罗斯《公司理财》英文习题答案DOCchap018

Chapter 01 - Introduction to Corporate Finance

Chapter 01 Introduction to Corporate Finance Answer Key

Multiple Choice Questions

1. The person generally directly responsible for overseeing the tax management, cost

accounting, financial accounting, and information system functions is the:

A. treasurer.

B. director.

C. controller.

D. chairman of the board.

E. chief executive officer.

Difficulty level: Easy

Topic: CONTROLLER

Type: DEFINITIONS

2. The person generally directly responsible for overseeing the cash and credit

functions,

financial planning, and capital expenditures is the:

A. treasurer.

B. director.

C. controller.

D. chairman of the board.

E. chief operations officer.

1-1

Chapter 01 - Introduction to Corporate Finance

3. The process of planning and managing a firm's long-term investments is called:

CHAPTER 20

INTERNATIONAL CORPORATE

FINANCE

Answers to Concepts Review and Critical Thinking Questions

1. a. The dollar is selling at a premium because it is more expensive in the forward market than in

the spot market (SFr 1.53 versus SFr 1.50).

b. The franc is expected to depreciate relative to the dollar because it will take more francs to buy

one dollar in the future than it does today.

c. Inflation in Switzerland is higher than in the United States, as are nominal interest rates.

2. The exchange rate will increase, as it will take progressively more pesos to purchase a dollar. This is

the relative PPP relationship.

3. a. The Australian dollar is expected to weaken relative to the dollar, because it will take more

A$ in the future to buy one dollar than it does today.

b. The inflation rate in Australia is higher.

学 海 无 涯

第一章

1.在所有权形式的公司中,股东是公司的所有者。股东选举公司的董事会,董事会任命该公司的管理层。企业的所有权和控制权分离的组织形式是导致的代理关系存在的主要原因。管理者可能追求自身或别人的利益最大化,而不是股东的利益最大化。在这种环境下,他们可能因为目标不一致而存在代理问题。

2.非营利公司经常追求社会或政治任务等各种目标。非营利公司财务管理的目标是获取并有效使用资金以最大限度地实现组织的社会使命。

3.这句话是不正确的。管理者实施财务管理的目标就是最大化现有股票的每股价值，当前的股票价值反映了短期和长期的风险、时间以及未来现金流量。

4.有两种结论。一种极端,在市场经济中所有的东西都被定价。因此所有目标都有一个最优水平，包括避免不道德或非法的行为，股票价值最大化。另一种极端,我们可以认为这是非经济现象,最好的处理方式是通过政治手段。一个经典的思考问题给出了这种争论的答案:公司估计提高某种产品安全性的成本是30美元万。然而,该公司认为提高产品的安全性只会节省20美元万。请问公司应该怎么做呢?”

5.财务管理的目标都是相同的,但实现目标的最好方式可能是不同的,因为不同的国家有不同的社会、政治环境和经济制度。

6.管理层的目标是最大化股东现有股票的每股价值。如果管理层认为能提高公司利润，使股价超过35美元,那么他们应该展开对恶意收购的斗争。如果管理层认为该投标人或其它未知的投标人将支付超过每股35美元的价格收购公司,那么他们也应该展开斗争。然而,如果管理层不能增加企业的价值,并且没有其他更高的投标价格,那么管理层不是在为股东的最大化权益行事。现在的管理层经常在公司面临这些恶意收购的情况时迷失自己的方向。

7.其他国家的代理问题并不严重,主要取决于其他国家的私人投资者占比重较小。较少的私人投资者能减少不同的企业目标。高比重的机构所有权导致高学历的股东和管理层讨论决策风险项目。此外,机构投资者比私人投资者可以根据自己的资源和经验更好地对管理层实施有效的监督机制。

