第五章公司理财作业

金融学考研复习公司理财习题(5)第五章净现值和投资评价的其他方法1．回收期与净现值如果某项目会带来常规的现金流，而且其回收期短于该项目的生命周期，你可以明确地说出该项目净现值的代数符号吗?为什么?如果该项目的折现回收期短于该项目的生命周期，此时的情况又是怎么样?请解释。

2．净现值假设某项目有常规的现金流，而且其净现值为正。

根据这个条件，你对该项目的回收期了解多少?折现回收期呢?盈利指数呢?内部收益率呢?请解释。

3．比较投资标准对下列的投资准则下定义并讨论其潜在的缺陷。

根据你的定义，阐述如何根据这些标准来接受或拒绝某个独立的项目。

（1）回收期（2）平均会计收益率（3）内部收益率（4）盈利指数（5）净现值4．回收期与内部收益率某项目每阶段均有永续的现金流C，并且其成本为I，必要报酬率为R。

那么该项目的回收期与其内部收益率之间的关系是什么?对于一个拥有相对固定现金流的长期项目而言，你的回答意味着什么?5．国际投资项目2004年11月，汽车制造商本田公司计划在格鲁吉亚建一个自动化的传送厂，并对俄亥俄州的传送厂进行扩张。

本田公司明显觉得在美国有这些设备将使公司更加有竞争力，并带来价值。

其他的公司，例如富士公司、瑞士龙沙有限公司也得出类似的结论并采取相似的行动。

汽车、胶片与化学药品的国外制造商得出类似这种结论的原因有哪些? 6．资本预算问题我们在本章所讨论的各种标准在实际应用时可能出现什么问题?哪种标准最容易应用?哪种标准最难?7．非营利实体的资本预算我们所讨论的资本预算法则是否可以应用于非营利公司?这些非营利实体是如何做资本预算的?美国政府是如何做资本预算的?在评价支出议案时，是否应使用这些方法?8．净现值项目A的投资额为100万美元，项目B的投资额为200万美元。

这两个项目均有惟一的内部收益率20％。

那么下列的说法正确与否?对于0～20％之间的任何折现率，项目B的净现值为项目A的2倍。

请解释。

9．净现值与盈利指数：思考全球投资公司的两个互斥项目，具体如下：项目的适宜折现率为10％。

公司理财课后习题参考答案ANSWS第1章习题答案1．在投资活动上，固定资产投资大量增加，增加金额为387270117（万元）2．在筹资活动上，非流动负债减少，流动负债大大增加，增加金额为29990109（万元）3．在营运资本表现上，2022年初的营运资本20220220（万元）2022年末的营运资本21129988（万元）营运资本不仅大大减少，而且已经转为负数。

这与流动负债大大增加，而且主要用于固定资产的形成直接相关。

第2章习题答案1．PV200(P/A,3%,10)(P/F,3%,2)1608.11（元）2．5000012500(P/A,10%,n)(P/A,10%,n)50000/125004查表，(P/A,10%,5)3.7908(P/A,10%,6)4.3553n543.7908(65)(43.7908)插值计算：n5654.35533.79084.35533.7908n5.37最后一次取款的时间为5.37年。

3．租入设备的年金现值14762（元），低于买价。

租入好。

4．乙方案的现值9.942万元，低于甲方案。

乙方案好。

5．40001000(P/F,3%,2)1750(P/F,3%,6)F(P/F,3%,10)F2140.12第五年末应还款2140.12万元。

6．（1）债券价值4(P/A,5%,6)100(P/F,5%,6)20.3074.6294.92（元）（2）2022年7月1日债券价值4(P/A,6%,4)100(P/F,6%,4)13.8679.2193.07（元）（3）4(P/F,i/2,1)104(P/F,i/2,2)97i12%时，4(P/F,6%,1)104(P/F,6%,2)3.7792.5696.33i10%时，4(P/F,5%,1)104(P/F,5%,2)3.8194.3398.14利用内插法：(i10%)/(12%10%)(98.1497)/(98.1496.33)解得i11.26%7．第三种状态估价不正确，应为12.79元。

