公司理财期末789选择题

公司理财练习题一、选择题1. 公司理财的主要目标是：A. 增加股东财富B. 提高公司规模C. 降低成本D. 提升品牌形象2. 在资本预算中，净现值（NPV）为正意味着：A. 项目亏损B. 项目盈利C. 项目盈亏平衡D. 项目风险高3. 以下哪项不是公司财务杠杆的表现形式？A. 债务融资B. 股权融资C. 优先股融资D. 资产出售4. 根据现代投资组合理论，投资组合的预期收益与：A. 个别资产的风险成正比B. 个别资产的回报率成正比C. 投资组合的风险成正比D. 个别资产的波动性成正比5. 以下哪个是衡量公司流动性的指标？A. 资产负债率B. 流动比率C. 股东权益比率D. 收益增长率二、判断题6. 公司的财务杠杆可以增加股东的收益，但同时也会增加公司的财务风险。

（）7. 一个项目的内部收益率（IRR）低于公司的资本成本时，该项目被认为是不可接受的。

（）8. 公司的现金流量表主要反映公司的经营活动、投资活动和筹资活动。

（）9. 股票的贝塔系数越高，其风险越低。

（）10. 公司的财务报表分析可以揭示公司的财务状况和经营成果。

（）三、简答题11. 简述公司进行资本结构调整的原因及其可能的影响。

12. 解释什么是资本成本，并说明它在公司投资决策中的作用。

13. 描述现金流量表中经营活动、投资活动和筹资活动的区别及其重要性。

四、计算题14. 假设一家公司计划投资一个项目，初始投资为100万元，预计未来五年的净现金流量分别为20万元、25万元、30万元、35万元和40万元。

如果公司的资本成本为10%，请计算该项目的净现值（NPV）。

15. 一家公司的总资产为5000万元，总负债为3000万元，股东权益为2000万元。

如果公司的营业收入为1000万元，利息费用为100万元，所得税为150万元，请计算公司的财务杠杆比率和权益收益率。

五、案例分析题16. 某公司正在考虑发行债券来融资，债券的票面利率为6%，期限为10年，每年支付一次利息。

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、“6C”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3、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4、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5、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6．企业同债权人之间的财务关系反映的是（DA．经营权和所有权关系B．债权债务关系C．投资与受资关系D．债务债权关系7．影响企业价值的两个基本因素是（D）？？？A．时间和利润B．利润和成本C．风险和报酬D．风险和贴现率8．股份有限公司的最大缺点是（DA．容易产生内部人控制B．信息被披露C．责任不明确D．收益重复纳税9．我国财务管理的最优目标是（C）A．总价值最大化B．利润最大化C．股东最大化D．企业价值最大化10．下列项目中的（B ）被称为普通年金。

A．先付年金B．后付年金C．延期年金D．永续年金11、某股份有限公司预计计划年度存货周转期为120天，应收账款周转期为80天，应付账款周转期为70天，则现金周转期是（ B ）。

A、270天B、130天C、120天D、150天12、某公司供货商提供的信用条款为“2/30，N/90”，则年筹款成本率是（C）。

A、15.50%B、10%C、12.20%D、18.30%13、某公司供货方提供的信用条款为“2/10,N/40”,但公司决定放弃现金折扣并延期至交易后第45天付款,问公司放弃现金折扣的成本为( A )。

A、20.99%B、25.20%C、36.66%D、30%二、多项选择题1、企业在制定或选择信用标准时必须考虑的三个基本因素是（ ABC ）A．同行业竞争对手的情况 B．企业承担违约风险的能力C．客户的资信程度 D．客户的信用品质 E．客户的经济状况2、财务管理目标一般具有如下特征（ AB）A.综合性B.相对稳定性C.多元性D.层次性E.复杂性3.账款追踪分析的重点对象是（ ABCDA．全部赊销的客户 B．赊销金额较大的客户 C．资信品质较差客户D．超过信用期的客户 E．现金可调剂程度较高的客户4、留存现金主要是为了（ ACE）A．交易需要 B．收益需要 C．投机需要D．保值需要 E．预防需要5. 成本很高而财务风险很低的筹资方式有（ AB）A．吸收投资 B．发行普通股 C．发行债券D．长期借款 E．发行优先股5、一般而言，财务活动主要是指（ ABCDA．筹资活动 B．投资活动 C．日常资金营运活动D．利润及分配活动 E．公司治理与管理活动6．在现金需要总量既定的前提下，则（ BDEA．现金持有量越多，现金管理总成本越高。

公司理财期末考试试题开卷### 公司理财期末考试试题一、选择题（每题2分，共10分）1. 公司的财务杠杆效应是指：- A. 公司使用债务融资来增加股东的回报率- B. 公司通过增加资产来提高利润- C. 公司通过减少成本来提高利润- D. 公司通过增加销售来提高利润2. 资本资产定价模型（CAPM）中，β系数代表的是： - A. 资产的期望回报率- B. 资产的无风险回报率- C. 资产的系统性风险- D. 资产的非系统性风险3. 以下哪项不是公司财务报表的一部分？- A. 资产负债表- B. 利润表- C. 现金流量表- D. 产品目录4. 公司进行股票回购的主要目的通常是为了：- A. 增加公司的市场竞争力- B. 增加公司的资产总额- C. 提高每股收益（EPS）- D. 降低公司的负债比率5. 以下哪项不是影响公司资本成本的因素？- A. 公司的财务风险- B. 市场的利率水平- C. 公司的经营风险- D. 公司的行业地位二、简答题（每题10分，共20分）1. 请简述公司进行现金管理时需要考虑的主要因素。

