金融学考研复习-公司理财习题(9)(1)讲课讲稿

金融学考研复习公司理财习题(1) 第一章公司理财导论1.代理么问题谁拥有公司?描述所有者控制公司管理层的过程。

代理关系在公司的组织形式中存在的主要原因是什?在这种环境下，可能会出现什么样的问题?2.非营利企业的目标假设你是一家非营利企业（或许是非营利医院）的财务经理，你认为什么样的财务管理目标将会是恰当的?3.公司的目标评价下面这句话：管理者不应该只关注现在的股票价值，因为这么做将会导致过分强调短期利润而牺牲长期利润。

4.道德规范和公司目标股票价值最大化的目标可能和其他目标，比如避免不道德或者非法的行为相冲突吗?特别是，你认为顾客和员工的安全、环境和社会的总体利益是否在这个框架之内，或者他们完全被忽略了?考虑一些具体的情形来阐明你的回答。

5.跨国公司目标股票价值最大化的财务管理目标在外国会有不同吗?为什么?6.代理问题假设你拥有一家公司的股票，每股股票现在的价格是25美元。

另外一家公司刚刚宣布它想要购买这个公司，愿意以每股35美元的价格收购发行在外的所有股票。

你公司的管理层立即展开对这次恶意收购的斗争。

管理层是为股东的最大利益行事吗?为什么?7.代理问题和公司所有权公司所有权在世界各地都不相同。

历史上，美国个人投资者占了上市公司股份的大多数，但是在德国和日本，银行和其他金融机构拥有上市公司股份的大部分。

你认为代理问题在德国和日本会比在美国更严重吗?8.代理问题和公司所有权近年来，大型金融机构比如共同基金和养老基金已经成为美国股票的主要持有者。

这些机构越来越积极地参与公司事务。

这一趋势对代理问题和公司控制有什么样的启示?9.高管薪酬批评家指责美国公司高级管理人员的薪酬过高，应该削减。

比如在大型公司中，甲骨文的LarryEllison是美国薪酬最高的首席执行官之一，2004～2008年收入高达4.29亿美元，仅2008年就有1.93亿美元之多。

这样的金额算多吗?如果承认超级运动员比如老虎·伍兹，演艺界的知名人士比如汤姆·汉克斯和奥普拉·温弗瑞，还有其他在他们各自领域非常出色的人赚的都不比这少或许有助于回答这个问题。

