罗斯《公司理财》第9版笔记和课后习题(含考研真题)详解[视频详解](杠杆企业的估价与资本预算)【圣才

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。

第16章资本结构：基本概念16.1 复习笔记资本结构是指企业资本的组成要素与比例关系，一般指公司资本中负债与股权所占的比例。

总的来说，有众多的资本结构可供企业选择。

企业可发行大量的或极少的债务，亦可发行优先股、认股权证、可转换债券、可赎回债券，还可计划租赁融资、债券互换及远期合约。

1．公司的价值（1）公司价值的定义公司价值是指公司全部资产的市场价值，即负债和所有者权益之和。

它是以一定期间归属于投资者的现金流量，按照资本成本或投资机会成本贴现的现值表示的。

公司价值不同于利润。

利润只是新创造的价值的一部分，而公司价值不仅包含了新创造的价值，还包含了公司潜在的或预期的获利能力。

根据定义，公司的价值V可以表示为：V≡B＋S其中，B为负债的市场价值，S为所有者权益的市场价值。

（2）公司价值最大化目标公司价值最大化目标是指企业的股东关注整个企业价值的最大化，即企业的负债和所有者权益之和最大化，而并不偏爱仅仅使他们的利益最大化的策略。

这种观点的优点包括：①考虑了货币时间价值和投资风险价值，有利于选择投资方案，统筹安排长短期规划，有效筹措资金，合理制定股利政策；②反映了资产保值增值的要求；③有利于克服管理上的片面性和短期行为。

这一目标存在的问题在于：①对非上市公司不能用股票价格来衡量其价值；②对上市公司，股价不一定能反映企业获利能力，股票价格受多种因素的影响。

（3）企业价值最大化与股东利益最大化追求股东利益的最大化和追求企业价值最大化是企业财务管理的两大基本目标，是企业理财活动所希望实现的结果，是评价企业理财活动的基本标准。

①股东利益最大化。

股东利益最大化目标存在两种不同的表现形式：一是企业利润最大化；二是股东财富最大化。

前者是企业所有权与经营权没有分离情况下，作为企业的出资人，从而又是企业经营者，所确定的追求财产使用价值最大化的财务管理目标。

在企业所有者与经营权分离的情况下，利润最大化的财务目标转变成股东财富最大化。

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第一篇 综述企业经营活动中三类不同的重要问题：1、资本预算问题（长期投资项目）2、融资:如何筹集资金？3、短期融资和净营运资本管理第一章 公司理财导论1.1什么是公司理财？1。

1。

1资产负债表 ()++=+流动资产固定资产有形无形流动负债长期负债+所有者权益=流动资产-流动负债净营运资本短期负债：那些必须在一年之内必须偿还的代款和债务； 长期负债：不必再一年之内偿还的贷款和债务。

资本结构：公司短期债务、长期债务和股东权益的比例。

1。

1。

2资本结构 债权人和股东V （公司的价值）=B （负债的价值）+S （所有者权益的价值）如何确定资本结构将影响公司的价值。

1.1。

3财务经理财务经理的大部分工作在于通过资本预算、融资和资产流动性管理为公司创造价值。

两个问题：1. 现金流量的确认：财务分析的大量工作就是从会计报表中获得现金流量的信息 (注意会计角度与财务角度的区别)2. 现金流量的时点3. 现金流量的风险1.2公司证券对公司价值的或有索取权负债的基本特征是借债的公司承诺在某一确定的时间支付给债权人一笔固定的金额。

债券和股票时伴随或依附于公司总价值的收益索取权。

1.3公司制企业 1。

3.1个体业主制1。

3。

2合伙制1。

3.3公司制有限责任、产权易于转让和永续经营是其主要优点.1。

4公司制企业的目标1.4。

1代理成本和系列契约理论的观点代理成本：股东的监督成本和实施控制的成本1.4.2管理者的目标管理者的目标可能不同于股东的目标。

Donaldson提出的管理者的两大动机：①（组织的）生存；②独立性和自我满足.1。

4.3所有权和控制权的分离—-谁在经营企业？1.4。

4股东应控制管理者行为吗？促使股东可以控制管理者的因素:①股东通过股东大会选举董事;②报酬计划和业绩激励计划；③被接管的危险；④经理市场的激烈竞争.有效的证据和理论均证明股东可以控制公司并追求股东价值最大化。

