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第一章1.在所有权形式的公司中,股东是公司的所有者。
股东选举公司的董事会,董事会任命该公司的管理层。
企业的所有权和控制权分离的组织形式是导致的代理关系存在的主要原因。
管理者可能追求自身或别人的利益最大化,而不是股东的利益最大化。
在这种环境下,他们可能因为目标不一致而存在代理问题。
2.非营利公司经常追求社会或政治任务等各种目标。
非营利公司财务管理的目标是获取并有效使用资金以最大限度地实现组织的社会使命。
3.这句话是不正确的。
管理者实施财务管理的目标就是最大化现有股票的每股价值，当前的股票价值反映了短期和长期的风险、时间以及未来现金流量。
4.有两种结论。
一种极端,在市场经济中所有的东西都被定价。
因此所有目标都有一个最优水平，包括避免不道德或非法的行为，股票价值最大化。
另一种极端,我们可以认为这是非经济现象,最好的处理方式是通过政治手段。
一个经典的思考问题给出了这种争论的答案:公司估计提高某种产品安全性的成本是30美元万。
然而,该公司认为提高产品的安全性只会节省20美元万。
请问公司应该怎么做呢?”5.财务管理的目标都是相同的,但实现目标的最好方式可能是不同的,因为不同的国家有不同的社会、政治环境和经济制度。
6.管理层的目标是最大化股东现有股票的每股价值。
如果管理层认为能提高公司利润，使股价超过35美元,那么他们应该展开对恶意收购的斗争。
如果管理层认为该投标人或其它未知的投标人将支付超过每股35美元的价格收购公司,那么他们也应该展开斗争。
然而,如果管理层不能增加企业的价值,并且没有其他更高的投标价格,那么管理层不是在为股东的最大化权益行事。
现在的管理层经常在公司面临这些恶意收购的情况时迷失自己的方向。
7.其他国家的代理问题并不严重,主要取决于其他国家的私人投资者占比重较小。
较少的私人投资者能减少不同的企业目标。
高比重的机构所有权导致高学历的股东和管理层讨论决策风险项目。
此外,机构投资者比私人投资者可以根据自己的资源和经验更好地对管理层实施有效的监督机制。
第一章1.在所有权形式的公司中,股东是公司的所有者。
股东选举公司的董事会,董事会任命该公司的管理层。
企业的所有权和控制权分离的组织形式是导致的代理关系存在的主要原因。
管理者可能追求自身或别人的利益最大化,而不是股东的利益最大化。
在这种环境下,他们可能因为目标不一致而存在代理问题。
2.非营利公司经常追求社会或政治任务等各种目标。
非营利公司财务管理的目标是获取并有效使用资金以最大限度地实现组织的社会使命。
3.这句话是不正确的。
管理者实施财务管理的目标就是最大化现有股票的每股价值，当前的股票价值反映了短期和长期的风险、时间以及未来现金流量。
4.有两种结论。
一种极端,在市场经济中所有的东西都被定价。
因此所有目标都有一个最优水平，包括避免不道德或非法的行为，股票价值最大化。
另一种极端,我们可以认为这是非经济现象,最好的处理方式是通过政治手段。
一个经典的思考问题给出了这种争论的答案:公司估计提高某种产品安全性的成本是30美元万。
然而,该公司认为提高产品的安全性只会节省20美元万。
请问公司应该怎么做呢?”5.财务管理的目标都是相同的,但实现目标的最好方式可能是不同的,因为不同的国家有不同的社会、政治环境和经济制度。
6.管理层的目标是最大化股东现有股票的每股价值。
如果管理层认为能提高公司利润，使股价超过35美元,那么他们应该展开对恶意收购的斗争。
如果管理层认为该投标人或其它未知的投标人将支付超过每股35美元的价格收购公司,那么他们也应该展开斗争。
然而,如果管理层不能增加企业的价值,并且没有其他更高的投标价格,那么管理层不是在为股东的最大化权益行事。
现在的管理层经常在公司面临这些恶意收购的情况时迷失自己的方向。
7.其他国家的代理问题并不严重,主要取决于其他国家的私人投资者占比重较小。
较少的私人投资者能减少不同的企业目标。
高比重的机构所有权导致高学历的股东和管理层讨论决策风险项目。
此外,机构投资者比私人投资者可以根据自己的资源和经验更好地对管理层实施有效的监督机制。
公司理财习题答案第四章Chapter 4: Net Present Value4.1 a. $1,000 ⨯ 1.0510 = $1,628.89b. $1,000 ⨯ 1.0710 = $1,967.15c. $1,000 ⨯ 1.0520 = $2,653.30d. Interest compounds on the I nterest already earned. Therefore, the interest earnedin part c, $1,653.30, is more than double the amount earned in part a, $628.89.4.2 a. $1,000 / 1.17 = $513.16b. $2,000 / 1.1 = $1,818.18c. $500 / 1.18 = $233.254.3 You can make your decision by computing either the present value of the $2,000 that youcan receive in ten years, or the future value of the $1,000 that you can receive now.Present value: $2,000 / 1.0810 = $926.39Future value: $1,000 ⨯ 1.0810 = $2,158.93Either calculation indicates you should take the $1,000 now.4.4 Since this bond has no interim coupon payments, its present value is simply the presentvalue of the $1,000 that will be received in 25 years. Note: As will be discussed in the next chapter, the present value of the payments associated with a bond is the price of that bond.PV = $1,000 /1.125 = $92.304.5 PV = $1,500,000 / 1.0827 = $187,780.234.6 a. At a discount rate of zero, the future value and present value are always the same.Remember, FV = PV (1 + r) t. If r = 0, then the formula reduces to FV = PV.Therefore, the values of the options are $10,000 and $20,000, respectively. Youshould choose the second option.b. Option one: $10,000 / 1.1 = $9,090.91Option two: $20,000 / 1.15 = $12,418.43Choose the second option.c. Option one: $10,000 / 1.2 = $8,333.33Option two: $20,000 / 1.25 = $8,037.55Choose the first option.d. You are indifferent at the rate that equates the PVs of the two alternatives. Youknow that rate must fall between 10% and 20% because the option you wouldchoose differs at these rates. Let r be the discount rate that makes you indifferentbetween the options.$10,000 / (1 + r) = $20,000 / (1 + r)5(1 + r)4 = $20,000 / $10,000 = 21 + r = 1.18921r = 0.18921 = 18.921%4.7 PV of Joneses’ offer = $150,000 / (1.1)3 = $112,697.22Since the PV of Joneses’ offer is less than Smiths’ offer, $115,000, you should chooseSmiths’ offer.4.8 a. P0 = $1,000 / 1.0820 = $214.55b. P10 = P0 (1.08)10 = $463.20c. P15 = P0 (1.08)15 = $680.594.9 The $1,000 that you place in the account at the end of the first year will earn interest for sixyears. The $1,000 that you place in the account at the end of the second year will earninterest for five years, etc. Thus, the account will have a balance of$1,000 (1.12)6 + $1,000 (1.12)5 + $1,000 (1.12)4 + $1,000 (1.12)3= $6,714.614.10 PV = $5,000,000 / 1.1210 = $1,609,866.184.11 a. The cost of investment is $900,000.PV of cash inflows = $120,000 / 1.12 + $250,000 / 1.122 + $800,000 / 1.123= $875,865.52Since the PV of cash inflows is less than the cost of investment, you should notmake the investment.b. NPV = -$900,000 + $875,865.52= -$24,134.48c. NPV = -$900,000 + $120,000 / 1.11 + $250,000 / 1.112 + $800,000 / 1.113= $-4,033.18Since the NPV is still negative, you should not make the investment.4.12 NPV = -($340,000 + $10,000) + ($100,000 - $10,000) / 1.1+ $90,000 / 1.12 + $90,000 / 1.13 + $90,000 / 1.14 + $100,000 / 1.15= -$2,619.98Since the NPV is negative, you should not buy it.If the relevant cost of capital is 9 percent,NPV = -$350,000 + $90,000 / 1.09 + $90,000 / 1.092 + $90,000 / 1.093+ $90,000 / 1.094 + $100,000 / 1.095= $6,567.93Since the NPV is positive, you should buy it.4.13 a. Profit = PV of revenue - Cost = NPVNPV = $90,000 / 1.15 - $60,000 = -$4,117.08No, the firm will not make a profit.b. Find r that makes zero NPV.