公司金融授课教案第一章：公司金融概述1.1 课程介绍理解公司金融的基本概念掌握公司金融的目标和功能1.2 公司的财务目标解释公司的财务目标讨论公司目标与股东财富的关系1.3 公司的资本结构介绍公司的资本结构探讨资本结构对公司价值的影响1.4 公司的财务管理理解财务管理的概念掌握财务管理的任务和过程第二章：公司的财务报表分析2.1 财务报表的基本构成介绍财务报表的基本构成理解资产负债表、利润表和现金流量表的关系2.2 财务比率的计算与分析计算并解释主要的财务比率分析财务比率对公司财务状况的反映2.3 公司的财务健康状况评估评估公司的财务健康状况讨论财务健康对公司发展的影响2.4 公司的财务风险管理理解财务风险的概念探讨财务风险管理的方法和策略第三章：公司的投资决策3.1 投资决策的基本概念理解投资决策的重要性掌握投资决策的基本原则3.2 净现值（NPV）和内部收益率（IRR）的计算计算净现值和内部收益率解释净现值和内部收益率在投资决策中的应用3.3 投资项目的风险评估评估投资项目的风险探讨风险对投资决策的影响3.4 公司的资本预算理解资本预算的概念掌握资本预算的制定和执行过程第四章：公司的融资决策4.1 融资决策的基本概念理解融资决策的重要性掌握融资决策的基本原则4.2 债务融资和股权融资介绍债务融资和股权融资的概念分析债务融资和股权融资的优缺点4.3 公司的融资渠道探讨公司的融资渠道解释不同融资渠道对公司财务的影响4.4 融资风险管理理解融资风险的概念探讨融资风险管理的方法和策略第五章：公司的股利政策5.1 股利政策的基本概念理解股利政策的重要性掌握股利政策的基本原则5.2 股利政策的制定和执行探讨股利政策的制定和执行过程分析影响股利政策的因素5.3 公司的股利分配解释公司的股利分配方式探讨股利分配对公司财务的影响5.4 股利政策与投资者关系理解股利政策对投资者关系的影响掌握通过股利政策与投资者沟通的技巧第六章：公司金融市场与机构6.1 金融市场的基本概念理解金融市场的定义和功能掌握金融市场的类型和参与者6.2 股票市场和债券市场介绍股票市场和债券市场的运作分析股票市场和债券市场对公司融资的影响6.3 金融中介机构的角色理解金融中介机构的作用探讨金融中介机构对公司金融的影响6.4 金融市场的效率与稳定性评估金融市场的效率和稳定性分析金融市场波动对公司金融的影响第七章：公司金融的衍生品与风险管理7.1 衍生品市场的基本概念理解衍生品的定义和类型掌握衍生品市场的运作和参与者7.2 衍生品在公司金融中的应用探讨衍生品在公司金融中的作用分析衍生品对公司风险管理的影响7.3 利率衍生品和外汇衍生品介绍利率衍生品和外汇衍生品的类型理解利率衍生品和外汇衍生品在公司金融中的应用7.4 风险管理策略掌握风险管理的基本原则探讨风险管理策略的制定和执行第八章：公司金融的国际化8.1 国际金融市场的基本概念理解国际金融市场的定义和特点掌握国际金融市场的类型和参与者8.2 公司金融的国际化过程探讨公司金融国际化的原因和动力分析公司金融国际化对公司发展的影响8.3 跨国公司的资本结构与融资策略理解跨国公司的资本结构和融资策略掌握跨国公司金融管理的特殊性8.4 国际金融风险与管理评估国际金融风险探讨国际金融风险的管理方法第九章：公司金融的法律环境9.1 金融法律基本概念理解金融法律体系的构成掌握金融法律对公司金融活动的影响9.2 公司的融资合同分析融资合同的主要条款和条件理解融资合同的法律效力9.3 公司的上市与合规介绍公司上市的法律要求和程序探讨公司上市后的合规管理9.4 金融监管与合规风险理解金融监管的目的和手段分析合规风险对公司金融活动的影响第十章：公司金融的未来趋势10.1 金融科技与创新理解金融科技的基本概念探讨金融科技对公司金融的影响10.2 绿色金融与可持续发展掌握绿色金融的定义和目标分析绿色金融对公司金融活动的启示10.3 公司的社会责任与伦理理解社会责任和伦理在公司金融中的重要性探讨公司社会责任和伦理实践对公司金融的影响10.4 公司金融的未来挑战与机遇评估公司金融面临的挑战和机遇思考公司金融发展的方向和策略重点和难点解析重点环节一：公司的财务目标理解公司的财务目标对公司决策的影响讨论公司目标与股东财富的关系重点环节二：公司的资本结构分析资本结构对公司价值的影响探讨不同资本结构对公司财务风险的差异重点环节三：公司的财务管理掌握财务管理的任务和过程理解财务管理在公司运营中的核心作用重点环节四：财务报表的基本构成理解资产负债表、利润表和现金流量表的关系分析财务报表对公司经营状况的反映重点环节五：财务比率的计算与分析计算并解释主要的财务比率分析财务比率对公司财务状况的评估重点环节六：投资项目的风险评估评估投资项目的风险探讨风险对投资决策的影响重点环节七：融资风险管理理解融资风险的概念探讨融资风险管理的方法和策略重点环节八：股利政策的制定和执行探讨股利政策的制定和执行过程分析影响股利政策的因素重点环节九：金融市场的效率与稳定性评估金融市场的效率和稳定性分析金融市场波动对公司金融的影响重点环节十：风险管理策略掌握风险管理的基本原则探讨风险管理策略的制定和执行本文主要分析了公司金融教学中的重点环节，包括公司的财务目标、资本结构、财务管理、财务报表分析、投资决策、融资决策、股利政策、金融市场与机构、衍生品与风险管理、金融市场国际化、金融法律环境以及金融未来趋势。

罗斯《公司理财》第9版笔记和课后习题（含考研真题）详解[视频详解]第4章折现现金流量估价[视频讲解]4.1复习笔记当前的1美元与未来的1美元的价值是不同的，因为当前1美元用于投资，在未来可以得到更多，而且未来的1美元具有不确定性。

这种区别正是“货币的时间价值”。

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

因此有必要理解和掌握相关的现值、终值、年金和永续年金的概念和计算公式。

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

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

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

净现值的计算公式为：NPV=-成本+PV。

也就是说，净现值NPV是这项投资未来现金流的现值减去成本的现值所得的结果。

一种定量的财务决策方法是净现值分析法。

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

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

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

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

连续复利在高级金融中有广泛的应用。

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

名义利率和实际利率之间的差别在于名义利率只有给出计息间隔期下才有意义。

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

第9章 股票估值9.1 复习笔记1．普通股估值（1）股利与资本利得①股票价格等于下期股利与下期股价的折现值之和。

②股票价格等于所有未来股利的折现值之和。

（2）不同类型股票的估值①零增长股利 股利不变时，股票的价格由下式给出：()120211Div Div Div P R R R =++=++在这里假定Div 1＝Div 2＝…＝Div 。

②固定增长率股利 如果股利以恒定的速率增长，那么一股股票的价格就为：()()()()()()2302341111111Div g Div g Div g Div Div P R R gR R R +++=++++=+-+++式中，g 是增长率；Div 是第一期期末的股利。

③变动增长率股利分阶段进行折现，注意折现的时间点。

【例9.1】假设某企业每年净利润固定是4400万元，并且该企业每年将所有净利润都作为股息发放给投资者，该企业共发行了1100万股的股票，假设该企业股息对应的折现率是10%，并且股息从一年后开始第一次发放，那么该企业股票今天的价格是多少？（）[清华大学2015金融硕士]A．4元B．44元C．400元D．40元【答案】D【解析】该企业每年发放的固定股息为：4400÷1100＝4（元/股），利用零增长股利模型，该企业股票今天的价格为：4÷10%＝40（元）。

