Cha07 罗斯公司理财第九版原版书课后习题

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

除非完全依靠权益融资，否则不能把资产贝塔看作普通股的贝塔系数。

其公式为：其中，β权益是杠杆企业权益的贝塔。

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

这个组合包括企业的负债和权益，所以组合贝塔就是资产贝塔。

在实际中，负债的贝塔很低，一般假设为零。

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

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

对经营杠杆的计量最常用的指标是经营杠杆系数或经营杠杆度。

经营杠杆系数，是指息税前利润变动率相当于销售量变动率的倍数。

用公式可以表示为：式中，EBIT为息税前利润；F为固定成本。

经营杠杆系数不是固定不变的。

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

经营杠杆系数越高，对经营杠杆利益的影响就越强，经营杠杆风险也就越高。

经营杠杆越大，企业的贝塔系数就越大。

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

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

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

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。

罗斯《公司理财》第9版笔记和课后习题（含考研真题）详解[视频详解]第13章风险、资本成本和资本预算[视频讲解]13.1复习笔记运用净现值法，按无风险利率对现金流量折现，可以准确评价无风险现金流量。

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

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

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

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

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

从股东利益出发，股东会在自己投资和企业投资中选择期望收益率较高的一个。

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

因此项目的折现率应该等于同样风险水平的金融资产的期望收益率。

这也说明了资本市场价格信号作用。

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

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

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

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

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

这种区别正是“货币的时间价值”。

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

因此有必要理解和掌握相关的现值、终值、年金和永续年金的概念和计算公式。

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

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

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

净现值的计算公式为：NPV=-成本+PV。

也就是说，净现值NPV是这项投资未来现金流的现值减去成本的现值所得的结果。

一种定量的财务决策方法是净现值分析法。

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

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

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

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

连续复利在高级金融中有广泛的应用。

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

名义利率和实际利率之间的差别在于名义利率只有给出计息间隔期下才有意义。

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

罗斯《公司理财》（第9版）课后习题第1章公司理财导论一、概念题1．资本预算（capital budgeting）答：资本预算是指综合反映投资资金来源与运用的预算，是为了获得未来产生现金流量的长期资产而现在投资支出的预算。

资本预算决策也称为长期投资决策，它是公司创造价值的主要方法。

资本预算决策一般指固定资产投资决策，耗资大，周期长，长期影响公司的产销能力和财务状况，决策正确与否影响公司的生存与发展。

完整的资本预算过程包括：寻找增长机会，制定长期投资战略，预测投资项目的现金流，分析评估投资项目，控制投资项目的执行情况。

资本预算可通过不同的资本预算方法来解决，如回收期法、净现值法和内部收益率法等。

2．货币市场（money markets）答：货币市场指期限不超过一年的资金借贷和短期有价证券交易的金融市场，亦称“短期金融市场”或“短期资金市场”，包括同业拆借市场、银行短期存贷市场、票据市场、短期证券市场、大额可转让存单市场、回购协议市场等。

其参加者为各种政府机构、各种银行和非银行金融机构及公司等。

货币市场具有四个基本特征：①融资期限短，一般在一年以内，最短的只有半天，主要用于满足短期资金周转的需要；②流动性强，金融工具可以在市场上随时兑现，交易对象主要是期限短、流动性强、风险小的信用工具，如票据、存单等，这些工具变现能力强，近似于货币，可称为“准货币”，故称货币市场；③安全性高，由于货币市场上的交易大多采用即期交易，即成交后马上结清，通常不存在因成交与结算日之间时间相对过长而引起价格巨大波动的现象，对投资者来说，收益具有较大保障；④政策性明显，货币市场由货币当局直接参加，是中央银行同商业银行及其他金融机构的资金连接的主渠道，是国家利用货币政策工具调节全国金融活动的杠杆支点。

