罗斯公司理财第九版第十章课后答案对应版
Cha04 罗斯公司理财第九版原版书课后习题
The present value of the four new outlets is only $954,316.78. The outlets are worth less than they cost. The Trojan Pizza Company should not make the investment because the NPV is –$45,683.22. If the Trojan Pizza Company requires a 15 percent rate of return, the new outlets are not a good investment.SPREADSHEET APPLICATIONSHow to Calculate Present Values with Multiple Future Cash Flows Using a SpreadsheetWe can set up a basic spreadsheet to calculate the present values of the individual cash flows as follows. Notice that we have simply calculated the present values one at a time and added them up:Summary and Conclusions1. Two basic concepts, future value and present value, were introduced in the beginning of thischapter. With a 10 percent interest rate, an investor with $1 today can generate a future value of $1.10 in a year, $1.21 [=$1 × (1.10)2] in two years, and so on. Conversely, present value analysis places a current value on a future cash flow. With the same 10 percent interest rate, a dollar to be received in one year has a present value of $.909 (=$1/1.10) in year 0. A dollar to be received in two years has a present value of $.826 [=$1/(1.10)2].2. We commonly express an interest rate as, say, 12 percent per year. However, we can speak ofthe interest rate as 3 percent per quarter. Although the stated annual interest rate remains 12 percent (=3 percent × 4), the effective annual interest rate is 12.55 percent [=(1.03)4 – 1]. In other words, the compounding process increases the future value of an investment. The limiting case is continuous compounding, where funds are assumed to be reinvested every infinitesimal instant.3. A basic quantitative technique for financial decision making is net present value analysis. Thenet present value formula for an investment that generates cash flows (C i) in future periods is:The formula assumes that the cash flow at date 0 is the initial investment (a cash outflow).4. Frequently, the actual calculation of present value is long and tedious. The computation of thepresent value of a long-term mortgage with monthly payments is a good example of this. We presented four simplifying formulas:5. We stressed a few practical considerations in the application of these formulas:1. The numerator in each of the formulas, C, is the cash flow to be received one full periodhence.2. Cash flows are generally irregular in practice. To avoid unwieldy problems, assumptions tocreate more regular cash flows are made both in this textbook and in the real world.3. A number of present value problems involve annuities (or perpetuities) beginning a fewperiods hence. Students should practice combining the annuity (or perpetuity) formula withthe discounting formula to solve these problems.4. Annuities and perpetuities may have periods of every two or every n years, rather thanonce a year. The annuity and perpetuity formulas can easily handle such circumstances.5. We frequently encounter problems where the present value of one annuity must beequated with the present value of another annuity.Concept Questions1. Compounding and Period As you increase the length of time involved, what happens tofuture values? What happens to present values?2. Interest Rates What happens to the future value of an annuity if you increase the rate r?What happens to the present value?3. Present Value Suppose two athletes sign 10-year contracts for $80 million. In one case, we’retold that the $80 million will be paid in 10 equal installments. In the other case, we’re told that the $80 million will be paid in 10 installments, but the installments will increase by 5 percent per year.Who got the better deal?4. APR and EAR Should lending laws be changed to require lenders to report EARs instead ofAPRs? Why or why not?5. Time Value On subsidized Stafford loans, a common source of financial aid for collegestudents, interest does not begin to accrue until repayment begins. Who receives a bigger subsidy,a freshman or a senior? Explain.Use the following information to answer the next five questions:Toyota Motor Credit Corporation (TMCC), a subsidiary of Toyota Motor Corporation, offered some securities for sale to the public on March 28, 2008. Under the terms of the deal, TMCC promised to repay the owner of one of these securities $100,000 on March 28, 2038, but investors would receive nothing until then. Investors paid TMCC $24,099 for each of these securities; so they gave up $24,099 on March 28, 2008, for the promise of a $100,000 payment 30 years later.6. Time Value of Money Why would TMCC be willing to accept such a small amount today($24,099) in exchange for a promise to repay about four times that amount ($100,000) in the future?7. Call Provisions TMCC has the right to buy back the securities on the anniversary date at aprice established when the securities were issued (this feature is a term of this particular deal).What impact does this feature have on the desirability of this security as an investment?8. Time Value of Money Would you be willing to pay $24,099 today in exchange for $100,000 in30 years? What would be the key considerations in answering yes or no? Would your answerdepend on who is making the promise to repay?9. Investment Comparison Suppose that when TMCC offered the security for $24,099 the U.S.Treasury had offered an essentially identical security. Do you think it would have had a higher or lower price? Why?10. Length of Investment The TMCC security is bought and sold on the New York StockExchange. If you looked at the price today, do you think the price would exceed the $24,099 original price? Why? If you looked in the year 2019, do you think the price would be higher or lower than today’s price? Why?Questions and Problems: connect™BASIC (Questions 1–20)1. Simple Interest versus Compound Interest First City Bank pays 9 percent simple intereston its savings account balances, whereas Second City Bank pays 9 percent interest compounded annually. If you made a $5,000 deposit in each bank, how much more money would you earn from your Second City Bank account at the end of 10 years?2. Calculating Future Values Compute the future value of $1,000 compounded annually for1. 10 years at 6 percent.2. 10 years at 9 percent.3. 20 years at 6 percent.4. Why is the interest earned in part (c) not twice the amount earned in part (a)?3. Calculating Present Values For each of the following, compute the present value:4. Calculating Interest Rates Solve for the unknown interest rate in each of the following:5. Calculating the Number of Periods Solve for the unknown number of years in each of thefollowing:6. Calculating the Number of Periods At 9 percent interest, how long does it take to doubleyour money? To quadruple it?7. Calculating Present Values Imprudential, Inc., has an unfunded pension liability of $750million that must be paid in 20 years. To assess the value of the firm’s stock, financial analysts want to discount this liability back to the present. If the relevant discount rate is 8.2 percent, what is the present value of this liability?8. Calculating Rates of Return Although appealing to more refined tastes, art as a collectiblehas not always performed so profitably. During 2003, Sotheby’s sold the Edgar Degas bronze sculpture Petite Danseuse de Quartorze Ans at auction for a price of $10,311,500. Unfortunately for the previous owner, he had purchased it in 1999 at a price of $12,377,500. What was his annual rate of return on this sculpture?9. Perpetuities An investor purchasing a British consol is entitled to receive annual paymentsfrom the British government forever. What is the price of a consol that pays $120 annually if the next payment occurs one year from today? The market interest rate is 5.7 percent.10. Continuous Compounding Compute the future value of $1,900 continuously compounded for1. 5 years at a stated annual interest rate of 12 percent.2. 3 years at a stated annual interest rate of 10 percent.3. 10 years at a stated annual interest rate of 5 percent.4. 8 years at a stated annual interest rate of 7 percent.11. Present Value and Multiple Cash Flows Conoly Co. has identified an investment projectwith the following cash flows. If the discount rate is 10 percent, what is the present value of these cash flows? What is the present value at 18 percent? At 24 percent?12. Present Value and Multiple Cash Flows Investment X offers to pay you $5,500 per year fornine years, whereas Investment Y offers to pay you $8,000 per year for five years. Which of these cash flow streams has the higher present value if the discount rate is 5 percent? If the discount rate is 22 percent?13. Calculating Annuity Present Value An investment offers $4,300 per year for 15 years, withthe first payment occurring one year from now. If the required return is 9 percent, what is the value of the investment? What would the value be if the payments occurred for 40 years? For 75 years? Forever?14. Calculating Perpetuity Values The Perpetual Life Insurance Co. is trying to sell you aninvestment policy that will pay you and your heirs $20,000 per year forever. If the required return on this investment is 6.5 percent, how much will you pay for the policy? Suppose the Perpetual Life Insurance Co. told you the policy costs $340,000. At what interest rate would this be a fair deal? 15. Calculating EAR Find the EAR in each of the following cases:16. Calculating APR Find the APR, or stated rate, in each of the following cases:17. Calculating EAR First National Bank charges 10.1 percent compounded monthly on itsbusiness loans. First United Bank charges 10.4 percent compounded semiannually. As a potential borrower, to which bank would you go for a new loan?18. Interest Rates Well-known financial writer Andrew Tobias argues that he can earn 177percent per year buying wine by the case. Specifically, he assumes that he will consume one $10 bottle of fine Bordeaux per week for the next 12 weeks. He can either pay $10 per week or buy a case of 12 bottles today. If he buys the case, he receives a 10 percent discount and, by doing so, earns the 177 percent. Assume he buys the wine and consumes the first bottle today. Do you agree with his analysis? Do you see a problem with his numbers?19. Calculating Number of Periods One of your customers is delinquent on his accounts payablebalance. You’ve mutually agreed to a repayment schedule of $600 per