公司理财习题答案第十八章

Answers to End-of-Chapter ProblemsB-173Chapter 18: Dividend Policy: Why Does It Matter?18.1February 16:Declaration date - the board of directors declares a dividend payment that will be made on March 14.February 24:Ex-dividend date - the shares trade ex dividend on and after this date. Sellers before this date receive the dividend. Purchasers on or after this date do not receive the dividend.February 26:Record date - the declared dividends are distributable to shareholders of record on this date.March 14:Payable date - the checks are mailed.18.2Based on Miller and Modigliani reasoning, the stock will sell for $8.75. This is the same price you purchased the stock. When the stock goes ex-dividend the stock is expected to fall $0.75 a share.18.3a.If the dividend is declared, the price of the stock will drop on the ex-dividend date by the value of the dividend, $5. It will then trade for $95.b. If it is not declared, the price will remain at $100.c. Mann’s outflows for investments are $2,000,000. These outflows occur immediately. One year from now, the firm will realize $1,000,000 in net income and it will pay $500,000 in dividends. Since the only immediate financing need is for the investments, Mann must finance $2,000,000 through the sale of shares worth $100. It must sell $2,000,000 / $100 = 20,000 shares.d. The MM model is not realistic since it does not account for taxes, brokerage fees, uncertainty over future cash flows, investors’ preferences, signaling effects, and agency costs.18.4a. The ex-dividend date is Feb. 27, which is two business days before the record date.b. The stock price should drop by $1.25 on the ex-dividend date.18.5 Knowing that share price can be expressed as the present value of expected future dividends does not make dividend policy relevant. Under the growing perpetuity model, if overall corporate cash flows are unchanged, then a change in dividend policy only changes the timing of the dividends. The PV of those dividends is the same. This is true because, given that future earnings are held constant, dividend policy simply represents a transfer between current and future stockholders.In a more realistic context and assuming a finite holding period, the value of the shares should represent the future stock price as well as the dividends. Any cash flow not paid as a dividend will be reflected in the future stock price. As such the PV of the flows will not change with shifts in dividend policy; dividend policy is still irrelevant.18.6a. The price is the PV of the dividends,$2.$17..$1511553751152b. The current value of your shares is ($15)(500) = $7,500. The annuity you receive must solve;$7,500X1.15X1.152 Answers to End-of-Chapter ProblemsB-174You desire $4,613.3721 each year. You will receive $1,000 in dividends in the first year, so you must sell enough shares to generate $3,613.3721. The end-of-year price at which you will sell your shares is the PV of the liquidating dividend, $17.5375 / 1.15 = $15.25, so you must sell 236.942 shares. The remaining shares will each earn the liquidating dividend. At the end of the second year, you will receive $4,613.38 [= (500 - 236.942) x $17.5375]. (Rounding causes the discrepancies).18.7 a. The value is the PV of the cash flows.Value = $32,000 + $1,545,600 / 1.12 = $1,412,000b. The current price of $141.20 per share will fall by the value of the dividend to $138.c. i. According to MM, it cannot be true that the low dividend is depressing the price. Since dividend policy is irrelevant, the level of the dividend should not matter. Any funds not distributed as dividends add to the value of the firm hence the stock price. These directors merely want to change the timing of the dividends (more now, less in the future). As the calculations below indicate, the value of the firm is unchanged by their proposal. Therefore, share price will be unchanged.To pay the $4.25 dividend, new shares, which total $10,500 (-$42,500 - $32,000) in value, must be sold. Those shares must also earn 12% so the value of the old shareholders’ interest one year hence will fall $11,760 (=10,500 x 1.12). Under this scenario, the current value of the firm is Value = $42,500 + $1,533,840 / 1.12 = $1,412,000ii. The new shareholders are not entitled to receive the current dividend. They will receive only the value of the equity one year hence. The PV of those flows is $1,533,840 / 1.12 = $1,369,500, so the share price will be $136.95 and 76.67 shares will be sold.18.8 a. (1.2 + 15) / 1 = $16.2Expected share price is $16.2.b. He can invest the dividends into the Gibson stock.Dividends that he gets = $1.2 million x 50% x 1,000 / 1,000,000 = $600Expected share price after dividend = (0.6 + 15) / 1 =$15.6Number of shares that Jeff needs to buy = 600 / 15.6 = 3818.9Alternative 1: Dividends are paid out to the shareholders now.2 (1-31%) (1+7% (1-31%))3 = $1.59 millionAlternative 2: NBM invests cash in the financial assets:i. T-bill2 (1+7% (1-35%))3 (1-31%) = $1.58 millionii. Preferred stock2 {1+11% [1-(1-30%) x 35%]3} (1-31%) = $1.75 millionThe after-tax cash flow for the shareholders is maximized when the firm invests the cash in the preferred stocks.