【例9.2】A公司普通股刚刚支付了每股2元的红利，股票价格当前为100元每股，可持续增长率为6%，则该公司普通股的资本成本为（）。

[中央财经大学2015金融硕士] A．6.4%B．7.3%C．8.1%D．8.8%【答案】C【解析】根据固定增长股票的价值模型：10D P R g=- 则该公司普通股的资本成本为：()10216%6%8.12%100D R g P ⨯+=+=+=【例9.3】今年年底，D 公司预期红利为2.12元，红利会以每年10%的速度增长，如果该公司的必要收益率为每年14.2%，其股票现价＝内在价值，下一年预期价格为（ ）元。

第九章资本成本管理一、复习思考题1．什么是资本成本？资本成本在现代财务管理中有何作用？答：资本成本是指公司取得和使用资本时所付出的代价。

资本成本在筹资决策中的作用：资本成本是影响企业筹资总额的重要因素。

当企业筹资数量很大，资本的边际成本超过企业承受能力时，企业便无法再增加筹资数额；资本成本是选择资金来源的依据。

企业选择资金筹集渠道主要考虑资本成本的高低；资本成本是选用筹资方式的标准。

选用何种筹资方式，关键要考虑资本成本；资本成本是确定最优资本结构时的重要因素。

不同的资本结构会给企业带来不同的风险和成本。

资本成本在投资决策中的作用：在利用内部收益率作为指标进行决策时，一般以资本成本作为基准率；在利用净现值作为指标进行决策时，常以资本成本作为贴现率。

2.什么是经营杠杆？什么是经营杠杆系数？经营杠杆系数的大小说明什么问题？答：只要企业存在固定生产性成本或费用，就存在经营杠杆。

经营杠杆系数（DOL）是指息税前利润变动率与销售量变动率二者之比。

经营杠杆系数是对公司的产销量或成本结构的不确定性导致的息税前利润不确定性产生的放大效应。

在其他条件不变的情况下，固定成本所占的比重越大，产销量的变动对息税前利润的影响越大，其经营风险也就越大。

但如果公司保持固定的销售水平或成本结构，那么再高的经营杠杆系数也是没意义的，经营杠杆系数描述的是公司的潜在风险。

3.解：（1）税前利润=750/（1-25%）=1000万元利息=5000×40%×5%=100万元EBIT=1000+100=1100万元固定成本=300-100=200万元边际贡献=1100+200=1300万元DOL=1300÷1100=1.18DFL=1100÷1000=1.1DTL=1300÷1000=1.3（2）每股收益增长率=1.3×20%=26% 4. 解：(1)（2）增发普通股与增加债务两种增资方式下的无差别点为：()()1325%19EBIT -- =()()1025%127EBIT --EBIT=87万元增发普通股与发行优先股两种增资方式下的无差别点为：()()1325%19EBIT -- =()()101525%19EBIT ---EBIT=95.67万元（3）当息税前利润为160万元时，因增加债务后的每股利润较高，所以应采用增加发行债券的方式。

名词解释价值评估——是确定一项资产（包括实物资产和金融资产）内在经济价值的过程。

债券的到期收益率——是指债券投资者在购买目标公司债券后，持有至债券到期日时的平均收益率期望收益率——是指人们对未来投资所产生的投资收益率的预期。

风险——是指未来状态或结果的不确定性，但不包括该不确定性（或风险）所造成的后果。

内含报酬率——是指使目标项目NPV等于零时的贴现率，是项目投资存续期内的年平均投资回报率。

敏感度分析——是指在其他经济解释变量保持不变时，第i个经济解释变量Xi的变动给项目分析对象Y造成的影响以及影响程度的一种分析方法。

情景分析——是一种变异的敏感度分析，它是指从所有经济解释变量同时变动的角度，考察目标项目未来可能发生的变化的一种分析方法。

看涨期权——是指期权购买者有权以某一特定的执行价格在特定的到期日或之前买入某种金融资产的权利。

看跌期权——是指期权购买者有权以某一特定的执行价格在特定的到期日或之前卖出某种金融资产的权利。

扩张期权——是指项目持有人在未来的时间内扩大项目投资规模的权利。

收缩期权——是指项目持有人在未来的时间内缩小项目投资规模的权利。

延迟期权——是指为了解决当下投资项目所面临的不确定性，项目持有人推迟对项目进行投资的权利。

放弃期权——是指项目的收益不能弥补投资成本或市场变糟糕后，项目持有人拥有的放弃继续持有该项目的权利。

转换期权——是指项目持有人在未来拥有可在多项决策之间进行转换的权利。

认股权证——是指赋予这种合约持有人以事先预定价格可以购买一定数量的某种公司股票的权利的合约。

资产担保证券——也称为资产证券化，它是指公司将其部分资产打包，并基于这些资产的现金流来发售的债券。

可赎回债券——是指发行公司在公司债券上附加提前赎回或以新换旧条款，允许发行公司选择在到期日之前以某一赎回价格购回全部或部分债券的一种公司债券。

可转换债券——是指公司赋予债券持有人按预先确定的比例将所持债券转换为该公司普通股的选择权的一种公司债券。

金融考研之《公司理财》划重点整理了《公司理财》的重点内容，具体来说，以罗斯的《公司理财》为例。

第一部分：就是4-9 章，主要讲的就是投资评价标准和如何做投资决策，而其中的8、9 两章，就是金融市场常见的投资工具和金融资产的具体估值。

这其中要重点把握年金的折现、NPV 方法的原理和与其他方法的区别与对比，以及实物期权存在的意义，倒是NPV 的计算可能不那么重要，毕竟实际考试不好考。

第二部分：则是15，16-18，是全书的核心和重点，资本结构和MM 定理，整本书也正是围绕此来讲的，这部分学习，一定要弄明白MM 定理的几种形式和各自的推导，尤其注意公式的推导，比如无税的Rs 和有税的Rs 推导思路的区别，特别注意理解有税情况的推导，从中掌握公司估值的基本思想——现金流折现，对应的分子如何确定和折现率怎么选择，如何进行匹配。