month. You will charge .9 percent per month interest on the overdue balance. If the current balance is $18,400, how long will it take for the account to be paid off?20. Calculating EAR Friendly’s Quick Loans, Inc., offers you “three for four or I knock on yourdoor.” This means you get $3 today and repay $4 when you get your paycheck in one week (orelse). What’s the effective annual return Friendly’s earns on this lending business? If you were brave enough to ask, what APR would Friendly’s say you were paying?INTERMEDIATE (Questions 21–50)21. Future Value What is the future value in seven years of $1,000 invested in an account with astated annual interest rate of 8 percent,1. Compounded annually?2. Compounded semiannually?3. Compounded monthly?4. Compounded continuously?5. Why does the future value increase as the compounding period shortens?22. Simple Interest versus Compound Interest First Simple Bank pays 6 percent simpleinterest on its investment accounts. If First Complex Bank pays interest on its accounts compounded annually, what rate should the bank set if it wants to match First Simple Bank over an investment horizon of 10 years?23. Calculating Annuities You are planning to save for retirement over the next 30 years. To dothis, you will invest $700 a month in a stock account and $300 a month in a bond account. The return of the stock account is expected to be 10 percent, and the bond account will pay 6 percent.When you retire, you will combine your money into an account with an 8 percent return. How much can you withdraw each month from your account assuming a 25-year withdrawal period?24. Calculating Rates of Return Suppose an investment offers to quadruple your money in 12months (don’t believe it). What rate of return per quarter are you being offered?25. Calculating Rates of Return You’re trying to choose between two different investments, bothof which have up-front costs of $75,000. Investment G returns $135,000 in six years. Investment H returns $195,000 in 10 years. Which of these investments has the higher return?26. Growing Perpetuities Mark Weinstein has been working on an advanced technology in lasereye surgery. His technology will be available in the near term. He anticipates his first annual cash flow from the technology to be $215,000, received two years from today. Subsequent annual cash flows will grow at 4 percent in perpetuity. What is the present value of the technology if the discount rate is 10 percent?27. Perpetuities A prestigious investment bank designed a new security that pays a quarterlydividend of $5 in perpetuity. The first dividend occurs one quarter from today. What is the price of the security if the stated annual interest rate is 7 percent, compounded quarterly?28. Annuity Present Values What is the present value of an annuity of $5,000 per year, with thefirst cash flow received three years from today and the last one received 25 years from today? Usea discount rate of 8 percent.29. Annuity Present Values What is the value today of a 15-year annuity that pays $750 a year?The annuity’s first payment occurs six years from today. The annual interest rate is 12 percent for years 1 through 5, and 15 percent thereafter.30. Balloon Payments Audrey Sanborn has just arranged to purchase a $450,000 vacation homein the Bahamas with a 20 percent down payment. The mortgage has a 7.5 percent stated annualinterest rate, compounded monthly, and calls for equal monthly payments over the next 30 years.Her first payment will be due one month from now. However, the mortgage has an eight-year balloon payment, meaning that the balance of the loan must be paid off at the end of year 8. There were no other transaction costs or finance charges. How much will Audrey’s balloon payment be in eight years?31. Calculating Interest Expense You receive a credit card application from Shady BanksSavings and Loan offering an introductory rate of 2.40 percent per year, compounded monthly for the first six months, increasing thereafter to 18 percent compounded monthly. Assuming you transfer the $6,000 balance from your existing credit card and make no subsequent payments, how much interest will you owe at the end of the first year?32. Perpetuities Barrett Pharmaceuticals is considering a drug project that costs $150,000 todayand is expected to generate end-of-year annual cash flows of $13,000, forever. At what discount rate would Barrett be indifferent between accepting or rejecting the project?33. Growing Annuity Southern California Publishing Company is trying to decide whether to reviseits popular textbook, Financial Psychoanalysis Made Simple. The company has estimated that the revision will cost $65,000. Cash flows from increased sales will be $18,000 the first year. These cash flows will increase by 4 percent per year. The book will go out of print five years from now.Assume that the initial cost is paid now and revenues are received at the end of each year. If the company requires an 11 percent return for such an investment, should it undertake the revision? 34. Growing Annuity Your job pays you only once a year for all the work you did over theprevious 12 months. Today, December 31, you just received your salary of $60,000, and you plan to spend all of it. However, you want to start saving for retirement beginning next year. You have decided that one year from today you will begin depositing 5 percent of your annual salary in an account that will earn 9 percent per year. Your salary will increase at 4 percent per year throughout your career. How much money will you have on the date of your retirement 40 years from today?35. Present Value and Interest Rates What is the relationship between the value of an annuityand the level of interest rates? Suppose you just bought a 12-year annuity of $7,500 per year at the current interest rate of 10 percent per year. What happens to the value of your investment if interest rates suddenly drop to 5 percent? What if interest rates suddenly rise to 15 percent?36. Calculating the Number of Payments You’re prepared to make monthly payments of $250,beginning at the end of this month, into an account that pays 10 percent interest compounded monthly. How many payments will you have made when your account balance reaches $30,000? 37. Calculating Annuity Present Values You want to borrow $80,000 from your local bank tobuy a new sailboat. You can afford to make monthly payments of $1,650, but no more. Assuming monthly compounding, what is the highest APR you can afford on a 60-month loan?38. Calculating Loan Payments You need a 30-year, fixed-rate mortgage to buy a new home for$250,000. Your mortgage bank will lend you the money at a 6.8 percent APR for this 360-month loan. However, you can only afford monthly payments of $1,200, so you offer to pay off any remaining loan balance at the end of the loan in the form of a single balloon payment. How large will this balloon payment have to be for you to keep your monthly payments at $1,200?39. Present and Future Values The present value of the following cash flow stream is $6,453when discounted at 10 percent annually. What is the value of the missing cash flow?40. Calculating Present Values You just won the TVM Lottery. You will receive $1 million todayplus another 10 annual payments that increase by $350,000 per year. Thus, in one year you receive $1.35 million. In two years, you get $1.7 million, and so on. If the appropriate interest rate is 9 percent, what is the present value of your winnings?41. EAR versus APR You have just purchased a new warehouse. To finance the purchase, you’vearranged for a 30-year mortgage for 80 percent of the $2,600,000 purchase price. The monthly payment on this loan will be $14,000. What is the APR on this loan? The EAR?42. Present Value and Break-Even Interest Consider a firm with a contract to sell an asset for$135,000 three years from now. The asset costs $96,000 to produce today. Given a relevant discount rate on this asset of 13 percent per year, will the firm make a profit on this asset? At what rate does the firm just break even?43. Present Value and Multiple Cash Flows What is the present value of $4,000 per year, at adiscount rate of 7 percent, if the first payment is received 9 years from now and the last payment is received 25 years from now?44. Variable Interest Rates A 15-year annuity pays $1,500 per month, and payments are madeat the end of each month. If the interest rate is 13 percent compounded monthly for the first seven years, and 9 percent compounded monthly thereafter, what is the present value of the annuity? 45. Comparing Cash Flow Streams You have your choice of two investment accounts.Investment A is a 15-year annuity that features end-of-month $1,200 payments and has an interest rate of 9.8 percent compounded monthly. Investment B is a 9 percent continuously compounded lump-sum investment, also good for 15 years. How much money would you need to invest in B today for it to be worth as much as Investment A 15 years from now?46. Calculating Present Value of a Perpetuity Given an interest rate of 7.3 percent per year,what is the value at date t = 7 of a perpetual stream of $2,100 annual payments that begins at date t = 15?47. Calculating EAR A local finance company quotes a 15 percent interest rate on one-year loans.So, if you borrow $26,000, the interest for the year will be $3,900. Because you must repay a total of $29,900 in one year, the finance company requires you to pay $29,900/12, or $2,491.67, per month over the next 12 months. Is this a 15 percent loan? What rate would legally have to be quoted? What is the effective annual rate?48. Calculating Present Values A 5-year annuity of ten $4,500 semiannual payments will begin 9years from now, with the first payment coming 9.5 years from now. If the discount rate is 12 percent compounded monthly, what is the value of this annuity five years from now? What is the value three years from now? What is the current value of the annuity?49. Calculating Annuities Due Suppose you are going to receive $10,000 per year for five years.The appropriate interest rate is 11 percent.1. What is the present value of the payments if they are in the form of an ordinary annuity?What is the present value if the payments are an annuity due?2. Suppose you plan to invest the payments for five years. What is the future value if thepayments are an ordinary annuity? What if the