corporate finance corouse work
(完整word版)CorporateFinance重点知识整理
(完整word版)CorporateFinance重点知识整理第一章导论1. 公司目标：为所有者创造价值公司价值在于其产生现金流能力。
2。
财务管理的目标：最大化现有股票的每股现值。
3。
公司理财可以看做对一下几个问题进行研究：1。
资本预算:公司应该投资什么样的长期资产。
2. 资本结构：公司如何筹集所需要的资金。
3. 净运营资本管理:如何管理短期经营活动产生的现金流。
4. 公司制度的优点:有限责任,易于转让所有权，永续经营。
缺点：公司税对股东的双重课税。
第二章会计报表与现金流量资产= 负债+ 所有者权益（非现金项目有折旧、递延税款）EBIT（经营性净利润）= 净销售额—产品成本—折旧EBITDA = EBIT + 折旧及摊销现金流量总额CF(A) = 经营性现金流量—资本性支出—净运营资本增加额= CF(B）+ CF（S)经营性现金流量OCF = 息税前利润+ 折旧- 税资本性输出= 固定资产增加额+ 折旧净运营资本= 流动资产- 流动负债第三章财务报表分析与财务模型1. 短期偿债能力指标（流动性指标）流动比率= 流动资产/流动负债（一般情况大于一）速动比率= （流动资产—存货)/流动负债(酸性实验比率）现金比率= 现金/流动负债流动性比率是短期债权人关心的，越高越好；但对公司而言,高流动性比率意味着流动性好，或者现金等短期资产运用效率低下。
对于一家拥有强大借款能力的公司，看似较低的流动性比率可能并非坏的信号2。
长期偿债能力指标（财务杠杆指标)负债比率= (总资产—总权益)/总资产or （长期负债+ 流动负债)/总资产权益乘数= 总资产/总权益= 1 + 负债权益比利息倍数= EBIT/利息现金对利息的保障倍数（Cash coverage radio）= EBITDA/利息3。
资产管理或资金周转指标存货周转率= 产品销售成本/存货存货周转天数= 365天/存货周转率应收账款周转率= （赊）销售额/应收账款总资产周转率= 销售额/总资产= 1/资本密集度4. 盈利性指标销售利润率= 净利润/销售额资产收益率ROA = 净利润/总资产权益收益率ROE = 净利润/总权益(完整word版)CorporateFinance重点知识整理5. 市场价值度量指标市盈率= 每股价格/每股收益EPS 其中EPS = 净利润/发行股票数市值面值比= 每股市场价值/每股账面价值企业价值EV = 公司市值+ 有息负债市值- 现金EV乘数= EV/EBITDA6. 杜邦恒等式ROE = 销售利润率（经营效率）x总资产周转率(资产运用效率）x权益乘数(财杠）ROA = 销售利润率x总资产周转率7. 销售百分比法假设项目随销售额变动而成比例变动，目的在于提出一个生成预测财务报表的快速实用方法。
[精选]罗斯《公司理财》(厦门大学沈艺峰老师)上
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第一章 导 论 Chapter 1 Introduction
《公司理财》的课程内容
可持续增长模型
公司理财 Corporate Finance
1
外部资金需要量
财务分析
如何才能顺利通过本门课程？ How to survive？
• 案例（case） 20%Biblioteka • 期中测试20%
• 期末考试（final examination） 50%
• 做好各项财务收支的计划、控 制、核算、分析和考核工作
• 依法合理筹集资金
• 有效利用各项资产，努力提高 经济效益
第一章 导 论 Chapter 1 Introduction
公司理财的环境
• 金融环境 • 税收环境 • 法律环境 • 社会环境 • 政府
公司理财 Corporate Finance
公司理财 Corporate Finance
1
第四章 流动资金管理 Chapter 4 Working Capital Management
流动资金管理
• 流动资金（Working Capital）指占用在流动 资产上的资金。
• 流动资产指可在一年内 或一个营业周期内转换 成现金或运用的其他资 产。
Q* = 最优库存现金持有量
公司理财 Corporate Finance
1
第四章 流动资金管理 Chapter 4 Working Capital Management
米勒-俄尔（Miller-Orr）模型
3b 2
3
Z= 4i
h = 3Z
Z = 最优库存现金持有量 b = 变现成本
= 日净现金流量的方差
可持续增长模型-另一种思维
• 资产=负债 + 权益
公司理财第九版罗斯课后案例答案 Case Solutions Corporate Finance
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。
Corporate finance专业词汇手册
Chapter 1: introduction to corporate financeCorporate finance（financial management）：公司财务、公司金融、财务管理Capital budgeting：资本预算Capital structure：资本结构Working capital management：流动资本管理Sole proprietorship：独资制、单一业主制Partnership：合伙制Corporation：公司、股份公司Profit maximization ：利润最大化Agency relation：委托代理关系Agency problem：委托代理问题Managerial compensation：管理层报酬Corporate control：公司控制Primary market ：一级市场、发行市场Secondary market：二级市场、交易市场Chapter 2: financial statements, taxes and cash flow Financial statements: 财务报表Cash flow:现金流Accounting value:会计Net income：净利润Depreciation:折旧The balance sheet：资产负债表The income statement 损益表Current asset流动资产Fixed asset固定资产Inventory存货Current liabilities流动负债Bond债券Bondholder债券持有人Shareholder’s equity/common equity/owner’s equity股东权益Balance sheet identity资产负债表等式Net working capital 营运资本Capital spending:资本支出Liquidity：流动性Generally accepted accounting principles：公认会计准则Historical cost：历史成本The income statement：损益表Operating cash flow：经营现金流Earnings per share（EPS）每股收益Earnings before interest and taxes(EBIT):息税前利润Revenue ：收入Chapter 3: working with financial statementsShort-term solvency/liquidity ratios ：短期偿债能力、流动比率Long-term solvency/financial leverage ratios：长期偿债能力、财务杠杆比率Asset management or turnover ratios：资产周转比率Profitability ratios：盈利比率Market value ratios：市场价值比率Quick (acid-test ratio)：速动比率/酸性比率Debt-equity ratio：债务权益比Equity multiplier：权益乘数Long-term debt ratio：长期债务比率Inventory turnover：存货周转率Days’ sales in inventory：存货周转天数Receivables turnover ：应收账款周转率Days’ sales in receivables：应收账款周转天数Return on assets：资产报酬率Return on equity：权益报酬率Price-earning ratio ：市盈率Market-to-book ratio ：市净率Chapter 5 and chapter 6: discounted cash flow valuationtime value of money: 货币时间价值future value：终值compounding/interest on interest：复利/利滚利present value：现值discount rate：贴现率discounted cash flow (DCF) valuation：贴现现金流股价Annuities：年金Perpetuities：永续年金Preferred stock：优先股Common stock:普通股Interest-only loan：纯利息贷款Amortized