Concept Questions◆Define pure discount bonds, level-coupon bonds, and consols.A pure discount bond is one that makes no intervening interest payments. One receives a single lump sum payment at maturity. A level-coupon bond is a combination of an annuity and a lump sum at maturity. A consol is a bond that makes interest payments forever.◆Contrast the state interest rate and the effective annual interest rate for bonds paying semi-annual interest. Effective annual interest rate on a bond takes into account two periods of compounding per year received on the coupon payments. The state rate does not take this into account.◆What is the relationship between interest rates and bond prices?There is an inverse relationship. When one goes up, the other goes down.◆How does one calculate the yield to maturity on a bond?One finds the discount rate that equates the promised future cash flows with the price of the bond.◆What are the three factors determining a firm's P/E ratio?Today's expectations of future growth opportunities.The discount rate.The accounting method.◆What is the closing price of General Data?The closing price of General Data is 6 3/16.◆What is the PE of General House?The PE of General House is 29.◆What is the annual dividend of General Host?The annual dividend of General Host is zero.Concept Questions - Appendix To Chapter 5◆What is the difference between a spot interest rate and the yield to maturity?The yield to maturity is the geometric average of the spot rates during the life of the bond.◆Define the forward rate.Given a one-year bond and a two-year bond, one knows the spot rates for both. The forward rate is the rate of return implicit on a one-year bond purchased in the second year that would equate the terminal wealth of purchasing the one-year bond today and another in one year with that of the two-year bond.◆What is the relationship between the one-year spot rate, the two-year spot rate and the forward rate over the second year?The forward rate f2 = [(1+r2)2 /(1+r1 )] - 1◆What is the expectation hypothesis?Investors set interest rates such that the forward rate over a given period equals the spot rate for that period.◆What is the liquidity-preference hypothesis?This hypothesis maintains that investors require a risk premium for holding longer-term bonds (i.e. they prefer to be liquid or short-term investors). This implies that the market sets the forward rate for a given period above the expected spot rate for that period.Questions And ProblemsHow to Value Bonds5.1 What is the present value of a 10-year, pure discount bond that pays $1,000 at maturity and is priced to yield the following rates?a. 5 percentb. 10 percentc. 15 percentSolutions a. $1,000 / 1.0510 = $613.91b. $1,000 / 1.1010 = $385.54c. $1,000 / 1.1510 = $247.185.2 Microhard has issued a bond with the following characteristics:Principal: $1,000Term to maturity: 20 yearsCoupon rate: 8 percentSemiannual paymentsCalculate the price of the Microhard bond if the stated annual interest rate is:a. 8 percentb. 10 percentc. 6 percentSolutions The amount of the semi-annual interest payment is $40 (=$1,000 ⨯ 0.08 / 2). There are a total of 40 periods; i.e., two half years in each of the twenty years in the term to maturity.The annuity factor tables can be used to price these bonds. The appropriate discount rate touse is the semi-annual rate. That rate is simply the annual rate divided by two. Thus, for part b the rate to be used is 5% and for part c is it 3%.a. $40 (19.7928) + $1,000 / 1.0440 = $1,000Notice that whenever the coupon rate and the market rate are the same, the bond ispriced at par.b. $40 (17.1591) + $1,000 / 1.0540 = $828.41Notice that whenever the coupon rate is below the market rate, the bond is pricedbelow par.c. $40 (23.1148) + $1,000 / 1.0340 = $1,231.15Notice that whenever the coupon rate is above the market rate, the bond is pricedabove par.5.3 Consider a bond with a face value of $1,000. The coupon is paid semiannually and the market interest rate (effective annual interest rate) is 12 percent. How much would you pay for the bond if a. the coupon rate is 8 percent and the remaining time to maturity is 20 years?b. the coupon rate is 10 percent and the remaining time to maturity is 15 years?Solutions Semi-annual discount factor = (1.12)1/2 - 1 = 0.05830 = 5.83%a. Price = $40400583.0A+ $1,000 / 1.058340= $614.98 + $103.67= $718.65b. Price = $50300583.0A+ $1,000 / 1.058330= $700.94 + $182.70 = $883.645.4 Pettit Trucking has issued an 8-percent, 20-year bond that pays interest semiannually. If the market prices the bond to yield an effective annual rate of 10 percent, what is the price of the bond? Solutions Effective annual rate of 10%:Semi-annual discount factor = (1.1)0.5 - 1 = 0.04881 = 4.881%Price = $404004881.0A+ $1,000 / 1.0488140= $846.335.5 A bond is sold at $923.14 (below its par value of $1,000). The bond has 15 years to maturity and investors require a 10-percent yield on the bond. What