payments are an annuity due?3. Which has the highest present value, the ordinary annuity or annuity due? Which has thehighest future value? Will this always be true?50. Calculating Annuities Due You want to buy a new sports car from Muscle Motors for$65,000. The contract is in the form of a 48-month annuity due at a 6.45 percent APR. What will your monthly payment be?CHALLENGE (Questions 51–76)51. Calculating Annuities Due You want to lease a set of golf clubs from Pings Ltd. The leasecontract is in the form of 24 equal monthly payments at a 10.4 percent stated annual interest rate, compounded monthly. Because the clubs cost $3,500 retail, Pings wants the PV of the lease payments to equal $3,500. Suppose that your first payment is due immediately. What will your monthly lease payments be?52. Annuities You are saving for the college education of your two children. They are two yearsapart in age; one will begin college 15 years from today and the other will begin 17 years from today. You estimate your children’s college expenses to be $35,000 per year per child, payable at the beginning of each school year. The annual interest rate is 8.5 percent. How much money must you deposit in an account each year to fund your children’s education? Your deposits begin one year from today. You will make your last deposit when your oldest child enters college. Assume four years of college.53. Growing Annuities Tom Adams has received a job offer from a large investment bank as aclerk to an associate banker. His base salary will be $45,000. He will receive his first annual salary payment one year from the day he begins to work. In addition, he will get an immediate $10,000 bonus for joining the company. His salary will grow at 3.5 percent each year. Each year he will receive a bonus equal to 10 percent of his salary. Mr. Adams is expected to work for 25 years.What is the present value of the offer if the discount rate is 12 percent?54. Calculating Annuities You have recently won the super jackpot in the Washington StateLottery. On reading the fine print, you discover that you have the following two options:1. You will receive 31 annual payments of $175,000, with the first payment being deliveredtoday. The income will be taxed at a rate of 28 percent. Taxes will be withheld when the checks are issued.2. You will receive $530,000 now, and you will not have to pay taxes on this amount. Inaddition, beginning one year from today, you will receive $125,000 each year for 30 years.The cash flows from this annuity will be taxed at 28 percent.Using a discount rate of 10 percent, which option should you select?55. Calculating Growing Annuities You have 30 years left until retirement and want to retirewith $1.5 million. Your salary is paid annually, and you will receive $70,000 at the end of the current year. Your salary will increase at 3 percent per year, and you can earn a 10 percent return on the money you invest. If you save a constant percentage of your salary, what percentage of your salary must you save each year?56. Balloon Payments On September 1, 2007, Susan Chao bought a motorcycle for $25,000. Shepaid $1,000 down and financed the balance with a five-year loan at a stated annual interest rate of8.4 percent, compounded monthly. She started the monthly payments exactly one month after thepurchase (i.e., October 1, 2007). Two years later, at the end of October 2009, Susan got a new job and decided to pay off the loan. If the bank charges her a 1 percent prepayment penalty based on the loan balance, how much must she pay the bank on November 1, 2009?57. Calculating Annuity Values Bilbo Baggins wants to save money to meet three objectives.First, he would like to be able to retire 30 years from now with a retirement income of $20,000 per month for 20 years, with the first payment received 30 years and 1 month from now. Second, he would like to purchase a cabin in Rivendell in 10 years at an estimated cost of $320,000. Third, after he passes on at the end of the 20 years of withdrawals, he would like to leave an inheritance of $1,000,000 to his nephew Frodo. He can afford to save $1,900 per month for the next 10 years.If he can earn an 11 percent EAR before he retires and an 8 percent EAR after he retires, how much will he have to save each month in years 11 through 30?58. Calculating Annuity Values After deciding to buy a new car, you can either lease the car orpurchase it with a three-year loan. The car you wish to buy costs $38,000. The dealer has a special leasing arrangement where you pay $1 today and $520 per month for the next three years. If you purchase the car, you will pay it off in monthly payments over the next three years at an 8 percent APR. You believe that you will be able to sell the car for $26,000 in three years. Should you buy or lease the car? What break-even resale price in three years would make you indifferent between buying and leasing?59. Calculating Annuity Values An All-Pro defensive lineman is in contract negotiations. Theteam has offered the following salary structure:All salaries are to be paid in a lump sum. The player has asked you as his agent to renegotiate the terms. He wants a $9 million signing bonus payable today and a contract value increase of $750,000. He also wants an equal salary paid every three months, with the first paycheck three months from now. If the interest rate is 5 percent compounded daily, what is the amount of his quarterly check? Assume 365 days in a year.60. Discount Interest Loans This question illustrates what is known as discount interest. Imagineyou are discussing a loan with a somewhat unscrupulous lender. You want to borrow $20,000 for one year. The interest rate is 14 percent. You and the lender agree that the interest on the loan will be .14 × $20,000 = $2,800. So, the lender deducts this interest amount from the loan up front and gives you $17,200. In this case, we say that the discount is $2,800. What’s wrong here?61. Calculating Annuity Values You are serving on a jury. A plaintiff is suing the city for injuriessustained after a freak street sweeper accident. In the trial, doctors testified that it will be five years before the plaintiff is able to return to work. The jury has already decided in favor of the plaintiff. You are the foreperson of the jury and propose that the jury give the plaintiff an award to cover the following: (1) The present value of two years’ back pay. The plaintiff’s annual salary for the last two years would have been $42,000 and $45,000, respectively. (2) The present value of five years’ future salary. You assume the salary will be $49,000 per year. (3) $150,000 for pain and suffering. (4) $25,000 for court costs. Assume that the salary payments are equal amounts paid at the end of each month. If the interest rate you choose is a 9 percent EAR, what is the size of the settlement? If you were the plaintiff, would you like to see a higher or lower interest rate?62. Calculating EAR with Points You are looking at a one-year loan of $10,000. The interest rateis quoted as 9 percent plus three points. A point on a loan is simply 1 percent (one percentage point) of the loan amount. Quotes similar to this one are very common with home mortgages. The interest rate quotation in this example requires the borrower to pay three points to the lender up front and repay the loan later with 9 percent interest. What rate would you actually be paying here? What is the EAR for a one-year loan with a quoted interest rate of 12 percent plus two points? Is your answer affected by the loan amount?63. EAR versus APR Two banks in the area offer 30-year, $200,000 mortgages at 6.8 percent andcharge a $2,100 loan application fee. However, the application fee charged by Insecurity Bank and Trust is refundable if the loan application is denied, whereas that charged by I. M. Greedy and Sons Mortgage Bank is not. The current disclosure law requires that any fees that will be refunded if the applicant is rejected be included in calculating the APR, but this is not required with nonrefundable。
罗斯公司理财第九版课后习题答案中文版
第一章1.在所有权形式的公司中,股东是公司的所有者。
股东选举公司的董事会,董事会任命该公司的管理层。
企业的所有权和控制权分离的组织形式是导致的代理关系存在的主要原因。
管理者可能追求自身或别人的利益最大化,而不是股东的利益最大化。
在这种环境下,他们可能因为目标不一致而存在代理问题2.非营利公司经常追求社会或政治任务等各种目标。
非营利公司财务管理的目标是获取并有效使用资金以最大限度地实现组织的社会使命。
3.这句话是不正确的。
管理者实施财务管理的目标就是最大化现有股票的每股价值，当前的股票价值反映了短期和长期的风险、时间以及未来现金流量。
4.有两种结论。
一种极端,在市场经济中所有的东西都被定价。
因此所有目标都有一个最优水平，包括避免不道德或非法的行为，股票价值最大化。
另一种极端,我们可以认为这是非经济现象,最好的处理方式是通过政治手段。
一个经典的思考问题给出了这种争论的答案:公司估计提高某种产品安全性的成本是30美元万。
然而,该公司认为提高产品的安全性只会节省20美元万。
请问公司应该怎么做呢?”5.财务管理的目标都是相同的,但实现目标的最好方式可能是不同的,因为不同的国家有不同的社会、政治环境和经济制度。
6.管理层的目标是最大化股东现有股票的每股价值。
如果管理层认为能提高公司利润，使股价超过35美元,那么他们应该展开对恶意收购的斗争。
如果管理层认为该投标人或其它未知的投标人将支付超过每股35美元的价格收购公司,那么他们也应该展开斗争。
然而,如果管理层不能增加企业的价值,并且没有其他更高的投标价格,那么管理层不是在为股东的最大化权益行事。
现在的管理层经常在公司面临这些恶意收购的情况时迷失自己的方向。
7.其他国家的代理问题并不严重,主要取决于其他国家的私人投资者占比重较小。
较少的私人投资者能减少不同的企业目标。
高比重的机构所有权导致高学历的股东和管理层讨论决策风险项目。
此外,机构投资者比私人投资者可以根据自己的资源和经验更好地对管理层实施有效的监督机制。
经济学-罗斯公司理财第九版第十章课后答案对应版
罗斯公司理财第九版第十章课后答案对应版第十章：风险与收益：市场历史的启示1. 因为公司的表现具有不可预见性。
2. 投资者很容易看到最坏的投资结果，但是确很难预测到。
3. 不是，股票具有更高的风险，一些投资者属于风险规避者，他们认为这点额外的报酬率还不至于吸引他们付出更高风险的代价。
4. 股票市场与赌博是不同的，它实际是个零和市场，所有人都可能赢。
而且投机者带给市场更高的流动性，有利于市场效率。
5. 在80 年代初是最高的，因为伴随着高通胀和费雪效应。
6. 有可能，当投资风险资产报酬非常低，而无风险资产报酬非常高，或者同时出现这两种现象时就会发生这样的情况。
7. 相同，假设两公司2 年前股票价格都为P0，则两年后G 公司股票价格为1.1*0.9* P0，而S 公司股票价格为0.9*1.1 P0，所以两个公司两年后的股价是一样的。
8. 不相同，Lake Minerals 2年后股票价格= 100(1.10)(1.10) = $121.00 而SmallTown Furniture 2年后股票价格= 100(1.25)(.95) = $118.759. 算数平均收益率仅仅是对所有收益率简单加总平均，它没有考虑到所有收益率组合的效果，而几何平均收益率考虑到了收益率组合的效果，所以后者比较重要。
10. 不管是否考虑通货膨胀因素，其风险溢价没有变化，因为风险溢价是风险资产收益率与无风险资产收益率的差额，若这两者都考虑到通货膨胀的因素，其差额仍然是相互抵消的。
而在考虑税收后收益率就会降低，因为税后收益会降低。
