公司理财中文版第九版第三章答案44页

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 FVA. The equation to find the FVA 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: PVA = $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 Value Interest Factor PVIFA R,t = ({1 – [1/(1 + r)] t } / r ) which stands for Present Value 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 the semiannual 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) t 2.1570 = 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(PVIFA 3.5%,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(PVIF 3.5%,40 ) = $5,051.45 CH8 4，18，20，22，24 4. 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 priceof 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 Year 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 )] P 0 = [$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 Year 3 since the dividend growth rate is constant after the third dividend. The price of the stock in Year 3 will be the dividend in Year 4, divided by the required return minus the constant dividend growth rate. So, the price in Year 3 will be: 6 / 17 P 3 = $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 Year 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 Year 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: Value today of Year 1 cash flow = $4,200/1.14 = $3,684.21 Value today of Year 2 cash flow = $5,300/1.14 2 = $4,078.18 Value today of Year 3 cash flow = $6,100/1.14 3 = $4,117.33 V alue today of Year 4 cash flow = $7,400/1.14 4 = $4,381.39 To find the 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 Year 1 and Year 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 Year 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: Average net income = ($1,938,200 + 2,201,600 + 1,876,000 + 1,329,500) / 4 = $1,836,325 And the average book value is: Average book value = ($15,000,000 + 0) / 2 = $7,500,000 So, the AAR for this project is: AAR = Average net income / Average 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。

第三章财务报表分析与长期财务规划1.由于不同行业的公司在财务比率上存在很大的差异，财务比率本身提供的信息有限，分析公司的财务比率有两种基本方法：时间趋势分析法和同类公司分析。

为什么这些方法会有用呢？每种方法能够告诉你哪些关于公司财务健康状况的信息？答：时间趋势分析描绘了公司财务状况随时间而变化的图景。

通过公司本身的跨期比较分析，财务经理可以评价公司的经营、融资或投资活动的某些方面是否已经发生了变化。

同类公司比较分析涉及到将某一特定公司的财务比率和经营绩效与同一行业或业务相同的其他公司进行比较。

通过同类公司比较分析，财务经理可以评价公司的经营、融资或投资活动的某些方面是否越出常规，从而为调整这些比率采取恰当的行动提供指南，如果这种调整合适的话。

两种方法都从财务的视角研究一个公司究竟有什么不同，但两种方法都不能告诉我们这种不同是积极正面的还是消极负面的。

例如，假设一个公司的流动比率是随时间而提高，这可能意味着该公司在过去一直面临流动性问题，一直在纠正这些问题；或者它也可能意味着该公司已经在管理流动资产和负债方面变得更低效。

