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公司理财习题答案第四章Chapter 4: Net Present Value4.1 a. $1,000 ⨯ 1.0510 = $1,628.89b. $1,000 ⨯ 1.0710 = $1,967.15c. $1,000 ⨯ 1.0520 = $2,653.30d. Interest compounds on the I nterest already earned. Therefore, the interest earnedin part c, $1,653.30, is more than double the amount earned in part a, $628.89.4.2 a. $1,000 / 1.17 = $513.16b. $2,000 / 1.1 = $1,818.18c. $500 / 1.18 = $233.254.3 You can make your decision by computing either the present value of the $2,000 that youcan receive in ten years, or the future value of the $1,000 that you can receive now.Present value: $2,000 / 1.0810 = $926.39Future value: $1,000 ⨯ 1.0810 = $2,158.93Either calculation indicates you should take the $1,000 now.4.4 Since this bond has no interim coupon payments, its present value is simply the presentvalue of the $1,000 that will be received in 25 years. Note: As will be discussed in the next chapter, the present value of the payments associated with a bond is the price of that bond.PV = $1,000 /1.125 = $92.304.5 PV = $1,500,000 / 1.0827 = $187,780.234.6 a. At a discount rate of zero, the future value and present value are always the same.Remember, FV = PV (1 + r) t. If r = 0, then the formula reduces to FV = PV.Therefore, the values of the options are $10,000 and $20,000, respectively. Youshould choose the second option.b. Option one: $10,000 / 1.1 = $9,090.91Option two: $20,000 / 1.15 = $12,418.43Choose the second option.c. Option one: $10,000 / 1.2 = $8,333.33Option two: $20,000 / 1.25 = $8,037.55Choose the first option.d. You are indifferent at the rate that equates the PVs of the two alternatives. Youknow that rate must fall between 10% and 20% because the option you wouldchoose differs at these rates. Let r be the discount rate that makes you indifferentbetween the options.$10,000 / (1 + r) = $20,000 / (1 + r)5(1 + r)4 = $20,000 / $10,000 = 21 + r = 1.18921r = 0.18921 = 18.921%4.7 PV of Joneses’ offer = $150,000 / (1.1)3 = $112,697.22Since the PV of Joneses’ offer is less than Smiths’ offer, $115,000, you should chooseSmiths’ offer.4.8 a. P0 = $1,000 / 1.0820 = $214.55b. P10 = P0 (1.08)10 = $463.20c. P15 = P0 (1.08)15 = $680.594.9 The $1,000 that you place in the account at the end of the first year will earn interest for sixyears. The $1,000 that you place in the account at the end of the second year will earninterest for five years, etc. Thus, the account will have a balance of$1,000 (1.12)6 + $1,000 (1.12)5 + $1,000 (1.12)4 + $1,000 (1.12)3= $6,714.614.10 PV = $5,000,000 / 1.1210 = $1,609,866.184.11 a. The cost of investment is $900,000.PV of cash inflows = $120,000 / 1.12 + $250,000 / 1.122 + $800,000 / 1.123= $875,865.52Since the PV of cash inflows is less than the cost of investment, you should notmake the investment.b. NPV = -$900,000 + $875,865.52= -$24,134.48c. NPV = -$900,000 + $120,000 / 1.11 + $250,000 / 1.112 + $800,000 / 1.113= $-4,033.18Since the NPV is still negative, you should not make the investment.4.12 NPV = -($340,000 + $10,000) + ($100,000 - $10,000) / 1.1+ $90,000 / 1.12 + $90,000 / 1.13 + $90,000 / 1.14 + $100,000 / 1.15= -$2,619.98Since the NPV is negative, you should not buy it.If the relevant cost of capital is 9 percent,NPV = -$350,000 + $90,000 / 1.09 + $90,000 / 1.092 + $90,000 / 1.093+ $90,000 / 1.094 + $100,000 / 1.095= $6,567.93Since the NPV is positive, you should buy it.4.13 a. Profit = PV of revenue - Cost = NPVNPV = $90,000 / 1.15 - $60,000 = -$4,117.08No, the firm will not make a profit.b. Find r that makes zero NPV.