11. R = [($104 – 92) + 1.45] / $92 = .1462 or 14.62%12. Dividend yield = $1.45 / $92 = .0158 or 1.58%Capital gains yield = ($104 – 92) / $92 = .1304 or 13.04%13. R = [($81 – 92) + 1.45] / $92 = –.1038 or –10.38%Dividend yield = $1.45 / $92 = .0158 or 1.58%Capital gains yield = ($81 – 92) / $92 = –.1196 or –11.96%14.15. a. To find the average return, we sum all the returns and divide by the number of returns, so: Arithmetic average return = (.34 +.16 + .19 – .21 + .08)/5 = .1120 or 11.20% b. Using the equation to calculate variance, we find:Variance = 1/4[(.34 – .112)⌒2 + (.16 – .112)⌒2 + (.19 – .112)⌒2 + (–.21 – .112)⌒2 +(.08 – .112)⌒2] = 0.041270So, the standard deviation is:Standard deviation = (0.041270)⌒1/2 = 0.2032 or 20.32%16. a. To calculate the average real return, we can use the average return of the asset and the average inflation rate in the Fisher equation. Doing so, we find:(1 + R) = (1 + r)(1 + h)则r = (1.1120/1.042) – 1=.0672 or 6.72%b. The average risk premium is simply the average return of the asset, minus the average real riskfree rate, so, the average risk premium for this asset would be:RP = R –f R= .1120 – .0510= .0610 or 6.10%17. We can find the average real risk-free rate using the Fisher equation. The average realrisk-free rate was: (1 + R) = (1 + r)(1 + h)r f = (1.051/1.042) – 1= .0086 or 0.86%And to calculate the average real risk premium, we can subtract the average risk-free rate from the average real return. So, the average real risk premium was:rp = r – r f = 6.72% – 0.86%= 5.85%18. Apply the five-year holding-period return formula to calculate the total return of the stock over the five-year period, we find:5-year holding-period return = [(1 + R1)(1 + R2)(1 +R3)(1 +R4)(1 +R5)] – 1= [(1 + .1843)(1 + .1682)(1 + .0683)(1 + .3219)(1 – .1987)] – 1= 0.5655 or 56.55%19. To find the return on the zero coupon bond, we first need to find the price of the bond today. Since one year has elapsed, the bond now has 29 years to maturity, so the price today is: P1 = $1,000/1.0929 = $82.15There are no intermediate cash flows on a zero coupon bond, so the return is the capital gains, or: R = ($82.15 – 77.81) / $77.81 = .0558 or 5.58%20. The return of any asset is the increase in price, plus any dividends or cash flows, all divided by the initial price. This stock paid no dividend, so the return was:R = ($82.01 – 75.15) / $75.15 = .0913 or 9.13%This is the return for three months, so the APR is:APR = 4(9.13%) = 36.51%And the EAR is:EAR = (1 + .0913)⌒4 – 1 = .4182 or 41.82%21.22. To calculate the arithmetic and geometric average returns, we must first calculate the return for each year. The return for each year is:R1 = ($55.83 – 49.62 + 0.68) / $49.62 = .1389 or 13.89%R2 = ($57.03 – 55.83 + 0.73) / $55.83 = .0346 or 3.46%R3 = ($50.25 – 57.03 + 0.84) / $57.03 = –.1042 or –10.42%R4 = ($53.82 – 50.25 + 0.91)/ $50.25 = .0892 or 8.92%R5 = ($64.18 – 53.82 + 1.02) / $53.82 = .2114 or 21.14%The arithmetic average return was:R A = (0.1389 + 0.0346 – 0.1042 + 0.0892 + 0.2114)/5 = 0.0740 or 7.40%And the geometric average return was:R G = [(1 + .1389)(1 + .0346)(1 – .1042)(1 + .0892)(1 + .2114)]1/5 – 1 = 0.0685 or 6.85% 23. To find the return on the coupon bond, we first need to find the price of the bond today. Since one year has elapsed, the bond now has six years to maturity, so the price today is:P1 = $70(PVIFA8%,6) + $1,000/1.086 = $953.77You received the coupon payments on the bond, so the nominal return was:R = ($953.77 – 943.82 + 70) / $943.82 = .0847 or 8.47%And using the Fisher equation to find the real return, we get:r = (1.0847 / 1.048) – 1 = .0350 or 3.50%24. Looking at the long-term government bond return history in Table 10.2, we see that the mean return was 6.1 percent, with a standard deviation of 9.4 percent. Inthe normal probability distribution, approximately 2/3 of the observations are within one standard deviation of the mean. This means that 1/3 of the observations are outside one standard deviation away from the mean. Or:Pr(R15.5)≈1/3But we are only interested in one tail here, that is, returns less than –3.3 percent, so: Pr(RYou can use the z-statistic and the cumulative normal distribution table to findthe answer as well. Doing so, we find:z = (–3.3% – 6.1)/9.4% = –1.00Looking at the z-table, this gives a probability of 15.87%, or:Pr(RThe range of returns you would expect to see 95 percent of the time is the mean plus or minus 2 standard deviations, or:The range of returns you would expect to see 99 percent of the time is the mean plus or minus 3 standard deviations, or:99% level: R ± 3 = 6.1% ± 3(9.4%) = –22.10% to 34.30%。
Cha07罗斯公司理财第九版原版书课后习题
Cha07罗斯公司理财第九版原版书课后习题to abandon, and timing options.4. Decision trees represent an approach for valuing projects with these hidden, or real, options.Concept Questions1. Forecasting Risk What is forecasting risk? In general, would the degree of forecasting risk begreater for a new product or a cost-cutting proposal? Why?2. Sensitivity Analysis and Scenario Analysis What is the essential difference betweensensitivity analysis and scenario analysis?3. Marginal Cash Flows A coworker claims that looking at all this marginal this and incrementalthat is just a bunch of nonsense, and states, “Listen, if our average revenue doesn’t exceed our average cost, then we will have a negative cash flow, and we will go broke!” How do you respond?4. Break-Even Point As a shareholder of a firm that is contemplating a new project, would yoube more concerned with the accounting break-even point, the cash break-even point (the point at which operating cash flow is zero), or the financial break-even point? Why?5. Break-Even Point Assume a firm is considering a new project that requires an initialinvestment and has equal sales and costs over its life. Will the project reach the accounting, cash, or financial break-even point first? Which will it reach next? Last? Will this order always apply?6. Real Options Why does traditional NPV analysis tend to underestimate the true value of acapital budgeting project?7. Real Options The Mango Republic has just liberalized its markets and is now permittingforeign investors. Tesla Manufacturing has analyzed starting a project in the country and has determined that the project hasa negative NPV. Why might the company go ahead with the project? What type of option is most likely to add value to this project?8. Sensitivity Analysis and Breakeven How does sensitivity analysis interact with break-evenanalysis?9. Option to Wait An option can often have more than one source of value. Consider a loggingcompany. The company can log the timber today or wait another year (or more) to log the timber.What advantages would waiting one year potentially have?10. Project Analysis You are discussing a project analysis witha coworker. The project involvesreal options, such as expanding the project if successful, or abandoning the project if it fails. Your coworker makes the following statement: “This analysis is ridiculous. We looked at expanding or abandoning the project in two years, but there are many other options we should consider. For example, we could expand in one year, and expand further in two years. Or we could expand in one year, and abandon the project in two years. There are too many options for us to examine.Because of this, anything this analysis would give us is worthless.” How would you evaluate this statement? Considering that with any capital budgeting project there are an infinite number of real options, when do you stop the option analysis on an individual project?Questions and Problems: connect?BASIC (Questions 1–10)1. Sensitivity Analysis and Break-Even Point We are evaluating a project that costs$724,000, has an eight-year life, and has no salvage value. Assume that depreciation is straight-line to zero over the life of the project. Sales are projected at 75,000 units per year. Price per unit is $39, variable cost per unit is $23, and fixed costs are $850,000 per year. The tax rate is 35 percent, and we require a 15 percent return on this project.1. Calculate the accounting break-even point.2. Calculate the base-case cash flow and NPV. What is the sensitivity of NPV to changes inthe sales figure? Explain what your answer tells you about a 500-unit decrease in projected sales.3. What is the sensitivity of OCF to changes in the variable cost figure? Explain what youranswer tells you about a $1 decrease in estimated variable costs.2. Scenario Analysis In the previous problem, suppose the projections given for price, quantity,variable costs, and fixed costs are all accurate to w ithin ±10 percent. Calculate the best-case and worst-case NPV figures.3. Calculating Breakeven In each of the following cases, find the unknown variable. Ignoretaxes.4. Financial Breakeven L.J.’s Toys Inc. just purchased a $250,000 machine to produce toy cars.The machine will be fully depreciated by the straight-line method over its five-year economic life.Each toy sells for $25. The variable cost per toy is $6, and the firm incurs fixed costs of $360,000 each year. The corporate tax rate for the company is 34 percent. The appropriate discount rate is12 percent. What is the financial break-even point for the project?5. Option to Wait Your company is deciding whether to invest in a new machine. The newmachine will increase cash flow by $340,000 per year. You believe the technology used in the machine has a 10-year life; in other words, no matter when you purchase the machine, it will be obsolete 10 years from today. The machine is currently priced at $1,800,000. The cost of the machine will decline by $130,000 per year until it reaches $1,150,000, where it will remain. If your required return is 12 percent, should you purchase the machine? If so, when should you purchase it?6. Decision Trees Ang Electronics, Inc., has developed a new DVDR. If the DVDR is successful,the present value of the payoff (when the product is brought to market) is $22 million. If the DVDR fails, the present value of the payoff is $9 million. If the product goes directly to market, there is a50 percent chance of success. Alternatively, Ang can delay the launch by one year and spend $1.5million to test market the DVDR. Test marketing would allow the firm to improve the product and increase the probability of success to 80 percent. The appropriate discount rate is 11 percent.Should the firm conduct test marketing?7. Decision Trees The manager for a growing firm is considering the launch of a new product. Ifthe product goes directly to market, there is a 50 percent chance of success. For $135,000 the manager can conduct a focus group that will increase the product’s chance of success to 65 percent. Alternatively, the manager has the option to pay a consulting firm $400,000 to research the market and refine the product. The consulting firm successfully launches new products 85 percent of the time. If the firm successfully launches the product, the payoff will be $1.5 million. If the product is a failure, the NPV is zero. Which action will result in the highest expected payoff to the firm?8. Decision Trees B&B has a new baby powder ready to market. If the firm goes directly to themarket with