$90,000 / (1+r)5 - $60,000 = $0(1+r)5 = 1.5r = 0.08447 = 8.447%4.14 The future value of the decision to own your car for one year is the sum of the trade-invalue and the benefit from owning the car. Therefore, the PV of the decision to own thecar for one year is$3,000 / 1.12 + $1,000 / 1.12 = $3,571.43Since the PV of the roommate’s offer, $3,500, is lower than the aunt’s offer, you shouldaccept aunt’s offer.4.15 a. $1.000 (1.08)3 = $1,259.71b. $1,000 [1 + (0.08 / 2)]2 ⨯ 3 = $1,000 (1.04)6 = $1,265.32c. $1,000 [1 + (0.08 / 12)]12 ⨯ 3 = $1,000 (1.00667)36 = $1,270.24d. $1,000 e0.08 ⨯ 3 = $1,271.25公司理财习题答案第四章e. The future value increases because of the compounding. The account is earninginterest on interest. Essentially, the interest is added to the account balance at theend of every compounding period. During the next period, the account earnsinterest on the new balance. When the compounding period shortens, the balancethat earns interest is rising faster.4.16 a. $1,000 e0.12 ⨯ 5 = $1,822.12b. $1,000 e0.1 ⨯ 3 = $1,349.86c. $1,000 e0.05 ⨯ 10 = $1,648.72d. $1,000 e0.07 ⨯ 8 = $1,750.674.17 PV = $5,000 / [1+ (0.1 / 4)]4 ⨯ 12 = $1,528.364.18 Effective annual interest rate of Bank America= [1 + (0.041 / 4)]4 - 1 = 0.0416 = 4.16%Effective annual interest rate of Bank USA= [1 + (0.0405 / 12)]12 - 1 = 0.0413 = 4.13%You should deposit your money in Bank America.4.19 The price of the consol bond is the present value of the coupon payments. Apply theperpetuity formula to find the present value. PV = $120 / 0.15 = $8004.20 Quarterly interest rate = 12% / 4 = 3% = 0.03Therefore, the price of the security = $10 / 0.03 = $333.334.21 The price at the end of 19 quarters (or 4.75 years) from today = $1 / (0.15 ÷ 4) = $26.67The current price = $26.67 / [1+ (.15 / 4)]19 = $13.254.22 a. $1,000 / 0.1 = $10,000b. $500 / 0.1 = $5,000 is the value one year from now of the perpetual stream. Thus,the value of the perpetuity is $5,000 / 1.1 = $4,545.45.c. $2,420 / 0.1 = $24,200 is the value two years from now of the perpetual stream.Thus, the value of the perpetuity is $24,200 / 1.12 = $20,000.4.23 The value at t = 8 is $120 / 0.1 = $1,200.Thus, the value at t = 5 is $1,200 / 1.13 = $901.58.4.24 P = $3 (1.05) / (0.12 - 0.05) = $45.004.25 P = $1 / (0.1 - 0.04) = $16.674.26 The first cash flow will be generated 2 years from today.The value at the end of 1 year from today = $200,000 / (0.1 - 0.05) = $4,000,000.Thus, PV = $4,000,000 / 1.1 = $3,636,363.64.4.27 A zero NPV-$100,000 + $50,000 / r = 0-r = 0.54.28 Apply the NPV technique. Since the inflows are an annuity you can use the present valueof an annuity factor.NPV = -$6,200 + $1,200 8A1.0= -$6,200 + $1,200 (5.3349)= $201.88Yes, you should buy the asset.4.29 Use an annuity factor to compute the value two years from today of the twenty payments.Remember, the annuity formula gives you the value of the stream one year before the first payment. Hence, the annuity factor will give you the value at the end of year two of the stream of payments. Value at the end of year two = $2,000 20A08.0= $2,000 (9.8181)= $19,636.20The present value is simply that amount discounted back two years.PV = $19,636.20 / 1.082 = $16,834.884.30 The value of annuity at the end of year five= $500 15A = $500 (5.84737) = $2,923.6915.0The present value = $2,923.69 / 1.125 = $1,658.984.31 The easiest way to do this problem is to use the annuity factor. The annuity factor must beequal to $12,800 / $2,000 = 6.4; remember PV =C A t r. The annuity factors are in theappendix to the text. To use the factor table to solve this problem, scan across the rowlabeled 10 years until you find 6.4. It is close to the factor for 9%, 6.4177. Thus, the rate you will receive on this note is slightly more than 9%.You can find a more precise answer by interpolating between nine and ten percent.10% ⎤ 6.1446 ⎤a ⎡ r ⎥bc ⎡ 6.4 ⎪ d⎣ 9% ⎦⎣ 6.4177 ⎦By interpolating, you are presuming that the ratio of a to b is equal to the ratio of c to d.(9 - r ) / (9 - 10) = (6.4177 - 6.4 ) / (6.4177 - 6.1446)r = 9.0648%The exact value could be obtained by solving the annuity formula for the interest rate.Sophisticated calculators can compute the rate directly as 9.0626%.公司理财习题答案第四章4.32 a. The annuity amount can be computed by first calculating the PV of the $25,000which you need in five years. That amount is $17,824.65 [= $25,000 / 1.075].Next compute the annuity which has the same present value.$17,824.65 = C 5A.007$17,824.65 = C (4.1002)C = $4,347.26Thus, putting $4,347.26 into the 7% account each year will provide $25,000 fiveyears from today.b. The lump sum payment must be the present value of the $25,000, i.e., $25,000 /1.075 = $17,824.65The formula for future value of any annuity can be used to solve the problem (seefootnote 14 of the text).4.33The amount of loan is $120,000 ⨯ 0.85 = $102,000.20C A= $102,000.010The amount of equal installments isC = $102,000 / 20A = $102,000 / 8.513564 = $11,980.8810.04.34 The present value of salary is $5,000 36A = $150,537.53.001The present value of bonus is $10,000 3A = $23,740.42 (EAR = 12.68% is used since.01268bonuses are paid annually.)The present value of the contract = $150,537.53 + $23,740.42 = $174,277.944.35 The amount of loan is $15,000 ⨯ 0.8 = $12,000.C 48A = $12,0000067.0The amount of monthly installments isC = $12,000 / 48A = $12,000 / 40.96191 = $292.960067.04.36 Option one: This cash flow is an annuity due. To value it, you must use the after-taxamounts. The after-tax payment is $160,000 (1 - 0.28) = $115,200. Value all except the first payment using