同类公司比较分析中也存在类似的争论。

一个公司的流动比率低于同类公司，也许是它在管理流动资产和负债方面更具效率，也可能是它面临流动性问题。

没有哪种方法告诉我们某个比率是好还是坏。

两种方法只是表明有些东西存在差异，并告诉我们去哪里寻找。

2.所谓的“同店销售”是像沃尔玛和希尔斯之类的十分分散的公司的一项重要指标，顾名思义，分析同店销售就是比较同样的店铺或餐馆在两个不同的时间点上的销售额。

为什么公司总是关注同店销售而不是总销售？答：如果一家公司通过开设新店来不断增长，那么可以推测其总收入将上升。

比较两个不同时点的总销售额可能会误导。

同店销售方法只看在特定时期开设的店铺的销售额控制了这一误差。

3.为什么多数长期财务计划都从销售预测开始？或者说，为什么未来销售额是关键？答：理由是，最终，消费是商业背后的驱动力。

CHAPTER 8INTEREST RATES AND BOND VALUATION1.The price of a pure discount (zero coupon) bond is the present value of the par. Remember, even though there are no coupon payments, the periods are semiannual to stay consistent with coupon bond payments. So, the price of the bond for each YTM is:a. P = $1,000/(1 + .05/2)20 = $610.27b. P = $1,000/(1 + .10/2)20 = $376.89c. P = $1,000/(1 + .15/2)20 = $235.412.The price of any bond is the PV of the interest payment, plus the PV of the par value. Notice this problem assumes a semiannual coupon. The price of the bond at each YTM will be:a.P = $35({1 – [1/(1 + .035)]50 } / .035) + $1,000[1 / (1 + .035)50]P = $1,000.00When the YTM and the coupon rate are equal, the bond will sell at par.b.P = $35({1 – [1/(1 + .045)]50 } / .045) + $1,000[1 / (1 + .045)50]P = $802.38When the YTM is greater than the coupon rate, the bond will sell at a discount.c.P = $35({1 – [1/(1 + .025)]50 } / .025) + $1,000[1 / (1 + .025)50]P = $1,283.62When the YTM is less than the coupon rate, the bond will sell at a premium.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 PVA equation, it is common to abbreviate the equations as:PVIF R,t = 1 / (1 + r)twhich stands for Present Value Interest FactorPVIFA R,t= ({1 – [1/(1 + r)]t } / r )which stands for Present Value Interest Factor of an AnnuityThese 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 the remainder of the solutions key.3.Here we are finding the YTM of a semiannual coupon bond. The bond price equation is:P = $1,050 = $39(PVIFA R%,20) + $1,000(PVIF R%,20)Since we cannot solve the equation directly for R, using a spreadsheet, a financialcalculator, or trial and error, we find:R = 3.547%Since the coupon payments are semiannual, this is the semiannual interest rate. TheYTM is the APR of the bond, so:YTM = 2 3.547% = 7.09%4.Here we need to find the coupon rate of the bond. All we need to do is to set up the bondpricing equation and solve for the coupon payment as follows:P = $1,175 = C(PVIFA3.8%,27) + $1,000(PVIF3.8%,27)Solving for the coupon payment, we get:C = $48.48Since this is the semiannual payment, the annual coupon payment is:2 × $48.48 = $96.96And the coupon rate is the annual coupon payment divided by par value, so:Coupon rate = $96.96 / $1,000 = .09696 or 9.70%5.The price of any bond is the PV of the interest payment, plus the PV of the par value.The fact that the bond is denominated in euros is irrelevant. Notice this problem assumes an annual coupon. The price of the bond will be:P = €84({1 – [1/(1 + .076)]15 } / .076) + €1,000[1 / (1 + .076)15]P = €1,070.186.Here we are finding the YTM of an annual coupon bond. The fact that the bond is denominated in yen is irrelevant. The bond price equation is:P = ¥87,000 = ¥5,400(PVIFA R%,21) + ¥100,000(PVIF R%,21)Since we cannot solve the equation directly for R, using a spreadsheet, a financial calculator, or trial and error, we find:R = 6.56%Since the coupon payments are annual, this is the yield to maturity.7.The approximate relationship between nominal interest rates (R), real interest rates (r),and inflation (h) is:R = r + hApproximate r = .05 –.039 =.011 or 1.10%The Fisher equation, which shows the exact relationship between nominal interest rates, real interest rates, and inflation is:(1 + R) = (1 + r)(1 + h)(1 + .05) = (1 + r)(1 + .039)Exact r = [(1 + .05) / (1 + .039)] – 1 = .0106 or 1.06%8.The Fisher equation, which shows the exact relationship between nominal interest rates,real interest rates, and inflation, is:(1 + R) = (1 + r)(1 + h)R = (1 + .025)(1 + .047) – 1 = .0732 or 7.32%9. The Fisher equation, which shows the exact relationship between nominal interest rates,real interest rates, and inflation, is:(1 + R) = (1 + r)(1 + h)h = [(1 + .17) / (1 + .11)] – 1 = .0541 or 5.41%10.The Fisher equation, which shows the exact relationship between nominal interest rates,real interest rates, and inflation, is:(1 + R) = (1 + r)(1 + h)r = [(1 + .141) / (1.068)] – 1 = .0684 or 6.84%11.The coupon rate, located in the first column of the quote is 6.125%. The bid price is:Bid price = 119:19 = 119 19/32 = 119.59375% $1,000 = $1,195.9375The previous day’s ask price is found by:Previous day’s asked price = Today’s asked price – Change = 119 21/32 – (–17/32) = 120 6/32The previous day’s price in dollars was:Previous day’s dollar price = 120.1875% $1,000 = $1,201.87512.This is a premium bond because it sells for more than 100% of face value. The current yield is:Current yield = Annual coupon payment / Asked price = $75/$1,347.1875 = .0557 or 5.57%The YTM is located under the “Asked yield” column, so the YTM is 4.4817%.The bid-ask spread is the difference between the bid price and the ask price, so:Bid-Ask spread = 134:23 – 134:22 = 1/32Intermediate13. Here we are finding the YTM of semiannual coupon bonds for various maturity lengths.The bond price equation is:P = C(PVIFA R%,t) + $1,000(PVIF R%,t)Miller Corporation bond:P0 = $45(PVIFA3.5%,26) + $1,000(PVIF3.5%,26) = $1,168.90P1 = $45(PVIFA3.5%,24) + $1,000(PVIF3.5%,24) = $1,160.58P3 = $45(PVIFA3.5%,20) + $1,000(PVIF3.5%,20) = $1,142.12P8 = $45(PVIFA3.5%,10) + $1,000(PVIF3.5%,10) = $1,083.17P12= $45(PVIFA3.5%,2) +$1,000(PVIF3.5%,2) = $1,019.00P13= $1,000Modigliani Company bond:P0 = $35(PVIFA4.5%,26) + $1,000(PVIF4.5%,26) = $848.53P1 = $35(PVIFA4.5%,24) + $1,000(PVIF4.5%,24) = $855.05P3 = $35(PVIFA4.5%,20) + $1,000(PVIF4.5%,20) = $869.92P8 = $35(PVIFA4.5%,10) + $1,000(PVIF4.5%,10) = $920.87P12= $35(PVIFA4.5%,2) +$1,000(PVIF4.5%,2) = $981.27P13= $1,000All else held equal, the premium over par value for a premium bond declines as maturity approaches, and the discount from par value for a discount bond declines as maturity approaches. This is called “pull to par.” In both cases, the largest percentage price changes occur at the shortest maturity lengths.Also, notice that the price of each bond when no time is left to maturity is the par value, even though the purchaser would receive the par value plus the coupon payment immediately. This is because we calculate the clean price of the bond.14.Any bond that sells at par has a YTM equal to the coupon rate. Both bonds sell at par, sothe initial YTM on both bonds is the coupon rate, 8 percent. If the YTM suddenly rises to 10 percent:P Laurel= $40(PVIFA5%,4) + $1,000(PVIF5%,4) = $964.54P Hardy= $40(PVIFA5%,30) + $1,000(PVIF5%,30) = $846.28The percentage change in price is calculated as:Percentage change in price = (New price – Original price) / Original price∆P Laurel% = ($964.54 – 1,000) / $1,000 = –0.0355 or –3.55%∆P Hardy% = ($846.28 – 1,000) / $1,000 = –0.1537 or –15.37%If the YTM suddenly falls to 6 percent:P Laurel= $40(PVIFA3%,4) + $1,000(PVIF3%,4) = $1,037.17P Hardy= $40(PVIFA3%,30) + $1,000(PVIF3%,30) = $1,196.00∆P Laurel% = ($1,037.17 – 1,000) / $1,000 = +0.0372 or 3.72%∆P Hardy% = ($1,196.002 – 1,000) / $1,000 = +0.1960 or 19.60%All else the same, the longer the maturity of a bond, the greater is its price sensitivity to changes in interest rates. Notice also that for the same interest rate change, the gain froma decline in interest rates is larger than the loss from the same magnitude change. For aplain vanilla bond, this is always true.15.Initially, at a YTM of 10 percent, the prices of the two bonds are:P Faulk= $30(PVIFA5%,16) + $1,000(PVIF5%,16) = $783.24P Gonas= $70(PVIFA5%,16) + $1,000(PVIF5%,16) = $1,216.76If the YTM rises from 10 percent to 12 percent:P Faulk= $30(PVIFA6%,16) + $1,000(PVIF6%,16) = $696.82P Gonas= $70(PVIFA6%,16) + $1,000(PVIF6%,16) = $1,101.06The percentage change in price is calculated as:Percentage change in price = (New price – Original price) / Original price∆P Faulk% = ($696.82 – 783.24) / $783.24 = –0.1103 or –11.03%∆P Gonas% = ($1,101.06 – 1,216.76) / $1,216.76 = –0.0951 or –9.51% If the YTM declines from 10 percent to 8 percent:P Faulk= $30(PVIFA4%,16) + $1,000(PVIF4%,16) = $883.48P Gonas= $70(PVIFA4%,16) + $1,000(PVIF4%,16) = $1,349.57∆P Faulk% = ($883.48 – 783.24) / $783.24 = +0.1280 or 12.80%∆P Gonas% = ($1,349.57 – 1,216.76) / $1,216.76 = +0.1092 or 10.92% All else the same, the lower the coupon rate on a bond, the greater is its price sensitivity to changes in interest rates.16.The bond price equation for this bond is:P0 = $960 = $37(PVIFA R%,18) + $1,000(PVIF