罗斯《公司理财》(第11版)章节题库(第26章 短期财务与计划)【圣才出品】

第30章财务困境30.1 复习笔记当一个企业无法产生足够的现金流量来满足合同所要求支付的款项时，诸如到期应付的债务和利息等，它就将陷入财务困境。

而一个企业对所要求的支付款项违约，则可能被强制以其资产来清偿。

1．财务困境财务困境是指一个企业处于经营性现金流量不足以抵偿现有到期债务（例如商业信用或利息）而被迫采取改正行动的境况。

财务困境可能导致企业违反合约的规定，也可能涉及到企业、债权人和股东之间的财务重组。

通常，企业被迫要采取某些在企业有足够现金流量时不可能采取的行动。

当一家企业的净资产为负值，即资产价值少于负债价值时，就会发生“存量破产”。

而当它的经营性现金流量不足以抵偿现有到期债务时，则将出现“流量破产”。

企业可以通过以下若干方法处理财务困境，包括：①出售主要资产；②与其他公司合并；③减少资本支出及研究与开发费用；④发售新证券；⑤与银行和其他债权人谈判；⑥以债权置换股权；⑦申请破产。

2．破产清算与重组（1）破产清算清算是指公司因破产、解散或撤销而终止生产经营活动时，清理公司资产和债权、债务并分配剩余财产的行为。

按清算的原因可分为破产清算、解散清算和撤销清算。

破产清算指公司不能清偿到期债务，被依法宣告破产而进行的清算。

解散清算指公司因法定事由解散时进行的清算。

撤销清算指公司被主管部门或有权机构撤销或者被依法关闭而进行的清算。

清算还可以分为自愿清算和被迫清算。

如果以下两个条件都符合的话，债权人可能会提出非自愿破产申请书：①在债务到期时公司没能偿付。

②假如债权人的人数超过12个人，其中至少要有三个债权总金额在13475美元或之上的债权人参与提出申请；如果债权人的人数少于12个人，只需一个债权金额达13475美元的债权人提出申请即可。

一旦公司确定要破产，就需要进行清偿。

绝对优先权法则说明优先索取权必须在次级索取权获得任何赔偿之前得到完全的赔偿。

所以，清偿所得要根据以下的优先权顺序进行：管理费用，提出非自愿申请破产后产生的无担保债权，工资、薪金及手续费，在提出申请日前180天内提取的给员工福利计划的拨款，消费者权益，税收，担保和无担保债权人的权益，优先股股东的权益和普通股股东的权益。

一、选择题1．外部融资需要量与下列哪个因素没有明显关系（）。

[中央财经大学2019研] A．销售的增长B．销售净利率C．股利支付率D．负债利率【答案】A【解析】外部融资是指企业向其外部筹集资金，如发行股票、债券，向银行申请贷款等，它一般都要发生筹资费用。

A项，销售的增长并不能直接带来盈利的增加，还要看销售价格与销售成本的大小，其不直接影响外部融资的需要量。

B项，销售净利率又称销售净利润率，是净利润占销售收入的百分比。

销售净利率越高，公司盈利越多，可由公司内部产生现金，这意味着外部融资的需求较少。

C项，股利支付率也称股息发放率，是指净收益中股利所占的比重，股利支付率越高，净收益中用来再投资的资金就越少，公司需要依靠更多的外部筹集来满足资金需要。

D项，负债利率越高，采用外部融资所需要支付的成本就越高，进而会影响公司的外部融资需要量。

2．一家公司有负的净营运资本（net working capital），那么这家公司（）。

[中山大学2018研]A．流动负债比流动资产多B．已陷入破产C．手上没有现金D．需要卖出一些存货来纠正这个问题【答案】A【解析】根据公式：净营运资本＝流动资产－流动负债，净营运资本为负说明流动负债大于流动资产。

3．剩余股利政策的理论依据是（）。

[南京航空航天大学2017研]A．信号理论B．MM理论C．税差理论D．“一鸟在手”理论【答案】B【解析】剩余股利政策是企业在有良好的投资机会时，根据目标资本结构测算出必须的权益资本与既有权益资本的差额，首先将税后利润满足权益资本需要，而后将剩余部分作为股利发放的政策。

剩余股利政策的理论依据是MM理论股利无关论。

该理论认为，在完全资本市场中，股份公司的股利政策与公司普通股每股市价无关，公司派发股利的高低不会对股东的财富产生实质性的影响，公司决策者不必考虑公司的股利分配方式，公司的股利政策将随公司投资、融资方案的制定而确定。

因此，在完全资本市场的条件下，股利完全取决于投资项目需用盈余后的剩余，投资者对于盈利的留存或发放股利毫无偏好。

精研学习>网>>>免费试用百分之20资料全国547所院校视频及题库全收集考研全套>视频资料>课后答案>历年真题>全收集本书是罗斯的《公司理财》（第11版）（机械工业出版社）的学习辅导书。

本书遵循该教材的章目编排，包括8篇，共分31章，每章由两部分组成：第一部分为复习笔记；第二部分为课（章）后习题详解。

本书具有以下几个方面的特点：（1）浓缩内容精华，整理名校笔记。

本书每章的复习笔记对本章的重难点进行了整理，并参考了国内名校名师讲授罗斯的《公司理财》的课堂笔记，因此，本书的内容几乎浓缩了经典教材的知识精华。

（2）精选考研真题，强化知识考点。

部分考研涉及到的重点章节，选择经典真题，并对相关重要知识点进行了延伸和归纳。

（3）解析课后习题，提供详尽答案。

国内外教材一般没有提供课（章）后习题答案或者答案很简单，本书参考国外教材的英文答案和相关资料对每章的习题进行了详细的分析。

（4）补充相关要点，强化专业知识。

一般来说，国外英文教材的中译本不太符合中国学生的思维习惯，有些语言的表述不清或条理性不强而给学习带来了不便，因此，对每章复习笔记的一些重要知识点和一些习题的解答，我们在不违背原书原意的基础上结合其他相关经典教材进行了必要的整理和分析。

