公司理财 罗斯 第9 版Chap014
英文版罗斯公司理财习题答案Chap014
CHAPTER 14CAPITAL STRUCTURE: BASIC CONCEPTSAnswers to Concepts Review and Critical Thinking Questions1.Assumptions of the Modigliani-Miller theory in a world without taxes: 1) Individuals can borrow atthe same interest rate at which the firm borrows. Since investors can purchase securities on margin, an individual’s effective interest rate is probably no higher than that for a firm.Therefore, this assumption is reasonable when applying MM’s theory to the real world.If a firm were able to borrow at a rate lower than individuals, the firm’s val ue would increase through corporate leverage.As MM Proposition I states, this is not the case in a world with no taxes. 2) There are no taxes. In the real world, firms do pay taxes. In the presence of corporate taxes, the value of a firm is positively related to its debt level. Since interest payments are deductible, increasing debt reduces taxes and raises the value of the firm. 3) There are no costs of financial distress. In the real world, costs of financial distress can be substantial. Since stockholders eventually bear these costs, there are incentives for a firm to lower the amount of debt in its capital structure. This topic will be discussed in more detail in later chapters.2.False. A reduction in leverage will decrease both the risk of the stock and its expected return.Modigliani and Miller state that, in the absence of taxes, these two effects exactly cancel each other out and leave the price of the stock and the overall value of the firm unchanged.3.False. Modigliani-Miller Proposition II (No Taxes) states that the required return on a firm’s equityis positively related to the firm’s debt-equity ratio [R S= R0+ (B/S)(R0–R B)]. Therefore, any increase in the amount of debt in a firm’s capital structure will increase the required return on the firm’s equity.4.Interest payments are tax deductible, where payments to shareholders (dividends) are not taxdeductible.5.Business risk is the equity risk arising from the nature of the firm’s operating activity, and is directlyrelated to the systematic risk of the firm’s assets. Financial risk is the equity risk that is due entirely to the firm’s chosen capital structure. As financial leverage, or the use of debt financing, increases, so does financial risk and, hence, the overall risk of the equity. Thus, Firm B could have a higher cost of equity if it uses greater leverage.6.No, it doesn’t follow. While it is true that the equity and debt costs are rising, the key thing toremember is that the cost of debt is still less than the cost of equity. Since we are using more and more debt, the WACC does not necessarily rise.7.Because many relevant factors such as bankruptcy costs, tax asymmetries, and agency costs cannoteasily be identified or quantified, it’s practically impossible to determi ne the precise debt/equity ratio that maximizes the value of the firm. However, if the firm’s cost of new debt suddenly becomes much more expensive, it’s probably true that the firm is too highly leveraged.8.It’s called leverage (or “gearing” in the UK) because it magnifies gains or losses.B-2 SOLUTIONS9.Homemade leverage refers to the use of borrowing on the personal level as opposed to the corporatelevel.10.The basic goal is to minimize the value of non-marketed claims.Solutions to Questions and ProblemsNOTE: All end-of-chapter problems were solved using a spreadsheet. Many problems require multiple steps. Due to space and readability constraints, when these intermediate steps are included in this solutions manual, rounding may appear to have occurred. However, the final answer for each problem is found without rounding during any step in the problem.Basic1. a. A table outlining the income statement for the three possible states of the economy is shownbelow. The EPS is the net income divided by the 2,500 shares outstanding. The last row shows the percentage change in EPS the company will experience in a recession or an expansion economy.Recession Normal ExpansionEBIT £5,600 £14,000 £18,200Interest 0 0 0NI £5,600 £14,000 £18,200EPS% EPS –60 –––+30b.If the company undergoes the proposed recapitalization, it will repurchase:Share price = Equity / Shares outstandingShare price = £150,000/2,500Share price = £60Shares repurchased = Debt issued / Share priceShares repurchased =£60,000/£60Shares repurchased = 1,000The interest payment each year under all three scenarios will be:Interest payment = £60,000(.05) = £3,000CHAPTER 14 B-3 The last row shows the percentage change in EPS the company will experience in a recession or an expansion economy under the proposed recapitalization.Recession Normal ExpansionEBIT £5,600 £14,000 £18,200Interest 3,000 3,000 3,000NI £2,600 £11,000 £15,200EPS%∆EPS –76.36 –––+38.182. a. A table outlining the income statement with taxes for the three possible states of the economyis shown below. The share price is still £60, and there are still 2,500 shares outstanding. The last row shows the percentage change in EPS the company will experience in a recession or an expansion economy.Recession Normal ExpansionEBIT £5,600 £14,000 £18,200Interest 0 0 0Taxes 1,960 4,900 6,370NI £3,640 £9,100 £11,830EPS%∆EPS –60 –––+30b. A table outlining the income statement with taxes for the three possible states of the economyand assuming the company undertakes the proposed capitalization is shown below. The interest payment and shares repurchased are the same as in part b of Problem 1.Recession Normal ExpansionEBIT £5,600 £14,000 £18,200Interest 3,000 3,000 3,000Taxes 910 3,850 5,320NI £1,690 £7,150 £9,880EPS%∆EPS –76.36 –––+38.18Notice that the percentage change in EPS is the same both with and without taxes.3. a.Since the company has a market-to-book ratio of 1.0, the total equity of the firm is equal to themarket value of equity. Using the equation for ROE:ROE = NI/£150,000B-4 SOLUTIONSThe ROE for each state of the economy under the current capital structure and no taxes is:Recession Normal ExpansionROE .0373 .0933 .1213%∆ROE –60 –––+30The second row shows the percentage change in ROE from the normal economy.b.If the company undertakes the proposed recapitalization, the new equity value will be:Equity = £150,000 – 60,000Equity = £90,000So, the ROE for each state of the economy is:ROE = NI/£90,000Recession Normal ExpansionROE .0222 .1156 .1622%∆ROE –76.36 –––+38.18c.If there are corporate taxes and the company maintains its current capital structure, the ROE is:ROE .0243 .0607 .0789%∆ROE –60 –––+30If the company undertakes the proposed recapitalization, and there are corporate taxes, the ROE for each state of the economy is:ROE .0144 .0751 .1054%∆ROE –76.36 –––+38.18Notice that the percentage change in ROE is the same as the percentage change in EPS. The percentage change in ROE is also the same with or without taxes.4. a.Under Plan I, the unlevered company, net income is the same as EBIT with no corporate tax.The EPS under this capitalization will be:EPS = €220,000/150,000 sharesEPS = €1.47Under Plan II, the levered company, EBIT will be reduced by the interest payment. The interest payment is the amount of debt times the interest rate, so:NI = €220,000 – .10(€1,500,000)NI = €70,000CHAPTER 14 B-5 And the EPS will be:EPS = €70,000/60,000 sharesEPS = €1.17Plan I has the higher EPS when EBIT is €220,000.b.Under Plan I, the net income is €650,000 and the EPS is:EPS = €650,000/150,000 sharesEPS = €4.33Under Plan II, the net income is:NI = €650,000 – .10(€1,500,000)NI = €500,000And the EPS is:EPS = €500,000/60,000 sharesEPS = €8.33Plan II has the higher EPS when EBIT is €650,000.c.To find the breakeven EBIT for two different capital structures, we simply set the equations forEPS equal to each other and solve for EBIT. The breakeven EBIT is:EBIT/150,000 = [EBIT – .10(€1,500,000)]/60,000EBIT = €250,0005.We can find the price per share by dividing the amount