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

分析正NPV来源的过程通常被称作公司的战略分析。

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

1．敏感性分析（1）定义敏感性分析是指它在确定性分析的基础上，进一步分析不确定性因素对投资项目的最终经济效果指标的影响及影响程度。

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

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

（2）优点①敏感性分析可以表明NPV分析是否值得信赖。

如果在所有变量的正常估计中，出现一个错误就将大大改变NPV，那么人们就有理由对净现值法进行怀疑。

②敏感性分析可以指出在哪些方面需要搜集更多的信息。

（3）缺点①敏感性分析可能会更容易造成经理们的安全错觉。

因为可能存在过分乐观估计悲观状态值的情形。

②敏感性分析只是孤立地处理每个变量的变化，而实际上不同变量的变化很可能是相互关联的。

【例7.1】敏感性分析评价净现值通过（）。

[清华大学2017金融硕士]A．改变计算净现值假设B．改变一个变量同时其他变量不变C．考虑不同的经济形势D．以上全部【答案】B【解析】敏感性分析是用来检测某一特定净现值计算对特定假设条件变化的敏感度的一种分析方法。

标准的敏感性分析，是假定其他变量处于正常估计值，计算某一变量的三种不同状态下可能估计出的NPV。

2．场景分析场景分析经常被用来消除敏感性分析所存在问题的影响。

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

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

第24章认股权证和可转换债券24.1 复习笔记认股权证和可转换债券是两种常见的融资工具。

认股权证赋予其持有人（投资者）以现金购买普通股的权利。

一般情况下，认股权证并不单独发行，而是附属在私募公司债券上一起发行。

在新增发行普通股的情况下，公司有时也会派发认股权证给投资银行，作为承销服务的补偿。

可转换债券则赋予其持有人（投资人）将债券转化为普通股的权利。

可转换债券打破了股票和债券间的传统界限，通常被视为一种混合债券。

1．认股权证认股权证，也称“准权益股票”，是指由股份公司发行的，给予持有权证的投资者在未来某个时间或某一段时间以事先确认的价格购买一定量该公司股票的选择权凭证。

作为一种选择权凭证，持有人有权利但无义务在指定的时期内以确定的价格直接向发行公司购买普通股。

认股权证的持有者没有投票权，也不享受股利分配，但认股权证规定的执行价随股票股利的分配或拆股而自动调整。

认股权证的持有人欲成为真正的股东，应先办理交款换股手续。

认股权证有短期与长期之分，短期认股权证的有效期通常在3个月之内，长期认股权证的有效期则在1年或1年以上。

股份公司向股东配送认股权证，其目的在于让股东购买股票时可以享受低于市场的价格。

不过，认股权证在市场上究竟是否受欢迎，不仅取决于认股权证的换股价格与股票的市场价格之间是否存在对投资者有利的差额，还取决于该种股票以后的走势期望。

2．认股权证的要素及发行方式（1）认股权证的要素①认股数量。

指认股权证认购股份的数量，它可以用两种方式约定：一是确定每一单位认股权证可以认购多少公司发行的普通股；二是确定每单位认股权证可以认购多少金额的普通股。

②认股价格。

也称执行价格，一般以认股权证发行时，发行公司的股票价格为基础进行确定。

认购价格一般自始至终保持不变，也可以随着时间的推移逐步提高。

如果公司股份增加或减少，就要对认购价格进行调整。

③认股期限。

指认股权证的有效期。

在有效期内，认股权证的持有人可以随时认购股份；超过有效期，认股权证自动失效。

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。

Most of this information is self-explanatory. The most recent reported trade took place at 2:28 p.m. for $64.68. The reported change is from the previous day’s closing price. The opening price is the first trade of the day. We see the bid and ask prices of $64.65 and $64.69, respectively, along with the market “depth,” which is the number of shares sought at the bid price and offered at the ask price. The “1y Target Est” is the average estimated stock price one year ahead based on estimates from security analysts who follow the stock.Moving to the second column, we have the range of prices for this day, followed by the range over the previous 52 weeks. Volume is the number of shares traded today, followed by average daily volume over the last three months. Market cap is the number of shares outstanding (from the most recent quarterly financial statements) multiplied by the current price per share. P/E is the PE ratio discussed earlier in this chapter. The earnings per share (EPS) used in the calculation is “ttm,” meaning “trailing twelve months.” Finally, we have the dividend on the stock, which is actually the most recent quarterly dividend multiplied by 4, and the dividend yield. The yield is just the reported dividend divided by the stock price: $.58/$64.68 = .009 = .9%.Summary and ConclusionsThis chapter has covered the basics of stocks and stock valuations. The key points include:1. A stock can be valued by discounting its dividends. We mention three types of situations:1. The case of zero growth of dividends.2. The case of constant growth of dividends.3. The case of differential growth.2. An estimate of the growth rate of dividends is needed for the dividend discount model. A usefulestimate of the growth rate is:g = Retention ratio × Return on retained earnings (ROE)As long as the firm holds its ratio of dividends to earnings constant, g represents the growth rate of both dividends and earnings.3. The price of a share of stock can be viewed as the sum of its price (under the assumption thatthe firm is a “cash cow”) plus the per-share value of the firm’s growth opportunities. A company is termed a cash cow if it pays out all of its earnings as dividends.We write the value of a share as:4. Negative NPV projects lower the value of the firm. That is, projects with rates of return belowthe discount rate lower firm value. Nevertheless, both the earnings and dividends of a firm willgrow as long as the firm’s projects have positive rates of return.5. From accounting, we know that earnings are divided into two parts: Dividends and retainedearnings. Most firms continually retain earnings in order to create future dividends. One should not discount earnings to obtain price per share since part of earnings must be reinvested. Only dividends reach the stockholders and only they should be discounted to obtain share price.6. We suggest that a firm’s price–earnings ratio is a function of three factors:1. The per-share amount of the firm’s valuable growth opportunities.2. The