is the coupon rate for the bond if the coupon is paid semiannually?Solutions $923.14 = C3005.0A+ $1,000 / 1.0530= (15.37245) C + $231.38C = $45The annual coupon rate = $45 ⨯ 2 / $1,000 = 0.09 = 9%5.6 You have just purchased a newly issued $1,000 five-year Vanguard Company bond at par. This five-year bond pays $60 in interest semiannually. You are also considering the purchase of another Vanguard Company bond that returns $30 in semiannual interest payments and has six years remaining before it matures. This bond has a face value of $1,000.a. What is effective annual return on the five-year bond?b. Assume that the rate you calculated in part (a) is the correct rate for the bond with six years remaining before it matures. What should you be willing to pay for that bond?c. How will your answer to part (b) change if the five-year bond pays $40 in semiannual interest? Solutionsa. The semi-annual interest rate is $60 / $1,000 = 0.06. Thus, the effective annual rate is 1.062 - 1 =0.1236 = 12.36%.b. Price = $301206.0A+ $1,000 / 1.0612= $748.48c. Price = $301204.0A+ $1,000 / 1.0412= $906.15Note: In parts b and c we are implicitly assuming that the yield curve is flat. That is, the yield in year 5 applies for year 6 as well.Bond Concepts5.7 Consider two bonds, bond A and bond B, with equal rates of 10 percent and the same face values of $1,000. The coupons are paid annually for both bonds. Bond A has 20 years to maturity while bond B has10 years to maturity.a. What are the prices of the two bonds if the relevant market interest rate is 10 percent?b. If the market interest rate increases to 12 percent, what will be the prices of the two bonds?c. If the market interest rate decreases to 8 percent, what will be the prices of the two bonds?Solutionsa. PA = $1002010.0A+ $1,000 / 1.1020 = $1,000PB = $1001010.0A+ $1,000 / 1.1010 = $1,000b. PA = $1002012.0A+ $1,000 / 1.1220 = $850.61PB = $1001012.0A+ $1,000 / 1.1210 = $887.00c. PA = $1002008.0A+ $1,000 / 1.0820 = $1,196.36PB = $1001008.0A+ $1,000 / 1.0810 = $1,134.205.8 a. If the market interest rate (the required rate of return that investors demand) unexpectedly increases, what effect would you expect this increase to have on the prices of long-term bonds? Why?b. What would be the effect of the rise in the interest rate on the general level of stock prices? Why? Solutionsa. The price of long-term bonds should fall. The price is the PV of the cash flowsassociated with the bond. As the interest rate rises, the PV of those flows falls.This can be easily seen by looking at a one-year, pure discount bond.Price = $1,000 / (1 + i)As i. increases, the denominator rises. This increase causes the price to fall.b. The effect upon stocks is not as certain as that upon the bonds. The nominalinterest rate is a function of both the real interest rate and the inflation rate; i.e.,(1 + i) = (1 + r) (1 + inflation)From this relationship it is easy to conclude that as inflation rises, the nominalinterest rate rises. Stock prices are a function of dividends and future prices aswell as the interest rate. Those dividends and future prices are determined by theearning power of the firm. When inflation occurs, it may increase or decreasefirm earnings. Thus, the effect of a rise in the level of general prices upon thelevel of stock prices is uncertain.5.9 Consider a bond that pays an $80 coupon annually and has a face value of $1,000. Calculate the yield to maturity if the bond hasa. 20 years remaining to maturity and it is sold at $1,200.b. 10 years remaining to maturity and it is sold at $950.Solutions a. $1,200 = $8020rA+ $1,000 / (1 + r)20r = 0.0622 = 6.22%b. $950 = $8010rA+ $1,000 / (1 + r)10r = 0.0877 = 8.77%5.10 The Sue Fleming Corporation has two different bonds currently outstanding. Bond A has a face value of $40,000 and matures in 20 years. The bond makes no payments for the first six years and then pays $2,000 semiannually for the subsequent eight years, and finally pays $2,500 semiannually for the last six years. Bond B also has a face value of $40,000 and a maturity of 20 years; it makes no coupon payments over the life of the bond. If the required rate of return is 12 percent compounded semiannually, what is the current price of Bond A? of Bond B?Solutions PA = ($2,0001606.0A) / (1.06)12 + ($2,5001206.0A) / (1.06)28 + $40,000 / (1.06)40= $18,033.86PB = $ 40,000 / (1.06)40 = $3,888.89The Present Value of Common Stocks5.11 Use the following February 11, 2000, WSJ quotation for AT&T Corp. Which of the following statements is false?a. The closing price of the bond with the shortest time to maturity was $1,000.b. The annual coupon for the bond maturing in year 2016 is $90.00.c. The price on the day before this quotation (i.e., February 9) for the ATT bond maturing in year 2022 was $1.075 per bond contract.d. The current yield on the ATT bond maturing in year 2002 was 7.125%e. The ATT bond maturing in year 2002 has a yield to maturity less than 7.125%.Bonds Cur Yld Vol Close Net ChgATT 9s 16 ? 