公司金融课后习题罗斯

第三部分未来现金流量估价第5章估价导论：货币的时间价值财务管理中最重要的问题之一是：未来将收到的现金流量，它在今天的价值是多少？答案取决于货币的时间价值，这也是该章的主题。

第6章贴现现金流量估价本章拓展第5章的基本结论，讨论多期现金流量的估价。

我们考虑了许多相关的问题，包括贷款估价、贷款偿付额的计算以及报酬率的决定。

第7章利率债券是一种非常重要的金融工具。

该章示范如何利用第6章的估价技术来决定债券的价格，我们讲述债券的基本特点，以及财经报章如何报道债券的价格。

我们还将考察利率对债券价格的影响。

第8章股票估价第三部分的最后一章考察股票价格的确定，讨论普通股和优先股的重要特点，例如股东的权利，该章还考察了股票价格的报价。

第5 章估价导论：货币的时间价值◆本章复习与自测题5.1 计算终值假定今天你在一个利率为6%的账户存了10 000美元。

5年后，你将有多少钱？5.2 计算现值假定你刚庆祝完19岁生日。

你富有的叔叔为你设立了一项基金，将在你30岁时付给你150 000美元。

如果贴现率是9%，那么今天这个基金的价值是多少？5.3 计算报酬率某项投资可以使你的钱在10年后翻一番。

这项投资的报酬率是多少？利用72法则来检验你的答案是否正确。

5.4 计算期数某项投资将每年付给你9%的报酬。

如果你现在投资15 000美元，多长时间以后你就会有30 000美元？多长时间以后你就会有45 000美元？◆本章复习与自测题解答5.1 我们需要计算在6%的利率下，10 000美元在5年后的终值。

终值系数为：1.065= 1.3382终值为：10 000美元×1.3382 = 13 382.26美元。

5.2 我们要算出在9%的利率下，11年后支付的150 000美元的现值。

贴现系数为：1/(1.09)11= 1/2.5804 = 0.3875这样，现值大约是58 130美元。

5.3 假定你现在投资1 000美元，10年后，你将拥有2 000美元。

罗斯《公司理财》（第9版）课后习题第1章公司理财导论一、概念题1．资本预算（capital budgeting）答：资本预算是指综合反映投资资金来源与运用的预算，是为了获得未来产生现金流量的长期资产而现在投资支出的预算。

资本预算决策也称为长期投资决策，它是公司创造价值的主要方法。

资本预算决策一般指固定资产投资决策，耗资大，周期长，长期影响公司的产销能力和财务状况，决策正确与否影响公司的生存与发展。

完整的资本预算过程包括：寻找增长机会，制定长期投资战略，预测投资项目的现金流，分析评估投资项目，控制投资项目的执行情况。

资本预算可通过不同的资本预算方法来解决，如回收期法、净现值法和内部收益率法等。

2．货币市场（money markets）答：货币市场指期限不超过一年的资金借贷和短期有价证券交易的金融市场，亦称“短期金融市场”或“短期资金市场”，包括同业拆借市场、银行短期存贷市场、票据市场、短期证券市场、大额可转让存单市场、回购协议市场等。

其参加者为各种政府机构、各种银行和非银行金融机构及公司等。

货币市场具有四个基本特征：①融资期限短，一般在一年以内，最短的只有半天，主要用于满足短期资金周转的需要；②流动性强，金融工具可以在市场上随时兑现，交易对象主要是期限短、流动性强、风险小的信用工具，如票据、存单等，这些工具变现能力强，近似于货币，可称为“准货币”，故称货币市场；③安全性高，由于货币市场上的交易大多采用即期交易，即成交后马上结清，通常不存在因成交与结算日之间时间相对过长而引起价格巨大波动的现象，对投资者来说，收益具有较大保障；④政策性明显，货币市场由货币当局直接参加，是中央银行同商业银行及其他金融机构的资金连接的主渠道，是国家利用货币政策工具调节全国金融活动的杠杆支点。

货币市场的交易主体是短期资金的供需者。

需求者是为了获得现实的支付手段，调节资金的流动性并保持必要的支付能力，供应者提供的资金也大多是短期临时闲置性的资金。

公司理财第九版罗斯课后案例答案 Case Solutions CorporateFinance1. 案例一：公司资金需求分析问题：一家公司需要资金支持其新项目。

通过分析现金流量，推断该公司是否需要向外部借款或筹集其他资金。

解答：为了确定公司是否需要外部资金，我们需要分析公司的现金流量状况。

首先，我们需要计算公司的净现金流量（净收入加上非现金项目）。

然后，我们需要将净现金流量与项目的投资现金流量进行对比。

假设公司预计在项目开始时投资100万美元，并在项目运营期为5年。

预计该项目每年将产生50万美元的净现金流量。

现在，我们需要进行以下计算：净现金流量 = 年度现金流量 - 年度投资现金流量年度投资现金流量 = 100万美元年度现金流量 = 50万美元净现金流量 = 50万美元 - 100万美元 = -50万美元根据计算结果，公司的净现金流量为负数（即净现金流出），意味着公司每年都会亏损50万美元。

因此，公司需要从外部筹集资金以支持项目的运营。

2. 案例二：公司股权融资问题：一家公司正在考虑通过股权融资来筹集资金。

根据公司的财务数据和资本结构分析，我们需要确定公司最佳的股权融资方案。

解答：为了确定最佳的股权融资方案，我们需要参考公司的财务数据和资本结构分析。

首先，我们需要计算公司的资本结构比例，即股本占总资本的比例。

然后，我们将不同的股权融资方案与资本结构比例进行对比，选择最佳的方案。

假设公司当前的资本结构比例为60%的股本和40%的债务，在当前的资本结构下，公司的加权平均资本成本（WACC）为10%。

现在，我们需要进行以下计算：•方案一：以新股发行筹集1000万美元，并将其用于项目投资。

在这种方案下，公司的资本结构比例将发生变化。

假设公司的股本增加至80%，债务比例减少至20%。

根据资本结构比例的变化，WACC也将发生变化。

新的WACC可以通过以下公式计算得出：新的WACC = (股本比例 * 股本成本) + (债务比例 * 债务成本)假设公司的股本成本为12%，债务成本为8%：新的WACC = (0.8 * 12%) + (0.2 * 8%) = 9.6%•方案二：以新股发行筹集5000万美元，并将其用于项目投资。