loan：分期偿还贷款Chapter 7 and chapter 8: interest rates ,bond valuation and stock valuation Bond:债券Bond’s coupons：债券票面利息Face value/ par value：面值Par value bond：平价债券Bond’s time to maturity：债券到期Yield to maturity (YTM)：到期收益率Discount bond：折价债券Premium bond: 溢价债券Interest rate risk：利率风险Semiannual coupons：一年付息两次债券Zero coupon bond：零息债券Floating-rate bond：浮动利率债券Common stock:普通股The dividend growth model：股利增长模型Cumulative voting：累计投票Straight voting：直接选举Chapter 9: net present value and other investment criteria Net present value: 净现值Payback rule：回收期Discounted payback：折现回收期average accounting return：平均会计报酬率Internal rate of return：内部报酬率Mutually exclusive investments：互斥投资项目Profitability index：获利能力指数Chapter 10 and chapter 11:Making capital investment decisions and project analysis Incremental cash flows:增量现金流Sunk costs：沉没成本Opportunity costs：机会成本Side effects：副作用Financing costs：融资成本Scenario analysis：情境分析Sensitivity analysis：敏感性分析Simulation analysis：模拟分析Break-even analysis：盈亏分析Fixed costs：固定成本Variable costs：变动成本Average cost versus marginal cost：平均成本/边际成本Operating leverage：经营杠杆Financial leverage：财务杠杆Chapter 12 and chapter 13: risk and return Risk premium：风险溢价Variability of returns：报酬率的变动Standard deviation：标准差Variance：方差Normal distribution：正态分布Arithmetic averages：算术均值Geometric averages：几何均值Capital market efficiency：资本市场有效性The efficient markets hypothesis (EMH)：有效市场假说Weak form efficient：弱有效Semi strong form efficient：半强有效Strong form efficient：强有效Chapter 12: return, risk and the security market lineExpected portfolio returns：期望组合收益率Portfolio risk：组合风险Security market line：证券市场线Diversification：多元化Portfolio risk：组合风险Systematic risk：系统风险Unsystematic risk：非系统风险Capital asset pricing model (CAPM)Chapter 14: cost of capital Weighted average cost of capital (WACC)Cost of capital：资本成本Cost of equity：股权成本Risk-free rate：无风险收益率Market risk premium：市场风险溢价Flotation costs：发行成本Chapter 15: raising capitalVenture capital:风险资本Private equity：私募股权Public company/listed company：上市公司Go public：上市General cash offer：现金发行Rights offer：认股权发行/配股Initial public offering：首次公开发行Underwriter：承销商Chapter 16 and chapter 17: capital structure policy and dividend policy Bankruptcy costs ：破产成本Static theory of capital structure：资本结构静态权衡理论Pecking-order theory：啄食理论Cash dividend：现金股利Stock dividend ：股票股利Announcement date：宣告日Ex-dividend date：除息日Record date ：登记日Stock repurchase：股票回购Stock split：股票分拆。
corporate finance
V： 企业的价值 CFt：企业在各期预计得到的现金净流量 r： 对企业各期所得到的净现金流入量的贴现率 t： 各期现金流入的时间 N： 产生现金流量的总的期数
CFt V t t 1 (1 r)
n
公 司 金 融
二、影响股东财富最大化的因素 1、相关的社会职责与股东财富最大化。 2、委托－代理问题与股东财富最大化。 在公司财务中，主要有两种代理关系： 股东与经理之间的代理关系、股东与债权人 之间的代理关系。 代理成本（agency cost）：为减少代理 问题，通常会发生一系列代理费用，包括： 股东的监督成本；实施控制方法的成本。 如：为限制经理们的一些与股东利益相悖的 行为而导致的支出（审计支出）p.7 由于债权人得到的收益是固定的，股东的收 益是变化的，则债权人与股东间也会产生冲突
(三) 公司的组织形式
公 司 金 融
目前存在三种基本的企业形式，即独资制、合伙 制和公司制。三者的区别在于企业所有者的人数 、每个所有者对企业行为负的法律责任程度、企 业所得税待遇等。
1、独资企业（Sole Proprietorship） 是只有一个所有者的企业。企业的财产归所有 者个人所有，同时所有者对公司的全部债务负 责，企业利润作为企业家的普通所得课征。
公 司 金 融
对单一股东而言，股东财富最大化 是股东 各期获取的收益的现值与资本利得 之和的 最大化。对股份公司而言，则表现 为公司 股票市值的最大化。
公 司 金 融
公司价值（财富）最大化 决定企业价值或股东财富的，是企业经营 活动产生的净现金流量。现金流量的计算 既考虑了企业经营利润的高低，又考虑了 企业可以支配和使用的资金的多少及获取 这些现金的时间。企业价值由下式决定：
二、投资决策
公 司 1、做什么，即投资方向。 金 2、做多少，即投资的数量（投资额）的确 定。 融
公司金融课件
第二节 公司金融理论介绍
b、MM税模型
该模型认为：若考虑公司所得税因素，公司价值会随财 务杠杆的提高而增加。 MM税模型观点：负债公司的价值等于相同风险但无负 债公司的价值加上负债的节税利益，节税利益等于公司 税率乘以负债额。 用公式表示为：VL = VU + TC· B 式中：TC· B为节税额现值 MM税模型含义： ①公司负债后，利息可以计入成本由此形成节税利益。 ②节税利益增加了公司的收益和价值。 ③公司负债越多，价值越大。当公司目标是公司价值最 大化时，最佳的资本结构应该是100%负债。
第二节 公司金融理论介绍
（1）MM理论 MM定理的假设条件： Ⅰ公司在无税收环境下运营； Ⅱ公司的经营风险是可由息税前利润的标准差来衡量， 有相同的经营风险的公司即处于同类风险等级。 Ⅲ 现在和将来的投资者对公司未来的EBIT和风险的估 计完全相同。 Ⅳ 证券市场是完善的。 Ⅴ个人和公司的负债都没有风险，所以负债利率为无风 险利率，不论举债多少，条件不变。 Ⅵ 投资者预期的EBIT不变，即假设公司的增长率为零 ，从而所有现金流量都是年金(即盈利额不变)。
第二节 公司金融理论介绍
（3）传统理论 （一）主要观点：每个企业都有一个使其市场价值达到 最大化的最佳的资本结构，这个最佳资本结构通过保 持适度的负债比例来获得。 （二）基本假设： （1）负债成本Kd，股票成本Ke，以及加权平均资本成 本Ka均非固定不变，均可能随资本结构的变动而变动 （ 2）在一定的负债范围内利用财务杠杆作用，Kd和Ke 的上升均很不显著；但超过一定的负债范围后，Kd和 Ke均会不断加速上升。 （三）结论：加权平均资本成本从下降变为上升的转折 点就是加权平均资本成本的最低点，这时公司总价值 上升，该负债比率就是公司的最佳资本结构。
第一章财务管理导论Corporate Finance Financial Management
3
什么是财务管理?
财务管理解决下述三个问题 :
1.
2.
3.