货币市场的交易主体是短期资金的供需者。

需求者是为了获得现实的支付手段，调节资金的流动性并保持必要的支付能力，供应者提供的资金也大多是短期临时闲置性的资金。

Cha07罗斯公司理财第九版原版书课后习题to abandon, and timing options.4. Decision trees represent an approach for valuing projects with these hidden, or real, options.Concept Questions1. Forecasting Risk What is forecasting risk? In general, would the degree of forecasting risk begreater for a new product or a cost-cutting proposal? Why?2. Sensitivity Analysis and Scenario Analysis What is the essential difference betweensensitivity analysis and scenario analysis?3. Marginal Cash Flows A coworker claims that looking at all this marginal this and incrementalthat is just a bunch of nonsense, and states, “Listen, if our average revenue doesn’t exceed our average cost, then we will have a negative cash flow, and we will go broke!” How do you respond?4. Break-Even Point As a shareholder of a firm that is contemplating a new project, would yoube more concerned with the accounting break-even point, the cash break-even point (the point at which operating cash flow is zero), or the financial break-even point? Why?5. Break-Even Point Assume a firm is considering a new project that requires an initialinvestment and has equal sales and costs over its life. Will the project reach the accounting, cash, or financial break-even point first? Which will it reach next? Last? Will this order always apply?6. Real Options Why does traditional NPV analysis tend to underestimate the true value of acapital budgeting project?7. Real Options The Mango Republic has just liberalized its markets and is now permittingforeign investors. Tesla Manufacturing has analyzed starting a project in the country and has determined that the project hasa negative NPV. Why might the company go ahead with the project? What type of option is most likely to add value to this project?8. Sensitivity Analysis and Breakeven How does sensitivity analysis interact with break-evenanalysis?9. Option to Wait An option can often have more than one source of value. Consider a loggingcompany. The company can log the timber today or wait another year (or more) to log the timber.What advantages would waiting one year potentially have?10. Project Analysis You are discussing a project analysis witha coworker. The project involvesreal options, such as expanding the project if successful, or abandoning the project if it fails. Your coworker makes the following statement: “This analysis is ridiculous. We looked at expanding or abandoning the project in two years, but there are many other options we should consider. For example, we could expand in one year, and expand further in two years. Or we could expand in one year, and abandon the project in two years. There are too many options for us to examine.Because of this, anything this analysis would give us is worthless.” How would you evaluate this statement? Considering that with any capital budgeting project there are an infinite number of real options, when do you stop the option analysis on an individual project?Questions and Problems: connect?BASIC (Questions 1–10)1. Sensitivity Analysis and Break-Even Point We are evaluating a project that costs$724,000, has an eight-year life, and has no salvage value. Assume that depreciation is straight-line to zero over the life of the project. Sales are projected at 75,000 units per year. Price per unit is $39, variable cost per unit is $23, and fixed costs are $850,000 per year. The tax rate is 35 percent, and we require a 15 percent return on this project.1. Calculate the accounting break-even point.2. Calculate the base-case cash flow and NPV. What is the sensitivity of NPV to changes inthe sales figure? Explain what your answer tells you about a 500-unit decrease in projected sales.3. What is the sensitivity of OCF to changes in the variable cost figure? Explain what youranswer tells you about a $1 decrease in estimated variable costs.2. Scenario Analysis In the previous problem, suppose the projections given for price, quantity,variable costs, and fixed costs are all accurate to w ithin ±10 percent. Calculate the best-case and worst-case NPV figures.3. Calculating Breakeven In each of the following cases, find the unknown variable. Ignoretaxes.4. Financial Breakeven L.J.’s Toys Inc. just purchased a $250,000 machine to produce toy cars.The machine will be fully depreciated by the straight-line method over its five-year economic life.Each toy sells for $25. The variable cost per toy is $6, and the firm incurs fixed costs of $360,000 each year. The corporate tax rate for the company is 34 percent. The appropriate discount rate is12 percent. What is the financial break-even point for the project?5. Option to Wait Your company is deciding whether to invest in a new machine. The newmachine will increase cash flow by $340,000 per year. You believe the technology used in the machine has a 10-year life; in other words, no matter when you purchase the machine, it will be obsolete 10 years from today. The machine is currently priced at $1,800,000. The cost of the machine will decline by $130,000 per year until it reaches $1,150,000, where it will remain. If your required return is 12 percent, should you purchase the machine? If so, when should you purchase it?6. Decision Trees Ang Electronics, Inc., has developed a new DVDR. If the DVDR is successful,the present value of the payoff (when the product is brought to market) is $22 million. If the DVDR fails, the present value of the payoff is $9 million. If the product goes directly to market, there is a50 percent chance of success. Alternatively, Ang can delay the launch by one year and spend $1.5million to test market the DVDR. Test marketing would allow the firm to improve the product and increase the probability of success to 80 percent. The appropriate discount rate is 11 percent.Should the firm conduct test marketing?7. Decision Trees The manager for a growing firm is considering the launch of a new product. Ifthe product goes directly to market, there is a 50 percent chance of success. For $135,000 the manager can conduct a focus group that will increase the product’s chance of success to 65 percent. Alternatively, the manager has the option to pay a consulting firm $400,000 to research the market and refine the product. The consulting firm successfully launches new products 85 percent of the time. If the firm successfully launches the product, the payoff will be $1.5 million. If the product is a failure, the NPV is zero. Which action will result in the highest expected payoff to the firm?8. Decision Trees B&B has a new baby powder ready to market. If the firm goes directly to themarket with the product, there is only a 55 percent chance of success. However, the firm can conduct customer segment research, which will take a year and cost $1.8 million. By going through research, B&B will be able to better target potential customers and will increase the probability of success to 70 percent. If successful, the baby powder will bring a present value profit (at time of initial selling) of $28 million. If unsuccessful, the present value payoff is only $4 million. Should the firm conduct customer segment research or go directly to market? The appropriate discount rate is15 percent.9. Financial Break-Even Analysis You are considering investing in a company that cultivatesabalone for sale to local restaurants. Use the following information:The discount rate for the company is 15 percent, the initial investment in equipment is $360,000, and the project’s economic life is seven years. Assume the equipment is depreciated on a straight-line basis over the project’s life.1. What is the accounting break-even level for the project?2. What is the financial break-even level for the project?10. Financial Breakeven Niko has purchased a brand new machine to produce its High Flight lineof shoes. The machine has an economic life of five years. The depreciation schedule for the machine is straight-line with no salvage value. The machine costs $390,000. The sales price per pair of shoes is $60, while the variable cost is $14. $185,000 of fixed costs per year are attributed to the machine. Assume that the corporate tax rate is 34 percent and the appropriate discount rate is 8 percent. What is the financial break-even point?INTERMEDIATE (Questions 11–25)11. Break-Even Intuition Consider a project with a required return of R percent that costs $I andwill last for N years. The project uses straight-line depreciation to zero over the N-year life; there are neither salvage value nor net working capital requirements.1. At the accounting break-even level of output, what is the IRR of this project? The paybackperiod? The NPV?2. At the cash break-even level of output, what is the IRR of this project? The paybackperiod? The NPV?3. At the financial break-even level of output, what is the IRR of this project? The paybackperiod? The NPV?12. Sensitivity Analysis Consider a four-year project with the following information: Initial fixedasset investment = $380,000; straight-line depreciation to zero over the four-year life; zero salvage value; price = $54; variable costs = $42; fixed costs = $185,000; quantity sold = 90,000 units; tax rate = 34 percent. How sensitive is OCF to changes in quantity sold?13. Project Analysis You are considering a new product launch. The project will cost $960,000,have a four-year life, and have no salvage value; depreciation is straight-line to zero. Sales are projected at 240 units per year; price per unit will be $25,000; variable cost per unit will be $19,500; and fixed costs will be $830,000 per year. The required return on the project is 15 percent, and the relevant tax rate is 35 percent.1. Based on your experience, you think the unit sales, variable cost, and fixed costprojections given here are probably accurate to within ±10 percent. What are the upper and lower bounds for these projections? What is the base-case NPV? What are the best-case and worst-case scenarios?2. Evaluate the sensitivity of your base-case NPV to changes in fixed costs.3. What is the accounting break-even level of output for this project?14. Project Analysis McGilla Golf has decided to sell a newline of golf clubs. The clubs will sell for$750 per set and have a variable cost of $390 per set. The company has spent $150,000 for a marketing study that determined the company will sell 55,000 sets per year for seven years. The marketing study also determined that the company will lose sales of 12,000 sets of its high-priced clubs. The high-priced clubs sell at $1,100 and have variable costs of $620. The company will also increase sales of its cheap clubs by 15,000 sets. The cheap clubs sell for $400 and have variable costs of $210 per set. The fixed costs each year will be $8,100,000. The company has also spent $1,000,000 on research and development for the new clubs. The plant and equipment required will cost $18,900,000 and will be depreciated on a straight-line basis. The new clubs will also require an increase in net working capital of $1,400,000 that will be returned at the end of the project. The tax rate is 40 percent, and the cost of capital is 14 percent. Calculate the payback period, the NPV, and the IRR.15. Scenario Analysis In the previous problem, you feel that the values are accurate to withinonly ±10 percent. What are the best-case and worst-case NPVs? (Hint: The price and variable costs for the two existing sets of clubs are known with certainty; only the sales gained or lost are uncertain.)16. Sensitivity Analysis McGilla Golf would like to know the sensitivity of NPV to changes in theprice of the new clubs and the quantity of new clubs sold. What is the sensitivity of the NPV to each of these variables?17. Abandonment Value We are examining a new project. We expect to sell 9,000 units per yearat $50 net cash flow apiece for the next 10 years. In otherwords, the annual operating cash flow is projected to be $50 × 9,000 = $450,000. The relevant discount rate is 16 percent, and the initial investment required is $1,900,000.1. What is the base-case NPV?2. After the first year, the project can be dismantled and sold for $1,300,000. If expectedsales are revised based on the first year’s performance, when would it make sense to abandon the investment? In other words, at what level of expected sales would it make sense to abandon the project?3. Explain how the $1,300,000 abandonment value can be viewed as the opportunity cost ofkeeping the project in one year.18. Abandonment In the previous problem, suppose you think it is likely that expected sales willbe revised upward to 11,000 units if the first year is a success and revised downward to 4,000 units if the first year is not a success.1. If success and failure are equally likely, what is the NPV of the project? Consider thepossibility of abandonment in answering.2. What is the value of the option to abandon?19. Abandonment and Expansion In the previous problem, suppose the scale of the project canbe doubled in one year in the sense that twice as many units can be produced and sold. Naturally, expansion would be desirable only if the project were a success. This implies that if the project is a success, projected sales after expansion will be 22,000. Again assuming that success and failure are equally likely,what is the NPV of the project? Note that abandonment is still an option if the project is a failure. What is the value of the option to expand?20. Break-Even Analysis Your buddy comes to you with a sure-fire way to make some quickmoney and help pay off your student loans. His idea is to sell T-shirts with the words “I get” on them. “You get it?” He says, “You see all those bumper stickers and T-shirts that say ‘got milk’ or ‘got surf.’ So this says, ‘I get.’ It’s funn y! All we have to do is buy a used silk screen press for $3,200 and we are in business!” Assume there are no fixed costs, and you depreciate the $3,200 in the first period. Taxes are 30 percent.1. What is the accounting break-even point if each shirt costs $7 to make and you can sellthem for $10 apiece?Now assume one year has passed and you have sold 5,000 shirts! You find out that the Dairy Farmers of America have copyrighted the “got milk” slogan and are requiring you to pay $12,000 to continue operations. You expect this craze will last for another three years and that your discount rate is 12 percent.2. What is the financial break-even point for your enterprise now?21. Decision Trees Young screenwriter Carl Draper has just finished his first script. It has action,drama, and humor, and he thinks it will be a blockbuster. He takes the script to every motion picture studio in town and tries to sell it but to no avail. Finally, ACME studios offers to buy the script for either (a) $12,000 or (b) 1 pe rcent of the movie’s profits. There are two decisions the studio will have to make. First is to decide if the script is good or bad, and second if the movieis good or bad. First, there is a 90 percent chance that the script is bad. If it is bad, the studio does nothing more and throws the script out. If the script is good, they will shoot the movie. After the movie is shot, the studio will review it, and there is a 70 percent chance that the movie is bad. If the movie is bad, the movie will not be promoted and will not turn a profit. If the movie is good, the studio will promote heavily; the average profit for this type of movie is $20 million. Carl rejects the $12,000 and says he wants the 1 percent of profits. Was this a good decision by Carl?22. Option to Wait Hickock Mining is evaluating when to open a gold mine. The mine has 60,000ounces of gold left that can be mined, and mining operations will produce 7,500 ounces per year.The required return on the gold mine is 12 percent, and it will cost $14 million to open the mine.When the mine is opened, the company will sign a contract that will guarantee the price of gold for the remaining life of the mine. If the mine is opened today, each ounce of gold will generate an aftertax cash flow of $450 per ounce. If the company waits one year, there is a 60 percent probability that the contract price will generate an aftertax cash flow of $500 per ounce and a 40 percent probability that the aftertax cash flow will be $410 per ounce. What is the value of the option to wait?23. Abandonment Decisions Allied Products, Inc., is considering a new product launch. The firmexpects to have an annual operating cash flow of $22 million for the next 10 years. Allied Products uses a discount rate of 19 percent for new product launches. The initial investment is $84 million.Assume that the project has no salvage value at the end of its economic life.1. What is the NPV of the new product?2. After the first year, the project can be dismantled and sold for $30 million. If theestimates of remaining cash flows are revised based on the first year’s experience, at what level of expected cash flows does it make sense to abandon the project?24. Expansion Decisions Applied Nanotech is thinking about introducing a new surface cleaningmachine. The marketing department has come up with the estimate that Applied Nanotech can sell15 units per year at $410,000 net cash flow per unit for the next five years. The engineeringdepartment has come up with the estimate that developing the machine will take a $17 million initial investment. The finance department has estimated that a 25 percent discount rate should beused.1. What is the base-case NPV?2. If unsuccessful, after the first year the project can be dismantled and will have an aftertaxsalvage value of $11 million. Also, after the first year, expected cash flows will be revised up to 20 units per year or to 0 units, with equal probability. What is the revised NPV?25. Scenario Analysis You are the financial analyst for a tennis racket manufacturer. Thecompany is considering using a graphitelike material in its tennis rackets. The company has estimated the information in the following table about the market for a racket with the newmaterial. The company expects to sell the racket for six years. The equipment required for the project has no salvage value. The required return for projects of this type is 13 percent, and the company has a 40 percent tax rate. Should you recommend the project?CHALLENGE (Questions 26–30)26. Scenario Analysis Consider a project to supply Detroit with 55,000 tons of machine screwsannually for automobile production. You will need an initial $1,700,000 investment in threading equipment to get the project started; the project will last for five years. The accounting department estimates that annual fixed costs will be $520,000 and that variable costs should be $220 per ton;accounting will depreciate the initial fixed asset investment straight-line to zero over the five-year project life. It also estimates a salvage value of $300,000 after dismantling costs. The marketing department estimates that the automakers will let the contract at a selling price of $245 per ton.The engineering department estimates you will need an initial net working capital investment of $600,000. You require a 13 percent return and face a marginal tax rate of 38 percent on this project.1. What is the estimated OCF for this project? The NPV? Should you pursue this project?2. Suppose you believe that the accounting department’sinitial cost and salvage valueprojections are accurate only to within ±15 percent; the marketing department’s price estimate is accurate only to within ±10 percent; and the engineering department’s net working capital estimate is accurate only to within ±5 p ercent. What is your worst-case scenario for this project? Your best-case scenario? Do you still want to pursue the project? 27. Sensitivity Analysis In Problem 26, suppose you’re confident about your own projections, butyou’re a little unsure about Detroit’s actual machine screw requirements. What is the sensitivity of the project OCF to changes in the quantity supplied? What about the sensitivity of NPV to changes in quantity supplied? Given the sensitivity number you calculated, is there some minimum level of output below which you wouldn’t want to operate? Why?28. Abandonment Decisions Consider the following project for Hand Clapper, Inc. The companyis considering a four-year project to manufacture clap-command garage door openers. This project requires an initial investment of $10 million that will be depreciated straight-line to zero over the project’s life. An initial investment in net working capital of $1.3 million is required to support spare parts inventory; this cost is fully recoverable whenever the project ends. The company believes it can generate $7.35 million in pretax revenues with $2.4 million in total pretax operating costs. The tax rate is 38 percent, and the discount rate is 16 percent. The market value of the equipment over the life of the project is as follows:Lumber is sold by the company for its “pond value.” Pond value is the amount a mill will pay for a log delivered to the mill location. The price paid for logs delivered to a mill is quoted in dollars per thousands of board feet (MBF), and the price depends on the grade of the logs. The forest Bunyan Lumber is evaluatingwas planted by the company 20 years ago and is made up entirely of Douglas fir trees. The table here shows the current price per MBF for the three grades of timber the company feels will come from the stand:Steve believes that the pond value of lumber will increase at the inflation rate. The company is planning to thin the forest today, and it expects to realize a positive cash flow of $1,000 per acre from thinning. The thinning is done to increase the growth rate of the remaining trees, and it is always done 20 years following a planting.The major decision the company faces is when to log the forest. When the company logs the forest, it will immediately replant saplings, which will allow for a future harvest. The longer the forest is allowed to grow, the larger the harvest becomes per acre. Additionally, an older forest has a higher grade of timber. Steve has compiled the following table with the expected harvest per acre in thousands of board feet, along with the breakdown of the timber grades:The company expects to lose 5 percent of the timber it cuts due to defects and breakage.The forest will be clear-cut when the company harvests the timber. This method of harvesting allows for faster growth of replanted trees. All of the harvesting, processing, replanting, andtransportation are to be handled by subcontractors hired by Bunyan Lumber. The cost of the logging is expected to be $140 per MBF. A road system has to be constructed and is expected to cost $50 per MBF on average. Sales preparation and administrative costs, excluding office overhead costs, are expected to be $18 per MBF.As soon as the harvesting is complete, the company will reforest the land. Reforesting costs include the following:All costs are expected to increase at the inflation rate.Assume all cash flows occur at the year of harvest. For example, if the company begins harvesting the timber 20 years from today, the cash flow from the harvest will be received 20 years from today. When the company logs the land, it will immediately replant the land with new saplings. The harvest period chosen will be repeated for the foreseeable future. The company’s nominal required return is 10 percent, and the inflation rate is expected to be 3.7 percent per year. Bunyan Lumber has a 35 percent tax rate.Clear-cutting is a controversial method of forest management. To obtain the necessary permits, Bunyan Lumber has agreed to contribute to a conservation fund every time it harvests the lumber. If the company harvested the forest today, the required contribution would be $250,000. The company has agreed that the required contribution will grow by 3.2 percent per year. When should the company harvest the forest?。

