CHAPTER 16
Raising Capital I. DEFINITIONS
VENTURE CAPITAL
a 1. The financing provided for start-up, often high-risk, private business enterprises is
called:
a. venture capital.
b. junk bonds.
c. flotation costs.
d. initial public offerings.
e. financial futures.
REGISTRATION STATEMENT
b 2. The document(s) filed with the SEC disclosing all material information relating to the
firm making an offering of public securities is called the:
a. offering prospectus.
b. registration statement.
c. red herring filing.
d. indenture contract.
e. SEC Form 13-J.
REGULATION A
c 3. The SEC regulation that exempts public issues of less than $5 million from most
registration requirements is called:
a. the Green Shoe Provision.
b. the red herring Provision.
c. Regulation A.
d. Regulation Q.
e. the Open Markets Exemption.
PRELIMINARY PROSPECTUS
d 4. Th
e preliminary prospectus distributed to investors during the SEC waiting period is
often called a(n):
a. indenture contract.
b. signature form 10-W.
c. letter of comment.
d. red herring.
e. Green Shoe.
CHAPTER 16
LETTER OF COMMENT
e 5. The _____ is transmitted to the prospective issuing firm by the SEC when they have
suggestions for changes to the registration statement and/or its supporting documents.
a. indenture contract
b. Green Shoe statement
c. Regulation A statement
d. preliminary prospectus
e. letter of comment
PROSPECTUS
a 6. The legal document describing details of the issuing corporation and its security
offering to potential investors is called the:
a. prospectus.
b. tombstone advertisement.
c. letter of comment.
d. Regulation A statement.
e. rights offering.
TOMBSTONE
b 7. Advertisements in, for example, The Wall Street Journal announcing a corporation’s
public offering of securities, along with a list of the investment banks handling the
offering, are called:
a. red herrings.
b. tombstones.
c. Green Shoes.
d. registration statements.
e. letters of comment.
GENERAL CASH OFFER
c 8. An issue of securities offere
d for sal
e to the general public on a direct cash basis is
called a _____ offering.
a. best efforts
b. firm commitment
c. general cash
d. rights
e. red herring
RIGHTS OFFER
d 9. A public offering of securities wher
e existing shareholders o
f the firm have the first
opportunity to buy the new securities is called a _____ offering.
a. best efforts
b. firm commitment
c. general cash
d. rights
e. red herring
CHAPTER 16 INITIAL PUBLIC OFFERING
e 10. A corporation’s first sale o
f equity made available to the pub lic is called a(n):
a. share repurchase program.
b. shelf registration filing.
c. private placement.
d. seasoned equity offering (SEO).
e. initial public offering (IPO).
SEASONED EQUITY OFFERING
d 11. A public offering of equity by a corporation that has previously issued securities to the
public is called a(n):
a. share repurchase program.
b. shelf registration filing.
c. private placement.
d. seasoned equity offering (SEO).
e. initial public offering (IPO).
UNDERWRITERS
c 12. The investment bank(s) that act as intermediaries between the company issuing
securities and the investing public are called:
a. privileged intermediaries.
b. venture capitalists.
c. underwriters.
d. standby investors.
e. primary investors.
UNDERWRITING SYNDICATE
b 13. A group of underwriters formed to share the risk in marketing and distributing a sale of
securities to the investing public is called a(n):
a. cartel.
b. syndicate.
c. cooperative venture capital system.
d. oligopoly.
e. insider consortium.
UNDERWRITING SPREAD
a 14. The difference between the underwriters’ buying price and the offering price of the
securities to the public is called the:
a. spread.
b. underpricing.
c. filing fee.
d. new issue premium.
e. extortion premium.
CHAPTER 16
FIRM COMMITMENT OFFERS
e 15. The type o
f underwritin
g where a syndicate buys the entire issue from the issuing firm
and assumes full financial responsibility for any unsold shares, is called a _____
offering.
a. best efforts
b. shelf
c. direct rights
d. private placement
e. firm commitment
BEST EFFORTS OFFERS
a 16. The type of underwriting where a syndicate sells as much of the issue as possible, but
can return any unsold securities to the issuing firm without any further financial
responsibility, is called a _____ offering.
a. best efforts
b. shelf
c. direct rights
d. private placement
e. firm commitment
DUTCH AUCTION UNDERWRITING
c 17. The type of underwriting in which the offer price is set base
d on competitiv
e bidding
by investors is called _____ underwriting.
a. open market
b. open auction
c. Dutch auction
d. tombstone
e. discretionary
AFTERMARKET
b 18. The period after a new issue is initially sold to the publi
c is referre
d to as the:
a. private placement market.
b. aftermarket.
c. waiting perio
d.
d. filing period.
e. tombstone period.
OVERALLOTMENT OPTION
c 19. The contract provision whereby the underwriting syndicate may, at their option,
purchase additional securities from the issuing corporation at the initial offering price
is called:
a. Regulation A.
b. the Red Herring provision.
c. the Green Shoe provision.
d. the best efforts option.
e. the direct rights option.
CHAPTER 16 IPO UNDERPRICING
d 20. Th
e phenomenon where the price o
f newly-issued shares in the marketplace increases
above the initial offering price is called:
a. Green Shoe pricing.
b. yield burning.
c. yield bumping.
d. underpricing.
e. aftermarket support.
EX-RIGHTS DATE
e 21. The first day that a stock trades in the market without a recently declared right attached
to the stock is called the:
a. pre-issue date.
b. aftermarket.
c. declaration date.
d. holder-of-record dat
e.
e. ex-rights date.
HOLDER-OF-RECORD DATE
d 22. Th
e date on which existing shareholders are designated as the recipients o
f stock rights
is called the:
a. pre-issue date.
b. offering date.
c. declaration date.
d. holder-of-record dat
e.
e. ex-rights date.
STANDBY UNDERWRITING
a 23. A rights offering in which the underwriting syndicate agrees to purchase the
unsubscribed portion of the issue is called _____ underwriting.
a. standby
b. best efforts
c. firm commitment
d. direct fee
e. tombstone
OVERSUBSCRIPTION PRIVILEGE
b 24. The privilege that allows existing shareholders to purchase unsubscribed shares in a
rights offering at the subscription price is called the _____ privilege.
a. standby
b. oversubscription
c. open offer
d. new issues
e. overallotment
CHAPTER 16
DILUTION
c 25. A loss in shareholder value as measure
d in terms of percentag
e ownership in the firm,
market value of the firm, book value of equity, or earnings per share is known as:
a. oversubscription.
b. underpricing.
c. dilution.
d. rights pricing.
e. downsampling.
TERM LOANS
e 26. Direct business loans from a limited number o
f investors to a corporation with
maturities typically ranging from one to five years are called:
a. private placements.
b. debt SEOs.
c. notes payable.
d. debt IPOs.
e. term loans.
PRIVATE PLACEMENTS
a 27. Loans provided directly from a limited number of investors to a corporation with
maturities typically in excess of five years are called:
a. private placements.
b. debt SEOs.
c. notes payable.
d. debt IPOs.
e. term loans.
SHELF REGISTRATION
b 28. Registration permitted under SEC Rule 415 allowing a company to register just once in
a two-year period for all security issuances it expects to make during that time period
is called:
a. standby registration.
b. shelf registration.
c. Regulation A.
d. Regulation Q.
e. private registration.
II. CONCEPTS
VENTURE CAPITAL
e 29. Venture capitalists often are:
I. individuals.
II. insurance companies.
III. university endowment funds.
IV. pension funds.
a. II and IV only
b. I, II, and IV only
c. II, III, and IV only
d. I, II, and III only
e. I, II, III, and IV
CHAPTER 16 VENTURE CAPITAL
d 30. Ventur
e capital is primarily found through:
a. internet web sites.
b. a bidding process.
c. newspaper advertisements.
d. personal contacts.
e. letters submitted to venture capital firms.
VENTURE CAPITAL
d 31. Which on
e o
f the followin
g statements concerning venture capital are correct?