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。

Cha08罗斯公司理财第九版原版书课后习题Earlier in the chapter, we saw how bonds were rated based on their credit risk. What you will find if you start looking at bonds of different ratings is that lower-rated bonds have higher yields.We stated earlier in this chapter that a bond’s yield is calculated assuming that all the promised payments will be made. As a result, it is really a promised yield, and it may or may not be what you will earn. In particular, if the issuer defaults, your actual yield will be lower, probably much lower. This fact is particularly important when it comes to junk bonds. Thanks to a clever bit of marketing, such bonds are now commonly called high-yield bonds, which has a much nicer ring to it; but now you recognize that these are really high promised yield bonds.Next, recall that we discussed earlier how municipal bonds are free from most taxes and, as a result, have much lower yields than taxable bonds. Investors demand the extra yield on a taxable bond as compensation for the unfavorable tax treatment. This extra compensation is the taxability premium.Finally, bonds have varying degrees of liquidity. As we discussed earlier, there are an enormous number of bond issues, most of which do not trade on a regular basis. As a result, if you wanted to sell quickly, you would probably not get as good a price as you could otherwise. Investors prefer liquid assets to illiquid ones, so they demand a liquidity premium on top of all the other premiums we have discussed. As a result, all else being the same, less liquid bonds will have higher yields than more liquid bonds.ConclusionIf we combine everything we have discussed, we find that bond yields represent the combined effect of no fewer than six factors. The first is the real rate of interest. On top of the real rate are five premiums representing compensation for (1) expected future inflation, (2) interest rate risk, (3) default risk, (4) taxability, and (5) lack of liquidity. As a result, determining the appropriate yield on a bond requires careful analysis of each of these factors.Summary and ConclusionsThis chapter has explored bonds, bond yields, and interest rates. We saw that:1. Determining bond prices and yields is an application of basic discounted cash flow principles.2. Bond values move in the direction opposite that of interest rates, leading to potential gains orlosses for bond investors.3. Bonds are rated based on their default risk. Some bonds, such as Treasury bonds, have no riskof default, whereas so-called junk bonds have substantial default risk.4. Almost all bond trading is OTC, with little or no market transparency in many cases. As a result,bond price and volume information can be difficult to find for some types of bonds.5. Bond yields and interest rates reflect six different factors: the real interest rate and fivepremiums that investors demand as compensation for inflation, interest rate risk, default risk, taxability, and lack of liquidity.In closing, we note that bonds are a vital source of financing to governments and corporations of all types. Bond prices andyields are a rich subject, and our one chapter, necessarily, touches on only the most important concepts and ideas. There is a great deal more we could say, but, instead, we will move on to stocks in our next chapter.Concept Questions1. Treasury Bonds Is it true that a U.S. Treasury security is risk-free?2. Interest Rate Risk Which has greater interest rate risk, a 30-year Treasury bond or a 30-year21. Using Bond Quotes Suppose the following bond quote for IOU Corporation appears in thefinancial page of today’s newspaper. Assume the bond has a face value of $1,000 and the current date is April 15, 2010. What is the yield to maturity of the bond? What is the current yield?22. Finding the Maturity You’ve just found a 10 percent coupon bond on the market that sells forpar value. What is the maturity on this bond?CHALLENGE (Questions 23–30)23. Components of Bond Returns Bond P is a premium bond with a 9 percent coupon. Bond D isa 5 percent coupon bond currently selling at a discount. Both bonds make annual payments, havea YTM of 7 percent, and have five years to maturity. What is the current yield for Bond P? For BondD? If interest rates remain unchanged, what is the expected capital gains yield over the next year for Bond P? For Bond D? Explain your answers and the interrelationship among the various types of yields.24. Holding Period Yield The YTM on a bond is the interest rate you earn on your investment ifinterest rates don’t change. If you actually sell the bond before it matures, your realized return is known as the holding period yield (HPY).1. Suppose that today you buy a 9 percent annual coupon bond for $1,140. The bond has 10years to maturity. What rate of return do you expect to earn on your investment?2. Two years from now, the YTM on your bond has declined by 1 percent, and you decide tosell. What price will your bond sell for? What is the HPY on your investment? Compare this yield to the YTM when you first bought the bond. Why are they different?25. Valuing Bonds The Morgan Corporation has two different bonds currently outstanding. Bond Mhas a face value of $20,000 and matures in 20 years. The bond makes no payments for the first six years, then pays $800 every six months over the subsequent eight years, and finally pays $1,000 every six months over the last six years. Bond N also has a face value of $20,000 and a maturity of20 years; it makes no coupon payments over the life of the bond. If the required return on boththese bonds is 8 percent compounded semiannually, what is the current price of Bond M? Of Bond N?26. R eal Cash Flows When Marilyn Monroe died, ex-husband Joe DiMaggio vowed to place freshflowers on her grave every Sunday as long as he lived. The week after she died in 1962, a bunch of fresh flowers that the former baseball player thought appropriate for the star cost about $8.Based on actuarial tables, “Joltin’ Joe” could expect to live for 30 years after the actress died.Assume that the EAR is 10.7 percent. Also, assume that the price of the flowers will increase at 3.5 percent per year, when expressed as an EAR. Assuming that each year has exactly 52 weeks, what is the present value of this commitment? Joe began purchasing flowers the week after Marilyn died.27. Real Cash Flows You are planning to save for retirement over the next 30 years. To save forretirement, you will invest $800 a month in a stock account in real dollars and $400 a month in a bond account in real dollars. The effective annual return of the stock account is expected to be 12 percent, and the bond account will earn 7 percent. Whenyou retire, you will combine your money into an account with an 8 percent effective return. The inflation rate over this period is expected to be 4 percent. How much can you withdraw each month from your account in real terms assuminga 25-year withdrawal period? What is the nominal dollar amount of your last withdrawal?28. Real Cash Flows Paul Adams owns a health club in downtown Los Angeles. He charges hiscustomers an annual fee of $500 and has an existing customer base of 500. Paul plans to raise the annual fee by 6 percent every year and expects the club membership to grow ata constant rate of3 percent for the next five years. The overall expenses of running the health club are $75,000 ayear and are expected to grow at the inflation rate of 2 percent annually. After five years, Paul2. How many of the coupon bonds must East Coast Yachts issue to raise the $40 million? Howmany of the zeroes must it issue?3. In 20 years, what will be the principal repayment due if East Coast Yachts issues the couponbonds? What if it issues the zeroes?4. What are the company’s considerations in iss uing a coupon bond compared to a zero couponbond?5. Suppose East Coast Yachts issues the coupon bonds witha make-whole call provision. Themake-whole call rate is the Treasury rate plus .40 percent. If East Coast calls the bonds in 7 years when the Treasury rate is 5.6 percent, what is the call price of the bond? What if it is 9.1 percent?6. Are investors really made whole with a make-whole call provision?7. After considering all the relevant factors, would you recommend a zero coupon issue or aregular coupon issue? Why? Would you recommend an ordinary call feature or a make-whole call feature? Why?。

