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](财务报表分析与长期计划)【圣才出

罗斯《公司理财》（第9版）课后习题第13章风险、资本成本和资本预算一、概念题1．资产贝塔（asset beta）答：资产贝塔是指企业总资产的贝塔系数。

除非完全依靠权益融资，否则不能把资产贝塔看作普通股的贝塔系数。

其公式为：其中，β权益是杠杆企业权益的贝塔。

公式包括两部分，即负债的贝塔乘以负债在资本结构中的百分比；权益的贝塔乘以权益在资本结构中的百分比。

这个组合包括企业的负债和权益，所以组合贝塔就是资产贝塔。

在实际中，负债的贝塔很低，一般假设为零。

若假设负债的贝塔为零，则：对于杠杆企业，权益／（负债+权益）一定小于1，所以β资产<β权益，将上式变形，有：有财务杠杆的情况下，权益贝塔一定大于资产贝塔。

2．经营杠杆（operating leverage）答：经营杠杆是指由于固定成本的存在而导致息税前利润变动大于产销业务量变动的杠杆效应。

对经营杠杆的计量最常用的指标是经营杠杆系数或经营杠杆度。

经营杠杆系数，是指息税前利润变动率相当于销售量变动率的倍数。

用公式可以表示为：式中，EBIT为息税前利润；F为固定成本。

经营杠杆系数不是固定不变的。

当企业的固定成本总额、单位产品的变动成本、销售价格、销售数量等因素发生变动时，经营杠杆系数也会发生变动。

经营杠杆系数越高，对经营杠杆利益的影响就越强，经营杠杆风险也就越高。

经营杠杆越大，企业的贝塔系数就越大。

3．权益资本成本（cost of equity capital）答：权益资本成本就是投资股东要求的回报率，用CAPM模型表示股票的期望收益率为：其中，R F是无风险利率；是市场组合的期望收益率与无风险利率之差，也称为期望超额市场收益率或市场风险溢价。

所以要估计企业权益资本成本，需要知道以下三个变量：①无风险利率；②市场风险溢价；③公司权益的贝塔系数。

4．加权平均资本成本（weighted average cost of capital，r WACC）答：平均资本成本是权益资本成本和债务资本成本的加权平均，所以，通常称之为加权平均资本成本，r WACC，其计算公式如下：式中的权数分别是权益占总价值的比重，即和负债占总价值的比重，即。

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 FVA. The equation to find the FVA 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: PVA = $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 Value Interest Factor PVIFA R,t = ({1 – [1/(1 + r)] t } / r ) which stands for Present Value 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 the semiannual 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) t 2.1570 = 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(PVIFA 3.5%,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(PVIF 3.5%,40 ) = $5,051.45 CH8 4，18，20，22，24 4. 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 priceof 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 Year 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 )] P 0 = [$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 Year 3 since the dividend growth rate is constant after the third dividend. The price of the stock in Year 3 will be the dividend in Year 4, divided by the required return minus the constant dividend growth rate. So, the price in Year 3 will be: 6 / 17 P 3 = $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 Year 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 Year 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: Value today of Year 1 cash flow = $4,200/1.14 = $3,684.21 Value today of Year 2 cash flow = $5,300/1.14 2 = $4,078.18 Value today of Year 3 cash flow = $6,100/1.14 3 = $4,117.33 V alue today of Year 4 cash flow = $7,400/1.14 4 = $4,381.39 To find the 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 Year 1 and Year 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 Year 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: Average net income = ($1,938,200 + 2,201,600 + 1,876,000 + 1,329,500) / 4 = $1,836,325 And the average book value is: Average book value = ($15,000,000 + 0) / 2 = $7,500,000 So, the AAR for this project is: AAR = Average net income / Average 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[视频详解]第13章风险、资本成本和资本预算[视频讲解]13.1复习笔记运用净现值法，按无风险利率对现金流量折现，可以准确评价无风险现金流量。