本书提供电子书及打印版，方便对照复习。

第1篇概论第1章公司理财导论1.1复习笔记1.2课后习题详解第2章会计报表与现金流量2.1复习笔记2.2课后习题详解第3章财务报表分析与长期计划3.1复习笔记3.2课后习题详解第2篇估值与资本预算第4章折现现金流量估价4.1复习笔记4.2课后习题详解第5章净现值和投资评价的其他方法5.1复习笔记5.2课后习题详解第6章投资决策6.1复习笔记6.2课后习题详解第7章风险分析、实物期权和资本预算7.1复习笔记7.2课后习题详解第8章利率和债券估值8.1复习笔记8.2课后习题详解第9章股票估值9.1复习笔记9.2课后习题详解第3篇风险第10章收益和风险：从市场历史得到的经验10.1复习笔记10.2课后习题详解第11章收益和风险：资本资产定价模型11.1复习笔记11.2课后习题详解第12章看待风险与收益的另一种观点：套利定价理论12.1复习笔记12.2课后习题详解第13章风险、资本成本和估值13.1复习笔记13.2课后习题详解第4篇资本结构与股利政策第14章有效资本市场和行为挑战14.1复习笔记14.2课后习题详解第15章长期融资：简介15.1复习笔记15.2课后习题详解第16章资本结构：基本概念16.1复习笔记16.2课后习题详解第17章资本结构：债务运用的限制17.1复习笔记17.2课后习题详解第18章杠杆企业的估价与资本预算18.1复习笔记18.2课后习题详解第19章股利政策和其他支付政策19.1复习笔记19.2课后习题详解第5篇长期融资第20章资本筹集20.1复习笔记20.2课后习题详解第21章租赁21.1复习笔记21.2课后习题详解第6篇期权、期货与公司理财第22章期权与公司理财22.1复习笔记22.2课后习题详解第23章期权与公司理财：推广与应用23.1复习笔记23.2课后习题详解第24章认股权证和可转换债券24.1复习笔记24.2课后习题详解第25章衍生品和套期保值风险25.1复习笔记25.2课后习题详解第7篇短期财务第26章短期财务与计划26.1复习笔记26.2课后习题详解第27章现金管理27.1复习笔记27.2课后习题详解第28章信用和存货管理28.1复习笔记28.2课后习题详解第8篇理财专题第29章收购与兼并29.1复习笔记29.2课后习题详解第30章财务困境30.1复习笔记30.2课后习题详解第31章跨国公司财务31.1复习笔记31.2课后习题详解。

罗斯《公司理财》（第11版）笔记和课后习题详解来自公众号精研学习网第1篇概论第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中的构成（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。

第26章短期财务与计划26.1 复习笔记短期财务与长期财务之间最重要的区别是现金流量的时间分布。

短期财务决策涉及一年或更短时间内的现金流入与流出。

例如，当公司订购原材料，支付现金并预期在一年之内销售产成品且收回现金时，就会涉及到短期财务决策。

关于短期财务的若干问题包括：为支付款项而应持有现金的合理水平是多少？需要订购多少原材料？应给予客户多少信用？1．以其他要素定义现金因为资产＝负债＋所有者权益资产＝流动资产＋固定资产所以，资产负债表等式可以表示为：净营运资本＋固定资产＝长期负债＋所有者权益（26.1）净营运资本等于现金加上其他净营运资本要素，即净营运资本＝现金＋其他流动资产－流动负债（26.2）将式（26.2）代入式（26.1）可得：现金＋其他流动资产－流动负债＝长期负债＋所有者权益－固定资产（26.3）移项可得：现金＝长期负债＋所有者权益－净营运资本（不包括现金）－固定资产（26.4）对式（26.4）的解释是长期负债和所有者权益的增加以及固定资产和净营运资本（不包括现金）的减少都会增加公司的现金。

【例26.1】作资本预算时，当下列哪种情况发生时对净营运资本的投资会增加？（）[中国人民大学2015金融硕士]A．购买存货B．留出一定量现金以备意外的需要C．赊销D．A和BE．A，B和C【答案】B【解析】净营运资本＝流动资产－流动负债，留出一定量现金能增加流动资产，从而增加净营运资本。

【例26.2】公司将存货出售变成现金，减少了净营运资本的投资。

（）[中国人民大学2014金融硕士]【答案】×【解析】净营运资本＝流动资产－流动负债，存货和现金都属于流动资产，存货的售价一般大于（等于）成本，因此公司将存货出售变成现金，流动资产增大（不变），在流动负债不变的条件下，净营运资本的投资增加（不变）。

2．现金来源与运用表长期负债和（或）所有者权益的增加会导致公司现金的增加，同时净营运资本（不包括现金）或固定资产的减少也将导致公司现金的增加。

第28章信用和存货管理28.1 复习笔记在销售商品或提供劳务时，公司可能面临下列两种境况中的一种：①马上收到现金；②等待一段时间才收到现金，即公司向客户提供了信用。

授予信用是公司向客户做出投资，该投资与商品销售或劳务提供紧密相连。

公司授予信用产生应收账款。

应收账款包括向其他公司提供的商业信用和向消费者提供的消费信用。

公司的信用政策主要由以下部分组成：①信用条件。

公司必须决定在销售商品或提供劳务时授予信用的条件。

比如，信用条件有时明确指明信用期限、现金折扣和信用工具种类等。

②信用分析。

公司授予信用时，应尽力区分哪些客户将付款，哪些客户将不会付款。

公司使用很多方法和程序用以确定客户付款的概率。

③收账政策。

授予信用的公司必须建立应收账款到期时公司的现金回收政策。

1．信用条件信用条件是指企业授予信用时规定的客户支付赊销款项的条件，包括信用期限、折扣期限和现金折扣。

信用期限是企业为客户规定的最长付款时间；折扣期限是为客户规定的可享受现金折扣的付款时间；现金折扣是在客户提前付款时给予的优惠。

如账单中“5/10，n/30”就是一项信用条件，它规定如果在发票开出后10日内付清，可享受5%的折扣；如果不想取得现金折扣，这笔货款必须在30日内付清。

其中，30日为信用期限，10日为折扣期限，5%为现金折扣。

提供比较优惠的信用条件能增加销售，但也会带来额外的负担，如会增加应收账款的机会成本、坏账成本、现金折扣成本等。

公司在设置信用期限时必须考虑如下三个因素：客户不付款的概率；金额大小；商品容易腐坏的程度。

2．信用工具信用工具是指提供信用的载体或形式，泛指各种用以表明债权债务关系，或者所有权关系的各种要式凭证，如股票、债券、CDs 、商业票据、本票、汇票、支票、期货合约、期权合约等。