2. 描述一下公司在进行资本预算时，如何评估一个投资项目的净现值（NPV）。

三、计算题（每题15分，共30分）1. 假设一家公司的税前利润为100万元，税率为25%，公司的债务利息为20万元，债务成本为10%。

请计算该公司的税后利润和企业价值增加值（EVA）。

2. 某公司计划进行一项投资，初始投资为500万元，预计该项目的年现金流入为120万元，持续5年。

假设公司的资本成本为10%，计算该项目的净现值（NPV）。

四、案例分析题（每题20分，共20分）某公司目前考虑发行新股来筹集资金，用于偿还现有债务和进行新的投资。

公司现有债务总额为5000万元，年利率为8%，公司希望通过发行新股筹集的资金来偿还这笔债务。

公司计划发行的股票数量为500万股，每股发行价格为10元。

请分析：- 公司发行新股后，财务杠杆的变化。

公司理财试题及答案一、选择题1. 下列哪个不是公司理财的基本目标？A. 增加现金流入B. 最大化利润C. 降低风险D. 提高市场份额答案：D2. 公司理财的基本原则包括以下哪些？A. 高收益原则B. 高流动性原则C. 长期经营原则D. 分散投资原则答案：BCD3. 公司现金流量分析的主要目的是什么？A. 评估公司现金收入和支出的状况B. 分析公司的盈利能力C. 了解公司的资产负债状况D. 预测公司未来的发展趋势答案：A二、简答题1. 请简要解释公司风险管理的概念和重要性。