投资决策：公司应该投资于什么样的长期资产?— —涉及到资本预算 融资决策：公司如何筹资，以支付投资支出所需 要的资金?——涉及到资本结构 营运资本管理：公司应该如何管理它在经营中的 现金流量（ cash flow ）?——涉及到净营运资 本决策
10
融资决策
公司应如何为长期投资筹集所需的长期资金? 这些长期资金将利用股东权益方式还是通过 借入资金方式筹集? 这属于企业的长期筹资决策。 资本结构（ Capital Structure）决策
11
融资决策
公司价值（The value of the firm ）可以被看做一个圆饼. 财务经理的目标是增加圆饼 的大小 资本结构（Capital Structure）决策可以视做 怎样去最佳地分割圆饼 70% 25% 50% 30% 股 Debt Debt权 负债 75% 50% Equity
由于对圆饼的分割（资本结构）将直接影响 到圆饼 大小（公司价值），因此资本结构决 策就非常重要
12
营运资本管理决策
企业应如何管理日常的财务活动，即企业应 如何取得短期资金以及是否要进行赊销?等等 这属于企业由流动资产和流动负债组成的营 运资金管理决策。 净营运资本=流动资产 - 流动负债
净营运资本（Net Working Capital）决策
虽然有限台伙企业的形式在石油天然气租赁和房地产等行业较为普遍但它对于许多其他经营活动并不很适合50有限合伙制企业区别有限合伙人limitedpartnership普通合伙人generalpartnership出资金额大部分95小部分5经营控制权对企业债务的责任仅仅以出资额为限承担有限责任以个人财产承担无限责任专业技术总体上承担无限责任和难以维持持续经营等不利因素使一些规模非常大的企业很难以合伙企业的组织形式进行运作
公司金融学前篇课件
• 公司金融理论的发展远远滞后于公司金融实践，在20 世 纪50 年代之前，包括公司金融在内的整个微观金融学缺 乏自己的理论构架，其研究方法是一般经济学中的供需 均衡分析法。因此，即便在美国，从事微观金融学研究 的学者在学界也缺乏其应有的学术地位。
• 20 世纪50 年代，规范的公司金融理论开始形成。马柯 维茨的投资组合选择理论以及莫迪利亚尼和米勒的无税 MM 理论是现代公司金融乃至整个微观金融学的发端。从 此以后，现代金融学有了自己的分析方法，即无套利均 衡分析方法。
常可以使你避免采取最差的行动，它是一个次优
化准则。
17
种类
含义
应用及应注意的问题
（1）主要应用于直接投资项目；（2）还
有价值的创 意原则
指新创意能获得额外报酬。
可应用于经营和销售活动创新的优势都是 暂时的，企业长期的竞争优势，只有通过
一系列的短期优势才能维持。
指专长能创造价值。比较优
比较优势原 势原则要求企业把主要精力 （1）“人尽其才、物尽其用”；（2）优
公司金融学
刘昕
郑州师范学院经济管理学院 经济系讲师
1
• 在我国，公司金融( Co叩orate Finance) 也称财务管理 或公司财务学或公司理财。
• 这种译法源自20 世纪80 年代中期，我国会计学界的学 者首先从西方国家的商学院引入了"Corporate Finance" 和" Financial Management" ，并将其译成财务管理或 公司财务学，一直沿用至今。
• 20 世纪70 年代以后，随着公司经营和金融市场逐渐国 际化，通货膨胀、利率变动、汇率波动、税制差异、全 球经济不确定性等外部因素对公司的影响日益加剧，并 渗透进了公司金融的各种决策中。一方面，公司的金融 活动更加丰富多彩，使公司CFO 变得更加炙手可热;另一 方面，公司金融的环境变得扑朔迷离，使公司价值创造 过程戈得越来越复杂。
Corporate Finance 公司理财 机械工业出版社 Ross Ch026第26章答案
《Corporate Finance》公司理财Stephen A.Ross机械工业出版社Chapter 26: Short-Term Finance and Planning26.1 Start with the basic balance sheet equation, and substitute known definitions:Assets = Liabilities + EquityCurrent Assets + Fixed Assets = Current Liabilities + Long-Term Debt + EquitySince Net Working Capital = Current Assets - Current Liabilities,subtract Current Liabilities from both sides and substitute NWC:Net Working Capital + Fixed Assets = Long-Term Debt + Equityand we know that Current Assets = Cash + Other Current Assets, so we cansubstitute as:Cash + Other Current Assets - Current Liabilities= Long-Term Debt + Equity - Fixed AssetsThen finally write in terms of cash:Cash =Long-Term Debt + Equity - Net Working Capital (excluding cash) - Fixed Assets26.2 a. Decreaseb. Decreasec. No changed. Increasee. No changef. No changeg. Increaseh. No changei. Increasej. Decreasek. Increasel. No changem. No changen. No changeo. Decreasep. Decreaseq. No changer. Decrease26.3 Sources and Uses of Cash20X6Sources of cash:Cash from operationsNet income $68,600Depreciation 5,225Decrease in net working capitalIncrease in accounts payable 5,500New stock 3,000Total sources of cash $82,325Uses of cash:Increase in fixed assets $12,725Dividends 30,800Increase in net working capitalInvestment in inventory 3,750Increase in accounts receivable 9,750Decrease in accrued expenses 3.300Decrease in long-term debt 15,000Total uses of cash $75,325Change in cash balance $7,000 26.4 Following example in Tables 26.1 & 26.2:Sources and Uses of Cash20X6Sources of cash:Cash from operationsNet income $83,000Depreciation 50,000Total cash flow from operations 133,000Decrease in net working capitalDecrease in inventory 114,000Increase in accounts payable 23,000Increase in loans payable 376,000Total sources of cash $646,000Uses of cash:Increase in fixed assets $139,000Dividends 100,000Increase in net working capitalIncrease in accounts receivable 251,000Decrease in taxes payable 132,000Decrease in accrued expenses 11,000Total uses of cash $633,000Change in cash balance $13,00026.5First find the applicable component ratios:Inventory turnover ratio = ()20044060/2Costs of Good Sold Average Inventory==+Receivable turnover ratio =()Credit Sales 2406Average Receivables 3050/2==+Accounts payable turnover ratio = 200(1030)/210+=Days in inventory =days per year 365inventory turnover 4=Days in receivables = days per year 365receivables turnover 6=Days in payables = days per year 365accounts payables turnover 10=a.Operating cycle =Days in Days in 365365152.1 days Inventory Receivables 46+=+=b. Cash cycle = Days in 365operating cycle - 152.1115.6 days Payables 10=-=26.6 a.The operating cycle begins when inventory stock arrives at a firm and ends when cash is collected from receivables. The operating cycle is also the sum of the cash cycle and the accounts payable period.b.The cash cycle begins when cash is paid for materials and ends when cash iscollected from receivables. The cash cycle is the time between cash disbursement and cash collection.c. The accounts payable period is the length of time the firm is able to delay payment on the purchase of manufacturing resources.26.7 Cash cycle Operating cyclea. Decrease No changeb. No change Decreasec. Increase No changed. Decrease Decreasee. Increase Increasef. Decrease Decrease26.8 a. A flexible short-term financing policy maintains a high ratio of current assets to sales.The policy includes limited use of short-term debt and heavy reliance on long-termdebt.b. A restrictive short-term financing policy entails a low ratio of current assets to sales.This policy relies upon the use of short-term liabilities.c. If carrying costs are low and/or shortage costs are high, a flexible short-termfinancing policy is optimal.d. If carrying costs are high and/or shortage costs are low, a restrictive short-termfinancing policy is optimal.26.9 Shortage costs are those costs incurred by a firm when its investment in current assetsis low. These costs are of two types.i. Trading or order costs. Order costs are the costs of placing an order for more cash ormore inventory.ii. Costs