Chapter 061.The changes in a firm's future cash flows that are a direct consequence of accepting a project arecalled _____ cash flows.A. i ncrementalB. s tand-aloneC. o pportunityD. n et present valueE. e rosion2.The annual annuity stream of payments with the same present value as a project's costs is calledthe project's _____ cost.A. i ncrementalB. s unkC. o pportunityD. e rosionE. e quivalent annual3. A cost that has already been paid, or the liability to pay has already been incurred, is a(n):A. s alvage value expense.B. n et working capital expense.C. s unk cost.D. o pportunity cost.E. e rosion cost.4.The most valuable investment given up if an alternative investment is chosen is a(n):A. s alvage value expense.B. n et working capital expense.C. s unk cost.D. o pportunity cost.E. e rosion cost.5. A decrease in a firm’s current cash flows resulting from the implementation of a new project isreferred to as:A. s alvage value expenses.B. n et working capital expenses.C. s unk costs.D. o pportunity costs.E. e rosion costs.6.The depreciation method currently allowed under U.S. tax law governing the accelerated write-offof property under various lifetime classifications is called _____ depreciation.A. F IFOB. M ACRSC. s traight-lineD. s um-of-years digitsE. c urvilinear7.The cash flow tax savings generated as a result of a firm's tax-deductible depreciation expense iscalled the:A. a ftertax depreciation savings.B. d epreciable basis.C. d epreciation tax shield.D. o perating cash flow.E. a ftertax salvage value.8.The cash flow from a project is computed as the:A. n et operating cash flow generated by the project, less any sunk costs and erosion costs.B. s um of the incremental operating cash flow and aftertax salvage value of the project.C. n et income generated by the project, plus the annual depreciation expense.D. s um of the incremental operating cash flow, capital spending, and net working capital cashflows incurred by the project.E. s um of the sunk costs, opportunity costs, and erosion costs of the project.9.Interest rates or rates of return on investments that have been adjusted for the effects of inflationare called _____ rates.A. r ealB. n ominalC. e ffectiveD. s trippedE. c oupon10.The increase you realize in buying power as a result of owning an investment is referred to as the_____ rate of return.A. i nflatedB. r ealizedC. n ominalD. r ealE. r isk-free11.The pro forma income statement for a cost reduction project:A. w ill reflect a reduction in the sales of the firm.B. w ill generally reflect no incremental sales.C. h as to be prepared reflecting the total sales and expenses of the entire firm.D. c annot be prepared due to the lack of any project related sales.E. w ill always reflect a negative project operating cash flow.12.One purpose of identifying all of the incremental cash flows related to a proposed project is to:A. i solate the total sunk costs so they can be evaluated to determine if the project will add valueto the firm.B. e liminate any cost which has previously been incurred so that it can be omitted from theanalysis of the project.C. m ake each project appear as profitable as possible for the firm.D. i nclude both the proposed and the current operations of a firm in the analysis of the project.E. i dentify any and all changes in the cash flows of the firm for the past year so they can beincluded in the analysis.13.Sunk costs include any cost that:A. w ill change if a project is undertaken.B. w ill be incurred if a project is accepted.C. h as previously been incurred and cannot be changed.D. w ill be paid to a third party and cannot be refunded for any reason whatsoever.E. w ill occur if a project is accepted and once incurred, cannot be recouped.14.You spent $500 last week fixing the transmission in your car. Now, the brakes are acting up andyou are trying to decide whether to fix them or trade the car in for a newer model. In analyzing the brake situation, the $500 you spent fixing the transmission is a(n) _____ cost.A. o pportunityB. f ixedC. i ncrementalD. s unkE. r elevant15.Erosion can be explained as the:A. a dditional income generated from the sales of a newly added product.B. l oss of current sales due to a new project being implemented.C. l oss of revenue due to employee theft.D. l oss of revenue due to customer theft.E. l oss of cash due to the expenses required to fix a parking lot after a heavy rain storm.16.Which one of these is an example of erosion that should be included in project analysis?A. T he anticipated loss of current sales when a new product is launched.B. T he expected decline in sales as a new product ages.C. T he reduction in your sales that occurs when a competitor introduces a new product.D. T he sudden loss of sales due to a major employer in your community implementing massivelayoffs.E. T he reduction in sales price that will most likely be required to sell inventory that has aged.17.Which one of the following should be excluded from the analysis of a project?A. e rosion costsB. i ncremental fixed costsC. i ncremental variable costsD. s unk costsE. o pportunity costs18.All of the following are anticipated effects of a proposed project. Which of these should be considered when computing the cash flow for the final year of a project?A. o perating cash flow and salvage valuesB. s alvage values and net working capital recoveryC.operating cash flow, net working capital recovery, salvage valuesD. n et working capital recovery and operating cash flowE.operating cash flow only19.Changes in the net working capital:A. c an affect the cash flows of a project every year of the project's life.B. o nly affect the initial cash flows of a project.C. a re included in project analysis only if they represent cash outflows.D. a re generally excluded from project analysis due to their irrelevance to the total project.E. a ffect the initial and the final cash flows of a project but not the cash flows of the middle years.20.The net working capital of a firm will decrease if there is:A. a decrease in accounts payable.B. a n increase in inventory.C. a decrease in accounts receivable.D. a n increase in the firm's checking account balance.E. a decrease in fixed assets. working capital:A. c an be ignored in project analysis because any expenditure is normally recouped by the end ofthe project.B. r equirements generally, but not always, create a cash inflow at the beginning of a project.C. e xpenditures commonly occur at the end of a project.D. i s frequently affected by the additional sales generated by a new project.E. i s the only expenditure where at least a partial recovery can be made at the end of a project.22.A company which uses the MACRS system of depreciation:A. w ill have equal depreciation costs each year of an asset's life.B. w ill expense the largest percentage of the cost during an asset’s first year of life.C. c an depreciate the cost of land, if it so desires.D. w ill write off the entire cost of an asset over the asset's class life.E. c annot expense any of the cost of a new asset during the first year of the asset's life.23.Champion Toys just purchased some MACRS 5-year property at a cost of $230,000. TheMACRS rates are 20 percent, 32 percent, 19.2 percent, 11.52 percent, 11.52 percent, and 5.76 percent for Years 1 to 6, respectively. The book value of the asset as of the end of Year 2 can be calculated as:A. $230,000 × (1 −.20 −.32).B. $230,000 × ([1 - (.20 × .32)].B. $230,000 × (1 - .20) × (1 - .32).C. $230,000 / (1 - .20 - .32).D. $230,000 - ($230,000 × .20 × .32).24.Pete’s Garage just purchased some equipment at a cost of $650,000. What is the propermethodology for computing the depreciation expense for Year 3 if the equipment is classified as 5-year property for MACRS? The MACRS rates are 20 percent, 32 percent, 19.2 percent, 11.52 percent, 11.52 percent, and 5.76 percent for Years 1 to 6, respectively.A. $650,000 ×(1 − .20) ×(1 −.32) ×(1 −.192)B. $650,000 ×(1 − .20) ×(1 −.32)C. $650,000 ×(1 − .20) ×(1 − .32) × .192)D. $650,000 ×(1 −.192)E. $650,000 ×.19225.The book value of an asset is primarily used to compute the:A. a nnual depreciation tax shield.B. a mount of cash received from the sale of an asset.C. a mount of tax saved annually due to the depreciation expense.D. a mount of tax due on the sale of an asset.E. c hange in depreciation needed to reflect the market value of the asset.26.The salvage value of an asset creates an aftertax cash flow in an amount equal to the:A. s ales price of the asset.B. s ales price minus the book value.C. s ales price minus the tax due based on the sales price minus the book value.D. s ales price plus the tax due based on the sales price minus the book value.E. s ales price plus the tax due based on the book value minus the sales price.27.The pretax salvage value of an asset is equal to the:A. b ook value if straight-line depreciation is used.B. b ook value if MACRS depreciation is used.C. m arket value minus the book value.D. b ook value minus the market value.E. m arket value.28.A project's operating cash flow will increase when the:A. d epreciation expense increases.B. s ales projections are lowered.C. i nterest expense is lowered.D. n et working capital requirement increases.E. e arnings before interest and taxes decreases.29.The cash flows of a project should:A. b e computed on a pretax basis.B. i nclude all sunk costs and opportunity costs.C. i nclude all incremental and opportunity costs.D. b e applied to the year when the related expense or income is recognized by GAAP.E. i nclude all financing costs related to new debt acquired to finance the project.30.Assume a firm has no interest expense or extraordinary items. Given this, the operating cash flow can be computed as:A. E BIT - Taxes.B. E BIT × (1 - Tax rate) + Depreciation × Tax rate.C. (Sales - Costs) × (1 - Tax rate).D. E BIT - Depreciation + Taxes.E.Net income + Depreciation.31.The bottom-up approach to computing the operating cash flow applies only when:A. b oth the depreciation expense and the interest expense are equal to zero.B. t he interest expense is equal to zero.C. t he project is a cost-cutting project.D. n o fixed assets are required for the project.E. t axes are ignored and the interest expense is equal to zero.32.The top-down approach to computing the operating cash flow:A. i gnores all noncash items.B. a pplies only if a project produces sales.C. c an only be used if the entire cash flows of a firm are included.D. i s equal to Sales −Costs −Taxes + Depreciation.E. i ncludes the interest expense related to a project.33.For a profitable firm, an increase in which one of the following will increase the operating cashflow?A. e mployee salariesB. o ffice rentC. b uilding maintenanceD. d epreciationE. e quipment rental34.Tax shield refers to a reduction in taxes created by:A. a reduction in sales.B. a n increase in interest expense.C. n oncash expenses.D. a project's incremental expenses.E. o pportunity costs.35.A project which is designed to improve the manufacturing efficiency of a firm but will generate noadditional sales revenue is referred to as a(n) _____ project.A. s unk costB. o pportunityC. c ost-cuttingD. r evenue-cuttingE. r evenue-generating36.Toni's Tools is comparing machines to determine which one to purchase. The machines sell fordiffering prices, have differing operating costs, differing machine lives, and will be replaced when worn out. These machines should be compared using:A. n et present value only.B. b oth net present value and the internal rate of return.C. t heir equivalent annual costs.D. t he depreciation tax shield approach.E. t he replacement parts approach.37.The equivalent annual cost method is useful in determining:A. t he annual operating cost of a machine if the annual maintenance is performed versus whenthe maintenance is not performed as recommended.B. t he tax shield benefits of depreciation given the purchase of new assets for a project.C. o perating cash flows for cost-cutting projects of equal duration.D. w hich one of two machines to acquire given equal machine lives but unequal machine costs.E. w hich one of two machines to purchase when the machines are mutually exclusive, havedifferent machine lives, and will be replaced once they are worn out.38.Marshall's purchased a corner lot five years ago at a cost of $498,000 and then spent $63,500 ongrading and drainage so the lot could be used for storing outdoor inventory. The lot was recently appraised at $610,000. The company now wants to build a new retail store on the site. Thebuilding cost is estimated at $1.1 million. What amount should be used as the initial cash flow for this building project?A. $1,661,500B. $1,100,000C. $1,208,635D. $1,710,000E. $1,498,00039.Samson's purchased a lot four years ago at a cost of $398,000. At that time, the firm spent$289,000 to build a small retail outlet on the site. The most recent appraisal on the propertyplaced a value