risk of the stock.3. The type of accounting method used by the firm.7. The two biggest stock markets in the United States are the NYSE and the NASDAQ. Wediscussed the organization and operation of these two markets, and we saw how stock price information is reported.Concept Questions1. Stock Valuation Why does the value of a share of stock depend on dividends?2. Stock Valuation A substantial percentage of the companies listed on the NYSE and theNASDAQ don’t pay dividends, but investors are nonetheless willing to buy shares in them. How is this possible given your answer to the previous question?3. Dividend Policy Referring to the previous questions, under what circumstances might acompany choose not to pay dividends?4. Dividend Growth Model Under what two assumptions can we use the dividend growth modelpresented in the chapter to determine the value of a share of stock? Comment on the reasonableness of these assumptions.5. Common versus Preferred Stock Suppose a company has a preferred stock issue and acommon stock issue. Both have just paid a $2 dividend. Which do you think will have a higher price, a share of the preferred or a share of the common?6. Dividend Growth Model Based on the dividend growth model, what are the two componentsof the total return on a share of stock? Which do you think is typically larger?7. Growth Rate In the context of the dividend growth model, is it true that the growth rate individends and the growth rate in the price of the stock are identical?8. Price–Earnings Ratio What are the three factors that determine a company’s price–earningsratio?9. Corporate Ethics Is it unfair or unethical for corporations to create classes of stock withunequal voting rights?10. Stock Valuation Evaluate the following statement: Managers should not focus on the currentstock value because doing so will lead to an overemphasis on short-term profits at the expense of long-term profits.Questions and Problems: connect™BASIC (Questions 1–9)1. Stock Values The Starr Co. just paid a dividend of $1.90 per share on its stock. The dividendsare expected to grow at a constant rate of 5 percent per year, indefinitely. If investors require a 12percent return on the stock, what is the current price? What will the price be in three years? In 15 years?2. Stock Values The next dividend payment by ECY, Inc., will be $2.85 per share. The dividendsare anticipated to maintain a 6 percent growth rate, forever. If ECY stock currently sells for $58 per share, what is the required return?3. Stock Values For the company in the previous problem, what is the dividend yield? What is theexpected capital gains yield?4. Stock Values White Wedding Corporation will pay a $3.05 per share dividend next year. Thecompany pledges to increase its dividend by 5.25 percent per year, indefinitely. If you require an11 percent return on your investment, how much will you pay for the company’s stock today?5. Stock Valuation Siblings, Inc., is expected to maintain a constant 5.8 percent growth rate inits dividends, indefinitely. If the company has a dividend yield of 4.7 percent, what is the required return on the company’s stock?6. Stock Valuation Suppose you know that a company’s stock currently sells for $64 per shareand the required return on the stock is 13 percent. You also know that the total return on the stock is evenly divided between a capital gains yield and a dividend yield. If it’s the company’s policy to always maintain a constant growth rate in its dividends, what is the current dividend per share? 7. Stock Valuation Gruber Corp. pays a constant $11 dividend on its stock. The company willmaintain this dividend for the next nine years and will then cease paying dividends forever. If the required return on this stock is 10 percent, what is the current share price?8. Valuing Preferred Stock Ayden, Inc., has an issue of preferred stock outstanding that pays a$6.40 dividend every year, in perpetuity. If this issue currently sells for $103 per share, what is the required return?9. Growth Rate The newspaper reported last week that Bennington Enterprises earned $28million this year. The report also stated that the firm’s return on equity is 15 percent. Bennington retains 70 percent of its earnings. What is the firm’s earnings growth rate? What will next year’s earnings be?10. Stock Valuation Universal Laser, Inc., just paid a dividend of $2.75 on its stock. The growthrate in dividends is expected to be a constant 6 percent per year, indefinitely. Investors require a16 percent return on the stock for the first three years, a 14 percent return for the next threeyears, and then an 11 percent return thereafter. What is the current share price for the stock?INTERMEDIATE (Questions 10–29)11. Nonconstant Growth Metallica