在信用管理中，信用工具包括发票、本票、借据、汇票、条件性销售合同等。

3．信用决策公司面临是否提供信用的决策时，通常通过比较两者的净现值，选择净现值大的情况。

罗斯《公司理财》（第11版）考研真题（简答题）【圣才出品】四、简答题1．达⽣公司决定发⾏债券进⾏融资，但考虑到当前利率较⾼，未来市场利率可能下调，因此董事会认为公司应该发⾏可赎回债券。

预期利率下降是否是发⾏可赎回债券的充⾜理由，为什么？[中央财经⼤学2019研]答：可赎回债券是指发⾏公司可以按照发⾏时规定的条款，依⼀定的条件和价格在公司认为合适的时间提前赎回的债券。

⼀般来讲，债券的赎回价格要⾼于债券⾯值，⾼出的部分称为“赎回溢价”，赎回溢价可按不同的⽅式确定。

可赎回债券关于提前赎回债券的规定是对债券发⾏公司有利的，但同时却有可能损害债权⼈的利益。

⽐如，若公司发⾏债券后市场利率降低，公司可利⽤债券的可赎回性，采⽤换债的⽅法提前赎回利息较⾼的债券，⽽代之以利息较低的债券。

⽽如果市场利率在债券发⾏后进⼀步上升，发⾏公司可以不提前赎回债券，继续享受低利息的好处。

这样，利息变动风险将完全由债权⼈承担。

因此，预期利率下降可以作为发⾏可赎回债权的理由，但并不是充分理由。

市场上实际利率的⾛向还需要考虑各个⽅⾯因素的影响，⽽且可赎回条款通常在债券发⾏⼏年之后才开始⽣效。

当前利率较⾼，未来利率可能因为经济波动或者是政策因素的影响，继续保持较⾼的⽔平，也可能因为宏观经济调整，实际利率有所下降，不同的改变对可赎回债券的提前赎回产⽣不同的影响。

2．为什么说经营杠杆⼤的公司要适度的进⾏债务筹资？[南京航空航天⼤学2017研]答：（1）经营杠杆经营杠杆，⼜称营业杠杆或营运杠杆，反映销售和息税前盈利的杠杆关系。

指在企业⽣产经营中由于存在固定成本⽽使利润变动率⼤于产销量变动率的规律。

为了对经营杠杆进⾏量化，企业财务管理和管理会计中把利润变动率相当于产销量（或销售收⼊）变动率的倍数称之为经营杠杆系数、经营杠杆率，并⽤公式加以表⽰：经营杠杆系数＝息税前利润变动率/产销业务量变动率。

⼀般来说，在其他因素不变的情况下，固定成本越⾼，经营杠杆系数越⼤，经营风险越⼤。

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中的构成（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。