其实很多时候，虽然直接用MM 定理没问题，但是背后的现金流折现确定公司价值的思想，也是尤其有用。

而17 章，债务运用的限制，注意从实际中理解委托代理中投资不足和投资过度的原因，除了书中的解释，还可以从期权的波动方面解释。

18 章中，最体现一个人是否真正学明白了的地方，不是什么可以把有些公式简化，比如有人结合MM 把WACC 的公式简化了，这个，其实没有用处，因为，学习学到最后，不是记住什么公式，而是从最原始的思路去掌握公式的推导模式，没什么需要记忆太多的，我们需要关注的就是公式背后的实际含义，就是现实中为什么是这样，要从实际应用的角度理解公式和定理，而不是简单的数理思维。

那么回到18 章，一个地方最反应问题，就是APV 中的那个贷款的例题，为什么突然引出个NPV 借款，而不是直接用tB 税盾的方法，那么这两个方法有什么区别和联系，我们到底如何处理债务的问题，什么时候用哪个方法，为什么，怎么确定，到底这两个方法跟什么有关，后面8%的优惠利率处，又如何解释税盾的不可用。

这虽然是。

1. The stock valuation model that determines the current stock price by dividing the next annual dividend amount by the excess of the discount rate less the dividend growth rate is called the _____ model.A. zero growthB. dividend growthC. capital pricingD. earnings capitalizationE. differential growth2. Next year's annual dividend divided by the current stock price is called the:A. yield to maturity.B. total yield.C. dividend yield.D. capital gains yield.E. earnings yield.3. The rate at which a stock's price is expected to appreciate (or depreciate) is called the _____ yield.A. currentB. totalC. dividendD. capital gainsE. Earnings4. A form of equity which receives no preferential treatment in either the payment of dividends or in bankruptcy distributions is called _____ stock.A. dual classB. cumulativeC. deferredD. preferredE. common5. Payments made by a corporation to its shareholders, in the form of either cash, stock or payments in kind, are called:A. retained earnings.B. net income.C. dividends.D. redistributions.E. infused equity. 6. The constant dividend growth model is:A. generally used in practice because most stocks have a constant growth rate.B. generally used in practice because the historical growth rate of most stocks is constant.C. generally not used in practice because most stocks grow at a non constant rate.D. generally not used in practice because the constant growth rate is usually higher than the required rate of return.E. based on the assumption Dow 30 represents a good estimate of the market index.7. The constant dividend growth model:I. assumes that dividends increase at a constant rate forever.II. can be used to compute a stock price at any point of time.III. states that the market price of a stock is only affected by the amount of the dividend.IV. considers capital gains but ignores the dividend yield.A. I onlyB. II onlyC. III and IV onlyD. I and II onlyE. I, II, and III only8. The underlying assumption of the dividend growth model is that a stock is worth:A. the same amount to every investor regardless of their desired rate of return.B. the present value of the future income which the stock generates.C. an amount computed as the next annual dividend divided by the market rate of return.D. the same amount as any other stock that pays the same current dividend and has the same required rate of return.E. an amount computed as the next annual dividend divided by the required rate of return.9. Assume that you are using the dividend growth model to value stocks. If you expect the market rate of return to increase across the board on all equity securities, then you should also expect the:A. market values of all stocks to increase, all else constant.B. market values of all stocks to remain constant as the dividend growth will offset the increase in the market rate.C. market values of all stocks to decrease, all else constant.D. stocks that do not pay dividends to decrease in price while the dividend-paying stocks maintain a constant price.E. dividend growth rates to increase to offset this change.10. Latcher's Inc. is a relatively new firm that is still ina period of rapid development. The company plans on retaining all of its earnings for the next six years. Seven years from now, the company projects paying an annual dividend of $.25 a share and then increasing that amount by 3% annually thereafter. To value this stock as of today, you would most likely determine the value of the stock _____ years from today before determining today's value.A. 4B. 5C. 6D. 7E. 811. The Robert Phillips Co. currently pays no dividend. The company is anticipating dividends of $0, $0, $0, $.10, $.20, and $.30 over the next 6 years, respectively. After that, the company anticipates increasing the dividend by 4% annually. The first step in computing the value of this stock today, is to compute the value of the stock when it reaches constant growth in year:A. 3B. 4C. 5D. 6E. 7 12. Differential growth refers to a firm that increases its dividend by:A. three or more percent per year.B. a rate which is most likely not sustainable over an extended period of time.C. a constant rate of two or more percent per year.D. $.10 or more per year.E. an amount in excess of $.10 a year.13. The total rate of return earned on a stock is comprised of which two of the following?I. current yieldII. yield to maturityIII. dividend yieldIV. capital gains yieldA. I and II onlyB. I and IV onlyC. II and III onlyD. II and IV onlyE. III and IV only14. Fred Flintlock wants to earn a total of 10% on his investments. He recently purchased shares of ABC stock at a price of $20 a share. The stock pays a $1 a year dividend. The price of ABC stock needs to _____ if Fred is to achieve his 10% rate of return.A. remain constantB. decrease by 5%C. increase by 5%D. increase by 10%E. increase by 15%15. The Scott Co. has a general dividend policy whereby it pays a constant annual dividend of $1 per share of common stock. The firm has 1,000 shares of stock outstanding. The company:A. must always show a current liability of $1,000 for dividends payable.B. is obligated to continue paying $1 per share per year.C. will be declared in default and can face bankruptcy if it does not pay $1 per year to each shareholder on a timely basis.D. has a liability which must be paid at a later date should the company miss paying an annual dividend payment.E. must still declare each dividend before it becomes an actual company liability.16. The value of common stock today depends on:A. the expected future holding period and the discount rate.B. the expected future dividends and the