Bearings, Inc., is a young start-up company. No dividends willbe paid on the stock over the next nine years, because the firm needs to plow back its earnings to fuel growth. The company will pay a $9 per share dividend in 10 years and will increase the dividend by 5.5 percent per year thereafter. If the required return on this stock is 13 percent, what is the current share price?12. Nonconstant Dividends Bucksnort, Inc., has an odd dividend policy. The company has justpaid a dividend of $10 per share and has announced that it will increase the dividend by $3 per share for each of the next five years, and then never pay another dividend. If you require an 11 percent return on the company’s stock, how much will you pay for a share today?13. Nonconstant Dividends North Side Corporation is expected to pay the following dividendsover the next four years: $9, $7, $5, and $2.50. Afterwards, the company pledges to maintain a constant 5 percent growth rate in dividends forever. If the required return on the stock is 13 percent, what is the current share price?14. Differential Growth Hughes Co. is growing quickly. Dividends are expected to grow at a 25percent rate for the next three years, with the growth rate falling off to a constant 7 percent thereafter. If the required return is 12 percent and the company just paid a $2.40 dividend, what is the current share price?15. Differential Growth Janicek Corp. is experiencing rapid growth. Dividends are expected togrow at 30 percent per year during the next three years, 18 percent over the following year, and then 8 percent per year indefinitely. The required return on this stock is 13 percent, and the stock currently sells for $65 per share. What is the projected dividend for the coming year?16. Negative Growth Antiques R Us is a mature manufacturing firm. The company just paid a $12dividend, but management expects to reduce the payout by 6 percent per year, indefinitely. If you require an 11 percent return on this stock, what will you pay for a share today?17. Finding the Dividend Mau Corporation stock currently sells for $49.80 per share. The marketrequires an 11 percent return on the firm’s stock. If the company maintains a constant 5 percent growth rate in dividends, what was the most recent dividend per share paid on the stock?18. Valuing Preferred Stock Fifth National Bank just issued some new preferred stock. The issuewill pay a $7 annual dividend in perpetuity, beginning five years from now. If the market requires a6 percent return on this investment, how much does a share of preferred stock cost today?19. Using Stock Quotes You have found the following stock quote for RJW Enterprises, Inc., inthe financial pages of today’s newspaper. What is the annual dividend? What was the closing price for this stock that appeared in yesterday’s paper? If the company currently has 25 million shares of stock outstanding, what was net income for the most recent four quarters?20. Taxes and Stock Price You own $100,000 worth of Smart Money stock. One year from now,you will receive a dividend of $1.50 per share. You will receive a $2.25 dividend two years from now. You will sell the stock for $60 per share three years from now. Dividends are taxed at the rate of 28 percent. Assume there is no capital gains tax. The required rate of return is 15 percent. How many shares of stock do you own?21. Nonconstant Growth and Quarterly Dividends Pasqually Mineral Water, Inc., will pay aquarterly dividend per share of $.75 at the end of each of the next 12 quarters. Thereafter, the dividend will grow at a quarterly rate of 1 percent, forever. The appropriate rate of return on the stock is 10 percent, compounded quarterly. What is the current stock price?22. Finding the Dividend Briley, Inc., is expected to pay equal dividends at the end of each of thenext two years. Thereafter, the dividend will grow at a constant annual rate of 5 percent, forever.The current stock price is $38. What is next year’s dividend payment if the required rate of return is 11 percent?23. Finding the Required Return Juggernaut Satellite Corporation earned $10 million for thefiscal year ending yesterday. The firm also paid out 20 percent of its earnings as dividends yesterday. The firm will continue to pay out 20 percent of its earnings as annual, end-of-year dividends. The remaining 80 percent of earnings is retained by the company for use in projects.The company has 2 million shares of common stock outstanding. The current stock price is $85.The historical return on equity (ROE) of 16 percent is expected to continue in the future. What is the required rate of return on the stock?24. Dividend Growth Four years ago, Bling Diamond, Inc., paid a dividend of $1.20 per share.Bling paid a dividend of $1.93 per share