R%,18)Using a spreadsheet, financial calculator, or trial and error we find:R = 4.016%This is the semiannual interest rate, so the YTM is:YTM = 2 ⨯ 4.016% = 8.03%The current yield is:Current yield = Annual coupon payment / Price = $74 / $960 = .0771 or 7.71%The effective annual yield is the same as the EAR, so using the EAR equation from the previous chapter:Effective annual yield = (1 + 0.04016)2– 1 = .0819 or 8.19%17.The company should set the coupon rate on its new bonds equal to the required return.The required return can be observed in the market by finding the YTM on outstanding bonds of the company. So, the YTM on the bonds currently sold in the market is:P = $1,063 = $50(PVIFA R%,40) + $1,000(PVIF R%,40)Using a spreadsheet, financial calculator, or trial and error we find:R = 4.650%This is the semiannual interest rate, so the YTM is:YTM = 2 ⨯ 4.650% = 9.30%18. Accrued interest is the coupon payment for the period times the fraction of the periodthat 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 = $84/2 × 4/6 = $28And we calculate the clean price as:Clean price = Dirty price – Accrued interest = $1,090 – 28 = $1,06219. Accrued interest is the coupon payment for the period times the fraction of the periodthat 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 = $72/2 × 2/6 = $12.00And we calculate the dirty price as:Dirty price = Clean price + Accrued interest = $904 + 12 = $916.0020.To find the number of years to maturity for the bond, we need to find the price of thebond. 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 = .0842 = $90/P0P0 = $90/.0842 = $1,068.88Now that we have the price of the bond, the bond price equation is:P = $1,068.88 = $90{[(1 – (1/1.0781)t ] / .0781} + $1,000/1.0781tWe can solve this equation for t as follows:$1,068.88 (1.0781)t = $1,152.37 (1.0781)t– 1,152.37 + 1,000152.37 = 83.49(1.0781)t1.8251 = 1.0781tt = log 1.8251 / log 1.0781 = 8.0004 ≈ 8 yearsThe bond has 8 years to maturity.21.The bond has 10 years to maturity, so the bond price equation is:P = $871.55 = $41.25(PVIFA R%,20) + $1,000(PVIF R%,20)Using a spreadsheet, financial calculator, or trial and error we find:R = 5.171%This is the semiannual interest rate, so the YTM is:YTM = 2 5.171% = 10.34%The current yield is the annual coupon payment divided by the bond price, so:Current yield = $82.50 / $871.55 = .0947 or 9.47%22.We found the maturity of a bond in Problem 20. However, in this case, the maturity isindeterminate. A bond selling at par can have any length of maturity. In other words, when we solve the bond pricing equation as we did in Problem 20, the number of periods can be any positive number.Challenge23.To find the capital gains yield and the current yield, we need to find the price of the bond.The current price of Bond P and the price of Bond P in one year is:P: P0 = $90(PVIFA7%,5) + $1,000(PVIF7%,5) = $1,082.00P1 = $90(PVIFA7%,4) + $1,000(PVIF7%,4) = $1,067.74Current yield = $90 / $1,082.00 = .0832 or 8.32%The capital gains yield is:Capital gains yield = (New price – Original price) / Original priceCapital gains yield = ($1,067.74 – 1,082.00) / $1,082.00 = –0.0132 or –1.32% The current price of Bond D and the price of Bond D in one year is:D: P0 = $50(PVIFA7%,5) + $1,000(PVIF7%,5) = $918.00P1 = $50(PVIFA7%,4) + $1,000(PVIF7%,4) = $932.26Current yield = $50 / $918.00 = 0.0545 or 5.45%Capital gains yield = ($932.26 – 918.00) / $918.00 = 0.0155 or 1.55% All else held constant, premium bonds pay a high current income while having price depreciation as maturity nears; discount bonds pay a lower current income but have price appreciation as maturity nears. For either bond, the total return is still 7%, but this return is distributed differently between current income and capital gains.24.a. The rate of return you expect to earn if you purchase a bond and hold it until maturity is the YTM. The bond price equation for this bond is:P0 = $1,140 = $90(PVIFA R%,10) + $1,000(PVIF R%,10)Using a spreadsheet, financial calculator, or trial and error we find:R = YTM = 7.01%b. To find our HPY, we need to find the price of the bond in two years. The price ofthe bond in two years, at the new interest rate, will be:P2 = $90(PVIFA6.01%,8) + $1,000(PVIF6.01%,8) = $1,185.87To calculate the HPY, we need to find the interest rate that