罗斯《公司理财》第9版精要版英文原书课后部分章节答案详细»1 / 17 CH5 11，13，18，19，20 11. To find the PV of a lump sum, we use: PV = FV / (1 + r) t PV = $1,000,000 / (1.10) 80 = $488.19 13. To answer this question, we can use either the FV or the PV formula. Both will give the same answer since they are the inverse of each other. We will use the FV formula, that is: FV = PV(1 + r) t Solving for r, we get: r = (FV / PV) 1 / t –1 r = ($1,260,000 / $150) 1/112 – 1 = .0840 or 8.40% To find the FV of the first prize, we use: FV = PV(1 + r) t FV = $1,260,000(1.0840) 33 = $18,056,409.94 18. To find the FV of a lump sum, we use: FV = PV(1 + r) t FV = $4,000(1.11) 45 = $438,120.97 FV = $4,000(1.11) 35 = $154,299.40 Better start early! 19. We need to find the FV of a lump sum. However, the money will only be invested for six years, so the number of periods is six. FV = PV(1 + r) t FV = $20,000(1.084)6 = $32,449.33 20. To answer this question, we can use either the FV or the PV formula. Both will give the same answer since they are the inverse of each other. We will use the FV formula, that is: FV = PV(1 + r) t Solving for t, we get: t = ln(FV / PV) / ln(1 + r) t = ln($75,000 / $10,000) / ln(1.11) = 19.31 So, the money must be invested for 19.31 years. However, you will not receive the money for another two years. From now, you’ll wait: 2 years + 19.31 years = 21.31 years CH6 16，24，27，42，58 16. For this problem, we simply need to find the FV of a lump sum using the equation: FV = PV(1 + r) t 2 / 17 It is important to note that compounding occurs semiannually. To account for this, we will divide the interest rate by two (the number of compounding periods in a year), and multiply the number of periods by two. Doing so, we get: FV = $2,100[1 + (.084/2)] 34 = $8,505.93 24. This problem requires us to find the FV A. The equation to find the FV A is: FV A = C{[(1 + r) t – 1] / r} FV A = $300[{[1 + (.10/12) ] 360 – 1} / (.10/12)] = $678,146.38 27. The cash flows are annual and the compounding period is quarterly, so we need to calculate the EAR to make the interest rate comparable with the timing of the cash flows. Using the equation for the EAR, we get: EAR = [1 + (APR / m)] m – 1 EAR = [1 + (.11/4)] 4 – 1 = .1146 or 11.46% And now we use the EAR to find the PV of each cash flow as a lump sum and add them together: PV = $725 / 1.1146 + $980 / 1.1146 2 + $1,360 / 1.1146 4 = $2,320.36 42. The amount of principal paid on the loan is the PV of the monthly payments you make. So, the present value of the $1,150 monthly payments is: PV A = $1,150[(1 – {1 / [1 + (.0635/12)]} 360 ) / (.0635/12)] = $184,817.42 The monthly payments of $1,150 will amount to a principal payment of $184,817.42. The amount of principal you will still owe is: $240,000 – 184,817.42 = $55,182.58 This remaining principal amount will increase at the interest rate on the loan until the end of the loan period. So the balloon payment in 30 years, which is the FV of the remaining principal will be: Balloon payment = $55,182.58[1 + (.0635/12)] 360 = $368,936.54 58. To answer this question, we should find the PV of both options, and compare them. Since we are purchasing the car, the lowest PV is the best option. The PV of the leasing is simply the PV of the lease payments, plus the $99. The interest rate we would use for the leasing option is the same as the interest rate of the loan. The PV of leasing is: PV = $99 + $450{1 –[1 / (1 + .07/12) 12(3) ]} / (.07/12) = $14,672.91 The PV of purchasing the car is the current price of the car minus the PV of the resale price. The PV of the resale price is: PV = $23,000 / [1 + (.07/12)] 12(3) = $18,654.82 The PV of the decision to purchase is: $32,000 – 18,654.82 = $13,345.18 3 / 17 In this case, it is cheaper to buy the car than leasing it since the PV of the purchase cash flows is lower. To find the breakeven resale price, we need to find the resale price that makes the PV of the two options the same. In other words, the PV of the decision to buy should be: $32,000 – PV of resale price = $14,672.91 PV of resale price = $17,327.09 The resale price that would make the PV of the lease versus buy decision is the FV ofthis value, so: Breakeven resale price = $17,327.09[1 + (.07/12)] 12(3) = $21,363.01 CH7 3，18，21，22，31 3. The price of any bond is the PV of the interest payment, plus the PV of the par value. Notice this problem assumes an annual coupon. The price of the bond will be: P = $75({1 – [1/(1 + .0875)] 10 } / .0875) + $1,000[1 / (1 + .0875) 10 ] = $918.89 We would like to introduce shorthand notation here. Rather than write (or type, as the case may be) the entire equation for the PV of a lump sum, or the PV A equation, it is common to abbreviate the equations as: PVIF R,t = 1 / (1 + r) t which stands for Present V alue Interest Factor PVIFA R,t = ({1 – [1/(1 + r)] t } / r ) which stands for Present V alue Interest Factor of an Annuity These abbreviations are short hand notation for the equations in which the interest rate and the number of periods are substituted into the equation and solved. We will use this shorthand notation in remainder of the solutions key. 18. The bond price equation for this bond is: P 0 = $1,068 = $46(PVIFA R%,18 ) + $1,000(PVIF R%,18 ) Using a spreadsheet, financial calculator, or trial and error we find: R = 4.06% This is thesemiannual interest rate, so the YTM is: YTM = 2 4.06% = 8.12% The current yield is:Current yield = Annual coupon payment / Price = $92 / $1,068 = .0861 or 8.61% The effective annual yield is the same as the EAR, so using the EAR equation from the previous chapter: Effective annual yield = (1 + 0.0406) 2 – 1 = .0829 or 8.29% 20. Accrued interest is the coupon payment for the period times the fraction of the period that has passed since the last coupon payment. Since we have a semiannual coupon bond, the coupon payment per six months is one-half of the annual coupon payment. There are four months until the next coupon payment, so two months have passed since the last coupon payment. The accrued interest for the bond is: Accrued interest = $74/2 × 2/6 = $12.33 And we calculate the clean price as: 4 / 17 Clean price = Dirty price –Accrued interest = $968 –12.33 = $955.67 21. Accrued interest is the coupon payment for the period times the fraction of the period that has passed since the last coupon payment. Since we have a semiannual coupon bond, the coupon payment per six months is one-half of the annual coupon payment. There are two months until the next coupon payment, so four months have passed since the last coupon payment. The accrued interest for the bond is: Accrued interest = $68/2 × 4/6 = $22.67 And we calculate the dirty price as: Dirty price = Clean price + Accrued interest = $1,073 + 22.67 = $1,095.67 22. To find the number of years to maturity for the bond, we need to find the price of the bond. Since we already have the coupon rate, we can use the bond price equation, and solve for the number of years to maturity. We are given the current yield of the bond, so we can calculate the price as: Current yield = .0755 = $80/P 0 P 0 = $80/.0755 = $1,059.60 Now that we have the price of the bond, the bond price equation is: P = $1,059.60 = $80[(1 – (1/1.072) t ) / .072 ] + $1,000/1.072 t We can solve this equation for t as follows: $1,059.60(1.072) t = $1,111.11(1.072) t –1,111.11 + 1,000 111.11 = 51.51(1.072) t2.1570 = 1.072 t t = log 2.1570 / log 1.072 = 11.06 11 years The bond has 11 years to maturity.31. The price of any bond (or financial instrument) is the PV of the future cash flows. Even though Bond M makes different coupons payments, to find the price of the bond, we just find the PV of the cash flows. The PV of the cash flows for Bond M is: P M = $1,100(PVIFA 3.5%,16 )(PVIF 3.5%,12 ) + $1,400(PVIFA3.5%,12 )(PVIF 3.5%,28 ) + $20,000(PVIF 3.5%,40 ) P M = $19,018.78 Notice that for the coupon payments of $1,400, we found the PV A for the coupon payments, and then discounted the lump sum back to today. Bond N is a zero coupon bond with a $20,000 par value, therefore, the price of the bond is the PV of the par, or: P N = $20,000(PVIF3.5%,40 ) = $5,051.45 CH8 4，18，20，22，244. Using the constant growth model, we find the price of the stock today is: P 0 = D 1 / (R – g) = $3.04 / (.11 – .038) = $42.22 5 / 17 18. The price of a share of preferred stock is the dividend payment divided by the required return. We know the dividend payment in Year 20, so we can find the price of the stock in Y ear 19, one year before the first dividend payment. Doing so, we get: P 19 = $20.00 / .064 P 19 = $312.50 The price of the stock today is the PV of the stock price in the future, so the price today will be: P 0 = $312.50 / (1.064) 19 P 0 = $96.15 20. We can use the two-stage dividend growth model for this problem, which is: P 0 = [D 0 (1 + g 1 )/(R – g 1 )]{1 – [(1 + g 1 )/(1 + R)] T }+ [(1 + g 1 )/(1 + R)] T [D 0 (1 + g 2 )/(R –g 2 )] P0 = [$1.25(1.28)/(.13 –.28)][1 –(1.28/1.13) 8 ] + [(1.28)/(1.13)] 8 [$1.25(1.06)/(.13 – .06)] P 0 = $69.55 22. We are asked to find the dividend yield and capital gains yield for each of the stocks. All of the stocks have a 15 percent required return, which is the sum of the dividend yield and the capital gains yield. To find the components of the total return, we need to find the stock price for each stock. Using this stock price and the dividend, we can calculate the dividend yield. The capital gains yield for the stock will be the total return (required return) minus the dividend yield. W: P 0 = D 0 (1 + g) / (R – g) = $4.50(1.10)/(.19 – .10) = $55.00 Dividend yield = D 1 /P 0 = $4.50(1.10)/$55.00 = .09 or 9% Capital gains yield = .19 – .09 = .10 or 10% X: P 0 = D 0 (1 + g) / (R – g) = $4.50/(.19 – 0) = $23.68 Dividend yield = D 1 /P 0 = $4.50/$23.68 = .19 or 19% Capital gains yield = .19 – .19 = 0% Y: P 0 = D 0 (1 + g) / (R – g) = $4.50(1 – .05)/(.19 + .05) = $17.81 Dividend yield = D 1 /P 0 = $4.50(0.95)/$17.81 = .24 or 24% Capital gains yield = .19 – .24 = –.05 or –5% Z: P 2 = D 2 (1 + g) / (R – g) = D 0 (1 + g 1 ) 2 (1 +g 2 )/(R – g 2 ) = $4.50(1.20) 2 (1.12)/(.19 – .12) = $103.68 P 0 = $4.50 (1.20) / (1.19) + $4.50(1.20) 2 / (1.19) 2 + $103.68 / (1.19) 2 = $82.33 Dividend yield = D 1 /P 0 = $4.50(1.20)/$82.33 = .066 or 6.6% Capital gains yield = .19 – .066 = .124 or 12.4% In all cases, the required return is 19%, but the return is distributed differently between current income and capital gains. High growth stocks have an appreciable capital gains component but a relatively small current income yield; conversely, mature, negative-growth stocks provide a high current income but also price depreciation over time. 24. Here we have a stock with supernormal growth, but the dividend growth changes every year for the first four years. We can find the price of the stock in Y ear 3 since the dividend growth rate is constant after the third dividend. The price of the stock in Y ear 3 will be the dividend in Y ear 4, divided by the required return minus the constant dividend growth rate. So, the price in Y ear 3 will be: 6 / 17 P3 = $2.45(1.20)(1.15)(1.10)(1.05) / (.11 – .05) = $65.08 The price of the stock today will be the PV of the first three dividends, plus the PV of the stock price in Y ear 3, so: P 0 = $2.45(1.20)/(1.11) + $2.45(1.20)(1.15)/1.11 2 + $2.45(1.20)(1.15)(1.10)/1.11 3 + $65.08/1.11 3 P 0 = $55.70 CH9 3，4，6，9，15 3. Project A has cash flows of $19,000 in Y ear 1, so the cash flows are short by $21,000 of recapturing the initial investment, so the payback for Project A is: Payback = 1 + ($21,000 / $25,000) = 1.84 years Project B has cash flows of: Cash flows = $14,000 + 17,000 + 24,000 = $55,000 during this first three years. The cash flows are still short by $5,000 of recapturing the initial investment, so the payback for Project B is: B: Payback = 3 + ($5,000 / $270,000) = 3.019 years Using the payback criterion and a cutoff of 3 years, accept project A and reject project B. 4. When we use discounted payback, we need to find the value of all cash flows today. The value today of the project cash flows for the first four years is: V alue today of Y ear 1 cash flow = $4,200/1.14 = $3,684.21 V alue today of Y ear 2 cash flow = $5,300/1.14 2 = $4,078.18 V alue today of Y ear 3 cash flow = $6,100/1.14 3 = $4,117.33 V alue today of Y ear 4 cash flow = $7,400/1.14 4 = $4,381.39 To findthe discounted payback, we use these values to find the payback period. The discounted first year cash flow is $3,684.21, so the discounted payback for a $7,000 initial cost is: Discounted payback = 1 + ($7,000 – 3,684.21)/$4,078.18 = 1.81 years For an initial cost of $10,000, the discounted payback is: Discounted payback = 2 + ($10,000 –3,684.21 –4,078.18)/$4,117.33 = 2.54 years Notice the calculation of discounted payback. We know the payback period is between two and three years, so we subtract the discounted values of the Y ear 1 and Y ear 2 cash flows from the initial cost. This is the numerator, which is the discounted amount we still need to make to recover our initial investment. We divide this amount by the discounted amount we will earn in Y ear 3 to get the fractional portion of the discounted payback. If the initial cost is $13,000, the discounted payback is: Discounted payback = 3 + ($13,000 – 3,684.21 – 4,078.18 – 4,117.33) / $4,381.39 = 3.26 years 7 / 17 6. Our definition of AAR is the average net income divided by the average book value. The average net income for this project is: A verage net income = ($1,938,200 + 2,201,600 + 1,876,000 + 1,329,500) / 4 = $1,836,325 And the average book value is: A verage book value = ($15,000,000 + 0) / 2 = $7,500,000 So, the AAR for this project is: AAR = A verage net income / A verage book value = $1,836,325 / $7,500,000 = .2448 or 24.48% 9. The NPV of a project is the PV of the outflows minus the PV of the inflows. Since the cash inflows are an annuity, the equation for the NPV of this project at an 8 percent required return is: NPV = –$138,000 + $28,500(PVIFA 8%, 9 ) = $40,036.31 At an 8 percent required return, the NPV is positive, so we would accept the project. The equation for the NPV of the project at a 20 percent required return is: NPV = –$138,000 + $28,500(PVIFA 20%, 9 ) = –$23,117.45 At a 20 percent required return, the NPV is negative, so we would reject the project. We would be indifferent to the project if the required return was equal to the IRR of the project, since at that required return the NPV is zero. The IRR of the project is: 0 = –$138,000 + $28,500(PVIFA IRR, 9 ) IRR = 14.59% 15. The profitability index is defined as the PV of the cash inflows divided by the PV of the cash outflows. The equation for the profitability index at a required return of 10 percent is: PI = [$7,300/1.1 + $6,900/1.1 2 + $5,700/1.1 3 ] / $14,000 = 1.187 The equation for the profitability index at a required return of 15 percent is: PI = [$7,300/1.15 + $6,900/1.15 2 + $5,700/1.15 3 ] / $14,000 = 1.094 The equation for the profitability index at a required return of 22 percent is: PI = [$7,300/1.22 + $6,900/1.22 2 + $5,700/1.22 3 ] / $14,000 = 0.983 8 / 17 We would accept the project if the required return were 10 percent or 15 percent since the PI is greater than one. We would reject the project if the required return were 22 percent since the PI。