the standard annuity formula, then add back the first payment of$115,200 to obtain the value of this option.Value = $115,200 + $115,200 30A10.0= $115,200 + $115,200 (9.4269)= $1,201,178.88Option two: This option is valued similarly. You are able to have $446,000 now; this is already on an after-tax basis. You will receive an annuity of $101,055 for each of the next thirty years. Those payments are taxable when you receive them, so your after-taxpayment is $72,759.60 [= $101,055 (1 - 0.28)].Value = $446,000 + $72,759.60 30A.010= $446,000 + $72,759.60 (9.4269)= $1,131,897.47Since option one has a higher PV, you should choose it.4.37 The amount of loan is $9,000. The monthly payment C is given by solving the equation: C 60008.0A = $9,000 C = $9,000 / 47.5042 = $189.46In October 2000, Susan Chao has 35 (= 12 ⨯ 5 - 25) monthly payments left, including the one due in October 2000.Therefore, the balance of the loan on November 1, 2000 = $189.46 + $189.46 34008.0A = $189.46 + $189.46 (29.6651) = $5,809.81Thus, the total amount of payoff = 1.01 ($5,809.81) = $5,867.91 4.38 Let r be the rate of interest you must earn. $10,000(1 + r)12 = $80,000 (1 + r)12 = 8 r = 0.18921 = 18.921%4.39 First compute the present value of all the payments you must make for your children’s education. The value as of one year before matriculation of one child’s education is$21,000 415.0A= $21,000 (2.8550) = $59,955. This is the value of the elder child’s education fourteen years from now. It is the value of the younger child’s education sixteen years from today. The present value of these is PV = $59,955 / 1.1514 + $59,955 / 1.1516 = $14,880.44You want to make fifteen equal payments into an account that yields 15% so that the present value of the equal payments is $14,880.44. Payment = $14,880.44 / 1515.0A = $14,880.44 / 5.8474 = $2,544.804.40 The NPV of the policy isNPV = -$750 306.0A - $800306.0A / 1.063 + $250,000 / [(1.066) (1.0759)] = -$2,004.76 - $1,795.45 + $3,254.33= -$545.88 Therefore, you should not buy the policy.4.41 The NPV of the lease offer isNPV = $120,000 - $15,000 - $15,000 908.0A - $25,000 / 1.0810= $105,000 - $93,703.32 - $11,579.84 = -$283.16 Therefore, you should not accept the offer.4.42 This problem applies the growing annuity formula. The first payment is $50,000(1.04)2(0.02) = $1,081.60. PV = $1,081.60 [1 / (0.08 - 0.04) - {1 / (0.08 - 0.04)}{1.04 / 1.08}40]= $21,064.28 This is the present value of the payments, so the value forty years from today is $21,064.28 (1.0840) = $457,611.46公司理财习题答案第四章4.43 Use the discount factors to discount the individual cash flows. Then compute the NPV ofthe project. Notice that the four $1,000 cash flows form an annuity. You can still use the factor tables to compute their PV. Essentially, they form cash flows that are a six year annuity less a two year annuity. Thus, the appropriate annuity factor to use with them is 2.6198 (= 4.3553 - 1.7355).Year Cash Flow Factor PV 1 $700 0.9091 $636.37 2 900 0.8264 743.76 3 1,000 ⎤ 4 1,000 ⎥ 2.6198 2,619.80 5 1,000 ⎥ 6 1,000 ⎦ 7 1,250 0.5132 641.50 8 1,375 0.4665 641.44 Total $5,282.87NPV = -$5,000 + $5,282.87 = $282.87 Purchase the machine.4.44 Weekly inflation rate = 0.039 / 52 = 0.00075 Weekly interest rate = 0.104 / 52 = 0.002 PV = $5 [1 / (0.002 - 0.00075)] {1 – [(1 + 0.00075) / (1 + 0.002)]52 ⨯ 30} = $3,429.384.45 Engineer:NPV = -$12,000 405.0A + $20,000 / 1.055 + $25,000 / 1.056 - $15,000 / 1.057- $15,000 / 1.058 + $40,000 2505.0A / 1.058= $352,533.35 Accountant:NPV = -$13,000 405.0A + $31,000 3005.0A / 1.054= $345,958.81 Become an engineer.After your brother announces that the appropriate discount rate is 6%, you can recalculate the NPVs. Calculate them the same way as above except using the 6% discount rate. Engineer NPV = $292,419.47 Accountant NPV = $292,947.04Your brother made a poor decision. At a 6% rate, he should study accounting.4.46 Since Goose receives his first payment on July 1 and all payments in one year intervalsfrom July 1, the easiest approach to this problem is to discount the cash flows to July 1 then use the six month discount rate (0.044) to discount them the additional six months. PV = $875,000 / (1.044) + $650,000 / (1.044)(1.09) + $800,000 / (1.044)(1.092) + $1,000,000 / (1.044)(1.093) + $1,000,000/(1.044)(1.094) + $300,000 / (1.044)(1.095)+ $240,000 1709.0A / (1.044)(1.095) + $125,000 1009.0A / (1.044)(1.0922) = $5,051,150Remember that the use of annuity factors to discount the deferred payments yields the value of the annuity stream one period prior to the first payment. Thus, the annuity factor applied to the first set of deferred payments gives the value of those payments on July 1 of 1989. Discounting by 9% for five years brings the value to July 1, 1984. The use of the six month discount rate (4.4%) brings the value of the payments to January 1, 1984. Similarly, the annuity factor applied to the second set of deferred payments yields the value of those payments in 2006. Discounting for 22 years at 9% and for six months at 4.4% provides the value at January 1, 1984.The equivalent five-year, annual salary is the annuity that solves: $5,051,150 = C 509.0A C = $5,051,150/3.8897C = $1,298,596The student must be aware of possible rounding errors in this problem. The differencebetween 4.4% semiannual and 9.0% and for six months at 4.4% provides the value at January 1, 1984. 