whe ther cash flow from assets is positive or negative.7. It‘s probably not a good sign for an e stablished company to have negative cash flow from operations,but it would be fairly ordinary for a start-up, so it depends.would have this effect. Negative net c apital spending would mea n more long-lived assets wereliquidated than purchased.49.10. If a company raises more money from selling stock than it pays in dividends in a particular period,its cash flow to stockholders will be negative. If a company borrows more than it pays in interest and principal, its cash flow to creditors will be negative.The adjustments discussed were purely accounting changes; they had no cash flow or market value consequences unless the new accounting information caused stockholders to revalue the derivatives.Solutions to Questions and Proble msNOTE: All end-of-chapter problems were solved using a spreadsheet. Many problems require multiplesteps. Due to space and readability constraints, when these intermediate steps are included in thissolutions manual, rounding may appear to have occurred. However, the final answer for each problem is found without rounding during any step in the problem.Basic1. To find owners‘ equity, we must construct a balance sheet as follows:Balance SheetCA $ 5,300 CL $ 3,900NFA 26,000 LTD 14,200OE ??TA $31,300 TL & OE $31,300We know that total liabilities and owners‘ equity (TL & OE) must equal total assets of $31,300. We also know that TL & OE is equal to current liabilities plus long-term debt plus owner‘s equity, soowner‘s equity is:OE = $31,300 –14,200 – 3,900 = $13,200NWC = CA – CL = $5,300 – 3,900 = $1,4002. The income statement for the company is:Income StatementSales $493,000Costs 210,000Depreciation 35,000EBIT $248,000Interest 19,000EBT $229,000Taxes 80,150Net income $148,8503.4.5.6. One equation for net income is:Net income = Dividends + Addition to retained earningsRearranging, we get:Addition to retained earnings = Net income – Divide ndsAddition to retained earnings = $148,850 – 50,000Addition to retained earnings = $98,850To find the book value of current assets, we use: NWC = CA – CL. Rearranging to solve for current assets, we get:CA = NWC + CL = $800,000 + 2,100,000 = $2,900,000The market value of current assets and net fixed assets is given, so:Book value CA= $2,900,000 Market value CA= $2,800,000Book value NFA = $5,000,000 Market value NFA= $6,300,000Book value assets = $7,900,000 Market value assets= $9,100,000Taxes = 0.15($50K) + 0.25($25K) + 0.34($25K) + 0.39($246K – 100K)Taxes = $79,190The average tax ra te is the total tax paid divided by net income, so:Average tax rate = $79,190 / $246,000Average tax rate = 32.19%The marginal tax rate is the tax rate on the next $1 of earnings, so the marginal tax ra te = 39%.To calculate OCF, we first need the income state ment:Income StatementSales $14,900Costs 5,800Depreciation 1,300EBIT $7,800Interest 780Taxable income $7,020Taxes 2,808Net income $4,212OCF = EBIT + Depreciation – TaxesOCF = $7,800 + 1,300 – 2,808OCF = $6,292Net capital spending = $1,730,000 – 1,650,000 + 284,000Net capital spending = $364,0007. The long-term debt account will increase by $10 million, the amount of the new long-term debt issue.Since the company sold 10 million new shares of stock with a $1 par value, the common stockaccount will increase by $10 million. The capital surplus account will increase by $33 million, thevalue of the new stoc k sold above its par value. Since the company had a net income of $9million,and pa id $2 million in dividends, the addition to retained earnings was $7 million, which willinc rease the accumulated retained earnings account. So, the new long-term debt a nd stockholders‘ equity portion of the balance sheet will be:Long-term debt $82,000,000Total long-term debt $82,000,000Shareholders equityPreferred stock $9,000,000Common stock ($1 par value) 30,000,000Ac cumulated retained earnings 104,000,000Capital surplus 76,000,000Total equity $ 219,000,000Total Liabilities & Equity $ 301,000,0008.9. Cash flow to creditors = Interest paid – Net new borrowingCash flow to creditors = $118,000 – ($1,390,000 – 1,340,000)Cash flow to creditors = $118,000 – 50,000Cash flow to creditors = $68,000Cash flow to stockholders = Dividends paid – Net new equityCash flow to stockholders = $385,000 – [(Common+ APIS) – (Common+ APIS)]end end beg beg10. Cash flow to stockholders = $385,000 – [($450,000 + 3,050,000) – ($430,000 + 2,600,000)] Cash flow to stockholders = $385,000 – ($3,500,000 – 3,030,000)Cash flow to stockholders = –$85,000Note, APIS is the additional paid-in surplus.Cash flow from assets= Cash flow to creditors + Cash flow to stockholders= $68,000 – 85,000= –$17,000Cash flow from assets= –$17,000 = OCF – Change in NWC – Net capital spending–$17,000 = OCF – (–$69,000) – 875,000Operating cash flowOperating cash flow= –$17,000 – 69,000 + 875,000= $789,000Cash flow to creditors = $118,000 – (LTD– LTD)11. a. IntermediateThe accounting statement of cash flows explains the change in cash during the year. Theaccounting statement of cash flows will be:Statement of cash flowsOperationsNet income $105Depreciation 90Changes in other current assets (55)Accounts payable (10)Total cash flow from operations $170Investing activitiesAcquisition of fixed assets $(140)Total cash flow from investing activities $(140)Financing activitiesProc eeds of long-term debt $30Dividends (45)Total cash flow from financing activities ($15)Change in cash (on balance sheet) $15b.Change in NWC= NWC e nd– NWC beg= (CA end–CL en d ) – (CA beg–CL be g)c.= [($50 + 155) – 85] – [($35 + 140) – 95)= $120 – 80= $40To find the cash flow generated by the firm‘s assets, we need the operating cash flow, and thecapital spending. So, calculating each of these, we find:Operating cash flowNet income $105Depreciation 90Operating cash flow $195Note that we can calculate OCF in this manner since there a re no taxes.Capital spendingEnding fixed assets Beginning fixed assets DepreciationCapital spending $340 (290)90 $140Now we c an calculate the cash flow gene rated by the firm‘s assets, which is: Cash flow from assetsOperating cash flow Capital spending Change in NWC Cash flow from assets $195 (140) (40) $1512. With the information provided, the cash flows from the firm are the capital spending and the changein net working capital, so:Cash flows from the firmCapital spending $(15,000)Additions to NWC (1,500)Cash flows from the firm $(16,500)And the cash flows to the investors of the firm are:Cash flows to investors of the firmSale of long-term debt (19,000)Sale of common stock (3,000)Dividends paid 19,500Cash flows to investors of the firm $(2,500)13. a.b. The interest expense for the company is the amount of debt times the interest rate on the debt. So, the income statement for the company is:Income StatementSales $1,200,000Cost of goods sold 450,000Selling costs 225,000Depreciation 110,000EBIT $415,000Interest 81,000Taxable income $334,000Taxes 116,900Net income $217,100And the opera ting cash flow is:OCF = EBIT + Depreciation – TaxesOCF = $415,000 + 110,000 – 116,900OCF = $408,10014. To find the OCF, we first calculate net income.Income StatementSales $167,000Costs 91,000Depreciation 8,000Other expe nses 5,400EBIT $62,600Interest 11,000Taxable income $51,600Taxes18,060Net income $33,540Dividends $9,500Additions to RE $24,040a.OCF = EBIT + Depreciation – TaxesOCF = $62,600 + 8,000 – 18,060OCF = $52,540b.CFC = Interest – Net new LTDCFC = $11,000 – (–$7,100)CFC = $18,100Note that the net new long-term debt is negative because the compa ny repaid part of its long-term debt.c.CFS = Dividends – Net new equityCFS = $9,500 – 7,250CFS = $2,250d.We know that CFA = CFC + CFS, so:CFA = $18,100 + 2,250 = $20,350CFA is also equal to OCF – Net capital spending – Change in NWC. We already know OCF.Net capital spending is equal to:Net capital spending = Increase in NFA + De preciationNet capital spending = $22,400 + 8,000Net capital spending = $30,400Now we c an use:CFA = OCF – Net capital spending – Change in NWC$20,350 = $52,540 – 30,400 – Change in NWC.Solving for the change in NWC gives $1,790, me aning the company increased its NWC by$1,790.15. The solution to this question works the income statement backwards. Starting at the bottom:Net income = Dividends + Addition to ret. earningsNet income = $1,530 + 5,300Net income = $6,830Now, looking at the income statement:EBT – (EBT × Tax rate) = Net incomeRecognize that EBT × tax rate is simply the calculation for ta xes. Solving this for EBT yields: EBT = NI / (1– Tax rate)EBT = $6,830 / (1 – 0.65)EBT = $10,507.69Now we can calculate:EBIT = EBT + InterestEBIT = $10,507.69 + 1,900EBIT = $12,407.69The last step is to use:EBIT = Sales – Costs – Depreciation$12,407.69 = $43,000 – 27,500 – DepreciationDepreciation = $3,092.31Solving for depreciation, we find that depreciation = $3,092.3116. The balance sheet for the company looks like this:Balance SheetCash $183,000 Accounts payableAc counts receivable 138,000 Notes payableInventory 297,000 Current liabilitiesCurrent assets $618,000 Long-term debtTotal liabilities Tangible net fixed assets 3,200,000Intangible net fixed assets 695,000 Common stockAccumulated ret. earnings Total assets $4,513,000 Total liab. & owners‘ equity Total liabilities and owners‘ equity is:TL & OE = Total debt + Common stock + Accumulated retained earnings Solving for this equation for equity gives us:Common stock = $4,513,000 – 1,960,000 – 2,160,000Common stock = $393,000$465,000145,000 $610,000 1,550,000 $2,160,000?? 