Chapter 28Credit and Inventory Management Multiple Choice Questions1. Selling goods and services on credit is:A. an investment in a customer.B. never necessary unless customers cannot pay for the goods.C. a decision independent of customers.D. permissible if your bank lends the money.E. None of the above.2. When credit is granted to another firm this gives rise to a(n):A. accounts receivable and is called a consumer credit.B. credit due and is called an installment note.C. accounts receivable and is called trade credit.D. trade receivable and is called an installment note.E. None of the above.3. Cash discounts:A. conveniently separate the pricing of credit and cash customers.B. lower profit margins on sales.C. speed the collection of receivables.D. All of the above.E. Both A and B.4. Which of the following is not one of the "five C's of Credit" for credit scoring?A. CapabilityB. CapacityC. CapitalD. CharacterE. Conditions5. The average collection period measures:A. the average time necessary to collect a credit sale.B. how long the companies money is invested in their customers.C. the days sales outstanding.D. All of the above.E. None of the above.6. Factoring refers to:A. determining the aging schedule of the firm's accounts receivable.B. the sale of a firm's accounts receivable to a financial institution.C. the determination of the average collection period.D. scoring a customer based on the 5 C's of credit.E. All of the above.7. Captive finance companies are:A. parent companies to the subsidiary.B. subsidiaries to the parent company.C. used by firms with good credit ratings.D. Both A and B.E. Both B and C.8. When a firm sells its accounts receivables to a financial institution, it is called:A. captive financing.B. collateralization.C. securitization.D. legalization.E. None of the above.9. The three components of credit policy are:A. collection policy, credit analysis, and interest rate determination.B. collection policy, credit analysis, and terms of the sale.C. collection policy, interest rate determination, and repayment analysis.D. credit analysis, repayment analysis, and terms of the sale.E. interest rate determination, repayment analysis and terms of sale.10. On September 1, a firm grants credit with terms of 2/10 net 45. The creditor:A. must pay a penalty of 2% when payment is made later than September 1st.B. must pay a penalty of 10% when payment is made later than 2 days after September 1st.C. receives a discount of 2% when payment is made at least 10 days before September 1st.D. receives a discount of 2% when payment is made before September 1st and pays a penalty of 10% if payment is made after September 1st.E. receives a discount of 2% when payment is made within 10 days after the effective invoice date of September 1st.11. The credit period offered is influenced by:A. the size of the account to receive credit.B. the collateral value of the goods sold.C. the probability that the customer will not pay.D. All of the above.E. None of the above.12. Seasonal dating of accounts receivable:A. is used by all firms that grant credit.B. brings the receivable immediately due during the season of the product.C. makes the effective date of the invoice on a specific date in or around the relevant season of the product.D. All of the above.E. None of the above.13. Which of the following is not true concerning considerations in setting a credit policy?A. A firm that supplies a perishable product will tend to offer restrictive credit terms.B. A firm whose customers are in a high-risk business will tend to offer restrictive credit terms.C. Lengthening the credit period effectively reduces the price paid by the customer.D. Small accounts, associated with firms that find it difficult to acquire a line of credit, tend to receive longer credit periods.E. None of the above.14. Lengthening the credit period _____ the price paid by the customer. Generally, this acts to _____ sales.A. increases; increaseB. increases; decreaseC. decreases; decreaseD. decreases; increaseE. increases; have no effect on15. When analyzing the NPV of a decision to change cash discounts, the firm would probably not consider:A. the size of the discount.B. the expected change in the order size.C. the firm's cost of debt.D. the expected change in sales due to the cash discount policy change.E. All of the above would probably be considered.16. When analyzing the decision to change the cash discount policy, the firm should:A. choose the policy with the highest order size.B. choose the policy with the lowest variable cost.C. choose the policy with the lowest NPV.D. choose the policy with the highest NPV.E. choose the policy offering the lowest cash discount.17. When credit is offered with only the invoice as a formal instrument of credit, the credit procedure is called:A. invoice account.B. open account.C. unsecured account.D. unsecured note.E. None of the above.18. Which of the following statements is true?A. Most credit arrangements use promissory notes.B. Promissory notes are used when firms do not anticipate a problem with collections.C. Promissory notes usually involve no cash discount.D. All of the above.E. None of the above.19. A commercial draft is useful to a seller because:A. a specific payment amount and time are set.B. the customer's bank has the buyer sign the draft before releasing the invoices.C. the seller gets a credit commitment from a customer before the goods are delivered.D. All of the above.E. None of the above.20. Which of the following statements is not true?A. Commercial drafts represent a way to obtain a credit commitment from a customer before the goods are delivered.B. When a banker's acceptance is discounted in the secondary market it becomes a commercial note.C. Sight drafts require immediate payment.D. Banker's acceptances arise when a bank guarantees payment on a commercial draft.E. Both A and C.21. A conditional sales contract is useful to the seller because:A. the firm retains legal ownership of the goods until they are completely paid for.B. the firm is compensated for their opportunity cost.C. there is a sequence of scheduled payments.D. All of the above.E. None of the above.22. If a firm refuses to offer credit, the net present value of the transaction is:A. the cash revenues received minus the cost paid in time period 0.B. the discounted value of the revenues from time period 0.C. the net cash flow from the future payments to be received.D. determined by all of the above.E. always equal to zero.23. Risk should be incorporated into the decision to grant credit by:A. decreasing the discount rate.B. increasing the credit period to allow for customers in financial distress to reorganize.C. decreasing the cash inflows, or the numerator of the NPV formula.D. increasing the cash inflows, or the numerator of the NPV formula.E. increasing costs per unit.24. The decision to grant credit does not depend on:A. delayed revenues from granting credit.B. the immediate costs of granting credit.C. the probability of payment.D. the appropriate required rate of return for delayed cash flows.E. All of the above are considered in the decision to grant credit.25. The credit decision usually includes riskier customers. The credit decision should adjust for this by:A. determining the probability that customers will pay and reducing the expected cash flow.B. discounting the net cash flows at a lower discount rate.C. discounting the cash inflow at a higher discount rate.D. delaying collections on these customers.E. speeding up deliveries to riskier customers.26. The optimal credit amount is determined by:A. the point which minimizes the total credit cost curve.B. the point which maximizes the carrying costs associated with granting credit.C. the point which maximizes opportunity costs associated with granting credit.D. the point where the additional net cash flow from new customers equals the additional carrying costs of the investment in receivables.E. Both A and D.27. Businesses, in deciding to extend credit to new customers, try to reduce defaults by:A. determining the probability of non-payment.B. gathering independent credit checks.C. determining if it is profitable to extend credit.D. All of the above.E. None of the above.28. Determining the optimal credit policy is based on a trade-off of:A. carrying costs of granting credit and making an investment in receivables.B. stock out costs of losing sales from not offering credit.C. the opportunity cost of lost sales from not offering credit.D. Both A and C.E. Both B and C.29. Which of the following statements is true?A. Customers in high tax brackets would be more likely to take cash discounts and corporations in high tax brackets would be more likely to offer credit.B. Customers in high tax brackets would be more likely to take cash discounts and corporations in low tax brackets would be more likely to offer credit.C. Customers in low tax brackets would be more likely to take cash discounts and corporations in high tax