yesterday. Dividends will grow over the next five years at the same rate they grew over the last four years. Thereafter, dividends will grow at 7 percent per year. What will Bling Diamond’s cash dividend be in seven years?25. Price–Earnings Ratio Consider Pacific Energy Company and U.S. Bluechips, Inc., both ofwhich reported earnings of $750,000. Without new projects, both firms will continue to generate earnings of $750,000 in perpetuity. Assume that all earnings are paid as dividends and that both firms require a 14 percent rate of return.1. What is the current PE ratio for each company?2. Pacific Energy Company has a new project that will generate additional earnings of$100,000 each year in perpetuity. Calculate the new PE ratio of the company.3. U.S. Bluechips has a new project that will increase earnings by $200,000 in perpetuity.Calculate the new PE ratio of the firm.26. Growth Opportunities The Stambaugh Corporation currently has earnings per share of $8.25.The company has no growth and pays out all earnings as dividends. It has a new project which will require an investment of $1.60 per share in one year. The project is only a two-year project, and it will increase earnings in the two years following the investment by $2.10 and $2.45, respectively.Investors require a 12 percent return on Stambaugh stock.1. What is the value per share of the company’s stock assuming the firm does not undertakethe investment opportunity?2. If the company does undertake the investment, what is the value per share now?3. Again, assume the company undertakes the investment. What will the price per share befour years from today?27. Growth Opportunities Rite Bite Enterprises sells toothpicks. Gross revenues last year were $6million, and total costs were $3.1 million. Rite Bite has 1 million shares of common stock outstanding. Gross revenues and costs are expected to grow at 5 percent per year. Rite Bite pays no income taxes. All earnings are paid out as dividends.1. If the appropriate discount rate is 15 percent and all cash flows are received at year’s end,what is the price per share of Rite Bite stock?2. Rite Bite has decided to produce toothbrushes. The project requires an immediate outlayof $22 million. In one year, another outlay of $8 million will be needed. The year after that, earnings will increase by $7 million. That profit level will be maintained in perpetuity. What effect will undertaking this project have on the price per share of the stock?28. Growth Opportunities California Real Estate, Inc., expects to earn $85 million per year inperpetuity if it does not undertake any new projects. The firm has an opportunity to invest $18 million today and $7 million in one year in real estate. The new investment will generate annual earnings of $11 million in perpetuity, beginning two years from today. The firm has 20 million shares of common stock outstanding, and the required rate of return on the stock is 12 percent.Land investments are not depreciable. Ignore taxes.1. What is the price of a share of stock if the firm does not undertake the new investment?2. What is the value of the investment?3. What is the per-share stock price if the firm undertakes the investment?29. Growth Opportunities The annual earnings of Avalanche Skis, Inc., will be $7 per share inperpetuity if the firm makes no new investments. Under such a situation, the firm would pay out all of its earnings as dividends. Assume the first dividend will be received exactly one year from now.Alternatively, assume that three years from now, and in every subsequent year in perpetuity, the company can invest 30 percent of its earnings in new projects. Each project will earn 20 percent at year-end in perpetuity. The firm’s discount rate is 11 percent.1. What is the price per share of Avalanche Skis, Inc., stock today without the companymaking the new investment?2. If Avalanche announces that the new investment will be made, what will the per-sharestock price be today?CHALLENGE (Questions 30–35)30. Capital Gains versus Income Consider four different stocks, all of which have a requiredreturn of 20 percent and a most recent dividend of $4.50 per share. Stocks W, X, and Y are expected to maintain constant growth rates in dividends for the foreseeable future of 10 percent, 0 percent, and –5 percent per year, respectively. Stock Z is a growth stock that will increase its dividend by 30 percent for the next two years and then maintain a constant 8 percent growth rate thereafter. What is the dividend yield for each of these four stocks? What is the expected capital gains yield? Discuss the relationship among the various returns that you find for each of these stocks.31. Stock Valuation Most corporations pay quarterly dividends on their common stock rather