答案：公司风险管理是指对公司面临的各种风险进行识别、评估、控制和监测的过程。

它的重要性体现在以下几个方面：- 风险管理有助于公司降低风险，防范损失，保障公司的可持续发展。

- 通过全面分析风险，公司可以制定有效的风险应对策略，提高决策的准确性和有效性。

- 风险管理可以增加公司的竞争力，提高投资者、合作伙伴和顾客的信任度。

2. 请列举一些常见的公司理财工具，并简要说明其特点。

答案：常见的公司理财工具包括：- 现金管理工具：如短期存款、货币市场基金等。

这些工具具有流动性高、风险低的特点，适合用于短期的现金周转和备付金管理。

- 债券：公司可以通过发行债券融资，债券具有固定收益、期限确定等特点，适合用于长期资金的筹集。

- 股票：公司可以通过发行股票融资，股票具有股东权益和股东收益的特点，适合用于扩大股东基础和提高公司声誉。

- 衍生品：如期货、期权等。

衍生品具有杠杆效应和价格波动性高的特点，可以用于套期保值和投机交易。

三、案例分析某公司在进行资金投资决策时，面临着以下两个项目：项目A：投资额为100万元，预期年收益为10万元，投资期限为5年，风险评估为中等。

项目B：投资额为80万元，预期年收益为8万元，投资期限为3年，风险评估为低。

请根据公司理财的原则，帮助公司选择投资项目并给出理由。

答案：根据公司理财的原则，首先应该考虑的是投资的风险。

项目A和项目B的风险评估分别为中等和低，因此项目B在风险控制方面更为有利。

1. What is the name given to the model that computes the present value of a stock by dividing next year's annual dividend amount by the difference between the discount rate and the rate of change in the annual dividend amount?A. Stock pricing modelB. Equity pricing modelC. Capital gain modelD. Dividend growth modelE. Present value modelRefer to section 7.1.Bloom's: KnowledgeDifficulty: BasicLearning Objective: 07-01 Assess how stock prices depend on future dividends and dividend growth.Section: 7.1Topic: Dividend growth model2. The dividend yield is defined as:A. the current annual cash dividend divided by the current market price per share.B. the current annual cash dividend divided by the current book value per share.C. next year's expected cash dividend divided by the current market price per share.D. next year's expected cash dividend divided by the current book value per share.E. next year's expected cash dividend divided by next year's expected market price per share. Refer to section 7.1.Bloom's: KnowledgeDifficulty: BasicLearning Objective: 07-01 Assess how stock prices depend on future dividends and dividend growth.Section: 7.1Topic: Dividend yield3. The capital gains yield equals which one of the following?A. Total yieldB. Current discount rateC. Market rate of returnD. Dividend yieldE. Dividend growth rateRefer to section 7.1.Bloom's: KnowledgeDifficulty: BasicLearning Objective: 07-01 Assess how stock prices depend on future dividends and dividend growth.Section: 7.1Topic: Capital gains yield4. Which one of the following types of securities has no priority in a bankruptcy proceeding?A. Convertible bondB. Senior debtC. Common stockD. Preferred stockE. Straight bond24. Which one of the following will increase the current value of a stock?A. Decrease in the dividend growth rateB. Increase in the required returnC. Increase in the market rate of returnD. Decrease in the expected dividend for next yearE. Increase in the capital gains yieldReview section 7.1.Bloom's: ComprehensionDifficulty: IntermediateLearning Objective: 07-01 Assess how stock prices depend on future dividends and dividend growth.Section: 7.1Topic: Stock valuation25. The price of a stock at year 4 can be expressed as:A. D0 / (R + G4).B. D0⨯ (1 + R)5.C. D1⨯ (1 + R)5.D. D4/(R-g).E. D5/(R-g).Refer to section 7.1.Bloom's: KnowledgeDifficulty: BasicLearning Objective: 07-01 Assess how stock prices depend on future dividends and dividend growth.Section: 7.1Topic: Dividend growth model26. Delfino's expects to pay an annual dividend of $1.50 per share next year. What is the anticipated dividend for year 5 if the firm increases its dividend by 2 percent annually?A. $1.50 ⨯ (1.02)1B. $1.50 ⨯ (1.02)2C. $1.50 ⨯ (1.02)3D. $1.50 ⨯ (1.02)4E. $1.50 ⨯ (1.02)5Refer to section 7.1.Bloom's: ComprehensionDifficulty: BasicLearning Objective: 07-01 Assess how stock prices depend on future dividends and dividend growth.Section: 7.1Topic: Dividend growth27. The required return on a stock is equal to which one of the following if the dividend on the stock decreases by 1 percent per year?A. (P0/D1)-gB. (D1/P0)/gC. Dividend yield + capital gains yieldD. Dividend yield - capital gains yieldE. Dividend yield ⨯ capital gains yieldRefer to section 7.1.Bloom's: ComprehensionDifficulty: BasicLearning Objective: 07-01 Assess how stock prices depend on future dividends and dividend growth.Section: 7.1Topic: Required return28. Donuts Delite just paid an annual dividend of $1.10 a share. The firm expects to increase this dividend by 8 percent per year the following 3 years and then decrease the dividend growth to 2 percent annually thereafter. Which one of the following is the correct computation of the dividend for year 7?A. ($1.10) (1.08 ⨯ 3) (1.02 ⨯ 4)B. ($1.10) (1.08 ⨯ 3) (1.02 ⨯ 3)C. ($1.10) (1.08)3 (1.02)4D. ($1.10) (1.08)3 (1.02)3E. ($1.10) (1.08)3 (1.02)2Refer to section 7.1.Bloom's: ComprehensionDifficulty: BasicLearning Objective: 07-01 Assess how stock prices depend on future dividends and dividend growth.Section: 7.1Topic: Dividend growth29. Aardvark, Inc. pays a constant annual dividend. At the end of trading on Wednesday, the price of its stock was $28. At the end of trading on the following day, the stock price was $27. As a result of the decline in the stock's price, the dividend yield _____ while the capital gains yield_____.A. remained constant; remained constantB. increased; remained constantC. increased; increasedD. decreased; remained constantE. decreased; decreasedRefer to section 7.1.Bloom's: ComprehensionDifficulty: BasicLearning Objective: 07-01 Assess how stock prices depend on future dividends and dividend growth.Section: 7.1Topic: Dividend and capital gain yield30. Which one of the following must equal zero if a firm pays a constant annual dividend?A. Dividend yieldB. Capital gains yieldC. Total returnD. Market value per shareE. Book value per shareRefer to section 7.1.Bloom's: ComprehensionDifficulty: BasicLearning Objective: 07-01 Assess how stock prices depend on future dividends and dividend growth.Section: 7.1Topic: Capital gains yield31. The dividend growth model can be used to value the stock of firms which pay which type of dividends?I. constant annual dividendII. annual dividend with a constant increasing rate of growthIII. annual dividend with a constant decreasing rate of growthIV. zero dividendA. I onlyB. II onlyC. II and III onlyD. I, II, and III onlyE. I, II, III, and IVRefer to section 7.1.Bloom's: ComprehensionDifficulty: BasicLearning Objective: 07-01 Assess how stock prices depend on future dividends and dividend growth.Section: 7.1Topic: Dividend growth model32. Kate owns a stock with a market price of $31 per share. This stock pays a constant annual dividend of $0.60 per share. If the price of the stock suddenly increases to $36 a share, you would expect the:I. dividend yield to increase.II. dividend yield to decrease.III. capital gains yield to increase.IV. capital gains yield to decrease.A. I onlyB. II onlyC. III