第2章会计报表与现金流量一、概念题1．资产负债表（balance sheet）答：资产负债表指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，并对日常会计核算工作中形成的大量数据进行高度浓缩整理后编制而成的。

资产负债表是企业最重要的对外报表之一，它能为投资者和企业管理当局提供有关企业的资源分布状况、债权人和股东对资产的要求权、企业的偿债能力和未来财务状况趋势等信息。

资产负债表的格式主要有账户式和垂直式两种，当前会计实务中采用较多的是账户式资产负债表。

账户式资产负债表分左右两方列示，左边列示企业的资产，右边列示负债和所有者权益，左右两方的合计数相等。

通常，资产负债表还提供期初数和期末数的比较资料。

2．损益表（income statement）答：损益表是指反映一个企业某一会计期间经营成果的会计报表，亦称“利润表”或“收益表”。

它把一定期间的收入与相关的费用进行配比，从而计算出企业一定期间的净利润（或净亏损）。

它反映企业生产经营的收入实现和成本耗费情况，表明企业的生产经营成果。

同时，通过该表提供不同时期的比较数字（如本月数、本年累计数、上年数），可以分析企业今后利润的发展趋势和获利能力。

损益表的结果可以分为多步式和单步式两种。

多步式损益表中的损益是通过多步配比而来的。

单步式损益表则是将本期所有的收入加在一起，然后将所有的费用加总在一起，通过一次配比求出本期损益。

3．现金流量（cash flow）答：现金流量是指某一段时期内企业现金流入和流出的数量。

如企业销售商品、提供劳务、出售固定资产、向银行借款等取得现金，形成企业的现金流入；购买原材料、接受劳务、购建固定资产、对外投资、偿还债务等而支付现金，形成企业的现金流出。