of $629,000 on the property and building. Samson’s now wants to tear down the original structure and build a new strip mall on the site at an estimated cost of $2.3 million. What amount should be used as the initial cash flow for new project?A. $2,987,000B. $2,242,000C. $2,058,000D. $2,300,000E. $2,929,00040.Jamestown Ltd. currently produces boat sails and is considering expanding its operations toinclude awnings. The expansion would require the use of land the firm purchased three years ago at a cost of $142,000 that is currently valued at $137,500. The expansion could use someequipment that is currently sitting idle if $6,700 of modifications were made to it. The equipment originally cost $139,500 six years ago, has a current book value of $24,700, and a current market value of $39,000. Other capital purchases costing $780,000 will also be required. What is the amount of the initial cash flow for this expansion project?A. $953,400B. $962,300C. $948,900D. $927,800E. $963,20041.The Boat Works currently produces boat sails and is considering expanding its operations toinclude awnings. The expansion would require the use of land the firm purchased three years ago at a cost of $197,000 that is currently valued at $209,500. The expansion could use someequipment that is currently sitting idle if $7,500 of modifications were made to it. The equipment originally cost $387,500 five years ago, has a current book value of $132,700, and a current market value of $139,000. Other capital purchases costing $520,000 will also be required. What is the value of the opportunity costs that should be included in the initial cash flow for theexpansion project?A. $425,000B. $485,000C. $329,700D. $348,500E. $537,20042.Walks Softly sells customized shoes. Currently, it sells 14,800 pairs of shoes annually at anaverage price of $59 a pair. It is considering adding a lower-priced line of shoes that will be priced at $39 a pair. Walks Softly estimates it can sell 6,000 pairs of the lower-priced shoes but will sell 3,500 less pairs of the higher-priced shoes by doing so. What annual sales revenue should be used when evaluating the addition of the lower-priced shoes?A. $27,500B. $24,000C. $31,300D. $789,100E. $900,70043.Foamsoft sells customized boat shoes. Currently, it sells 16,850 pairs of shoes annually at anaverage price of $79 a pair. It is considering adding a lower-priced line of shoes which sell for $49a pair. Foamsoft estimates it can sell 5,000 pairs of the lower-priced shoes but will sell 1,250 lesspairs of the higher-priced shoes by doing so. What is the estimated value of the erosion cost that should be charged to the lower-priced shoe project?A. $138,750B. $146,250C. $98,750D. $52,000E. $123,24044.Sue purchased a house for $89,000, spent $56,000 upgrading it, and currently had it appraised at$212,900. The house is being rented to a family for $1,200 a month, the maintenance expenses average $200 a month, and the property taxes are $4,800 a year. If she sells the house she will incur $20,000 in expenses. She is considering converting the house into professional officespace. What opportunity cost, if any, should she assign to this property if she has been renting it for the past two years? A. $178,500A. $120,000B. $185,000C. A NSD. $192,900D. $232,90045.Jamie's Motor Home Sales currently sells 1,100 Class A motor homes, 2,200 Class C motorhomes, and 2,800 pop-up trailers each year. Jamie is considering adding a mid-range camper and expects that if she does so she can sell 1,500 of them. However, if the new camper is added, Jamie expects that her Class A sales will decline to 850 units while the Class C camper sales decline to 2,000. The sales of pop-ups will not be affected. Class A motor homes sell for anaverage of $140,000 each. Class C homes are priced at $59,500 and the pop-ups sell for $5,000 each. The new mid-range camper will sell for $42,900. What is the erosion cost of adding the mid-range camper?A. $54,250,000B. $46,900,000C. $53,750,000D. $63,150,000E. $78,750,00046.Ernie's Electrical is evaluating a project which will increase sales by $50,000 and costs by$30,000. The project will cost $150,000 and will be depreciated straight-line to a zero book value over the 10-year life of the project. The applicable tax rate is 34 percent. What is the operating cash flow for this project?A. $19,200B. $15,000C. $21,300D. $17,900E. $18,30047.Kurt's Cabinets is looking at a project that will require $80,000 in fixed assets and another$20,000 in net working capital. The project is expected to produce sales of $110,000 withassociated costs of $70,000. The project has a 4-year life. The company uses straight-line depreciation to a zero book value over the life of the project. The tax rate is 35 percent. What is the operating cash flow for this project?A. $7,000B. $13,000C. $27,000D. $33,000E. $40,00048.Peter's Boats has sales of $760,000 and a profit margin of 5 percent. The annual depreciationexpense is $80,000. What is the amount of the operating cash flow if the company has no long-term debt?A. $34,000B. $86,400C. $118,000D. $120,400E. $123,90049.Samoa's Tools has sales of $760,000 and a profit margin of 8 percent. The annual depreciationexpense is $50,000. What is the amount of the operating cash flow if the company has no long-term debt?A. $50,000B. $60,800C. $110,800D. $810,000E. $930,00050.Le Place has sales of $439,000, depreciation of $32,000, and net working capital of $56,000. Thefirm has a tax rate of 34 percent and a profit margin of 6 percent. The firm has no interestexpense. What is the amount of the operating cash flow?A. $49,384B. $52,616C. $54,980D. $58,340E. $114,34051.The By-Way has sales of $435,000, costs of $254,000, depreciation of $35,000, interest expenseof $22,000, and taxes of $43,400. What is the amount of the operating cash flow?A. $115,600B. $157,900C. $137,600D. $322,100E. $114,34052.Ben's Border Café is considering a project that will produce sales of $16,000 and increase cashexpenses by $10,000. If the project is implemented, taxes will increase from $23,000 to $24,500 and depreciation will increase from $4,000 to $5,500. What is the amount of the operating cash flow using the top-down approach?A. $4,000B. $4,500C. $6,000D. $7,500E. $8,50053.Camille's Café is considering a project that will not produce any sales but will decrease cashexpenses by $12,000. If the project is implemented, taxes will increase from $23,000 to $24,500 and depreciation will increase from $4,000 to $5,500. What is the amount of the operating cash flow using the top-down approach?A. $15,000B. $10,500C. $5,500D. $17,500E. $13,50054.Ronnie's Coffee House is considering a project which will produce sales of $6,000 and increasecash expenses by $2,500. If the project is implemented, taxes will increase by $1,300. The additional depreciation expense will be $1,000. An initial cash outlay of $2,000 is required for net working capital. What is the amount of the operating cash flow using the top-down approach?A. $200B. $1,500C. $2,200D. $3,500E. $4,20055.A project will increase sales by $60,000 and cash expenses by $51,000. The project will cost$40,000 and will be depreciated using straight-line depreciation to a zero book value over the 4-year life of the project. The company has a marginal tax rate of 35 percent. What is the operating cash flow of the project using the tax shield approach?A. $5,850B. $8,650C. $9,350D. $9,700E. $10,35056.A project will increase sales by $140,000 and cash expenses by $95,000. The project will cost$100,000 and will be depreciated using the straight-line method to a zero book value over the 4-year life of the project. The company has a marginal tax rate of 34 percent. What is the value of the depreciation tax shield?A. $8,500B. $17,000C. $22,500D. $25,000E. $37,75057.Lee's Furniture just purchased $24,000 of fixed assets that are classified as 5-year MACRSproperty. The MACRS rates are 20 percent, 32 percent, 19.2 percent, 11.52 percent, 11.52 percent, and 5.76 percent for Years 1 to 6, respectively. What is the amount of the depreciation expense for the third year?A. $2,304B. $2,507C. $2,765D. $4,608E. $4,80058.Lew just purchased $67,600 of equipment that is classified as 5-year MACRS property. TheMACRS rates are 20 percent, 32 percent, 19.2 percent, 11.52 percent, 11.52 percent, and 5.76 percent for Years 1 to 6, respectively. What will the book value of this equipment be at the end of four years should he decide to resell the equipment at that point in time?A. $11,681.28B. $18,280.20C. $17,040.00D. $19,468.80E. $22,672.0059.Northern Enterprises just purchased $1,900 of fixed assets that are classified as 3-year MACRSproperty. The MACRS rates are 33.33 percent, 44.44 percent, 14.82 percent, and 7.41 percent for Years 1 to 4, respectively. What is the amount of the depreciation expense for Year 2?A. $562.93B. $633.27C. $719.67D. $844.36E. $1,477.6360.The Galley purchased some 3-year MACRS property two years ago at a cost of $19,800. TheMACRS rates are 33.33 percent, 44.44 percent, 14.82 percent, and 7.41 percent. The firm no longer uses this property so is selling it today at a price of $13,500. What is the amount of the pretax profit on the sale?A. $11,140.48B. $9,098.46C. $10,500.00D. $8,016.67E. $10,702.4061.Three years ago, you purchased some 5-year MACRS equipment at a cost of $135,000. TheMACRS rates are 20 percent, 32 percent, 19.2 percent, 11.52 percent, 11.52 percent, and 5.76 percent for Years 1 to 6, respectively. You sold the equipment today for $82,500. Which of these statements is correct if your tax rate is 34 percent?A. T he tax due on the sale is $14,830.80.B. T he book value today is $40,478.C. T he book value today is $37,320.D. T he taxable amount on the sale is $47,380.E. T he tax refund from the sale is $13,219.20.62.Custom Cars purchased some $39,000 of fixed assets two years ago that are classified as 5-yearMACRS property. The MACRS rates are 20 percent, 32 percent, 19.2 percent, 11.52 percent,11.52 percent, and 5.76 percent for Years 1 to 6, respectively. The tax rate is 34 percent. If theassets are sold today for $19,000, what will be the aftertax cash flow from the sale?A. $16,358.88B. $17,909.09C. $18,720.00D. $18,904.80E. $19,000.0063.Winslow Motors purchased $225,000 of MACRS 5-year property. The MACRS rates are 20percent, 32 percent, 19.2 percent, 11.52 percent, 11.52 percent, and 5.76 percent for Years 1 to 6, respectively. The tax rate is 34 percent. If the firm sells the asset after five years for $10,000, what will be the aftertax cash flow from the sale?A. $8,993.60B. $8,880.20C. $11,006.40D. $7,770.40E. $12,892.0064.A project is expected to create operating cash flows of $26,500 a year for four years. The initialcost of the fixed assets is $62,000. These assets will be worthless at the end of the project. An additional $3,000 of net working capital will be required throughout the life of the project. What is the project's net present value if the required rate of return is 12 percent?A. $19,208.11B. $14,028.18C. $15,306.09D. $17,396.31E. $21,954.1765.A project will produce operating cash flows of $45,000 a year for four years. During the life of theproject, inventory will be lowered by $30,000 and accounts receivable will increase by $15,000.Accounts payable will decrease by $10,000. The project requires the purchase of equipment at an initial cost of $120,000. The equipment will be depreciated straight-line to a zero book value over the life of the project. The equipment will be salvaged at the end of the project creating a $25,000 aftertax cash inflow. At the end of the project, net working capital will return to its normal level. What is the net present value of this project given a required return of 15 percent?A. $23,483.48B. $16,117.05C. $24,909.09D. $22,037.86E. $19,876.0266.A project will produce an operating cash flow of $7,300 a year for three years. The initialinvestment for fixed assets will be $11,600, which will be depreciated straight-line to zero over the asset’s 4-year life. The project will require an initial $500 in net working capital plus an additional $500 every year with all net working capital levels restored to their original levels when the project ends. The fixed assets can be sold for an estimated $2,500 at the end of the project, the tax rate is 34 percent, and the required rate of return is 12 percent. What is the net present value of the project?A. $7,532.27B. $9,896.87C. $7,072.72D. $6,353.41E. $8,398.2967.Matty's Place is considering the installation of a new computer system that will cut annualoperating costs by $12,000. The system will cost $42,000 to purchase and install. This system is expected to have a 5-year life and will be depreciated to zero using straight-line depreciation.What is the amount of the earnings before interest and taxes for each year of this project?A. −$20,400B. $5,400C. $3,600D. $12,000E. $8,400。