I. Venture capitalists often hold voting preferred stock.
II. Venture capital is relatively easy to acquire in today’s market.
III. Venture capitalists frequently assume active roles in the management of the financed firm.
IV. Venture capitalists often assume 40 percent or more ownership in a firm as a condition of financing.
a. I and III only
b. II and IV only
c. III and IV only
d. I, III, and IV only
e. I, II, III, and IV
VENTURE CAPITAL
b 32. Which one of the following statements concerning venture capitalists is correct?
a. All venture capitalists become actively involved in the day-to-day management of the
financed firm.
b. Financial strength is a key consideration when selecting a venture capitalist.
c. Venture capitalists seldom offer any benefit other than the funds they provide.
d. Most venture capitalists are long-term investors in a firm.
e. H ow a venture capitalist handled other ventures has no relevance to you when you are
seeking funding.
ISSUING SECURITIES
d 33. All new interstat
e security issues are regulated by the:
a. registration statement.
b. Green Shoe provision.
c. Securities Exchange Act of 1934.
d. Securities Act of 1933.
e. Federal Reserve Act of 1931.
ISSUING SECURITIES
d 34. Th
e Securities and Exchange Commission:
a. verifies the accuracy of the information contained in the prospectus.
b. verifies the accuracy of the information contained in the red herring.
c. examines the registration statement during the Green Shoe perio
d.
d. is concerned only that the rules and regulations are adhered to.
e. determines the final offer price once they have approved the registration statement.
CHAPTER 16
UNDERWRITING
c 35. Underwriters generally:
a. pay a spread to the issuing firm.
b. provide only best efforts underwriting in the U.S.
c. r eceive less compensation under a competitive agreement than under a negotiated
agreement.
d. handle an entire issue within their own firm.
e. pass the risk of unsold shares back to the issuing firm.
UNDERWRITING
e 36. With firm commitment underwriting, the issuing firm:
a. is unsure of the total amount of funds they will receive until after the offering is
completed.
b. is unsure of the number of shares they will issue until after the offering is completed.
c. knows exactly how many shares will be purchased by the general public during the
offer period.
d. accepts the entire risk of the stock offer.
e. knows up-front the amount of money they will receive from the stock offering. UNDERWRITING
b 37. With Dutch auction underwriting:
a. each winning bidder pays the price they bid.
b. all successful bidders pay the same price.
c. all bidders receive at least a portion of the quantity on which they bi
d.
d. the selling firm receives the maximum possible price for each item sold.
e. the bidder for the largest quantity receives the first allocation of the item.
IPOS AND UNDERPRICING
e 38. I
f an IPO is underpriced then:
a. investors in the IPO are generally unhappy with the underwriters.
b. the issue is less likely to sell out.
c. the stock price will generally decline on the first day of trading.
d. the issuing firm is guaranteed to be successful in the long term.
e. the issuing firm “leaves money on the table”.
IPOS AND UNDERPRICING
e 39. Arguments that have been presented to support IPO underpricing include:
I. counteracting the “winner’s curse”.
II. rewarding institutional investors for sharing their opinion of a stock’s market value.
III. diminishing the risk to the underwriter who has agreed to a firm commitment underwriting.
IV. diminishing the odds that investors will sue investment banks.
a. I and III only
b. II and IV only
c. I and II only
d. I, II, and III only
e. I, II, III, and IV
CHAPTER 16 IPOS AND UNDERPRICING
a 40. The first day returns on IPOs:
a. vary significantly over time.
b. are limited by the SEC to a maximum of 50 percent.
c. were unusually high during the early 1990s.
d. tend to greatly increase the funding received by the issuing firms.
e. cannot exceed 100 percent.
IPO ALLOCATIONS
a 41. Which one of the following statements is correct?
a. The IPOs which are the most underpriced are generally the most oversubscribed.
b. You will always receive your desired allotment of IPO shares if you agree to purchase
shares in every IPO.
c. As long as you submit your order during the waiting period you will receive the
number of shares you desire for every IPO issue.
d. The allocation of shares you receive will tend to be greater the more the issue is
underpriced.
e. IPO allocations are generally more restrictive when an IPO is overpriced.
IPO ALLOCATIONS
d 42. An individual investor with a small portfolio who wishes to purchas
e 100 shares o
f an
IPO is more likely to receive an allocation of shares when:
a. an IPO is substantially oversubscribed than when it is not.
b. they bid a higher amount as their offer price.
c. an IPO is underpriced than when it is correctly price
d.
d. the odds are greater that the IPO will lose money once it commences trading.
e. the issuing firm is young and has minimal, if any, sales in the prior year. SEASONED OFFERINGS
b 43. A news release stating that a firm is going to do a seasoned offering generally tends to
cause the stock price of that firm to:
a. increase.
b. decrease.
c. remain constant.
d. respond but the direction of the response is not predictable as shown in past studies.
e. decrease momentarily and then immediately increase substantially within the hour. COSTS OF ISSUING SECURITIES
b 44. Which one of the following is NOT a cost of issuing securities?
a. Green Shoe option
b. red herring option
c. abnormal returns
d. gross spread
e. management time
CHAPTER 16
COSTS OF ISSUING SECURITIES
d 45. Which on
e o
f the followin
g statements is correct concerning the costs of issuing
securities?
a. Domestic bonds are generally more expensive to issue than equity IPOs.
b. The total direct costs of an equity IPO is typically 15 percent of the amount raised.
c. A seasoned offering is typically more expensive on a percentage basis than an IPO.
d. There tend to be substantial economies of scale when issuing securities.
e. The costs of issuing convertible bonds tend to be less on a percentage basis than the
costs of issuing straight debt.
RIGHTS OFFERING
a 46. Existing shareholders:
a. may be granted a preemptive right by a firm’s articles of incorporation to maintain
their proportional ownership position.
b. are required to purchase shares in every new equity offering in an amount equal to
their proportional ownership of the firm.
c. do not have the option of selling any of the rights they are granted in a rights
offering.
d. are generally well advised to let the rights they receive expir
e.
e. can maintain their proportional ownership position without purchasing additional
shares when there is a seasoned equity offering.
RIGHTS OFFERING
e 47. To purchase shares in a rights offering, you generally just need to:
a. pay the subscription amount in cash.
b. submit the required form along with the required number of rights.
c. pay the difference between the market price of the stock and the subscription price.
d. submit the required number of rights along with a payment for the amount of the
difference between the market price of the stock and the subscription price.
e. submit the required number of rights along with the subscription price.
RIGHTS OFFERING
d 48. Th
e value o
f a right granted by a rights offerin
g depends upon:
I. the number of rights required to purchase one new share
II. the market price of the security
III. the subscription price
IV. the price-earnings ratio of the stock
a. II and III only
b. II and IV only
c. I and II only
d. I, II, and III only
e. I, II, III, and IV
CHAPTER 16 DILUTION
b 49. Before a seasoned stock offering, you owned 500 shares of a firm that had 120,000
shares outstanding. After the seasoned offering, you still owned 500 shares but the
number of shares outstanding rose to 135,000. This is an example of _____ dilution.
a. market value
b. percentage ownership
c. earnings per share
d. book value
e. equity
DILUTION
c 50. Which one of the following statements is correct concerning dilution relate
d to a new
project?
a. As long as the book value of a firm increases when a project is undertaken, the book
value per share will remain constant.
b. As long as the market value of a firm increases when a project is undertaken, the
market value per share will increase.
c. Even if the market value of a firm increases when a project is undertaken, the market
value per share can decrease.
d. The proportionate ownership of each shareholder always remains constant when new
projects are taken on.
e. The market price per share of stock tends to increase when the net present value of a
project that is taken on is negative.
LONG-TERM DEBT
b 51. Which one of the following statements is correct concerning the issuance of long-term
debt?
a. A direct long-term loan has to be registered with the SEC.
b. D irect placement debt tends to have more restrictive covenants than publicly issued
debt.
c. Distribution costs are lower for public debt than for private debt.
d. It is easier to renegotiate public debt than private debt.
e. Wealthy individuals tend to dominate the private debt market.