10 117 _ 1/4ATT 5 1/8 01 ? 5 100 _ 3/4ATT 7 1/8 02 ? 193 104 1/8 _ 1/4ATT 8 1/8 22 ? 39 107 3/8 _ 1/8Solutions a. TrueTrueFalseFalseTrue5.12 Following are selected quotations for New York Exchange Bonds from the Wall Street Journal. Which of the following statements about Wilson’s bond is false?a. The bond maturing in year 2000 has a yield to maturity greater th an 63⁄8%.b. The closing price of the bond with the shortest time to maturity on the day before this quotation was $1,003.25.c. This annual coupon for the bond maturing in year 2013 is $75.00.d. The current yield on the Wilson’s bond with the longest time to maturity was 7.29%.e. None of the above.Quotations as of 4 P.M. Eastern TimeFriday, April 23, 1999Bonds Current Yield Vol Close NetWILSON 6 3/8 99 ? 76 100 3/8 _ 1/8WILSON 6 3/8 00 ? 9 98 1/2WILSON 7 1/4 02 ? 39 103 5/8 1/8WILSON 7 1/2 13 ? 225 102 7/8 _ 1/8Solutions a. TrueFalseTrueTrueFalse5.13 A common stock pays a current dividend of $2. The dividend is expected to grow at an 8-percent annual rate for the next three years; then it will grow at 4 percent in perpetuity.The appropriate discount rate is 12 percent. What is the price of this stock?Solutions Price = $2 (1.08) / 1.12 + $2 (1.082) / 1.122 + $2 (1.083) / 1.123+ {$2 (1.083) (1.04) / (0.12 - 0.04)} / 1.123= $28.895.14 Use the following February 12, 1998, WSJ quotation for Merck & Co. to answer the next question. 52 Weeks Yld Vol NetHi Lo Stock Sym Div % PE 100s Hi Lo Close Chg120. 80.19 Merck MRK 1.80 ? 30 195111 115.9 114.5 115 _1.25Which of the following statements is false?a. The dividend yield was about 1.6%.b. The 52 weeks’ trading range was $39.81.c. The closing price per share on February 10, 1998, was $113.75.d. The closing price per share on February 11, 1998, was $115.e. The earnings per share were about $3.83.Solutions a. FalseTrueFalseFalseTrue5.15 Use the following stock quote.52 Weeks Yld Vol NetHi Lo Stock Sym Div % PE 100s Hi Lo Close Chg126.25 72.50 Citigroup CCI 1.30 1.32 16 20925 98.4 97.8 98.13 _.13The expected growth rate in Citigroup’s dividends is 7% a year. Suppose you use the discounted dividend model to price Citigroup’s shares. The constant growth dividend model would suggest that the required return on the Citigroup’s stock is what?98.125 = 1.30 ( 1.07) / r - 0.07r = 8.4175 %5.16 You own $100,000 worth of Smart Money stock. At the end of the first year you receive a dividend of $2 per share; at the end of year 2 you receive a $4 dividend. At the end of year 3 you sell the stock for $50 per share. Only ordinary (dividend) income is taxed at the rate of 28 percent. Taxes are paid at the time dividends are received. The required rate of return is 15 percent. How many shares of stock do you own? Solutions Price = $2 (0.72) / 1.15 + $4 (0.72) / 1.152 + $50 / 1.153= $36.31The number of shares you own = $100,000 / $36.31 = 2,754 shares5.17 Consider the stock of Davidson Company that will pay an annual dividend of $2 in the coming year. The dividend is expected to grow at a constant rate of 5 percent permanently.The market requires a 12-percent return on the company.a. What is the current price of a share of the stock?b. What will the stock price be 10 years from today?Solutionsa. P = $2 / (0.12 - 0.05) = $28.57b. P10 = D11 / (r - g)= $2 (1.0510) / (0.12 - 0.05) = $46.545.18 Easy Type, Inc., is one of a myriad of companies selling word processor programs. Their newest program will cost $5 million to develop. First-year net cash flows will be $2 million. As a result of competition, profits will fall by 2 percent each year thereafter.All cash inflows will occur at year-end. If the market discount rate is 14 percent, what is the value of this new program?SolutionsValue = -$5,000,000 + $2,000,000 / {0.14 - (-0.02)}= $7,500,0005.19 Whizzkids, Inc., is experiencing a period of rapid growth. Earnings and dividends per share are expected to grow at a rate of 18 percent during the next two years, 15 percent in the third year, and at a constant rate of 6 percent thereafter. Whizzkids’ last dividend, which has just been paid, was $1.15. If the required rate of return on the stock is 12 percent, what is the price of a share of the stock today? SolutionsPrice = $1.15 (1.18) / 1.12 + $1.15 (1.182) / 1.122 + $1.152 (1.182) / 1.123+ {$1.152 (1.182) (1.06) / (0.12 - 0.06)} / 1.123= $26.955.20 Allen, Inc., is expected to pay an equal amount of dividends at the end of the first two years. Thereafter, the dividend will grow at a constant rate of 4 percent indefinitely. The stock is currently traded at $30. What is the expected dividend per share for the next year if the required rate of return is 12 percent? Solutions$30 = D / 1.12 + D / 1.122 + {D (1 + 0.04) / (0.12 - 0.04)} / 1.122= 12.053571 DD = $2.495.21 Calamity Mining Company’s reserves of ore are being depleted, and its costs of recovering a declining quantity of ore are rising each year. As a result, the