财务管理试卷(英文版)答案

《财务管理(英）》课程期末考试试卷
标准（参考）答案及评分标准
Part 1: Choice Questions (16 questions, 1 point each, 16 points total)
Part 2: Calculation Questions (3 questions, 8 points each, 24 points total)
1.Answer:
CAPM is: E(R i) = R f + [E(R M) – R f] × i
Substituting the values we are given, we find:
E(R i) = .05 + (.14 – .05)(1.3) = .1670 or 16.70% (4 points)
P0 = D0×(1+g)/(R-g) = 2×1.08/(16.7%-8%)=$24.83 ( 4 points)
2.Answer: (10 points)
The economic order quantity is:
EOQ = [(2T × F)/CC]1/2
EOQ = [2(52)(4,000)($2,600)/$40]1/2
EOQ = 5,200
3.Answer: (8 points)
Bond value = 50×(P/A, 6%, 40) + 1000×(P/s, 6%,40 )
=50×15.0463 ＋1000×0.0972
=$849.54
Part 3: Comprehensive Questions (4 questions, 15 points each, 60 points total ) 1.Answer:
1)Compute the following ratios: ( 7 points)
Current ratio: = 11,000/10,000 =1.1
Total debt ratio (10,000+12,000)/ 38,000 = 57.9%
Total asset turnover = 10,400/ 38,000 = 27.4%
Profit margin = 2,327/10,400 = 22.375%
Equity multiplier = 38,000 / 16,000 = 2.375
ROA = 2327 / 38000 = 6.12%
ROE = 2327 / 16000 = 14.54%
2)Using Du Pont Identity to compute the ROE ( 4 points)
ROE = Profit margi n×Equity multiplier×Total asset turnover
= 22.375%×2.375 ×27.4% = 14.56%
3)( 4 points)
The plowback ratio, b, is one minus the payout ratio, so:
b = 1 – .20 = .80
we can use the sustainable growth rate equation to get:
Sustainable growth rate = (ROE × b) / [1 – (ROE × b)]
= [0.1454(.80)] / [1 – 0.1454(.80)]
= .1317 or 13.17%
2.Answer:( 15 points)
3.Answer:
1) Annual depreciation = $618,000 ÷ 3 = $206,000
Taxes = ($265,000 - $206,000) ⨯ .34 = $20,060
OCF = $265,000 – $20,060 = $244,940 (4 points)
2) After tax Salvage value = $60,000 ⨯ (1 - .34)] = 39,600 ( 3 points)
CF 0 = -$618,000 + (-$23,000) = -$641,000 CF1—CF2 = $244,940
CF 3 = $244,940 + [$60,000 ⨯ (1 - .34)] + $23,000 = $307,540
4)3
21)09.1(540
,307$)09.1(940,244$)09.1(940,244$000,641$NPV ++
+++
-== $27,354.00 ( 4 points)
4. (15 points)
The Capital Structure Question
Capital Structure and the Cost of Capital
The Effect of Financial Leverage
The Basics of Financial Leverage
Corporate Borrowing and Homemade Leverage ( 3 points)
Case I: M&M Capital Structure and the Cost of Equity Capital ( 3 points)
M&M Proposition I: The Pie Model
The Cost of Equity and Financial Leverage: M&M Proposition II Business and Financial Risk
Case II: M&M Propositions I and II with Corporate Taxes ( 4 points)
The Interest Tax Shield
Taxes and M&M Proposition I
Taxes, the WACC, and Proposition II
Case III: M&M Propositions I and II with Corporate Taxes and Bankruptcy Costs ( 4 points)
Direct Bankruptcy Costs Indirect Bankruptcy Costs
Taxes and Bankruptcy Costs , M&M Proposition I
Taxes and Bankruptcy Costs , the WACC, Proposition II
Summery: Optimal Capital Structure ( 1 point)
Optimal Capital Structure and the Cost of Capital。