SHELF REGISTRATION
e 52. Shel
f registration grants a firm some flexibility:
I. in the number of securities sold in a single day.
II. in whether or not a public issue is registered with the SEC.
III. as to whether they register a securities issue with the SEC or with the Federal Reserve.
IV. in the timing of a securities sale.
a. I and III only
b. II and IV only
c. I and II only
d. III and IV only
e. I and IV only
CHAPTER 16
III. PROBLEMS
ISSUING SECURITIES
b 53. You decide to take your company publi
c by offering a total of 50,000 shares of
common stock to the public in an initial public offering (IPO). You hire an underwriter
who arranges a full commitment underwriting and suggests an initial selling price of
$28 a share with an 8 percent spread. As it turns out, the underwriters only sell 48,500
shares. How much cash will you receive from your IPO?
a. $1,249,360
b. $1,288,000
c. $1,299,360
d. $1,308,600
e. $1,400,000
ISSUING SECURITIES
a 54. Wexford Industries offers 60,000 shares of common stock to the public in an initial
public offering (IPO). The underwriters agree to pay $35 a share and to provide their
services in a best efforts underwriting. The offer price is set at $39. After completing
their sales efforts the underwriters determine that they were able to sell a total of
48,250 shares. How much cash did Wexford Industries receive from their IPO?
a. $1,688,750
b. $1,703,250
c. $1,881,750
d. $2,100,000
e. $2,340,000
DUTCH AUCTION
b 55. You decide to sell an additional 1,500 shares of stock in your firm through a Dutch
auction. The bids that you receive include:
Bidder Quantity Price
A 1,000 $42
B 200 $41
C 100 $40
D 1,000 $39
E 1,200 $38
How much will you receive in total from selling the additional 1,500 shares? Ignore all
transaction and flotation costs.
a. $57,000
b. $58,500
c. $60,750
d. $60,782
e. $63,000
CHAPTER 16 DUTCH AUCTION
b 56. Bid Wars, Inc. is selling 1,200 shares of stock through a Dutch auction. The bids they
received are:
Bidder Quantity Price
A 100 $27
B 600 $26
C 800 $22
D 1,200 $21
E 1,500 $19
How much cash will Bid Wars receive from selling these shares of stock? Ignore all
transaction and flotation costs.
a. $25,200
b. $26,400
c. $28,720
d. $29,300
e. $32,400
DUTCH AUCTION
b 57. Grizzley Bare, Inc. is offering 1,500 shares of stock in a Dutch auction. The bids
include:
Bidder Quantity Price
A 750 $56
B 300 $54
C 1,000 $52
D 100 $51
E 500 $50
How much cash will Grizzley Bare receive from selling these shares? Ignore all
transaction and flotation costs.
a. $77,000
b. $78,000
c. $80,400
d. $80,633
e. $84,000
IPO ALLOCATIONS
b 58. You have placed an order to purchase 100 shares of every IPO that comes to market.
The next two IPOs are each priced at $20 a share and will begin trading on the same
day. You are allocated 10 shares of IPO A and 100 shares of IPO B. At the end of the
first day of trading, IPO A was selling for $42 a share and IPO B was selling for $16 a
share. What is your total profit or loss on these two IPOs as of the end of the first day
of trading?
a. -$400
b. -$180
c. $20
d. $220
e. $1,800
CHAPTER 16
IPO ALLOCATIONS
d 59. Maria has an outstanding order with her stock broker to purchas
e 300 shares o
f every
IPO. The next three IPOs are each priced at $24 a share and will all start trading on the
same day. Maria is allocated 100 shares of IPO A, 50 shares of IPO B, and 300 shares
of IPO C. On the first day of trading IPO A opened at $24.50 a share and ended the day
at $26.50 a share. IPO B opened at $29 a share and finished the day at $33 a share. IPO
C opened at $23 a share and ended the day at $17 a share. What is Maria’s total profit
or loss on these three IPOs as of the end of the first day of trading?
a. -$12,200
b. -$2,800
c. -$2,300
d. -$1,400
e. $700
IPO ALLOCATIONS
d 60. Ther
e are two IPOs that will commence trading next week. Juan places an order to buy
400 shares of IPO A. Bonita places an order to purchase 200 shares of IPO A and 200
shares of IPO B. Both IPOs are priced at $25 a share. Juan is allocated 200 shares of
IPO A. Bonita is allocated 100 shares of IPO A and 100 shares of IPO B. At the end of
the first day of trading, IPO A is selling for $29 a share and IPO B is selling for $22 a
share. What is the difference in the total profits or losses that Juan and Bonita have as
of the end of the first day of trading?
a. $400
b. $500
c. $600
d. $700
e. $800
FLOTATION COSTS
d 61. Your firm is expanding and you need $10 million to help fund this growth. You
estimate that you can sell new shares of stock for $30 a share. You also estimate that it
will cost you $300,000 for legal, accounting, and other costs related to the stock issue.
The underwriters have agreed to a 7 percent spread. How many shares of stock must
you sell if you are going to have $10 million available for your expansion needs?
a. 320,872 shares
b. 358,423 shares
c. 367,367 shares
d. 369,176 shares
e. 388,423 shares
FLOTATION COSTS
e 62. Betsy’s Flags wa nts to raise $5 million to open a new distribution center. The company
estimates the issue costs including the legal and accounting fees will be $210,000. The
underwriters have set the stock price at $18 a share and the underwriting spread at 7.5
percent. How many shares of stock does Betsy’s have to sell to meet their cash need?
a. 269,251 shares
b. 300,300 shares
c. 310,872 shares
d. 311,153 shares
e. 312,913 shares
CHAPTER 16 FLOTATION COSTS
c 63. Winter’s Edge needs $45 million to finance a new facility an
d new snow removal
equipment. The management has met with underwriters who feel that the firm could
sell additional shares of stock at $26 a share with an 8 percent underwriting spread.
The estimated issue costs are $475,000. How many shares of stock will Wi nter’s Edge
need to sell if they choose firm commitment underwriting for their new facility and
equipment?
a. 1,749,038 shares
b. 1,871,471 shares
c. 1,901,129 shares
d. 1,948,718 shares
e. 2,053,219 shares
SHARES NEEDED IN A RIGHTS OFFERING
c 64. Yo u woul
d lik
e to expand your firm’s operations into a neighboring state but you need
$4 million in additional funding to do this. After talking with your key shareholders,
you decide to raise the necessary funds through a rights offering with a subscription
price of $30 a share. The current market price of your stock is $38 a share. How many
shares of stock will you need to sell through the rights offering to fund your expansion
plans?
a. 105,263 shares
b. 125,000 shares
c. 133,333 shares
d. 250,000 shares
e. 500,000 shares
SHARES NEEDED IN A RIGHTS OFFERING
c 65. Down South, Inc. wants to raise $14 million through a rights offering so they can build
a new retail super store. How many shares of stock will the firm need to sell through
this offering if the current stock price is $52 a share and the subscription price is $45 a
share?
a. 269,231 shares
b. 288,660 shares
c. 311,111 shares
d. 328,660 shares
e. 333,333 shares
NUMBER OF RIGHTS
d 66. Turner Wins! plans on raising $20 million through a rights offering. Th
e subscription
price is set at $20. Currently, the company has 2.4 million shares outstanding with a
current market price of $24.50 a share. Each shareholder will receive one right for each
share of stock they currently own. How many rights will be needed to purchase one
new share of stock in this offering?
a. 1.2 rights
b. 1.3 rights
c. 2.0 rights
d. 2.4 rights
e. 4.5 rights
CHAPTER 16
NUMBER OF RIGHTS
a 67. Thursday’s N’ Mor wants to raise $1 million through a rights offering to renovate their
current facilities. The subscription price for the offering is set at $25 a share. Currently,
the company has 90,000 shares of stock outstanding at a market price of $29 a share.