1,960,000 $4,513,00017.18.19. The market value of shareholders‘ equity cannot be negative. A negative market value in this casewould imply that the company would pay you to own the stock. The market value of sha reholders‘ equity can be stated as: Shareholders‘ equity = Max [(TA –TL), 0]. So, if TA is $9,700, equity isequal to $800, and if TA is $6,800, e quity is equal to $0. We should note here that while the market value of equity cannot be negative, the book value of shareholders‘ equity can be negative.a.Taxes Growth= 0.15($50K) + 0.25($25K) + 0.34($3K) = $14,770Taxes Income= 0.15($50K) + 0.25($25K) + 0.34($25K) + 0.39($235K) + 0.34($7.465M)= $2,652,000b. Each firm has a marginal tax rate of 34% on the next $10,000 of taxa ble income, despite theirdifferent average ta x rates, so both firms will pay an additional $3,400 in taxes.Income State mentSales $740,000COGS 610,000A&S expenses 100,000Depreciation 140,000EBIT ($115,000)Interest 70,000Taxable income ($185,000)Taxes (35%) 0 income ($185,000)b.OCF = EBIT + Depreciation – TaxesOCF = ($115,000) + 140,000 – 0OCF = $25,00020.21. c. Net income was negative because of the tax deductibility of depreciation and interest expense.However, the actual cash flow from operations wa s positive because de preciation is a non-cashexpense and interest is a financing expense, not an operating expense.A firm can still pay out dividends if net income is negative; it just has to be sure there is sufficientcash flow to make the dividend payments.Change in NWC = Net ca pital spending = Net new equity = 0. (Given)Cash flow from assets = OCF – Change in NWC – Net capital spendingCash flow from assets = $25,000 – 0 – 0 = $25,000Cash flow to stockholders = Divide nds – Net new equityCash flow to stockholders = $30,000 – 0 = $30,000Cash flow to creditors = Cash flow from assets – Cash flow to stockholdersCash flow to creditors = $25,000 – 30,000Cash flow to creditors = –$5,000Cash flow to creditors is also:Cash flow to creditors = Interest – Net new LTDSo:Net new LTD = Interest – Cash flow to creditorsNet new LTD = $70,000 – (–5,000)Net new LTD = $75,000a. The income statement is:Income StatementSales $15,300Cost of good sold 10,900Depreciation 2,100EBIT $ 2,300Interest 520Taxable income $ 1,780Taxes712Net income $1,068b.OCF= EBIT + Depreciation – TaxesOCF = $2,300 + 2,100 – 712OCF = $3,68813c. Change in NWC=NWC end– NWC beg= (CA end–CL en d ) – (CA beg–CL be g)22.= ($3,950 – 1,950) – ($3,400 – 1,900)= $2,000 – 1,500 = $500Ne t capital spending= NFA end– NFA beg+ Depreciation= $12,900 – 11,800 + 2,100= $3,200CFA= OCF – Change in NWC – Net capital spending= $3,688 – 500 – 3,200= –$12The cash flow from assets can be positive or ne gative, since it represents whether the firm raisedfunds or distributed funds on a net basis. In this problem, even though net income and OCF arepositive, the firm invested heavily in both fixed assets and net working capital; it had to raise a net $12 in funds from its stockholders and creditors to make these investments.d. Ca sh flow to creditors= Interest – Net new LTD= $520 – 0= $520Ca sh flow to stoc kholders = Cash flow from assets – Cash flow to creditors= –$12 – 520= –$532We can also calculate the cash flow to stockholders as:Ca sh flow to stoc kholders = Dividends – Ne t new equitySolving for net new equity, we get:Net new equity= $500 – (–532)= $1,032The firm had positive earnings in an accounting sense (NI > 0) and had positive cash flow fromoperations. The firm invested $500 in new net working capital and $3,200 in new fixed assets. The firm had to raise $12 from its stakeholders to support this new inve stment. It accomplished this by raising $1,032 in the form of new equity. After paying out $500 of this in the form of dividends to shareholders and $520 in the form of interest to creditors, $12 was left to meet the firm‘s ca sh flow needs for investment.a. Total assets 2009= $780 + 3,480 = $4,260Total liabilities 2009= $318 + 1,800 = $2,118Owners‘ equity 2009 = $4,260 – 2,118 = $2,142Total assets 2010= $846 + 4,080 = $4,926Total liabilities 2010= $348 + 2,064 = $2,412Owners‘ equity 2010= $4,926 – 2,412 = $2,51414b. NWC 2009NWC 2010Change in NWC = CA09 – CL09 = $780 – 318 = $462= CA10 – CL10 = $846 – 348 = $498= NWC10 – NWC09 = $498 – 462 = $36c.d. We can calculate net capital spe nding as:Net capital spending = Net fixed assets 2010 – Net fixed assets 2009 + Deprec iationNet capital spending = $4,080 – 3,480 + 960Net capital spending = $1,560So, the company had a net capital spending cash flow of $1,560. We also know that net capital spending is:Net capital spending = Fixed assets bought – Fixed assets sold$1,560= $1,800 – Fixed assets soldFixed assets sold= $1,800 – 1,560 = $240To c alculate the cash flow from assets, we must first calculate the operating cash flow. Theoperating cash flow is calculated as follows (you can also prepare a traditional incomestatement):EBIT = Sales – Costs – DepreciationEBIT = $10,320 – 4,980 – 960EBIT = $4,380EBT = EBIT – InterestEBT = $4,380 – 259EBT = $4,121Taxes = EBT ⨯ .35Taxes = $4,121 ⨯ .35Taxes = $1,442OCF = EBIT + Depreciation – TaxesOCF = $4,380 + 960 – 1,442OCF = $3,898Ca sh flow from a ssets = OCF – Change in NWC – Net capital spending.Ca sh flow from a ssets = $3,898 – 36 – 1,560Ca sh flow from a ssets = $2,302Net new borrowing = LTD10 – LTD09Net new borrowing = $2,064 – 1,800Net new borrowing = $264Ca sh flow to creditors = Interest – Net ne w LTDCa sh flow to creditors = $259 – 264Ca sh flow to creditors = –$5Net new borrowing = $264 = Debt issue d – Debt retiredDebt retired = $360 – 264 = $961523.CashAccounts receivable InventoryCurrent assetsNet fixed assets Total assetsCashAccounts receivable InventoryCurrent assetsNet fixed assets Total assets Balance sheet as of Dec. 31, 2009$2,739 Accounts payable3,626 Notes payable6,447 Current liabilities$12,812Long-term debt$22,970 Owners' equity$35,782 Total liab. & equityBalance sheet as of Dec. 31, 2010$2,802Accounts payable4,085 Notes payable6,625Current liabilities$13,512Long-term debt$23,518Owners' equity$37,030Total liab. & equity$2,877529$3,406$9,173$23,203$35,782$2,790497$3,287$10,702$23,041$37,03024.2009 Income StatementSales $5,223.00COGS 1,797.00Othe r expenses 426.00Depreciation 750.00EBIT $2,250.00Interest 350.00EBT $1,900.00Taxes646.00Net income $1,254.00Dividends $637.00Additions to RE 617.00OCF = EBIT + Depreciation – TaxesOCF = $2,459 + 751 – 699.38OCF = $2,510.62Change in NWC = NWC end– NWC beg= (CA – CL)end2010 Income StatementSales $5,606.00COGS 2,040.00Other expense s 356.00Depreciation 751.00EBIT $2,459.00Interest 402.00EBT $2,057.00Taxes699.38Net income $1,357.62Dividends $701.00Additions to RE 656.62– (CA – CL)begChange in NWC = ($13,512 – 3,287) – ($12,812 – 3,406)Change in NWC = $819Net capital spending = $23,518 – 22,970 + 751Net capital spending = $1,29916Net capital spending = NFA– NFA+ Depreciation25. Cash flow from assets = OCF – Change in NWC – Net capital spendingCash flow from assets = $2,510.62 – 819 – 1,299Cash flow from assets = $396.62Cash flow to creditors = Interest – Net new LTDNet new LTD = LTD end– LTD begCash flow to creditors = $402 – ($10,702 – 9,173)Cash flow to creditors = –$1,127Common stock + Retained earnings = Total owners‘ equityNet new equity = (OE – RE)end– (OE – RE)begRE end= RE beg+ Additions to RENet new equity = $23,041 – 23,203 – 656.62 = –$818.62Cash flow to stockholders = Dividends – Net new equityCash flow to stockholders = $701 – (–$818.62)Cash flow to stockholders = $1,519.62As a check, ca sh flow from assets is $396.62.Cash flow from assets = Cash flow from creditors + Cash flow to stockholdersCash flow from assets = –$1,127 + 1,519.62Cash flow from assets = $392.62ChallengeWe will begin by calculating the operating cash flow. First, we need the EBIT, which c an becalculated as:EBIT = Net income + Current taxes + Deferred taxes + Inte restEBIT = $144 + 82 + 16 + 43EBIT = $380Now we can calculate the operating cash flow as:Operating cash flowEarnings before interest and taxes $285Depreciation 78Current taxes (82)Operating cash flow $28117Net new equity = Common stock– Common stockNet new equity = OE– OE+ RE– RE∴ Net new equity= OE– OE+ RE– (RE+ Additions to RE)= OE– OE– Additions to REThe cash flow from assets is found in the investing activities portion of the accounting statement of cash flows, so:Cash flow from assetsAcquisition of fixed a ssets $148Sale of fixed assets (19)Capital spending $129The net working capital cash flows are all found in the operations cash flow section of theaccounting statement of cash flows. However, instead of c alculating the net working capital cashflows as the change in net working capital, we must calculate each item individually. Doing so, wefind:Net working capital cash flowCash $42Accounts receivable 15Inventories (18)Accounts payable (14)Accrued expenses 7Notes payable (5)Other (2)NWC cash flow $25Except for the interest expense and note s payable, the ca sh flow to creditors is found in the financing activities of the accounting statement of cash flows. The inte rest expense from the income statementis given, so:Cash flow to creditorsInterest $43Retirement of debt 135Debt service $178Proceeds from sale of long-term debt (97)Total $81And we can find the cash flow to stockholders in the financing se ction of the accounting stateme nt of cash flows. The cash flow to stockholders was:Cash flow to stockholdersDividends $ 72Repurchase of stock 11Cash to stockholders $ 83Proceeds from new stock issue(37)Total $ 461826. Net capital spending= (NFA– NFA + Depreciation) + (Depreciation + AD) – AD= (NFA+ AD) – (NFA+ ADbeg) =FAbeg– FAend end beg beg end beg27. a.b.c. The tax bubble causes average tax rates to catch up to marginal tax rates, thus eliminating the tax advantage of low marginal rates for high inc ome corporations.Assuming a taxable income of $335,000, the taxes will be:Taxes = 0.15($50K) + 0.25($25K) + 0.34($25K) + 0.39($235K) = $113.9KAverage tax rate = $113.9K / $335K = 34%The marginal tax rate on the next dollar of income is 34 percent.For corporate taxable income levels of $335K to $10M, average tax rates are equal to marginal tax rates.Taxes = 0.34($10M) + 0.35($5M) + 0.38($3.333M) = $6,416,667Average tax rate = $6,416,667 / $18,333,334 = 35%The marginal tax rate on the ne xt dollar of income is 35 percent. For corporate taxable income levels over $18,333,334, ave rage tax rates are again e qual to marginal tax rates.Taxes= 0.34($200K) = $68K = 0.15($50K) + 0.25($25K) + 0.34($25K) + X($100K);X($100K)= $68K – 22.25K = $45.75KX= $45.75K / $100KX= 45.75%19=NFA– NFAend= (NFAbeg– NFA)+ AD– AD。