4.47 PV = $10,000 + ($35,000 + $3,500) [1 / (0.12 - 0.04)] [1 - (1.04 / 1.12) 25 ]= $415,783.604.48 NPV = -$40,000 + $10,000 [1 / (0.10 - 0.07)] [1 - (1.07 / 1.10)5 ] = $3,041.91 Revise the textbook.4.49The amount of the loan is $400,000 (0.8) = $320,000 The monthly payment is C = $320,000 / 3600067.0.0A = $ 2,348.10 Thirty years of payments $ 2,348.10 (360) = $ 845,316.00 Eight years of payments $2,348.10 (96) = $225,417.60 The difference is the balloon payment of $619,898.404.50 The lease payment is an annuity in advanceC + C 2301.0A = $4,000 C (1 + 20.4558) = $4,000 C = $186.424.51 The effective annual interest rate is[ 1 + (0.08 / 4) ] 4 – 1 = 0.0824The present value of the ten-year annuity is PV = 900 100824.0A = $5,974.24 Four remaining discount periodsPV = $5,974.24 / (1.0824) 4 = $4,352.43公司理财习题答案第四章4.52The present value of Ernie’s retirement incomePV = $300,000 20A / (1.07) 30 = $417,511.5407.0The present value of the cabinPV = $350,000 / (1.07) 10 = $177,922.25The present value of his savingsPV = $40,000 10A = $280,943.26.007In present value terms he must save an additional $313,490.53 In future value termsFV = $313,490.53 (1.07) 10 = $616,683.32He must saveC = $616.683.32 / 20A = $58,210.5407.0。
公司理财英文版练习题答案第七章Pangaea Corpor1、______ pocket money did you get when you were a child? （）[单选题] *A. WhatB. HowC. How manyD. How much(正确答案)2、Nuclear science should be developed to benefit the people_____harm them. [单选题] *A.more thanB.other thanC.rather than(正确答案)D.better than3、The huntsman caught only a（）of the deer before it ran into the woods. [单选题] *A. gazeB. glareC. glimpse(正确答案)D. stare4、35．___________ good music the teacher is playing! [单选题] *A．What(正确答案)B．HowC．What aD．What the5、——Have you（）your friend Bill recently? ———No, he doesnt often write to me. [单选题] *A. heard aboutB. heard ofC. heard from (正确答案)D. received from6、Just use this room for the time being ,and we’ll offer you a larger one _______it becomes available [单选题] *A. as soon as(正确答案)B unless .C as far asD until7、?I am good at schoolwork. I often help my classmates _______ English. [单选题] *B. toC. inD. with(正确答案)8、—What were you doing when the rainstorm came?—I ______ in the library with Jane. （）[单选题] *A. readB. am readingC. will readD. was reading(正确答案)9、I _______ Zhang Hua in the bookstore last Sunday. [单选题] *A. meetB. meetingC. meetedD. met(正确答案)10、I often _______ music from the Internet. [单选题] *A. download(正确答案)B. spendD. read11、I think ______ time with my friends is fun for me.（）[单选题] *A. spendB. spendC. spending(正确答案)D. spent12、Ladies and gentlemen, please fasten your seat belts. The plane _______. [单选题] *A. takes offB. is taking off(正确答案)C. has taken offD. took off13、You wouldn' t have caught such ____ bad cold if you hadn' t been caught in ____?rain. [单选题] *A. a, /B. a, aC. a,the(正确答案)D. /, /14、We _______ swim every day in summer when we were young. [单选题] *A. use toB. are used toC. were used toD. used to(正确答案)15、This year our school is _____ than it was last year. [单选题] *A. much more beautiful(正确答案)B. much beautifulC. the most beautifulD. beautiful16、Sichuan used to have more people than ______ province in China. [单选题] *A. otherB. any other(正确答案)C. anotherD. any others17、32．There are about __________ women doctors in this hospital. [单选题] *A．two hundred ofB．two hundreds ofC．two hundredsD．two hundred (正确答案)18、Jim will _______ New York at 12 o’clock. [单选题] *A. get onB. get outC. get offD. get to(正确答案)19、Jeanne's necklace was _____ 500 francs at most. [单选题] *A. worthyB. costC. worth(正确答案)D. valuable20、It was _____ that the policy of reform and opening up came into being in China. [单选题] *A. in the 1970s(正确答案)B. in 1970sC. in the 1970s'D. in 1970's21、—______?—He can do kung fu.（）[单选题] *A. What does Eric likeB. Can Eric do kung fuC. What can Eric do(正确答案)D. Does Eric like kung fu22、I passed the test, I _____ it without your help. [单选题] *A.would not passB. wouldn't have passed(正确答案)C. didn't passD.had not passed23、Having stayed in the United States for more than ten years, he got an American（）[单选题] *A. speechB. accent(正确答案)C. voiceD. sound24、28．The question is very difficult. ______ can answer it. [单选题] * A．EveryoneB．No one(正确答案)C．SomeoneD．Anyone25、Is there ____ for one more in the car? [单选题] *A. seatB. situationC. positionD. room(正确答案)26、He does ______ in math.（）[单选题] *A. goodB. betterC. well(正确答案)D. best27、The travelers arrived _______ Xi’an _______ a rainy day. [单选题] *A. at; inB. at; onC. in; inD. in; on(正确答案)28、Tom’s sister is a nurse. I met _______ in the street yesterday . [单选题] *A. sheB. hersC. himD. her(正确答案)29、17．—When ________ they leave here?—Tomorrow morning. [单选题] * A．doB．will(正确答案)C．doesD．are30、I saw the boy _______?the classroom. [单选题] *A. enter intoB. enter(正确答案)C. to enter intoD. to enter。
公司理财罗斯课后习题答案集团文件发布号：（9816-UATWW-MWUB-WUNN-INNUL-DQQTY-第一章1.在所有权形式的公司中,股东是公司的所有者。
股东选举公司的董事会,董事会任命该公司的管理层。
企业的所有权和控制权分离的组织形式是导致的代理关系存在的主要原因。
管理者可能追求自身或别人的利益最大化,而不是股东的利益最大化。
在这种环境下,他们可能因为目标不一致而存在代理问题。
2.非营利公司经常追求社会或政治任务等各种目标。
非营利公司财务管理的目标是获取并有效使用资金以最大限度地实现组织的社会使命。
3.这句话是不正确的。
管理者实施财务管理的目标就是最大化现有股票的每股价值，当前的股票价值反映了短期和长期的风险、时间以及未来现金流量。
4.有两种结论。
一种极端,在市场经济中所有的东西都被定价。
因此所有目标都有一个最优水平，包括避免不道德或非法的行为，股票价值最大化。
另一种极端,我们可以认为这是非经济现象,最好的处理方式是通过政治手段。
一个经典的思考问题给出了这种争论的答案:公司估计提高某种产品安全性的成本是30美元万。
然而,该公司认为提高产品的安全性只会节省20美元万。
请问公司应该怎么做呢”5.财务管理的目标都是相同的,但实现目标的最好方式可能是不同的,因为不同的国家有不同的社会、政治环境和经济制度。
6.管理层的目标是最大化股东现有股票的每股价值。
如果管理层认为能提高公司利润，使股价超过35美元,那么他们应该展开对恶意收购的斗争。
如果管理层认为该投标人或其它未知的投标人将支付超过每股35美元的价格收购公司,那么他们也应该展开斗争。