$90,000 / (1+r)5 - $60,000 = $0(1+r)5 = 1.5r = 0.08447 = 8.447%4.14 The future value of the decision to own your car for one year is the sum of the trade-invalue and the benefit from owning the car. Therefore, the PV of the decision to own thecar for one year is$3,000 / 1.12 + $1,000 / 1.12 = $3,571.43Since the PV of the roommate’s offer, $3,500, is lower than the aunt’s offer, you shouldaccept aunt’s offer.4.15 a. $1.000 (1.08)3 = $1,259.71b. $1,000 [1 + (0.08 / 2)]2 ⨯ 3 = $1,000 (1.04)6 = $1,265.32c. $1,000 [1 + (0.08 / 12)]12 ⨯ 3 = $1,000 (1.00667)36 = $1,270.24d. $1,000 e0.08 ⨯ 3 = $1,271.25公司理财习题答案第四章e. The future value increases because of the compounding. The account is earninginterest on interest. Essentially, the interest is added to the account balance at theend of every compounding period. During the next period, the account earnsinterest on the new balance. When the compounding period shortens, the balancethat earns interest is rising faster.4.16 a. $1,000 e0.12 ⨯ 5 = $1,822.12b. $1,000 e0.1 ⨯ 3 = $1,349.86c. $1,000 e0.05 ⨯ 10 = $1,648.72d. $1,000 e0.07 ⨯ 8 = $1,750.674.17 PV = $5,000 / [1+ (0.1 / 4)]4 ⨯ 12 = $1,528.364.18 Effective annual interest rate of Bank America= [1 + (0.041 / 4)]4 - 1 = 0.0416 = 4.16%Effective annual interest rate of Bank USA= [1 + (0.0405 / 12)]12 - 1 = 0.0413 = 4.13%You should deposit your money in Bank America.4.19 The price of the consol bond is the present value of the coupon payments. Apply theperpetuity formula to find the present value. PV = $120 / 0.15 = $8004.20 Quarterly interest rate = 12% / 4 = 3% = 0.03Therefore, the price of the security = $10 / 0.03 = $333.334.21 The price at the end of 19 quarters (or 4.75 years) from today = $1 / (0.15 ÷ 4) = $26.67The current price = $26.67 / [1+ (.15 / 4)]19 = $13.254.22 a. $1,000 / 0.1 = $10,000b. $500 / 0.1 = $5,000 is the value one year from now of the perpetual stream. Thus,the value of the perpetuity is $5,000 / 1.1 = $4,545.45.c. $2,420 / 0.1 = $24,200 is the value two years from now of the perpetual stream.Thus, the value of the perpetuity is $24,200 / 1.12 = $20,000.4.23 The value at t = 8 is $120 / 0.1 = $1,200.Thus, the value at t = 5 is $1,200 / 1.13 = $901.58.4.24 P = $3 (1.05) / (0.12 - 0.05) = $45.004.25 P = $1 / (0.1 - 0.04) = $16.674.26 The first cash flow will be generated 2 years from today.The value at the end of 1 year from today = $200,000 / (0.1 - 0.05) = $4,000,000.Thus, PV = $4,000,000 / 1.1 = $3,636,363.64.4.27 A zero NPV-$100,000 + $50,000 / r = 0-r = 0.54.28 Apply the NPV technique. Since the inflows are an annuity you can use the present valueof an annuity factor.NPV = -$6,200 + $1,200 8A1.0= -$6,200 + $1,200 (5.3349)= $201.88Yes, you should