of debt used to repurchase shares by thenumber of shares repurchased. Doing so, we find the share price is:Share price = €1,500,000/(150,000 – 60,000)Share price = €16.67 per shareThe value of the company under the all-equity plan is:V= €16.67(150,000 shares) = €2,500,000And the value of the company under the levered plan is:V = €16.67(60,000 shares) + €1,500,000 debt = €2,500,000B-6 SOLUTIONS6. a.The income statement for each capitalization plan is:I II All-equityEBIT ฿10,000 ฿10,000 ฿10,000Interest 1,650 2,750 0NI ฿8,350 ฿7,250 ฿10,000EPSPlan II has the highest EPS; the all-equity plan has the lowest EPS.b.The breakeven level of EBIT occurs when the capitalization plans result in the same EPS. TheEPS is calculated as:EPS = (EBIT – R D D)/Shares outstandingThis equation calculates the interest payment (R D D) and subtracts it from the EBIT, which results in the net income. Dividing by the shares outstanding gives us the EPS. For the all-equity capital structure, the interest term is zero. To find the breakeven EBIT for two different capital structures, we simply set the equations equal to each other and solve for EBIT. The breakeven EBIT between the all-equity capital structure and Plan I is:EBIT/1,400 = [EBIT – .10(฿16,500)]/1,100EBIT = ฿7,700And the breakeven EBIT between the all-equity capital structure and Plan II is:EBIT/1,400 = [EBIT – .10(฿27,500)]/900EBIT = ฿7,700The break-even levels of EBIT are the same because of M&M Proposition I.c.Setting the equations for EPS from Plan I and Plan II equal to each other and solving for EBIT,we get:[EBIT – .10(฿16,500)]/1,100 = [EBIT – .10(฿27,500)]/900EBIT = ฿7,700This break-even level of EBIT is the same as in part b again because of M&M Proposition I.CHAPTER 14 B-7d.The income statement for each capitalization plan with corporate income taxes is:I II All-equityEBIT ฿10,000 ฿10,000 ฿10,000Interest 1,650 2,750 0Taxes 3,340 2,900 4,000NI ฿5,010 ฿4,350 ฿6,000EPSPlan II still has the highest EPS; the all-equity plan still has the lowest EPS.We can calculate the EPS as:EPS = [(EBIT – R D D)(1 – t C)]/Shares outstandingThis is similar to the equation we used before, except that now we need to account for taxes.Again, the interest expense term is zero in the all-equity capital structure. So, the breakeven EBIT between the all-equity plan and Plan I is:EBIT(1 – .40)/1,400 = [EBIT – .10(฿16,500)](1 – .40)/1,100EBIT = ฿7,700The breakeven EBIT between the all-equity plan and Plan II is:EBIT(1 – .40)/1,400 = [EBIT – .10(฿27,500)](1 – .40)/900EBIT = ฿7,700And the breakeven between Plan I and Plan II is:[EBIT – .10(฿16,500)](1 –.40)/1,100 = [EBIT – .10(฿27,500)](1 – .40)/900EBIT = ฿7,700The break-even levels of EBIT do not change because the addition of taxes reduces the income of all three plans by the same percentage; therefore, they do not change relative to one another.7.To find the value per share of the stock under each capitalization plan, we can calculate the price asthe value of shares repurchased divided by the number of shares repurchased. So, under Plan I, the value per share is:P = ฿11,000/200 sharesP = ฿55 per shareAnd under Plan II, the value per share is:P = ฿27,500/500 sharesP = ฿55 per shareB-8 SOLUTIONSThis shows that when there are no corporate taxes, the stockholder does not care about the capital structure decision of the firm. This is M&M Proposition I without taxes.CHAPTER 14 B-9 8. a.The earnings per share are:EPS = Rs.16,000/2,000 sharesEPS = Rs.8.00So, the cash flow for the company is:Cash flow = Rs.8.00(100 shares)Cash flow = Rs.800b.To determine the cash flow to the shareholder, we need to determine the EPS of the firm underthe proposed capital structure. The market value of the firm is:V = Rs.70(2,000)V = Rs.140,000Under the proposed capital structure, the firm will raise new debt in the amount of:D = 0.40(Rs.140,000)D = Rs.56,000This means the number of shares repurchased will be:Shares repurchased = Rs.56,000/Rs.70Shares repurchased = 800Under the new capital structure, the company will have to make an interest payment on the new debt. The net income with the interest payment will be:NI = Rs.16,000 – .08(Rs.56,000)NI = Rs.11,520This means the EPS under the new capital structure will be:EPS = Rs.11,520/1,200 sharesEPS = Rs.9.60Since all earnings are paid as dividends, the shareholder will receive:Shareholder cash flow = Rs.9.60(100 shares)Shareholder cash flow = Rs.960c.To replicate the proposed capital structure, the shareholder should sell 40 percent of theirshares, or 40 shares, and lend the proceeds at 8 percent. The shareholder will have an interest cash flow of:Interest cash flow = 40(Rs.70)(.08)Interest cash flow = Rs.224B-10 SOLUTIONSThe shareholder will receive dividend payments on the remaining 60 shares, so the dividends received will be:Dividends received = Rs.9.60(60 shares)Dividends received = Rs.576The total cash flow for the shareholder under these assumptions will be:Total cash flow = Rs.224 + 576Total cash flow = Rs.800This is the same cash flow we calculated in part a.d.The capital structure is irrelevant because shareholders can create their own leverage orunlever the stock to create the payoff they desire, regardless of the capital structure the firm actually chooses.9. a.The rate of return earned will be the dividend yield. The company has debt, so it must makean interest payment. The net income for the company is:NI = $73,000 – .10($300,000)NI = $43,000The investor will receive dividends in pr oportion to the percentage of the company’s share they own. The total dividends received by the shareholder will be:Dividends received = $43,000($30,000/$300,000)Dividends received = $4,300So the return the shareholder expects is:R = $4,300/$30,000R = .1433 or 14.33%b.To generate exactly the same cash flows in the other company, the shareholder needs to matchthe capital structure of ABC. The shareholder should sell all shares in XYZ. This will net $30,000. The shareholder should then borrow $30,000. This will create an interest cash flow of:Interest cash flow = .10($30,000)Interest cash flow = –$3,000The investor should then use the proceeds of the stock sale and the loan to buy shares in ABC.The investor will receive dividends in proportion to the percentage of the company’s share they own. The total dividends received by the shareholder will be:Dividends received = $73,000($60,000/$600,000)Dividends received = $7,300CHAPTER 14 B-11B-12 SOLUTIONSThe total cash flow for the shareholder will be:Total cash flow = $7,300 – 3,000Total cash flow = $4,300The shareholders return in this case will be:R = $4,300/$30,000R = .1433 or 14.33%c.ABC is an all equity company, so:R E= R A = $73,000/$600,000R E= .1217 or 12.17%To find the cost of equity for XYZ, we need to use M&M Proposition II, so:R E = R A + (R A– R D)(D/E)(1 – t C)R E = .1217 + (.1217 – .10)(1)(1)R E = .1433 or 14.33%d.To find the WACC for each company, we need to use the WACC equation:WACC = (E/V)R E + (D/V)R D(1 – t C)So, for ABC, the WACC is:WACC = (1)(.1217) + (0)(.10)WACC = .1217 or 12.17%And for XYZ, the WACC is:WACC = (1/2)(.1433) + (1/2)(.10)WACC = .1217 or 12.17%When there are no corporate taxes, the cost of capital for the firm is unaffected by the capital structure; this is M&M Proposition I without taxes.10.With no taxes, the value of an unlevered firm is the interest rate divided by the unlevered cost ofequity, so:V = EBIT/WACC¥35,000,000 = EBIT/.14EBIT = .14(¥35,000,000)EBIT = ¥4,900,000CHAPTER 14 B-13 11.If there are corporate taxes, the value of an unlevered firm is:V U = EBIT(1 – t C)/R UUsing this relationship, we can find EBIT as:¥35,000,000 = EBIT(1 – .40)/.14EBIT = ¥8,166,667The WACC remains at 14 percent. Due to taxes, EBIT for an all-equity firm would have to be higher for the firm to still be worth ¥35 million.12. a.With the information provided, we can use the equation for calculating WACC to find the costof