罗斯《公司理财》第9版笔记和课后习题（含考研真题）详解[视频详解]（股票估值）【圣才出品】罗斯《公司理财》第9版笔记和课后习题（含考研真题）详解[视频详解]第9章股票估值9.1复习笔记1．不同类型股票的估值（1）零增长股利股利不变时，一股股票的价格由下式给出：在这里假定Div1=Div2=…=Div。

（2）固定增长率股利如果股利以恒定的速率增长，那么一股股票的价格就为：式中，g是增长率；Div是第一期期末的股利。

（3）变动增长率股利2．股利折现模型中的参数估计（1）对增长率g的估计有效估计增长率的方法是：g=留存收益比率×留存收益收益率（ROE）只要公司保持其股利支付率不变，g就可以表示公司的股利增长率以及盈利增长率。

（2）对折现率R的估计对于折现率R的估计为：R=Div/P0+g该式表明总收益率R由两部分组成。

其中，第一部分被称为股利收益率，是预期的现金股利与当前的价格之比。

3．增长机会每股股价可以写做：该式表明，每股股价可以看做两部分的加和。

第一部分（EPS/R）是当公司满足于现状，而将其盈利全部发放给投资者时的价值；第二部分是当公司将盈利留存并用于投资新项目时的新增价值。

当公司投资于正NPVGO的增长机会时，公司价值增加。

反之，当公司选择负NPVGO 的投资机会时，公司价值降低。

但是，不管项目的NPV是正的还是负的，盈利和股利都是增长的。

不应该折现利润来获得每股价格，因为有部分盈利被用于再投资了。

只有股利被分到股东手中，也只有股利可以加以折现以获得股票价格。

4．市盈率即股票的市盈率是三个因素的函数：（1）增长机会。

拥有强劲增长机会的公司具有高市盈率。

（2）风险。

低风险股票具有高市盈率。

（3）会计方法。

采用保守会计方法的公司具有高市盈率。

5．股票市场交易商：持有一项存货，然后准备在任何时点进行买卖。

经纪人：将买者和卖者撮合在一起，但并不持有存货。

9.2课后习题详解一、概念题1．股利支付率（payout ratio）答：股利支付率一般指公司发放给普通股股东的现金股利占总利润的比例。

罗斯《公司理财》（第9版）课后习题第16章资本结构：基本概念一、概念题1．馅饼模型（pie model）答：馅饼模型是一种分析公司资本结构的模型，用来讨论公司应如何选择负债权益比的问题。

该理论将公司的筹资要求权之和比作一个馅饼，并且将公司的价值定义为负债和所有者权益之和。

该理论认为，债权人和股东将分别得到不同大小的馅饼块，但是整个馅饼的大小，也就是公司的实际价值，却完全不会受到馅饼分割方式的影响。

也就是说，公司的融资结构只影响公司利润的分配方式，即这个利润馅饼如何被分割以及由谁承担公司的风险，不会对公司的价值造成任何影响。

2．MM命题Ⅰ（MM Proposition I）答：不考虑公司所得税情况下的MM命题Ⅰ指的是，公司的价值取决于未来经营活动净收益的资本化程度，资本化率与公司的风险相一致。

这一命题有两个直接推论：a．公司的平均资本成本与公司资本结构无关；b．公司的平均资本成本等于与之风险相同的零举债公司的资本化率。

3．MM命题Ⅱ（MM Proposition II）答：不考虑公司所得税情况下的MM命题Ⅱ指的是，举债经营公司的权益资本成本等于零举债经营公司的权益资本成本加上风险报酬率。

风险报酬率的多少取决于公司举债经营的程度。

命题二表明，随着公司负债的增加，公司的权益资本成本也将提高。

4．MM命题Ⅰ（公司税）[MM Proposition I（corporate taxes）]答：MM命题一，零举债经营公司的价值是公司税后经营收益除以公司权益资本成本所得的结果，而举债经营公司的价值等于同类风险的零举债经营公司的价值加上税款节余额。

根据这一结论，当公司负债增加时，举债经营公司价值增加较快。

特别地，当公司负债筹资的比重为100%时，公司的价值最大。

5．MM命题Ⅱ（公司税）[MM Proposition II（corporate taxes）]答：MM命题二，举债公司的权益资本成本等于同类风险零举债经营公司的权益资本成本加上风险报酬率，而风险报酬率又取决于公司资本结构和公司所得税税率。