然而,如果管理层不能增加企业的价值,并且没有其他更高的投标价格,那么管理层不是在为股东的最大化权益行事。
现在的管理层经常在公司面临这些恶意收购的情况时迷失自己的方向。
7.其他国家的代理问题并不严重,主要取决于其他国家的私人投资者占比重较小。
较少的私人投资者能减少不同的企业目标。
《公司理财（第七版）》练习题答案注：红字部分为修改内容，待教材再版时进行更正。
项目一认识公司理财一、单项选择题1.A 公司制企业的优点：容易转让所有权；有限债务责任；无限存续；更容易筹集资金。
公司制企业的缺点：组建公司的成本高；存在代理问题；双重课税。
2.B 购置机器设备等属于投资活动的固定资产投资。
3.A 应收账款资产的风险比现金资产风险大，认为两个企业收益水平相同则忽略了获得利润所承担的风险。
4.A 在上市公司，股东财富是由其所拥有的股票数量和股票市场价格两方面来决定的。
在股票数量一定时，股票价格达到最高，股东财富也就达到最大化。
5.C 相关者利益最大化才能体现合作共赢的价值理念。
股东财富最大化体现的是股东的利益。
6.B（将“企业收益最大化”改为“企业价值最大化”）企业价值最大化的缺点：（1）理财目标过于理论化，不易操作；（2）由于受评估标准和评估方式的影响，很难做到客观和准确。
7.A 相关者利益最大化目标强调风险与报酬的均衡，将风险控制在公司可以承受的范围内。
8.D 过分地强调社会责任而使公司价值减少，就可能导致整个社会资金运用的次优化，从而使社会经济发展步伐减缓。
9.D 公司的社会责任是指公司在谋求股东财富最大化之外所负有的维护和增进社会利益的义务，不包括对股东的责任。
10.下列属于通过采取激励方式协调股东与经营者利益冲突的方法是（ A ）。
A．股票期权 B．解聘 C．接收 D．限制性借款11.C 在公司内部，会计信息主要是提供给管理层决策使用，而在公司外部，会计信息则主要是为公司的投资者、债权人等提供服务。
12.B 经济繁荣期应增加劳动力。
13.D 市场经济条件下，经济发展与运行带有一定的波动性。
大体上经历复苏、繁荣、衰退和萧条几个阶段的循环，这种循环叫做经济周期。
14.D 大额定期存单市场不属于短期债券市场。
短期债券市场主要买卖1年以内的短期公司债券和政府债券，短期债券的转让可以通过贴现的方式进行。
Chapter 24: Warrants and Convertibles24.1 a. A warrant is a security that gives its holder the right, but not the obligation, to buy shares of commonstock directly from a company at a fixed price for a given period of time. Each warrant specifies thenumber of shares of stock that the holder can buy, the exercise price, and the expiration date.b. A convertible bond is a bond that may be converted into another form of security, typically commonstock, at the option of the holder at a specified price for a specified period of time.24.2 a. If the stock price is less than the exercise price of the warrant at expiration, the warrant is worthless.Prior to expiration, however, the warrant will have value as long as there is some probability that thestock price will rise above the exercise price in the time remaining until expiration. Therefore, if thestock price is below the exercise price of the warrant, the lower bound on the price of the warrant iszero.b.If the stock price is above the exercise price of the warrant, the warrant must be worth at least thedifference between these two prices. If warrants were selling for less than the difference between thecurrent stock price and the exercise price, an investor could earn an arbitrage profit (i.e. an immediatecash inflow) by purchasing warrants, exercising them immediately, and selling the stock.c.If the warrant is selling for more than the stock, it would be cheaper to purchase the stock than topurchase the warrant, which gives its owner the right to buy the stock. Therefore, an upper bound onthe price of any warrant is the firm’s current stock price.24.3 a. The primary difference between warrants and call options is that, when warrants are exercised, the firmissues new shares. Both the purchase price and the exercise price of a warrant are received by the firmand increase the value of its assets. Unless a firm is selling calls on its own shares, this does not holdtrue for options.b.When call options are exercised, the number of shares the firm has outstanding remains unchanged.Shares of the company’s stock are simply transferred from one individual to another. When warrantsare exercised, however, the number of shares outstanding increases. This results in the value of thefirm being spread out over a larger number of shares, often leading to a decrease in value of eachindividual share. The decrease in the per-share price of a company’s stock due to a greater number ofshares outstanding is known as dilution.24.4 a. Before the warra nt was issued, Survivor’s assets were worth $3,500 (= 7 oz of platinum * $500 peroz). Since there are only two shares of common stock outstanding, each share is worth $1,750 (=$3,500 / 2 shares).b.When the warrant was issued, the firm received $500 fr om Tina, increasing the total value of the firm’sassets to $4,000 (= $3,500 + $500). If the two shares of common stock were the only outstandingclaims on the firm’s assets, each share would be worth $2,000 (= $4,000 / 2 shares). However, sincethe warr ant gives Tina a claim on the firm’s assets worth $500, the value of the firm’s assets availableto stockholders is only $3,500 (= $4,000 - $500). Since there are two shares outstanding, Survivor’svalue per share remains at $1,750 (= $3,500 / 2 shares) after the warrant issue. Note that the firm usesTina’s $500 to purchase one more ounce of platinum.c.If the price of platinum is $520 per ounce, the total value of the firm’s assets is $4,160 (= 8 oz ofplatinum * $520 per oz). If Tina does not exercise h er warrant, the value of the firm’s assets wouldremain at $4,160 and there would be two shares of common stock outstanding. If Tina exercises herwarrant, the firm would receive the warrant’s $1,800 striking price and issue Tina one share. The totalval ue of the firm’s assets would increase to $5,960 (= $4,160 + $1,800). Since there would now be 3shares outstanding and no warrants, Survivor’s price per share would be $1,986.67 (= $5,960 / 3shares). Since the $1,986.67 value of the share that she will receive is greater than the $1,800 exerciseprice of the warrant, investors will expect Tina to exercise. The firm’s stock price will reflect thisinformation and rise to $1,986.67per share on the warrant’s expiration date.24.5 a. Since the stock price is currently below the exercise price of the warrant, the lower bound on the priceof the warrant is zero. If there is only a small probability that the firm’s