Each shareholder will receive one right for each share of stock they own. How many
rights will be needed to purchase one new share of stock in this offering?
a. 2.25 rights
b. 2.50 rights
c. 2.61 rights
d. 2.90 rights
e. 4.00 rights
NUMBER OF RIGHTS
d 68. Ben and Jennie’s wants to expand their operations into th
e coo kie business. They need
$20 million to build a bakery and establish a distribution system. Currently, the firm
has 1,300,000 shares of stock outstanding. The market price of the stock is $34 a share.
Ben and Jennie’s decides to raise the needed capital thr ough a rights offering wherein
every stockholder will receive one right for every share of stock they own. The
subscription price will be $28. How many rights will be needed to purchase one new
share of stock in this offering?
a. 1.21 rights
b. 1.27 rights
c. 1.54 rights
d. 1.82 rights
e. 2.21 rights
VALUE OF A RIGHT
c 69. Frank Enterprises is sponsoring a rights offering wherein every shareholder will
receive one right for every share of stock they own. The new shares in this offering are
priced at $25 plus 5 rights. The current market price of Frank Enterprises stock is $31 a
share. What is the value of one right?
a. $0
b. $.60
c. $1.00
d. $1.20
e. $1.50
VALUE OF A RIGHT
a 70. The stock of Violets 4 U is currently selling for $46 a share. The company has decided
to raise funds through a rights offering wherein every shareholder will receive one
right for every share of stock they own. The new shares being offered are priced at $40
plus four rights. What is the value of one right?
a. $1.20
b. $1.50
c. $2.40
d. $3.60
e. $6.00
CHAPTER 16 VALUE OF A RIGHT
b 71. You decide to raise $2 million in additional funding via a rights offering. Every
shareholder will receive one right for every share of stock they own. The offering
consists of a total of 250,000 new shares. The current market price of your stock is $10.
Currently, there are 1 million shares outstanding. What is the value of one right?
a. $.25
b. $.40
c. $.75
d. $1.20
e. $1.50
OWNERSHIP DILUTION
c 72. You currently own 5 percent of the 1.2 million outstanding shares of the Jemison Co.
The company has just announced a rights offering with a subscription price of $40.
Every shareholder will receive one right for every share of stock they own. This
offering will provided $12 million of new financing for the firm, ignoring all issue
costs. What will be your new ownership position if you opt to sell your rights rather
than exercise them?
a. 3.5 percent
b. 3.75 percent
c. 4.00 percent
d. 4.25 percent
e. 4.50 percent
OWNERSHIP DILUTION
c 73. Jenna owns 600 shares of stock in the Digital Soun
d Company. Currently, ther
e are
900,000 shares of stock outstanding. The company has just announced a rights offering
whereby 300,000 shares are being offered for sale at a subscription price of $30 a share.
The current stock price is $39 a share. Assume that Jenna sells her rights and that all
rights are exercised. What will Jenna’s ownership percentage in the Digital Sound
Company be after the rights are exercised?
a. .0005 percent
b. .0025 percent
c. .0500 percent
d. 2.500 percent
e. 5.000 percent
CHAPTER 16
DILUTION - ACCOUNTING AND FINANCIAL
d 74. A firm is considering a new project which requires th
e purchase o
f $250,000 of new
equipment. The net present value of the project is $100,000. The price-earnings ratio
of the project equals that of the existing firm. What will the new book value per share
be after the project is implemented given the following current information on the firm?
Number of shares outstanding 100,000
Book value $400,000
Market value $800,000
Net income $ 80,000
Return on equity .20
Price-earnings ratio 10
Earnings per share $ .80
a. $4.00
b. $4.13
c. $4.67
d. $4.95
e. $5.00
DILUTION – ACCOUNTING AND FINANCIAL
e 75. A firm is considering a new project which requires the purchase o
f $250,000 of new
equipment. The net present value of the project is $100,000. The price-earnings ratio
of the project equals that of the existing firm. What will the new market value per
share be after the project is implemented given the following current information on
the firm?
Number of shares outstanding 100,000
Book value $400,000
Market value $800,000
Net income $ 80,000
Return on equity .20
Price-earnings ratio 10
Earnings per share $ .80
a. $6.86
b. $7.94
c. $8.00
d. $8.08
e. $8.76
CHAPTER 16 DILUTION – ACCOUNTING AND FINANCIAL
c 76. You are considering a new project with a net present value of $25,000 an
d an initial
cash outlay for fixed assets of $120,000. You are planning on funding this project by
selling 2,500 new shares of stock. Currently, your firm has 45,000 shares of stock
outstanding and a book value per share of $30. What will the new book value per share
be if you accept this project?
a. $28.42
b. $28.95
c. $30.95
d. $31.47
e. $33.22
DILUTION – PORTFOLIO VALUE
a 77. You own 5 percent or 4,000 shares of Tonka, Inc. These shares have a total market
value of $92,000. By what percentage will the total value of your investment in Tonka
change if the company sells an additional 10,000 shares of stock at $21 a share and you
do not buy any?
a. -.96 percent
b. -.94 percent
c. -.92 percent
d. .00 percent
e. .02 percent
DILUTION – PORTOFLIO VALUE
a 78. Amy currently owns 15 percent of Aloft, Inc. The company has a total of 125,000
shares outstanding with a current market price of $20 a share. At present, the firm is
offering an additional 12,500 shares at a price of $17.50 a share. Amy decides not to
participate in this offering. What will Amy’s ownership position be after the offering is
completed?
a. 13.64 percent
b. 14.33 percent
c. 15.06 percent
d. 15.87 percent
e. 16.50 percent
CHAPTER 16
IV. ESSAYS
VENTURE CAPITAL PROS AND CONS
79. What are the pros and cons of using a venture capitalist?
The primary advantage of using a venture capitalist is to gain access to the capital required for firm growth when traditional capital funding sources may be closed to the firm. In
addition, a venture capitalist assists in the management of the firm by providing industry experience and expertise and may provide valuable contacts for suppliers and/or customers.
A major drawback of using a venture capitalist is that the owners must give up a substantial
fraction of their ownership in the firm.
VENTURE CAPITAL CONSIDERATIONS
80. The text lists five key considerations in choosing a venture capitalist. List and briefly
explain four of these.
The five listed in the text are:
financial strength: financial reserves available for additional financing
style: level of managerial involvement, degree of flexibility
references: past venture capital experience
contacts: suppliers, customers, industry leaders
exit strategy withdrawal of venture capitalist from the firm
RIGHTS OFFERINGS
81. Why might a firm consider raising equity via a rights offering rather than via a general cash
offer? What are the disadvantages? If you are a stockholder in the firm, which would you prefer?
The major advantage to the firm with a rights offering is lower flotation costs which can result in significant savings especially if an underwriter is not employed.
Arguments against using rights include: 1. underwriters increase the stock price, 2.
underwriters may provide insurance against failed offerings, 3. the proceeds from a cash offer will be available sooner than with a rights offer, 4. underwriters provide a wider
distribution of ownership and 5. consulting advice from underwriters may be beneficial.
The shareholder benefits more from a rights offer due to the lower issuance costs for the firm along with the right to protect their proportionate ownership interest in the firm.
SEC
82. What would be wrong with eliminating the SEC from the security-issuance process?
This is an open-ended question with many possible areas for expansion by the student.
Would the quality of information provided to investors decline? Would firms find it
worthwhile to misrepresent themselves? Would private ratings or certification-type agencies for new equity issues arise?