罗斯《公司理财》（第9版）课后习题第22章期权与公司理财一、概念题1．期权（option）答：期权是指在预先约定的日期，以事先确定的价格买卖某种特定商品、金融工具或相关期货合约的权利。

期权实质上是一种选择权，其交易是一种权利的买卖。

期权对于买方来说，只是一种权利，即拥有在一定时间内以一定价格出售或购买一定数量的商品、金融工具或相关期货合约的权利，不承担必须买进或卖出的义务，其损失为购买期权的费用。

对于期权的卖方来说，由于收取了期权费，则须承担到期时或到期前由买方所选择的交割履约义务和责任。

其固定收益为期权费，而损失则是不确定的。

期权价格的变动是以其基础商品、金融工具或相关期货价格的变动为基础的。

其变动规律是：基础期货价格上涨时，买进期权的价格上涨，而卖出期权的价格下跌；反之，当基础期货价格下跌时，买进期权的价格下跌，而卖出期权的价格上涨。

期权按照交易性质可分为看涨期权（买入期权）、看跌期权（卖出期权）和双重期权三种类型；按照履约期限可分为美式期权和欧式期权。

2．美式期权（American options）答：美式期权是指买入期权的一方在合约到期日前的任何工作日包括到期日当天都可以行使的期权，其结算日在履约日之后的一天或两天。

大多数的美式期权允许持有者在交易日到履约日之间随时履约，但也有一些合同规定一段比较短的时间可以履约，如“到期日前两周”。

3．买入期权（call option）答：买入期权又称“买方期权”、“看涨期权”、“多头期权”、“敲进”。

它是期权买方在合约到期日或有效期内按照预先敲定的交割价格从期权卖方手中买入某种金融资产或商品的权利，是期权交易的种类之一。

购买这种期权以人们预测市场价格将有上涨趋势为前提。

投资者在支付一定的期权费取得该种期权后，在合约到期日或到期日之前的有效期限内，若市场价格超过协定价格与期权费之和的水平，则可通过行使期权以协定价格买入合约规定的一定数量的金融资产或商品，再以市场价格卖出，从而获利。

第一章公司理财导论1.代理么问题谁拥有公司?描述所有者控制公司管理层的过程。

代理关系在公司的组织形式中存在的主要原因是什?在这种环境下，可能会出现什么样的问题?2.非营利企业的目标假设你是一家非营利企业（或许是非营利医院）的财务经理，你认为什么样的财务管理目标将会是恰当的?3.公司的目标评价下面这句话：管理者不应该只关注现在的股票价值，因为这么做将会导致过分强调短期利润而牺牲长期利润。

4.道德规范和公司目标股票价值最大化的目标可能和其他目标，比如避免不道德或者非法的行为相冲突吗?特别是，你认为顾客和员工的安全、环境和社会的总体利益是否在这个框架之内，或者他们完全被忽略了?考虑一些具体的情形来阐明你的回答。

5.跨国公司目标股票价值最大化的财务管理目标在外国会有不同吗?为什么?6.代理问题假设你拥有一家公司的股票，每股股票现在的价格是25 美元。

另外一家公司刚刚宣布它想要购买这个公司，愿意以每股35 美元的价格收购发行在外的所有股票。

你公司的管理层立即展开对这次恶意收购的斗争。

管理层是为股东的最大利益行事吗?为什么?7.代理问题和公司所有权公司所有权在世界各地都不相同。

历史上，美国个人投资者占了上市公司股份的大多数，但是在德国和日本，银行和其他金融机构拥有上市公司股份的大部分。

你认为代理问题在德国和日本会比在美国更严重吗?8.代理问题和公司所有权近年来，大型金融机构比如共同基金和养老基金已经成为美国股票的主要持有者。

这些机构越来越积极地参与公司事务。

这一趋势对代理问题和公司控制有什么样的启示?9.高管薪酬批评家指责美国公司高级管理人员的薪酬过高，应该削减。

比如在大型公司中，甲骨文的LarryEllison 是美国薪酬最高的首席执行官之一，2004～2008 年收入高达4.29 亿美元，仅2008 年就有1.93 亿美元之多。

这样的金额算多吗?如果承认超级运动员比如老虎·伍兹，演艺界的知名人士比如汤姆·汉克斯和奥普拉·温弗瑞，还有其他在他们各自领域非常出色的人赚的都不比这少或许有助于回答这个问题。

公司理财第九版课后习题答案【公司理财第九版课后习题答案】在公司理财的学习过程中，课后习题是巩固知识、检验理解的重要环节。

本文将针对《公司理财第九版》的课后习题进行解答，帮助读者更好地掌握相关知识。

第一章：公司理财概述1. 什么是公司理财？它的目标是什么？公司理财是指公司在经营过程中，通过合理配置资金和资源，实现财务目标的过程。

其目标是最大化股东财富，即通过提高公司的市场价值和股东权益来实现。

2. 公司理财的主要职能有哪些？公司理财的主要职能包括资金筹集、资金配置、资金运营和风险管理。

资金筹集指的是公司通过各种途径获取资金；资金配置是指公司将资金投入到不同的项目和资产中；资金运营是指公司对资金进行有效管理和运用；风险管理是指公司对各种风险进行识别、评估和控制。

第二章：财务报表与财务分析1. 财务报表包括哪些内容？它们的作用是什么？财务报表包括资产负债表、利润表、现金流量表和所有者权益变动表。

资产负债表反映了公司在特定日期的资产、负债和所有者权益的状况；利润表反映了公司在一定期间内的收入、成本和利润的情况；现金流量表反映了公司在一定期间内的现金流入和流出情况；所有者权益变动表反映了公司在一定期间内所有者权益的变动情况。

财务报表的作用是提供给内外部利益相关者对公司财务状况和经营情况进行评估和决策的依据。

2. 财务分析的方法有哪些？它们的应用场景分别是什么？财务分析的方法包括比率分析、趋势分析和财务比较分析。

比率分析通过计算各种财务比率，评估公司的经营状况和财务健康度；趋势分析通过比较公司在不同期间的财务数据，分析其发展趋势和变化情况；财务比较分析通过比较不同公司或同一行业内公司的财务数据，评估其相对优劣和竞争力。