第八章：利率和债券估值1. 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.a. P = $35({1 – [1/(1 + .035)]⌒50 } / .035) + $1,000[1 / (1 + .035)⌒50]= $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]= $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]= $1,283.62When the YTM is less than the coupon rate, the bond will sell at a premium.3. P = $1,050 = $39(PVIFAR%,20) + $1,000(PVIFR%,20) R = 3.547%YTM = 2 *3.547% = 7.09%4. P = $1,175 = C(PVIFA3.8%,27) + $1,000(PVIF3.8%,27) C = $48.48年收益：2 × $48.48 = $96.96则票面利率：Coupon rate = $96.96 / $1,000 = .09696 or 9.70%5. P = €84({1 – [1/(1 + .076)]⌒15 } / .076) + €1,000[1 / (1 + .076)⌒15] = €1,070.186. P = ¥87,000 = ¥5,400(PVIFAR%,21) + ¥100,000(PVIFR%,21) R = 6.56%7. 近似利率为：R = r + h= .05 –.039 =.011 or 1.10%根据公式(1 + R) = (1 + r)(1 + h)→(1 + .05) = (1 + r)(1 + .039)实际利率= [(1 + .05) / (1 + .039)] – 1 = .0106 or 1.06%8. (1 + R) = (1 + r)(1 + h)→R = (1 + .025)(1 + .047) – 1 = .0732 or 7.32%9. (1 + R) = (1 + r)(1 + h)→h = [(1 + .17) / (1 + .11)] – 1 = .0541 or 5.41%10. (1 + R) = (1 + r)(1 + h)→r = [(1 + .141) / (1.068)] – 1 = .0684 or 6.84%11. The coupon rate is 6.125%. The bid price is:买入价= 119:19 = 119 19/32 = 119.59375%⨯ $1,000 = $1,195.9375The previous day‘s ask price is found by:pr evious day‘s ask price = Today‘s asked price – Change = 119 21/32 – (–17/32) = 120 6/32 前一天的卖出价= 120.1875% ⨯ $1,000 = $1,201.87512.premium bond当前收益率= 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%.Bid-Ask spread = 134:23 – 134:22 = 1/3213.P = C(PVIFAR%,t) + $1,000(PVIFR%,t)票面利率为9%：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 = $1,000票面利率为7%：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 = $1,00014.PLaurel = $40(PVIFA5%,4) + $1,000(PVIF5%,4) = $964.54PHardy = $40(PVIFA5%,30) + $1,000(PVIF5%,30) = $846.28Percentage change in price = (New price -Original price) / Original price△PLaurel% = ($964.54 -1,000) / $1,000 = -0.0355 or -3.55%△PHardy% = ($846.28 -1,000) / $1,000 = -0.1537 or -15.37%If the YTM suddenly falls to 6 percentPLaurel = $40(PVIFA3%,4) + $1,000(PVIF3%,4) = $1,037.17PHardy = $40(PVIFA3%,30) + $1,000(PVIF3%,30) = $1,196.00△PLaurel% = ($1,037.17 -1,000) / $1,000 = +0.0372 or 3.72%△PHardy% = ($1,196.002 -1,000) / $1,000 = +0.1960 or 19.60%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) = $1,101.06Percentage change in price = (New price – Original price) / Original price△PFaulk% = ($696.82 -783.24) / $783.24 = -0.1103 or -11.03%△PGonas% = ($1,101.06 -1,216.76) / $1,216.76 = -0.0951 or -9.51%If the YTM declines from 10 percent to 8 percent:PFaulk = $30(PVIFA4%,16) + $1,000(PVIF4%,16) = $883.48PGonas = $70(PVIFA4%,16) + $1,000(PVIF4%,16) = $1,349.57△PFaulk% = ($883.48 -783.24) / $783.24 = +0.1280 or 12.80%△PGonas% = ($1,349.57 -1,216.76) / $1,216.76 = +0.1092 or 10.92%16.P0 = $960 = $37(PVIFAR%,18) + $1,000(PVIFR%,18) R = 4.016% YTM = 2 *4.016% = 8.03%Current yield = Annual coupon payment / Price = $74 / $960 = .0771 or 7.71% Effective annual yield = (1 + 0.04016)⌒2 – 1 = .0819 or 8.19%17.P = $1,063 = $50(PVIFA R%,40) + $1,000(PVIF R%,40) R = 4.650% YTM = 2 *4.650% = 9.30%18.Accrued interest = $84/2 × 4/6 = $28Clean price = Dirty price – Accrued interest = $1,090 – 28 = $1,06219.Accrued interest = $72/2 × 2/6 = $12.00Dirty price = Clean price + Accrued interest = $904 + 12 = $916.0020.Current yield = .0842 = $90/P0→P0 = $90/.0842 = $1,068.88P = $1,068.88 = $90{[(1 – (1/1.0781)⌒t ] / .0781} + $1,000/1.0781⌒t $1,068.88 (1.0781)⌒t = $1,152.37 (1.0781)⌒t – 1,152.37 + 1,000t = log 1.8251 / log 1.0781 = 8.0004 ≈8 years21.P = $871.55 = $41.25(PVIFA R%,20) + $1,000(PVIF R%,20) R = 5.171% YTM = 2 *5.171% = 10.34%Current yield = $82.50 / $871.55 = .0947 or 9.47%22.略23.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%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%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%24. a.P0 = $1,140 = $90(PVIFA R%,10) + $1,000(PVIF R%,10) R = YTM = 7.01%b.P2 = $90(PVIFA6.01%,8) + $1,000(PVIF6.01%,8) = $1,185.87P0 = $1,140 = $90(PVIFA R%,2) + $1,185.87(PVIF R%,2)R = HPY = 9.81%The realized HPY is greater than the expected YTM when the bond was bought because interest rates dropped by 1 percent; bond prices rise when yields fall.25.PM = $800(PVIFA4%,16)(PVIF4%,12)+$1,000(PVIFA4%,12)(PVIF4%,28)+ $20,000(PVIF4%,40) PM = $13,117.88Notice that for the coupon payments of $800, we found the PV A for the coupon payments, and then discounted the lump sum back to todayBond 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:PN = $20,000(PVIF4%,40) = $4,165.7826.(1 + R) = (1 + r)(1 + h)1 + .107 = (1 + r)(1 + .035)→r = .0696 or 6.96%EAR = {[1 + (APR / m)]⌒m }– 1APR = m[(1 + EAR)⌒1/m – 1] = 52[(1 + .0696)⌒1/52 – 1] = .0673 or 6.73%Weekly rate = APR / 52= .0673 / 52= .0013 or 0.13%PVA = C({1 – [1/(1 + r)]⌒t } / r)= $8({1 – [1/(1 + .0013)]30(52)} / .0013)= $5,359.6427.Stock account:(1 + R) = (1 + r)(1 + h) →1 + .12 = (1 + r)(1 + .04) →r = .0769 or 7.69%APR = m[(1 + EAR)1/⌒1/m– 1]= 12[(1 + .0769)⌒1/12– 1]= .0743 or 7.43%Monthly rate = APR / 12= .0743 / 12= .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]= 12[(1 + .0288)⌒1/12– 1]= .0285 or 2.85%Monthly rate = APR / 12= .0285 / 12= .0024 or 0.24%Stock account:FVA = C {(1 + r )⌒t– 1] / r}= $800{[(1 + .0062)360 – 1] / .0062]}= $1,063,761.75Bond account:FVA = C {(1 + r )⌒t– 1] / r}= $400{[(1 + .0024)360 – 1] / .0024]}= $227,089.04Account value = $1,063,761.75 + 227,089.04= $1,290,850.79(1 + R) = (1 + r)(1 + h)→1 + .08 = (1 + r)(1 + .04) →r = .0385 or 3.85%APR = m[(1 + EAR)1/m– 1]= 12[(1 + .0385)1/12– 1]= .0378 or 3.78%Monthly rate = APR / 12= .0378 / 12= .0031 or 0.31%PVA = C({1 – [1/(1 + r)]t } / r )$1,290,850.79 = C({1 – [1/(1 + .0031)]⌒300 } / .0031)C = $6,657.74FV = PV(1 + r)⌒t= $6,657.74(1 + .04)(30 + 25)= $57,565.30。