company’s earnings are declining at the rate of 10 percent per year. If the dividend per share that is about to be paid is $5 and the required rate of return is 14 percent, what is the value of the firm’s stock?SolutionsDividend one year from now = $5 (1 - 0.10) = $4.50Price = $5 + $4.50 / {0.14 - (-0.10)} = $23.75Since the current $5 dividend has not yet been paid, it is still included in the stock price.5.22 The Highest Potential, Inc., will pay a quarterly dividend per share of $1 at the end of each of the next 12 quarters. Subsequently, the dividend will grow at a quarterly rate of 0.5 percent indefinitely. The appropriate rate of return on the stock is 10 percent. What is the current stock price?Estimates of Parameters in the Dividend-Discount ModelSolutionsPrice = $112025.0A+ {$1 (1 + 0.005) / (0.025 - 0.005)} / 1.02512= $10.26 + $37.36= $47.625.23 The newspaper reported last week that Bradley Enterprises earned $20 million. The report also stated that the firm’s return on equity remains on its historical trend of 14 percent. Bradley retains 60 percent of its earnings. What is the firm’s growth rate of earnings? What will next year’s earnings be? SolutionsGrowth rate g = 0.6 ⨯ 0.14 = 0.084 = 8.4%Next year earnings = $20 million ⨯ 1.084 = $21.68 million5.24 Von Neumann Enterprises has just reported earnings of $10 million, and it plans to retain 75 percent of its earnings. The company has 1.25 million shares of common stock outstanding. The stock is selling at $30. The historical return on equity (ROE) of 12 percent is expected to continue in the future. What is the required rate of return on the stock?Growth Opportunitiesg = retention ratio ⨯ ROE = 0.75 ⨯ 0.12= 0.09 = 9%Dividend per share = $10 million ⨯ (1 - 0.75) / 1.25 million= $2The required rate of return = $2 (1.09) / $30 + 0.09= 0.1627 = 16.27%5.25 Rite Bite Enterprises sells toothpicks. Gross revenues last year were $3 million, and total costs were $1.5 million. Rite Bite has 1 million shares of common stock outstanding. Gross revenues and costs are expected to grow at 5 percent per year. Rite Bite pays no income taxes, and all earnings are paid out as dividends.a. If the appropriate discount rate is 15 percent and all cash flows are received at year’s end, what is the price per share of Rite Bite stock?b. The president of Rite Bite decided to begin a program to produce toothbrushes. The project requires an immediate outlay of $15 million. In one year, another outlay of $5 million will be needed. The year after that, net cash inflows will be $6 million. This profit level will be maintained in perpetuity. What effect will undertaking this project have on the price per share of the stock?Solutionsa. Price = ($3 - $1.5) ⨯ 1.05 / (0.15 - 0.05)= $15.75b. NPVGO = -$15,000,000 - $5,000,000 / 1.15 + ($6,000,000 / 0.15) / 1.15= $15,434,783The price increases by $15.43 per share.5.26 California Electronics, Inc., expects to earn $100 million per year in perpetuity if it does not undertake any new projects. The firm has an opportunity that requires an investment of $15 million today and $5 million in one year. The new investment will begin to generate additional annual earnings of $10 million two years from today in perpetuity. The firm has 20 million shares of common stock outstanding, and the required rate of return on the stock is 15 percent.a. What is the price of a share of the stock if the firm does not undertake the new project?b. What is the value of the growth opportunities resulting from the new project?c. What is the price of a share of the stock if the firm undertakes the new project?Solutionsa. Price = EPS / r = {$100 million / 20 million} / 0.15= $33.33b. NPV = -$15 million - $5 million / 1.15 + ($10 million / 0.15) / 1.15= $38,623,188c. Price = $33.33 + $38,623,188 / 20,000,000= $35.265.27 Suppose Smithfield Foods, Inc., has just paid a dividend of $1.40 per share. Sales and profits for Smithfield Foods are expected to grow at a rate of 5% per year. Its dividend is expected to grow by the same rate. If the required return is 10%, what is the value of a share of Smithfield Foods?SolutionsPrice = 1.40 (1.05) / 0.10 - 0.05Price = $29.405.28 In order to buy back its own shares, Pennzoil Co. has decided to suspend its dividends for the next two years. It will resume its annual cash dividend of $2.00 a share 3 years from now. This level of dividends will be maintained for one more year. Thereafter, Pennzoil is expected to increase its cash dividend payments by an annual growth rate of 6% per year forever. The required rate of return on Pennzoil’s stock is 16%. According to the discounted dividend model, what should Pennzoil’s current share price be? SolutionsPrice = 2 / (1.16) 3 + 2 / (1.16)4 + 2.12 / 0.16 - 0.06= 1.28 + 1.10 + 21.20= $23.585.29 Four years ago, Ultramar Diamond Inc. paid a dividend of $0.80 per share. This year Ultramar paid a dividend of $1.66 per share. It is expected that the company will