buy the asset.4.29 Use an annuity factor to compute the value two years from today of the twenty payments.Remember, the annuity formula gives you the value of the stream one year before the first payment. Hence, the annuity factor will give you the value at the end of year two of the stream of payments. Value at the end of year two = $2,000 20A08.0= $2,000 (9.8181)= $19,636.20The present value is simply that amount discounted back two years.PV = $19,636.20 / 1.082 = $16,834.884.30 The value of annuity at the end of year five= $500 15A = $500 (5.84737) = $2,923.6915.0The present value = $2,923.69 / 1.125 = $1,658.984.31 The easiest way to do this problem is to use the annuity factor. The annuity factor must beequal to $12,800 / $2,000 = 6.4; remember PV =C A t r. The annuity factors are in theappendix to the text. To use the factor table to solve this problem, scan across the rowlabeled 10 years until you find 6.4. It is close to the factor for 9%, 6.4177. Thus, the rate you will receive on this note is slightly more than 9%.You can find a more precise answer by interpolating between nine and ten percent.10% ⎤ 6.1446 ⎤a ⎡ r ⎥bc ⎡ 6.4 ⎪ d⎣ 9% ⎦⎣ 6.4177 ⎦By interpolating, you are presuming that the ratio of a to b is equal to the ratio of c to d.(9 - r ) / (9 - 10) = (6.4177 - 6.4 ) / (6.4177 - 6.1446)r = 9.0648%The exact value could be obtained by solving the annuity formula for the interest rate.Sophisticated calculators can compute the rate directly as 9.0626%.公司理财习题答案第四章4.32 a. The annuity amount can be computed by first calculating the PV of the $25,000which you need in five years. That amount is $17,824.65 [= $25,000 / 1.075].Next compute the annuity which has the same present value.$17,824.65 = C 5A.007$17,824.65 = C (4.1002)C = $4,347.26Thus, putting $4,347.26 into the 7% account each year will provide $25,000 fiveyears from today.b. The lump sum payment must be the present value of the $25,000, i.e., $25,000 /1.075 = $17,824.65The formula for future value of any annuity can be used to solve the problem (seefootnote 14 of the text).4.33The amount of loan is $120,000 ⨯ 0.85 = $102,000.20C A= $102,000.010The amount of equal installments isC = $102,000 / 20A = $102,000 / 8.513564 = $11,980.8810.04.34 The present value of salary is $5,000 36A = $150,537.53.001The present value of bonus is $10,000 3A = $23,740.42 (EAR = 12.68% is used since.01268bonuses are paid annually.)The present value of the contract = $150,537.53 + $23,740.42 = $174,277.944.35 The amount of loan is $15,000 ⨯ 0.8 = $12,000.C 48A = $12,0000067.0The amount of monthly installments isC = $12,000 / 48A = $12,000 / 40.96191 = $292.960067.04.36 Option one: This cash flow is an annuity due. To value it, you must use the after-taxamounts. The after-tax payment is $160,000 (1 - 0.28) = $115,200. Value all except the first payment using the standard annuity formula, then add back the first payment of$115,200 to obtain the value of this option.Value = $115,200 + $115,200 30A10.0= $115,200 + $115,200 (9.4269)= $1,201,178.88Option two: This option is valued similarly. You are able to have $446,000 now; this is