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。

第一章Corporate finance（公司财务）是金融学的分支学科，用于考察公司如何有效地利用各种融资渠道，获得最低成本的资金来源，并形成合适的资本结构（capital structure）；还包括企业投资、利润分配、运营资金管理及财务分析等方面。

它会涉及到现代公司制度中的一些诸如委托-代理结构的金融安排等深层次的问题。

为什么说公司理财研究的就是如下三个问题：(1) 公司应该投资于什么样的长期资产？涉及资产负债表的左边。

我们使用“资本预算(capital budgeting)”和“资本性支出”这些专业术语描述这些长期固定资产的投资和管理过程。

(2) 公司如何筹集资本性支出所需的资金呢？涉及资产负债表的右边。

回答这一问题又涉及到资本结构(Capital structure)，它表示公司短期及长期负债与股东权益的比例。

(3) 公司应该如何管理它在经营中的现金流量？涉及资产负债表的上方。

首先，经营中的现金流入量和现金流出量在时间上不对等。

此外，经营中现金流量的数额和时间都具有不确定性，难于确切掌握。

财务经理必须致力于管理现金流量的缺口。

从资产负债表的角度看，现金流量的短期管理与净营运资本(net working capital)有关。

净营运资本定义为短期资本与短期负债之差。

从财务管理的角度看，短期现金流量问题是由于现金流量和现金流量之间不对等所引起的，属于短期理财问题。

资本结构公司可以事先发行比股权多的债权，筹集所需的资金；可以考虑改变二者的比例，买回它的一些债权。

融资决策在原先投资决策前就可以独立设定。

这些发行债权和股权的决策影响到公司的资本结构。

资金主管负责处理现金流量、投资预算和制定财务计划。

财务主管负责会计工作职能，包括税收、成本核算、财务会计和信息系统。

现金流量的时点公司投资的价值取决于现金流量的时点。

一个最重要的假设是任何人都偏好早一点收到现金流量。

今天收到的一美元比明天收到的一美元更有价值。

1. We explained that differences in firm size make it difficult to compare financial statements, andwe discussed how to form common-size statements to make comparisons easier and more meaningful.2. Evaluating ratios of accounting numbers is another way of comparing financial statementinformation. We defined a number of the most commonly used ratios, and we discussed the famous Du Pont identity.3. We showed how pro forma financial statements can be generated and used to plan for futurefinancing needs.After you have studied this chapter, we hope that you have some perspective on the uses and abuses of financial statement information. You should also find that your vocabulary of business and financial terms has grown substantially.Concept Questions1. Financial Ratio Analysis A financial ratio by itself tells us little about a company becausefinancial ratios vary a great deal across industries. There are two basic methods for analyzing financial ratios for a company: Time trend analysis and peer group analysis. In time trend analysis, you find the ratios for the company over some period, say five years, and examine how each ratio has changed over this period. In peer group analysis, you compare a company’s financial ratios to those of its peers. Why might each of these analysis methods be useful? What does each tell you about the company’s financial health?2. Industry-Specific Ratios So-called “same-store sales” are a very important measure forcompanies as diverse as McDonald’s and Sears. As the name suggests, examining same-store sales means comparing revenues from the same stores or restaurants at two different points in time.Why might companies focus on same-store sales rather than total sales?3. Sales Forecast Why do you think most long-term financial planning begins with salesforecasts? Put differently, why are future sales the key input?4. Sustainable Growth In the chapter, we used Rosengarten Corporation to demonstrate how tocalculate EFN. The ROE for Rosengarten is about 7.3 percent, and the plowback ratio is about 67 percent. If you calculate the sustainable growth rate for Rosengarten, you will find it is only 5.14 percent. In our calculation for EFN, we used a growth rate of 25 percent. Is this possible? (Hint: Yes. How?)5. EFN and Growth Rate Broslofski Co. maintains a positive retention ratio and keeps its debt–equity ratio constant every year. When sales grow by 20 percent, the firm has a negative projected EFN. What does this tell you about the firm’s sustainable growth rate? Do you know, with certainty, if the internal growth rate is greater than or less than 20 percent? Why? What happens to the projected EFN if the retention ratio is increased? What if the retention ratio is decreased? What if the retention ratio is zero?6. Common-Size Financials One tool of financial analysis is common-size financial statements.Why do you think common-size income statements and balance sheets are used? Note that the accounting statement of cash flows is not converted into a common-size statement. Why do you think this is?7. Asset Utilization and EFN One of the implicit assumptions we made in calculating theexternal funds needed was that the company was operating at full capacity. If the company is operating at less than full capacity, how will this affect the external funds needed?8. Comparing ROE and ROA Both ROA and ROE measure profitability. Which one is more usefulfor comparing two companies? Why?9. Ratio Analysis Consider the ratio EBITD/Assets. What does this ratio tell us? Why might it bemore useful than ROA in comparing two companies?Assets and costs are proportional to sales. Debt and equity are not. A dividend of $1,841.40 was paid, and Martin wishes to maintain a constant payout ratio. Next year’s sales are projected to be $30,960. What external financing is needed?5. Sales and Growth The most recent financial statements for Fontenot Co. are shown here:Assets and costs are proportional to sales. The company maintains a constant 30 percent dividend payout ratio and a constant debt–equity ratio. What is the maximum increase in sales that can be sustained assuming no new equity is issued?6. Sustainable Growth If the Layla Corp. has a 15 percent ROE and a 10 percent payout ratio,what is its sustainable growth rate?7. Sustainable Growth Assuming the following ratios are constant, what is the sustainablegrowth rate?Total asset turnover = 1.90Profit margin = 8.1%Equity multiplier = 1.25Payout ratio = 30%8. Calculating EFN The most recent financial statements for Bradley, Inc., are shown here(assuming no income taxes):Assets and costs are proportional to sales. Debt and equity are not. No dividends are paid. Next year’s sales are projected to be $6,669. What is the external financing needed?9. External Funds Needed Cheryl Colby, CFO of Charming Florist Ltd., has created the firm’s proforma balance sheet for the next fiscal year. Sales are projected to grow by 10 percent to $390 million. Current assets, fixed assets, and short-term debt are 20 percent, 120 percent, and 15 percent of sales, respectively. Charming Florist pays out 30 percent of its net income in dividends.The company currently has $130 million of long-term debt and $48 million in common stock par value. The profit margin is 12 percent.1. Construct the current balance sheet for the firm using the projected sales figure.2. Based on Ms. Colby’s sales growth forecast, how much does Charming Florist need inexternal funds for the upcoming fiscal year?3. Construct the firm’s pro forma balance sheet for the next fiscal year and confirm theexternal funds needed that you calculated in part (b).10. Sustainable Growth Rate The Steiben Company has an ROE of 10.5 percent and a payoutratio of 40 percent.1. What is the company’s sustainable growth rate?2. Can the company’s actual growth rate be different from its sustainable growth rate? Whyor why not?3. How can the company increase its sustainable growth rate?INTERMEDIATE (Questions 11–23)11. Return on Equity Firm A and Firm B have debt–total asset ratios of 40 percent and 30percent and returns on total assets of 12 percent and 15 percent, respectively. Which firm has a greater return on equity?12. Ratios and Foreign Companies Prince Albert Canning PLC had a net loss of £15,834 on salesof £167,983. What was the company’s profit margin? Does the fact that these figures are quoted ina foreign currency make any difference? Why? In dollars, sales were $251,257. What was the netloss in dollars?13. External Funds Needed The Optical Scam Company has forecast a 20 percent sales growthrate for next year. The current financial statements are shown here:1. Using the equation from the chapter, calculate the external funds needed for next year.2. Construct the firm’s pro forma balance sheet for next year and confirm the external fundsneeded that you calculated in part (a).3. Calculate the sustainable growth rate for the company.4. Can Optical Scam eliminate the need for external funds by changing its dividend policy?What other options are available to the company to meet its growth objectives?14. Days’ Sales in Receivables A company has net income of $205,000, a profit margin of 9.3percent, and an accounts receivable balance of $162,500. Assuming 80 percent of sales are on credit, what is the company’s days’ sales in receivables?15. Ratios and Fixed Assets The Le Bleu Company has a ratio of long-term debt to total assets of.40 and a current ratio of 1.30. Current liabilities are $900, sales are $5,320, profit margin is 9.4 percent, and ROE is 18.2 percent. What is the amount of the firm’s net fixed assets?16. Calculating the Cash Coverage Ratio Titan Inc.’s net income for the most recent year was$9,450. The tax rate was 34 percent. The firm paid $2,360 in total interest expense and deducted $3,480 in depreciation expense. What was Titan’s cash coverage