pay dividends growing at the same rate for the next 5 years. Thereafter, the growth rate will level at 8% per year. The required return on this stock is 18%. According to the discounted dividend model, what would Ultramar’s cash dividend be in 7 years? a. $2.86c. $3.68d. $4.30e. $4.82Solutionsa. g = 0.4 ⨯ 0.15 = 0.06 = 6%b. Dividend per share = $1.5 million ⨯ 0.6 / 300,000= $3Price = $3 (1.06) / (0.13 - 0.06)= $45.43c. Assuming the additional earnings generated are all paid out as cash dividends.NPV = -$1.2 million + $0.3 million {1 / (0.13 - 0.10)} {1 - (1.10 / 1.13)10}= $1,159,136.93d. Price = $45.43 + $1,159,136.93 / 300,000= $49.295.30 The Webster Co. has just paid a dividend of $5.25 per share. The company will increase its dividendby 15 percent next year and will then reduce its dividend growth by 3 percent each year until it reaches the industry average of 5 percent growth, after which the company will keep a constant growth, forever. The required rate of return for the Webster Co. is 14 percent. What will a share of stock sell for?SolutionsPrice = 3 / 1.15 + 4.5 / ( 1.15)2 + 4.725 / 0.15- 0.05= 2.61 + 3.40 + 47.52= $53.535.31 Consider Pacific Energy Company and U.S. Bluechips, Inc., both of which reported recent earnings of $800,000 and have 500,000 shares of common stock outstanding. Assume both firms have the same required rate of return of 15 percent a year.a. Pacific Energy Company has a new project that will generate cash flows of $100,000 each year in perpetuity. Calculate the P/E ratio of the company.Chapter 5 How to Value Bonds and Stocks 129b. U.S. Bluechips has a new project that will increase earnings by $200,000 in the coming year. The increased earnings will grow at 10 percent a year in perpetuity. Calculate the P/E ratio of the firm. Solutionsa. P/E of Pacific Energy Company:EPS = ($800,000 / 500,000) = $1.6NPVGO = {$100,000 / 500,000} / 0.15 = $1.33P/E = 1 / 0.15 + 1.33 / 1.6 = 7.50b. P/E of U. S. Bluechips, Inc.:NPVGO = {$200,000 / 500,000} / (0.15 - 0.10) = $8P/E = 1 / 0.15 + 8 / 1.6 = 11.675.32 (Challenge Question) Lewin Skis Inc. (today) expects to earn $4.00 per share for each of the future operating periods (beginning at time 1) if the firm makes no new investments (and returns the earnings as dividends to the shareholders). However, Clint Williams, President and CEO, has discovered an opportunity to retain (and invest) 25% of the earnings beginning three years from today (starting at time 3). This opportunity to invest will continue (for each period) indefinitely. He expects to earn 40% (per year) on this new equity investment (ROE of 40), the return beginning one year after each investment is made. The firm’s equity discount rate is 14% throughout.a. What is the price per share (now at time 0) of Lewin Skis Inc. stock without making the new investment?b. If the new investment is expected to be made, per the preceding information, what would the value of the stock (per share) be now (at time 0)?c. What is the expected capital gain yield for the second period, assuming the proposed investment is made? What is the expected capital gain yield for the second period if the proposed investment is not made?d. What is the expected dividend yield for the second period if the new investment is made? What is the expected dividend yield for the second period if the new investment is not made?Solutionsa. Price = $4 / 0.14 = $28.57Price = 28.57 + (-1 + 0.40 / 0.14) / 0.04(1.14) 3= 28.57 + 31.33The expected return of 14% less the dividend yield of 5% providesa capital gain yield of 9%. If there is no investment the yield is 14%.$3 / $59.90 = .05 and $4 / $28.57 = .14 without the investment.Appendix to Chapter 5 Questions And ProblemsA.1 The appropriate discount rate for cash flows received one year from today is 10 percent. The appropriate annual discount rate for cash flows received two years from today is 11 percent.a. What is the price of a two-year bond that pays an annual coupon of 6 percent?b. What is the yield to maturity of this bond?Solutionsa. P = $60 / 1.10 + $1,060 / (1.11)2= $54.55 + $ 860.32= $914.87$914.87 = $60 / ( 1 + y ) + $1,060 / ( 1 + y )2y = YTM = 10.97%A.2 The one-year spot rate equals 10 percent and the two-year spot rate equals 8 percent. What should a 5-percent coupon two-year bond cost?SolutionsP = $50 / 1.10 + $1,050 / (1.08)2= $45.45 + $900.21= $945.66A.3 If the one-year spot rate is 9 percent and the two-year spot rate is 10 percent, what is the forward rate? Solutions ( 1 + r1 )( 1 + ƒ2 ) = ( 1 + r2 )2( 1.09 ) ( 1 + ƒ2 ) = ( 1.10 )2ƒ2 = .1101A.4 Assume the following spot rates:Maturity Spot Rates (%)1 52 73 10What are the forward rates over each of the three years?Solutions( 1 + r2 )2 = ( 1+ r1 ) ( 1 + ƒ2 )( 1.07 )2 = ( 1.05 )( 1 + ƒ2 )ƒ2 = .0904, one-year forward rate over the 2nd year is 9.04%.( 1 + r3 )3 = ( 1 + r2 )2 ( 1 + ƒ3 )( 1.10 )3 = ( 1.07 )2 ( 1 + ƒ3 )ƒ3 = .1625, one-year forward rate over the 3rd year is 16.25%.。