already on an after-tax basis. You will receive an annuity of $101,055 for each of the next thirty years. Those payments are taxable when you receive them, so your after-taxpayment is $72,759.60 [= $101,055 (1 - 0.28)].Value = $446,000 + $72,759.60 30A.010= $446,000 + $72,759.60 (9.4269)= $1,131,897.47Since option one has a higher PV, you should choose it.4.37 The amount of loan is $9,000. The monthly payment C is given by solving the equation: C 60008.0A = $9,000 C = $9,000 / 47.5042 = $189.46In October 2000, Susan Chao has 35 (= 12 ⨯ 5 - 25) monthly payments left, including the one due in October 2000.Therefore, the balance of the loan on November 1, 2000 = $189.46 + $189.46 34008.0A = $189.46 + $189.46 (29.6651) = $5,809.81Thus, the total amount of payoff = 1.01 ($5,809.81) = $5,867.91 4.38 Let r be the rate of interest you must earn. $10,000(1 + r)12 = $80,000 (1 + r)12 = 8 r = 0.18921 = 18.921%4.39 First compute the present value of all the payments you must make for your children’s education. The value as of one year before matriculation of one child’s education is$21,000 415.0A= $21,000 (2.8550) = $59,955. This is the value of the elder child’s education fourteen years from now. It is the value of the younger child’s education sixteen years from today. The present value of these is PV = $59,955 / 1.1514 + $59,955 / 1.1516 = $14,880.44You want to make fifteen equal payments into an account that yields 15% so that the present value of the equal payments is $14,880.44. Payment = $14,880.44 / 1515.0A = $14,880.44 / 5.8474 = $2,544.804.40 The NPV of the policy isNPV = -$750 306.0A - $800306.0A / 1.063 + $250,000 / [(1.066) (1.0759)] = -$2,004.76 - $1,795.45 + $3,254.33= -$545.88 Therefore, you should not buy the policy.4.41 The NPV of the lease offer isNPV = $120,000 - $15,000 - $15,000 908.0A - $25,000 / 1.0810= $105,000 - $93,703.32 - $11,579.84 = -$283.16 Therefore, you should not accept the offer.4.42 This problem applies the growing annuity formula. The first payment is $50,000(1.04)2(0.02) = $1,081.60. PV = $1,081.60 [1 / (0.08 - 0.04) - {1 / (0.08 - 0.04)}{1.04 / 1.08}40]= $21,064.28 This is the present value of the payments, so the value forty years from today is $21,064.28 (1.0840) = $457,611.46公司理财习题答案第四章4.43 Use the discount factors to discount the individual cash flows. Then compute the NPV ofthe project. Notice that the four $1,000 cash flows form an annuity. You can still use the factor tables to compute their PV. Essentially, they form cash flows that are a six year annuity less a two year annuity. Thus, the appropriate annuity factor to use with them is 2.6198 (= 4.3553 - 1.7355).Year Cash Flow Factor PV 1 $700 0.9091 $636.37 2 900 0.8264 743.76 3 1,000 ⎤ 4 1,000 ⎥ 2.6198 2,619.80 5 1,000 ⎥ 6 1,000 ⎦ 7 1,250 0.5132 641.50 8 1,375 0.4665 641.44 Total $5,282.87NPV = -$5,000 + $5,282.87 = $282.87 Purchase the machine.4.44 Weekly inflation rate = 0.039 / 52 = 0.00075 Weekly interest rate = 0.104 / 52 = 0.002 PV = $5 [1 / (0.002 - 0.00075)] {1 – [(1 + 0.00075) / (1 + 0.002)]52 ⨯ 30} = $3,429.384.45 Engineer:NPV = -$12,000 405.0A + $20,000 / 1.055 + $25,000 / 1.056 - $15,000 / 1.057- $15,000 / 1.058 + $40,000 2505.0A / 1.058= $352,533.35 Accountant:NPV = -$13,000 405.0A + $31,000 3005.0A / 1.054= $345,958.81 Become an engineer.After your brother announces that the appropriate discount rate is 6%, you can recalculate the NPVs. Calculate them the same way as above except using the 6% discount rate. Engineer NPV = $292,419.47 Accountant NPV = $292,947.04Your brother made a poor decision. At a 6% rate, he should study accounting.4.46 Since Goose receives his first payment on July 1 and all payments in one year intervalsfrom July 1, the easiest approach to this problem is to discount the cash flows to July 1 then use the six month discount rate (0.044) to discount them the additional six months. PV = $875,000 / (1.044) + $650,000 / (1.044)(1.09) + $800,000 / (1.044)(1.092) + $1,000,000 / (1.044)(1.093) + $1,000,000/(1.044)(1.094) + $300,000 / (1.044)(1.095)+ $240,000 1709.0A / (1.044)(1.095) + $125,000 1009.0A / (1.044)(1.0922) = $5,051,150Remember that the use of annuity factors to discount the deferred payments yields the value of the annuity stream one period prior to the first payment. Thus, the annuity factor applied to the first set of deferred payments gives the value of those payments on July 1 of 1989. Discounting by 9% for five years brings the value to July 1, 1984. The use of the six month discount rate (4.4%) brings the value of the payments to January 1, 1984. Similarly, the annuity factor applied to the second set of deferred payments yields the value of those payments in 2006. Discounting for 22 years at 9% and for six months at 4.4% provides the value at January 1, 1984.The equivalent five-year, annual salary is the annuity that solves: $5,051,150 = C 509.0A C = $5,051,150/3.8897C = $1,298,596The student must be aware of possible rounding errors in this problem. The differencebetween 4.4% semiannual and 9.0% and for six months at 4.4% provides the value at January 1, 1984. 4.47 PV = $10,000 + ($35,000 + $3,500) [1 / (0.12 - 0.04)] [1 - (1.04 / 1.12) 25 ]= $415,783.604.48 NPV = -$40,000 + $10,000 [1 / (0.10 - 0.07)] [1 - (1.07 / 1.10)5 ] = $3,041.91 Revise the textbook.4.49The amount of the loan is $400,000 (0.8) = $320,000 The monthly payment is C = $320,000 / 3600067.0.0A = $ 2,348.10 Thirty years of payments $ 2,348.10 (360) = $ 845,316.00 Eight years of payments $2,348.10 (96) = $225,417.60 The difference is the balloon payment of $619,898.404.50 The lease payment is an annuity in advanceC + C 2301.0A = $4,000 C (1 + 20.4558) = $4,000 C = $186.424.51 The effective annual interest rate is[ 1 + (0.08 / 4) ] 4 – 1 = 0.0824The present value of the ten-year annuity is PV = 900 100824.0A = $5,974.24 Four remaining discount periodsPV = $5,974.24 / (1.0824) 4 = $4,352.43公司理财习题答案第四章4.52The present value of Ernie’s retirement incomePV = $300,000 20A / (1.07) 30 = $417,511.5407.0The present value of the cabinPV = $350,000 / (1.07) 10 = $177,922.25The present value of his savingsPV = $40,000 10A = $280,943.26.007In present value terms he must save an additional $313,490.53 In future value termsFV = $313,490.53 (1.07) 10 = $616,683.32He must saveC = $616.683.32 / 20A = $58,210.5407.0。