related to safety reserves. These costs include lost sales, lost customer goodwill and disruption of production schedules.26.10 a. The current assets of Cleveland Compressor are financed largely by retained earnings.From 20X1 to 20X2, total current assets grew by $7,212. Only $2,126 of thisincrease was financed by the growth of current liabilities. Pnew York Pneumatic’scurrent assets are largely financed by current liabilities. Bank loans are the mostimportant of these current liabilities. They grew $3,077 to finance an increase incurrent assets of $8,333.b. Cleveland Compressor holds the larger investment in current assets. It has currentassets of $92,616 while Pnew York Pneumatic has $78,434 in current assets. Themain reason for the difference is the larger sales of Cleveland Compressor.26.10 (continued)c. Cleveland Compressor is more likely to incur shortage costs because the ratio ofcurrent assets to sales is 0.57. That ratio for Pnew York Pneumatic is 0.86. Similarly,Pnew York Pneumatic is incurring more carrying costs for the same reason, a higherratio of current assets to sales.26.11 A long-term growth trend in sales will require some permanent investment in currentassets. Thus, in the real world, net working capital is not zero. Also, the variationacross time for assets means that net working capital is unlikely to be zero at anypoint in time.26.12 a. To solve this problem you must assume that all sales are on credit and the remaining30% of credit sales (100% - 30% - 40%) are never collected. They are bad debts thatare written off the books.Let S be the sales in December. 30% of S will be collected in December and 40% ofS will be collected in January. You are told that the balance of Account Receivablesat the end of December is $36,000, and $30,000 of that amount is uncollectedDecember sales.Since 30% of December sales are collected in December, that $30,000 must be 70%of December sales:0.7S = $30,000S = $42,857b.December January February March Credit sales $42,875 $90,000 $100,000 $120,000.3(42875) .3(90000) .3(100000) .3(120000) Collections of current month =12,875 =27,000 =30,000 =36,000.4(42875) .4(90000) .4(100000) Collections of previous month =17,143 =36,000 =40,000January: $27,000 + $17,143 = $44,143February: $30,000 + $36,000 = $66,000March: $36,000 + $40,000 = $76,00026.13Quarter 1 2 3 4Sales (basic trend), millions 100 120 144 172.8Seasonal adjustments 0 -10 -5 15Sales projections 100 110 139 187.8Collection within month 30 33 41.7 56.3430% of current month adj salesCollection next month 50 55 69.550% of previous month adj sales26.14 First find the total collections of each month of the quarter:Credit sales and CollectionsSecond Quarter, 20X5March April May June Credit sales $180,000 $160,000 $140,000 $192,000Collections of current month 80,000 70,000 96,00050% of current salesCollections of previous month 72,000 64,000 56,00040% of previous salesTotal Collections $152,000 $134,000 $152,000Now, apply those data with those provided in the problem to complete the cashbudget:Cash BudgetSecond Quarter, 20X5April May JuneBeginning cash balance $200,000 $226,000 $282,000Cash receipts:Collections 152,000 134,000 152,000Total cash available $352,000 $360,000 $434,000Cash disbursements:Pay credit purchases $65,000 $68,000 $64,000Wages, taxes, expenses 8,000 7,000 8,400Interest 3,000 3,000 3,000Equipment purchases 50,000 0 4,000Total cash disbursed $126,000 $78,000 $79,400Ending cash balance $226,000 $282,000 $354,60026.15 The considerations in determining the most appropriate amount of short-termborrowing are:i. Cash reserves. Flexible financing strategy can reduce financial distress possibility,but it may reduce the return on equity.ii. Maturity hedging. Financing long-term assets with short-term borrowing is inherently risky as the short-term interest rate is more volatile.iii. Term structure. On average, long-term borrowing is more costly than short-term borrowing.26.16 Short-term external financing options include:i. unsecured loans that can be either committed or uncommitted lines of credit.ii. secured loans that include blanket inventory lien, trust receipt, field-warehouse financing etc.iii.other sources like banker’s acceptances, commercial paper, ..., etc.《Corporate Finance》公司理财Stephen A.Ross机械工业出版社。
公司金融Chap0概要
The Balance-Sheet Model of the Firm
The Capital Budgeting Decision（资本预算）
Current Liabilities
Long-Term Debt Fixed Assets 1 Tangible 2 Intangible
Current Assets
References
Applied Corporate Finance: A User’s Manual (Second Edition) by Aswath Damodaran
爱斯华斯.达莫德伦，应用公司理财，机械工业出版社
Ross Stephen A.,公司理财(英文版, 第6版), 机械工
业出版社, 2002年4月
求如下：上市时间在一年（含一年）以上；至少已经公开了一个会计 年度的财务报表；尽量避免亏损企业；勿选择金融行业。
•
–
从以下几方面分析上市公司的相关金融决策
• • • 分析公司的治理结构； 分析企业的资本结构，判断企业是否负债不足，或过度负债； 研究企业的股利政策，决定股利支付的多少
–
撰写案例分析报告（PPT或WORD形式）
The Balance-Sheet Model of the Firm
The Net Working Capital Investment Decision （净营运资金）
Current Assets
Current Liabilities
Net Working Capital
Long-Term Debt
资金运动的管理 财务总监、公司金融
Board of Directors Chairman President Chief Executive Officer CEO Chief Operation Officer / COO Chief Financial Officer / CFO Treasurer
公司理财罗斯英文原书第九版第一章课件
How should short-term assets be managed and financed?
公司理财罗斯英文原书第九版第一章
Current Liabilities Long-Term
Debt
Shareholders’ Equity
The Financial Manager
The Financial Manager’s primary goal is to increase the value of the firm by: 1. Selecting value creating projects 2. Making smart financing decisions
Know the goal of financial management Understand the conflicts of interest that can arise between
owners and managers Understand the various regulations that firms face
Current Assets
Current Liabilities
Long-Term Debt
Fixed Assets 1 Tangible 2 Intangible
What longterm investments should the firm choose?