stock price will rise above theexercise price of the warrant, the warrant has little value. An upper bound on the price of the warrantis $8, the current price of General Modem’s common stock. One would never pay more than $8 toreceive the right to purchase a share of the company’s stock if the firm’s stock were only worth $8.b.If General Mod em’s stock is trading for $12 per share, the lower bound on the price of the warrant is$2, the difference between the current stock price and the warrant’s exercise price. If warrants wereselling for less than this amount, an investor could earn an arbitrage profit by purchasing warrants,exercising them immediately, and selling the stock. As always, the upper bound on the price of awarrant is the current stock price. In this case, one would never pay more than $12 for the right to buya single share of General Modem’s stock when he could purchase a share outright for $12.24.6 Ricketti currently has 10 million shares of common stock outstanding that sell for $17 per share and 1million warrants outstanding worth $3 each. Therefore, the value of the f irm’s assets before the warrantsare exercised is $173 million [= (10 million shares * $17 per share) + (1 million warrants * $3 per warrant)].Once the warrants are exercised, the total value of the firm’s assets increases by $15 million (= 1 millionwarrants * $15 per warrant). Since each warrant gives its owner the right to receive one share, the number of shares of common stock outstanding increases by 1,000,000.Therefore, once the warrants have been exercised, the value of Ricketti’s assets is $188 m illion (= $173million + $15 million) and there are 11 million (= 10 million + 1 million) shares of common stockoutstanding.The price per share of Ricketti’s common stock after the warrants have been exercised is $17.09 (=$188 million / 11 million shares).Note that since the warrants were exercised when the price per warrant ($3) was above the exercise valueof each warrant ($2 = $17 - $15), the stockholders gain and the warrant holders lose.24.7 No, the market price of the warrant will not equal zero. Since there is a chance that the market price of thestock will rise above the $21 per share exercise price before expiration, the warrant still has some value. Its market price will be greater than zero. (As a practical matter, warrants that are way out-of-the-money may sell at 0, due to transaction costs.)24.8 Since Warrant X gives its owner the right to purchase 3 shares for $20 each, the total exercise price of eachwarrant is $60 (= 3 * $20). Each share of Firm Y is currently selling for $25 per share. The value of three shares of the firm is $75 (= 3 * $25). Therefore, Warrant X effectively gives its owner the right to buy $90 worth of stock for $75. It follows that the minimum value of Warrant X is $15 (= $90 - $75), the difference between the exercise price of the warrant and the value of the stock received from the warrant exercise. IfWarrant X were selling for less than $15, an investor could earn an arbitrage profit by purchasing thewarrant, exercising it immediately, and selling the stock. Here, the warrant holder pays less than $15 while receiving the $15 difference between the price of 3 shares and the exercise price.24.9 The value of a single warrant (W) equals:W = [# / (# + #W)] * Call{S = (V/ #), K = K W}where # = the number of shares of common stock outstanding#W= the number of warrants outstandingCall{S, K} = a call option on an underlying asset worth S with a strike price KV = the firm’s value net of debtK W = the strike price of each warrantIn this problem:# = 4,000,000#W= 500,000V = $88,000,000K W= $20Therefore, the value of a single warrant (W) equals:W = [# / (# + #W)] * Call{S = (V/ #), K = K W}= [4,000,000 / (4,000,000 + 500,000) * Call{S = ($88,000,000 / 4,000,000), K = $20}= (8/9)*Call(S = $22, K = $20)In order to value the call option, use the Black-Scholes formula.The inputs to the Black-Scholes formula are: S= $22 σ2 = 0.04K =$20 r = 0.07t = 1After identifying the inputs, solve for d1 and d2:d1= [ln(S/K) + (r + ½σ2)(t) ] / (σ2t)1/2= [ln(22/20) + {0.07 + ½(0.04)}(1) ] / (0.04*1)1/2= 0.9266d2= d1 - (σ2t)1/2= 0.9266 - (0.04*1)1/2= 0.7266Find N(d1) and N(d2), the area under the normal curve from negative infinity to d1 and negative infinityto d2, respectively.N(d1) = N(0.9266) = 0.8229N(d2) = N(0.7266) = 0.7663According to the Black-Scholes formula, the price of a European call option (C) on a non-dividendpaying common stock is:C = SN(d1) – Ke-rt N(d2)= (22)(0.8229) – (20)e-(0.07)(1) (0.7663)= $3.81The Black-Scholes Price of the call option is $3.81.Therefore, the price of a single warrant (W) equals:W = (8/9)*Call(S = $22, K = $20)= (8/9)($3.81)= $3.39Therefore, the value of each of Superior Clamp’s warrants is $3.39.24.10 To calculate the number of warrants that Omega should issue in order to pay off $10 million in six months,use the Black-Scholes model to find the price of a single warrant, then divide this amount into the present value of $10 million to find the number of warrants to be issued.Since Omega owes $10 million in 6 months and the current yield on Treasury bills that mature in sixmonths is 10% per annum (continuously-compounded), Omega must raise $9,512,294 [= $10,000,000 /(e(0.10*0.5))] from the warrant issue today in order to meet its debt obligation of $10 million in six months.Since the val ue