brackets would be more likely to offer credit.D. Customers in low tax brackets would be more likely to take cash discounts and corporations in low tax brackets would be more likely to offer credit.E. Taxes have an effect on the propensity to grant credit, but no effect on the propensity to use credit.30. Companies will frequently use information from which of the following sources when conducting their credit analysis?A. Financial statements supplied by the customer.B. Payment history supplied by other firms.C. Payment history supplied by banks.D. All of the above.E. None of the above.31. Which of the following statements is not true?A. An aging schedule shows only overdue accounts.B. An aging schedule shows the probability that a 67-day account will be unpaid when it is a 68-day account.C. Average collection period data is somewhat flawed if sales are seasonal.D. Collection efforts may involve legal action.E. Investments in accounts receivable equal average daily sales times average collection period.32. Aging schedules are flawed because they:A. do not identify specific customers.B. show the percent of accounts that are past due.C. only give the yearly or periodic average of account age.D. All of the above.E. None of the above.33. To collect on the accounts receivable due to the firm, a firm can:A. send a delinquency letter of past due status to the customer.B. make personal contact by telephone.C. employ a collection agency.D. take legal action against the customer as necessary.E. All of the above.34. In credit analysis of a customer, commonly used information includes the customer's:A. financial statements.B. credit report.C. payment history with the firm.D. All of the above.E. Both B and C.35. The carrying value of a firm's account receivable is $700,000 and the average collection period is 45 days. The firm's credit sales per day are:A. $15,555.56B. $23,333.33C. $700,000.00D. $4,666,666.67E. None of the above.36. The Ault Company made a credit sale of $15,000. The invoice was sent today with the terms, 3/15 net 60. This customer normally pays at the net date. If your opportunity cost of funds is 9% the expected payment is worth how much today?A. $13,761B. $14,789C. $15,000D. $15,214E. None of the above.37. Edgeworth Heating is selling a commercial heating unit at the price of $100,000 per unit. The variable cost of producing this unit is $75,000. Edgeworth is considering offering credit terms to their customers, which would allow payment to be delayed one month. Edgeworth predicts that offering these terms will increase monthly sales from 50 units to 60 units. Edgeworth does not expect the increased production to change its variable cost and Edgeworth does not expect to charge a higher price. The default rate on credit customers is predicted to be2.25%. Which of the following statements is true?A. At a monthly interest rate of 1%, Edgeworth is indifferent between extending credit and continuing current policies. At higher interest rates Edgeworth would prefer granting credit.B. At a monthly interest rate of 1%, Edgeworth is indifferent between extending credit and continuing current policies. At lower interest rates Edgeworth would prefer granting credit.C. At a monthly interest rate of 2%, Edgeworth is indifferent between extending credit and continuing current policies. At higher interest rates Edgeworth would prefer granting credit.D. At a monthly interest rate of 2%, Edgeworth is indifferent between extending credit and continuing current policies. At lower interest rates Edgeworth would prefer granting credit.E. At a monthly interest rate of 3%, Edgeworth is indifferent between extending credit and continuing current policies. At lower or higher interest rates Edgeworth would prefer granting credit.38. Collegiate Tuxedo rents apparel throughout the year. They have experienced non-payment by about 15% of their customers with an average loss of $200. Collegiate wants to stem their losses by using an instant electronic credit check on the customer. These checks will cost them $7 on each of the 1,000 customers. The opportunity cost is 1.5% for the credit period. Should they pursue the credit check?A. No, because the $7000 cost is too high.B. No, because a $200 loss is minor.C. Yes, because the net gain is $30,000.D. Yes, because the net gain is $23,000.E. Yes, because the net gain is $193,000.39. Delta Distributors has an investment in accounts receivable of $2,750,000. Daily credit sales are $118,280. If 30% of Delta's credit customers receive a discount by paying within 10 days, what is the net period that Delta maintains?A. 10 daysB. 23 daysC. 38 daysD. 45 daysE. There is not enough information to tell.40. Delta Distributors has an investment in accounts receivable of $2,750,000. Daily credit sales are $118,280. If 30% of Delta's credit customers receive a discount by paying within 10 days and the remainder of Delta's customers pay in 40 days, what is the net period that Delta maintains?A. 19 daysB. 31 daysC. 37 daysD. 40 daysE. None of the above.41. Delta Distributors has total credit sales of $2,750,000 for the year. Delta's credit sales represent 75% of total sales. What are total sales?A. $1,925,000B. $2,062,500C. $2,750,000D. $3,666,667E. None of the above.42. The net credit period for a company with terms of 3/10, net 60 is:A. 10 daysB. 50 daysC. 57 daysD. 60 daysE. None of the above.43. If 25% of the customers pay on day 10 and 75% pay on day 30, the average collection period is:A. 15 days.B. 20 days.C. 25 days.D. 30 days.E. 40 days.44. The carrying value of a firm's account receivable is $1,000,000 and the average collection period is 55 days. The firm's credit sales per day are:A. $33,333.33B. $18,181.82C. $1,000,000.00D. $1,333,333.33E. None of the above.45. The Lemon Company made a credit sale of $20,000. The invoice was sent today with the terms, 3/10 net 30. This customer normally pays at the net date. If your opportunity cost of funds is 10% the expected payment is worth how much today?A. $15,000B. $15,657C. $19,843D. $20,000E. None of the above.46. Collegiate Tuxedo rents apparel throughout the year. They have experienced non-payment by about 20% of their customers with an average loss of $300. Collegiate wants to stem their losses by using an instant electronic credit check on the customer. These checks will cost them $12 on each of the 1,000 customers. The opportunity cost is 2.0% for the credit period. Should they pursue the credit check?A. No, because the $24,000 cost is too high.B. No, because a $300 loss is minor.C. Yes, because the net gain is $30,000.D. Yes, because the net gain is $48,000.E. Yes, because the net gain is $60,000.47. Quattro Incorporated has an investment in accounts receivable of $3,500,000. Daily credit sales are $120,000. If 20% of Quattro's credit customers receive a discount by paying within 10 days, what is the net period that Quattro maintains?A. 10 daysB. 23 daysC. 38 daysD. 45 daysE. There is not enough information to tell.48. If 20% of the customers pay on day 10 and 80% pay on day 30, the average collection period is:A. 10 days.B. 15 days.C. 22.5 days.D. 24 days.E. 26 days.Essay Questions49. Aggie Corporation has been asked by its customers to grant them a 2% discount if they pay their bill within 15 days. The purchase size of the average order is $75,000. Normally, the customer pays within 30 days with no discount. Aggie's cost of debt capital is 12%. Should the request be granted?50. Lory Corporation has variable costs per unit of $.35 per $1 of sales. The firm offers a 2% discount for orders paid within 15 days if the customer increases their order size by 5%. A customer normally orders $75,000, and is considering the discount. Normally, the customer pays within 30 days with no discount. Lory 's cost of debt capital is 12%. Would Lory be wise to offer the discount? Calculate the NPV of the decision.51. Rockwell Heating is selling a commercial heating unit at the price of $100,000 per unit. The variable cost of producing this unit is $75,000. Rockwell is considering offering credit terms to their customers, which would allow payment to be delayed one month. Rockwell predicts that offering these terms will increase monthly sales from 50 units to 60 units. Rockwell does not expect the increased production to change variable cost and Rockwell does not expect to charge a higher price. The appropriate discount rate is 1% a month. Determine the probability of payment that would make Rockwell indifferent between granting credit and the present policy.52. Ali Storage Company projects 800 customers next year. Of these, 600 have been profitable and have never defaulted on past obligations, while 200 have not been profitable. All of the unprofitable accounts are expected to default if given credit. Ali can pay $0.40 to an agency that will tell them whether a customer has been profitable. If Ali's price per unit is $10, and its cost per unit is $6, should they allow the credit check to be