一、单项选择题（每小题2分） 1、下列哪个恒等式是不成立的？ C A. 资产=负债+股东权益 B. 资产-负债=股东权益 C. 资产+负债=股东权益 D. 资产-股东权益=负债 2、从税收角度考虑，以下哪项是可抵扣所得税的费用？ A A. 利息费用 B. 股利支付 C. A和B D. 以上都不对 3、现金流量表的信息来自于 C A. 损益表 B. 资产负债表 C. 资产负债表和损益表 D. 以上都不对 4、以下哪项会发生资本利得/损失，从而对公司纳税有影响？ B A.买入资产 B.出售资产 C.资产的市场价值增加 D.资产的账面价值增加 5、沉没成本是增量成本。 B A. 正确 B. 不对 6、期限越短，债券的利率风险就越大。B A. 正确 B. 不对 7、零息债券按折价出售。 A A. 正确 B. 不对 8、股东的收益率是股利收益率和资本收益率的和。 A A. 正确 B. 不对 9、期望收益率是将来各种收益可能性的加权平均数，或叫期望值。 A A. 正确 B. 不对 10、收益率的方差是指最高可能收益率与最低可能收益率之差。 B A. 正确 B. 不对 11．财务经理的行为是围绕公司目标进行的，并且代表着股东的利益。因此，财务经理在投资、筹资及利润分配中应尽可能地围绕着以下目标进行。 C Ａ．利润最大化Ｂ．效益最大化Ｃ．股票价格最大化Ｄ．以上都行 12．在企业经营中，道德问题是很重要的，这是因为不道德的行为会导致 D Ａ．中断或结束未来的机会Ｂ．使公众失去信心 Ｃ．使企业利润下降Ｄ．以上全对 13．在净现金流量分析时，以下哪个因素不应该考虑 A Ａ．沉没成本Ｂ．相关因素Ｃ．机会成本Ｄ．营运资本的回收 14. 每期末支付￥1，每期利率为r，其年金现值为：D A. B. C. D. 15. 据最新统计资料表明，我国居民手中的金融资产越来越多，这说明了居民手中持有的金融资产是 D Ａ．现金Ｂ．股票Ｃ．债券Ｄ．以上都对 16.除了，以下各方法都考虑了货币的时间价值。C A. 净现值 B. 内含报酬率 C. 回收期 D. 现值指数 17. 企业A的平均收账期为28.41天，企业B的平均收账期为48.91天，则 C A.企业B是一家付款长的客户 B.应该将平均收账期同使用的信用条件中的信用天数相比较 C.很难判断 18.为了每年年底从银行提取￥1,000，一直持续下去，如果利率为10%，每年复利一次，那么，你现在应该存多少钱？A A.￥10,000 B. ￥8,243 C. ￥6,145 D. ￥11,000 19. 大多数投资者是：A A. 规避风险的 B.对风险持中性态度的 C. 敢于冒险的 D. 以上都不对 20. 财务拮据通常伴随着 D A. 客户和供应商的回避 B. 以较低的售价出售产品 C.大量的行政开支 D. 以上全是 21．公司里的代理问题是由代理关系产生的，代理成本在一定程度上 A
Chapter 10 Return and Risk: The Capital-Assets-Pricing Model Multiple Choice Questions 1. When a security is added to a portfolio the appropriate return and risk contributions are A) the expected return of the asset and its standard deviation. B) the expected return and the variance. C) the expected return and the beta. D) the historical return and the beta. E) these both can not be measured. Answer: C Difficulty: Medium Page: 255 2. When stocks with the same expected return are combined into a portfolio A) the expected return of the portfolio is less than the weighted average expected return of the stocks. B) the expected return of the portfolio is greater than the weighted average expected return of the stocks. C) the expected return of the portfolio is equal to the weighted average expected return of the stocks. D) there is no relationship between the expected return of the portfolio and the expected return of the stocks. E) None of the above. Answer: C Difficulty: Easy Page: 261 3. Covariance measures the interrelationship between two securities in terms of A) both expected return and direction of return movement. B) both size and direction of return movement. C) the standard deviation of returns. D) both expected return and size of return movements. E) the correlations of returns. Answer: B Difficulty: Medium Page: 258-259 Use the following to answer questions 4-5: GenLabs has been a hot stock the last few years, but is risky. The expected returns for GenLabs are highly dependent on the state of the economy as follows: State of Economy Probability GenLabs Returns Depression .05 -50% Recession .10 -15 Mild Slowdown .20 5 Normal .30 15% Broad Expansion .20 25 Strong Expansion .15 40
项目一财务管理总体认知 一、单项选择题 1．下列各项企业财务管理目标中，能够同时考虑资金的时间价值和投资风险因素的是( D )。 A．产值最大化 B．利润最大化 C．每股收益最大化 D．企业价值最大化 2．企业筹资活动的最终结果是( D )。 A.银行借款 B.发行债券 C.发行股票 D.资金流入 7．相对于每股收益最大化目标而言，企业价值最大化目标的不足之处是( D )。 A．没有考虑资金的时间价值 B．没有考虑投资的风险价值 C．不能反映企业潜在的获利能力 D．某些情况下确定比较困难 9．下列法律法规同时影响企业筹资、投资和收益分配的是( A )。 A．公司法 B．金融法 C．税法 D．企业财务通则 10．在市场经济条件下，财务管理的核心是（ B ）。 A.财务预测 B.财务决策 C.财务控制 D.财务分析 二、多项选择题 2．企业财务管理的基本内容包括( ACD )。 A. 筹资决策 B．技术决策 C．投资决策 D．盈利分配决策 3．财务管理的环境包括( ABCD )。 A．技术环境 B．经济环境 C．金融环境 D．法律环境 4．以下项目中属于“利润最大化”目标存在的问题有( ABCD )。 A．没有考虑利润实现时间和资金时间价值 B．没有考虑风险问题 C．没有反映创造的利润与投入的资本之间的关系 D．可能导致企业短期财务决策倾向，影响企业长远发展
5．以股东财富最大化作为财务管理目标存在的问题有( ABC )。 A．通常只适用于上市公司 B．股价不能完全准确反映企业财务管理状况 C．对其他相关者的利益重视不够 D．没有考虑风险因素 6．下列财务管理的目标当中，考虑了风险因素的有( BCD )。 A．利润最大化 B．股东财富最大化 C．企业价值最大化 D．相关者利益最大化 7．在分配活动中，企业财务管理的核心任务是( BC )。 A. 确定筹资结构 B. 确定分配规模 C．确定分配方式 D. 确定投资方向 8．利润最大化目标和每股利润最大化目标存在的共同缺陷有( ABD )。 A．没有考虑货币时间价值 B．没有考虑风险因素 C．没有考虑利润与资本的关系 D. 容易导致短期行为 11．下列属于货币市场工具的有( BD )。 A．股票 B．短期国库券 C．债券 D．回购协议 项目二财务管理价值观念培养 一、单项选择题 2．一定时期内每期期初等额收付的系列款项是( A )。 A．即付年金 B．永续年金 C．递延年金 D．普通年金 4．年内复利m次时，其名义利率r与实际利率i之间的关系是( A )。 A．i＝(1+r／m)m-1 B. i＝(1+r／m)-1 C．i＝(1+r／m)-m -1 D. i＝l-(1+r／m)-m 5．甲某拟存入一笔资金以备3年后使用。假定银行3年期存款年利率为5％，甲某3年后需用的资金总额为34 500元，则在单利计息情况下，目前需存入的资金为( A )元。 A．30 000 B．29 803．04 C．32 857．14 D．31 500 6．如果某人5年后想拥有50 000元，在年利率为5％、单利计息的情况下，他现在必