公司理财罗斯英文原书第九版第一章
Shareholders’ Equity
Know the basic types of financial management decisions and the role of the Financial Manager
Corporate Finance 公司理财 机械工业出版社 Ross Ch029第29章答案
《Corporate Finance》公司理财Stephen A.Ross机械工业出版社Chapter 29: Mergers and Acquisitions29.1 The salient point here is that both firms are shown at market value. Therefore, Lageris paying 300,000 for an asset valued at 200,000 (the total value of PhiladelphiaPretzel shown on the balance sheet). The merger creates $100,000 of goodwill(300,000 - 200,000).Balance SheetLager Brewing(in $ thousands)Current assets $480 Current liabilities $200Other assets 140 Long-term debt 400Net fixed assets 580 Equity 700Goodwill 100Total assets $1,300 Total liabilities $1,300 29.2 In this problem, Lager is paying 300,000 for an asset worth 240,000. Since thebalance sheet for Philadelphia Pretzel shows assets at book value instead of marketvalue, the goodwill will be only $60,000 (=$300,000 - $240,000). Thus, the net fixedassets are $620,000 (=$1,300,000 - $480,000 - $140,000 - $60,000).Balance SheetLager Brewing(in $ thousands)Current assets $480 Current liabilities $200Other assets 140 Long-term debt 400Net fixed assets 620 Equity 700Goodwill 60Total assets $1,300 Total liabilities $1,30029.3 Now, they will use the pooling-of-interests method, so the assets are carried at thepre-merger levels, and the aggregate value of the two firms is unchanged by themerger.Balance SheetLager Brewing(in $ thousands)Current assets $480 Current liabilities $280Other assets 140 Long-term debt 100 Net fixed assets 580 Equity820 Total assets $1,200 Total liabilities $1,20029.4a. False. Although the reasoning seems correct, the Stillman-Eckbo data do not support the monopoly power theory.b.True. When managers act in their own interest, acquisitions are an important control device for shareholders. It appears that some acquisitions and takeovers are the consequence of underlying conflicts between managers and shareholders. c.False. Even if markets are efficient, the presence of synergy will make the value of the combined firm different from the sum of the values of the separate firms. Incremental cash flows provide the positive NPV of the transaction.d.False. In an efficient market, traders will value takeovers based on “Fundamental factors” regardless of the time horizon. Recall that the evidence as a whole suggests efficiency in the markets. Mergers should be no different.e.False. The tax effect of an acquisition depends on whether the merger is taxable or non-taxable. In a taxable merger, there are two opposing factors to consider, the capital gains effect and the write-up effect. The net effect is the sum of these two effects.f.True. Because of the coinsurance effect, wealth might be transferred from thestockholders to the bondholders. Acquisition analysis usually disregards this effect and considers only the total value.29.5Recall that the PV of a perpetuity is found asCFPV =iwhere CF is the cash flow received yearly and i is the annual discount rate.So, for Small Fry, the value is found as8Value =50.16= When the rate is the unknown, solve for i . So, for the Benefits from acquisition:542.55.117642.5ii ===Similar for all but the last entry.29.5(continued)For the final entry, first sum the component values, then use that to solve for the rate:Whale-Fry SmallFry Whale Benefits from AcquisitionValue Value + Value + Value 5025042.5292.5==++=33292.5.1128ii ==Now, apply the same techniques to fill-in the remaining numbers:(in $ millions) Net Cash Flow Per Year (Perpetual)DiscountRate (%) Value Small Fry 8 16% 50 Whale 20 10% 200 Benefits from Acquisition: 5 11.76% 42.5 Revenue Enhancement 2.5 20% 12.5 Cost Reduction 2 10% 20 Tax Shelters 0.5 5% 10 Whale-Fry $33 11.28% $292.5Per share price = ($292.5-100)/5 = $38.529.6a.To find the distribution of joint values, we first must find the joint probabilities.First, find the joint probabilities for each possible combination of weather in the two towns. The weather conditions are independent, therefore, the joint probabilities are the products of the individual probabilities.Possible states Joint probability Rain Rain 0.1 x 0.1=0.01 Rain Warm 0.1 x 0.4=0.04 Rain Hot 0.1 x 0.5=0.05 Warm Rain 0.4 x 0.1=0.04 Warm Warm 0.4 x 0.4=0.16 Warm Hot 0.4 x 0.5=0.20 Hot Rain 0.5 x 0.1=0.05 Hot Warm 0.5 x 0.4=0.20 Hot Hot0.5 x 0.5=0.25Next, note that the revenue when rainy is the same regardless of which town. So,since the state "Rain - Warm" has the same outcome (revenue) as "Warm - Rain",their probabilities can be added. The same is true of "Rain - Hot" / "Hot - Rain" and"Warm - Hot" / "Hot - Warm". Thus the joint probabilities are29.6 (continued)Possible states Joint probabilityRain Rain 0.01Rain Warm 0.08Rain Hot 0.10Warm Warm 0.16Warm Hot 0.40Hot Hot 0.25Finally, the joint values are the sums of the values of the two companies for theparticular state.Possible states Joint valueRain Rain 100,000 + 100,000 $200,000Rain Warm 100,000 + 200,000 300,000Warm Warm 200,000 + 200,000 400,000Rain Hot 100,000 + 400,000 500,000Warm Hot 200,000 + 400,000 600,000Hot Hot 400,000 + 400,000 800,000b. Recall, if a firm cannot service its debt, the bondholders receive the value of theassets. Thus, the value of the debt is the value of the company if the face value of thedebt is greater than the value of the company. If the value of the company is greaterthan the value of the debt, the value of the debt is its face value. Here the value of thecommon stock is always the residual value of the firm over the value of the debt.Joint Prob. Joint Value Debt Value Stock Value0.01 $200,000 $200,000 $00.08 300,000 300,000 00.16 400,000 400,000 00.10 500,000 400,000 100,0000.40 600,000 400,000 200,0000.25 800,000 400,000 400,000c. To show that the value of the combined firm is the sum of the individual values, youmust show that the expected joint value is equal to the sum of the separate expectedvalues.Expected joint value = 0.01($200,000) + 0.08($300,000) + 0.16($400,000) +0.10($500,000) + 0.40($600,000) + 0.25($800,000)= $580,00029.6 (continued)Since the firms are identical, the sum of the expected values should be twice theexpected value of either.Expected individual value = 0.1($100,000) + 0.4($200,000) + 0.5($400,000)= $290,000Expected combined value = 2 ($290,000) = $580,000which is the same as the expected joint valued. The bondholders are better off if the value of the debt after the merger is greater thanthe value of the debt before the merger.Value of the debt before the merger:debt value, either company = 0.1($100,000) + 0.4($200,000) + 0.5($200,000)= $190,000Total debt value, pre-merger = 2($190,000)= $380,000To get the expected debt value, post-merger, find the weighted average of the debtvalues under the 6 possible states:debt value, post-merger = 0.01($200,000) + 0.08($300,000) + 0.16($400,000)+ 0.10($400,000) + 0.40($400,000) +0.25($400,000)= $390,000The bondholders are $10,000 better off after the merger.29.7 The decision hinges upon the risk of surviving. That is, consider the wealth transferfrom bondholders to stockholders when risky projects are undertaken. High-riskprojects wil l reduce the expected value of the bondholders’ claims on the firm. Thetelecommunications business is riskier than the utilities business.If the total value of the firm does not change, the increase in risk should favor thestockholder. Hence, management should approve this transaction.If the total value of the firm drops because of the transaction, and the wealth effect islower than the reduction in total value, management should reject the project.29.8 If the market is “smart,” the P/E ratio will not be constant.a. Value = $2,500 + $1,000 = $3,500b. EPS = Post-merger earnings / Total number of shares=($100 + $100)/200 =$1c. Price per share = Value/Total number of shares=$3,500/200 =$17.50d. If the market is “fooled,” the P/E ratio w ill be constant at 25.EPS = Post-merger earnings / Total number of shares= $200/200 = $1.00Price = P/E * EPS = 25 * $1 = $25Value = Post-merger Price * Total