《公司理财》习题参考答案第1章公司理财导论★案例分析1．股东之间的利益（1）作为内部股东，其利益与外部股东未必一致。

（2）内部股东拥有信息优势。

他们可能运用这种信息优势做出有利于自己但伤害外部股东利益的行为，例如延期发布预亏信息。

2．企业组织的经营目标（1）相同点：公司理财学教授与市场营销学教授从各自的职业特征出发，表述了企业的经营目标。

不同点：公司理财学教授表达的是企业经营的最终目标，市场营销学教授表达的是实现企业经营最终目标的手段。

手段与目标本身并不一致。

也就是说，顾客满意了，企业价值未必最大化。

（2）如果公司理财学教授与市场营销学教授分别代表企业的财务部门与营销部门，可以通过“顾客给企业带来利润率”这个指标来协调其认识差异。

企业为什么要最大限度地满足顾客要求呢？其目的在于，通过最大限度地满足顾客要求来实现企业价值最大化。

然而，并不是所有满意的顾客都能够为企业创造价值。

对于这种顾客，企业为什么要最大限度地满足其要求呢？通过“顾客给企业带来利润率”这个指标来协调企业的财务部门与营销部门的认识差异的实践意义在于，它能够使企业财务部门与营销部门“讲同一种语言”。

财务部门具有营销理念，营销部门具有财务理念，从而构建“和谐企业”，引导企业走上“创造价值”的轨道上来。

3．会计学观念与公司理财观念（1）Toms公司不能得到价值补偿。

（2）会计学与公司理财学的差异在于会计学关注利润，而公司理财学关注现金流量。

4．整合四流，创造一流（1）企业组织应该设置预算管理委员会来沟通、协调及有效整合企业组织的物流、资金流、信息流和人力资源。

（2）某些企业组织的财务总监或会计人员委派制只解决了会计的监督职能，没有解决会计的辅助管理决策乃至战略制定职能。

（3）企业组织的财务经理人（包括会计经理人）主要体现企业组织的经营权范畴。

第2章公司理财环境★案例分析1．利率市场化（1）如果利率市场化，那么，资金的供求关系会影响利率，从而影响金融市场。

第五章：净现值和投资评价的其他方法1.如果项目会带来常规的现金流，回收期短于项目的生命周期意味着，在折现率为0 的情况下，NPV 为正值。

折现率大于0 时，回收期依旧会短于项目的生命周期，但根据折现率小于、等于、大于IRR 的情况，NPV 可能为正、为零、为负。

折现回收期包含了相关折现率的影响。

如果一个项目的折现回收期短于该项目的生命周期，NPV 一定为正值。

2.如果某项目有常规的现金流，而且NPV 为正，该项目回收期一定短于其生命周期。

因为折现回收期是用与NPV 相同的折现值计算出来的，如果NPV为正，折现回收期也会短于该项目的生命周期。

NPV 为正表明未来流入现金流大于初始投资成本，盈利指数必然大于1。

如果NPV 以特定的折现率R 计算出来为正值时，必然存在一个大于R 的折现率R’使得NPV 为0，因此，IRR 必定大于必要报酬率。

3.（1）回收期法就是简单地计算出一系列现金流的盈亏平衡点。

其缺陷是忽略了货币的时间价值，另外，也忽略了回收期以后的现金流量。

当某项目的回收期小于该项目的生命周期，则可以接受；反之，则拒绝。

回收期法决策作出的选择比较武断。

（2）平均会计收益率为扣除所得税和折旧之后的项目平均收益除以整个项目期限内的平均账面投资额。

其最大的缺陷在于没有使用正确的原始材料，其次也没有考虑到时间序列这个因素。

一般某项目的平均会计收益率大于公司的目标会计收益率，则可以接受；反之，则拒绝。

（3）内部收益率就是令项目净现值为0 的贴现率。

其缺陷在于没有办法对某些项目进行判断，例如有多重内部收益率的项目，而且对于融资型的项目以及投资型的项目判断标准截然相反。

对于投资型项目，若IRR 大于贴现率，项目可以接受；反之，则拒绝。

对于融资型项目，若IRR 小于贴现率，项目可以接受；反之，则拒绝。

（4）盈利指数是初始以后所有预期未来现金流量的现值和初始投资的比值。

必须注意的是，倘若初始投资期之后，在资金使用上还有限制，那盈利指数就会失效。

《公司理财》作业
要求：