thanannual dividends. Barring any unusual circumstances during the year, the board raises, lowers, or maintains the current dividend once a year and then pays this dividend out in equal quarterly installments to its shareholders.1. Suppose a company currently pays a $3.60 annual dividend on its common stock in asingle annual installment, and management plans on raising this dividend by 5 percent per year indefinitely. If the required return on this stock is 14 percent, what is the current share price?2. Now suppose that the company in (a) actually pays its annual dividend in equal quarterlyinstallments; thus, this company has just paid a $.90 dividend per share, as it has for the previous three quarters. What is your value for the current share price now? (Hint: Find the equivalent annual end-of-year dividend for each year.) Comment on whether or not you think that this model of stock valuation is appropriate.32. Growth Opportunities Lewin Skis, Inc., (today) expects to earn $6.25 per share for each ofthe future operating periods (beginning at time 1) if the firm makes no new investments and returns the earnings as dividends to the shareholders. However, Clint Williams, president and CEO, has discovered an opportunity to retain and invest 20 percent of the earnings beginning three years from today. This opportunity to invest will continue for each period indefinitely. He expects to earn 11 percent on this new equity investment, the return beginning one year after each investment is made. The firm’s equity discount rate is 13 percent throughout.1. What is the price per share of Lewin Skis, Inc., stock without making the new investment?2. If the new investment is expected to be made, per the preceding information, what wouldthe price of the stock be now?3. Suppose the company could increase the investment in the project by whatever amount itchose. What would the retention ratio need to be to make this project attractive?33. Nonconstant Growth Storico Co. just paid a dividend of $4.20 per share. The company willincrease its dividend by 20 percent next year and will then reduce its dividend growth rate by 5 percentage points per year until it reaches the industry average of 5 percent dividend growth, after which the company will keep a constant growth rate forever. If the required return on Storico stock is 12 percent, what will a share of stock sell for today?34. Nonconstant Growth This one’s a little harder. Suppose the current share price for the firm inthe previous problem is $98.65 and all the dividend information remains the same. What requiredNautilus Marine Engines’s negative earnings per share (EPS) were the result of an accounting write-off last year. Without the write-off, EPS for the company would have been $1.97. Last year, Ragan had an EPS of $5.08 and paid a dividend to Carrington and Genevieve of $320,000 each. The company also had a return on equity of 25 percent. Larissa tells Dan that a required return for Ragan of 20 percent is appropriate.1. Assuming the company continues its current growth rate, what is the value per share of thecompany’s stock?2. Dan has examined the company’s financial statements, as well as examining those of itscompetitors. Although Ragan currently has a technological advantage, Dan’s research indicates that Ragan’s competitors are investigating other methods to improve efficiency. Given this, Dan believes that Ragan’s technological advantage will last only for the next five years. After that period, the company’s growth will likely slow to the industry average. Additionally, Dan believes that the required return the company uses is too high. He believes the industry average required return is more appropriate. Under Dan’s assumptions, what is the estimated stock price?3. What is the industry average price–earnings ratio? What is Ragan’s price–earnings ratio?Comment on any differences and explain why they may exist.4. Assume the company’s growth rate declines to the industry average after five years. Whatpercentage of the stock’s value is attributable to growth opportunities?5. Assume the company’s growth rate slows to the industry average in five years. What futurereturn on equity does this imply?6. Carrington and Genevieve are not sure if they should sell the company. If they do not sell thecompany outright to East Coast Yachts, they would like to try and increase the value of the company’s stock. In this case, they want to retain control of the company and do not want to sell stock to outside investors. They also feel that the company’s debt is at a manageable level and do not want to borrow more money. What steps can they take to try and increase the price of the stock? Are there any conditions under which this strategy would not increase the stock price?。