the product, there is only a 55 percent chance of success. However, the firm can conduct customer segment research, which will take a year and cost $1.8 million. By going through research, B&B will be able to better target potential customers and will increase the probability of success to 70 percent. If successful, the baby powder will bring a present value profit (at time of initial selling) of $28 million. If unsuccessful, the present value payoff is only $4 million. Should the firm conduct customer segment research or go directly to market? The appropriate discount rate is15 percent.9. Financial Break-Even Analysis You are considering investing in a company that cultivatesabalone for sale to local restaurants. Use the following information:The discount rate for the company is 15 percent, the initial investment in equipment is $360,000, and the project’s economic life is seven years. Assume the equipment is depreciated on a straight-line basis over the project’s life.1. What is the accounting break-even level for the project?2. What is the financial break-even level for the project?10. Financial Breakeven Niko has purchased a brand new machine to produce its High Flight lineof shoes. The machine has an economic life of five years. The depreciation schedule for the machine is straight-line with no salvage value. The machine costs $390,000. The sales price per pair of shoes is $60, while the variable cost is $14. $185,000 of fixed costs per year are attributed to the machine. Assume that the corporate tax rate is 34 percent and the appropriate discount rate is 8 percent. What is the financial break-even point?INTERMEDIATE (Questions 11–25)11. Break-Even Intuition Consider a project with a required return of R percent that costs $I andwill last for N years. The project uses straight-line depreciation to zero over the N-year life; there are neither salvage value nor net working capital requirements.1. At the accounting break-even level of output, what is the IRR of this project? The paybackperiod? The NPV?2. At the cash break-even level of output, what is the IRR of this project? The paybackperiod? The NPV?3. At the financial break-even level of output, what is the IRR of this project? The paybackperiod? The NPV?12. Sensitivity Analysis Consider a four-year project with the following information: Initial fixedasset investment = $380,000; straight-line depreciation to zero over the four-year life; zero salvage value; price = $54; variable costs = $42; fixed costs = $185,000; quantity sold = 90,000 units; tax rate = 34 percent. How sensitive is OCF to changes in quantity sold?13. Project Analysis You are considering a new product launch. The project will cost $960,000,have a four-year life, and have no salvage value; depreciation is straight-line to zero. Sales are projected at 240 units per year; price per unit will be $25,000; variable cost per unit will be $19,500; and fixed costs will be $830,000 per year. The required return on the project is 15 percent, and the relevant tax rate is 35 percent.1. Based on your experience, you think the unit sales, variable cost, and fixed costprojections given here are probably accurate to within ±10 percent. What are the upper and lower bounds for these projections? What is the base-case NPV? What are the best-case and worst-case scenarios?2. Evaluate the sensitivity of your base-case NPV to changes in fixed costs.3. What is the accounting break-even level of output for this project?14. Project Analysis McGilla Golf has decided to sell a newline of golf clubs. The clubs will sell for$750 per set and have a variable cost of $390 per set. The company has spent $150,000 for a marketing study that determined the company will sell 55,000 sets per year for seven years. The marketing study also determined that the company will lose sales of 12,000 sets of its high-priced clubs. The high-priced clubs sell at $1,100 and have variable costs of $620. The company will also increase sales of its cheap clubs by 15,000 sets. The cheap clubs sell for $400 and have variable costs of $210 per set. The fixed costs each year will be $8,100,000. The company has also spent $1,000,000 on research and development for the new clubs. The plant and equipment required will cost $18,900,000 and will be depreciated on a straight-line basis. The new clubs will also require an increase in net working capital of $1,400,000 that will be returned at the end of the project. The tax rate is 40 percent, and the cost of capital is 14 percent. Calculate the payback period, the NPV, and the IRR.15. Scenario Analysis In the previous problem, you feel that the values are accurate to withinonly ±10 percent. What are the best-case and worst-case NPVs? (Hint: The price and variable costs for the two existing sets of clubs are known with certainty; only the sales gained or lost are uncertain.)16. Sensitivity Analysis McGilla Golf would like to know the sensitivity of NPV to changes in theprice of the new clubs and the quantity of new clubs sold. What is the sensitivity of the NPV to each of these variables?17. Abandonment Value We are examining a new project. We expect to sell 9,000 units per yearat $50 net cash flow apiece for the next 10 years. In otherwords, the annual operating cash flow is projected to be $50 × 9,000 = $450,000. The relevant discount rate is 16 percent, and the initial investment required is $1,900,000.1. What is the base-case NPV?2. After the first year, the project can be dismantled and sold for $1,300,000. If expectedsales are revised based on the first year’s performance, when would it make sense to abandon the investment? In other words, at what level of expected sales would it make sense to abandon the project?3. Explain how the $1,300,000 abandonment value can be viewed as the opportunity cost ofkeeping the project in one year.18. Abandonment In the previous problem, suppose you think it is likely that expected sales willbe revised upward to 11,000 units if the first year is a success and revised downward to 4,000 units if the first year is not a success.1. If success and failure are equally likely, what is the NPV of the project? Consider thepossibility of abandonment in answering.2. What is the value of the option to abandon?19. Abandonment and Expansion In the previous problem, suppose the scale of the project canbe doubled in one year in the sense that twice as many units can be produced and sold. Naturally, expansion would be desirable only if the project were a success. This implies that if the project is a success, projected sales after expansion will be 22,000. Again assuming that success and failure are equally likely,what is the NPV of the project? Note that abandonment is still an option if the project is a failure. What is the value of the option to expand?20. Break-Even Analysis Your buddy comes to you with a sure-fire way to make some quickmoney and help pay off your student loans. His idea is to sell T-shirts with the words “I get” on them. “You get it?” He says, “You see all those bumper stickers and T-shirts that say ‘got milk’ or ‘got surf.’ So this says, ‘I get.’ It’s funn y! All we have to do is buy a used silk screen press for $3,200 and we are in business!” Assume there are no fixed costs, and you depreciate the $3,200 in the first period. Taxes are 30 percent.1. What is the accounting break-even point if each shirt costs $7 to make and you can sellthem for $10 apiece?Now assume one year has passed and you have sold 5,000 shirts! You find out that the Dairy Farmers of America have copyrighted the “got milk” slogan and are requiring you to pay $12,000 to continue operations. You expect this craze will last for another three years and that your discount rate is 12 percent.2. What is the financial break-even point for your enterprise now?21. Decision Trees Young screenwriter Carl Draper has just finished his first script. It has action,drama, and humor, and he thinks it will be a blockbuster. He takes the script to every motion picture studio in town and tries to sell it but to no avail. Finally, ACME studios offers to buy the script for either (a) $12,000 or (b) 1 pe rcent of the movie’s profits. There are two decisions the studio will have to make. First is to decide if the script is good or bad, and second if the movieis good or bad. First, there is a 90 percent chance that the script is bad. If it is bad, the studio does nothing more and throws the script out. If the script is good, they will shoot the movie. After the movie is shot, the studio will review it, and there is a 70 percent chance that the movie is bad. If the movie is bad, the movie will not be promoted and will not turn a profit. If the movie is good, the studio will promote heavily; the average profit for this type of movie is $20 million. Carl rejects the $12,000 and says he wants the 1 percent of profits. Was this a good decision by Carl?22. Option to Wait Hickock Mining is evaluating when to open a gold mine. The mine has 60,000ounces of gold left that can be mined, and mining operations will produce 7,500 ounces per year.The required return on the gold mine is 12 percent, and it will cost $14 million to open the mine.When the mine is opened, the company will sign a contract that will guarantee the price of gold for the remaining life of the mine. If the mine is opened today, each ounce of gold will generate an aftertax cash flow of $450 per ounce. If the company waits one year, there is a 60 percent probability that the contract price will generate an aftertax cash flow of $500 per ounce and a 40 percent probability that the aftertax cash flow will be $410 per ounce. What is the value of the option to wait?23. Abandonment Decisions Allied Products, Inc., is considering a new product launch. The firmexpects to have an annual operating cash flow of $22 million for the next 10 years. Allied Products uses a discount rate of 19 percent for new product launches. The initial investment is $84 million.Assume that the project has no salvage value at the end of its economic life.1. What is the NPV of the new product?2. After the first year, the project can be dismantled and sold for $30 million. If theestimates of remaining cash flows are revised based on the first year’s experience, at what level of expected cash flows does it make sense to abandon the project?24. Expansion Decisions Applied Nanotech is thinking about introducing a new surface