equity. The equation for WACC is:WACC = (E/V)R E + (D/V)R D(1 – t C)The company has a debt-equity ratio of 1.5, which implies the weight of debt is 1.5/2.5, and the weight of equity is 1/2.5, soWACC = .12 = (1/2.5)R E + (1.5/2.5)(.12)(1 – .35)R E = .1830 or 18.30%b.To find the unlevered cost of equity, we need to use M&M Proposition II with taxes, so:R E = R0 + (R0– R D)(D/E)(1 – t C).1830 = R0 + (R0– .12)(1.5)(1 – .35)R U = .1519 or 15.19%c.To find the cost of equity under different capital structures, we can again use the WACCequation. With a debt-equity ratio of 3, the cost of equity is:.12 = (1/4)R E + (3/4)(.12)(1 – .35)R E = .2460 or 24.60%With a debt-equity ratio of 1.0, the cost of equity is:.12 = (1/2)R E + (1/2)(.12)(1 – .35)R E = .1620 or 16.20%And with a debt-equity ratio of 0, the cost of equity is:.12 = (1)R E + (0)(.12)(1 – .35)R E = WACC = .12 or 12%B-14 SOLUTIONS13.a. For an all-equity financed company:WACC = R U = R E = .12 or 12%b.To find the cost of equity for the company with leverage, we need to use M&M Proposition IIwith taxes, so:R E = R0 + (R0– R D)(D/E)(1 – t C)R E = .12 + (.12 – .08)(.1/.9)(1 – .35)R E = .1243 or 12.43%ing M&M Proposition II with taxes again, we get:R E = R0 + (R0– R D)(D/E)(1 – t C)R E = .12 + (.12 – .08)(.50/.50)(1 – .35)R E = .1460 or 14.60%d.The WACC with 10 percent debt is:WACC = (E/V)R E + (D/V)R D(1 – t C)WACC = .90(.1243) + .10(.08)(1 – .35)WACC = .1171 or 11.71%And the WACC with 50 percent debt is:WACC = (E/V)R E + (D/V)R D(1 – t C)WACC = .50(.1460) + .50(.08)(1 – .35)WACC = .0990 or 9.90%14. a.The value of the unlevered firm is:V = EBIT(1 – t C)/R0V = ₫95,000(1 – .35)/.22V = ₫280,681.82b.The value of the levered firm is:V = V U + t C DV = ₫280,681.82 + .35(₫60,000)V = ₫301,681.82CHAPTER 14 B-15 15.We can find the cost of equity using M&M Proposition II with taxes. Doing so, we find:R E = R0 + (R0– R D)(D/E)(1 – t)R E = .22 + (.22 – .10)(₫60,000/₫241,681.82)(1 – .35)R E = .2394 or 23.94%Using this cost of equity, the WACC for the firm after recapitalization is:WACC = (E/V)R E + (D/V)R D(1 – t C)WACC = .2394(₫241,681.82/₫301,681.82) + .10(1 –.35)(₫60,000/₫301,681.82)WACC = .2047 or 20.47%When there are corporate taxes, the overall cost of capital for the firm declines the more highly leveraged is the firm’s capital structure. This is M&M Proposition I with taxes.16. Since Unlevered is an all-equity firm, its value is equal to the market value of its outstanding shares.Unlevered has 10 million shares of common stock outstanding, worth ¥80 per share. Therefore, the value of Unlevered:V U = 10,000,000(¥80) = ¥800,000,000Modigliani-Miller Proposition I states that, in the absence of taxes, the value of a levered firm equals the value of an otherwise identical unlevered firm. Since Levered is identical to Unlevered in every way except its capital structure and neither firm pays taxes, the value of the two firms should be equal. Therefore, the market value of Levered, Inc., should be ¥800 million also. Since Levered has 4.5 million outstanding shares, worth ¥100 per share, the market value of Levered’s equity is:E L = 4,500,000(¥100) = ¥450,000,000The market value of Levered’s debt is ¥325 million. The value of a levered firm equals the market value of its debt plus the market value of its equity. Therefore, the current market value of Levered, Inc. is:V L = B + SV L = ¥325,000,000 + 450,000,000V L = ¥775,000,000The market value of Levered’s equity needs to be ¥475 million, ¥25 million higher than its current market value of ¥450 million, for MM Proposition I to hold. Since Levered’s market value is less than Unlevered’s market value, Levered is relatively underpriced and an investor should buy shares of the firm’s stock.B-16 SOLUTIONSIntermediate17.To find the value of the levered firm, we first need to find the value of an unlevered firm. So, thevalue of the unlevered firm is:V U = EBIT(1 – t C)/R0V U = (Rs.35,000)(1 – .35)/.14V U = Rs.162,500Now we can find the value of the levered firm as:V L = V U + t C DV L = Rs.162,500 + .40(Rs.70,000)V L = Rs.190,500Applying M&M Proposition I with taxes, the firm has increased its value by issuing debt. As long as M&M Proposition I holds, that is, there are no bankruptcy costs and so forth, then the company should continue to increase its debt/equity ratio to maximize the value of the firm.18.With no debt, we are finding the value of an unlevered firm, so:V = EBIT(1 – t C)/R0V = $9,000(1 – .35)/.18V = $32,500With debt, we simply need to use the equation for the value of a levered firm. With 50 percent debt, one-half of the firm value is debt, so the value of the levered firm is:V= V U + t C DV = $32,500 + .35($32,500/2)V = $38,187.50And with 100 percent debt, the value of the firm is:V= V U + t C DV = $32,500 + .35($32,500)V = $43,875CHAPTER 14 B-17 19.According to M&M Proposition I with taxes, the increase in the value of the company will be thepresent value of the interest tax shield. Since the loan will be repaid in equal installments, we need to find the loan interest and the interest tax shield each year. The loan schedule will be:Year Loan Balance Interest Tax Shield0 元1,000,0001 500,000 元80,000 .35(元80,000) = 元28,0002 0 40,000 .35(元40,000) = 元14,000So, the increase in the value of the company is:Value increase = 元28,000/1.08 + 元14,000/(1.08)2Value increase = 元37,928.6720. a.Since Alpha Corporation is an all-equity firm, its value is equal to the market value of itsoutstanding shares. Alpha has 5,000 shares of common stock outstanding, worth €20 per share, so the value of Alpha Corporation is:V Alpha = 5,000(€20) = €100,000b.Modigliani-Miller Proposition I states that in the absence of taxes, the value of a levered firmequals the value of an otherwise identical unlevered firm. Since Beta Corporation is identical to Alpha Corporation in every way except its capital structure and neither firm pays taxes, the value of the two firms should be equal. So, the value of Beta Corporation is €100,000 as well.c.The value of a levered firm equals the market value of its debt plus the market value of itsequity. So, the value of Beta’s equity is:V L = B + S€100,000 = €25,000 + SS = €75,000d.The investor would need to invest 20 percent of the total market value of Alpha’s equity,which is:Amount to invest in Alpha = .20(€100,000) = €20,000Beta has less equity outstanding, so to purchase 20 percent of Beta’s equity, the investor wou ld need:Amount to invest in Beta = .20(€75,000) = €15,000e.Alpha has no interest payments, so the euro return to an investor who owns 20 percent of thecompany’s equity would be:Euro return on Alpha investment = .20(€35,000) = €7,000B-18 SOLUTIONSCHAPTER 14 B-19 Beta Corporation has an interest payment due on its debt in the amount of:Interest on Beta’s debt = .12(€25,000) = €3,000So, the investor who owns 20 percent of the company would receive 20 percent of EBIT minus the interest expense, or:Euro return on Beta investment = .20(€35,000 – 3,000) = €6,400f.From part d, we know the initial cost of purchasing 20 percent of Alpha Corporation’s equity is€20,000, but the cost to an investor of purchasing 20 percent of Beta Corporation’s equity is only €15,000. In order to purchase €20,000 wor th of Alpha’s equity using only €15,000 of his own money, the investor must borrow €5,000 to cover the difference. The investor will receive the same euro return from the Alpha investment, but will pay interest on the amount borrowed, so the net euro return to the investment is:Net euro return = €7,000 – .12(€5,000) = €6,400Notice that this amount exactly matches the euro return to an investor who purchases 20 percent of Beta’s equity.g.The equity of Beta Corporation is riskier. Beta must pay off its debt holders before its equityholders receive any of the firm’s earnings. If the firm does not do particularly well, all of the firm’s earnings may be needed to repay its debt holders, and