比率分析适用于评估公司的财务状况和经营能力；趋势分析适用于分析公司的发展趋势和变化情况；财务比较分析适用于评估公司的相对竞争力和行业地位。

第三章：资本预算和投资决策1. 什么是资本预算？它的意义是什么？资本预算是指公司在一定时期内，对于可供选择的投资项目进行评估和选择的过程。

Solutions ManualCorporate FinanceRoss, Westerfield, and Jaffe9th editionCHAPTER 1INTRODUCTION TO CORPORATE FINANCEAnswers to Concept Questions1. In the corporate form of ownership, the shareholders are the owners of the firm. The shareholderselect the directors of the corporation, who in turn appoint the firm‘s management. This separation of ownership from control in the corporate form of organization is what causes agency problems to exist. Management may act in its own or someone else‘s best interests, rather than those of the shareholders. If such events occur, they may contradict the goal of maximizing the share price of the equity of the firm.2.Such organizations frequently pursue social or political missions, so many different goals areconceivable. One goal that is often cited is revenue minimization; i.e., provide whatever goods and services are offered at the lowest possible cost to society. A better approach might be to observe that even a not-for-profit business has equity. Thus, one answer is that the appropriate goal is to maximize the value of the equity.3.Presumably, the current stock value reflects the risk, timing, and magnitude of all future cash flows,both short-term and long-term. If this is correct, then the statement is false.4.An argument can be made either way. At the one extreme, we could argue that in a market economy,all of these things are priced. There is thus an optimal level of, for example, ethical and/or illegal behavior, and the framework of stock valuation explicitly includes these. At the other extreme, we could argue that these are non-economic phenomena and are best handled through the political process. A classic (and highly relevant) thought question that illustrates this debate goes something like this: ―A firm has estimated that the cost of improving the safety of one of its products is $30 million. However, the firm believes that improving the safety of the product will only save $20 million in product liability claims. What s hould the firm do?‖5.The goal will be the same, but the best course of action toward that goal may be different because ofdiffering social, political, and economic institutions.6.The goal of management should be to maximize the share price for the current shareholders. Ifmanagement believes that it can improve the profitability of the firm so that the share price will exceed $35, then they should fight the offer from the outside company. If management believes that this bidder or other unidentified bidders will actually pay more than $35 per share to acquire the company, then they should still fight the offer. However, if the current management cannot increase the value of the firm beyond the bid price, and no other higher bids come in, then management is not acting in the interests of the shareholders by fighting the offer. Since current managers often lose their jobs when the corporation is acquired, poorly monitored managers have an incentive to fight corporate takeovers in situations such as this.7.We would expect agency problems to be less severe in other countries, primarily due to the relativelysmall percentage of individual ownership. Fewer individual owners should reduce the number of diverse opinions concerning corporate goals. The high percentage of institutional ownership might lead to a higher degree of agreement between owners and managers on decisions concerning risky projects. In addition, institutions may be better able to implement effective monitoring mechanisms on managers than can individual owners, based on the institutions‘ deeper resources and experiences with their own management.8.The increase in institutional ownership of stock in the United States and the growing activism ofthese large shareholder groups may lead to a reduction in agency problems for U.S. corporations anda more efficient market for corporate control. However, this may not always be the case. If themanagers of the mutual fund or pension plan are not concerned with the interests of the investors, the agency problem could potentially remain the same, or even increase since there is the possibility of agency problems between the fund and its investors.9. How much is too much? Who is worth more, Ray Irani or Tiger Woods? The simplest answer is thatthere is a market for executives just as there is for all types of labor. Executive compensation is the price that clears the market. The same is true for athletes and performers. Having said that, one aspect of executive compensation deserves comment. A primary reason executive compensation has grown so dramatically is that companies have increasingly moved to stock-based compensation.Such movement is obviously consistent with the attempt to better align stockholder and management interests. In recent years, stock prices have soared, so management has cleaned up. It is sometimes argued that much of this reward is simply due to rising stock prices in general, not managerial performance. Perhaps in the future, executive compensation will be designed to reward only differential performance, i.e., stock price increases in excess of general market increases.10. Maximizing the current share price is the same as maximizing the future share price at any futureperiod. The value of a share of stock depends on all of the future cash flows of company. Another way to look at this is that, barring large cash payments to shareholders, the expected price of the stock must be higher in the future than it is today. Who would buy a stock for $100 today when the share price in one year is expected to be $80?CHAPTER 2FINANCIAL STATEMENTS AND CASH FLOWAnswers to Concepts Review and Critical Thinking Questions1.True. Every asset can be converted to cash at some price. However, when we are referring to a liquidasset, the added assumption that the asset can be quickly converted to cash at or near market value is important.2.The recognition and matching principles in financial accounting call for revenues, and the costsassociated with producing those revenues, to be ―booked‖ when the revenue process is essentially complete, not necessarily when the cash is collected or bills are paid. Note that this way is not necessarily correct; it‘s the way accountants have chosen to do it.3.The bottom line number shows the change in the cash balance on the balance sheet. As such, it is nota useful number for analyzing a company.4. The major difference is the treatment of interest expense. The accounting statement of cash flowstreats interest as an operating cash flow, while the financial cash flows treat interest as a financing cash flow. The logic of the accounting statement of cash flows is that since interest appears on the income statement, which shows the operations for the period, it is an operating cash flow. In reality, interest is a financing expense, which results from the company‘s choice of debt and equity. We will have more to say about this in a later chapter. When comparing the two cash flow statements, the financial statement of cash flows is a more appropriate measure of the company‘s performance because of its treatment of interest.5.Market values can never be negative. Imagine a share of stock selling for –$20. This would meanthat if you placed an order for 100 shares, you would get the stock along with a check for $2,000.How many shares do you want to buy? More generally, because of corporate and individual bankruptcy laws, net worth for a person or a corporation cannot be negative, implying that liabilities cannot exceed assets in market value.6.For a successful company that is rapidly expanding, for example, capital outlays will be large,possibly leading to negative cash flow from assets. In general, what matters is whether the money is spent wisely, not whether cash flow from assets is positive or negative.7.It‘s probably not a good sign for an established company to have negative cash flow from operations,but it would be fairly ordinary for a start-up, so it depends.8.For example, if a company were to become more efficient in inventory management, the amount ofinventory needed would decline. The same might be true if the company becomes better at collecting its receivables. In general, anything that leads to a decline in ending NWC relative to beginning would have this effect. Negative net capital spending would mean more long-lived assets were liquidated than purchased.9.If a company raises more money from selling stock than it pays in dividends in a particular period,its cash flow to stockholders will be negative. If a company borrows more than it pays in interest and principal, its cash flow to creditors will be negative.10.The adjustments discussed were purely accounting changes; they had no cash flow or market valueconsequences unless the new accounting information caused stockholders to revalue the derivatives. Solutions to Questions and ProblemsNOTE: All end-of-chapter problems were solved using a spreadsheet. Many problems require multiple steps. Due to space and readability constraints, when these intermediate steps are included in this solutions manual, rounding may appear to have occurred. However, the final answer for each problem is found without rounding during any step in the problem.Basic1.To find owners‘ equity, we must construct a balance sheet as follows:Balance SheetCA $ 5,300 CL $ 3,900NFA 26,000 LTD 14,200OE ??TA $31,300 TL & OE $31,300We know that total liabilities and owners‘ equity (TL & OE) must equal total assets of $31,300. We also know that TL & OE is equal to current liabilities plus long-term debt plus owner‘s equity, so owner‘s equity is:O E = $31,300 –14,200 – 3,900 = $13,200N WC = CA – CL = $5,300 – 3,900 = $1,4002. The income statement for the company is:Income StatementSales $493,000Costs 210,000Depreciation 35,000EBIT $248,000Interest 19,000EBT $229,000Taxes 80,150Net income $148,850One equation for net income is:Net income = Dividends + Addition to retained earningsRearranging, we get:Addition to retained earnings = Net income – DividendsAddition to retained earnings = $148,850 – 50,000Addition to retained earnings = $98,8503.To find the book value of current assets, we use: NWC = CA – CL. Rearranging to solve for currentassets, we get:CA = NWC + CL = $800,000 + 2,100,000 = $2,900,000The market value of current assets and net fixed assets is given, so:Book value CA = $2,900,000 Market value CA = $2,800,000Book value NFA = $5,000,000 Market value NFA = $6,300,000Book value assets = $7,900,000 Market value assets = $9,100,0004.Taxes = 0.15($50K) + 0.25($25K) + 0.34($25K) + 0.39($246K – 100K)Taxes = $79,190The average tax rate is the total tax paid divided by net income, so:Average tax rate = $79,190 / $246,000Average tax rate = 32.19%The marginal tax rate is the tax rate on the next $1 of earnings, so the marginal tax rate = 39%.5.To calculate OCF, we first need the income statement:Income StatementSales $14,900Costs 5,800Depreciation 1,300EBIT $7,800Interest 780Taxable income $7,020Taxes 2,808Net income $4,212OCF = EBIT + Depreciation – TaxesOCF = $7,800 + 1,300 – 2,808OCF = $6,292 capital spending = NFA end– NFA beg + DepreciationNet capital spending = $1,730,000 – 1,650,000 + 284,000Net capital spending = $364,0007.The long-term debt account will increase by $10 million, the amount of the new long-term debt issue.Since the company sold 10 million new shares of stock with a $1 par value, the common stock account will increase by $10 million. The capital surplus account will increase by $33 million, the value of the new stock sold above its par value. Since the company had a net income of $9 million, and paid $2 million in dividends, the addition to retained earnings was $7 million, which will increase the accumulated retained earnings account. So, the new long-term debt and stockholders‘ equity portion of the balance sheet will be:Long-term debt $ 82,000,000Total long-term debt $ 82,000,000Shareholders equityPreferred stock $ 9,000,000Common stock ($1 par value) 30,000,000Accumulated retained earnings 104,000,000Capital surplus 76,000,000Total equity $ 219,000,000Total Liabilities & Equity $ 301,000,0008.Cash flow to creditors = Interest paid – Net new borrowingCash flow to creditors = $118,000 – (LTD end– LTD beg)Cash flow to creditors = $118,000 – ($1,390,000 – 1,340,000)Cash flow to creditors = $118,000 – 50,000Cash flow to creditors = $68,0009. Cash flow to stockholders = Dividends paid – Net new equityCash flow to stockholders = $385,000 – [(Common end + APIS end) – (Common beg + APIS beg)]Cash flow to stockholders = $385,000 – [($450,000 + 3,050,000) – ($430,000 + 2,600,000)]Cash flow to stockholders = $385,000 – ($3,500,000 – 3,030,000)Cash flow to stockholders = –$85,000Note, APIS is the additional paid-in surplus.10. Cash flow from assets = Cash flow to creditors + Cash flow to stockholders= $68,000 – 85,000= –$17,000Cash flow from assets = –$17,000 = OCF – Change in NWC – Net capital spending–$17,000 = OCF – (–$69,000) – 875,000Operating cash flow = –$17,000 – 69,000 + 875,000Operating cash flow = $789,000Intermediate11. a.The accounting statement of cash flows explains the change in cash during the year. Theaccounting statement of cash flows will be:Statement of cash flowsOperationsNet income $105Depreciation 90Changes in other current assets (55)Accounts payable (10)Total cash flow from operations $170Investing activitiesAcquisition of fixed assets $(140)Total cash flow from investing activities $(140)Financing activitiesProceeds of long-term debt $30Dividends (45)Total cash flow from