公司理财（11.04） 第一章公司理财概述 一、单项选择题 1、在筹资理财阶段，公司理财的重点内容是（ B ）。 A有效运用资金 B如何设法筹集到所需资金 C研究投资组合 D国际融资 二、多项选择题 1、公司财务活动的内容包括（ ABCDE ）。 A资金的筹集 B资金的运用 C资金的耗费 D资金的收回 E资金的分配 三、填空题 1、在内部控制理财阶段，公司理财的重点内容是如何有效地（运用资金）。 2、西方经济学家和企业家以往都以（利润最大化）作为公司的经营目标和理财目标。 3、现代公司理财的目标是（股东财富最大化）。 4、公司资产价值增加，生产经营能力提高，意味着公司具有持久的、强大的获利能力和（偿 债能力）。 5、当（股票价格）达到最高时，意味着股东财富达到最大化。 6、公司筹资的渠道主要有两大类，一是（自有资本）的筹集，二是（借入资本）的筹集。 四、简答题 1、为什么以股东财富最大化作为公司理财目标？P14 （1）考虑到了货币时间价值和风险价值；（2）体现了对公司资产保值增值的要求；（3）有利于克服公司经营上的短期行为，促使公司理财当局从长远战略角度进行财务决策，不断增加公司财富。 2、公司理财的具体内容是什么？P16-17 （1）筹资决策；（2）投资决策；（3）股利分配决策。 第二章财务报表分析 一、单项选择题 1、资产负债表为（ B ）。 A动态报表 B静态报表 C动态与静态相结合的报表 D既不是动态报表也不是静态报表 2、下列负债中属于长期负债的是（ D ）。 A应付账款 B应交税金 C预计负债 D应付债券 3、公司流动性最强的资产是（）。A A货币资金 B短期投资 C应收账款 D存货 4、利润表中的收入是按（ B ）确认的。 A收付实现制 B权责发生制 C永续盘存制 D实地盘存制 5、下列各项费用中属于财务费用的是（ C ）。 A广告费 B劳动保险费 C利息支出 D坏账损失 6、反映公司所得与所费的比例关系的财务指标是（）。D A销售利润率 B总资产周转率 C资产利润率 D成本费用利润率 二、多项选择题 1、与资产负债表中财务状况的计量直接联系的会计要素有（ ABC ）。 A资产 B负债 C所有者权益 D成本费用 E收入利润 2、与利润表中经营成果的计量有直接联系的会计要素有（ BCD ）。 A资产 B收入 C成本和费用 D利润 E所有者权益 3、反映偿债能力的财务指标主要有（ ABCD ）。 A资产负债率 B流动比率 C速动比率 D现金比率 E存货周转率 三、填空题 1、资产的实质是（经济资源）。 2、公司所有者权益的金额为（资产）减去（负债）后的余额。 3、公司的法定盈余公积在转增资本后，一般不得低于注册资金的（25% ）。C 4、固定资产的计价标准有原始价值、重置价值和（净值）三种。
CHAPTER 2 Financial Statements & Cash Flow Multiple Choice Questions: I. DEFINITIONS BALANCE SHEET b 1. The financial statement showing a firm’s accounting value on a particular date is the: a. income statement. b. balance sheet. c. statement of cash flows. d. tax reconciliation statement. e. shareholders’ equity sheet. Difficulty level: Easy CURRENT ASSETS c 2. A current asset is: a. an item currently owned by the firm. b. an item that the firm expects to own within the next year. c. an item currently owned by the firm that will convert to cash within the next 12 months. d. the amount of cash on hand the firm currently shows on its balance sheet. e. the market value of all items currently owned by the firm. Difficulty level: Easy LONG-TERM DEBT b 3. The long-term debts of a firm are liabilities: a. that come due within the next 12 months. b. that do not come due for at least 12 months. c. owed to the firm’s suppliers. d. owed to the firm’s shareholders. e. the firm expects to incur within the next 12 months. Difficulty level: Easy NET WORKING CAPITAL e 4. Net working capital is defined as: a. total liabilities minus shareholders’ equity. b. current liabilities minus shareholders’ equity. c. fixed assets minus long-term liabilities. d. total assets minus total liabilities. e. current assets minus current liabilities. Difficulty level: Easy LIQUID ASSETS d 5. A(n) ____ asset is on e which can be quickly converted into cash without significant loss in value.
Chapter 20 Issuing Securities to the Public Multiple Choice Questions 1. An equity issue sold directly to the public is called: A. a rights offer. B. a general cash offer. C. a restricted placement. D. a fully funded sales. E. a standard call issue. 2. An equity issue sold to the firm's existing stockholders is called: A. a rights offer. B. a general cash offer. C. a private placement. D. an underpriced issue. E. an investment banker's issue. 3. Management's first step in any issue of securities to the public is: A. to file a registration form with the SEC. B. to distribute copies of the preliminary prospectus. C. to distribute copies of the final prospectus. D. to obtain approval from the board of directors. E. to prepare the tombstone advertisement. 4. A rights offering is: A. the issuing of options on shares to the general public to acquire stock. B. the issuing of an option directly to the existing shareholders to acquire stock. C. the issuing of proxies which are used by shareholders to exercise their voting rights. D. strictly a public market claim on the company which can be traded on an exchange. E. the awarding of special perquisites to management.
1）单选题，共20题，每题5.0分，共100.0分1 单选题 (5.0分) 资产未来创造的现金流入现值称为？ A. 资产的价格 B. 资产的分配 C. 资产的价值 D. 资产的体量 2 单选题 (5.0分) 谁承担了公司运营的最后风险？ A. 债权人 B. 股东 C. 管理层 D. 委托人 3 单选题 (5.0分) 金融市场有哪些类型？ A. 货币市场 B. 资本市场 C. 期货市场 D. 以上都是 4 单选题 (5.0分) 以下哪项是债券价值评估方式？ A. 现值估价模型 B. 到期收益率 C. 债券收益率 D. 以上都是 5 单选题 (5.0分) 融资直接与间接的划分方式取决于？ A. 融资的受益方 B. 金融凭证的设计方 C. 融资来源 D. 融资规模
6 单选题 (5.0分) 以下哪种不是财务分析方法？ A. 比较分析 B. 对比分析 C. 趋势百分比分析 D. 财务比例分析 7 单选题 (5.0分) 以下哪个不是价值的构成？ A. 现金流量 B. 现值 C. 期限 D. 折现率 8 单选题 (5.0分) 比率分析的目的是为了？ A. 了解项目之间的关系 B. 了解金融发展变化 C. 分析资金流动趋势 D. 分析金融风险 9 单选题 (5.0分) 影响公司价值的主要因素是？ A. 市场 B. 政策 C. 信息 D. 时间 10 单选题 (5.0分) 以下哪种是内部融资方式？ A. 留存收益 B. 股票 C. 债券 D. 借款 11 单选题 (5.0分)
什么是营运资本？ A. 流动资产-流动负债 B. 流动资产+流动负债 C. 流动资产*流动负债 D. 流动资产/流动负债 12 单选题 (5.0分) PMT所代表的含义是？ A. 现值 B. 终值 C. 年金 D. 利率 13 单选题 (5.0分) 金融市场的作用是什么？ A. 资金的筹措与投放 B. 分散风险 C. 降低交易成本 D. 以上都是 14 单选题 (5.0分) 以下哪项不是财务管理的内容？ A. 筹资 B. 融资 C. 信贷 D. 营运资本管理 15 单选题 (5.0分) 微观金融的研究对象是什么？ A. 机构财政 B. 账目管理 C. 股市投资 D. 公司理财 16 单选题 (5.0分) 计划经济时代企业的资金来源是？