equity holders will receive nothing.21. a. A firm’s debt-equity ratio is the market value of the firm’s debt divided by the market value ofa firm’s equity. So, the debt-equity ratio of the company is:Debt-equity ratio = MV of debt / MV of equityDebt-equity ratio = ₦10,000,000 / ₦20,000,000Debt-equity ratio = .50b.We first need to calculate the cost of equity. To do this, we can use the CAPM, which gives us:R S = R F + [E(R M) –R F]R S = .08 + .90(.18 – .08)R S = .1700 or 17.00%In the absence of ta xes, a firm’s weighted average cost of capital is equal to:R WACC = [B / (B + S)]R B + [S / (B + S)]R SR WACC = (₦10,000,000/₦30,000,000)(.14) + (₦20,000,000/₦30,000,000)(.17)R WACC = .16000 or 16.00%B-20 SOLUTIONSc. According to Modigliani-Miller Proposition II with no taxes:R S = R0 + (B/S)(R0–R B).17 = R0 + (.50)(R0– .14)R0 = .1600 or 16.00%This is consistent with Modigliani-Miller’s proposition that, in the absence of taxes, the cost of capital for an all-equity firm is equal to the weighted average cost of capital of an otherwise identical levered firm.22. a.To purchase 5 percent of Knight’s equity, the investor would need:Knight investment = .05(€1,714,000) = €85,700And to purchase 5 percent of Veblen without borrowing would require:Veblen investment = .05(€2,400,000) = €120,000In order to compare euro returns, the initial net cost of both positions should be the same.Therefore, the investor will need to borrow the difference between the two amounts, or:Amount to borrow = €120,000 – 85,700 = €34,300An investor who owns 5 percent of Knight’s equity will be entitled to 5 percent of the firm’s earnings available to common stock holders at the end of each year. While Knight’s expected operating income is €300,000, it must pay €60,000 to debt holders before distributing any of its earnings to stockholders. So, the amount available to this shareholder will be:Cash flow from Knight to shareholder = .05(€300,000 – 60,000) = €12,000Veblen will distribute all of its earnings to shareholders, so the shareholder will receive:Cash flow from Veblen to shareholder = .05(€300,000) = €15,000However, to have the same initial cost, the investor has borrowed €34,300 to invest in Veblen, so interest must be paid on the borrowings. The net cash flow from the investment in Veblen will be:Net cash flow from Veblen investment = €15,000 – .06(€34,300) = €12,942For the same initial cost, the investment in Veblen produces a higher euro return.b.Both of the two strategies have the same initial cost. Since the euro return to the investment inVeblen is higher, all investors will choose to invest in Veblen over Knight. The process of investors purchasing Veblen’s equity rather than Knight’s will cause the market value of Veblen’s equity to rise and the market value of Knight’s equity to fall. Any differences in the euro returns to the two strategies will be eliminated, and the process will cease when the total market values of the two firms are equal.。
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。
罗斯《公司理财》第9版英文原书课后部分章节答案
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 FV A. The equation to find the FV A 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: PV A = $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 V alue Interest Factor PVIFA R,t = ({1 – [1/(1 + r)] t } / r ) which stands for Present V alue 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 thesemiannual 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) t2.1570 = 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(PVIFA3.5%,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(PVIF3.5%,40 ) = $5,051.45 CH8 4，18，20，22，244. 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 price of 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 Y ear 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 )] P0 = [$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 Y ear 3 since the dividend growth rate is constant after the third dividend. The price of the stock in Y ear 3 will be the dividend in Y ear 4, divided by the required return minus the constant dividend growth rate. So, the price in Y ear 3 will be: 6 / 17 P3 = $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 Y ear 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 Y ear 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: V alue today of Y ear 1 cash flow = $4,200/1.14 = $3,684.21 V alue today of Y ear 2 cash flow = $5,300/1.14 2 = $4,078.18 V alue today of Y ear 3 cash flow = $6,100/1.14 3 = $4,117.33 V alue today of Y ear 4 cash flow = $7,400/1.14 4 = $4,381.39 To findthe 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 Y ear 1 and Y ear 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 Y ear 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: A verage net income = ($1,938,200 + 2,201,600 + 1,876,000 + 1,329,500) / 4 = $1,836,325 And the average book value is: A verage book value = ($15,000,000 + 0) / 2 = $7,500,000 So, the AAR for this project is: AAR = A verage net income / A verage 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。
精编版罗斯《公司理财》中文版第九版课件资料
现值是指未来一定时间的特定货币按一定利率折算 到现在的价值。
终值是指现在一定数额的资金按一定的利率计算的 一定时间后的价值。
2.1资金时间价值观念
复利终值与现值
复利终值，是指一次性的收、付款项经过若干期的使用 后，所获得的包括本金和利息在内的未来价值。
因为永续年金无终止时间，所以不存在终值问题，永续 年金推倒公式如下：
2.1资金时间价值观念
资金时间价值计算中的几个特殊问题
不等额系列款项现值的计算：为求得不等额的系列付 款的现值之和，可以先计算每次付款的复利现值， 然后加总。
年金与不等额的系列付款混合情况下的现值：如果在 一组不等额的系列款项中，有部分是连续发生的 等额付款，则可分段计算其年金现值及复利现值， 然后加总。
式中： 是第j种证券的预期报酬率； 是第j种证券在全部投 资额中的比重；m是组合中证券种类总数。
2.2风险与收益权衡观念
组合投资的风险及度量。证券组合的风险不仅仅取决 于组合内各种证券的风险，还取决于各个证券之 间的关系。投资组合报酬率概率分布的标准差的 计算公式为：
式中：m是组合内证券种类总数； 是第j种证券在投资总额中 占的比例； 是第k种证券在投资总额中占的比例； 是第j种 证券与第k种证券报酬率的协方差。
1.4公司理财的原则与职能
公司理财原则
资金合理配置原则 财务收支平衡原则 成本－效益原则 风险与收益均衡原则 利益关系协调原则
1.4公司理财的原则与职能
公司理财职能
财务预测 财务决策 财务预算 财务控制 财务分析
1.5公司理财环境
公司理财的宏观环境
经济环境
罗斯公司理财第九版第十四章课后答案对应版
第十四章：有效资本市场和行为学挑战1. To create value, firms should accept financing proposals with positive net present values. Firms can create valuable financing opportunities in three ways: 1) Fool investors. A firm can issue a complex security to receive more than the fair market value. Financial managers attempt to package securities to receive the greatest value. 2) Reduce costs or increase subsidies. A firm can package securities to reduce taxes. Such a security will increase the value of the firm. In addition, financing techniques involve many costs, such as accountants, lawyers, and investment bankers. Packaging securities in a way to reduce these costs will also increase the value of the firm. 3) Create a new security. A previously unsatisfied investor may pay extra for a specialized security catering to his or her needs. Corporations gain from developing unique securities by issuing these securities at premium prices.2. The three forms of the efficient markets hypothesis are: 1) Weak form. Market prices reflect information contained in historical prices. Investors are unable to earn abnormal returns using historical prices to predict future price movements. 2) Semi-strong form. In addition to historical data, market prices reflect all publicly-available information. Investors with insider, or private information, are able to earn abnormal returns. 