financing activities ($15)Change in cash (on balance sheet) $15b.Change in NWC = NWC end– NWC beg= (CA end– CL end) – (CA beg– CL beg)= [($50 + 155) – 85] – [($35 + 140) – 95)= $120 – 80= $40c.To find the cash flow generated by the firm‘s assets, we need the operating cash flow, and thecapital spending. So, calculating each of these, we find:Operating cash flowNet income $105Depreciation 90Operating cash flow $195Note that we can calculate OCF in this manner since there are no taxes.Capital spendingEnding fixed assets $340Beginning fixed assets (290)Depreciation 90Capital spending $140Now we can calculate the cash flow generated by the firm‘s assets, which is:Cash flow from assetsOperating cash flow $195Capital spending (140)Change in NWC (40)Cash flow from assets $ 1512.With the information provided, the cash flows from the firm are the capital spending and the changein net working capital, so:Cash flows from the firmCapital spending $(15,000)Additions to NWC (1,500)Cash flows from the firm $(16,500)And the cash flows to the investors of the firm are:Cash flows to investors of the firmSale of long-term debt (19,000)Sale of common stock (3,000)Dividends paid 19,500Cash flows to investors of the firm $(2,500)13. a. The interest expense for the company is the amount of debt times the interest rate on the debt.So, the income statement for the company is:Income StatementSales $1,200,000Cost of goods sold 450,000Selling costs 225,000Depreciation 110,000EBIT $415,000Interest 81,000Taxable income $334,000Taxes 116,900Net income $217,100b. And the operating cash flow is:OCF = EBIT + Depreciation – TaxesOCF = $415,000 + 110,000 – 116,900OCF = $408,10014.To find the OCF, we first calculate net income.Income StatementSales $167,000Costs 91,000Depreciation 8,000Other expenses 5,400EBIT $62,600Interest 11,000Taxable income $51,600Taxes 18,060Net income $33,540Dividends $9,500Additions to RE $24,040a.OCF = EBIT + Depreciation – TaxesOCF = $62,600 + 8,000 – 18,060OCF = $52,540b.CFC = Interest – Net new LTDCFC = $11,000 – (–$7,100)CFC = $18,100Note that the net new long-term debt is negative because the company repaid part of its long-term debt.c.CFS = Dividends – Net new equityCFS = $9,500 – 7,250CFS = $2,250d.We know that CFA = CFC + CFS, so:CFA = $18,100 + 2,250 = $20,350CFA is also equal to OCF – Net capital spending – Change in NWC. We already know OCF.Net capital spending is equal to:Net capital spending = Increase in NFA + DepreciationNet capital spending = $22,400 + 8,000Net capital spending = $30,400Now we can use:CFA = OCF – Net capital spending – Change in NWC$20,350 = $52,540 – 30,400 – Change in NWC.Solving for the change in NWC gives $1,790, meaning the company increased its NWC by$1,790.15.The solution to this question works the income statement backwards. Starting at the bottom:Net income = Dividends + Addition to ret. earningsNet income = $1,530 + 5,300Net income = $6,830Now, looking at the income statement:EBT – (EBT × Tax rate) = Net incomeRecognize that EBT × tax rate is simply the calculation for taxes. Solving this for EBT yields: EBT = NI / (1– Tax rate)EBT = $6,830 / (1 – 0.65)EBT = $10,507.69Now we can calculate:EBIT = EBT + InterestEBIT = $10,507.69 + 1,900EBIT = $12,407.69The last step is to use:EBIT = Sales – Costs – Depreciation$12,407.69 = $43,000 – 27,500 – DepreciationDepreciation = $3,092.31Solving for depreciation, we find that depreciation = $3,092.3116.The balance sheet for the company looks like this:Balance SheetCash $183,000 Accounts payable $465,000 Accounts receivable 138,000 Notes payable 145,000 Inventory 297,000 Current liabilities $610,000 Current assets $618,000 Long-term debt 1,550,000Total liabilities $2,160,000 Tangible net fixed assets 3,200,000Intangible net fixed assets 695,000 Common stock ??Accumulated ret. earnings 1,960,000 Total assets $4,513,000 Total liab. & owners‘ equity$4,513,000 Total liabiliti es and owners‘ equity is:TL & OE = Total debt + Common stock + Accumulated retained earningsSolving for this equation for equity gives us:Common stock = $4,513,000 – 1,960,000 – 2,160,000Common stock = $393,00017.The market value of sharehol ders‘ equity cannot be negative. A negative market value in this casewould imply that the company would pay you to own the stock. The market value of shareholders‘ equity can be stated as: Shareholders‘ equity = Max [(TA – TL), 0]. So, if TA is $9,700, equity is equal to $800, and if TA is $6,800, equity is equal to $0. We should note here that while the market value of equity cannot be negative, the book value of shareholders‘ equity can be negative.18. a. Taxes Growth = 0.15($50K) + 0.25($25K) + 0.34($3K) = $14,770Taxes Income = 0.15($50K) + 0.25($25K) + 0.34($25K) + 0.39($235K) + 0.34($7.465M)= $2,652,000b. Each firm has a marginal tax rate of 34% on the next $10,000 of taxable income, despite theirdifferent average tax rates, so both firms will pay an additional $3,400 in taxes.19.Income StatementSales $740,000COGS 610,000A&S expenses 100,000Depreciation 140,000EBIT ($115,000)Interest 70,000Taxable income ($185,000)Taxes (35%) 0 income ($185,000)b.OCF = EBIT + Depreciation – TaxesOCF = ($115,000) + 140,000 – 0OCF = $25,000 income was negative because of the tax deductibility of depreciation and interest expense.However, the actual cash flow from operations was positive because depreciation is a non-cash expense and interest is a financing expense, not an operating expense.20. A firm can still pay out dividends if net income is negative; it just has to be sure there is sufficientcash flow to make the dividend payments.Change in NWC = Net capital spending = Net new equity = 0. (Given)Cash flow from assets = OCF – Change in NWC – Net capital spendingCash flow from assets = $25,000 – 0 – 0 = $25,000Cash flow to stockholders = Dividends – Net new equityCash flow to stockholders = $30,000 – 0 = $30,000Cash flow to creditors = Cash flow from assets – Cash flow to stockholdersCash flow to creditors = $25,000 – 30,000Cash flow to creditors = –$5,000Cash flow to creditors is also:Cash flow to creditors = Interest – Net new LTDSo:Net new LTD = Interest – Cash flow to creditorsNet new LTD = $70,000 – (–5,000)Net new LTD = $75,00021. a.The income statement is:Income StatementSales $15,300Cost of good sold 10,900Depreciation 2,100EBIT $ 2,300Interest 520Taxable income $ 1,780Taxes 712Net income $1,068b.OCF = EBIT + Depreciation – TaxesOCF = $2,300 + 2,100 – 712OCF = $3,688c.Change in NWC = NWC end– NWC beg= (CA end– CL end) – (CA beg– CL beg)= ($3,950 – 1,950) – ($3,400 – 1,900)= $2,000 – 1,500 = $500Net capital spending = NFA end– NFA beg + Depreciation= $12,900 – 11,800 + 2,100= $3,200CFA = OCF – Change in NWC – Net capital spending= $3,688 – 500 – 3,200= –$12The cash flow from assets can be positive or negative, since it represents whether the firm raised funds or distributed funds on a net basis. In this problem, even though net income and OCF are positive, the firm invested heavily in both fixed assets and net working capital; it had to raise a net $12 in funds from its stockholders and creditors to make these investments.d.Cash flow to creditors = Interest – Net new LTD= $520 – 0= $520Cash flow to stockholders = Cash flow from assets – Cash flow to creditors= –$12 – 520= –$532We can also calculate the cash flow to stockholders as:Cash flow to stockholders = Dividends – Net new equitySolving for net new equity, we get:Net new equity = $500 – (–532)= $1,032The firm had positive earnings in an accounting sense (NI > 0) and had positive cash flow from operations. The firm invested $500 in new net working capital and $3,200 in new fixed assets. The firm had to raise $12 from its stakeholders to support this new investment. It accomplished this by raising $1,032 in the form of new equity. After paying out $500 of this in the form of dividends to shareholders and $520 in the for m of interest to creditors, $12 was left to meet the firm‘s cash flow needs for investment.22. a.Total assets 2009 = $780 + 3,480 = $4,260Total liabilities 2009 = $318 + 1,800 = $2,118Owners‘ equity 2009= $4,260 – 2,118 = $2,142Total assets 2010 = $846 + 4,080 = $4,926Total liabilities 2010 = $348 + 2,064 = $2,412Owners‘ equity 2010 = $4,926 – 2,412 = $2,514b.NWC 2009 = CA09 – CL09 = $780 – 318 = $462NWC 2010 = CA10 – CL10 = $846 – 348 = $498Change in NWC = NWC10 – NWC09 = $498 – 462 = $36c.We can calculate net capital spending as:Net capital spending = Net fixed assets 2010 – Net fixed assets 2009 + DepreciationNet capital spending = $4,080 – 3,480 + 960Net capital spending = $1,560So, the company had a net capital spending cash flow of $1,560. We also know that net capital spending is:Net capital spending = Fixed assets bought – Fixed assets sold$1,560 = $1,800 – Fixed assets soldFixed assets sold = $1,800 – 1,560 = $240To calculate the cash flow from assets, we must first calculate the operating cash flow. The operating cash flow is calculated as follows (you can also prepare a traditional income statement):EBIT = Sales – Costs – DepreciationEBIT = $10,320 – 4,980 – 960EBIT = $4,380EBT = EBIT – InterestEBT = $4,380 – 259EBT = $4,121Taxes = EBT ⨯ .35Taxes = $4,121 ⨯ .35Taxes = $1,442OCF = EBIT + Depreciation – TaxesOCF = $4,380 + 960 – 1,442OCF = $3,898Cash flow from assets = OCF – Change in NWC – Net capital spending.Cash flow from assets = $3,898 – 36 – 1,560Cash flow from assets = $2,302 new borrowing = LTD10 – LTD09Net new borrowing = $2,064 – 1,800Net new borrowing = $264Cash flow to creditors = Interest – Net new LTDCash flow to creditors = $259 – 264Cash flow to creditors = –$5Net new borrowing = $264 = Debt issued – Debt retiredDebt retired = $360 – 264 = $9623.Balance sheet as of Dec. 31, 2009Cash $2,739 Accounts payable $2,877Accounts receivable 3,626 Notes payable 529Inventory 6,447 Current liabilities $3,406Current assets $12,812Long-term debt $9,173 Net fixed assets $22,970 Owners' equity $23,203Total assets $35,782 Total liab. & equity $35,782Balance sheet as of Dec. 31, 2010Cash $2,802 Accounts payable $2,790Accounts receivable 4,085 Notes payable 497Inventory 6,625 Current liabilities $3,287Current assets $13,512Long-term debt $10,702 Net fixed assets $23,518 Owners' equity $23,041Total assets $37,030 Total liab. & equity $37,030 2009 Income Statement 2010 Income Statement Sales $5,223.00Sales $5,606.00 COGS 1,797.00COGS 2,040.00 Other expenses 426.00Other expenses 356.00 Depreciation 750.00Depreciation 751.00 EBIT $2,250.00EBIT $2,459.00 Interest 350.00Interest 402.00 EBT $1,900.00EBT $2,057.00 Taxes 646.00Taxes 699.38 Net income $1,254.00Net income $1,357.62 Dividends $637.00Dividends $701.00 Additions to RE 617.00Additions to RE 656.62 24.OCF = EBIT + Depreciation – TaxesOCF = $2,459 + 751 – 699.38OCF = $2,510.62Change in NWC = NWC end– NWC beg = (CA – CL) end– (CA – CL) begChange in NWC = ($13,512 – 3,287) – ($12,812 – 3,406)Change in NWC = $819Net capital spending = NFA end– NFA beg+ DepreciationNet capital spending = $23,518 – 22,970 + 751Net capital spending = $1,299Cash flow from assets = OCF – Change in NWC – Net capital spendingCash flow from assets = $2,510.62 – 819 – 1,299Cash flow from assets = $396.62Cash flow to creditors = Interest – Net new LTDNet new LTD = LTD end– LTD begCash flow to creditors = $402 – ($10,702 – 9,173)Cash flow to creditors = –$1,127Net new equity = Common stock end– Common stock begCommon stock + Retained earnings = Total owners‘ equityNet new equity = (OE – RE) end– (OE – RE) begNet new equity = OE end– OE beg + RE beg– RE endRE end= RE beg+ Additions to RENet new equity = OE end– OE beg+ RE beg– (RE beg + Additions to RE)= OE end– OE beg– Additions to RENet new equity = $23,041 – 23,203 – 656.62 = –$818.62Cash flow to stockholders = Dividends – Net new equityCash flow to stockholders = $701 – (–$818.62)Cash flow to stockholders = $1,519.62As a check, cash flow from assets is $396.62.Cash flow from assets = Cash flow from creditors + Cash flow to stockholdersCash flow from assets = –$1,127 + 1,519.62Cash flow from assets = $392.62Challenge25.We will begin by calculating the operating cash flow. First, we need the EBIT, which can becalculated as:EBIT = Net income + Current taxes + Deferred taxes + InterestEBIT = $144 + 82 + 16 + 43EBIT = $380Now we can calculate the operating cash flow as:Operating cash flowEarnings before interest and taxes $285Depreciation 78Current taxes (82)Operating cash flow $281The cash flow from assets is found in the investing activities portion of the accounting statement of cash flows, so:Cash flow from assetsAcquisition of fixed assets $148Sale of fixed assets (19)Capital spending $129The net working capital cash flows are all found in the operations cash flow section of the accounting statement of cash flows. However, instead of calculating the net working capital cash flows as the change in net working capital, we must calculate each item individually. Doing so, we find:Net working capital cash flowCash $42Accounts receivable 15Inventories (18)Accounts payable (14)Accrued expenses 7Notes payable (5)Other (2)NWC cash flow $25Except for the interest expense and notes payable, the cash flow to creditors is found in the financing activities of the accounting statement of cash flows. The interest expense from the income statement is given, so:Cash flow to creditorsInterest $43Retirement of debt 135Debt service $178Proceeds from sale of long-term debt (97)Total $81And we can find the cash flow to stockholders in the financing section of the accounting statement of cash flows. The cash flow to stockholders was:Cash flow to stockholdersDividends $ 72Repurchase of stock 11Cash to stockholders $ 83Proceeds from new stock issue (37)Total $ 46。