然而，现实中的绝大多数未来现金流是有风险的，这就要求有一种能对有风险现金流进行折现的方法。

确定风险项目净现值所用的折现率可根据资本资产定价模型CAPM（或套利模型APT）来计算。

如果某无负债企业要评价一个有风险项目，可以运用证券市场线SML来确定项目所要求的收益率r s，r s也称为权益资本成本。

当企业既有债务融资又有权益融资时，所用的折现率应是项目的综合资本成本，即债务资本成本和权益资本成本的加权平均。

联系企业的风险贴现率与资本市场要求的收益率的原理在于如下一个简单资本预算原则：企业多余的现金，可以立即派发股利，投资者收到股利自己进行投资，也可以用于投资项目产生未来的现金流发放股利。

从股东利益出发，股东会在自己投资和企业投资中选择期望收益率较高的一个。

只有当项目的期望收益率大于风险水平相当的金融资产的期望收益率时，项目才可行。

因此项目的折现率应该等于同样风险水平的金融资产的期望收益率。

这也说明了资本市场价格信号作用。

1．权益资本成本从企业的角度来看，权益资本成本就是其期望收益率，若用CAPM模型，股票的期望收益率为：其中，R F是无风险利率，是市场组合的期望收益率与无风险利率之差，也称为期望超额市场收益率或市场风险溢价。

要估计企业权益资本成本，需要知道以下三个变量：①无风险利率；②市场风险溢价；③公司的贝塔系数。

根据权益资本成本计算企业项目的贴现率需要有两个重要假设：①新项目的贝塔风险与企业风险相同；②企业无债务融资。

2．贝塔的估计估算公司贝塔值的基本方法是利用T个观测值按照如下公式估计：估算贝塔值可能存在以下问题：①贝塔可能随时间的推移而发生变化；②样本容量可能太小；③贝塔受财务杠杆和经营风险变化的影响。

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4章折现现金流量估价[视频讲解]4.1复习笔记当前的1美元与未来的1美元的价值是不同的，因为当前1美元用于投资，在未来可以得到更多，而且未来的1美元具有不确定性。

这种区别正是“货币的时间价值”。

货币的时间价值概念是金融投资和融资的基石之一，资本预算、项目决策、融资管理和兼并等领域均有涉及。

因此有必要理解和掌握相关的现值、终值、年金和永续年金的概念和计算公式。

1．现值与净现值现值是未来资金在当前的价值，是把未来的现金流按照一定的贴现率贴现到当前的价值。

以单期为例，一期后的现金流的现值：其中，C1是一期后的现金流，r是适当贴现率。

在多期的情况下，求解PV的公式可写为：其中，C T是在T期的现金流，r是适当贴现率。

净现值的计算公式为：NPV=-成本+PV。

也就是说，净现值NPV是这项投资未来现金流的现值减去成本的现值所得的结果。

一种定量的财务决策方法是净现值分析法。

产生N期现金流的投资项目的净现值为：NPV=其中，-C0是初始现金流，由于它代表了一笔投资，即现金流出，因而是负值。

2．终值一笔投资在多期以后终值的一般计算公式可以写为：FV=C0×（1+r）T其中，C0是期初投资的金额，r是利息率，T是资金投资持续的期数。

一项投资每年按复利计息m次的年末终值为：其中：C0是投资者的初始投资；r是名义年利率。

当m趋近于无限大时，则是连续复利计息，这时T年后的终值可以表示为：C0×e rT。

连续复利在高级金融中有广泛的应用。

3．名义利率和实际利率名义年利率是不考虑年内复利计息的，不同的银行或金融机构有不同的称谓，比较通用的是年百分比利率（APR）；实际利率（EAR）是指在年内考虑复利计息的，然后折算成一年的利率。

名义利率和实际利率之间的差别在于名义利率只有给出计息间隔期下才有意义。

4．年金年金是指一系列稳定有规律的，持续一段固定时期的现金收付活动，即在一定期间内，每隔相同时期（一年、半年或一季等）收入或支出相等金额的款项。

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。

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21章租赁21.1复习笔记租赁是承租人和出租人之间的一项契约性协议。