3) Strong form. Market prices reflect all information, public or private. Investors are unable to earn abnormal returns using insider information or historical prices to predict future price movements.3. a. False. Market efficiency implies that prices reflect all available information, but it does not imply certain knowledge. Many pieces of information that are available and reflected in prices are fairly uncertain. Efficiency of markets does not eliminate that uncertainty and therefore does not imply perfect forecasting ability.b. True. Market efficiency exists when prices reflect all available information. To be efficient in the weak form, the market must incorporate all historical data into prices. Under thesemi-strong form of the hypothesis, the market incorporates all publicly-available information in addition to the historical data. In strong form efficient markets, prices reflect all publicly and privately available information.c. False. Market efficiency implies that market participants are rational. Rational people will immediately act upon new information and will bid prices up or down to reflect that information.d. False. In efficient markets, prices reflect all available information. Thus, prices will fluctuate whenever new information becomes available.e. True. Competition among investors results in the rapid transmission of new market information. In efficient markets, prices immediately reflect new information as investors bid the stock price up or down.4. On average, the only return that is earned is the required return—investors buy assets with returns in excess of the required return (positive NPV), bidding up the price and thus causing the return to fall to the required return (zero NPV); investors sell assets with returns less than the required return (negative NPV), driving the price lower and thus causing the return to rise to the required return (zero NPV).5. The market is not weak form efficient.6. Yes, historical information is also public information; weak form efficiency is a subset of semi-strong form efficiency.7. Ignoring trading costs, on average, such investors merely earn what the market offers; thetrades all have zero NPV. If trading costs exist, then these investors lose by the amount of the costs.8. Unlike gambling, the stock market is a positive sum game; everybody can win. Also, speculators provide liquidity to markets and thus help to promote efficiency.9. The EMH only says, within the bounds of increasingly strong assumptions about the information processing of investors, that assets are fairly priced. An implication of this is that, on average, the typical market participant cannot earn excessive profits from a particular trading strategy. However, that does not mean that a few particular investors cannot outperform the market over a particular investment horizon. Certain investors who do well for a period of time get a lot of attention from the financial press, but the scores of investors who do not do well over the same period of time generally get considerably less attention from the financial press.10. a. If the market is not weak form efficient, then this information could be acted on and a profit earned from following the price trend. Under (2), (3), and (4), this information is fully impounded in the current price and no abnormal profit opportunity exists.b. Under (2), if the market is not semi-strong form efficient, then this information could be used to buy the stock ―cheap‖before the rest of the market discovers the financial statement anomaly. Since (2) is stronger than (1), both imply that a profit opportunity exists; under (3) and (4), this information is fully impounded in the current price and no profit opportunity exists.c. Under (3), if the market is not strong form efficient, then this information could be used as a profitable trading strategy, by noting the buying activity of the insiders as a signal that the stock is underpriced or that good news is imminent. Since (1) and (2) are weaker than (3), all three imply that a profit opportunity exists. Note that this assumes the individual who sees the insider trading is the only one who sees the trading. If the information about the trades made by company management is public information, it will be discounted in the stock price and no profit opportunity exists. Under (4), this information does not signal any profit opportunity for traders; any pertinent information the manager-insiders may have is fully reflected in the current share price.11. A technical analyst would argue that the market is not efficient. Since a technical analyst examines past prices, the market cannot be weak form efficient for technical analysis to work. If the market is not weak form efficient, it cannot be efficient under stronger assumptions about the information available.12. Investor sentiment captures the mood of the investing public. If investors are bearish in general, it may be that the market is headed down in the future since investors are less likely to invest. If the sentiment is bullish, it would be taken as a positive signal to the market. To use investor sentiment in technical analysis, you would probably want to construct a ratio such as a bulls/bears ratio. To use the ratio, simply compare the historical ratio to the market to determine if a certain level on the ratio indicates a market upturn or downturn. Of course, there is a group of investors called contrarians who view the market signals as reversed. That is, if the number of bearish investors reaches a certain level, the market will head up. For a contrarian, these signals are reversed.13. Taken at face value, this fact suggests that markets have become more efficient. The increasing ease with which information is available over the Internet lends strength to thisconclusion. On the other hand, during this particular period, large-capitalization growth stocks were the top performers. Value-weighted indexes such as the S&P 500 are naturally concentrated in such stocks, thus making them especially hard to beat during this period. So, it may be that the dismal record compiled by the pros is just a matter of bad luck or benchmark error.14. It is likely the market has a better estimate of the stock price, assuming it is semistrong form efficient. However, semistrong form efficiency only states that you cannot easily profit from publicly available information. If financial statements are not available, the market can still price stocks based upon the available public information, limited though it may be. Therefore, it may have been as difficult to examine the limited public information and make an extra return.15. a. Aerotech‘s stock price should rise immediately after the announcement of the positive news.b. Only scenario (ii) indicates market efficiency. In that case, the price of the stock rises immediately to the level that reflects the new information, eliminating all possibility of abnormal returns. In the other two scenarios, there are periods of time during which an investor could trade on the information and earn abnormal returns.16. False. The stock price would have adjusted before the founder‘s death only if investors had perfect forecasting ability. The 12.5 percent increase in the stock price aft er the founder‘s death indicates that either the market did not anticipate the death or that the market had anticipated it imperfectly. However, the market reacted immediately to the new information, implying efficiency. It is interesting that the stock price rose after the announcement of the founder‘s death. This price behavior indicates that the market felt he was a liability to the firm.17. The announcement should not deter investors from buying UPC‘s stock. If the market is semi-strong form efficient, the stock price will have already reflected the present value of the payments that UPC must make. The expected return after the announcement should still be equal to the expected return before the announcement. UPC‘s current stockholders bear the burden of the loss, since the stock price falls on the announcement. After the announcement, the expected return moves back to its original level.18. The market is often considered to be relatively efficient up to the semi-strong form. If so, no systematic profit can be made by trading on publicly-available information. Although illegal, the lead engineer of the device can profit from purchasing the firm‘s stock before the news release on the implementation of the new technology. The price should immediately and fully adjust to the new information in the article. Thus, no abnormal return can be expected from