1.当你增加时间的长度时，终值会发生什么变化，现值会发生什么变化？答：当增加时间长度时根据公司PV=C/(1+r)^t得到现值会减少（dwindle，diminish），而终值FV=C*(1+r)^t会增加。

2.如果利率增加，年金的终值会有什么变化？现值会有什么变化？答：当利率增加时，终值增大，现值FV=C(1/r-1/(r*(1+r)^t))得现值会减小分析这两道题都考察了对终值和现值的概念的理解:终值：一笔资金经过一个时期或者多个时期的以后的价值，如果考察终值就是在现在或将来我得到一笔资金C那么这笔资金在更远的未来将会价值多少，如果考察现值则是将来我得到一笔钱那么它现在的价值是多少（在某个固定的折现率下）3.假设有两名运动员签署了一份10年8000万的合同，一份是每年支付800万，一份是8000万分十次，支付金额每年递增5%，哪种情况最好答：计算过程如下图：u由上图的应该选第一种4.贷款法是否应该要求贷款者报告实际利率而不是名义利率？为什么？答：他们应该报告实际利率，名义利率的优势只是在于它们方便计算，可是在计算机技术发达的今天，计算已经不再是一个问题5.有津贴的斯坦福联邦贷款是为大学生提供帮助的一种普遍来源，直到偿还贷款才开始付息。