ratio for the year?17. Cost of Goods Sold Guthrie Corp. has current liabilities of $270,000, a quick ratio of 1.1,inventory turnover of 4.2, and a current ratio of 2.3. What is the cost of goods sold for the company?18. Common-Size and Common–Base Year Financial Statements In addition to common-size financial statements, common–base year financial statements are often used. Common–base year financial statements are constructed by dividing the current year account value by the base year account value. Thus, the result shows the growth rate in the account. Using the following financial statements, construct the common-size balance sheet and common–base year balance sheet for the company. Use 2009 as the base year.Use the following information for Problems 19, 20, and 22:The discussion of EFN in the chapter implicitly assumed that the company was operating at full capacity. Often, this is not the case. For example, assume that Rosengarten was operating at 90 percent capacity. Full-capacity sales would be $1,000/.90 = $1,111. The balance sheet shows $1,800 in fixed assets. The capital intensity ratio for the company isCapital intensity ratio = Fixed assets/Full-capacity sales = $1,800/$1,111 = 1.62This means that Rosengarten needs $1.62 in fixed assets for every dollar in sales when it reaches full capacity. At the projected sales level of $1,250, it needs $1,250 × 1.62 = $2,025 infixed assets, which is $225 lower than our projection of $2,250 in fixed assets. So, EFN is only $565– 225 = $340.19. Full-Capacity Sales Thorpe Mfg., Inc., is currently operating at only 85 percent of fixed assetcapacity. Current sales are $630,000. How much can sales increase before any new fixed assets are needed?20. Fixed Assets and Capacity Usage For the company in the previous problem, suppose fixedassets are $580,000 and sales are projected to grow to $790,000. How much in new fixed assets are required to support this growth in sales?21. Calculating EFN The most recent financial statements for Moose Tours, Inc., appear below.Sales for 2010 are projected to grow by 20 percent. Interest expense will remain constant; the tax rate and the dividend payout rate will also remain constant. Costs, other expenses, current assets, fixed assets, and accounts payable increase spontaneously with sales. If the firm is operating at full capacity and no new debt or equity is issued, what external financing is needed to support the 20 percent growth rate in sales?22. Capacity Usage and Growth In the previous problem, suppose the firm was operating at only80 percent capacity in 2009. What is EFN now?23. Calculating EFN In Problem 21, suppose the firm wishes to keep its debt–equity ratioconstant. What is EFN now?CHALLENGE (Questions 24–30)24. EFN and Internal Growth Redo Problem 21 using sales growth rates of 15 and 25 percent inaddition to 20 percent. Illustrate graphically the relationship between EFN and the growth rate, and use this graph to determine the relationship between them.25. EFN and Sustainable Growth Redo Problem 23 using sales growth rates of 30 and 352. Ratio Analysis Find and download the “Profitability” spreadsheet for Southwest Airlines (LUV)and Continental Airlines (CAL). Find the ROA (Net ROA), ROE (Net ROE), PE ratio (P/E—high and P/E—low), and the market-to-book ratio (Price/Book—high and Price/Book—low) for each company. Because stock prices change daily, PE and market-to-book ratios are often reported as the highest and lowest values over the year, as is done in this instance. Look at these ratios for both companies over the past five years. Do you notice any trends in these ratios? Which company appears to be operating at a more efficient level based on these four ratios? If you were going to invest in an airline, which one (if either) of these companies would you choose based on this information? Why?3. Sustainable Growth Rate Use the annual income statements and balance sheets under the“Excel Analytics” link to calculate the sustainable growth rate for Coca-Cola (KO) each year for the past four years. Is the sustainable growth rate the same for every year? What are possible reasons the sustainable growth rate may vary from year to year?4. External Funds Needed Look up Black & Decker (BDK). Under the “Financial Highlights” linkyou can find a five-year growth rate for sales. Using this growth rate and the most recent income statement and balance sheet, compute the external funds needed for BDK next year.Mini Case: RATIOS AND FINANCIAL PLANNING AT EAST COAST YACHTSDan Ervin was recently hired by East Coast Yachts to assist the company with its short-term financial planning and also to evaluate the company’s financial performance. Dan graduated from college five years ago with a finance degree, and he has been employed in the treasury department of a Fortune 500 company since then.East Coast Yachts was founded 10 years ago by Larissa Warren. The company’s operations are located near Hilton Head Island, South Carolina, and the company is structured as an LLC. The company has manufactured custom midsize, high-performance yachts for clients over this period, and its products have received high reviews for safety and reliability. The company’s yachts have also recently received the highest award for customer satisfaction. The yachts are primarily purchased by wealthy individuals for pleasure use. Occasionally, a yacht is manufactured for purchase by a company for business purposes.The custom yacht industry is fragmented, with a number of manufacturers. As with any industry, there are market leaders, but the diverse nature of the industry ensures that no manufacturer dominates the market. The competition in the market, as well as the product cost, ensures that attention to detail is a necessity. For instance, East Coast Yachts will spend 80 to 100 hours on hand-buffing the stainless steel stem-iron, which is the metal cap on the yacht’s bow that conceivably could collide with a dock or another boat.To get Dan started with his analyses, Larissa has provided the following financial statements. Dan has gathered the industry ratios for the yacht manufacturing industry.1. Calculate all of the ratios listed in the industry table for East Coast Yachts.2. Compare the performance of East Coast Yachts to the industry as a whole. For each ratio,comment on why it might be viewed as positive or negative relative to the industry. Suppose you create an inventory ratio calculated as inventory divided by current liabilities. How do you interpret this ratio? How does East Coast Yachts compare to the industry average?3. Calculate the sustainable growth rate of East Coast Yachts. Calculate external funds needed(EFN) and prepare pro forma income statements and balance sheets assuming growth at precisely this rate. Recalculate the ratios in the previous question. What do you observe?4. As a practical matter, East Coast Yachts is unlikely to be willing to raise external equity capital,in part because the owners don’t want to dilute their existing ownership and control positions.However, East Coast Yachts is planning for a growth rate of 20 percent next year. What are your conclusions and recommendations about the feasibility of East Coast’s expansion plans?5. Most assets can be increased as a percentage of sales. For instance, cash can be increased byany amount. However, fixed assets often must be increased in specific amounts because it is impossible, as a practical matter, to buy part of a new plant or machine. In this case a company has a “staircase” or “lumpy” fixed cost structure. Assume that East Coast Yachts is currently producing at 100 percent of capacity. As a result, to expand production, the company must set up an entirely new line at a cost of $30 million. Calculate the new EFN with this assumption. What does this imply about capacity utilization for East Coast Yachts next year?。

罗斯《公司理财》(第9版)配套题库【课后习题-股票估值】第9章股票估值一、概念题1．股利支付率（payout ratio）答：股利支付率一般指公司发放给普通股股东的现金股利占总利润的比例。

也即在同一报告期内公司现金股利除以公司利润。

股利支付率又称“股利发放率”，支付比率值与留存收益比率之和为1。

2．留存收益比率（retention ratio）答：留存收益比率是指留存收益与盈利的比率，即每年公司有多大比例的盈利留在公司用于扩大再生产。

其计算公式为：留存收益比率＝留存收益比率与支付比率之和为1。

3．资本回报率（return on equity，ROE）答：资本回报率是指一个企业的税后净利润与股东权益的比率，表示的是股权投资所获得的回报，它是用来计量股东投资的收益情况的一个重要指标，也是投资者评价管理层业绩的重要标准，是投资决策的重要参考依据。

4．市盈率答：即股票的市盈率是三个因素的函数：（1）增长机会。

拥有强劲增长机会的公司具有高市盈率。

（2）风险。

低风险股票具有高市盈率。

（3）会计方法。

采用保守会计方法的公司具有高市盈率。

市盈率衡量投资者愿意为每股当前利润支付多少钱，因此，一般来说较高的市盈率通常意味着公司未来的成长前景不错；市值面值比即每股的市场价值比上每股的账面价值。

二、复习题1．股票价值ECY公司下一次的股利支付将为每股2.85美元，并预计公司股利将以6％的增长率永续增长。

如果ECY公司股票当前价格为每股58美元，请问必要收益率是多少？答：题目要求计算股票的必要收益率。

运用固定增长模型，可以通过公式得到R：R=D1/P0+g=2.85/58+0.06=10.91%2．股票价值在前题所述的公司中，股利收益率是多少？预期资本利得率是多少？答：股利收益率是下一年的股利除以现在的价格，所以股利收益率为：股利收益率=D1/P0=2.85/58=4.91%资本利得率或者说股票价格的增长率，和股利增长率相同，所以：资本利得率=6%3．股票估值假设你已知某公司股票当前股价为每股64美元，同时该股票的必要收益率为13％。