《公司理财》考研罗斯版讲义考研复习笔记第一部分教材精讲第一篇价值本书第一篇介绍公司理财的基础知识，一共包括3章。
第1章“公司理财导论”主要介绍公司理财中的基本概念；第2章“会计报表与现金流量”主要介绍公司主要财务报表和现金流量，前者是公司财务行为的结果和进行财务分析的基础，现金流量则是公司理财的核心和企业价值所在；第3章“财务报表分析与财务模型”主要介绍各种财务报表分析的方法和财务规划中采用的主要模型。
这3章共同构成公司理财课程的基础，也向同学们传递了公司理财的基本理念，就是价值分析，而价值分析的基础则是公司的财务报表和现金流。
第1章公司理财导论1.1 本章要点本章介绍公司理财课程中涉及的基本概念，包括公司理财的主要内容、公司理财的目标以及对公司或企业的界定。
本章还会提出公司理财的一个重要观点：现金至上。
此外，为了实现两权分离状态下对股东利益的保护，有必要探讨公司的代理问题和控制权结构，以及解决代理问题的一些手段，比如法律等。
本章各部分要点如下：1．什么是公司理财所谓公司理财就是公司的投资和融资行为，这些行为的目的是为投资者创造价值。
公司的财务行为可以反映在财务报表中，事实上，从资产负债表就可以看到公司的资金运用（投资）和资金来源（融资）。
由于投融资的重要性，公司的财务经理具有重要作用。
2．企业组织要学习公司理财，首先要了解什么是公司或企业。
从法律角度，企业有三种组织形式，个人独资企业、合伙企业和公司制企业。
这三种企业在融资方面的情况各不相同。
3．现金流的重要性“现金至上”是公司理财的基本理念。
财务经理最重要的工作在于通过开展资本预算、融资和净营运资本活动为公司创造价值，也就是公司创造的现金流必须超过它所使用的现金流。
同学们需要理解公司财务活动与金融市场之间的现金流动。
4．公司理财的目标公司理财的目标是最大化现有所有者权益的市场价值。
但是由于现实中企业的复杂性，这一目标的实现还存在很多的约束。
5．代理问题与控制权现代企业很多采用股份公司的形式，这类公司的股东所有权和经营权之间存在两权分离，因此会导致股东和经理人之间的代理问题。
第4 章长期财务计划与增长◆本章复习与自测题4.1 计算EFN根据斯堪迪亚采矿公司（Skandia Mining Company）的下列信息，如果预计销售收入增长10%，EFN是多少？运用销售收入百分比法，并且假设该公司利用了全部生产能力，支付率是固定的。
斯堪迪亚采矿公司财务报表（单位：美元）销售收入 4 250.0成本 3 875.0应税所得额375.0所得税（34%） 127.54.2 EFN与生产能力利用根据4.1题中的信息，假设固定资产净值的生产能力利用了60%，EFN是多少？假设利用了95%呢？4.3 可持续增长率根据4.1题中的信息，如果不利用外部筹资，斯堪迪亚公司能保持的增长率是多少？可持续增长率是多少？◆本章复习与自测题解答4.1 我们可以通过运用销售收入百分比法编制预计报表来计算EFN。
请注意，预计销售收入为：4 250美元×1.10 =4 675美元。
斯堪迪亚采矿公司预计财务报表（单位：美元）销售收入 4 675.0预测成本 4 262.7销售收入的91.18%应税所得额412.3所得税（34%） 140.24.2 全部生产能力下的销售收入等于目前的销售收入除以生产能力利用率。
在60%的生产能力下：4 250美元= 60%×全部生产能力下的销售收入全部生产能力下的销售收入= 4 250美元/60% = 7 083美元因为销售收入水平为4 675美元，并且不需要新的固定资产净值，所以前面的预测太高了。
我们预计了一个固定资产的增加额：2 420美元－2 200美元=220美元。
从而新的EFN 为：78.7美元-220美元=-141.3美元，是一项剩余。
在这种情况下不需要任何外部筹资。
如果利用了95%的生产能力，全部生产能力下的销售收入为4 474美元。
因此固定资产对全部生产能力下的销售收入的比率为：2 200美元/4 474美元= 49.17%。
在4 675美元的销售收入水平下，我们需要的固定资产净值为：4 675美元×49.17% = 2 298.7美元，增加了98.7美元。
公司理财罗斯1. 引言在现代商业环境中，公司理财是确保企业长期稳定发展的重要一环。
公司理财的目标是通过合理的资金管理和投资决策，最大化股东权益和企业价值。
本文将介绍一种常见的公司理财方法——罗斯（Return on Sales）指标，以及该指标的计算和应用。
2. 罗斯指标介绍罗斯指标是一种衡量公司盈利能力的指标，也被称为利润率。
它用于评估公司销售收入所产生的净利润的能力。
罗斯指标可以帮助企业管理层了解公司的利润情况，并作出相应的战略决策。
通常，罗斯指标是以百分比形式表示的，计算公式如下：罗斯 = 净利润 / 销售收入 * 100%3. 罗斯指标的计算要计算公司的罗斯指标，首先需要确定公司的净利润和销售收入。
净利润是指企业在扣除各种费用和税后，所获得的利润。
销售收入是指企业在一定时期内通过销售产品或提供服务而实现的收入。
下面是一个简单的示例来说明如何计算罗斯指标：项目金额（单位：万元）销售收入100营业成本60营业税金及附加5销售费用10管理费用10财务费用5净利润10根据上表中的数据，我们可以计算出罗斯指标：罗斯 = 10 / 100 * 100% = 10%这意味着该公司实现的销售收入中，有10%转化为净利润。
4. 罗斯指标的应用罗斯指标的应用范围广泛，可以用于评估公司的盈利水平和盈利能力。
通过比较不同时间段内的罗斯指标，可以判断企业的经营状况是否有所改善或恶化。
此外，与其他公司进行罗斯指标的比较也是一种常见的应用。
同行业内的公司之间的比较可以帮助企业了解自己的竞争力和市场地位。
在实际运营中，管理层可以借助罗斯指标来制定公司的财务目标和经营策略。
比如，如果罗斯指标较低，可能意味着成本控制不当或销售策略有问题，管理层可以采取相应的措施来提高罗斯指标。
此外，罗斯指标还可以作为公司与投资者和潜在合作伙伴进行沟通的工具。
公司可以通过展示其良好的罗斯指标来吸引潜在投资者的关注，进而获得更多的融资机会。
5. 结论罗斯指标是一种重要的公司理财工具，通过衡量公司销售收入所产生的净利润能力，提供了一个评估和比较企业盈利能力的指标。
(完整版)公司理财-罗斯课后习题答案-CAL-FENGHAI-(2020YEAR-YICAI)_JINGBIAN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。
复利计息期数：
实际年利率( EAR)与年化百分比利率（APR）
实际年利率（The effective Annual Rate , EAR)，就是能在同样期限内，带来同样终值的投资的年报酬率
年化百分比利率（APR，又称名义利率，银行报价用，单利）
，年金★★
（1）永续年金（如英国战争债券）（2）永续增长年金
注：类似戈登公式
第一，C为第一期现金流而非第0期
第二，r＞g
四个易错点
递延年金
先付年金
不定期年金
，贷款的种类和分期偿还贷款★
（1）贷款的种类
纯贴现贷款（Pure Discount Loans）借款人当时得到贷款金额然后在未来某个时间偿还一整笔钱（包含本金和利息）给贷款人。