equates the price wepaid for the bond with the cash flows we received. The cash flows we receivedwere $90 each year for two years, and the price of the bond when we sold it. Theequation to find our HPY is:P0 = $1,140 = $90(PVIFA R%,2) + $1,185.87(PVIF R%,2)Solving for R, we get:R = HPY = 9.81%The realized HPY is greater than the expected YTM when the bond was boughtbecause interest rates dropped by 1 percent; bond prices rise when yields fall.25.The price of any bond (or financial instrument) is the PV of the future cash flows. Eventhough 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 = $800(PVIFA4%,16)(PVIF4%,12) + $1,000(PVIFA4%,12)(PVIF4%,28) +$20,000(PVIF4%,40)P M = $13,117.88Notice that for the coupon payments of $800, we found the PVA 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(PVIF4%,40) = $4,165.7826.To find the present value, we need to find the real weekly interest rate. To find the realreturn, we need to use the effective annual rates in the Fisher equation. So, we find the real EAR is:(1 + R) = (1 + r)(1 + h)1 + .107 = (1 + r)(1 + .035)r = .0696 or 6.96%Now, to find the weekly interest rate, we need to find the APR. Using the equation for discrete compounding:EAR = [1 + (APR / m)]m– 1We can solve for the APR. Doing so, we get:APR = m[(1 + EAR)1/m– 1]APR = 52[(1 + .0696)1/52– 1]APR = .0673 or 6.73%So, the weekly interest rate is:Weekly rate = APR / 52Weekly rate = .0673 / 52Weekly rate = .0013 or 0.13%Now we can find the present value of the cost of the roses. The real cash flows are an ordinary annuity, discounted at the real interest rate. So, the present value of the cost of the roses is:PVA = C({1 – [1/(1 + r)]t } / r)PVA = $8({1 – [1/(1 + .0013)]30(52)} / .0013)PVA = $5,359.6427.To answer this question, we need to find the monthly interest rate, which is the APRdivided by 12. We also must be careful to use the real interest rate. The Fisher equation uses the effective annual rate, so, the real effective annual interest rates, and the monthly interest rates for each account are:Stock account:(1 + R) = (1 + r)(1 + h)1 + .12 = (1 + r)(1 + .04)r = .0769 or 7.69%APR = m[(1 + EAR)1/m– 1]APR = 12[(1 + .0769)1/12– 1]APR = .0743 or 7.43%Monthly rate = APR / 12Monthly rate = .0743 / 12Monthly rate = .0062 or 0.62%Bond account:(1 + R) = (1 + r)(1 + h)1 + .07 = (1 + r)(1 + .04)r = .0288 or 2.88%APR = m[(1 + EAR)1/m– 1]APR = 12[(1 + .0288)1/12– 1]APR = .0285 or 2.85%Monthly rate = APR / 12Monthly rate = .0285 / 12Monthly rate = .0024 or 0.24%Now we can find the future value of the retirement account in real terms. The future value of each account will be:Stock account:FVA = C {(1 + r )t– 1] / r}FVA = $800{[(1 + .0062)360 – 1] / .0062]}FVA = $1,063,761.75Bond account:FVA = C {(1 + r )t– 1] / r}FVA = $400{[(1 + .0024)360 – 1] / .0024]}FVA = $227,089.04The total future value of the retirement account will be the sum of the two accounts, or: Account value = $1,063,761.75 + 227,089.04Account value = $1,290,850.79Now we need to find the monthly interest rate in retirement. We can use the same procedure that we used to find the monthly interest rates for the stock and bond accounts, so:(1 + R) = (1 + r)(1 + h)1 + .08 = (1 + r)(1 + .04)r = .0385 or 3.85%APR = m[(1 + EAR)1/m– 1]APR = 12[(1 + .0385)1/12– 1]APR = .0378 or 3.78%Monthly rate = APR / 12Monthly rate = .0378 / 12Monthly rate = .0031 or 0.31%Now we can find the real monthly withdrawal in retirement. Using the present value of an annuity equation and solving for the payment, we find:PVA = C({1 – [1/(1 + r)]t } / r )$1,290,850.79 = C({1 – [1/(1 + .0031)]300 } / .0031)C = $6,657.74This is the real dollar amount of the monthly withdrawals. The nominal monthly withdrawals will increase by the inflation rate each month. To find the nominal dollar amount of the last withdrawal, we can increase the real dollar withdrawal by the inflation rate. We can increase the real withdrawal by the effective annual inflation rate since we are only interested in the nominal amount of the last withdrawal. So, the last withdrawal in nominal terms will be: FV = PV(1 + r)tFV = $6,657.74(1 + .04)(30 + 25)FV = $57,565.3028.In this problem, we need to calculate the future value of the annual savings after the fiveyears of operations. The savings are the revenues minus the costs, or:Savings = Revenue – CostsSince the annual fee and the number of members are increasing, we need to calculate the effective growth rate for revenues, which is:Effective growth rate = (1 + .06)(1 + .03) – 1Effective growth rate = .0918 or 9.18%The revenue for the current year is the number of members times the annual fee, or:Current revenue = 500($500)Current revenue = $250,000The revenue will grow at 9.18 percent, and the costs will grow at 2 percent, so the savings each year for the next five years will be:Year Revenue Costs Savings1 $ 272,950.00 $ 76,500.00 $ 196,450.002 298,006.81 78,030.00 219,976.813 325,363.84 79,590.60 245,773.244 355,232.24 81,182.41 274,049.825 387,842.55 82,806.06 305,036.49Now we can find the value of each year’s savi ngs using the future value of a lump sum equation, so:FV = PV(1 + r)tYear Future Value1 $196,450.00(1 + .09)4 = $277,305.212 $219,976.81(1 + .09)3 = 284,876.353 $245,773.24(1 + .09)2 = 292,003.184 $274,049.82(1 + .09)1 = 298,714.315 305,036.49Total future value of savings = $1,457,935.54He will spend $500,000 on a luxury boat, so the value of his account will be:Value of account = $1,457,935.54 – 500,000Value of account = $957,935.54Now we can use the present value of an annuity equation to find the payment. Doing so, we find:PVA = C({1 – [1/(1 + r)]t } / r )$957,935.54 = C({1 – [1/(1 + .09)]25 } / .09)C = $97,523.83CHAPTER 91.We need to find the required return of the stock. Using the constant growth model, wecan solve the equation for R. Doing so, we find:R = (D1 / P0) + g = ($2.85 / $58) + .06 = .1091 or 10.91%2.The dividend yield is the dividend next year divided by the current price, so the dividendyield is:Dividend yield = D1 / P0 = $2.85 / $58 = .0491 or 4.91%The capital gains yield, or percentage increase in the stock price, is the same as the dividend growth rate, so:Capital gains yield = 6%3.We know the stock has a required return of 13 percent, and the dividend and capitalgains yield are equal, so:Dividend yield = 1/2(.13) = .065 = Capital gains yieldNow we know both the dividend yield and capital gains yield. The dividend is simply the stock price times the dividend yield, so:D1 = .065($64) = $4.16This is the dividend next year. The question asks for the dividend this year. Using the relationship between the dividend this year and the dividend next year:D1 = D0(1 + g)We can solve for the dividend that was just paid:$4.16 = D0 (1 + .065)D0 = $4.16 / 1.065 = $3.914.The price of a share of preferred stock is the dividend divided by the required return.This is the same equation as the constant growth model, with a dividend growth rate of zero percent. Remember that most preferred stock pays a fixed dividend, so the growth rate is zero. Using this equation, we find the price per share of the preferred stock is:R = D/P0 = $6.40/$103 = .0621 or 6.21%5.This stock has a constant growth rate of dividends, but the required return changes twice.To find the value of the stock today, we will begin by finding the price of the stock at Year 6, when both the dividend growth rate and the required return are stable forever.The price of the stock in Year 6 will be the dividend in Year 7, divided by the required return minus the growth rate in dividends. So:P6 = D6(1 + g) / (R–g) = D0(1 + g)7/ (R–g) = $2.75(1.06)7/ (.11 – .06) = $82.70Now we can find the price of the stock in Year 3. We need to find the price here since the required return changes at that time. The price of the stock in Year 3 is the PV of the dividends in Years 4, 5, and 6, plus the PV of the stock price in Year 6. The price of the stock in Year 3 is:P3= $2.75(1.06)4/ 1.14 + $2.75(1.06)5/ 1.142 + $2.75(1.06)6/ 1.143 + $82.70 / 1.143 P3= $64.33Finally, we can find the price of the stock today. The price today will be the PV of the dividends in Years 1, 2, and 3, plus the PV of the stock in Year 3. The price of the stock today is:P0= $2.75(1.06) / 1.16 + $2.75(1.06)2/ (1.16)2+ $2.75(1.06)3/ (1.16)3+ $64.33 /(1.16)3P0= $48.126.The price of a stock is the PV of the future dividends. This stock is paying five dividends,so the price of the stock is the PV of these dividends using the required return. The price of the stock is:P0 = $13 / 1.11 + $16 / 1.112 + $19 / 1.113 + $22 / 1.114 + $25 / 1.115 = $67.927.Here we need to find the dividend next year for a stock