capital gains.C. the expected future dividends, capital gains and the discount rate.D. the expected future holding period and capital gains.E. None of the above.17. The closing price of a stock is quoted at 22.87, with a P/E of 26 and a net change of 1.42. Based on this information, which one of the following statements is correct?A. The closing price on the previous day was $1.42 higher than today's closing price.B. A dealer will buy the stock at $22.87 and sell it at $26 a share.C. The stock increased in value between yesterday's close and today's close by $.0142.D. The earnings per share are equal to 1/26th of $22.87.E. The earnings per share have increased by $1.42 this year.18. A stock listing contains the following information: P/E 17.5, closing price 33.10, dividend .80, YTD% chg 3.4, and net chg - .50. Which of the following statements are correct given this information?I. The stock price has increased by 3.4% during the current year.II. The closing price on the previous trading day was $32.60.III. The earnings per share are approximately $1.89. IV. The current yield is 17.5%.A. I and II onlyB. I and III onlyC. II and III onlyD. III and IV onlyE. I, III, and IV only19. The discount rate in equity valuation is composed entirely of:A. the dividends paid and the capital gains yield.B. the dividend yield and the growth rate.C. the dividends paid and the growth rate.D. the capital gains earned and the growth rate.E. the capital gains earned and the dividends paid. 20. The net present value of a growth opportunity, NPVGO, can be defined as:A. the initial investment necessary for a new project.B. the net present value per share of an investment in a new project.C. a continual reinvestment of earnings when r < g.D. a single period investment when r > g.E. None of the above.21. Angelina's made two announcements concerning its common stock today. First, the company announced that its next annual dividend has been set at $2.16 a share. Secondly, the company announced that all future dividends will increase by 4% annually. What is the maximum amount you should pay to purchase a share of Angelina's stock if your goal is to earn a 10% rate of return?A. $21.60B. $22.46C. $27.44D. $34.62E.$36.0022. How much are you willing to pay for one share of stock if the company just paid an $.80 annual dividend, the dividends increase by 4% annually and you require an 8% rate of return?A. $19.23B. $20.00C. $20.40D. $20.80E.$21.6323. Lee Hong Imports paid a $1.00 per share annual dividend last week. Dividends are expected to increase by 5% annually. What is one share of this stock worth to you today if the appropriate discount rate is 14%? A. $7.14 B. $7.50 C. $11.11 D. $11.67 E.$12.2524. Majestic Homes' stock traditionally provides an 8% rate of return. The company just paid a $2 a year dividend which is expected to increase by 5% per year. If you are planning on buying 1,000 shares of this stock next year, how much should you expect to pay per share if the market rate of return for this type of security is 9% at the time of your purchase? A. $48.60 B. $52.50 C. $55.13 D. $57.89 E.$70.0025. Leslie's Unique Clothing Stores offers a common stock that pays an annual dividend of $2.00 a share. The company has promised to maintain a constant dividend. How much are you willing to pay for one share of this stock if you want to earn a 12% return on your equity investments? A. $10.00 B. $13.33 C. $16.67 D. $18.88 E.$20.0026. Martin's Yachts has paid annual dividends of $1.40, $1.75, and $2.00 a share over the past three years, respectively. The company now predicts that it will maintain a constant dividend since its business has leveled off and sales are expected to remain relatively constant. Given the lack of future growth, you will only buy this stock if you can earn at least a 15% rate of return. What is the maximum amount you are willing to pay to buy one share today? A. $10.00 B. $13.33 C. $16.67 D. $18.88 E.$20.0027. The common stock of Eddie's Engines, Inc. sells for $25.71 a share. The stock is expected to pay $1.80 per share next month when the annual dividend is distributed. Eddie's has established a pattern ofincreasing its dividends by 4% annually and expects to continue doing so. What is the market rate of return on this stock? A. 7% B. 9% C. 11% D. 13% E.15%28. The current yield on Alpha's common stock is 4.8%. The company just paid a $2.10 dividend. The rumor is that the dividend will be $2.205 next year. The dividend growth rate is expected to remainconstant at the current level. What is the required rate of return on Alpha's stock? A. 10.04% B. 16.07% C. 21.88% D. 43.75% E. 45.94%29. Martha's Vineyard recently paid a $3.60 annual dividend on its common stock. This dividend increases at an average rate of 3.5% per year. The stock is currently selling for $62.10 a share. What is the market rate of return? A. 2.5% B. 3.5% C. 5.5% D. 6.0% E.9.5%30. Bet'R Bilt Bikes just announced that its annual dividend for this coming year will be $2.42 a share and that all future dividends are expected to increase by 2.5% annually. What is the market rate of return if this stock is currently selling for $22 a share? A. 9.5% B. 11.0% C. 12.5% D. 13.5% E.15.0%31. Shares of common stock of the Samson Co. offer an expected total return of 12%. The dividend is increasing at a constant 8% per year. The dividend yield must be: A. -4%. B. 4%. C. 8%. D. 12%. E.20%.32. The common stock of Grady Co. had an 11.25% rate of return last year. The dividend amount was $.70 a share which equated to a dividend yield of 1.5%. What was the rate of price appreciation on the stock? A. 1.50% B. 8.00% C. 9.75% D. 11.25% E. 12.75%g = .1125 - .015 = .0975 = 9.75%33. Weisbro and Sons' common stock sells for $21 a share and pays an annual dividend that increases by 5% annually. The market rate of return on this stock is 9%. What is the amount of the last dividend paid by Weisbro and Sons? A. $.77 B. $.80 C. $.84 D. $.87 E.