onlyD. I and III onlyE. II and IV onlyRefer to section 7.1.Bloom's: ComprehensionDifficulty: BasicLearning Objective: 07-01 Assess how stock prices depend on future dividends and dividend growth.Section: 7.1Topic: Dividend and capital gain yield33. Computing the present value of a growing perpetuity is most similar to computing the current value of which one of the following?A. Non-dividend-paying stockB. Stock with a constant dividendC. Stock with irregular dividendsD. Stock with a constant growth dividendE. Stock with growing dividends for a limited period of timeRefer to section 7.1.Bloom's: ComprehensionDifficulty: BasicLearning Objective: 07-01 Assess how stock prices depend on future dividends and dividend growth.Section: 7.1Topic: Growing perpetuity34. Jensen Shipping has four open seats on its board of directors. How many shares will a shareholder need to control to ensure that his or her candidate is elected to the board given the fact that the firm uses straight voting? Assume one share equals one vote.A. 20 percent of the shares plus one voteB. 25 percent of the shares plus one voteC. 1/3 of the shares plus one voteD. 50 percent of the shares plus one voteE. 51 percent of the shares plus one vote51. Keller Metals common stock is selling for $36 a share and has a dividend yield of 3.2 percent. What is the dividend amount?A. $0.32B. $1.15C. $3.49D. $11.25E. $11.52Dividend = 0.032 $36 = $1.15AACSB: AnalyticBloom's: AnalysisDifficulty: BasicLearning Objective: 07-01 Assess how stock prices depend on future dividends and dividend growth.Section: 7.1Topic: Dividend amount52. The Glass Ceiling paid an annual dividend of $2.20 per share last year. Management just announced that future dividends will increase by 2.8 percent annually. What is the amount of the expected dividend in year 5?A. $2.39B. $2.41C. $2.46D. $2.53E. $2.58D5 = $2.20 (1.028)5 = $2.53AACSB: AnalyticBloom's: AnalysisDifficulty: BasicLearning Objective: 07-01 Assess how stock prices depend on future dividends and dividend growth.Section: 7.1Topic: Dividend amount53. The Pancake House pays a constant annual dividend of $1.25 per share. How much are you willing to pay for one share if you require a 15 percent rate of return?A. $7.86B. $8.33C. $10.87D. $11.04E. $11.38P = $1.25/0.15 = $8.33AACSB: AnalyticBloom's: AnalysisDifficulty: BasicLearning Objective: 07-01 Assess how stock prices depend on future dividends and dividend growth.Section: 7.1Topic: Constant dividend54. Shoreline Foods pays a constant annual dividend of $1.60 a share and currently sells for $28.50 a share. What is the rate of return?A. 4.56 percentB. 5.39 percentC. 5.61 percentD. 6.63 percentE. 6.91 percentR = $1.60/$28.50 = 5.61 percentAACSB: AnalyticBloom's: AnalysisDifficulty: BasicLearning Objective: 07-01 Assess how stock prices depend on future dividends and dividend growth.Section: 7.1Topic: Constant dividend55. The common stock of Green Garden Flowers is selling for $24 a share. The company pays a constant annual dividend and has a total return of 3.8 percent. What is the amount of the dividend?A. $0.38B. $0.76C. $0.91D. $1.38E. $1.54D = 0.038 ⨯ $24 = $0.91AACSB: AnalyticBloom's: AnalysisDifficulty: BasicLearning Objective: 07-01 Assess how stock prices depend on future dividends and dividend growth.Section: 7.1Topic: Total return56. Healthy Foods just paid its annual dividend of $1.45 a share. The firm recently announced that all future dividends will be increased by 2.8 percent annually. What is one share of this stock worth to you if you require a 14 percent rate of return?A. $12.56B. $12.95C. $13.31D. $13.68E. $14.07P0 = ($1.45 ⨯ 1.028)/(0.14 - 0.028) = $13.31AACSB: AnalyticBloom's: AnalysisDifficulty: BasicLearning Objective: 07-01 Assess how stock prices depend on future dividends and dividend growth.Section: 7.1Topic: Dividend growth model57. Plastics, Inc. will pay an annual dividend of $1.85 next year. The company just announced that future dividends will be increasing by 2.25 percent annually. How much are you willing to pay for one share of this stock if you require a 16 percent return?A. $13.45B. $13.61C. $13.76D. $14.02E. $14.45P0 = $1.85/(0.16 - 0.0225) = $13.45AACSB: AnalyticBloom's: AnalysisDifficulty: BasicLearning Objective: 07-01 Assess how stock prices depend on future dividends and dividend growth.Section: 7.1Topic: Dividend growth model58. The Printing Company stock is selling for $32.60 a share based on a 14 percent rate of return. What is the amount of the next annual dividend if the dividends are increasing by 2.5 percent annually?A. $3.48B. $3.52C. $3.57D. $3.66E. $3.75$32.60 (0.14 - 0.025) = $3.75AACSB: AnalyticBloom's: AnalysisDifficulty: BasicLearning Objective: 07-01 Assess how stock prices depend on future dividends and dividend growth.Section: 7.1Topic: Dividend growth model59. The common stock of Mid-Towne Movers is selling for $33 a share and has a 9 percent rate of return. The growth rate of the dividends is 1 percent annually. What is the amount of the next annual dividend?A. $2.58B. $2.61C. $2.64D. $2.67E. $2.70$33 (0.09 - 0.01) = $2.64AACSB: AnalyticBloom's: AnalysisDifficulty: BasicLearning Objective: 07-01 Assess how stock prices depend on future dividends and dividend growth.Section: 7.1Topic: Dividend growth model60. Delphin's Marina is expected to pay an annual dividend of $0.58 next year. The stock is selling for $8.53 a share and has a total return of 12 percent. What is the dividend growth rate?A. 3.82 percentB. 4.03 percentC. 4.28 percentD. 5.20 percentE. 5.49 percentg = 0.12 - ($0.58/$8.53) = 5.20 percentAACSB: AnalyticBloom's: AnalysisDifficulty: BasicLearning Objective: 07-01 Assess how stock prices depend on future dividends and dividend growth.Section: 7.1Topic: Dividend growth model61. Klaus Toys just paid its annual dividend of $1.40. The required return is 16 percent and the dividend growth rate is 2 percent. What is the expected value of this stock five years from now?A. $11.04B. $11.26C. $11.67D. $12.41E. $12.58P5 = [$1.40 (1 + 0.02)6]/(0.16 - 0.02) = $11.26AACSB: AnalyticBloom's: AnalysisDifficulty: BasicLearning Objective: 07-01 Assess how stock prices depend on future dividends and dividend growth.Section: 7.1Topic: Dividend growth model62. This morning, you purchased a stock that will pay an annual dividend of $1.90 per share next year. You require a 12 percent rate of return and the annual dividend increases at 3.5 percent annually. What will your capital gain be on this stock if you sell it three years from now?A. $2.43B. $2.51C. $2.63D. $2.87E. $2.92P0 = $1.90/(0.12 - 0.035) = $22.35P3 = [$1.90 (1.035)3]/(0.12 - 