一、单选题 1. 以下哪个例子表现了在商业领域所使用到“可疑的”道德规范？（） A. 吸引和保持新客户 B. 雇佣和留住技术人员 C. 紧跟行业竞争 D. 与有“可疑的”道德规范的公司做交易 E. 以上都说法都不正确 2. 以下哪项工作可以减少股东与债权人的代理冲突（） A. 在公司债券合同中包含限制性的条款 B. 向经理提供大量的股票期权 C. 通过法律使得公司更容易抵制敌意收购 D. B和C是正确的 E. 以上所有都是正确的 3. 上市公司在考虑股东利益时追求的主要目标应该是（） A. 预期的总利润最大化 B. 预期的每股收益（EPS）最大化 C. 亏损机会最小化 D. 每股股价最大化 4. 公司X和Y的信息如下：公司X比公司Y有较高的期望收益率，公司X比公司Y有较低的标准差，公司X比公司Y有较高的贝塔系数。根据这些信息，以下哪种陈述是最正确的（） A. 公司X比公司Y有较低的变异系数 B. 公司X比公司Y有更多的公司特有的风险 C. 公司X的股票比公司Y的股票更值得购买 D. A和B是正确的 E. A，B，和C是正确的 5. 在进行资本预算分析计算加权平均资本成本时，以下那项不被列入资本要素部分？（）
A. 长期负债 B. 普通股 C. 应付账款和利息 D. 优先股 6. 以下哪种说法最正确？（） A. 折旧率经常会影响经营现金流，即使折旧不是一项现金费用 B. 公司在做投资决策时应该将沉没成本列入考虑范围中 C. 公司在做投资决策时应该将机会成本列入考虑范围中 D. 说法A和C是正确的 E. 以上的说法都是正确的 7. 一家公司正在考虑一个新项目。公司的财务总监计划通过WACC折现相关的现金流来计算项目的净现值（其中，现金流包括初始投资成本，经营现金流以及项目终结时的现金流）。以下的哪种因素会在估计相关的现金流时列入财务总监的考虑范畴？（） A. 任何与项目相关的沉没成本 B. 任何与项目相关的利息费用 C. 任何与项目相关的机会成本 D. 说法B和C是正确的 E. 以上的说法都是正确的 8. 以下哪项是Bev’sBeverageInc.公司在评估橘子水项目时必须考虑的？（） A. 公司两年前花费$300,000来修复它在辛辛那提的工厂，这些修缮是公司在另一个项目中进行的，但是该项目最终没有被实施。 B. 假如公司没有继续这个橘子水项目，那家辛辛那提工厂能够产生每年$75,000的出租收入。 C. 假如公司继续这个项目，据估计公司的另一种饮料的销售会每年下降3%。 D. 说法B和C是正确的 E. 以上的说法都是正确的 9. 回收期法的一个主要缺陷是：（） A. 作为风险指标是无用的 B. 忽视了回收期外的现金流 C. 没有直接计算货币的时间价值 D. 说法B和C是正确的 E. 以上的说法都是正确的 10. 以下哪种行为将使公司留存收益的间断点推后。（） A. 公司净收益提高 B. 公司股利支付率提高 C. 在公司资本结构中，权益的比重上升 D. 公司资本预算金额上升 E. 以上所有行为都会提高留存收益的间断点
Chapter 30 Financial Distress Multiple Choice Questions 1. Financial distress can be best described by which of the following situations in which the firm is forced to take corrective action? A. Cash payments are delayed to creditors. B. The market value of the stock declines by 10%. C. The firm's operating cash flow is insufficient to pay current obligations. D. Cash distributions are eliminated because the board of directors considers the surplus account to be low. E. None of the above. 2. Insolvency can be defined as: A. not having cash. B. being illiquid. C. an inability to pay one's debts. D. an inability to increase one's debts. E. the present value of payments being less than assets. 3. Stock-based insolvency is a: A. income statement measurement. B. balance sheet measurement. C. a book value measurement only. D. Both A and C. E. Both B and C. 4. Flow-based insolvency is: A. a balance sheet measurement. B. a negative equity position. C. when operating cash flow is insufficient to meet current obligations. D. inability to pay one's debts. E. Both C and D.
【思考与练习题】部分习题参考答案 第3章 6. 该公司资产负债表为 XX公司资产负债表XX年12月31日资产期末余额负债及所有者权益期末余额 流动资产流动负债 现金及其等400 应付账款600 价物800 应交税金200 应收账款1200 流动负债合计800 流动资产合计非流动负债 非流动资产3400 应付债券700 固定资产8200 非流动负债合计700 无形资产11600 所有者权益 非流动资产合计实收资本8800 股本溢价1900 留存收益600 所有者权益合计11300 资产总计12800 资产及所有者权益合计12800 7. 公司2007年的净现金流为-25万元。 8. 各比例如下： 4. （1）1628.89 元；（2）1967.15 元；（3）2653.30 元 5. 现在要投入金额为38.55万元。 6. 8年末银行存款总值为6794.89元（前4年可作为年金处理）。 7. （1）1259.71 元；（2）1265.32 元；（3）1270.24 元；（4）1271.25 元；（5）其他条件不变的情况下，同一利息期间计息频率越高，终值越大；至琏续计算利息时达到最大值。 8. （1）每年存入银行4347.26元；（2）本年存入17824.65元。 9. 基本原理是如果净现值大于零，则可以购买；如果小于零，则不应购买。 NPV=-8718.22，小于零，故不应该购买。 第5章 8. （1）该证券的期望收益率=0.15 X 8%+0.30X 7%+0.40X 10%+0.15X 15%=9.55%
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Chapter 13 Risk, Cost of Capital, and Capital Budgeting Answer Key Multiple Choice Questions 1. The weighted average of the firm's costs of equity, preferred stock, and after tax debt is the: A. reward to risk ratio for the firm. B. expected capital gains yield for the stock. C. expected capital gains yield for the firm. D. portfolio beta for the firm. E. weighted average cost of capital (WACC). Difficulty level: Easy Topic: WACC Type: DEFINITIONS 2. If the CAPM is used to estimate the cost of equity capital, the expected excess market return is equal to the: A. return on the stock minus the risk-free rate. B. difference between the return on the market and the risk-free rate. C. beta times the market risk premium. D. beta times the risk-free rate. E. market rate of return. Difficulty level: Easy Topic: CAPM Type: DEFINITIONS
习题一 1.5.1单项选择题 1 ．不能偿还到期债务是威胁企业生存的（）。 A ．外在原因 B ．内在原因 C ．直接原因 D ．间接原因 2．下列属于有关竞争环境的原则的是（）。 A ．净增效益原则 B ．比较优势原则 C ．期权原则 D ．自利行为原则3．属于信号传递原则进一步运用的原则是指（） A ．自利行为原则 B ．比较优势原则 C . 引导原则 D ．期权原则 4 ．从公司当局可控因素来看，影响报酬率和风险的财务活动是（）。 A ．筹资活动 B ．投资活动 C ．营运活动 D ．分配活动 5 ．自利行为原则的依据是（）。 A ．理性的经济人假设 B ．商业交易至少有两方、交易是“零和博弈”，以及各方都是自利的 C ．分工理论 D ．投资组合理论 6 ．下列关于“有价值创意原则”的表述中，错误的是（）。 A ．任何一项创新的优势都是暂时的 B ．新的创意可能会减少现有项目的价值或者使它变得毫无意义 C ．金融资产投资活动是“有价值创意原则”的主要应用领域 D ．成功的筹资很少能使企业取得非凡的获利能力 7 ．通货膨胀时期，企业应优先考虑的资金来源是（） A ．长期负债 B ．流动负债 C ．发行新股 D ．留存收益 8．股东和经营者发生冲突的根本原因在于（）。 A ．具体行为目标不一致 B ．掌握的信息不一致 C ．利益动机不同 D ，在企业中的地位不同 9 ．双方交易原则没有提到的是（）。 A ．每一笔交易都至少存在两方，双方都会遵循自利行为原则 B ．在财务决策时要正确预见对方的反映 C ．在财务交易时要考虑税收的影响 D ．在财务交易时要以“自我为中心” 10．企业价值最大化目标强调的是企业的（）。 A ．预计获利能力 B ．现有生产能力 C ．潜在销售能力 D ．实际获利能力11．债权人为了防止其利益受伤害，通常采取的措施不包括（）。 A ．寻求立法保护 B ．规定资金的用途 C ．提前收回借款 D ．不允许发行新股12．理性的投资者应以公司的行为作为判断未来收益状况的依据是基于（）的要求。 A ．资本市场有效原则 B ．比较优势原则 C ．信号传递原则 D ．引导原则13．以每股收益最大化作为财务管理目标，存在的缺陷是（）。 A ．不能反映资本的获利水平 B ．不能用于不同资本规模的企业间比较 C ．不能用于同一企业的不同期间比较 D ．没有考虑风险因素和时间价值 14 ．以下不属于创造价值原则的是（）。 A ．净增效益原则 B ．比较优势原则 C ．期权原则 D ．风险—报酬权衡原则 15. 利率=（）＋通货膨胀附加率＋变现力附加率+违约风险附加率+到期风险附加率。 A ．物价指数附加率 B ．纯粹利率 C ．风险附加率 D ．政策变动风险 1.5.2多项选择题