$.8834. The common stock of Energizer's pays an annual dividend that is expected to increase by 10% annually. The stock commands a market rate of return of 12% and sells for $60.50 a share. What is the expected amount of the next dividend to be paid on Energizer's common stock? A. $.90 B. $1.00 C. $1.10 D. $1.21 E.$1.3335. The Reading Co. has adopted a policy ofincreasing the annual dividend on its common stock at a constant rate of 3% annually. The last dividend it paid was $0.90 a share. What will the company's dividend be in six years? A. $0.90 B. $0.93 C. $1.04 D. $1.07 E.$1.1136. A stock pays a constant annual dividend and sells for $31.11 a share. If the dividend yield of this stock is 9%, what is the dividend amount? A. $1.40 B. $1.80 C. $2.20 D. $2.40 E.$2.8037. You have decided that you would like to own some shares of GH Corp. but need an expected 12% rate of return to compensate for the perceived risk of such ownership. What is the maximum you are willing to spend per share to buy GH stock if the company pays a constant $3.50 annual dividend per share? A. $26.04 B. $29.17 C. $32.67 D. $34.29 E.$36.5938. Turnips and Parsley common stock sells for$39.86 a share at a market rate of return of 9.5%. The company just paid its annual dividend of $1.20. What is the rate of growth of its dividend? A. 5.2% B. 5.5% C. 5.9% D. 6.0% E.6.3%39. B&K Enterprises will pay an annual dividend of $2.08 a share on its common stock next year. Last week, the company paid a dividend of $2.00 a share. The company adheres to a constant rate of growth dividend policy. What will one share of B&K common stock be worth ten years from now if the applicable discount rate is 8%? A. $71.16 B. $74.01 C. $76.97 D. $80.05 E.$83.2540. Wilbert's Clothing Stores just paid a $1.20 annualdividend. The company has a policy whereby the dividend increases by 2.5% annually. You would like to purchase 100 shares of stock in this firm but realize that you will not have the funds to do so for another three years. If you desire a 10% rate of return, how much should you expect to pay for 100 shares when you can afford to buy this stock? Ignore trading costs. A. $1,640 B. $1,681 C. $1,723 D. $1,766 E. $1,810P 3 = $17.66; Purchase cost =100 $17.66 = $1,76641. The Merriweather Co. just announced that it will pay a dividend next year of $1.60 and is establishing a policy whereby the dividend will increase by 3.5% annually thereafter. How much will one share beworth five years from now if the required rate of return is 12%? A. $21.60 B. $22.36 C. $23.14 D. $23.95 E.$24.79P 5 = $22.3642. The Bell Weather Co. is a new firm in a rapidlygrowing industry. The company is planning onincreasing its annual dividend by 20% a year for the next four years and then decreasing the growth rate to 5% per year. The company just paid its annualdividend in the amount of $1.00 per share. What is the current value of one share if the required rate of return is 9.25%? A. $35.63 B. $38.19 C. $41.05 D. $43.19 E. $45.81Dividends for the first 4 years are: $1.20, $1.44, $1.728, and $2.0736.43. The Extreme Reaches Corp. last paid a $1.50 per share annual dividend. The company is planning on paying $3.00, $5.00, $7.50, and $10.00 a share over the next four years, respectively. After that thedividend will be a constant $2.50 per share per year. What is the market price of this stock if the market rate of return is 15%? A. $17.04 B. $22.39 C. $26.57 D. $29.08 E.$33.7144. Can't Hold Me Back, Inc. is preparing to pay its first dividends. It is going to pay $1.00, $2.50, and $5.00 a share over the next three years, respectively. After that, the company has stated that the annual dividend will be $1.25 per share indefinitely. What is this stock worth to you per share if you demand a 7% rate of return? A. $7.20 B. $14.48 C. $18.88 D. $21.78 E.$25.0645. NU YU announced today that it will begin paying annual dividends. The first dividend will be paid next year in the amount of $.25 a share. The following dividends will be $.40, $.60, and $.75 a share annually for the following three years, respectively. After that, dividends are projected to increase by 3.5% per year. How much are you willing to pay to buy one share of this stock if your desired rate of return is 12%? A. $1.45 B. $5.80 C. $7.25 D. $9.06 E.$10.5846. Now or Later, Inc. recently paid $1.10 as an annual dividend. Future dividends are projected at $1.14, $1.18, $1.22, and $1.25 over the next four years, respectively. After that, the dividend is expected to increase by 2% annually. What is one share of this stock worth to you if you require an 8% rate of return on similar investments? A. $15.62 B. $19.57 C. $21.21 D. $23.33 E.$25.9847. The Red Bud Co. just paid a dividend of $1.20 a share. The company announced today that it will continue to pay this constant dividend for the next 3 years after which time it will discontinue payingdividends permanently. What is one share of this stock worth today if the required rate of return is 7%? A. $2.94 B. $3.15 C. $3.23 D. $3.44 E.$3.6048. Bill Bailey and Sons pays no dividend at the present time. The company plans to start paying an annual dividend in the amount of $.30 a share for two years commencing two years from today. After that time, the company plans on paying a constant $1 a share dividend indefinitely. Given a required return of 14%, what is the value of this stock? A. $4.82 B. $5.25 C. $5.39 D. $5.46 E.$5.5849. The Lighthouse Co. is in a downsizing mode. The company paid a $2.50 annual dividend last year. The company has announced plans to lower the dividend by $.50 a year. Once the dividend amount becomes zero, the company will cease all dividendspermanently. The required rate of return is 16%. What is one share of this stock worth? A. $3.76 B. $4.08 C. $4.87 D. $5.13 E.