number of shares= $25 * 200 = $5,00029.9 a. After the merger, Arcadia Financial will have 130,000 [=10,000 + (50,000)(6/10)]shares outstanding. The earnings of the combined firm will be $325,000. Theearnings per share of the combined firm will be $2.50 (=$325,000/130,000). Theacquisition will increase the EPS for the stockholders from $2.25 to $2.50.b. There will be no effect on the original Arcadia stockholders. No synergies exist inthis merger since Arcadia is buying Coldran at its market price. Examining therelative values of the two firms demonstrates this.First, find the pre-merger stock prices:()16 * $225,000Share price of Arcadia =100,000= $36()10.8 * $100,000Share price of Coldran =50,000= $21.60Now, compare the relative value of these prices: $21.6/$36 = 0.6.Since the problem states that Coldran’s shareholders receive 0.6 shares of Arcadia forevery share of Coldran, no synergies exist.29.10 a.The synergy will be the present value of the incremental cash flows of the proposed purchase. Since the cash flows are perpetual, this amount is000,500,7$08.0000,600$=b.The value of Flash-in-the-Pan to Fly-by-Night is the synergy plus the current market value of Flash-in-the-Pan.V $7,500,000 $20,000,000 $27,500,000=+=c. The value of each alternative is:Cash alternative = $15,000,000Stock alternative = 0.25 ($27,500,000 + $35,000,000)= $15,625,000d. Since these values are already in PV terms, the NPVs are simply Value - Cost:NPV of cash alternative $27,500,000 - $15,000,000$12,500,000NPV of stock alternative $27,500,000 - $15,625,000$11,875,000====e.Use the cash alternative, because its NPV is greater.29.11 a.The value of Portland Industries before the merger is $9,000,000 (=750,000x12).Recall that the discounted value of CF's growing at a constant rate is given by()CF 1+g PV =r-gwhere r is the risk-adjusted discount, and g is the growth rate.We can use this to determine the effect of the changed growth rate, but first we must find the value of r for Portland:Since the value of Portland is also the value of the expected future dividends, we can write using the above :$1.80*250,000*1.05$9,000,000 =(r 0.05)-and solving for r, find r = 0.1025Then, applying the new growth rate, find the value of Portland Industries after the merger is29.11(continued)($1.80*250,000)1.07Value (0.10250.07)$14,815,385=-= This is the value of Portland Industries to Freeport.b.NPV= Gain - Cost= Value of Portland - (Price * #shares)= $14,815,385 - ($40 * 250, 000)= $ 4,815,385c.If Freeport offers stock, the value of Portland Industries to Freeport is the same, but the cost differs:Value of the combined firm =(Value of Freeport before merger) + (Value of Portland to Freeport) = $15 * 1,000,000 + $14,815,385 = $29,815,385Cost = (Fraction of combined firm owned by Portland’s stockholders)* (Value of the combined firm)600,000Fraction of ownership 1,000,000600,0000.375=+=Cost 0.375*$29,815,385$11,180,769NPV $14,815,385 - $11,180,769$3,634,616====d. From parts b & c, we have:NPV(cash offer)4,815,385NPV(stock offer)3,634,616==Therefore, the acquisition should be attempted with a cash offer since it provides a higher NPV.29.11(continued)e.Recalculate the value found in part a for Portland, with a revised growth of 6%, instead of 7%:($1.80*250,000)1.06Value (0.10250.06)$11,223,529=-= This is the revised value of Portland Industries to Freeport.Then, the revised NPV(cash offer) :NPV= Gain-Cost=$11,223,529 - ($40x250,000)=$1,223,529Now find the revised NPV(stock offer):As with the 7% version, if Freeport offers stock, the value of Portland Industries to Freeport is the same, but the cost differs.Value of the combined firm =(Value of Freeport before merger) + (Value of Portland to Freeport) = $15 * 1,000,000 + $11,223,529 = $26,223,529Cost = (Fraction of combined firm owned by Portland’s stockholders)* (Value of the combined firm)600,000Fraction of ownership 1,000,000600,0000.375=+= Cost 0.375*$26,223,529$9,833,823NPV $11,223,529 - $9,833,823$1,389,706====So, now we haveNPV(cash offer)1,223,529NPV(stock offer)1,389,706==The acquisition should be attempted with a stock offer since it provides a higher NPV.29.12 a.Number of shares after acquisition (in millions)= 30 + 15 = 45Stock price of Harrods after acquisition:value 1,000Price == = 22.22 pounds # shares 45b.Let α= fraction of ownership. Then,α* 1 billion = 300 million α= 30%New Shares IssuedFractional ownership New Shares Issued + Old SharesNew Shares Issued30%New Shares Issued 30 millionNew Shares Issued =12.86 million==+So, the exchange ratio isnew shares 12.86.643shares in acquired firm 20==which we can also write as 12.86 : 20 = 0.643 : 1The proper exchange ratio sh ould be 0.643 to make the stock offer’s value to Selfridge equivalent to the cash offer.29.13To evaluate this proposal, look at the present value of the incremental cash flows.First, using the information in the problem and in the table for cash projections for Company B, fill in the table of Cash Flows to Company A (in $ million) Year 0 1 2 3 4 5 Acquisition of B -550 Dividends from B 150 32 5 20 30 45 Tax-loss carryforwards 25 25 Terminal value 600 Total -400 32 30 45 30 645The additional cash flows from the tax-loss carry forwards and the proposed level of debt should be discounted at the cost of debt because they are determined with very little uncertainty.The after-tax cash flows are subject to normal business risk and must be discounted at a normal rate.bond 8%6%8%0.25β-==29.13 (continued)20.25 1.25*0.751company β=+=Discount rate for normal operations:r = 6% + 8% (1) = 14%To find the discount rate for dividends:The new beta coefficient for the company, 1, must be the weighted average of the debt beta and the stock beta.company debt debt stock stockstock stockstock weight *weight *1 = 0.5(0.25) + 0.5()so, solving for = 1.75ββββββ=+and now we have:r = 6% + 8%(1.75) = 20%Putting all this together for the total NPV (in millions):2.21$17.204$43.467$85.19$43.21$08.18$47.14$57.11$47.3$67.26$400$)08.1(300$)14.1(900$)08.1(25$)08.1(25$)2.1(45$)2.1(30$2.1(20$)2.1(5$2.132$400$NPV 5532543)2-=-++++++++-=-++++++++-=Because the NPV of the acquisition is negative, Company A should not acquireCompany B.29.14 The commonly used defensive tactics by target-firm managers include:i.corporate charter amendments like super-majority amendment or staggering the election of board members. ii.repurchase standstill agreements. iii.exclusionary self-tenders. iv.going private and leveraged buyouts. v.other devices like golden parachutes, scorched earth strategy, poison pill, ..., etc.Mini Case:U.S.Steel’s case. You have 3 choices: tender, or do not tender or sell in the market. If you do sell your shares in the market, at some point somebody else would need to make a decision to “tender” or “not tender” as well. It is important to recognize that the firm has about 60 million shares outstanding (since 30 million shares will give US Steel 50.1% of Marathon shares). Let’s consider the possible selling prices, which you will receive for each of the following scenarios:US Steel Tender offerIf US Steel’s tender offer fails, you are equally well off since your share value is determined by the market price.If you choose not to tender, and 30 million shares were tendered, US Steel succeeds to gain 50.1% control, you will only receive $85 a share.If you do tender, the price you will receive will be no worse than $85 a share and can be as high as $125 a share.Depending on the number of shares tendered, you will receive one of the following prices.If only 50.1% tendered, you will get $125 per share.If the shares tendered exceed 50.1% but less than 100%, you will get more than $105 a share.If all 60 million shares were tendered, you will get $105 per share:()()85$6030125$6030+ It is clear that, in the above 3 cases, when you are not sure about whether US Steel will succeed or not, you will be better off to tender your shares than not tender. This is because at best, you will only receive $85 per share if you choose not to tender.《Corporate Finance 》公司理财Stephen A.Ross机械工业出版社。