公司理财复习题(小小) 注:本人在百忙之中经过几天几夜整理,只求考试过关,难免有差错和漏洞. 红色部分为不知道答案部份.请各位同学再汇总一下.并在群中分享,谢谢! 1.企业组织形态中的单一业主制和合伙制有哪四个主要的缺点？这两种企业组织形态相对公司形态而言，有哪些优点？ 答:单一业主制企业的缺点 虽然单一业主制有如上的优点，但它也有比较明显的缺点。一是难以筹集大量资金。因为一个人的资金终归有限，以个人名义借贷款难度也较大。因此，单一业主制限制了企业的扩展和大规模经营。二是投资者风险巨大。企业业主对企业负无限责任，在硬化了企业预算约束的同时，也带来了业主承担风险过大的问题，从而限制了业主向风险较大的部门或领域进行投资的活动。这对新兴产业的形成和发展极为不利。三是企业连续性差。企业所有权和经营权高度统一的产权结构，虽然使企业拥有充分的自主权，但这也意味着企业是自然人的企业，业主的病、死，他个人及家属知识和能力的缺乏，都可能导致企业破产。四是企业内部的基本关系是雇佣劳动关系，劳资双方利益目标的差异，构成企业内部组织效率的潜在危险。 合伙制企业的缺点 然而，合伙制企业也存在与单一业主制企业类似的缺陷。一是合伙制对资本集中的有限性。合伙人数比股份公司的股东人数少得多，且不能向社会集资，故资金有限。二是风险性大。强调合伙人的无限连带责任，使得任何一个合伙人在经营中犯下的错误都由所有合伙人以其全部资产承担责任，合伙人越多，企业规模越大，每个合伙人承担的风险也越大，合伙人也就不愿意进行风险投资，进而妨碍企业规模的进一步扩大。三是合伙经营方式仍然没有简化自然人之间的关系。由于经营者数量的增加，在显示出一定优势的同时，也使企业的经营管理变得较为复杂。合伙人相互间较容易出现分歧和矛盾，使得企业内部管理效率下降，不利于企业的有效经营。 单一业主制企业的优点 单一业主制企业是企业制度序列中最初始和最古典的形态，也是民营企业主要的企业组织形式。其主要优点为：一是企业资产所有权、控制权、经营权、收益权高度统一。这有利于保守与企业经营和发展有关的秘密，有利于业主个人创业精神的发扬。二是企业业主自负盈亏和对企业的债务负无限责任成为了强硬的预算约束。企业经营好坏同业主个人的经济利益乃至身家性命紧密相连，因而，业主会尽心竭力地把企业经营好。三是企业的外部法律法规等对企业的经营管理、决策、进入与退出、设立与破产的制约较小。 合伙制企业的优点 合伙制作为一种联合经营方式，在经营上具有的主要优点有：一是出资者人数的增加，从一定程度上突破了企业资金受单个人所拥有的量的限制，并使得企业从外部获得贷款的信用能力增强、扩大了企业的资金来源。这样不论是企业的内部资金或外部资金的数量均大大超过单一业主制企业，有利于扩大经营规模。二是由于风险分散在众多的所有者身上，使合伙制企业的抗风险能力较之单一业主制企业大大提高。企业可以向风险较大的事业领域拓展，拓宽了企业的发展空间。三是经营者即出资者人数的增加，突破了单个人在知识、阅历、经验等方面的限制。众多的经营者在共同利益驱动下，集思广益，各显其长，从不同的方面进行企业的经营管理，必然会有助于企业经营管理水平的提高。
CHAPTER 8 Making Capital Investment Decisions I. DEFINITIONS INCREMENTAL CASH FLOWS a 1. The changes in a firm's future cash flows that are a direct consequence of accepting a project are called _____ cash flows. a. incremental b. stand-alone c. after-tax d. net present value e. erosion Difficulty level: Easy EQUIVALENT ANNUAL COST e 2. The annual annuity stream o f payments with the same present value as a project's costs is called the project's _____ cost. a. incremental b. sunk c. opportunity d. erosion e. equivalent annual Difficulty level: Easy SUNK COSTS c 3. A cost that has already been paid, or the liability to pay has already been incurred, is a(n): a. salvage value expense. b. net working capital expense. c. sunk cost. d. opportunity cost. e. erosion cost. Difficulty level: Easy OPPORTUNITY COSTS d 4. Th e most valuable investment given up i f an alternative investment is chosen is a(n): a. salvage value expense. b. net working capital expense.
Chapter 16 Capital Structure: Basic Concepts Multiple Choice Questions 1. The use of personal borrowing to change the overall amount of financial leverage to which an individual is exposed is called: A. homemade leverage. B. dividend recapture. C. the weighted average cost of capital. D. private debt placement. E. personal offset. 2. The proposition that the value of the firm is independent of its capital structure is called: A. the capital asset pricing model. B. MM Proposition I. C. MM Proposition II. D. the law of one price. E. the efficient markets hypothesis. 3. The proposition that the cost of equity is a positive linear function of capital structure is called: A. the capital asset pricing model. B. MM Proposition I. C. MM Proposition II. D. the law of one price. E. the efficient markets hypothesis. 4. The tax savings of the firm derived from the deductibility of interest expense is called the: A. interest tax shield. B. depreciable basis. C. financing umbrella. D. current yield. E. tax-loss carry forward savings.
公司理财复习题 一、单选选择题 1、企业的管理目标的最优表达是（C ） A．利润最大化 B．每股利润最大化 C．企业价值最大化 D．资本利润率最大化 2、把若干财务比率用线性关系结合起来,以此评价企业信用水平的方法是(B ) A杜邦分析法B沃尔综合评分法C预警分析法D经营杠杆系数分析3、“5C”系统中的“信用品质”是指（ D ） A．不利经济环境对客户偿付能力的影响 B．客户偿付能力的高低 C．客户的经济实力与财务状况 D．客户履约或赖账的可能性4、投资报酬分析最主要的分析主体是( B ) A上级主管部门B投资人C长期债人D短期债权人 5、普通年金终值系数的倒数称为（ B ） A复利终值系数B偿债基金系数C普通年金现值系数D投资回收系数6、为了直接分析企业财务善和经营成果在同行中所处的地位,需要进行同业比较分析,其中行业标准产生的依据是( D ) A历史先进水平B历史平均水平C行业先进水平D行业平均水平 7、J公司2008年的主营业务收入为500 000万元，其年初资产总额为650 000万元，年末资产总额为600 000万元，则该公司的总资产周转率为( D) A。77 B。83 C。4 D。8 8、下列选项中，不属于资产负债表中长期资产的是( A ) A应付债券B固定资产C无形资产D长期投资 9、计算总资产收益率指标时，其分子是( B )。 A. 利润总额 B. 净利润 C. 息税前利润 D. 营业利润 10．在财务报表分析中，投资人是指（D）。 A 社会公众B金融机构 C 优先股东D普通股东 11．流动资产和流动负债的比值被称为（A ）。 A流动比率B速动比率C营运比率D资产负债比率12．下列各项中，（D）不是影响固定资产净值升降的直接因素。 A固定资产净残值B固定资产折旧方法 C折旧年限的变动D固定资产减值准备的计提 13、债权人在进行企业财务分析时，最为关注的是（B）。 A.获利能力 B.偿债能力 C.发展能力 D.资产运营能力 14、能够直接取得所需的先进设备和技术，从而能尽快地形成企业的生产经营能力的筹资形式是（ B ） A．股票筹资B．吸收直接投资C．债券筹资D．融资租赁 15、下列项目中，属于非交易动机的有（ D ） A支付工资B购买原材料C偿付到期债务D伺机购买质高价廉的原材料16、下列项目中属于非速动资产的有（ D ） A．应收账款净额B．其他应收款C．短期投资 D．存货 17、下列（ C）不属于固定资产投资决策要素。 A.可用资本的成本和规模 B. 项目盈利性 C. 决策者的主观意愿和能力 D. 企业承担风险的意愿和能力 18、确定一个投资方案可行的必要条件是（ B ）。