$5.3950. Mother and Daughter Enterprises is a relatively new firm that appears to be on the road to great success. The company paid its first annual dividend yesterday in the amount of $.28 a share. The company plans to double each annual dividend payment for the next three years. After that time, it is planning on paying a constant $1.50 per share indefinitely. What is one share of this stock worth today if the market rate of return on similar securities is 11.5%? A. $9.41 B. $11.40 C. $11.46 D. $11.93 E. $12.43Dividends for the next three years are $.56, $1.12, and$2.24.51. BC ‘n D just paid its annual dividend of $.60 a share. The projected dividends for the next five years are $.30, $.50, $.75, $1.00, and $1.20, respectively. After that time, the dividends will be held constant at $1.40. What is this stock worth today at a 6% discount rate? A. $20.48 B. $20.60 C. $21.02 D. $21.28 E.$21.4352. Beaksley, Inc. is a very cyclical type of business which is reflected in its dividend policy. The firm pays a $2.00 a share dividend every other year. The last dividend was paid last year. Five years from now, the company is repurchasing all of the outstanding shares at a price of $50 a share. At an 8% rate of return, what is this stock worth today? A. $34.03 B. $37.21 C. $43.78 D. $48.09 E.$53.1853. Last week, Railway Cabooses paid its annual dividend of $1.20 per share. The company has been reducing the dividends by 10% each year. How much are you willing to pay to purchase stock in this company if your required rate of return is 14%? A. $4.50 B. $7.71 C. $10.80D. $15.60E.$27.0054. Nu-Tek, Inc. is expecting a period of intense growth and has decided to retain more of its earnings to help finance that growth. As a result it is going to reduce its annual dividend by 10% a year for the next three years. After that, it will maintain a constant dividend of $.70 a share. Last month, the company paid $1.80 per share. What is the value of this stock if the required rate of return is 13%? A. $6.79 B. $7.22 C. $8.22 D. $8.87 E.$9.0155. The Double Dip Co. is expecting its ice cream sales to decline due to the increased interest in healthy eating. Thus, the company has announced that it will be reducing its annual dividend by 5% a year for the next two years. After that, it will maintain a constant dividend of $1 a share. Two weeks ago, the company paid a dividend of $1.40 per share. What is this stock worth if you require a 9% rate of return? A. $10.86 B. $11.11 C. $11.64 D. $12.98 E.$14.2356. Which of the following amounts is closest to what should be paid for Overland common stock? Overland has just paid a dividend of $2.25. These dividends are expected to grow at a rate of 5% in the foreseeable future. The required rate of return is 11%. A. $20.45 B. $21.48 C. $37.50 D. $39.38 E. $47.70Value of stock = D 0(1 + g)/(r - g) = $2.25(1 + 0.05)/(0.11 - 0.05) = $39.37557. What would be the maximum an investor should pay for the common stock of a firm that has no growth opportunities but pays a dividend of $1.36 per year? The next dividend will be paid in exactly 1 year. The required rate of return is 12.5%. A. $9.52 B. $10.88 C. $12.24 D. $17.00E. None of the above $1.36/.125 = $10.8858. Mortgage Instruments Inc. is expected to paydividends of $1.03 next year. The company just paid a dividend of $1. This growth rate is expected to continue. How much should be paid for Mortgage Instruments stock just after the dividend if the appropriate discount rate is 5%. A. $20.00 B. $21.50 C. $34.75 D. $50.00 E. $51.50g = (D 1 - D 0)/D 0 = ($1.03 - $1.00)/$1.00 = 0.03 (g = 3%)Value of stock = D 1/(r - g) = $1.03/(0.05 - 0.03) = $51.5059. The Felix Corp. projects to pay a dividend of $.75 next year and then have it grow at 12% for thefollowing 3 years before growing at 8% indefinitely thereafter. The equity has a required return of 10% in the market. The price of the stock should be ____. A. $9.38 B. $17.05 C. $41.67 D. $59.80 E. $62.38Value of stock = [($.75/1.1) + ($.84/(1.1)2) +($.94/(1.1)3) + ($1.05/(1.1)4) + (($1.13/.02)/(1.1)4) = $41.67Chapter 09 - Stock Valuation9-1160. If a company paid a dividend of $0.40 last month and it is expected to grow at 7% for the next 6 years and then grow at 4% thereafter, the dividend expected in year 8 is ___. A. $0.63 B. $0.65 C. $0.68 D. $0.69 E. $0.74Div 8 = $.4*(1 + .07)6 (1.04)2 = $.6561. The Lory Company had net earnings of $127,000 this past year. Dividends of $38,100 were paid. The company's equity was $1,587,500. If Lory has 100,000 shares outstanding with a current marketprice of $11.625 per share, and the growth rate is 5.6%, what is the required rate of return? A. 4.2% B. 6% C. 9% D. 14%E. None of the aboveR = Div/P 0 + g = (.381(1.056))/11.625) + .056 = (.40/11.625) + .056 = .0346 + .056 = .0906 = 9% 62. Doctors-On-Call, a newly formed medical group, just paid a dividend of $.50. The company's dividend is expected to grow at a 20% rate for the next 5 years and at a 3% rate thereafter. What is the value of the stock if the appropriate discount rate is 12%? A. $8.08 B. $11.17 C. $14.22 D. $17.32 E. $30.90Years 1-5: ($.50(1.2)t /(1.12)t + (1.28/.09)/(1.12)5 = $11.1763. A stock you are interested in paid a dividend of $1 last week. The anticipated growth rate in dividends and earnings is 20% for the next year and 10% the year after that before settling down to a constant 5% growth rate. The discount rate is 12%. Calculate the expected price of the stock. A. $17.20 B. $17.90 C. $18.20 D. $19.40 E. $19.75Price = $1.00(1.20)/1.12 + $1.20(1.100)/1.2544 + [$1.32(1.05)/(.12 - .05)]/1.2544 = $17.9064. A stock you are interested in paid a dividend of $1 last month. The anticipated growth rate in dividends and earnings is 25% for the next 2 years before settling down to a constant 5% growth rate. The discount rate is 12%. Calculate the expected price of the stock. A. $15.38 B. $20.50 C. $21.04 D. $22.27 E. $26.14Price = $1.00(1.25)/1.12 + $1.25(1.25)/1.2544 + [$1.5625(1.05)/(.12 - .05)]/1.2544 = $21.0465. Which of the following values is closest to the amount that should be paid for a stock that will pay a dividend of $10 in one year and $11 in two years? The stock will be sold in 2 years for an estimated price of $120. The appropriate discount rate is 9%. A. $114.60 B. $119.43 C. $124.20 D. $129.50 E. $138.75Value of stock = D 1/(1 + r) + (D 2 + P 2)/(1 + r)2 = $10/(1 + 0.09) + ($11 + $120)/(1 + 0.09) 2 = $119.43。