performed? Assume a discount rate of 1%.53. United Distributors has an investment in accounts receivable of $2,750,000. Costs of goods sold represent 75% of the sales price. Daily credit sales are $118,280. Thirty percent of United's credit customers receive a discount by paying within 10 days. The firm's terms are net 30. How are the other 70% of customers paying; are they meeting the terms?Chapter 28 Credit and Inventory Management Answer KeyMultiple Choice Questions1. Selling goods and services on credit is:A. an investment in a customer.B. never necessary unless customers cannot pay for the goods.C. a decision independent of customers.D. permissible if your bank lends the money.E. None of the above.Difficulty level: EasyTopic: CREDIT SALESType: DEFINITIONS2. When credit is granted to another firm this gives rise to a(n):A. accounts receivable and is called a consumer credit.B. credit due and is called an installment note.C. accounts receivable and is called trade credit.D. trade receivable and is called an installment note.E. None of the above.Difficulty level: EasyTopic: TRADE CREDITType: DEFINITIONS3. Cash discounts:A. conveniently separate the pricing of credit and cash customers.B. lower profit margins on sales.C. speed the collection of receivables.D. All of the above.E. Both A and B.Difficulty level: MediumTopic: CASH DISCOUNTSType: DEFINITIONS4. Which of the following is not one of the "five C's of Credit" for credit scoring?A. CapabilityB. CapacityC. CapitalD. CharacterE. ConditionsDifficulty level: MediumTopic: CREDIT SCORINGType: DEFINITIONS5. The average collection period measures:A. the average time necessary to collect a credit sale.B. how long the companies money is invested in their customers.C. the days sales outstanding.D. All of the above.E. None of the above.Difficulty level: MediumTopic: AVERAGE COLLECTION PERIODType: DEFINITIONS6. Factoring refers to:A. determining the aging schedule of the firm's accounts receivable.B. the sale of a firm's accounts receivable to a financial institution.C. the determination of the average collection period.D. scoring a customer based on the 5 C's of credit.E. All of the above.Difficulty level: EasyTopic: FACTORINGType: DEFINITIONS7. Captive finance companies are:A. parent companies to the subsidiary.B. subsidiaries to the parent company.C. used by firms with good credit ratings.D. Both A and B.E. Both B and C.Difficulty level: MediumTopic: CAPTIVE FINANCE COMPANIESType: DEFINITIONS8. When a firm sells its accounts receivables to a financial institution, it is called:A. captive financing.B. collateralization.C. securitization.D. legalization.E. None of the above.Difficulty level: EasyTopic: SECURITIZATIONType: DEFINITIONS9. The three components of credit policy are:A. collection policy, credit analysis, and interest rate determination.B. collection policy, credit analysis, and terms of the sale.C. collection policy, interest rate determination, and repayment analysis.D. credit analysis, repayment analysis, and terms of the sale.E. interest rate determination, repayment analysis and terms of sale.Difficulty level: EasyTopic: CREDIT POLICYType: CONCEPTS10. On September 1, a firm grants credit with terms of 2/10 net 45. The creditor:A. must pay a penalty of 2% when payment is made later than September 1st.B. must pay a penalty of 10% when payment is made later than 2 days after September 1st.C. receives a discount of 2% when payment is made at least 10 days before September 1st.D. receives a discount of 2% when payment is made before September 1st and pays a penalty of 10% if payment is made after September 1st.E. receives a discount of 2% when payment is made within 10 days after the effective invoice date of September 1st.Difficulty level: EasyTopic: CREDIT TERMSType: CONCEPTS11. The credit period offered is influenced by:A. the size of the account to receive credit.B. the collateral value of the goods sold.C. the probability that the customer will not pay.D. All of the above.E. None of the above.Difficulty level: MediumTopic: CREDIT PERIODType: CONCEPTS12. Seasonal dating of accounts receivable:A. is used by all firms that grant credit.B. brings the receivable immediately due during the season of the product.C. makes the effective date of the invoice on a specific date in or around the relevant season of the product.D. All of the above.E. None of the above.Difficulty level: EasyTopic: ACCOUNTS RECEIVABLEType: CONCEPTS13. Which of the following is not true concerning considerations in setting a credit policy?A. A firm that supplies a perishable product will tend to offer restrictive credit terms.B. A firm whose customers are in a high-risk business will tend to offer restrictive credit terms.C. Lengthening the credit period effectively reduces the price paid by the customer.D. Small accounts, associated with firms that find it difficult to acquire a line of credit, tend to receive longer credit periods.E. None of the above.Difficulty level: MediumTopic: CREDIT POLICYType: CONCEPTS14. Lengthening the credit period _____ the price paid by the customer. Generally, this acts to _____ sales.A. increases; increaseB. increases; decreaseC. decreases; decreaseD. decreases; increaseE. increases; have no effect onDifficulty level: EasyTopic: CREDIT POLICYType: CONCEPTS15. When analyzing the NPV of a decision to change cash discounts, the firm would probably not consider:A. the size of the discount.B. the expected change in the order size.C. the firm's cost of debt.D. the expected change in sales due to the cash discount policy change.E. All of the above would probably be considered.Difficulty level: EasyTopic: CASH DISCOUNTSType: CONCEPTS16. When analyzing the decision to change the cash discount policy, the firm should:A. choose the policy with the highest order size.B. choose the policy with the lowest variable cost.C. choose the policy with the lowest NPV.D. choose the policy with the highest NPV.E. choose the policy offering the lowest cash discount.Difficulty level: MediumTopic: CASH DISCOUNTSType: CONCEPTS17. When credit is offered with only the invoice as a formal instrument of credit, the credit procedure is called:A. invoice account.B. open account.C. unsecured account.D. unsecured note.E. None of the above.Difficulty level: EasyTopic: CREDIT TYPEType: CONCEPTS18. Which of the following statements is true?A. Most credit arrangements use promissory notes.B. Promissory notes are used when firms do not anticipate a problem with collections.C. Promissory notes usually involve no cash discount.D. All of the above.E. None of the above.Difficulty level: EasyTopic: PROMISSORY NOTESType: CONCEPTS19. A commercial draft is useful to a seller because:A. a specific payment amount and time are set.B. the customer's bank has the buyer sign the draft before releasing the invoices.C. the seller gets a credit commitment from a customer before the goods are delivered.D. All of the above.E. None of the above.Difficulty level: EasyTopic: COMMERCIAL DRAFTType: CONCEPTS20. Which of the following statements is not true?A. Commercial drafts represent a way to obtain a credit commitment from a customer before the goods are delivered.B. When a banker's acceptance is discounted in the secondary market it becomes a commercial note.C. Sight drafts require immediate payment.D. Banker's acceptances arise when a bank guarantees payment on a commercial draft.E. Both A and C.Difficulty level: EasyTopic: BANKER'S ACCEPTANCEType: CONCEPTS21. A conditional sales contract is useful to the seller because:A. the firm retains legal ownership of the goods until they are completely paid for.B. the firm is compensated for their opportunity cost.C. there is a sequence of scheduled payments.D. All of the above.E. None of the above.Difficulty level: MediumTopic: CONDITIONAL SALES CONTRACTType: CONCEPTS22. If a firm refuses to offer credit, the net present value of the transaction is:A. the cash revenues received minus the cost paid in time period 0.B. the discounted value of the revenues from time period 0.C. the net cash flow from the future payments to be received.D. determined by all of the above.E. always equal to zero.Difficulty level: MediumTopic: CREDIT POLICYType: CONCEPTS23. Risk should be incorporated into the decision to grant credit by:A. decreasing the discount rate.B. increasing the credit period to allow for customers in financial distress to reorganize.C. decreasing the cash inflows, or the numerator of the NPV formula.D. increasing the cash inflows, or the numerator of the NPV formula.E. increasing costs per unit.Difficulty level: EasyTopic: CREDIT DECISIONType: CONCEPTS24. The decision to grant credit does not depend on:A. delayed revenues from granting credit.B. the immediate costs of granting credit.C. the probability of payment.D. the appropriate required rate of return for delayed cash flows.E. All of the above are considered in the decision to grant credit.Difficulty level: EasyTopic: CREDIT DECISIONType: CONCEPTS。