现金流量信息能够表明企业经营状况是否良好、资金是否紧缺、企业偿付能力大小，从而为投资者、债权人、企业管理者提供非常有用的信息。

第29章收购、兼并与剥离一、概念题1．熊式收购（bear hug）答：熊式收购是指收购方采取高溢价的敌意收购方式，即使在遭到目标公司董事会的抵制时，也能够得到目标公司一些股东的支持。

在企业收购中，一家企业获得对另一家企业的控制权，前者称为“收购公司”，后者称为“目标公司”。

收购公司首先致函目标公司的董事们，向他们表达收购的意愿，并要求他们对报价迅速作出决定。

如果董事们不同意这个收购，收购公司就可以直接通过要约收购的方式向目标公司的股东们提出收购要求。

2．资产锁定（lockup）答：资产锁定是公司赋予善意收购人（如白衣骑士）的一项选择权，当目标企业在面临敌意收购时，善意收购人可以以一个固定的价格购买目标企业的股票或部分资产（比如皇冠宝石），这只是善意收购人的权利。

由于恶意收购者在收购后，可能失去目标企业的优良资产，资产锁定降低了企业对于收购者的吸引力。

3．投标者（bidder）答：投标者是指计划接管有关企业而向其发出要约，要求用现金或证券换取该企业的股票或资产的企业。

如果该要约被接受，目标企业将会放弃对其股票或资产的控制权，将控制权转移给投标者以换取相应的报酬（如投标者的股票、债务或现金）。

4．吸收合并（merger）答：吸收合并是指一家企业被另一家企业吸收，兼并企业保持其名称和身份，并且收购被兼并企业的全部资产和负债的收购形式。

吸收合并的目标企业不再作为一个独立经营实体而存在。

5．新设合并（consolidation）答：新设合并是指兼并企业和被兼并企业终止各自的法人形式，共同组成一家新的企业。

6．毒丸计划（poison pill）答：毒丸计划包括“负债毒丸计划”和“人员毒丸计划”两种。

其中，“负债毒丸计划”是指目标企业在受到收购威胁的情况下大量增加自身负债，降低企业被收购的吸引力。

例如，发行债券并约定在企业股权发生大规模转移时，债券持有人可要求立刻兑付，从而使收购企业在收购后立即面临巨额现金支出的危险，从而降低了收购企业的收购兴趣。

1. 当你增加时间的长度时，终值会发生什么变化，现值会发生什么变化？答：当增加时间长度时根据公司PV=C/(1+r)A t得到现值会减少(dwindle，diminish)，而终值FV=C*(1+r)At会增加。

2. 如果利率增加，年金的终值会有什么变化？现值会有什么变化？答：当利率增加时，终值增大，现值FV=C(1/r-1/(r*(1+rFt))得现值会减小分析这两道题都考察了对终值和现值的概念的理解：终值：一笔资金经过一个时期或者多个时期的以后的价值，如果考察终值就是在现在或将来我得到一笔资金C那么这笔资金在更远的未来将会价值多少，如果考察现值则是将来我得到一笔钱那么它现在的价值是多少(在某个固定的折现率下)3. 假设有两名运动员签署了一份10年8000万的合同，一份是每年支付800万，一份是8000万分十次，支付金额每年递增 5% ，哪种情况最好答：计算过程如下图：u12. 5T733354舉一忡t*况*■二沖耆况63S. <4e>3& 04年1667. M Oflfc-蠹ML D虽百嘶fiOQi m.sa49& 97sao TSh.294沮0鼻1115m.^6髯& 29SzaSr 钿亍晒L弊TT E颐 d 72監BL EB审60496th 70191. 23IQ 旦计9CW0, 003H 也69由上图的应该选第一种4. 贷款法是否应该要求贷款者报告实际利率而不是名义利率？为什么？答：他们应该报告实际利率，名义利率的优势只是在于它们方便计算，可是在计算机技术发达的今天，计算已经不再是一个问题5. 有津贴的斯坦福联邦贷款是为大学生提供帮助的一种普遍来源，直到偿还贷款才开始付息。

谁将收到更多的津贴，新生还是高年级的学生？请解释答：新生将获得跟多的津贴，因为新生使用无息贷款的时间比高年级学生长。

详细数据如下：输入变童APR 6. 25%备朗金额5000期限<1) 4期眼(2) 3实師利率8. 57%借款总瓠< 1 >20000借款总颔< 2 > 15000输出变崖终值(1) 贮厶235. 67终值(2)¥1® 089. 51由此可见新生的津贴=22235-20000=2235 ;而高年级的学生为1089根据下面的信息回答接下去的5个题：6. 由计算得到如果500美金若在30年后要变成10000则实际年利率是10.5%,我想应该是GMAC的决策者认为公司的投资收益率大于10.5%7. 如果公司可以在 30年内的任意时间内以 10000元的价格购买该债券的话，将会使得该债券更具有吸引力8. 1）这500元不能影响我后面 30年的正常生活，也就是我说我是否有 500元的多余资金；2）该公司是否能够保证在30年后我能收到10000元3）当前我认为的投资收益率是否高于10.5%，若高于10.5%则不应该考虑投资该债券我的回答是：是取决的承诺偿还的人9. 财政部的发行该种债券的价格较高因为财政部在所有的债券发行者中信用最好10•价格会超过之前的500美元，因为如果随着时间的推移，该债券的价值就越接近10000 美元，如果在2010年的看价格有可能会更高，但不能确定，因为GMAC有财务恶化的可能或者资本市场上的投资收益率提高。

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7章风险分析、实物期权和资本预算7.1复习笔记从某种意义上来说，公司的战略分析可以看作“寻找净现值为正值的投资项目”的过程。

分析正NPV来源的过程通常被称作公司的战略分析。

在实际操作中，可以使用决策树、场景分析、敏感性分析和盈亏平衡分析等分析工具来评估不确定性对项目增量现金流量的影响。

1．敏感性分析和场景分析（1）敏感性分析。

敏感性分析是指它在确定性分析的基础上，进一步分析不确定性因素对投资项目的最终经济效果指标的影响及影响程度。

敏感性因素一般可选择主要参数（如销售收入、经营成本、生产能力、初始投资、寿命期、建设期、达产期等）进行分析。

若某参数的小幅度变化能导致经济效果指标的较大变化，则称此参数为敏感性因素，反之则称其为非敏感性因素。

（2）场景分析。

敏感性分析只是孤立地处理每个变量的变化，而实际上不同变量之间很有可能是相互联系的。

场景分析经常被用来消除敏感性分析所存在问题的影响。

所谓的场景分析简单来说就是考察一些可能出现的不同场景，其中每个场景都综合了各种变量的影响。

2．盈亏平衡分析盈亏平衡分析是指根据成本、销售收入、利润等因素之间的函数关系，确定企业实现盈亏平衡时所需达到的销售量，它是敏感性分析方法的有效补充。

盈亏平衡分析包括会计利润和净现值的盈亏平衡点分析。

两者的计算公式如下：现值的盈亏平衡点=其中EAC代表约当平均成本，T C代表公司所得税税率。

3．蒙特卡罗模拟蒙特卡罗模拟是指在投资测算基本财务模型的基础上，考虑风险变量因素的动态变化（即不确定性），将风险变量（或子变量）原有的静态取值通过随机抽样实现动态取值，得到可以计算动态经济评价指标的模拟试验。