罗斯《公司理财》第9版笔记和课后习题（含考研真题）详解[视频详解]第1章公司理财导论[视频讲解]1.1复习笔记公司的首要目标——股东财富最大化决定了公司理财的目标。

公司理财研究的是稀缺资金如何在企业和市场内进行有效配置，它是在股份有限公司已成为现代企业制度最主要组织形式的时代背景下，就公司经营过程中的资金运动进行预测、组织、协调、分析和控制的一种决策与管理活动。

从决策角度来讲，公司理财的决策内容包括投资决策、筹资决策、股利决策和净流动资金决策；从管理角度来讲，公司理财的管理职能主要是指对资金筹集和资金投放的管理。

公司理财的基本内容包括：投资决策（资本预算）、融资决策（资本结构）、短期财务管理（营运资本）。

1．资产负债表资产负债表是总括反映企业某一特定日期财务状况的会计报表，它是根据资产、负债和所有者权益之间的相互关系，按照一定的分类标准和一定的顺序，把企业一定日期的资产、负债和所有者权益各项目予以适当排列，并对日常工作中形成的大量数据进行高度浓缩整理后编制而成的。

资产负债表可以反映资本预算、资本支出、资本结构以及经营中的现金流量管理等方面的内容。

2．资本结构资本结构是指企业各种资本的构成及其比例关系，它有广义和狭义之分。

广义资本结构，亦称财务结构，指企业全部资本的构成，既包括长期资本，也包括短期资本（主要指短期债务资本）。

狭义资本结构，主要指企业长期资本的构成，而不包括短期资本。

通常人们将资本结构表示为债务资本与权益资本的比例关系（D/E）或债务资本在总资本的构成（D/A）。

准确地讲，企业的资本结构应定义为有偿负债与所有者权益的比例。

资本结构是由企业采用各种筹资方式筹集资本形成的。

筹资方式的选择及组合决定着企业资本结构及其变化。

资本结构是企业筹资决策的核心问题。

企业应综合考虑影响资本结构的因素，运用适当方法优化资本结构，从而实现最佳资本结构。

资本结构优化有利于降低资本成本，获取财务杠杆利益。

3．财务经理财务经理是公司管理团队中的重要成员，其主要职责是通过资本预算、融资和资产流动性管理为公司创造价值。