（1）分析说明该公司运用资产获利能力的变化及其原因；
（2）分析说明该公司资产、负债和所有权益的变化及原因；
（3）假如你是该公司的财务经理，在2014年应从哪能些方面改善公司的财务状况和经营业绩。

答案：
（1）A该公司总资产净利率在平稳下降，说明其运用资产获利的能力在降低，其原因是资产周转率和销售净利率都在下降。

B总资产周转率下降的原因是平均收现期延长和存款周转率下降。

C销售净利率的原因是销售毛利率在下降；尽管在19X3年大力压缩了期间费用，仍未能改变这种趋势。

（2）A该公司总资产在增加，主要原因是存货和应收账款占用增加。

B负债是筹资的主要来源，其中主要是流动负债。

所有者权益增加很少，大部分盈余都用于发放股利。

（3）A扩大销售；B降低存货；C降低应收账款；D增加收益留存；E降低进货成本。

第五章资本成本与资本结构一单选题：1．在计算个别资本成本时，需要考虑所得税抵减作用的的筹资方式有（）A.银行借款B.留存收益C.优先股D.普通股2．在计算个别资本时，既不考虑所得税的抵税作用，又不考虑筹资费用的是（）A.长期借款成本 B.债务成本 C.留存收益 D.普通股成本3．某企业发行总面额为500万元的10年期债券，票面利率为12%，发行费用率为5%，企业所得税税率为25%。

该债券采用溢价发行，发行价格为600万元，该债券的资金成本为（不考虑时间价值因素）（）A.6.1 4%B.7.89%C.8.04%D.10.16%4．某公司普通股每股发行价格为150元，筹资费用率为7%，预计下期每股股利为15元，以后每年的股利增长率为3%，该公司的普通股成本为（）A.13.75%B.13.25%C.10.75%D.12.75%5．下列属于“净收益理论”的认识有（）A.负债程度越高，企业价值越大B.资本结构与公司价值无关，决定公司价值的应是其营业收益C.负债越多，企业加权平均成本越高D.无论财务杠杆如何变化，企业加权平均资本成本是固定的。

6．某公司的经营杠杆系数为2。

预计息税前利润将增长10%，在其他条件不变的情况下，销售量预计增长（）A.5%B.10%C.15%D.20%7．如果企业的资金来源全部为自有资金，且无优先股存在，则企业财务杠杆系数为（）A.等于0 B.等于1 C.大于1 D.小于18．经营杠杆系数、财务杠杆系数和总杠杆系数之间的关系为（）A. DTL=DOL+DFLB. DTL=DOL- DFLC. DTL=DOL*DFLD. DTL=DOL/DFL9．某企业资本总额为150万元，权益资本为55%，负债利率为12%，当前销售额为100万元，息税前利润为20万元，则财务杠杆系数为（）A.2.5B.1.68C.1.15D.2.010．关于财务杠杆系数的表述，错误的有（）A.它是由企业资本结构决定的，债务资本比率越高，财务杠杆系数越大B.它受到销售结构的影响C.财务杠杆系数可以反映财务杠杆作用的大小D.它反映财务财务风险，即财务杠杆系数越大，表明财务风险越大11．关于经营杠杆系数的说法，正确的有（）A.在产销量的相关范围内，提高固定成本总额，能够降低企业的经营风险B.在相关范围内，产销量上升，经营风险加大C.在相关范围内，经营杠杆系数与产销量呈反向变动D.对于某一特定企业而言，经营杠杆系数是固定的，不随着产销量的变动而变动12．利用每股收益无差别点进行企业资本结构分析时，（）A.当预计销售额高于每股盈余无差别点时，权益筹资比负债筹资有利B.当预计销售额高于每股盈余无差别点时，负债筹资比权益筹资有利C.当预计销售额等于每股盈余无差别点时，权益筹资比负债筹资有利D.当预计销售额低于每股盈余无差别点时，负债筹资比权益筹资有利13，企业全部资本中，权益资本与债务资本各占50%，则企业（）A.只存在经营风险B.只存在财务风险C.存在经营风险和财务风险D.经营风险和财务风险可以相互抵消14．某企业资金总额为1000万元，负债总额为400万元，负债利息率为10%，普通股50万股，所得税率为25%，息税前利润为200万元，不存在优先股股份。

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。