利用风险评估模型，可以模拟计算经济指标的N 个值，用来反映经济指标的变化规律，并对此规律加以评价。

4．实物期权实物期权是指标的物为非证券资产的期权。

相对于“金融期权”，实物期权具有以下四个特性：（1）非交易性。

罗斯《公司理财》（第9版）课后习题第16章资本结构：基本概念一、概念题1．馅饼模型（pie model）答：馅饼模型是一种分析公司资本结构的模型，用来讨论公司应如何选择负债权益比的问题。

该理论将公司的筹资要求权之和比作一个馅饼，并且将公司的价值定义为负债和所有者权益之和。

该理论认为，债权人和股东将分别得到不同大小的馅饼块，但是整个馅饼的大小，也就是公司的实际价值，却完全不会受到馅饼分割方式的影响。

也就是说，公司的融资结构只影响公司利润的分配方式，即这个利润馅饼如何被分割以及由谁承担公司的风险，不会对公司的价值造成任何影响。

2．MM命题Ⅰ（MM Proposition I）答：不考虑公司所得税情况下的MM命题Ⅰ指的是，公司的价值取决于未来经营活动净收益的资本化程度，资本化率与公司的风险相一致。

这一命题有两个直接推论：a．公司的平均资本成本与公司资本结构无关；b．公司的平均资本成本等于与之风险相同的零举债公司的资本化率。

3．MM命题Ⅱ（MM Proposition II）答：不考虑公司所得税情况下的MM命题Ⅱ指的是，举债经营公司的权益资本成本等于零举债经营公司的权益资本成本加上风险报酬率。

风险报酬率的多少取决于公司举债经营的程度。

命题二表明，随着公司负债的增加，公司的权益资本成本也将提高。

4．MM命题Ⅰ（公司税）[MM Proposition I（corporate taxes）]答：MM命题一，零举债经营公司的价值是公司税后经营收益除以公司权益资本成本所得的结果，而举债经营公司的价值等于同类风险的零举债经营公司的价值加上税款节余额。

根据这一结论，当公司负债增加时，举债经营公司价值增加较快。

特别地，当公司负债筹资的比重为100%时，公司的价值最大。

5．MM命题Ⅱ（公司税）[MM Proposition II（corporate taxes）]答：MM命题二，举债公司的权益资本成本等于同类风险零举债经营公司的权益资本成本加上风险报酬率，而风险报酬率又取决于公司资本结构和公司所得税税率。

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。

罗斯《公司理财》（第9版）课后习题第22章期权与公司理财一、概念题1．期权（option）答：期权是指在预先约定的日期，以事先确定的价格买卖某种特定商品、金融工具或相关期货合约的权利。

期权实质上是一种选择权，其交易是一种权利的买卖。

期权对于买方来说，只是一种权利，即拥有在一定时间内以一定价格出售或购买一定数量的商品、金融工具或相关期货合约的权利，不承担必须买进或卖出的义务，其损失为购买期权的费用。

对于期权的卖方来说，由于收取了期权费，则须承担到期时或到期前由买方所选择的交割履约义务和责任。

其固定收益为期权费，而损失则是不确定的。

期权价格的变动是以其基础商品、金融工具或相关期货价格的变动为基础的。

其变动规律是：基础期货价格上涨时，买进期权的价格上涨，而卖出期权的价格下跌；反之，当基础期货价格下跌时，买进期权的价格下跌，而卖出期权的价格上涨。

期权按照交易性质可分为看涨期权（买入期权）、看跌期权（卖出期权）和双重期权三种类型；按照履约期限可分为美式期权和欧式期权。

2．美式期权（American options）答：美式期权是指买入期权的一方在合约到期日前的任何工作日包括到期日当天都可以行使的期权，其结算日在履约日之后的一天或两天。

大多数的美式期权允许持有者在交易日到履约日之间随时履约，但也有一些合同规定一段比较短的时间可以履约，如“到期日前两周”。

3．买入期权（call option）答：买入期权又称“买方期权”、“看涨期权”、“多头期权”、“敲进”。

它是期权买方在合约到期日或有效期内按照预先敲定的交割价格从期权卖方手中买入某种金融资产或商品的权利，是期权交易的种类之一。

购买这种期权以人们预测市场价格将有上涨趋势为前提。

投资者在支付一定的期权费取得该种期权后，在合约到期日或到期日之前的有效期限内，若市场价格超过协定价格与期权费之和的水平，则可通过行使期权以协定价格买入合约规定的一定数量的金融资产或商品，再以市场价格卖出，从而获利。

罗斯《公司理财》（第9版）笔记和课后习题详解第1章公司理财导论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。

罗斯《公司理财》(第9版)配套题库【课后习题-股票估值】第9章股票估值一、概念题1．股利支付率（payout ratio）答：股利支付率一般指公司发放给普通股股东的现金股利占总利润的比例。

也即在同一报告期内公司现金股利除以公司利润。

股利支付率又称“股利发放率”，支付比率值与留存收益比率之和为1。

2．留存收益比率（retention ratio）答：留存收益比率是指留存收益与盈利的比率，即每年公司有多大比例的盈利留在公司用于扩大再生产。

其计算公式为：留存收益比率＝留存收益比率与支付比率之和为1。

3．资本回报率（return on equity，ROE）答：资本回报率是指一个企业的税后净利润与股东权益的比率，表示的是股权投资所获得的回报，它是用来计量股东投资的收益情况的一个重要指标，也是投资者评价管理层业绩的重要标准，是投资决策的重要参考依据。

4．市盈率答：即股票的市盈率是三个因素的函数：（1）增长机会。

拥有强劲增长机会的公司具有高市盈率。

（2）风险。

低风险股票具有高市盈率。

（3）会计方法。

采用保守会计方法的公司具有高市盈率。

市盈率衡量投资者愿意为每股当前利润支付多少钱，因此，一般来说较高的市盈率通常意味着公司未来的成长前景不错；市值面值比即每股的市场价值比上每股的账面价值。

二、复习题1．股票价值ECY公司下一次的股利支付将为每股2.85美元，并预计公司股利将以6％的增长率永续增长。

如果ECY公司股票当前价格为每股58美元，请问必要收益率是多少？答：题目要求计算股票的必要收益率。

运用固定增长模型，可以通过公式得到R：R=D1/P0+g=2.85/58+0.06=10.91%2．股票价值在前题所述的公司中，股利收益率是多少？预期资本利得率是多少？答：股利收益率是下一年的股利除以现在的价格，所以股利收益率为：股利收益率=D1/P0=2.85/58=4.91%资本利得率或者说股票价格的增长率，和股利增长率相同，所以：资本利得率=6%3．股票估值假设你已知某公司股票当前股价为每股64美元，同时该股票的必要收益率为13％。