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。

1.当你增加时间的长度时，终值会发生什么变化，现值会发生什么变化？答：当增加时间长度时根据公司PV=C/(1+r)^t得到现值会减少（dwindle，diminish），而终值FV=C*(1+r)^t会增加。

2.如果利率增加，年金的终值会有什么变化？现值会有什么变化？答：当利率增加时，终值增大，现值FV=C(1/r-1/(r*(1+r)^t))得现值会减小分析这两道题都考察了对终值和现值的概念的理解:终值：一笔资金经过一个时期或者多个时期的以后的价值，如果考察终值就是在现在或将来我得到一笔资金C那么这笔资金在更远的未来将会价值多少，如果考察现值则是将来我得到一笔钱那么它现在的价值是多少（在某个固定的折现率下）3.假设有两名运动员签署了一份10年8000万的合同，一份是每年支付800万，一份是8000万分十次，支付金额每年递增5%，哪种情况最好答：计算过程如下图：u由上图的应该选第一种4.贷款法是否应该要求贷款者报告实际利率而不是名义利率？为什么？答：他们应该报告实际利率，名义利率的优势只是在于它们方便计算，可是在计算机技术发达的今天，计算已经不再是一个问题5.有津贴的斯坦福联邦贷款是为大学生提供帮助的一种普遍来源，直到偿还贷款才开始付息。

谁将收到更多的津贴，新生还是高年级的学生？请解释答：新生将获得跟多的津贴，因为新生使用无息贷款的时间比高年级学生长。

详细数据如下：由此可见新生的津贴=22235-20000=2235；而高年级的学生为1089根据下面的信息回答接下去的5个题：6.由计算得到如果500美金若在30年后要变成10000则实际年利率是10.5%,我想应该是GMAC的决策者认为公司的投资收益率大于10.5%7.如果公司可以在30年内的任意时间内以10000元的价格购买该债券的话，将会使得该债券更具有吸引力8.1）这500元不能影响我后面30年的正常生活，也就是我说我是否有500元的多余资金；2）该公司是否能够保证在30年后我能收到10000元3）当前我认为的投资收益率是否高于10.5%，若高于10.5%则不应该考虑投资该债券我的回答是：是取决的承诺偿还的人9.财政部的发行该种债券的价格较高因为财政部在所有的债券发行者中信用最好10.价格会超过之前的500美元，因为如果随着时间的推移，该债券的价值就越接近10000美元，如果在2010年的看价格有可能会更高，但不能确定，因为GMAC有财务恶化的可能或者资本市场上的投资收益率提高。

英文版罗斯公司理财习题答案Chap001CHAPTER 1INTRODUCTION TO CORPORATE FINANCEAnswers to Concept Questions1.The three basic forms are sole proprietorships, partnerships, and corporations. The advantages anddisadvantages of sole proprietorships and partnerships are: Disadvantages: unlimited liability, limited life, difficulty in transferring ownership, hard to raise capital funds. Some advantages: simpler, less regulation, the owners are also the managers, sometimes personal tax rates are better than corporate tax rates. The primary disadvantage of the corporate form is the double taxation to shareholders of distributed earnings and dividends. Some advantages include: limited liability, ease of transferability, ability to raise capital, and unlimited life. When a business is started, most take the form ofa sole proprietorship or partnership.2.To maximize the current market value (share price) of the equity of the firm (whether it’s publiclytraded or not).3. In the corporate form of ownership, the shareholders are the owners of the firm. The shareholderselect the directors of the corporation, who in turn appoint the firm’s management. This separation of ownership from control in the corporate form of organization is what causes agency problems to exist. Management may act in its own or someone else’s best interests, rather than those of the shareholders. If such events occur, they may contradict the goal of maximizing the share price of the equity of the firm.4.Such organizations frequently pursue social or political missions, so many different goals areconceivable. One goal that is often cited is revenue minimization; i.e., provide whatever goods and services are offered at the lowest possible cost to society. A better approach might be to observe that even a not-for-profit business has equity. Thus, one answer is that the appropriate goal is to maximize the value of the equity.5.Presumably, the current stock value reflects the risk, timing, and magnitude of all future cash flows,both short-term and long-term. If this is correct, then the statement is false.6.An argument can be made either way. At the one extreme, we could argue that in a market economy,all of these things are priced. There is thus an optimal level of, for example, ethical and/or illegal behavior, and the framework of stock valuation explicitly includes these. At the other extreme, we could argue that these are non-economic phenomena and are best handled through the political process.A classic (and highly relevant) thought question that illustrates this debate goes something like this: “A firm has estimated that the cost of improving the safety of one of its products is $30 million. However, the firm believes that improving the safety of the product will only save $20 million in product liability claims. Wha t should the firm do?”7.The goal will be the same, but the best course of action toward that goal may be different because ofdiffering social, political, and economic institutions.8.The goal of management should be to maximize the share price for the current shareholders. Ifmanagement believes that it can improve the profitability of the firm so that the share price will exceed $35, then they should fight the offer from the outside company. If management believes that this bidder or other unidentified bidders will actually pay more than $35 per share to acquire the company, then they should still fight the offer. However, if the current management cannot increase the value of the firm beyond the bid price, and no other higher bids come in, then management is not acting in the interests of the shareholders by fighting the offer. Since current managers often lose their jobs when the corporation is acquired, poorly monitored managers have an incentive to fight corporate takeovers in situations such as this.9.We would expect agency problems to be less severe in other countries, primarily due to the relativelysmall percentage of individual ownership. Fewer individual owners should reduce the number of diverse opinions concerning corporate goals. The high percentage of institutional ownership might lead to a higher degree of agreement between owners and managers on decisions concerning risky projects. In addition, institutions may be better able to implement effective monitoring mechanisms on managers th an can individual owners, based on the institutions’ deeper resources and experiences with their own management. The increase in institutional ownership of stock in the United States and the growing activism of these large shareholder groups may lead to a reduction in agency problems for U.S. corporations and a more efficient market for corporate control.10. How much is too much? Who is worth more, Jack Welch or Tiger Woods? The simplest answer isthat there is a market for executives just as there is for alltypes of labor. Executive compensation is the price that clears the market. The same is true for athletes and performers. Having said that, one aspect of executive compensation deserves comment.A primary reason that executive compensation has grown so dramatically is that companies have increasingly moved to stock-based compensation.Such movement is obviously consistent with the attempt to better align stockholder and management interests. In recent years, stock prices have soared, so management has cleaned up. It is sometimes argued that much of this reward is simply due to rising stock prices in general, not managerial performance. Perhaps in the future, executive compensation will be designed to reward only differential performance, i.e., stock price increases in excess of general market increases.。

金融市场学彼得罗斯课后题答案# 选择题。

1. 在金融市场学彼得罗斯教材中，关于（）的阐述对于理解金融市场的基础结构最为关键。

A. 金融工具。

B. 金融机构。

C. 市场参与者。

D. 监管政策。

答案：A。

解析：金融工具是金融市场的核心要素之一，它决定了资金的流动方式和市场的运作模式。

通过各种金融工具，如股票、债券、期货等，资金得以在不同主体之间流动，从而构建起金融市场的基础结构。

金融机构是金融市场的重要组成部分，但它们主要是金融工具的发行者和交易中介；市场参与者的行为会影响市场，但不是理解基础结构的最关键因素；监管政策主要是对市场进行规范和调控，并非直接决定基础结构。

所以选A。

2. 彼得罗斯在金融市场学中提到，金融市场的主要功能不包括（）。

A. 资源配置。

B. 风险分散。

C. 创造货币。

D. 信息传递。

答案：C。

解析：金融市场具有资源配置功能，能够引导资金流向最有效率的生产部门；风险分散功能使得投资者可以通过多样化投资降低风险；信息传递功能能让市场参与者及时获取各种经济信息。

而创造货币主要是中央银行的职能，并非金融市场的主要功能。

所以选C。

# 填空题。

1. 彼得罗斯所著金融市场学中指出，金融市场按交易对象可分为（______）市场、（______）市场、（______）市场等。

答案：货币、资本、外汇。

解析：按照交易对象的不同，金融市场可以进行多种分类。

货币市场主要交易短期金融工具，如国库券、商业票据等；资本市场主要交易长期金融工具，如股票、债券等；外汇市场则是进行外汇买卖的场所。

所以依次填入货币、资本、外汇。

2. 金融市场学彼得罗斯教材强调，金融市场的效率包括（______）效率和（______）效率两个方面。

答案：运行、配置。

解析：金融市场效率是衡量金融市场运行和资源配置有效性的重要指标。

运行效率主要关注市场的交易成本、交易速度等方面，反映了市场在运行过程中的顺畅程度；配置效率则侧重于资源在不同经济主体和行业之间的分配是否合理，能否使资源得到最优配置。