公司金融课后习题罗斯
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。
公司理财罗斯英文原书第九版第一章
1-16
现金流量的时点
年份
1 2 3 4 总计
新产品（方案A）
0 0 0 20000 20000
新产品（方案B）
4000 4000 4000
？
4000 16000
哪个方案更好？
1-17
现金流量的风险
悲观 一般 乐观
欧洲
75000
100000
125000
日本
0
100000
200000
选择日本投资吗？
1-1
Chapter Outline
1.1 What is Corporate Finance?
1.2 The Corporate Firm
1.3 The Importance of Cash Flows
1.4 The Goal of Financial Management 1.5 The Agency Problem and Control of the Corporation 1.6 Regulation
1-13
Voting Rights
Taxation Reinvestment and dividend payout Liability
Double Broad latitude
Limited liability
Continuity
Perpetual life
1.3 The Importance of Cash Flow
The corporate form of business is the standard method for solving the problems encountered in raising large amounts of cash. However, businesses can take other forms.
公司理财(罗斯)第2章(英文)
2-2
Sources of Information
Annual reports Wall Street Journal Internet
2.1 The Balance Sheet 2.2 The Income Statement 2.3 Net Working Capital 2.4 Financial Cash Flow 2.5 The Statement of Cash Flows 2.6 Financial Statement Analysis 2.7 Summary and Conclusions
McGraw-Hill/Irwin Corporate Finance, 7/e 2005 The McGraw-Hill Companies, Inc. All Rights Reserved.
2-6
Debt versus Equity
Generally, when a firm borrows it gives the bondholders first claim on the firm’s cash flow. Thus shareholder’s equity is the residual difference between assets and liabilities.
Total assets
McGraw-Hill/Irwin Corporate Finance, 7/e
$1,879
$1,742
2005 The McGraw-Hill Companies, Inc. All Rights Reserved.
Corporate Finance 公司理财 机械工业出版社 Ross Ch031第31章答案
《Corporate Finance 》公司理财Stephen A.Ross机械工业出版社Chapter 31: International Corporate Finance31.1 a.In direct terms, $1.6317 / Pound In European terms, DM1.8110 / $ b. The Japanese yen is selling at a premium to the U.S. dollar in the forward markets.Today, at the spot rate, U.S.$ 1 buys ¥143, while at the 90-day future rate, U.S.$ 1 buys only ¥142.01. Clearly, Yen are getting more expensive in dollar terms.This is even easier to see in direct terms:At the spot rate, the yen cost just under 6 cents, while the 90-day yen costs over 7 cents.c. It will be important to Japanese companies that will receive or make payments in dollars. It will also be important to other international companies outside Japan that must make or receive payments in yen. For these companies, future cash flows depend on the exchange rate.d. The 3 month forward exchange rate is $0.6743 / SF. The amount of Swiss francs received will be SF148,301.94. = $100,000$0.6743/SF ⎡⎣⎢⎤⎦⎥. We should sell dollars, because at the spot rate, it would be SF 149,454,49. e. Let x yS be the spot rate of currency X for Y Pound/DM Pound/$$/DMS S S Pound 0.6129$0.5522= 1 $DM 1Pound 0.3384DM 1=⨯⎛⎫⎛⎫ ⎪⎪⎝⎭⎝⎭= Yen/SF Yen/$$/SFS S S ?0.6129$0.6691= 1 $SF 1?95.6813SF 1=⨯⎛⎫⎛⎫ ⎪⎪⎝⎭⎝⎭=f. Both banks reduce their exposure to foreign exchange risk. If a bank finds anotherbank with a complimentary mismatch of cash flows in terms of foreign currencies, itshould arrange a swap since both banks’ cash flows would be more closely matched.31.2 a. It is easiest to see this by considering from the point of view of the DM:DM DM2 and 4==$Land write as the inverse:$L0.5 and 0.25==DM DMThen write as a ratio:$$0.5DM 2.0===L L0.25DMFor no arbitrage, the quote for $L must be 2.0, but instead it is 1.8. Therefore, anarbitrage opportunity does exist.b. Similarly, 100 / 2 = 50, and the quote is ¥50/DM, so arbitrage does not existc. and 100/7.812.8=, but the quote is ¥14/HKD, meaning arbitrage does exist31.3 a. False. On the contrary, according to Relative Purchasing Power Parity, anexpectation of higher inflation in Japan should cause the yen to depreciate against thedollar.b. False. Assuming that the forward market is efficient, any expectation of higherinflation in France should be reflected in discounted French francs in the forwardmarket. Therefore, no protection from risk would be available by using forwardcontracts.c. True. The fact that other participants in the market do not have informationregarding the differences in the relative inflation rates in the two countries will makeour knowledge of this fact a special factor that will make speculation in the forwardmarket successful.31.4 The approximation formula given in the text is:**S where S rate of change in the BD/WD exchange rate inflation rate in Empire Black inflation rate in Empire White BD WD BD WD =∏-∏=∏=∏= Then, *S 10%5%5%0.05=-== So, the spot rate at year end is 31.4(continued) ()*10S = S 1+S 2.5(1.05)BD 2.625WD =+= 31.5 a. The Interest-rate parity theorem specifies:*1(0,1)(0)1i F S i +=+where:*i domestic interest ratei = foreign interest rateF(0,1) = current price of a 1 month forward contract S(0) = current domestic-currency price of spot foreign exchange= In this case, we have (and solving for the forward rate):US $FFFrance 1i F(0,3) = S(0)1+i ⎡⎤+⎢⎥⎣⎦Since S(0) is $/FF, we must take the inverse of the quote given in the problem, so1S(0)=0.166676=Since US France i and i are specified in the problem annually and we want the 3-month forward rate, we must find the 3-month interest rates, so:US France 5%i 3 1.25%128%i 32%12⎛⎫== ⎪⎝⎭⎛⎫== ⎪⎝⎭So, now we have:1.0125F(0,3) = 0.166671.02=0.16544⎡⎤⎢⎥⎣⎦ Convert this back to FF/$ (1/0.16544) and we get FF 6.04/$ b.Enter the buy-side position of a 3 month FF forward contract worth 1,000,000 x 6.04 = FF6.04 million. Then, when they buy the cosmetics 3 months from now, they will have the necessary French Francs, regardless of what happens to the FX markets during those 3 months. 31.6 a.Compare the end-of-period investment value of each country: Investment in the U.K.: The treasurer can obtain 2.5 million Pounds [= $5 million / ($2 / Pound)]. After investing in the U.K. for three months at 9% he will have 2,556,250 pounds [= 2.5 million pounds x (1 + 0.09 / 4)] The forward sale of pounds will provide $5,150,843.75 (= 2,556,250 Pounds x $2.015 / Pound). Investment in the U.S.: After investing in the U.S. for three months at 12%, the treasurer will have $5,150,000 [= $5,000,000 x (1 + 0.12 / 4)]. Since investing in the UK yields $843.75 more than investing in the US, the treasuere should invest in the UK. b. From the equation for interest-rate parity theorem:*1(0,1)(0)1i FS i +=+where:*i domestic interest ratei = foreign interest rateF(0,1) = current price of a 1 period forward contract S(0) = current domestic-currency price of spot foreign exchange=Instead of interpreting the period as 1 month as before and in the text, we can interpret it as 1 year. Then we haveUS UK 1i F(0,1) = S(0)1i 1.13$1.50/Pound 1.08$1.57/Pound⎛⎫+ ⎪+⎝⎭⎛⎫= ⎪⎝⎭=c.It all depends on whether the forward market expects the same appreciation over the period and whether the expectation is accurate. Assuming that the expectation is correct and that other traders do not have the same information, there will be value to hedging the currency exposure. 