谁将收到更多的津贴，新生还是高年级的学生？请解释答：新生将获得跟多的津贴，因为新生使用无息贷款的时间比高年级学生长。

详细数据如下：由此可见新生的津贴=22235-20000=2235；而高年级的学生为1089根据下面的信息回答接下去的5个题：6.由计算得到如果500美金若在30年后要变成10000则实际年利率是10.5%,我想应该是GMAC的决策者认为公司的投资收益率大于10.5%7.如果公司可以在30年内的任意时间内以10000元的价格购买该债券的话，将会使得该债券更具有吸引力8.1）这500元不能影响我后面30年的正常生活，也就是我说我是否有500元的多余资金；2）该公司是否能够保证在30年后我能收到10000元3）当前我认为的投资收益率是否高于10.5%，若高于10.5%则不应该考虑投资该债券我的回答是：是取决的承诺偿还的人9.财政部的发行该种债券的价格较高因为财政部在所有的债券发行者中信用最好10.价格会超过之前的500美元，因为如果随着时间的推移，该债券的价值就越接近10000美元，如果在2010年的看价格有可能会更高，但不能确定，因为GMAC有财务恶化的可能或者资本市场上的投资收益率提高。

罗斯《公司理财》（第9版）笔记和课后习题详解第1章公司理财导论1.1复习笔记公司的首要目标——股东财富最大化决定了公司理财的目标。

公司理财研究的是稀缺资金如何在企业和市场内进行有效配置，它是在股份有限公司已成为现代企业制度最主要组织形式的时代背景下，就公司经营过程中的资金运动进行预测、组织、协调、分析和控制的一种决策与管理活动。

从决策角度来讲，公司理财的决策内容包括投资决策、筹资决策、股利决策和净流动资金决策；从管理角度来讲，公司理财的管理职能主要是指对资金筹集和资金投放的管理。

公司理财的基本内容包括：投资决策（资本预算）、融资决策（资本结构）、短期财务管理（营运资本）。

1．资产负债表资产负债表是总括反映企业某一特定日期财务状况的会计报表，它是根据资产、负债和所有者权益之间的相互关系，按照一定的分类标准和一定的顺序，把企业一定日期的资产、负债和所有者权益各项目予以适当排列，并对日常工作中形成的大量数据进行高度浓缩整理后编制而成的。

资产负债表可以反映资本预算、资本支出、资本结构以及经营中的现金流量管理等方面的内容。

2．资本结构资本结构是指企业各种资本的构成及其比例关系，它有广义和狭义之分。

广义资本结构，亦称财务结构，指企业全部资本的构成，既包括长期资本，也包括短期资本（主要指短期债务资本）。

狭义资本结构，主要指企业长期资本的构成，而不包括短期资本。

通常人们将资本结构表示为债务资本与权益资本的比例关系（D/E）或债务资本在总资本的构成（D/A）。

准确地讲，企业的资本结构应定义为有偿负债与所有者权益的比例。

资本结构是由企业采用各种筹资方式筹集资本形成的。

筹资方式的选择及组合决定着企业资本结构及其变化。

资本结构是企业筹资决策的核心问题。

企业应综合考虑影响资本结构的因素，运用适当方法优化资本结构，从而实现最佳资本结构。

资本结构优化有利于降低资本成本，获取财务杠杆利益。

3．财务经理财务经理是公司管理团队中的重要成员，其主要职责是通过资本预算、融资和资产流动性管理为公司创造价值。

公司理财习题答案第八章Chapter 8: Strategy and Analysis in Using Net Present Value8.1 Go directly:NPV = 0.5 ⨯ $20 million + 0.5 ⨯ $5 million= $12.5 millionTest marketing:NPV = -$2 million + (0.75 ⨯ $20 million + 0.25 ⨯ $5 million) / 1.15= $12.13 millionGo directly to the market.8.2 Focus group: -$120,000 + 0.70 ⨯ $1,200,000 = $720,000Consulting firm: -$400,000 + 0.90 ⨯ $1,200,000 = $680,000Direct marketing: 0.50 ⨯ $1,200,000 = $600,000The manager should conduct a focus group.8.3 Price more aggressively:-$1,300,000 + (0.55 ⨯ 0) + 0.45 ⨯ (-$550,000)= -$1,547,500Hire lobbyist:-$800,000 + (0.75 ⨯ 0) + 0.25 ⨯ (-$2,000,000)= -$1,300,000Tandem should hire the lobbyist.8.4 Let sales price be x.Depreciation = $600,000 / 5 = $120,000BEP: ($900,000 + $120,000) / (x - $15) = 20,000x = $668.5 The accounting break-even= (120,000 + 20,000) / (1,500 - 1,100)= 350 units8.6 a. The accounting break-even= 340,000 / (2.00 - 0.72)= 265,625 abalonesb. [($2.00 ⨯ 300,000) - (340,000 + 0.72 ⨯ 300,000)] (0.65)= $28,600This is the after tax profit.8.7 EAC = $140,000 / 7A = $33,650.015Depreciation = $140,000 / 7 = $20,000BEP = {$33,650 + $340,000 ⨯ 0.65 - $20,000 ⨯ 0.35} / {($2 - $0.72) ⨯ 0.65} = 297,656.25≈ 297,657 units8.8 Depreciation = $200,000 / 5 = $40,000 EAC = $200,000 / 512.0A = $200,000 / 3.60478 = $55,482BEP = {$55,482 + $350,000 ⨯ 0.75 - $40,000 ⨯ 0.25} / {($25 - $5) ⨯ 0.75} = 20,532.13 ≈ 20533 units 8.9 Let I be the break-even purchase price. Incremental C 0$20,000 Tax effect 3,400 Total $23,400 Depreciation per period = $45,000 / 15 = $3,000Book value of the machine = $45,000 - 5 ⨯ $3,000 = $30,000Loss on sale of machine = $30,000 - $20,000 = $10,000 Tax credit due to loss = $10,000 ⨯ 0.34 = $3,400Incremental cost savings: $10,000 (1 - 0.34) = $6,600 Incremental depreciation tax shield: [I / 10 - $3,000] (0.34)The break-even purchase price is the Investment (I), which makes the NPV be zero. NPV = 0 = -I + $23,400 + $6,600 1015.0A + [I / 10 - $3,000] (0.34) 1015.0A = -I + $23,400 + $6,600 (5.0188) + I (0.034) (5.0188) - $3,000 (0.34) (5.0188) I = $61,981 8.10 Pessimistic:NPV= -$420,000 + (){}23,000$38$21$320,0000.65$60,0000.351.13t t 17--⨯+⨯=∑= -$123,021.71 Expected: NPV = -$420,000 + (){}25,000$40$20$300,0000.65$60,0000.351.13t7--⨯+⨯=∑t 1= $247,814.17公司理财习题答案第八章Optimistic:NPV= -$420,000 +(){}27,000$42$19$280,0000.65$60,0000.351.13tt 17--⨯+⨯=∑= $653,146.42Even though the NPV of pessimistic case is negative, if we change one input while allothers are assumed to meet their expectation, we have all positive NPVs like the one before. Thus, this project is quite profitable.PessimisticNPVUnit sales 23,000 $132,826.30 Price$38 $104,079.33 Variable costs $21 $175,946.75 Fixed costs$320,000$190,320.248.11 Pessimistic: NPV = -$1,500,000 +(){}1100000220000600000401131,.$850,.$300,..⨯--⨯+⨯=∑$115$725tt= -$675,701.68 Expected: NPV = -$1,500,000+(){}1200000250000600000401131,.$800,.$300,..⨯--⨯+⨯=∑$120$705tt= $399,304.88Optimistic: NPV = -$1,500,000+(){}130,0000.27$125$68$750,0000.60$300,0000.401.13tt 15⨯--⨯+⨯=∑= $1,561,468.43The expected present value of the new tennis racket is $428,357.21. (Assuming there are equal chances of the 3 scenarios occurring.)8.12 NPV = (){}-+⨯--⨯+⨯=∑1,500,000130,0000.22$120$70$800,0000.60$300,0000.401.13tt 15= $251,581.17The 3% drop in market share hurt significantly more than the 10,000 increase in market size helped. However, if the drop were only 2%, the effects would be about even. Market size is going up by over 8%, thus it seems market share is more important than market size.8.13 a. NPV = -$10,000,000 + ( $750, 000 ⨯10A) = -$5,391,574.6710.b.Revised NPV = -$10,000,000 + $750,000 / 1.10 + [(.5 ⨯ $1,500,000 ⨯9A).10+ (.5 ⨯ $200,000 )] / 1.10= -$5,300,665.58Option value of abandonment = -$5,300,665.58 – ( -$5,391,574.67 )= $90,909.098.14 a. NPV = -$100M + ( $100 ⨯ 2M ⨯10A) = $738.49Million.20b.$50M = C9A20.C = $12.40 Million (or 1.24 Million units )。