第25章衍生品和套期保值风险一、概念题1．套期保值（中央财大2009研）答：套期保值指市场参与者为了规避某一个市场上的风险（包括价格风险、利率风险、汇率风险等），而在另一个市场上所采取的风险对冲措施。

在实践中，套期保值的做法通常是：市场参与者为了规避现货市场上的价格风险、利率风险、汇率风险，而在衍生工具市场（包括远期市场、期货市场、期权市场以及互换市场等）上进行替代操作，以达到规避风险的目的。

套期保值的基本原理是：利用现货市场上某种商品的价格变化趋势，与该种商品在衍生工具市场上的变化趋势大致相同的规律，同时根据数量均衡、交易方向相反的原则，在衍生工具市场上买入（或卖出）与现货市场数量相当，但交易方向相反的衍生工具（如远期合约、期货合约、期权合约、互换合约等），以利用衍生工具市场上的盈亏来冲销现货市场上的盈亏，从而达到稳定成本或利润的目的。

根据所利用的衍生工具市场的不同，套期保值可以分为：期货套期保值、远期套期保值、期权套期保值、互换套期保值。

根据具体操作方式的不同，套期保值又可以分为买入套期保值、卖出套期保值。

2．金融衍生工具（北师大2004研）答：金融衍生工具亦称金融衍生商品、金融衍生产品，指从原生金融商品的价值中派生出自身价值的金融商品，根据原生商品的性质不同，可分为远期、掉期、期货和期权。

金融衍生工具一般根据利率或债务工具的价格、外汇汇率、股票价格或股票指数、商品期货价格等金融资产的价格走势的预期而定值，可以支付少量保证金签订远期合约或互换不同金融商品的交易合约。

金融衍生工具主要有三大特点：①虚拟性。

当金融衍生工具的原生商品是实物或货币时，投资于金融衍生工具所得的收益并非得自相应的原生商品的增值，而是得自这些商品的价格变化；当原生商品是股票、债券等虚拟资本时，相应的衍生工具则更具有双重虚拟性。

②杠杆性。

金融衍生工具的交易只需缴存一定比例的押金或保证金，便可得到相关资产的管理权，通常无需支付相关资产的全部价值。

第27章现金管理27.1 复习笔记现金管理的根本目标是在保证企业高效、高质地开展经营活动的情况下，尽可能地保持最低现金持有量。

现金管理可以分为三个步骤：（1）确定适当的目标现金余额；（2）有效地进行现金收支；（3）将剩余现金投资于有价证券。

确定适当的目标现金余额需要对流动性所带来的收益与成本进行权衡。

持有现金的收益在于现金的完全流动性带来的便利；反之，持有现金的不利之处就在于企业损失了本可以投资于短期国库券和其他有价证券而获得的利息收益。

1．持有现金的目的（1）投机动机和预防动机①投机动机是指为了能够利用额外的投资机会而持有现金的需要。

对多数公司而言，保留借款能力和有价证券可用于满足投机动机。

因此，公司为了投机动机可能需要流动性，但不一定必须持有现金。

②预防动机是指作为财务储备以便应付安全供给的需要。

有些货币市场工具，比如国库券，价值确定，流动性非常高，可满足公司为了预防动机需要的流动性，因此不一定必须持有大量的现金。

（2）满足交易动机的需求与交易相关的需求来自于企业的正常性收支活动。

现金的支出包括发放工资、偿还债务、缴纳税款和派发股利。

现金的收入则来源于企业经营过程中的销售收入、资产的出售和新的融资活动等。

（3）满足补偿性余额的要求企业在银行中保持现金余额的目的是偿付银行向企业提供的服务。

银行向企业提供信贷服务所要求的最低补偿余额可能只占用企业现金持有量中较小的份额。

2．目标现金余额目标现金余额，亦称为最佳现金持有量或最佳现金余额，是指满足现金流动性并保证现金持有成本最小时的现金持有量。

持有现金的目的是满足交易动机和补偿性余额的要求。

而现金持有成本包括持有现金的机会成本和交易成本。

3．Baumol 模型William Baumol 第一次将机会成本和交易成本结合在一起，提出了现金管理的正式模型。

这一模型可以用来确定目标现金余额。

用公式可表示如下：机会成本＝（C/2）×R交易成本＝（T/C ）×F总成本（TC ）＝机会成本＋交易成本＝（C/2）×R ＋（T/C ）×F对总成本公式的现金余额（C ）求导，并令导数等于零，就可以得到：2d 0d 2TC R TF C C=-= 解这个关于C 的公式，就可得最佳现金持有量C *的求解公式：*C =其中，C ＝现金余额；F ＝售出证券以补充现金的固定成本；T ＝在相关的计划期（如一年）内为交易目的所需的新现金总量；R ＝持有现金的机会成本，即有价证券的收益率。

五、计算题1．ABC公司是某杂志出版商，它发行的可转换债券目前在市场上的售价是950美元，面值为1000美元。

如果持有者选择转换，则每1张债券可以交换100股股票，债券的利息为7%，逐年支付，债券将在10年后到期。

ABC的债务属于BBB级，这个级别的债务的标价收益率为12%。

ABC的股票正以每股7美元的价格交易。

（1）债券的转换比率是多少？（2）转换价格是多少？（3）债券的底线价值是多少？（4）期权价值是多少？[山东大学2017研]答（1）转换比率是指一份债券可以转换为多少股股份。