0.035) = $24.78Capital gain = $24.78 - $22.35 = $2.43AACSB: AnalyticBloom's: AnalysisDifficulty: IntermediateLearning Objective: 07-01 Assess how stock prices depend on future dividends and dividend growth.Section: 7.1Topic: Capital gain63. Blackwell Ink is losing significant market share and thus its managers have decided to decrease the firm's annual dividend. The last annual dividend was $0.90 a share but all future dividends will be decreased by 5 percent annually. What is a share of this stock worth today at a required return of 15 percent?A. $4.07B. $4.28C. $4.49D. $4.72E. $4.95P0 = ($0.90 (1 - 0.05)/[0.15 - (-0.05] = $4.28AACSB: AnalyticBloom's: AnalysisDifficulty: IntermediateLearning Objective: 07-01 Assess how stock prices depend on future dividends and dividend growth.Section: 7.1Topic: Dividend growth model64. Lamey Headstones increases its annual dividend by 1.5 percent annually. The stock sells for $28.40 a share at a required return of 14 percent. What is the amount of the last dividend this company paid?A. $3.50B. $3.55C. $3.60D. $3.65E. $3.70$28.40 = (D0 1.015)/(0.14 - 0.015); D0 = $3.50AACSB: AnalyticBloom's: AnalysisDifficulty: IntermediateLearning Objective: 07-01 Assess how stock prices depend on future dividends and dividend growth.Section: 7.1Topic: Dividend growth model65. The common stock of Tasty Treats is valued at $10.80 a share. The company increases its dividend by 8 percent annually and expects its next dividend to be $0.20 per share. What is the total rate of return on this stock?A. 8.64 percentB. 9.12 percentC. 9.40 percentD. 9.85 percentE. 10.64 percentR = ($0.20/$10.80) + 0.08 = 9.85 percentAACSB: AnalyticBloom's: AnalysisDifficulty: BasicLearning Objective: 07-01 Assess how stock prices depend on future dividends and dividend growth.Section: 7.1Topic: Total return66. River Rock, Inc. just paid an annual dividend of $2.80. The company has increased its dividend by 2.5 percent a year for the past ten years and expects to continue doing so. What will a share of this stock be worth six years from now if the required return is 16 percent?A. $23.60B. $24.65C. $25.08D. $25.50E. $26.90P6 = ($2.80 1.0257)/(0.16 - 0.025) = $24.65AACSB: AnalyticBloom's: AnalysisDifficulty: BasicLearning Objective: 07-01 Assess how stock prices depend on future dividends and dividend growth.Section: 7.1Topic: Dividend growth model67. The Cart Wheel plans to pay an annual dividend of $1.20 per share next year, $1.00 per sharea year for the following two years, and then cease paying dividends altogether. How much is one share of this stock worth to you today if you require a 17 percent rate of return?A. $2.38B. $2.43C. $2.56D. $2.60E. $2.64P0 = ($1.20/1.171) + ($1/1.172) + ($1/1.173) = $2.38AACSB: AnalyticBloom's: AnalysisDifficulty: IntermediateLearning Objective: 07-01 Assess how stock prices depend on future dividends and dividend growth.Section: 7.1Topic: Irregular dividends68. Atlas Home Supply has paid a constant annual dividend of $2.40 a share for the past 15 years. Yesterday, the firm announced the dividend will increase next year by 10 percent and will stay at the level through year three, after which time the dividends will increase by 2 percent annually. The required return on this stock is 12 percent. What is the current value per share?A. $25.51B. $26.08C. $24.57D. $26.02E. $26.84P3 = ($2.40 ⨯ 1.10 ⨯ 1.02)/(0.12- 0.02) = $26.928P0 = {($2.40 ⨯ 1.10)/1.12} + {($2.40 ⨯ 1.1)/1.122} + {[($2.40 ⨯ 1.1) + $26.928]/1.123} = $25.51AACSB: AnalyticBloom's: AnalysisDifficulty: IntermediateLearning Objective: 07-01 Assess how stock prices depend on future dividends and dividend growth.Section: 7.1Topic: Irregular growth69. Auto Transmissions is expected to pay annual dividends of $1.90 and $2.10 over the next two years, respectively. After that, the company expects to pay a constant dividend of $2.30 a share. What is the value of this stock at a required return of 15 percent?A. $13.67B. $14.21C. $14.83D. $15.08E. $15.60P2 = ($2.30/0.15) = $15.33P0 = [$1.90/1.15] + [($2.10 + $15.33)/1.152] = $14.83AACSB: AnalyticBloom's: AnalysisDifficulty: IntermediateLearning Objective: 07-01 Assess how stock prices depend on future dividends and dividend growth.Section: 7.1Topic: Irregular dividends70. General Importers announced today that its next annual dividend will be $2.60 per share. After that dividend is paid, the company expects to encounter some financial difficulties and is going to suspend dividends for 5 years. Following the suspension period, the company expects to pay a constant annual dividend of $1.30 per share. What is the current value of this stock if the required return is 18 percent?A. $3.01B. $3.55C. $3.89D. $4.27E. $4.88P6 = $1.30/0.18 = $7.22P0 = ($2.60/1.181) + ($7.22/1.186) = $4.88AACSB: AnalyticBloom's: AnalysisDifficulty: IntermediateLearning Objective: 07-01 Assess how stock prices depend on future dividends and dividend growth.Section: 7.1Topic: Irregular dividends71. Business Services, Inc. is expected to pay its first annual dividend of $0.80 per share three years from now. Starting in year six, the company is expected to start increasing the dividend by 2 percent per year. What is the value of this stock today at a required return of 12 percent?A. $6.16B. $6.47C. $6.63D. $7.22E. $7.47P5 = ($0.80 1.02)/(0.12 - 0.02) = $8.16P0 = [$0.80/1.123] + [$0.80/1.124] + [($0.80 + $8.16)/1.125] = $6.16AACSB: AnalyticBloom's: AnalysisDifficulty: IntermediateLearning Objective: 07-01 Assess how stock prices depend on future dividends and dividend growth.Section: 7.1Topic: Irregular dividends74. A firm expects to increase its annual dividend by 20 percent per year for the next two years and by 15 percent per year for the following two years. After that, the company plans to pay a constant annual dividend of $3 a share. The last dividend paid was $1.00 a share. What is the current value of this stock if the required rate of return is 12 percent?A. $17.71B. $18.97C. $20.50D. $21.08E. $21.69P0 = [(1 ⨯ 1.2)/1.12] + [(1 ⨯ 1.22)/1.122] + [(1 ⨯ 1.22⨯ 1.15)/1.123] + [(1 ⨯ 1.22⨯ 1.152)/1.124] + [($3/0.12)/1.124 = $20.50AACSB: AnalyticBloom's: AnalysisDifficulty: IntermediateLearning Objective: 07-01 Assess how stock prices depend on future dividends and dividend growth.Section: 7.1Topic: Irregular dividends75. The Border Crossing just paid an annual dividend of $4.20 per share and is expected to pay annual dividends of $4.40 and $4.50 per share the next two years, respectively. After that, the firm expects to maintain a constant dividend growth rate of 2 percent per year. What is the value of this stock today if the required return is 14 percent?A. $30.04B. $32.18C. $33.33D. $35.80E. $36.75P2 = ($4.50 1.02)/(0.14 - 0.02) = $38.25P0 = [$4.40/1.14] + [($4.50 + $38.25)/1.142 = $36.75AACSB: AnalyticBloom's: AnalysisDifficulty: IntermediateLearning Objective: 07-01 Assess how stock prices depend on future dividends and dividend growth.Section: 7.1Topic: Irregular dividends76. A stock has a market price of $46.10 and pays a $2.40 annual dividend. What is the dividend yield?A. 4.13 percentB. 