purchasing after the publication of the article.19. Under the semi-strong form of market efficiency, the stock price should stay the same. The accounting system changes are publicly available information. Investors would identify no changes in either the firm‘s current or its future cash flows. Thus, the stock price will not change after the announcement of increased earnings.20. Because the number of subscribers has increased dramatically, the time it takes for information in the newsletter to be reflected in prices has shortened. With shorter adjustment periods, it becomes impossible to earn abnormal returns with the information provided by Durkin. If Durkin is using only publicly-available information in its newsletter, its ability topick stocks is inconsistent with the efficient markets hypothesis. Under the semi-strong form of market efficiency, all publicly-available information should be reflected in stock prices. The use of private information for trading purposes is illegal.21. You should not agree with your broker. The performance ratings of the small manufacturing firms were published and became public information. Prices should adjust immediately to the information, thus preventing future abnormal returns.22. Stock prices should immediately and fully rise to reflect the announcement. Thus, one cannot expect abnormal returns following the announcement.23. a. No. Earnings information is in the public domain and reflected in the current stock price.b. Possibly. If the rumors were publicly disseminated, the prices would have already adjusted for the possibility of a merger. If the rumor is information that you received from an insider, you could earn excess returns, although trading on that information is illegal.c. No. The information is already public, and thus, already reflected in the stock price.24. Serial correlation occurs when the current value of a variable is related to the future value of the variable. If the market is efficient, the information about the serial correlation in the macroeconomic variable and its relationship to net earnings should already be reflected in the stock price. In other words, although there is serial correlation in the variable, there will not be serial correlation in stock returns. Therefore, knowledge of the correlation in the macroeconomic variable will not lead to abnormal returns for investors.25. The statement is false because every investor has a different risk preference. Although the expected return from every well-diversified portfolio is the same after adjusting for risk, investors still need to choose funds that are consistent with their particular risk level.26. The share price will decrease immediately to reflect the new information. At the time of the announcement, the price of the stock should immediately decrease to reflect the negative information.27. In an efficient market, the cumulative abnormal return (CAR) for Prospectors would rise substantially at the announcement of a new discovery. The CAR falls slightly on any day when no discovery is announced. There is a small positive probability that there will be a discovery on any given day. If there is no discovery on a particular day, the price should fall slightly because the good event did not occur. The substantial price increases on the rare days of discovery should balance the small declines on the other days, leaving CARs that are horizontal over time.28. Behavioral finance attempts to explain both the 1987 stock market crash and the Internet bubble by changes in investor sentiment and psychology. These changes can lead to non-random price behavior.。
罗斯《公司理财》第9版笔记和课后习题（含考研真题）详解[视频详解]（股票估值）【圣才出品】
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罗斯《公司理财》第9版笔记和课后习题（含考研真题）详解[视频详解]（股票估值）【圣才出品】罗斯《公司理财》第9版笔记和课后习题（含考研真题）详解[视频详解]第9章股票估值9.1复习笔记1．不同类型股票的估值（1）零增长股利股利不变时，一股股票的价格由下式给出：在这里假定Div1=Div2=…=Div。
（2）固定增长率股利如果股利以恒定的速率增长，那么一股股票的价格就为：式中，g是增长率；Div是第一期期末的股利。
（3）变动增长率股利2．股利折现模型中的参数估计（1）对增长率g的估计有效估计增长率的方法是：g=留存收益比率×留存收益收益率（ROE）只要公司保持其股利支付率不变，g就可以表示公司的股利增长率以及盈利增长率。
（2）对折现率R的估计对于折现率R的估计为：R=Div/P0+g该式表明总收益率R由两部分组成。
其中，第一部分被称为股利收益率，是预期的现金股利与当前的价格之比。
3．增长机会每股股价可以写做：该式表明，每股股价可以看做两部分的加和。
第一部分（EPS/R）是当公司满足于现状，而将其盈利全部发放给投资者时的价值；第二部分是当公司将盈利留存并用于投资新项目时的新增价值。
当公司投资于正NPVGO的增长机会时，公司价值增加。
反之，当公司选择负NPVGO 的投资机会时，公司价值降低。
但是，不管项目的NPV是正的还是负的，盈利和股利都是增长的。
不应该折现利润来获得每股价格，因为有部分盈利被用于再投资了。
只有股利被分到股东手中，也只有股利可以加以折现以获得股票价格。
4．市盈率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。
5．股票市场交易商：持有一项存货，然后准备在任何时点进行买卖。
经纪人：将买者和卖者撮合在一起，但并不持有存货。
9.2课后习题详解一、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。
罗斯公司理财精要版9光盘各章习题
====Word行业资料分享--可编辑版本--双击可删====附录B各章习题及部分习题答案APPENDIX B目录Contents第一部分公司理财概览第三部分未来现金流量估价第1章公司理财导论3 第5章估价导论：货币的时间价值39 概念复习和重要的思考题 4 本章复习与自测题40微型案例麦吉糕点公司 5 本章复习与自测题解答40第2章财务报表、税和现金流量6 概念复习和重要的思考题40 本章复习与自测题7 思考和练习题41本章复习与自测题解答7 第6章贴现现金流量估价43概念复习和重要的思考题8 本章复习与自测题44思考和练习题9 本章复习与自测题解答44微型案例Sunset Boards公司的现金流量和概念复习和重要的思考题46财务报表13 思考和练习题4652第二部分财务报表与长期财务计划微型案例读MBA的决策第7章利率和债券估价54第3章利用财务报表17 本章复习与自测题55本章复习与自测题18 本章复习与自测题解答55本章复习与自测题解答19 概念复习和重要的思考题55概念复习和重要的思考题20 思考和练习题56思考和练习题21 微型案例基于债券发行的S&S飞机公司的微型案例针对S&S飞机公司的财务比率扩张计划59分析24 第8章股票估价60第4章长期财务计划与增长27 本章复习与自测题61本章复习与自测题28 本章复习与自测题解答61本章复习与自测题解答28 概念复习和重要的思考题61概念复习和重要的思考题29 思考和练习题62思考和练习题30 微型案例Ragan公司的股票估价64微型案例S&S飞机公司的比率与财务计划35III第四部分资本预算第9章净现值与其他投资准绳69 第六部分资本成本与长期财务政策第14章资本成本111本章复习与自测题70 本章复习与自测题112本章复习与自测题解答概念复习和重要的思考题7071本章复习与自测题解答概念复习和重要的思考题112112思考和练习题73 思考和练习题113第10章资本性投资决策77 第15章筹集资本117 本章复习与自测题78 本章复习与自测题118本章复习与自测题解答概念复习和重要的思考题7880本章复习与自测题解答概念复习和重要的思考题118118思考和练习题80 思考和练习题120微型案例贝壳共和电子公司（一）85 微型案例S&S飞机公司的上市121 第11章项目分析与评估86 第16章财务杠杆和资本结构政策123 本章复习与自测题87 本章复习与自测题124本章复习与自测题解答概念复习和重要的思考题8787本章复习与自测题解答概念复习和重要的思考题124124思考和练习题88 思考和练习题125微型案例贝壳共和电子公司（二）第五部分风险与报酬第12章资本市场历史的一些启示95 91 微型案例斯蒂芬森房地产公司的资本重组127第17章股利和股利政策129概念复习和重要的思考题130本章复习与自测题96 思考和练习题130本章复习与自测题解答概念复习和重要的思考题思考和练习题97 9696微型案例电子计时公司133第七部分短期财务计划与管理微型案例S&S飞机公司的职位99 第18章短期财务与计划137第13章报酬、风险与证券市场线101 本章复习与自测题138 本章复习与自测题102 本章复习与自测题解答138本章复习与自测题解答概念复习和重要的思考题102103概念复习和重要的思考题139思考和练习题140思考和练习题104 微型案例Piepkorn制造公司的营运成本管微型案例高露洁棕榄公司的 值108 理145IV第19章现金和流动性管理147本章复习与自测题148本章复习与自测题解答148概念复习和重要的思考题148思考和练习题149微型案例Webb公司的现金管理150 第20章信用和存货管理151本章复习与自测题152本章复习与自测题解答152概念复习和重要的思考题152思考和练习题153微型案例豪利特实业公司的信用政策155第八部分公司理财专题第21章国际公司理财159本章复习与自测题160本章复习与自测题解答160概念复习和重要的思考题160思考和练习题161微型案例S&S飞机公司的国际化经营163 部分习题答案165PART 1第一部分公司理财概览====Word行业资料分享--可编辑版本--双击可删====第1章公司理财导论CHAPTER 14附录概念复习和重要的思考题1.财务管理决策过程财务管理决策有哪三种类型？就每一种类型，举出一个相关的企业交易实例。
罗斯《公司理财》中文版第九版课件-精品文档307页
。
2.1资金时间价值观念
利率（折现率）的确定：
对于复利来说，若已知P，F，n，可不用查表而直接计 算出i；
但对普通年金问题，首先要根据等额的款项A、相应的 终值FA或现值PA，计算出相应系数（FA/A, i, n） 或（PA/A, i, n），然后，根据该系数和已知的基 数n去查相应的系数表，或用插值法计算所要求的利 率。
由于资金在不同时点的价值不同，所以资金时间 价值的表现形式就有两种：现值和终值。
现值是指未来一定时间的特定货币按一定利率折算 到现在的价值。
终值是指现在一定数额的资金按一定的利率计算的 一定时间后的价值。
2.1资金时间价值观念
复利终值与现值
复利终值，是指一次性的收、付款项经过若干期的使用 后，所获得的包括本金和利息在内的未来价值。
所有者和经营者财务目标的协调 所有者和债权人财务目标的协调
1.3公司理财的主要内容
公司理财活动由筹资、投资、分配三个环节组成， 即筹集公司经营所需资金、将资金投放到有利可 赢的投资项目上、将获得的收益按照一定的程序 向股东分配。
1.3公司理财的主要内容
1 -11
筹资管理
筹资管理可以看成公司理财中首要的、基本的环节。 筹资决策的关键在于决定各种资金来源在总资金中所 占的比重，即注重资本结构的合理安排，以使筹资风 险、筹资成本与期望资金收益相匹配。
1.2公司理财目标与价值理论
企业价值理论 企业价值计量理论 企业价值其理论计算公式如下：
n
V NCF（ i 1i）t
如果各t1年的现金流量相等，则上式可简化为：
公司理财罗斯英文原书第九版第十四章
Days before (-) and8 14-8
14.3 The Different Types of Efficiency
Weak Form
efficiency Understand the implications of efficiency for
corporate finance managers
1
14-1
Chapter Outline
14.1 Can Financing Decisions Create Value? 14.2 A Description of Efficient Capital Markets 14.3 The Different Types of Efficiency 14.4 The Evidence 14.5 The Behavioral Challenge to Market Efficiency 14.6 Empirical Challenges to Market Efficiency 14.7 Reviewing the Differences 14.8 Implications for Corporate Finance
Chapter 14
Efficient Capital Markets and Behavioral Challenges
0
Key Concepts and Skills
Understand the importance of capital market efficiency
Be able to define the forms of efficiency Know the various empirical tests of market
The EMH has implications for investors and firms.