由题干可知，每1张债券可以交换100股股票，即债券的转换比率为100。

（2）由于可转换债券的转换比率是用每份可转换债券所能交换的股份数，它等于可转换债券面值除以转换价格。

故转换价格＝可转换债券面值/转换比率＝1000/100＝10（美元）。

（3）可转换债券的底线价值取决于纯粹债券价值和转换价值二者孰高。

纯粹债券价值是指可转换债券如不具备可转换的特征，仅仅当作债券持有在市场上能销售的价值。

转换价值是指如果可转换债券能以当前市价立即转换为普通股所取得的价值。

转换价值等于将每份债券所能转换的普通股股票份数乘以普通股的当前价格。

纯粹债券的价值＝1000×7%×（P/A，12%，10）＋1000×（P/F，12%，10）＝715（美元）。

转换价值＝转换数量×可转换股票市价＝100×7＝700（美元），715美元＞700美元。

故可转换债券的底线价值为715美元。

（4）由于可转换债券价值＝可转换债券的底线价值﹢期权价值。

故可转换债券的期权价值＝950﹣715＝235（美元）。

2．假定GT 公司可取得永续现金流EBIT＝$100000，权益资本成本为25%，企业所得税税率40%，如果企业没有债务，根据MM 定理，这时的企业价值是多少？如果企业借入$500000的债务并回购相应数量的权益资本，债务资本成本为10%，根据MM 定理，企业价值是多少？[华中科技大学2017研]答若企业没有债务，则该企业是无杠杆公司。

罗斯《公司理财》（第11版）笔记和课后习题详解，益星学习网提供全套资料第一部分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中的构成（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11版）笔记和课后习题详解来源微♥公号精研学习网第1篇概论第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中的构成（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。

第25章衍生品和套期保值风险25.1 复习笔记金融衍生品是指从传统金融基础资产形式中派生出来的金融产品，金融衍生品是有关互换现金流量或旨在为交易者转移风险的一种双边合约，它的价值取决于另一种资产的价值，通常与债券、股票、商品、利率或汇率的价值相关联。

常见的衍生产品包括远期合约、掉期交易（互换）、认购和认沽期权以及掉期期权等。

本质上来讲，金融衍生品通过将市场的利率、汇率及信用等风险进行转换，从而满足对风险具有不同需求的投资者的需要。

套期保值是指公司利用金融衍生品减少它们的风险敞口的行为。

方法是通过在金融市场的一种或多种交易来抵消公司的风险。

当然衍生品也可以用于改变甚至增加公司的风险敞口。

1．远期合约的定义远期合约是指交易双方签订的在未来某一时间、以特定的价格买卖某一特定数量和质量的金融资产或实物资产的书面协议，主要有远期现货合约、远期利率协议、远期外汇合约、远期股票合约等。

远期合约规定了将来交换的资产、交换的日期、交换的价格和数量，合约条款因双方的需要不同而不同。

远期合约的主要法律特征表现为以下几点：①与期货在指定的交易场所集中进行，采用高度标准化的合约不同，远期合约交易属于场外交易。

远期合约的金额、数量、交割日期和方式等合同要件没有统一的标准和规格，均由当事人自行协商确定，无需监管机构批准或认可。

②由于属于场外交易，双方当事人是确定相知的，以便于双方直接磋商达成协议。

③缺少了交易所和结算机构提供的担保，使得远期合约交易所面临的信用风险陡增。

为保证交易的安全，要求双方对彼此的信用、财务状况比较了解。

在实务中通常采用信用交易方式，至于是否采用担保方式，以及采用何种担保方式，如抵押、保证金等完全由当事人自己决定。

④远期合约交易结算可以通过结算机构进行，也可以由当事人自行进行结算。

⑤当事人一般对远期合约的标的物，无论是农产品等货物，还是有价证券等金融资产，有真实的需要，交易以得到标的物的所有权为目的。

当事人通常采取实际交割的方式来履行合同，到期进行交货或付款。

二、判断题1．在进行资本预算时，机会成本应该作为增量现金流考虑进来。

（）[对外经济贸易大学2018研]【答案】√【解析】一项资产用于某个新项目，则丧失了其他使用方式所能带来的潜在收入，这些丧失的收入有充分的理由被看成成本，即机会成本应该作为增量现金流考虑进来。

2．在计算WACC时，权重应该选择以账面价值衡量的目标资本结构。

（）[中央财经大学2017研]【答案】×【解析】计算WACC时，各类资本在资本总额中的权重是根据各类资本的市值计算出来的，一般不能采用资本的账面价值计算。

由于权益资本的账面价值常常与其市场价值存在较大的差距，因此按照账面价值计算的加权平均资本成本与实际成本相差很远。

只有当资本的市场价值与它的账面价值相近时，才可以用账面价值计算的权重作为资本市值权重的近似值。

3．费雪认为，实际利率是货币价值变动后的名义利率。

（）[四川大学2016研]【答案】×【解析】费雪效应揭示了通货膨胀率预期与利率之间的关系，它指出当通货膨胀率上升时，利率也将上升。

公式表示为：名义利率＝实际利率＋通货膨胀率。

即实际利率是指物价水平不变，从而货币价值不变条件下的利息率。

4．根据看涨-看跌期权平价公式，“卖空无风险国债、买入看跌期权、卖空标的资产”可以合成或复制看涨期权。

（）[电子科技大学2016研]【答案】×【解析】看涨-看跌期权平价公式为：C＋Ke－rT＝P＋S。

其中C为看涨期权价格，K为看涨期权的执行价格，r为无风险利率，T为距离期权到期日的期限，P为看跌期权价格，S 为期权标的资产的现价。

公式中Ke－rT表示执行价格的现价。

继续推导可得：C＝P＋S－Ke －rT。

这一公式的意义为：买入一个看涨期权等价于买入一份相同标的资产的看跌期权、买入标的资产、卖空无风险国债，换句话说，即为“卖空无风险国债、买入看跌期权、买入标的资产”可以合成或复制看涨期权。

5．经营者与股东因利益不同而使其目标也不尽一致，因此两者的关系在本质上是无法协调的。