第23章期权与公司理财：推广与应用23.1 复习笔记公司财务决策中充满着期权，它们包含在许多问题之中，如是否兴建、扩建或关闭一家工厂，如何向管理人员和其他雇员支付薪酬等等。

本章着重运用期权分析方法评估四种不同的隐含期权类型：经理股票期权与薪酬、创始公司中隐含的期权、简单商业合同中的期权及项目停止和重新开始的期权。

1．管理人员的薪酬与期权（1）管理人员的薪酬构成管理人员的薪酬通常由基本薪金加上以下某些或全部元素构成：①长期报酬；②年度奖金；③退休金；④期权。

报酬的最后一个元素即期权，对于许多高层管理人员而言，期权在整个报酬中占据了最大的比重。

（2）经理人股票期权的内涵经理人股票期权是企业给予高级管理人员的一种激励安排，主要是指公司无偿（或以较低的价格）授予经理人员在未来某一特定日期以规定的合同价格购买本公司一定数量股票的选择权。

持有这种权利的经理人员可以在规定时期内以规定的价格购买本公司股票，此行为过程称为行权。

在行权之前，股票期权持有人没有任何的现金收益；行权之后，个人收益为行权价与其卖出股票时市场价之间的差价。

（3）薪酬中使用期权的理由与其他激励措施相比，经理人股票期权具有长期性、灵活性和低成本的优点，这一措施可以较好地解决公司股东与管理人员之间的激励相容问题。

具体体现在以下几个方面：①期权使得管理人员与持股人分享利益。

通过将管理人员的利益与股价挂钩，管理人员将会为股东的利益做出更好的决策。

②使用期权可以减少管理人员的基本薪酬，这将消除因管理人员和其他雇员之间巨大的薪金差别所招致的道德压力。

③期权将管理人员的报酬置于风险之中，而不是让报酬与公司的业绩无关。

④期权可以给雇员带来节税的效果。

根据美国现行税法，若付给管理人员的是购买公司股票的期权且这些期权是“平价的”，则它们不被看作是应课税收入的一部分。

期权仅在它们最终被执行时计税。

2．评估管理人员薪酬在西方，期权占管理人员薪酬的比例很大，所以在某些程度上可以说评估管理人员薪酬取决于对管理人员期权的评估。