《公司理财》罗斯 中文第九版 南大笔记DOC
《公司理财》罗斯中文第九版南大笔记DOC第一篇综述企业经营活动中三类不同的重要问题：1、资本预算问题（长期投资项目）2、融资：如何筹集资金？3、短期融资和净营运资本管理第一章公司理财导论1.1什么是公司理财？1.1.1资产负债表流动资产?固定资产?有形?无形??流动负债?长期负债+所有者权益流动资产-流动负债?净营运资本短期负债：那些必须在一年之内必须偿还的代款和债务；长期负债：不必再一年之内偿还的贷款和债务。
资本结构：公司短期债务、长期债务和股东权益的比例。
1.1.2资本结构债权人和股东V（公司的价值）=B（负债的价值）+S（所有者权益的价值）如何确定资本结构将影响公司的价值。
1.1.3财务经理财务经理的大部分工作在于通过资本预算、融资和资产流动性管理为公司创造价值。
图1.3企业组织结构图（P5）两个问题：1. 现金流量的确认：财务分析的大量工作就是从会计报表中获得现金流量的信息（注意会计角度与财务角度的区别）2. 3.现金流量的时点现金流量的风险1.2公司证券对公司价值的或有索取权负债的基本特征是借债的公司承诺在某一确定的时间支付给债权人一笔固定的金额。
债券和股票时伴随或依附于公司总价值的收益索取权。
1.3公司制企业1.3.1个体业主制 1.3.2合伙制 1.3.3公司制有限责任、产权易于转让和永续经营是其主要优点。
1.4公司制企业的目标系列契约理论：公司制企业力图通过采取行动提高现有公司股票的价值以使股东财富最大化。
1.4.1代理成本和系列契约理论的观点代理成本：股东的监督成本和实施控制的成本 1.4.2管理者的目标管理者的目标可能不同于股东的目标。
Donaldson提出的管理者的两大动机：① （组织的）生存；② 独立性和自我满足。
1.4.3所有权和控制权的分离――谁在经营企业？ 1.4.4股东应控制管理者行为吗？促使股东可以控制管理者的因素：① 股东通过股东大会选举董事；② ③报酬计划和业绩激励计划；被接管的危险；④ 经理市场的激烈竞争。
罗斯《公司理财》第9版笔记和课后习题(含考研真题)详解[视频详解](公司理财导论)【圣才出品】
【圣才出品】](https://img.taocdn.com/s3/m/b63331b352d380eb62946dff.png)
罗斯《公司理财》第9版笔记和课后习题（含考研真题）详解[视频详解]第1章公司理财导论[视频讲解]1.1复习笔记公司的首要目标——股东财富最大化决定了公司理财的目标。
公司理财研究的是稀缺资金如何在企业和市场内进行有效配置，它是在股份有限公司已成为现代企业制度最主要组织形式的时代背景下，就公司经营过程中的资金运动进行预测、组织、协调、分析和控制的一种决策与管理活动。
从决策角度来讲，公司理财的决策内容包括投资决策、筹资决策、股利决策和净流动资金决策；从管理角度来讲，公司理财的管理职能主要是指对资金筹集和资金投放的管理。
公司理财的基本内容包括：投资决策（资本预算）、融资决策（资本结构）、短期财务管理（营运资本）。
1．资产负债表资产负债表是总括反映企业某一特定日期财务状况的会计报表，它是根据资产、负债和所有者权益之间的相互关系，按照一定的分类标准和一定的顺序，把企业一定日期的资产、负债和所有者权益各项目予以适当排列，并对日常工作中形成的大量数据进行高度浓缩整理后编制而成的。
资产负债表可以反映资本预算、资本支出、资本结构以及经营中的现金流量管理等方面的内容。
2．资本结构资本结构是指企业各种资本的构成及其比例关系，它有广义和狭义之分。
广义资本结构，亦称财务结构，指企业全部资本的构成，既包括长期资本，也包括短期资本（主要指短期债务资本）。
狭义资本结构，主要指企业长期资本的构成，而不包括短期资本。
通常人们将资本结构表示为债务资本与权益资本的比例关系（D/E）或债务资本在总资本的构成（D/A）。
准确地讲，企业的资本结构应定义为有偿负债与所有者权益的比例。
资本结构是由企业采用各种筹资方式筹集资本形成的。
筹资方式的选择及组合决定着企业资本结构及其变化。
资本结构是企业筹资决策的核心问题。
企业应综合考虑影响资本结构的因素，运用适当方法优化资本结构，从而实现最佳资本结构。
资本结构优化有利于降低资本成本，获取财务杠杆利益。
3．财务经理财务经理是公司管理团队中的重要成员，其主要职责是通过资本预算、融资和资产流动性管理为公司创造价值。
《公司理财》罗斯中文第九版南大笔记
《公司理财》罗斯中文第九版南大笔记第一篇综述企业经营活动中三类不同的重要问题：1、资本预算问题（长期投资项目）2、融资：如何筹集资金？3、短期融资和净营运资本管理第一章公司理财导论1.1什么是公司理财？1.1.1资产负债表()流动资产固定资产有形无形流动负债长期负债+所有者权益++=+ 流动资产-流动负债净营运资本=短期负债：那些必须在一年之内必须偿还的代款和债务；长期负债：不必再一年之内偿还的贷款和债务。
资本结构：公司短期债务、长期债务和股东权益的比例。
1.1.2资本结构债权人和股东V（公司的价值）=B（负债的价值）+S（所有者权益的价值）如何确定资本结构将影响公司的价值。
1.1.3财务经理财务经理的大部分工作在于通过资本预算、融资和资产流动性管理为公司创造价值。
两个问题：1.现金流量的确认：财务分析的大量工作就是从会计报表中获得现金流量的信息（注意会计角度与财务角度的区别）2.现金流量的时点3.现金流量的风险1.2公司证券对公司价值的或有索取权负债的基本特征是借债的公司承诺在某一确定的时间支付给债权人一笔固定的金额。
债券和股票时伴随或依附于公司总价值的收益索取权。
1.3公司制企业1.3.1个体业主制 1.3.2合伙制 1.3.3公司制有限责任、产权易于转让和永续经营是其主要优点。
1.4公司制企业的目标公司制企业力图通过采取行动提高现有公司股票的价值以使股东财富最大化。
1.4.1代理成本和系列契约理论的观点代理成本：股东的监督成本和实施控制的成本 1.4.2管理者的目标管理者的目标可能不同于股东的目标。
Donaldson 提出的管理者的两大动机：① （组织的）生存；② 独立性和自我满足。
1.4.3所有权和控制权的分离——谁在经营企业？1.4.4股东应控制管理者行为吗？促使股东可以控制管理者的因素：① 股东通过股东大会选举董事；② 报酬计划和业绩激励计划；③被接管的危险；④ 经理市场的激烈竞争。
公司理财(罗斯)第4章
投资风险和回报的权衡
风险与回报的关系
高风险往往伴随着高回报，投资者需要在风 险和回报之间进行权衡。
风险分散
通过多元化投资，分散单一项目的风险，降 低整体投资组合的风险水平。
风险控制
采取措施降低投资风险，如对冲策略、限制 杠杆等。
风险偏好
根据投资者对风险的容忍程度，选择适合的 投资项目和策略。
04 资本结构和融资决策
公司理财(罗斯)第4章
目录
• 公司理财的目标和原则 • 财务报表和财务分析 • 资本预算和投资决策 • 资本结构和融资决策 • 营运资本管理
01 公司理财的目标和原则
公司理财的定义和目标
公司理财定义
公司理财是对公司财务的管理，包括 对公司财务活动进行计划、组织、指 挥、协调、控制和监督等一系列的管 理活动。
05 营运资本管理
营运资本的定义和构成
营运资本的定义
指公司用于日常经营活动的流动资金，包括短期资产和短期负债。
营运资本的构成
由流动资产和流动负债组成，其中流动资产包括现金、存货、应收账款等，流动负债包括应付账款、 短期借款等。
营运资本管理的目标和原则
营运资本管理的目标
确保公司有足够的营运资本来支持日常 经营，同时保持较低的资本成本和风险 。
偿债能力指标
包括流动比率、速动比率、资产负债率 等，用于评估公司的偿债能力。
盈利能力指标
包括销售利润率、资产收益率、权益 净利率等，用于评估公司的盈利能力。
营运能力指标
包括存货周转率、应收账款周转率、 总资产周转率等，用于评估公司的资 产管理和运用效率。
成长性指标
包括营业收入增长率、净利润增长率、 总资产增长率等，用于评估公司的成 长潜力。
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
罗斯《公司理财》(第9版)笔记和课后习题(含考研真题)详解
罗斯《公司理财》（第9版）笔记和课后习题详解第1章公司理财导论1.1复习笔记公司的首要目标——股东财富最大化决定了公司理财的目标。
公司理财研究的是稀缺资金如何在企业和市场内进行有效配置，它是在股份有限公司已成为现代企业制度最主要组织形式的时代背景下，就公司经营过程中的资金运动进行预测、组织、协调、分析和控制的一种决策与管理活动。
从决策角度来讲，公司理财的决策内容包括投资决策、筹资决策、股利决策和净流动资金决策；从管理角度来讲，公司理财的管理职能主要是指对资金筹集和资金投放的管理。
公司理财的基本内容包括：投资决策（资本预算）、融资决策（资本结构）、短期财务管理（营运资本）。
1．资产负债表资产负债表是总括反映企业某一特定日期财务状况的会计报表，它是根据资产、负债和所有者权益之间的相互关系，按照一定的分类标准和一定的顺序，把企业一定日期的资产、负债和所有者权益各项目予以适当排列，并对日常工作中形成的大量数据进行高度浓缩整理后编制而成的。
资产负债表可以反映资本预算、资本支出、资本结构以及经营中的现金流量管理等方面的内容。
2．资本结构资本结构是指企业各种资本的构成及其比例关系，它有广义和狭义之分。
广义资本结构，亦称财务结构，指企业全部资本的构成，既包括长期资本，也包括短期资本（主要指短期债务资本）。
狭义资本结构，主要指企业长期资本的构成，而不包括短期资本。
通常人们将资本结构表示为债务资本与权益资本的比例关系（D/E）或债务资本在总资本的构成（D/A）。
准确地讲，企业的资本结构应定义为有偿负债与所有者权益的比例。
资本结构是由企业采用各种筹资方式筹集资本形成的。
筹资方式的选择及组合决定着企业资本结构及其变化。
资本结构是企业筹资决策的核心问题。
企业应综合考虑影响资本结构的因素，运用适当方法优化资本结构，从而实现最佳资本结构。
资本结构优化有利于降低资本成本，获取财务杠杆利益。
3．财务经理财务经理是公司管理团队中的重要成员，其主要职责是通过资本预算、融资和资产流动性管理为公司创造价值。
罗斯公司理财第九版课后习题第四章答案
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。
罗斯 公司理财(原文第9版)课件
Treasurer
Controller
Cash Manager
Capital Expenditures
Credit Manager
Tax Manager
Financial Accounting
Cost Accounting
Financial Planning
Data Processing
1.1 什么是公司理财
法律责任（Liability） 存续期（Continuity）
有限责任 无限存续期
税收（Taxation）
对股东双重征税（公司所得 税和个人所得税）
个人所得税
资金筹集
易于筹集资金
难于筹集资金
1.2 公司制企业
1.2.3 公司制
对于解决所面临的筹集大规模资金的问题来说，公司制是一种标准 的方式。
1.3 公司制企业的目标
1.5 金融市场
1.5.1 一级市场
政府或公司首次发行证券形成一级市场。 公开发行（公募） 大部分公开发行的债券和股票由投资银行承销而进入市场。 在美国公开发行债券和股票必须在美国证券交易委员会注册登 记。 私下募集（私募）： 私下通过谈判将债券和股票出售给一些大型金融机构（如保险 公司、共同基金）。 私募不需要在证券交易委员会注册登记。
1.4 代理问题和公司的控制
1.4.3 股东能控制管理者的行为吗？
股东可以使用以下几种措施将管理者与股东的利益联系在一起： 1）股东投票选举董事会成员，董事会成员选择管理者。 2）通过与管理者签定收入报酬计划，激励管理者追求股东的 目标。 3）如果因为管理不善使得企业股票价格大幅下降，企业可能 遭受其他股东集团、公司或个人收购，这种担心将促使管理者采取使股 东利益（股票价值）最大化的行动。 4）经理市场的竞争也可以促使管理者在经营中以股东利益为 重。能成功执行股东目标的管理者可能得到提拔，可以要求更高的薪水； 否者，他们将被解雇。 有效的证据和理论证明，股东可以控制公司；公司的目标是追求股 东价值最大化。 但是，在某些时候公司追求管理者的目标而使股东付出代价。