of Omega’s assets is $150 million after the announcement, the value of the firm’s assets will rise to $159.5 million (= $150 million + $9.5 million in proceeds) after the warrants are issued. Since the cash inflow from the warrants offsets the firm’s $9.5 million in debt, the value of the warrants will be exactly the same as if the cash from the warrants were used to immediately pay off the debt. In this case, the value of the firm’s assets after the warrant issue would be $150 million (= $159.5 millio n - $9.5 million cash to pay off debt). Use $150 million as the firm’s value net of debt (V) in the Black-Scholes formula. The firm has 1.5 million shares of common stock outstanding and wishes to issue warrants with a strike price of $95.The value of a single warrant (W) equals:W = [# / (# + #W)] * Call{S = (V/ #), K = K W}where # = the number of shares of common stock outstanding#W= the number of warrants outstandingCall{S, K} = a call option on an underlying asset worth S with a strike price KV = the firm’s value net of debtK W = the strike price of each warrantIn this problem:# = 1,500,000V = $150,000,000K W= $95Therefore, the value of a single warrant (W) equals:W = [# / (# + #W)] * Call{S = (V/ #), K = K W}= [1,500,000 / (1,500,000 +#W)] * Call{S = ($150,000,000/ 1,500,000), K = $95}= [1,500,000 / (1,500,000 +#W)] * Call(S = $100, K = $95)Since the firm must raise $9,512,294 as a result of the warrant issue, we know #W * W must equal$9,512,294.Therefore, it can be stated that:$9,512,294 = (#W)(W)$9,512,294 = (#W)([1,500,000 / (1,500,000 +#W)] * Call(S = $100, K = $95)In order to value the call option, use the Black-Scholes formula.The inputs to the Black-Scholes formula are: S= $100 σ2 = 0.5625K =$95 r = 0.10t = 0.5After identifying the inputs, solve for d1 and d2:d1= [ln(S/K) + (r + ½σ2)(t) ] / (σ2t)1/2= [ln(100/95) + {0.10 + ½(0.5625)}(0.50) ] / (0.5625*0.50)1/2= 0.4562d2= d1 - ( 2t)1/2= 0.4562 - (0.5625*0.50)1/2= -0.0742Find N(d1) and N(d2), the area under the normal curve from negative infinity to d1 and negative infinity to d2, respectively.N(d1) = N(0.4562) = 0.6759N(d2) = N(-0.0742) = 0.4704According to the Black-Scholes formula, the price of a European call option (C) on a non-dividend paying common stock is:C = SN(d1) – Ke-rt N(d2)= (100)(0.6759) – (95)e-(0.10)(0.50) (0.4704)= $25.08The Black-Scholes price of the call option is $25.08.Inserting this value into the equation above:$9,512,294 = (#W) [1,500,000 / (1,500,000 +#W)] *Call(S = $100, K = $95)$9,512,294 = (#W) [1,500,000 / (1,500,000 +#W)]*($25.08)#W = 507,634Therefore, in order to pay off $10 million worth of debt in 6 months, Omega should issue 507,634warrants today.24.11Since a convertible bond gives its holder the right to a fixed payment plus the right to convert, itmust be worth at least as much as its straight value. Therefore, if the market value of a convertible bond is less than its straight value, there is an opportunity to make an arbitrage profit by purchasing the bond and holding it until expiration.In Scenario A, the market value of the convertible bond is $1,000. Since this amount is greater than theconvertible’s straight value ($900), Scenario A is feasible.In Scenario B, the market value of the convertible bond is $900. Since this amount is less than theconvertible’s straight value ($950), Scenario B is not feasible.Scenario A is more likely.24.12 a. The conversion price indicates that for each $25 of face value of the bond, the convertible bondholdercan receive 1 share. Since the $25 conversion price divides into the $1,000 face value of the bond 40times (= $1,000 / $25), each convertible bond can be exchanged for 40 shares of Sportime’s stock.Since each share is currently trading for $24, the value of immediate conversion of a single convertiblebond is $960 (= $24 per share * 40 shares).Therefore, the minimum value that each convertible bond should sell for is $960.b. A convertible bond gives its owner the right to convert his bond into a fixed number of shares. Themarket price of a convertible bond includes a premium over the value of immediate conversion thataccounts for the possibility of increases in the price of the firm’s stock before the maturity of the bond.If the stock price rises, a convertible bondholder will convert and receive valuable shares of equity. Ifthe stock price decreases, the convertible bondholder holds the bond and retains his right to a fixedinterest and principal payments.24.13 a. Rob Stevens currently owns 500,000 of Isner’s 4,000,000 shares. Therefore, he owns 12.5%(= 500,000 / 4,000,000) of the firm’s common stock.b.The conversion price indicates that for every $20 of face value of convertible bonds outstanding, Isnerwill be obligated to issue a new share upon conversion. Since there is currently $20 million worth ofconvertible bonds (face value) outstanding, Isner will issue 1,000,000 (= $20,000,000 / $20) newshares when it calls the convertible bonds and forces conversion. This increases the number of Isner’soutstanding shares to 5,000,000 (= 4,000,000 + 1,000,000). After conversion, Rob Stevens will onlyown 10% (= 500,000 / 5,000,000) of the firm’s common stock.24.14 a. The conversion ratio is defined as the number of shares that will be issued upon conversion. Sinceeach bond is convertible into 28 shares of Hannon’s common stock, the conversion ratio of th econvertible bonds is 28.b.The conversion