cleaningmachine. The marketing department has come up with the estimate that Applied Nanotech can sell15 units per year at $410,000 net cash flow per unit for the next five years. The engineeringdepartment has come up with the estimate that developing the machine will take a $17 million initial investment. The finance department has estimated that a 25 percent discount rate should beused.1. What is the base-case NPV?2. If unsuccessful, after the first year the project can be dismantled and will have an aftertaxsalvage value of $11 million. Also, after the first year, expected cash flows will be revised up to 20 units per year or to 0 units, with equal probability. What is the revised NPV?25. Scenario Analysis You are the financial analyst for a tennis racket manufacturer. Thecompany is considering using a graphitelike material in its tennis rackets. The company has estimated the information in the following table about the market for a racket with the newmaterial. The company expects to sell the racket for six years. The equipment required for the project has no salvage value. The required return for projects of this type is 13 percent, and the company has a 40 percent tax rate. Should you recommend the project?CHALLENGE (Questions 26–30)26. Scenario Analysis Consider a project to supply Detroit with 55,000 tons of machine screwsannually for automobile production. You will need an initial $1,700,000 investment in threading equipment to get the project started; the project will last for five years. The accounting department estimates that annual fixed costs will be $520,000 and that variable costs should be $220 per ton;accounting will depreciate the initial fixed asset investment straight-line to zero over the five-year project life. It also estimates a salvage value of $300,000 after dismantling costs. The marketing department estimates that the automakers will let the contract at a selling price of $245 per ton.The engineering department estimates you will need an initial net working capital investment of $600,000. You require a 13 percent return and face a marginal tax rate of 38 percent on this project.1. What is the estimated OCF for this project? The NPV? Should you pursue this project?2. Suppose you believe that the accounting department’sinitial cost and salvage valueprojections are accurate only to within ±15 percent; the marketing department’s price estimate is accurate only to within ±10 percent; and the engineering department’s net working capital estimate is accurate only to within ±5 p ercent. What is your worst-case scenario for this project? Your best-case scenario? Do you still want to pursue the project? 27. Sensitivity Analysis In Problem 26, suppose you’re confident about your own projections, butyou’re a little unsure about Detroit’s actual machine screw requirements. What is the sensitivity of the project OCF to changes in the quantity supplied? What about the sensitivity of NPV to changes in quantity supplied? Given the sensitivity number you calculated, is there some minimum level of output below which you wouldn’t want to operate? Why?28. Abandonment Decisions Consider the following project for Hand Clapper, Inc. The companyis considering a four-year project to manufacture clap-command garage door openers. This project requires an initial investment of $10 million that will be depreciated straight-line to zero over the project’s life. An initial investment in net working capital of $1.3 million is required to support spare parts inventory; this cost is fully recoverable whenever the project ends. The company believes it can generate $7.35 million in pretax revenues with $2.4 million in total pretax operating costs. The tax rate is 38 percent, and the discount rate is 16 percent. The market value of the equipment over the life of the project is as follows:Lumber is sold by the company for its “pond value.” Pond value is the amount a mill will pay for a log delivered to the mill location. The price paid for logs delivered to a mill is quoted in dollars per thousands of board feet (MBF), and the price depends on the grade of the logs. The forest Bunyan Lumber is evaluatingwas planted by the company 20 years ago and is made up entirely of Douglas fir trees. The table here shows the current price per MBF for the three grades of timber the company feels will come from the stand:Steve believes that the pond value of lumber will increase at the inflation rate. The company is planning to thin the forest today, and it expects to realize a positive cash flow of $1,000 per acre from thinning. The thinning is done to increase the growth rate of the remaining trees, and it is always done 20 years following a planting.The major decision the company faces is when to log the forest. When the company logs the forest, it will immediately replant saplings, which will allow for a future harvest. The longer the forest is allowed to grow, the larger the harvest becomes per acre. Additionally, an older forest has a higher grade of timber. Steve has compiled the following table with the expected harvest per acre in thousands of board feet, along with the breakdown of the timber grades:The company expects to lose 5 percent of the timber it cuts due to defects and breakage.The forest will be clear-cut when the company harvests the timber. This method of harvesting allows for faster growth of replanted trees. All of the harvesting, processing, replanting, andtransportation are to be handled by subcontractors hired by Bunyan Lumber. The cost of the logging is expected to be $140 per MBF. A road system has to be constructed and is expected to cost $50 per MBF on average. Sales preparation and administrative costs, excluding office overhead costs, are expected to be $18 per MBF.As soon as the harvesting is complete, the company will reforest the land. Reforesting costs include the following:All costs are expected to increase at the inflation rate.Assume all cash flows occur at the year of harvest. For example, if the company begins harvesting the timber 20 years from today, the cash flow from the harvest will be received 20 years from today. When the company logs the land, it will immediately replant the land with new saplings. The harvest period chosen will be repeated for the foreseeable future. The company’s nominal required return is 10 percent, and the inflation rate is expected to be 3.7 percent per year. Bunyan Lumber has a 35 percent tax rate.Clear-cutting is a controversial method of forest management. To obtain the necessary permits, Bunyan Lumber has agreed to contribute to a conservation fund every time it harvests the lumber. If the company harvested the forest today, the required contribution would be $250,000. The company has agreed that the required contribution will grow by 3.2 percent per year. When should the company harvest the forest?。
Cha07 罗斯公司理财第九版原版书课后习题
to abandon, and timing options.4. Decision trees represent an approach for valuing projects with these hidden, or real, options.Concept Questions1. Forecasting Risk What is forecasting risk? In general, would the degree of forecasting risk begreater for a new product or a cost-cutting proposal? Why?2. Sensitivity Analysis and Scenario Analysis What is the essential difference betweensensitivity analysis and scenario analysis?3. Marginal Cash Flows A coworker claims that looking at all this marginal this and incrementalthat is just a bunch of nonsense, and states, “Listen, if our average revenue doesn’t exceed our average cost, then we will have a negative cash flow, and we will go broke!” How do you respond?4. Break-Even Point As a shareholder of a firm that is contemplating a new project, would yoube more concerned with the accounting break-even point, the cash break-even point (the point at which operating cash flow is zero), or the financial break-even point? Why?5. Break-Even Point Assume a firm is considering a new project that requires an initialinvestment and has equal sales and costs over its life. Will the project reach the accounting, cash, or financial break-even point first? Which will it reach next? Last? Will this order always apply?6. Real Options Why does traditional NPV analysis tend to underestimate the true value of acapital budgeting project?7. Real Options The Mango Republic has just liberalized its markets and is now permittingforeign investors. Tesla Manufacturing has analyzed starting a project in the country and has determined that the project has a negative NPV. Why might the company go ahead with the project? What type of option is most likely to add value to this project?8. Sensitivity Analysis and Breakeven How does sensitivity analysis interact with break-evenanalysis?9. Option to Wait An option can often have more than one source of value. Consider a loggingcompany. The company can log the timber today or wait another year (or more) to log the timber.What advantages would waiting one year potentially have?10. Project Analysis You are discussing a project analysis with a coworker. The project involvesreal options, such as expanding the project if successful, or abandoning the project if it fails. Your coworker makes the following statement: “This analysis is ridiculous. We looked at expanding or abandoning the project in two years, but there are many other options we should consider. For example, we could expand in one year, and expand further in two years. Or we could expand in one year, and abandon the project in two years. There are too many options for us to examine.Because of this, anything this analysis would give us is worthless.” How would you evaluate this statement? Considering that with any capital budgeting project there are an infinite number of real options, when do you stop the option analysis on an individual project?Questions and Problems: connect™BASIC (Questions 1–10)1. Sensitivity Analysis and Break-Even Point We are evaluating a project that costs$724,000, has an eight-year life, and has no salvage value. Assume that depreciation is straight-line to zero over the life of the project. Sales are projected at 75,000 units per year. Price per unit is $39, variable cost per unit is $23, and fixed costs are $850,000 per year. The tax rate is 35 percent, and we require a 15 percent return on this project.1. Calculate the accounting break-even point.2. Calculate the base-case cash flow and NPV. What is the sensitivity of NPV to