experiencing differential growth.We know the stock price, the dividend growth rates, and the required return, but not the dividend. First, we need to realize that the dividend in Year 3 is the current dividend times the FVIF. The dividend in Year 3 will be:D3 = D0(1.30)3And the dividend in Year 4 will be the dividend in Year 3 times one plus the growth rate, or:D4 = D0(1.30)3(1.18)The stock begins constant growth after the 4th dividend is paid, so we can find the price of the stock in Year 4 as the dividend in Year 5, divided by the required return minus the growth rate. The equation for the price of the stock in Year 4 is:P4= D4(1 + g) / (R– g)Now we can substitute the previous dividend in Year 4 into this equation as follows:P4 = D0(1 + g1)3(1 + g2) (1 + g3) / (R–g3)P4= D0(1.30)3(1.18) (1.08) / (.13 – .08) = 56.00D0When we solve this equation, we find that the stock price in Year 4 is 56.00 times as large as the dividend today. Now we need to find the equation for the stock price today.The stock price today is the PV of the dividends in Years 1, 2, 3, and 4, plus the PV of the Year 4 price. So:P0= D0(1.30)/1.13 + D0(1.30)2/1.132+ D0(1.30)3/1.133+ D0(1.30)3(1.18)/1.134+56.00D0/1.134We can factor out D0 in the equation, and combine the last two terms. Doing so, we get: P0 = $65.00 = D0{1.30/1.13 + 1.302/1.132 + 1.303/1.133 + [(1.30)3(1.18) + 56.00] / 1.134} Reducing the equation even further by solving all of the terms in the braces, we get:$65 = $39.86D0D0 = $65.00 / $39.86 = $1.63This is the dividend today, so the projected dividend for the next year will be:D1 = $1.63(1.30) = $2.128.The price of a share of preferred stock is the dividend payment divided by the requiredreturn. We know the dividend payment in Year 5, so we can find the price of the stock in Year 4, one year before the first dividend payment. Doing so, we get:P4 = $7.00 / .06 = $116.67The price of the stock today is the PV of the stock price in the future, so the price today will be:P0 = $116.67 / (1.06)4 = $92.419.To find the number of shares owned, we can divide the amount invested by the stockprice. The share price of any financial asset is the present value of the cash flows, so, tofind the price of the stock we need to find the cash flows. The cash flows are the two dividend payments plus the sale price. We also need to find the aftertax dividends since the assumption is all dividends are taxed at the same rate for all investors. The aftertax dividends are the dividends times one minus the tax rate, so:Year 1 aftertax dividend = $1.50(1 – .28)Year 1 aftertax dividend = $1.08Year 2 aftertax dividend = $2.25(1 – .28)Year 2 aftertax dividend = $1.62We can now discount all cash flows from the stock at the required return. Doing so, we find the price of the stock is:P = $1.08/1.15 + $1.62/(1.15)2 + $60/(1+.15)3P = $41.62The number of shares owned is the total investment divided by the stock price, which is: Shares owned = $100,000 / $41.62Shares owned = 2,402.9810.The required return of a stock consists of two components, the capital gains yield and thedividend yield. In the constant dividend growth model (growing perpetuity equation), the capital gains yield is the same as the dividend growth rate, or algebraically:R = D1/P0 + gWe can find the dividend growth rate by the growth rate equation, or:g = ROE ×bg = .16 × .80g = .1280 or 12.80%This is also the growth rate in dividends. To find the current dividend, we can use the information provided about the net income, shares outstanding, and payout ratio. The total dividends paid is the net income times the payout ratio. To find the dividend per share, we can divide the total dividends paid by the number of shares outstanding. So: Dividend per share = (Net income × Payout ratio) / Shares outstandingDividend per share = ($10,000,000 × .20) / 2,000,000Dividend per share = $1.00Now we can use the initial equation for the required return. We must remember that the equation uses the dividend in one year, so:R = D1/P0 + gR = $1(1 + .1280)/$85 + .1280R = .1413 or 14.13%11. a.If the company does not make any new investments, the stock price will be thepresent value of the constant perpetual dividends. In this case, all earnings are paiddividends, so, applying the perpetuity equation, we get:P = Dividend / RP = $8.25 / .12P = $68.75。