4.84 percentC. 5.21 percentD. 5.52 percentE. 5.78 percentDividend yield = $2.40/$46.10 = 5.21 percentAACSB: AnalyticBloom's: AnalysisDifficulty: BasicLearning Objective: 07-01 Assess how stock prices depend on future dividends and dividend growth.Section: 7.1Topic: Dividend yield77. The required return on Mountain Meadow stock is 14 percent and the dividend growth rate is3.5 percent. The stock is currently selling for $11.80 a share. What is the dividend yield?A. 7.50 percentB. 8.00 percentC. 9.75 percentD. 10.50 percentE. 12.50 percentDividend yield = 0.14 - 0.035 = 10.5 percentAACSB: AnalyticBloom's: AnalysisDifficulty: BasicLearning Objective: 07-01 Assess how stock prices depend on future dividends and dividend growth.Section: 7.1Topic: Dividend yield78. For the past six years, the price of Slate Rock stock has been increasing at a rate of 8.6 percenta year. Currently, the stock is priced at $47 a share and has a required return of 14 percent. What is the dividend yield?A. 1.20 percentB. 2.87 percentC. 3.39 percentD. 4.28 percentE. 5.40 percentDividend yield = 0.14 - 0.086 = 5.4 percentAACSB: AnalyticBloom's: AnalysisDifficulty: BasicLearning Objective: 07-01 Assess how stock prices depend on future dividends and dividend growth.Section: 7.1Topic: Dividend yield79. A stock has paid dividends of $1.80, $1.85, $2.00, $2.20, and $2.25 over the past five years, respectively. What is the average capital gains yield?A. 2.80 percentB. 3.24 percentC. 4.45 percentD. 5.34 percentE. 5.79 percentAACSB: AnalyticBloom's: AnalysisDifficulty: BasicLearning Objective: 07-01 Assess how stock prices depend on future dividends and dividend growth.Section: 7.1Topic: Dividend yield80. The Toy Box pays an annual dividend of $2.40 per share and sells for $46.60 a share based ona market rate of return of 15 percent. What is the capital gains yield?A. 7.35 percentB. 7.78 percentC. 9.23 percentD. 9.85 percentE. 10.11 percentCapital gains yield = 0.15 - ($2.40/$46.60) = 9.85 percentAACSB: AnalyticBloom's: AnalysisDifficulty: BasicLearning Objective: 07-01 Assess how stock prices depend on future dividends and dividend growth.Section: 7.1Topic: Capital gains yield81. Investors receive a total return of 13.7 percent on the common stock of Dexter International. The stock is selling for $41.68 a share. What is the dividend growth rate if the company plans to pay an annual dividend of $2.10 a share next year?A. 7.42 percentB. 8.66 percentC. 10.75 percentD. 11.60 percentE. 13.70 percentCapital gains yield = 0.137 - ($2.10/$41.68) = 8.66 percentAACSB: AnalyticBloom's: AnalysisDifficulty: BasicLearning Objective: 07-01 Assess how stock prices depend on future dividends and dividend growth.Section: 7.1Topic: Capital gains yield82. Western Beef stock is valued at $62.10 a share. The company pays a constant annual dividend of $4.40 per share. What is the total return on this stock?A. 6.62 percentB. 6.81 percentC. 7.09 percentD. 7.49 percentE. 7.82 percentR = ($4.40/$62.10) + 0 = 7.09 percentAACSB: AnalyticBloom's: AnalysisDifficulty: BasicLearning Objective: 07-01 Assess how stock prices depend on future dividends and dividend growth.Section: 7.1Topic: Total return83. Last year, when the stock of Alpha Minerals was selling for $55 a share the dividend yield was 3.2 percent. Today, the stock is selling for $41 a share. What is the total return on this stock if the company maintains a constant dividend growth rate of 2.5 percent?A. 6.13 percentB. 6.58 percentC. 6.90 percentD. 7.47 percentE. 7.40 percentD0 = 0.032 ⨯ $55 = $1.76 (Note: $55 is P-1.)Total return = [($1.76 ⨯ 1.025)/$41] + 0.025 = 6.90 percentAACSB: AnalyticBloom's: AnalysisDifficulty: IntermediateLearning Objective: 07-01 Assess how stock prices depend on future dividends and dividend growth.Section: 7.1Topic: Total return￥￥￥￥￥￥￥￥￥￥￥￥￥￥￥￥￥￥￥￥￥￥￥￥￥￥￥￥￥￥￥￥￥￥1. The net present value of an investment represents the difference between the investment's:A. cash inflows and outflows.B. cost and its net profit.C. cost and its market value.D. cash flows and its profits.E. assets and liabilities.Refer to section 8.1.Bloom's: KnowledgeDifficulty: BasicLearning Objective: 08-04 Evaluate proposed investments by using the net present value criterion. Section: 8.1Topic: Net present value2. Discounted cash flow valuation is the process of discounting an investment's:A. assets.B. future profits.C. liabilities.D. costs.E. future cash flows.Refer to section 8.1.Bloom's: KnowledgeDifficulty: BasicLearning Objective: 08-04 Evaluate proposed investments by using the net present value criterion. Section: 8.1Topic: Discounted cash flow valuation10. Which one of the following indicates that a project is expected to create value for its owners?A. Profitability index less than 1.0B. Payback period greater than the requirementC. Positive net present valueD. Positive average accounting rate of returnE. Internal rate of return that is less than the requirementRefer to section 8.1.Bloom's: ComprehensionDifficulty: BasicLearning Objective: 08-04 Evaluate proposed investments by using the net present value criterion. Section: 8.1Topic: Net present value11. The net present value:A. decreases as the required rate of return increases.B. is equal to the initial investment when the internal rate of return is equal to the required return.C. method of analysis cannot be applied to mutually exclusive projects.D. is directly related to the discount rate.E. is unaffected by the timing of an investment's cash flows.Refer to section 8.1.Bloom's: ComprehensionDifficulty: IntermediateLearning Objective: 08-04 Evaluate proposed investments by using the net present value criterion. Section: 8.1Topic: Net present value12. Which one of the following is generally considered to be the best form of analysis if you have to select a single method to analyze a variety of investment opportunities?A. PaybackB. Profitability indexC. Accounting rate of returnD. Internal rate of returnE. Net present valueRefer to section 8.1.Bloom's: ComprehensionDifficulty: BasicLearning Objective: 08-04 Evaluate proposed investments by using the net present value criterion. Section: 8.1Topic: Net present value。