====Word行业资料分享--可编辑版本--双击可删====附录B各章习题及部分习题答案APPENDIX B目录Contents第一部分公司理财概览第三部分未来现金流量估价第1章公司理财导论3 第5章估价导论：货币的时间价值39 概念复习和重要的思考题 4 本章复习与自测题40微型案例麦吉糕点公司 5 本章复习与自测题解答40第2章财务报表、税和现金流量6 概念复习和重要的思考题40 本章复习与自测题7 思考和练习题41本章复习与自测题解答7 第6章贴现现金流量估价43概念复习和重要的思考题8 本章复习与自测题44思考和练习题9 本章复习与自测题解答44微型案例Sunset Boards公司的现金流量和概念复习和重要的思考题46财务报表13 思考和练习题4652第二部分财务报表与长期财务计划微型案例读MBA的决策第7章利率和债券估价54第3章利用财务报表17 本章复习与自测题55本章复习与自测题18 本章复习与自测题解答55本章复习与自测题解答19 概念复习和重要的思考题55概念复习和重要的思考题20 思考和练习题56思考和练习题21 微型案例基于债券发行的S&S飞机公司的微型案例针对S&S飞机公司的财务比率扩张计划59分析24 第8章股票估价60第4章长期财务计划与增长27 本章复习与自测题61本章复习与自测题28 本章复习与自测题解答61本章复习与自测题解答28 概念复习和重要的思考题61概念复习和重要的思考题29 思考和练习题62思考和练习题30 微型案例Ragan公司的股票估价64微型案例S&S飞机公司的比率与财务计划35III第四部分资本预算第9章净现值与其他投资准绳69 第六部分资本成本与长期财务政策第14章资本成本111本章复习与自测题70 本章复习与自测题112本章复习与自测题解答概念复习和重要的思考题7071本章复习与自测题解答概念复习和重要的思考题112112思考和练习题73 思考和练习题113第10章资本性投资决策77 第15章筹集资本117 本章复习与自测题78 本章复习与自测题118本章复习与自测题解答概念复习和重要的思考题7880本章复习与自测题解答概念复习和重要的思考题118118思考和练习题80 思考和练习题120微型案例贝壳共和电子公司（一）85 微型案例S&S飞机公司的上市121 第11章项目分析与评估86 第16章财务杠杆和资本结构政策123 本章复习与自测题87 本章复习与自测题124本章复习与自测题解答概念复习和重要的思考题8787本章复习与自测题解答概念复习和重要的思考题124124思考和练习题88 思考和练习题125微型案例贝壳共和电子公司（二）第五部分风险与报酬第12章资本市场历史的一些启示95 91 微型案例斯蒂芬森房地产公司的资本重组127第17章股利和股利政策129概念复习和重要的思考题130本章复习与自测题96 思考和练习题130本章复习与自测题解答概念复习和重要的思考题思考和练习题97 9696微型案例电子计时公司133第七部分短期财务计划与管理微型案例S&S飞机公司的职位99 第18章短期财务与计划137第13章报酬、风险与证券市场线101 本章复习与自测题138 本章复习与自测题102 本章复习与自测题解答138本章复习与自测题解答概念复习和重要的思考题102103概念复习和重要的思考题139思考和练习题140思考和练习题104 微型案例Piepkorn制造公司的营运成本管微型案例高露洁棕榄公司的 值108 理145IV第19章现金和流动性管理147本章复习与自测题148本章复习与自测题解答148概念复习和重要的思考题148思考和练习题149微型案例Webb公司的现金管理150 第20章信用和存货管理151本章复习与自测题152本章复习与自测题解答152概念复习和重要的思考题152思考和练习题153微型案例豪利特实业公司的信用政策155第八部分公司理财专题第21章国际公司理财159本章复习与自测题160本章复习与自测题解答160概念复习和重要的思考题160思考和练习题161微型案例S&S飞机公司的国际化经营163 部分习题答案165PART 1第一部分公司理财概览====Word行业资料分享--可编辑版本--双击可删====第1章公司理财导论CHAPTER 14附录概念复习和重要的思考题1.财务管理决策过程财务管理决策有哪三种类型？就每一种类型，举出一个相关的企业交易实例。

1.什么是预测风险？一般情况下，对于新产品或者降低成本建议来说，预测风险的程度是否会比较高?为什么?答:(根据英文原版答案)预测风险是对项目现金流量的错误估计;新产品的预测风险之所以高是因为新产品的现金流量更加难以预测2.敏感性分析和场景分析的本质区别?答:1)敏感性分析:变量只有一个,而且这个变量有多个不同的可选值;2)场景分析:给定一系列变量的值(注意是给定值)3.答:(说实话这道题我觉得没有什么意义,不过还是根据英文原版答案给大家翻译一下)这句话是正确的,但是在评价一个项目的时候,如果项目的增量现金流为正的话那就能增加公司的运营现金流量(感觉说了等于没说)4.作为企业的股东,你打算投资新的项目,你会更加关注会计盈亏平衡点，现金盈亏平衡点还是财务盈亏平衡点？答：我会更加关注财务盈亏平衡点，因为会计盈亏平衡点没有考虑到机会成本，很可能出现这种情况，会计盈亏平衡点<=收入<=财务盈亏平衡点，这种情况下从公司理财的角度就出现了亏损（因为经营现金流出现了亏损公司理财和会计的概念的区别真是个折磨人的东西），至于现金盈亏平衡点：没有考虑折旧，在这个点上项目还处于亏损阶段5.先现金盈亏平衡点再到会计盈亏平衡点最后再到财务盈亏平衡点，这个顺序是一直适用的，因为现金盈亏平衡点没有考虑折旧，会计盈亏平衡点考虑了折旧，财务盈亏平衡点考虑了机会成本（至于为什么机会成本>折旧，请读者参考书137页）6.因为NPV忽略了企业在接受这个项目后进行的调整即实物期权（参看142页的例子更容易理解）7.最有可能的是拓展期权，因为一个国家开放了市场那么这个国家就有发展的潜力，第一个进入市场的企业会占据更多的认同度和市场份额，这会在以后的竞争中建立优势8.敏感性分析通过改变一些因子来影响盈亏平衡9.这有两个价值来源：1）可能一年以后原木的价格会有所增长；2）可能是等森林里的木材多了再一次性进行砍伐运输，伐木公司一般都会有一个模型来指导它该什么时候去伐木，这个模型根据森林的年纪来评估森林的可砍伐木材的数量10.当项目的实物期权的NPV值为负数的时候11.这道题比较简单：没有什么值得注意的地方唯一需要注意的就是如何根据现金流量表求出OCF吧，有三种方法，读者自己去温习第六章，具体答案如下敏感性分析：由图可知这两个敏感性的都是呈线性的，具体算它的斜率就留给读者自己做了12.这道题完全没有一点意思（就是换个数值）读者自己做吧13.简单题读者自作（会计平衡点=（固定成本+折旧）/(单价-变动成本)）14.固定成本*（1-t）-折旧*t]/[（单价-变动成本）*（1-t）]15.这道题要注意的点有当你计算完购买机器的当年的净现值的时候不要忘记把它折现回第0年在第几年购买时的净现值有图可知应该在第一年购买16.此道题的决策树如下图所示：所以应当进行市场测试，这是利用@risk套件做出来的决策树17.此道题的决策树如下：18.这道题也没有什么特别的，具体结果如下：19.这道题也没有什么特别的地方，就是计算现金流量表然后再计算净现值20.这道题就是注意在第一年以后可以以130W卖出去21. 这道题其实也没有什么值得注意的地方，还是注意随机变量的真实价值是它的期望值这一点很重要22. 这道题存在明显的翻译问题，它模糊了一个主要条件“自然而然，只有当第一年的销售获得成功时，人们才乐意拓展项目”所以与上一题相比还是没有什么变化只是将110000换成了220000罢了具体计算结果如下：至于拓展期权：反正记住当出现随机变量的时候我们一定要用它的期望值来反映该决策的真是价值，这是统计学里的一个比较重要的思想23. 这是一道结合了前几章的知识点的好题，需要注意的一点是，营业外收入需要缴税，营运资本最后都能回收，除非题目中特别强调它不能回收，那么我们就默认它能回收至于第二问只是改改数值就读者自作吧，没有一点变化24. 这道题就是先做出敏感性曲线，观察它的形状，如果是线性的我们就可以求出它的斜率这就是它的敏感性，一般考试只会考线性的情况，因为曲线的话找它的表达式就是麻烦事儿，具体计算如下：至于求这条直线的斜率就不用我多罗嗦了撒【案例题】对于这道小案例题，我还真的不敢确定我做的是不是正确的，不难，记住的就是存在通货膨胀的时候算NPV时，名义现金流要使用名义利率折现，实际现金流要使用实际利率折现具体成本汇总表这道题我真的不是很确定，所以有知道正确答案的同学请发我邮箱1677283654@ 万分感谢O(∩_∩)O。