31.7 a.One possible reason investment in the foreign subsidiary might be preferred is if this investment provides direct diversification that shareholders could not attain by investing on their own. Another reason could be if the political climate in the foreign country was more stable than in the home country. Increased political risk can also be a reason you might prefer the home subsidiary investment. Indonesia can serve as a great example of political risk. If it cannot be diversified away, investing in this type of foreign country will increase the systematic risk. As a result, it will raise the cost of the capital, and could actually decrease the NPV of the investment. b. First, we need to forecast the future spot rates for the next 3 years. From interest rate and purchasing power parity, the expected exchange rate isUS $/DM WG 1iE[S(1)]$/DM(0)1i 1.113$0.5/DM 1.06$0.525/DM⎛⎫+= ⎪+⎝⎭⎛⎫= ⎪⎝⎭= Similarly,()2$/DM 1.113 E[S(2)]$0.5/DM 1.06$0.5513/DM⎛⎫= ⎪⎝⎭=()3$/DM 1.113 E[S(3)]$0.5/DM 1.06$0.5788/DM⎛⎫= ⎪⎝⎭=Now, use these future spot rates to estimate the future cash flows in dollars, anddiscount those dollar cash flows:$17,582$1,940,909$1,250,586$1,826,087$5,000,000 1.15$0.5788/DM 0)DM2,100,0000(DM3,000,01.15$0.5513/DM 0DM3,000,00 1.15$0.525/DM 0DM4,000,00$0.5/DM)00DM10,000,0(NPV 32=+++-=⨯++⨯+⨯+⨯-= c. Yes, the firm should undertake the foreign investment. If, after taking into consideration all risks, a project in a foreign country has a positive NPV, the firm should undertake it. Note that in practice, the stated assumption (that the adjustment to the discount rate has taken into consideration all political and diversification issues) is a huge task. But once that has been addressed, the net present value principle holds for foreign operations, just as for domestic. 31.7(continued) d. If the foreign currency depreciates, the U.S. parent will experience an exchange rate loss when the foreign cash flow is remitted to the U.S. This problem could be overcome by selling forward contracts. Another way of overcoming this problem would be to borrow in the country where the project is located. 31.8 a.Euroyen is yen deposited in a bank outside Japan. b. False. If the financial markets are perfectly competitive, the difference between the Eurodollar rate and the U.S. rate will be due to differences in risk and government regulation. Therefore, speculating in those markets will not be beneficial. c. The difference between a Eurobond and a foreign bond is that the foreign bond is denominated in the currency of the country of origin of the issuing company. Eurobonds are more popular than foreign bonds because of registration differences. Eurobonds are unregistered securities. d. A foreign bond. In this particular case, a Yankee bond. 《Corporate Finance 》公司理财 Stephen A.Ross 机械工业出版社。
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Criterion plc is considering an investment to manufacture and sell a new office appliance. The annual sales volume is expected to be 20,000 units for four years. The estimated sales revenue is £4,000,000 at today’s prices. The following cost information is available
The manufacture of the appliance will require an initial capital investment of
£2,400,000 payable immediately. The machine will be depreciated on a straight line basis over 5 years and will be scrapped at the end of the 5th year as it has no alternative use.
Part of the site to be used for the project is currently used for finished goods storage and alternative arrangements will be made to store the finished goods elsewhere at £20,000 p.a. if the project is approved. The rent and rates shown above is the normal annual cost of the site as shown in the current financial
statements. Other than the part used for storage none of the rest of the site is currently used but, under the terms of their lease, the company has to continue to pay for the site for the next 5 years whether the project goes ahead or not.
The company has already spent £80,000 on marketing and product development which has been included in the “other fixed costs” shown above. The “other fixed costs” of £400,000 in the information above also includes an apportionment from general company overheads of £240,000.
If this project goes ahead it will affect demand for an existing Criterion product. This product currently sells for £160 with variable costs of £80. The lost sales will be 20,000 units in years 1 and 2 and 10,000 units for the next two years
Tax is charged at 30% and is payable in the period. Working capital which must be in place at the beginning of each year will be 5% of the following year’s sales revenue. This will be released at the end of the project.
All information provided is at current prices and inflation is expected to be 5% per annum except for finance charges which are fixed. The cost of capital is 10%.
Required:
You are required to write a report to the Board of Criterion advising them on whether or not they should approve the project.
Most of the Board members are not familiar with capital investment appraisal methods so you need to explain the methods you have chosen to use and why these are helpful to their decision making.
You should explain the limitations of your work and include discussion of how you could incorporate risk into your calculations.
You should also make recommendations about any other factors that the Board should take into account in making their decision.
The report should be word processed in Arial 12 and double spaced.
All calculations should be included in an Appendix to the report and not in the main body of the report, although references to specific figures for discussion purposes may be included as required.
A hard copy including the calculations should be submitted
ANY EVIDENCE OF PLAGIARISM WILL RESULT IN A ZERO MARK FOR ALL CONCERNED.
Marking
A Calculations 25 marks
B Report
Structure and presentation of report 5 marks
Explanation of capital investment appraisal methods 15 marks Commentary on project 15 marks Overall recommendation on project 5 marks Limitations of methods 10 marks Risk commentary 15 marks Explanation of other factors 10 marks。