页脚内容1《公司理财》期末考试题（C 卷）一、判断题（共10分，每小题1分）1.企业财务管理是基于企业再生产过程中客观存在的资金运动而产生的，是企业组织资金运动的一项经济管理工作。

( )2.解聘是一种通过市场约束经营者的办法。

( )3.终值系数和现值系数互为倒数，因此，年金终值系数与年金现值系数也互为倒数。

( )4.经营性租赁和融资性租赁都是租赁，它们在会计处理上是没有区别的。

( )5.留存收益是企业经营中的内部积累，这种资金不是向外界筹措的，因而它不存在资本成本。

( )6.多个互斥方案比较，一般应选择净现值大的方案。

（ ）7.营运资金就是流动资产。

（ ）8.企业是否延长信用期限，应将延长信用期后增加的销售利润与增加的机会成本、管理成本和坏账成本进行比较。

（ ） 9.相关比率反映部分与总体的关系。

（ ）10.采用因素分析法，可以分析引起变化的主要原因、变动性质，并可预测企业未来的发展前景。

（ ）二、单项选择题（共15分，每小题1分）1.财务管理目标是( )。

A 现金流量最大化B 市场份额最大化C 预期盈利最大化D 股价最大化 2.企业财务关系中最为重要的关系是( )。

A 股东与经营者之间的关系B 股东与债权人之间的关系C 股东、经营者与债权人之间的关系D 企业与作为社会管理者的政府有关部门、社会公众之间的关系 3.边际贡献率和变动成本率( )。

A 反方向变化B 同方向变化C 同比例变化D 反比例变化 4.安全边际越小，保本点就越太、利润就( )。

A 越大B 不变C 不一定D 越小5.融资性租赁实质上是由出租人提供给承租人使用固定资产的一种( )。

A 信用业务 B 买卖活动 C 租借业务 D 服务活动6.在计算资本成本时，与所得税有关的资金来源是下述情况中的( )。

A普通股 B 优先股 C 银行借款 D 留存收益7.当经营杠杆系数是5，财务杠杆系数是1.1，财综合杠杆系数是( )。

企业理财期末试题及答案一、选择题1. 企业理财的主要目标是：A. 实现最大利润B. 提高现金流C. 降低成本D. 扩大市场份额答案：A. 实现最大利润2. 下列哪种方式不属于长期融资形式？A. 发行债券B. 股权融资C. 资产出售D. 长期贷款答案：C. 资产出售3. 以下哪项不属于短期投资的特点？A. 高流动性B. 高风险C. 低回报率D. 短期持有答案：B. 高风险4. 现金管理的主要目标是：A. 降低库存成本B. 优化资金结构C. 最大程度地利用现金D. 提高资本回报率答案：C. 最大程度地利用现金5. 企业负债结构的优化指的是：A. 提高负债比例B. 确保短期债务偿还C. 提高长期负债比例D. 维持合理的负债结构答案：D. 维持合理的负债结构二、判断题判断以下说法的正误，并简要说明理由。

1. 企业理财只涉及财务部门，其他部门不需要参与。

答案：错误。

企业理财需要各部门的合作和参与，包括生产部门、销售部门等，只有整个企业的协同努力才能实现理财目标。

2. 长期融资相较于短期融资，利率更低。

答案：正确。

长期融资相对风险较低，借款期限长，借款方便，因此通常可以获得较低的利率。

3. 资产负债表是企业理财的重要工具之一，记录了企业在特定时点的资产、负债和所有者权益等情况。

答案：正确。

资产负债表是企业财务状况的快照，通过分析资产负债表可以了解企业的偿债能力、流动性、资本结构等重要指标，对企业理财决策起到重要的参考作用。

4. 现金流量表反映了企业特定时期内的现金流入与流出情况。

答案：正确。

现金流量表反映了企业在特定时期内的经营、投资和筹资活动所产生的现金流入与流出情况，对分析企业的现金流量状况至关重要。

5. 企业应该尽量减少库存，以降低库存成本。

答案：正确。

过高的库存会导致资金占用、仓储成本增加等问题，因此企业应该通过供应链管理、生产计划等方式尽量减少库存，以降低库存成本。

三、简答题请用简答的方式回答以下问题。

XXXX 学 院2015 /2016 学年第 2学期考试试卷( A )卷课程名称： 公司理财 适用专业／年级：2014级会计电算化本卷共 5 页，考试方式： 闭卷 ，考试时间： 90 分钟一、单项选择题 （本题共12小题，每题2分，共24分）1. 以下企业组织形式当中创立最容易维持经营固定成本最低的是（ ） 。