公司理财-罗斯 (第9版) 第4章 折现现金流量估价
…
0
1
15 PV 150 .10
永续增长年金
能始终以某固定的增长率保持增长的一系列现金流。
C 0 1
C×(1+g) C ×(1+g)2 2 3
…
C C (1 g ) C (1 g ) PV 2 3 (1 r ) (1 r ) (1 r )
如果你打算按揭买车，你每月能承担的月供额为 400美元，则在利率为7%，贷款期为36个月的条件 下，你所能购买的最高车价不能超过多少？ $400 0 1 $400 2
$400
$400
3 36
$400 1 PV $12,954.59 1 36 .07 / 12 (1 .07 12)
年金 一系列稳定有规律的、持续一段固定时期的现金收
付活动。 C 1 C 2 C C
0 3 T
C C C C PV 2 3 (1 r ) (1 r ) (1 r ) (1 r )T
C 1 PV 1 T r (1 r )
年金: 例
为了能在1年后偿还10 000美元的债务，债务人在 今天就需要存起来的钱，就是现值（Present Value，PV）。
请注意， 10 000美元 =9 523.81美元×1.05
净现值
某个项目的净现值（Net Present Value，NPV） 等于 该项目的预期现金流量的现值与项目投资成本之差。 假定某项投资承诺将在一年后归还10 000美元，现在 需要的出资金额为9 500美元。你的资金利息率为5%。 这项投资可行吗？
10 000×1.05 = 10 500美元 该投资在期末的本息合计金额被称为终值 （Future Value，FV），或复利值。
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Efficient market response to “good news” -30 -20 -10 0 +10
+20
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Days before (-) and after (+) announcement
Stock Price Reactions
Stock Price Efficient market response to “bad news” Delayed response to “bad news”
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Foundations of Market Efficiency
Investor Rationality Independence of events Arbitrage
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Stock Price Reactions
Stock Price Overreaction to “good news” with reversion Delayed response to “good news”
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2.
3.
Are Changes in Stock Prices Random?
How much debt and equity to sell When to sell debt and equity When (or if) to pay dividends
We can use NPV to evaluate financing decisions.
14-3
Creating Value through Financing
Investors can throw darts to select stocks.
This is almost, but not quite, true. An investor must still decide how risky a portfolio he wants based on risk aversion and expected return. Prices reflect information. The price CHANGE is driven by new information, which by definition arrives randomly. Therefore, financial managers cannot “time” stock and bond sales.
1.
Fool Investors
Empirical evidence suggests that it is hard to fool investors consistently. Certain forms of financing have tax advantages or carry other subsidies. Sometimes a firm can find a previously-unsatisfied clientele and issue new securities at favorable prices. In the long-run, this value creation is relatively small.
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Semistrong Form
Strong Form
Weak Form Market Efficiency
Security prices reflect all information found in past prices and volume. If the weak form of market efficiency holds, then technical analysis is of no value. Since stock prices only respond to new information, which by definition arrives randomly, stock prices are said to follow a random walk.
Since information is reflected in security prices quickly, knowing information when it is released does an investor little good. Firms should expect to receive the fair value for securities that they sell. Firms cannot profit from fooling investors in an efficient market.
Historical price and volume information Published accounting statements Information found in annual reports
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Strong Form Market Efficiency
Security prices reflect all information— public and private. Strong form efficiency incorporates weak and semistrong form efficiency. Strong form efficiency says that anything pertinent to the stock and known to at least one investor is already incorporated into the security’s price.
Chapter 14
Efficient Capital Markets and Behavioral Challenges
McGraw-Hill/Irwin
Copyright © 2010 by the McGraw-Hill Companies, Inc. All rights reserved.
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14.1 Can Financing Decisions Create Value?
Earlier parts of the book show how to evaluate investment projects according to the NPV criterion. The next few chapters concern financing decisions, such as:
Key Concepts and Skills
Understand the importance of capital market efficiency Be able to define the forms of efficiency Know the various empirical tests of market efficiency Understand the implications of efficiency for corporate finance managers
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Prices are random or uncaused.
14.4 The Evidence
The record on the EMH is extensive, and, in large measure, it is reassuring to advocates of the efficiency of markets. Studies fall into three broad categories:
1.
Are changes in stock prices random? Are there profitable “trading rules?” Event studies: does the market quickly and accurately respond to new information? The record of professionally managed investment firms.
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2.
Reduce Costs or Increase Subsidies
3.
Create a New Security
14.2 A Description of Efficient Capital Markets
An efficient capital market is one in which stock prices fully reflect available information. The EMH has implications for investors and firms.
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Why Technical Analysis Fails
Stock Price Investor behavior tends to eliminate any profit opportunity associated with stock price patterns. Sell Sell Buy Buy If it were possible to make big money simply by finding “the pattern” in the stock price movements, everyone would do it, and the profits would be competed away.
Time
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