(公司理财)公司理财原书第九版中文版课后答案答案大部分是计算题，参考英文答案翻译，便于理解就好，每章前面几个小题和第八版一样的（附上第八版答案）我自己翻译的，我上传到我的新浪微博上了，你自己去看，我的新浪微博ID：一直在奋斗的大洪这是部分翻译习题答案：第1、2、3、4、5、6、7、8、9、10、14、15、16、17、18、26、27、28章案例答案：第2、3、4、5、15、18章第1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。

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。

第三章财务报表分析与长期财务规划1.由于不同行业的公司在财务比率上存在很大的差异，财务比率本身提供的信息有限，分析公司的财务比率有两种基本方法：时间趋势分析法和同类公司分析。

为什么这些方法会有用呢？每种方法能够告诉你哪些关于公司财务健康状况的信息？答：时间趋势分析描绘了公司财务状况随时间而变化的图景。

通过公司本身的跨期比较分析，财务经理可以评价公司的经营、融资或投资活动的某些方面是否已经发生了变化。

同类公司比较分析涉及到将某一特定公司的财务比率和经营绩效与同一行业或业务相同的其他公司进行比较。

通过同类公司比较分析，财务经理可以评价公司的经营、融资或投资活动的某些方面是否越出常规，从而为调整这些比率采取恰当的行动提供指南，如果这种调整合适的话。

两种方法都从财务的视角研究一个公司究竟有什么不同，但两种方法都不能告诉我们这种不同是积极正面的还是消极负面的。

例如，假设一个公司的流动比率是随时间而提高，这可能意味着该公司在过去一直面临流动性问题，一直在纠正这些问题；或者它也可能意味着该公司已经在管理流动资产和负债方面变得更低效。

同类公司比较分析中也存在类似的争论。

一个公司的流动比率低于同类公司，也许是它在管理流动资产和负债方面更具效率，也可能是它面临流动性问题。

没有哪种方法告诉我们某个比率是好还是坏。

两种方法只是表明有些东西存在差异，并告诉我们去哪里寻找。

2.所谓的“同店销售”是像沃尔玛和希尔斯之类的十分分散的公司的一项重要指标，顾名思义，分析同店销售就是比较同样的店铺或餐馆在两个不同的时间点上的销售额。

为什么公司总是关注同店销售而不是总销售？答：如果一家公司通过开设新店来不断增长，那么可以推测其总收入将上升。

比较两个不同时点的总销售额可能会误导。

同店销售方法只看在特定时期开设的店铺的销售额控制了这一误差。

3.为什么多数长期财务计划都从销售预测开始？或者说，为什么未来销售额是关键？答：理由是，最终，消费是商业背后的驱动力。

公司理财第九版中文答案这个是word可以自己修改第1章企业融资简介概念问题的答案1。

在企业的所有制形式，股东是公司的所有者。

的股东选出该法团的董事，谁又将委任公司的管理层。

是什么原因造成这种分离，所有权控制在企业的组织形式存在的代理问题。

管理可能在其自己或别人的最佳利益行事，而不是股东。

如果这样的事件发生时，他们可能会最大化的股权，该公司的股价目标相矛盾。

2。

这些组织经常追求社会或政治任务，所以许多不同的目标，是可以想象的。

一个经常被援引的目标是收入最小化，也就是说，提供力所能及的提供商品和服务，在尽可能低的社会成本。

一个更好的办法可能是观察，即使是一个不以营利为目的的企业拥有股权。

因此，一个答案是，在适当的目标是价值最大化的股权。

3。

据推测，目前的股票价值反映风险，所有未来现金流量的时间和幅度，短期和长期的。

如果这是正确的，那么陈述是错误的。

4。

参数可以两种方式。

在一个极端，我们可以认为，在市场经济中，所有这些东西的价格。

因此，有一个最佳的水平，例如，道德和/或非法行为，以及股票估值的框架明确包括这些。

在另一个极端，我们可以说，这些都是非经济现象，并通过政治进程是最好的处理。

一个经典的（高度相关）的思想说明了这一点辩论的问题是这样的：“估计，一个企业之一，其产品的成本，提高了安全额为3,000万元。

不过，该公司认为，提高了产品的安全性，不仅节省了2000万美元的产品责任索赔。

企业应该做些什么？“5。

我们的目标将是相同的，但最好的行动实现这一目标的过程中可能会有所不同，因为不同的社会，政治和经济机构。

6。

管理的目标应该是最大限度地提高现有股东的股价。

如果管理层认为它可以提高公司的盈利能力，从而使股票价格将超过$ 35，那么他们应该争取从外面公司的报价。

如果管理层认为该投标人或其他身份不明的投标人将实际支付超过每股35美元收购该公司，那么他们还是应该打的报价。

但是，如果目前的管理不能增加公司价值超越的买入价，并没有其他出价更高的，当时的管理层不采取行动，战斗要约股东的利益。

第一章公司理财导论1.代理么问题谁拥有公司?描述所有者控制公司管理层的过程。

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

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

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

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

你公司的管理层立即展开对这次恶意收购的斗争。

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

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

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

这些机构越来越积极地参与公司事务。

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

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

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