price is defined as the face amount of a convertible bond that the holder must surrenderin order to receive a single share. Since the conversion ratio indicates that each bond is convertible into28 shares and each convertible bond has a face value of $1,000, one must surrender $35.71 (= $1,000face value per bond / 28 shares per bond) in order to receive one share of Hannon’s common stock.c.The conversion premium is defined as the percentage difference between the conversion price of theconvertible bonds and the current stock price. Since Hannon’s common stock is trading for $31.25 pershare and the conversion price of each of its convertible bonds is $35.71, the conversion premium is14.27% [= ($35.71 / $31.25) – 1].d.The conversion value is defined as the amount that each convertible bond would be worth if it wereimmediately converted into common stock. Since each convertible bond gives its owner the right to 28shares of Hannon’s common stock, currently wor th $31.25 per share, the conversion value of the eachbond is $875 (= 28 shares * $31.25 per share).e.If Hannon’s common stock price increases by $2, the new conversion value of the bonds will be $931(= 28 shares * 33.25 per share).24.15 a. The straigh t value of a convertible bond is the bond’s value if it were not convertible into commonstock. Since the bond will pay $1,000 in 10 years and the appropriate discount rate is 10%, the presentvalue of $1,000, discounted at 10% per annum, equals the straight value of this convertible bond.Straight Value = $1,000 / (1.10)10= $385.54Therefore, the straight value of the convertible bond is $385.54.b. The conversion value is defined as the amount that the convertible bond would be worth if it wereimmediately converted into common stock. Since the convertible bond gives its owner the right to 25shares of MGH’s common stock, currently worth $12 per share, the conversion value of the bond is$300 (= 25 shares * $12 per share).Therefore, the conversion value of the convertible bond is $300.c.The option value of a convertible bond is defined as the difference between the market value of thebond and the maximum of its straight value and conversion value. In this problem, the bond’s marketvalue is $400, its straight value is $385.54, and its conversion value is $300.Option Value = Market Value - max[Straight Value, Conversion Value]= $400 – max[$385.54, $300 ]= $400 - $385.54= $14.46Therefore, the option value of the convertible bond is $14.46.24.16 The conversion price is defined as the face amount of a convertible bond that the holder must surrenderin order to receive a single share of stock. In this problem, the conversion price is $180. Since the bond hasa face value of $1,000, it is convertible into 5.56 (= $1,000 / $180) shares.The conversion value is defined as the amount that the convertible bond would be worth if it wereimmediately converted into common stock. Since the convertible bond gives its owner the right to 5.56shares of common stock, currently worth $60 per share, the conversion value of the bond is $333.33 (= 5.56 shares * $60 per share).Therefore, the conversion value of this convertible bond is $333.33.24.17 a. The straight value of a con vertible bond is the bond’s value if it were not convertible into commonstock. The bond makes annual coupon payments of $60 (= 0.06 * $1,000) at the end of each year for30 years. In addition, the owner will receive the bond’s face value of $1,000 w hen the bond matures in30 years. The straight value of the bond equals the present value of its cash flows.Since the bond makes annual coupon payments of $60 (= 0.06 * $1,000) for 30 years, the present valueof the coupon payments can be found by calculating the present value of an annuity that makespayments of $60 for 30 years, discounted at 12%.PV(Coupon Payments) = $60A300.12 = $483.31Since the repayment of principal occurs in 30 years, the present value of the principal payment can befound by discounting the $1,000 face value of the bond by 12% for 30 years.PV(Principal Payment) = $1,000 / (1.12)30 = $33.38Straight Value = PV(Coupon Payments) + PV(Principal Payment)= $483.31 + $33.38= $516.69Therefore, the straight value of the convertible bond is $516.69.b. The conversion price is defined as the face amount of a convertible bond that the holder must surrenderin order to receive a single share. In this problem, the conversion price is $125. Since the bond has aface value of $1,000, it is convertible into 8 (= $1,000 / $125) shares.The conversion value is defined as the amount that the convertible bond would be worth if it wereimmediately converted into common stock. Since the convertible bond gives its owner the right to 8shares of common stock, currently worth $35 per share, the conversion value of the bond is $280(= 8 shares * $35 per share).Therefore, the conversion value of this convertible bond is $280.c. If Firm A’s stock price were g rowing by 15% per year forever, each share of its stock would be worthapproximately $35(1.15)t after t years. Since each bond is convertible into 8 shares, the conversion value of the bond equals ($35*8)(1.15)t after t years. In order to calculate the number of years that it will take for the conversion value to equal $1,100, set up the following equation:($35*8)(1.15)t = $1,100t = 9.79Therefore, it will take 9.79 years for the conversion value of the convertible bond to exceed $1,100.。