A.个人独资企业 B.合伙制企业 C.有限责任公司 D.股份有限公司2.公司的目标不包括以下（ ）。

A.生存目标 B.发展目标 C.盈利目标 D.收购目标3.资产负债率主要是反映企业的（ ）指标。

A.盈利能力 B.长期偿债能力 C.发展能力 D.营运能力4.企业的财务报告不包括（ ）。

A.现金流量表B.财务状况说明书C.利润分配表D.比较百分比会计报表 5.资产负债表不提供（ ）等信息。

A.资产结构B.负债水平C.经营成果D.资金来源情况6.某校准备设立永久性奖学金，每年计划颁发36000元资金，若年复利率为12%，该校现在应向银行存入（ ）元本金。

A ．450000 B ．300000 C ．350000 D ．3600007.债券投资中，债券发行人无法按期支付利息或本金的风险称为（ ）专业班级： 姓 名： 学 号：密 封 线装 订 线A.违约风险B.利息率风险C.购买力风险D.流动性风险8.某人将10000元存入银行，银行的年利率为10%，按复利计算。

则5年后此人可从银行取出（）元。

A.17716B.15386C.16105D.146419.股票投资的特点是（）A.股票投资的风险较小B.股票投资属于权益性投资C.股票投资的收益比较稳定D.股票投资的变现能力较差10.下列各项年金中，只有现值没有终值的年金是（）A.普通年金B.即付年金C.永续年金D.先付年金11. 在公司理财市场环境风险分析当中无法通过分散投资来消除的风险是（）A.系统风险B.非系统风险C.绝对风险D.财务风险12.流动比率的计算公式是（）A.流动负债/流动资产B.流动资产/流动负债C.流动资产/总资产D.流动资产/负债总额二、多项选择题（本题共6小题，每题3分，共18分）1.公司企业的优点包括（）。

理财期末试题及答案[正文]一、选择题1. 理财是指（）。

A. 通过投资获得财务收益B. 节约开支以积累财富C. 合理规划和管理个人财务D. 消费品牌推荐2. 下列哪个不是理财的基本原则？A. 分散投资B. 长期持有C. 高风险高收益D. 量入为出3. 下列哪个不是理财规划的内容？A. 财务目标设定B. 风险评估C. 投资准备D. 随意消费4. 短期理财的特点是（）。

A. 投资期限短，风险低B. 投资期限长，风险高C. 投资期限短，收益高D. 投资期限长，收益低5. 下列哪种投资方式属于非金融性投资？A. 股票投资B. 基金投资C. 房地产投资D. 银行存款答案：1-A 2-C 3-D 4-C 5-C二、填空题1. 理财规划的首要步骤是（）。

答案：设定财务目标2. 理财的风险主要包括（）风险和（）风险。

答案：市场；信用3. 短期理财适合的投资期限一般为（）年。

答案：1-34. 投资组合中的（）可以降低整体风险。

答案：分散投资5. 具有固定期限、固定利率的金融产品属于（）类型的投资。

答案：固定收益三、简答题1. 什么是理财规划？为什么需要进行理财规划？答：理财规划是通过合理的财务目标设定、风险评估和投资准备，制定出长期规划和短期措施，实现财务稳定和增长的过程。

理财规划能够帮助个人实现财务自由，避免财务风险，并能够更好地应对未来的生活和人生目标。

2. 简述长期理财和短期理财的特点和适用场景。

答：长期理财是指投资期限较长的理财方式，一般超过3年。

其特点是风险相对较高，但收益也相对更大，适合有较长时间目标的人群，例如退休金计划和子女教育基金。

短期理财是指投资期限较短的理财方式，一般在1-3年。

其特点是风险较低，投资回报相对较快，适合有短期资金需求的人群，例如买车、旅游或应急备用金。

3. 请简要介绍一种金融性投资和一种非金融性投资。

答：金融性投资是指通过购买金融产品来获得投资回报的方式，例如购买股票、基金或债券等。

公司理财练习题A一、名词解释1、β系数1、股利政策3、资本结构4、杜邦分析法二、问答题1、证券市场线的走势受那些因素的影响？2、企业项目投资的现金流量分为几个部分？各部分的构成是什么？3、发行普通股筹资的利弊分别是什么？4、公司制企业的特点有哪些？5、企业的主营业务利润由几个部分构成，各个组成部分又包含什么内容？三、计算题1、在一项合约中，你可以有两种选择：1）从现在起的6年后收到25000元；2）从现在起的12年后收到50000元。

求：在年利率为多少时两种选择对你而言没有区别？（保留到小数点后4位）2、公司目前的资本结构为长期资本总额600万元，其中债务200万元，普通股股本400万元，每股面值100元，4万股全部发行在外，目前市场价每股300元。

债务利息10%，所得税率33%。

公司欲追加筹资200万元，有两筹资方案：甲：全部发行普通股，向现有股东配股，4配1，每股股价200元，配发一万股；乙：向银行贷款200万元，因风险增加银行要求的利息率为15%。

根据会计人员的测算，追加筹资后销售额可望达到800万元，变动成本率为50%，固定成本180万元。

求1）两方案的每股利润无差别点。

2）哪种方案为较优方案。

3同方公司的β为1.55，无风险收益率为10%，市场组合的期望收益率为13%。

目前公司支付的每股股利为2美元，投资者预期未来几年公司的年股利增长率为8%。

求：1）该股票期望收益率为多少？（保留到小数点后4位）2）确定的收益率下，该股票每股市价是多少？（保留整数）4、公司目前的资本结构为长期资本总额600万元，其中债务200万元，普通股股本400万元，每股面值100元，4万股全部发行在外，目前市场价每股300元。

债务利息10%，所得税率33%。

公司欲追加筹资200万元，有两筹资方案：甲：全部发行普通股，向现有股东配股，4配1，每股股价200元，配发一万股；乙：向银行贷款200万元，因风险增加银行要求的利息率为15%。