协议中规定承租人拥有使用租赁资产的权利，同时必须定期向资产的所有者——出租人支付租金。

租赁既有短期租赁，也有长期租赁，本章主要是关于租赁期限长于5年的长期租赁。

1．租赁租赁是指出租人以收取租金为条件，在契约或合同规定的期限内，将资产租借给承租人使用的一种经济行为。

租赁行为在实质上具有借贷属性，不过它直接涉及的是实物而不是钱。

在租赁业务中，出租人主要是各种专业租赁公司，承租人主要是其他各类企业，租赁物大多为设备等固定资产。

2．租赁的分类（1）融资租赁。

融资租赁是指由租赁公司按照承租企业的要求购买设备，并在契约或合同规定的较长期限内提供给承租企业使用的信用性业务，也称为资本租赁、财务租赁。

它是现代租赁的主要类型。

承租企业采用融资租赁的主要目的是为了融通资金。

一般融资的对象是资金，而融资租赁集融资与租赁于一身，具有借贷性质，是承租企业筹集长期资金的一种特殊方式。

融资租赁要有三方当事人（出租人、承租人和出卖人）参与，通常由两个合同（融资租赁合同、买卖合同）或者两个以上合同构成，其内容是融资，表现形式是融物。

融资租赁的形式包括直接租赁、售后租回和杠杆租赁三种。

固定资产租赁业务如具有下列情况之一，通常确认为融资租赁：①在租赁期满时，资产的所有权由出租人转让给承租人；②承租人有廉价购买选择权；③租赁期为资产使用年限的大部分（如75％以上）；④租赁开始日租赁应付款的现值之和不小于租赁资产的公允价值。

（2）经营租赁。

经营租赁是指由出租人向承租企业提供租赁设备，并提供设备维修保养和人员培训等服务性业务，也称为营运租赁、服务租赁。

经营租赁通常为短期租赁。

承租企业采用经营租赁的目的，主要不在于融通资本，而是获得设备的短期使用和出租人提供的专门技术服务。

从承租企业无须先筹资再购买设备即可享有设备使用权的角度来看，经营租赁也有短期筹资的作用。

第4篇资本结构与股利政策第14章有效资本市场和行为学挑战[视频讲解]14.2 课后习题详解一、概念题1．泡沫理论（bubble theory）答：泡沫理论是描述经济的虚假繁荣（即泡沫经济）和价格的虚假上涨（即经济泡沫）的一种金融理论。

这一理论认为，泡沫的具体表现是证券的价格有时大大高于其真实价值，经济及金融市场过热，形成虚假繁荣，最终价格跌到原有的水平，从而给投资者造成大量损失。

17世纪荷兰的“郁金香狂潮”和18世纪英国的“南海泡沫”就是历史上两起最有名的泡沫事件。

泡沫经济常常误导资源配置，造成资源的极大浪费，并引起社会分配严重不公，损害经济长期增长。

2．半强型效率（semi strong-form efficiency）答：半强型效率是指现行证券价格反映了全部已公开的信息，或者说全部已公开的信息对证券价格的变动没有任何影响，这种是证券市场效率的中等程度。

3．有效市场假说（efficient-market hypothesis）答：有效市场假说是资本市场研究的一种理论假设，指在一个有效的资本市场中，有关投资品的全部信息都能够迅速、完整和准确地被投资者所获得，投资者可以据此准确判断该投资品的价值并作出正确的决策。

反过来说，任何时刻的投资品价格都已充分反映了投资者当时所能得到的一切相关信息，该价格全面反映了该投资品的内在价值。

有效市场假说的主要内容有：投资品价格迅速反映未预期的信息；投资品价格随机变动；投资者无法获得超额利润。

有效资本市场成立的充分条件：信息公开的有效性；信息从公开到被接收的有效性；市场价格的独立性；信息接收者对所获得信息作出判断的有效性;信息的接收者依照其判断实施投资的有效性。

在现实中，这一理论假设存在种种约束，表现在：信息公开的数量、规模和时间的制约；信息传递的时效性；投资者对信息的判断存在个体差异；投资者实施投资决策的有效性受到限制。

有效市场理论中的市场效率不是指市场的运作效率（如市场中的信息运输、交易指令的执行、交割、清算、记录等功能的质量、速度和成本水平），而是指市场的信息效率，即资本市场中投资品的价格对信息的敏感程度和反应速度。

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。

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。