changes inthe sales figure? Explain what your answer tells you about a 500-unit decrease in projected sales.3. What is the sensitivity of OCF to changes in the variable cost figure? Explain what youranswer tells you about a $1 decrease in estimated variable costs.2. Scenario Analysis In the previous problem, suppose the projections given for price, quantity,variable costs, and fixed costs are all accurate to within ±10 percent. Calculate the best-case and worst-case NPV figures.3. Calculating Breakeven In each of the following cases, find the unknown variable. Ignoretaxes.4. Financial Breakeven L.J.’s Toys Inc. just purchased a $250,000 machine to produce toy cars.The machine will be fully depreciated by the straight-line method over its five-year economic life.Each toy sells for $25. The variable cost per toy is $6, and the firm incurs fixed costs of $360,000 each year. The corporate tax rate for the company is 34 percent. The appropriate discount rate is12 percent. What is the financial break-even point for the project?5. Option to Wait Your company is deciding whether to invest in a new machine. The newmachine will increase cash flow by $340,000 per year. You believe the technology used in the machine has a 10-year life; in other words, no matter when you purchase the machine, it will be obsolete 10 years from today. The machine is currently priced at $1,800,000. The cost of the machine will decline by $130,000 per year until it reaches $1,150,000, where it will remain. If your required return is 12 percent, should you purchase the machine? If so, when should you purchase it?6. Decision Trees Ang Electronics, Inc., has developed a new DVDR. If the DVDR is successful,the present value of the payoff (when the product is brought to market) is $22 million. If the DVDR fails, the present value of the payoff is $9 million. If the product goes directly to market, there is a50 percent chance of success. Alternatively, Ang can delay the launch by one year and spend $1.5million to test market the DVDR. Test marketing would allow the firm to improve the product and increase the probability of success to 80 percent. The appropriate discount rate is 11 percent.Should the firm conduct test marketing?7. Decision Trees The manager for a growing firm is considering the launch of a new product. Ifthe product goes directly to market, there is a 50 percent chance of success. For $135,000 the manager can conduct a focus group that will increase the product’s chance of success to 65 percent. Alternatively, the manager has the option to pay a consulting firm $400,000 to research the market and refine the product. The consulting firm successfully launches new products 85 percent of the time. If the firm successfully launches the product, the payoff will be $1.5 million. If the product is a failure, the NPV is zero. Which action will result in the highest expected payoff to the firm?8. Decision Trees B&B has a new baby powder ready to market. If the firm goes directly to themarket with the product, there is only a 55 percent chance of success. However, the firm can conduct customer segment research, which will take a year and cost $1.8 million. By going through research, B&B will be able to better target potential customers and will increase the probability of success to 70 percent. If successful, the baby powder will bring a present value profit (at time of initial selling) of $28 million. If unsuccessful, the present value payoff is only $4 million. Should the firm conduct customer segment research or go directly to market? The appropriate discount rate is15 percent.9. Financial Break-Even Analysis You are considering investing in a company that cultivatesabalone for sale to local restaurants. Use the following information:The discount rate for the company is 15 percent, the initial investment in equipment is $360,000, and the project’s economic life is seven years. Assume the equipment is depreciated on a straight-line basis over the project’s life.1. What is the accounting break-even level for the project?2. What is the financial break-even level for the project?10. Financial Breakeven Niko has purchased a brand new machine to produce its High Flight lineof shoes. The machine has an economic life of five years. The depreciation schedule for the machine is straight-line with no salvage value. The machine costs $390,000. The sales price per pair of shoes is $60, while the variable cost is $14. $185,000 of fixed costs per year are attributed to the machine. Assume that the corporate tax rate is 34 percent and the appropriate discount rate is 8 percent. What is the financial break-even point?INTERMEDIATE (Questions 11–25)11. Break-Even Intuition Consider a project with a required return of R percent that costs $I andwill last for N years. The project uses straight-line depreciation to zero over the N-year life; there are neither salvage value nor net working capital requirements.1. At the accounting break-even level of output, what is the IRR of this project? The paybackperiod? The NPV?2. At the cash break-even level of output, what is the IRR of this project? The paybackperiod? The NPV?3. At the financial break-even level of output, what is the IRR of this project? The paybackperiod? The NPV?12. Sensitivity Analysis Consider a four-year project with the following information: Initial fixedasset investment = $380,000; straight-line depreciation to zero over the four-year life; zero salvage value; price = $54; variable costs = $42; fixed costs = $185,000; quantity sold = 90,000 units; tax rate = 34 percent. How sensitive is OCF to changes in quantity sold?13. Project Analysis You are considering a new product launch. The project will cost $960,000,have a four-year life, and have no salvage value; depreciation is straight-line to zero. Sales are projected at 240 units per year; price per unit will be $25,000; variable cost per unit will be $19,500; and fixed costs will be $830,000 per year. The required return on the project is 15 percent, and the relevant tax rate is 35 percent.1. Based on your experience, you think the unit sales, variable cost, and fixed costprojections given here are probably accurate to within ±10 percent. What are the upper and lower bounds for these projections? What is the base-case NPV? What are the best-case and worst-case scenarios?2. Evaluate the sensitivity of your base-case NPV to changes in fixed costs.3. What is the accounting break-even level of output for this project?14. Project Analysis McGilla Golf has decided to sell a new line of golf clubs. The clubs will sell for$750 per set and have a variable cost of $390 per set. The company has spent $150,000 for a marketing study that determined the company will sell 55,000 sets per year for seven years. The marketing study also determined that the company will lose sales of 12,000 sets of its high-priced clubs. The high-priced clubs sell at $1,100 and have variable costs of $620. The company will also increase sales of its cheap clubs by 15,000 sets. The cheap clubs sell for $400 and have variable costs of $210 per set. The fixed costs each year will be $8,100,000. The company has also spent $1,000,000 on research and development for the new clubs. The plant and equipment required will cost $18,900,000 and will be depreciated on a straight-line basis. The new clubs will also require an increase in net working capital of $1,400,000 that will be returned at the end of the project. The tax rate is 40 percent, and the cost of capital is 14 percent. Calculate the payback period, the NPV, and the IRR.15. Scenario Analysis In the previous problem, you feel that the values are accurate to withinonly ±10 percent. What are the best-case and worst-case NPVs? (Hint: The price and variable costs for the two existing sets of clubs are known with certainty; only the sales gained or lost are uncertain.)16. Sensitivity Analysis McGilla Golf would like to know the sensitivity of NPV to changes in theprice of the new clubs and the quantity of new clubs sold. What is the sensitivity of the NPV to each of these variables?17. Abandonment Value We are examining a new project. We expect to sell 9,000 units per yearat $50 net cash flow apiece for the next 10 years. In other words, the annual operating cash flow is projected to be $50 × 9,000 = $450,000. The relevant discount rate is 16 percent, and the initial investment required is $1,900,000.1. What is the base-case NPV?2. After the first year, the project can be dismantled and sold for $1,300,000. If expectedsales are revised based on the first year’s performance, when would it make sense to abandon the investment? In other words, at what level of expected sales would it make sense to abandon the project?3. Explain how the $1,300,000 abandonment value can be viewed as the opportunity cost ofkeeping the project in one year.18. Abandonment In the previous problem, suppose you think it is likely that expected sales willbe revised upward to 11,000 units if the first year is a success and revised downward to 4,000 units if the first year is not a success.1. If success and failure are equally likely, what is the NPV of the project? Consider thepossibility of abandonment in answering.2. What is the value of the option to abandon?19. Abandonment and Expansion In the previous problem, suppose the scale of the project canbe doubled in one year in the sense that twice as many units can be produced and sold. Naturally, expansion would be desirable only if the project were a success. This implies that if the project is a success, projected sales after expansion will be 22,000. Again assuming that success and failure are equally likely, what is the NPV of the project? Note that abandonment is still an option if the project is a failure. What is the value of the option to expand?20. Break-Even Analysis Your buddy comes to you with a sure-fire way to make some quickmoney and help pay off your student loans. His idea is to sell T-shirts with the words “I get” on them. “You get it?” He says, “You see all those bumper stickers and T-shirts that say ‘got milk’ or ‘got surf.’ So this says, ‘I get.’ It’s funny! All we have to do is buy a used silk screen press for $3,200 and we are in business!” Assume there are no fixed costs, and you depreciate the $3,200 in the first period. Taxes are 30 percent.1. What is the accounting break-even point if each shirt costs $7 to make and you can sellthem for $10 apiece?Now assume one year has passed and you have sold 5,000 shirts! You find out that the Dairy Farmers of America have copyrighted the “got milk” slogan and are requiring you to pay $12,000 to continue operations. You expect this craze will last for another three years and that your discount rate is 12 percent.2. What is the financial break-even point for your enterprise now?21. Decision Trees Young screenwriter Carl Draper has just finished his first script. It has action,drama, and humor, and he thinks it will be a blockbuster. He takes the script to every motion picture studio in town and tries to sell it but to no avail. Finally, ACME studios offers to buy the script for either (a) $12,000 or (b) 1 percent of the movie’s profits. There are two decisions the studio will have to make. First is to decide if the script is good or bad, and second if the movie is good or bad. First, there is a 90 percent chance that the script is bad. If it is bad, the studio does nothing more and throws the script out. If the script is good, they will shoot the movie. After the movie is shot, the studio will review it, and there is a 70 percent chance that the movie is bad. If the movie is bad, the movie will not be promoted and will not turn a profit. If the movie is good, the studio will promote heavily; the average profit for this type of movie is $20 million. Carl rejects the $12,000 and says he wants the 1 percent of profits. Was this a good decision by Carl?22. Option to Wait Hickock Mining is evaluating when to open a gold mine. The mine has 60,000ounces of gold left that can be mined, and mining operations will produce 7,500 ounces per year.The required return on the gold mine is 12 percent, and it will cost $14 million to open the mine.When the mine is opened, the company will sign a contract that will guarantee the price of gold for the remaining life of the mine. If the mine is opened today, each ounce of gold will generate an aftertax cash flow of $450 per ounce. If the company waits one year, there is a 60 percent probability that the contract price will generate an aftertax cash flow of $500 per ounce and a 40 percent probability that the aftertax cash flow will be $410 per ounce. What is the value of the option to wait?23. Abandonment Decisions Allied Products, Inc., is considering a new product launch. The firmexpects to have an annual operating cash flow of $22 million for the next 10 years. Allied Products uses a discount rate of 19 percent for new product launches. The initial investment is $84 million.Assume that the project has no salvage value at the end of its economic life.1. What is the NPV of the new product?2. After the first year, the project can be dismantled and sold for $30 million. If theestimates of remaining cash flows are revised based on the first year’s experience, at what level of expected cash flows does it make sense to abandon the project?24. Expansion Decisions Applied Nanotech is thinking about introducing a new surface cleaningmachine. The marketing department has come up with the estimate that Applied Nanotech can sell15 units per year at $410,000 net cash flow per unit for the next five years. The engineeringdepartment has come up with the estimate that developing the machine will take a $17 million initial investment. The finance department has estimated that a 25 percent discount rate should beused.1. What is the base-case NPV?2. If unsuccessful, after the first year the project can be dismantled and will have an aftertaxsalvage value of $11 million. Also, after the first year, expected cash flows will be revised up to 20 units per year or to 0 units, with equal probability. What is the revised NPV?25. Scenario Analysis You are the financial analyst for a tennis racket manufacturer. Thecompany is considering using a graphitelike material in its tennis rackets. The company has estimated the information in the following table about the market for a racket with the new material. The company expects to sell the racket for six years. The equipment required for the project has no salvage value. The required return for projects of this type is 13 percent, and the company has a 40 percent tax rate. Should you recommend the project?CHALLENGE (Questions 26–30)26. Scenario Analysis Consider a project to supply Detroit with 55,000 tons of machine screwsannually for automobile production. You will need an initial $1,700,000 investment in threading equipment to get the project started; the project will last for five years. The accounting department estimates that annual fixed costs will be $520,000 and that variable costs should be $220 per ton;accounting will depreciate the initial fixed asset investment straight-line to zero over the five-year project life. It also estimates a salvage value of $300,000 after dismantling costs. The marketing department estimates that the automakers will let the contract at a selling price of $245 per ton.The engineering department estimates you will need an initial net working capital investment of $600,000. You require a 13 percent return and face a marginal tax rate of 38 percent on this project.1. What is the estimated OCF for this project? The NPV? Should you pursue this project?2. Suppose you believe that the accounting department’s initial cost and salvage valueprojections are accurate only to within ±15 percent; the marketing department’s price estimate is accurate only to within ±10 percent; and the engineering department’s net working capital estimate is accurate only to within ±5 percent. What is your worst-case scenario for this project? Your best-case scenario? Do you still want to pursue the project? 27. Sensitivity Analysis In Problem 26, suppose you’re confident about your own projections, butyou’re a little unsure about Detroit’s actual machine screw requirements. What is the sensitivity of the project OCF to changes in the quantity supplied? What about the sensitivity of NPV to changes in quantity supplied? Given the sensitivity number you calculated, is there some minimum level of output below which you wouldn’t want to operate? Why?28. Abandonment Decisions Consider the following project for Hand Clapper, Inc. The companyis considering a four-year project to manufacture clap-command garage door openers. This project requires an initial investment of $10 million that will be depreciated straight-line to zero over the project’s life. An initial investment in net working capital of $1.3 million is required to support spare parts inventory; this cost is fully recoverable whenever the project ends. The company believes it can generate $7.35 million in pretax revenues with $2.4 million in total pretax operating costs. The tax rate is 38 percent, and the discount rate is 16 percent. The market value of the equipment over the life of the project is as follows:Lumber is sold by the company for its “pond value.” Pond value is the amount a mill will pay for a log delivered to the mill location. The price paid for logs delivered to a mill is quoted in dollars per thousands of board feet (MBF), and the price depends on the grade of the logs. The forest Bunyan Lumber is evaluating was planted by the company 20 years ago and is made up entirely of Douglas fir trees. The table here shows the current price per MBF for the three grades of timber the company feels will come from the stand:Steve believes that the pond value of lumber will increase at the inflation rate. The company is planning to thin the forest today, and it expects to realize a positive cash flow of $1,000 per acre from thinning. The thinning is done to increase the growth rate of the remaining trees, and it is always done 20 years following a planting.The major decision the company faces is when to log the forest. When the company logs the forest, it will immediately replant saplings, which will allow for a future harvest. The longer the forest is allowed to grow, the larger the harvest becomes per acre. Additionally, an older forest has a higher grade of timber. Steve has compiled the following table with the expected harvest per acre in thousands of board feet, along with the breakdown of the timber grades:The company expects to lose 5 percent of the timber it cuts due to defects and breakage.The forest will be clear-cut when the company harvests the timber. This method of harvesting allows for faster growth of replanted trees. All of the harvesting, processing, replanting, and transportation are to be handled by subcontractors hired by Bunyan Lumber. The cost of the logging is expected to be $140 per MBF. A road system has to be constructed and is expected to cost $50 per MBF on average. Sales preparation and administrative costs, excluding office overhead costs, are expected to be $18 per MBF.As soon as the harvesting is complete, the company will reforest the land. Reforesting costs include the following:All costs are expected to increase at the inflation rate.Assume all cash flows occur at the year of harvest. For example, if the company begins harvesting the timber 20 years from today, the cash flow from the harvest will be received 20 years from today. When the company logs the land, it will immediately replant the land with new saplings. The harvest period chosen will be repeated for the foreseeable future. The company’s nominal required return is 10 percent, and the inflation rate is expected to be 3.7 percent per year. Bunyan Lumber has a 35 percent tax rate.Clear-cutting is a controversial method of forest management. To obtain the necessary permits, Bunyan Lumber has agreed to contribute to a conservation fund every time it harvests the lumber. If the company harvested the forest today, the required contribution would be $250,000. The company has agreed that the required contribution will grow by 3.2 percent per year. When should the company harvest the forest?。
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。
罗斯公司理财第九版课后习题答案中文版
第一章1.在所有权形式的公司中,股东是公司的所有者。
股东选举公司的董事会,董事会任命该公司的管理层。
企业的所有权和控制权分离的组织形式是导致的代理关系存在的主要原因。
管理者可能追求自身或别人的利益最大化,而不是股东的利益最大化。
在这种环境下,他们可能因为目标不一致而存在代理问题2.非营利公司经常追求社会或政治任务等各种目标。
非营利公司财务管理的目标是获取并有效使用资金以最大限度地实现组织的社会使命。
3.这句话是不正确的。
管理者实施财务管理的目标就是最大化现有股票的每股价值，当前的股票价值反映了短期和长期的风险、时间以及未来现金流量。
4.有两种结论。
一种极端,在市场经济中所有的东西都被定价。
因此所有目标都有一个最优水平，包括避免不道德或非法的行为，股票价值最大化。
另一种极端,我们可以认为这是非经济现象,最好的处理方式是通过政治手段。
一个经典的思考问题给出了这种争论的答案:公司估计提高某种产品安全性的成本是30美元万。
然而,该公司认为提高产品的安全性只会节省20美元万。
请问公司应该怎么做呢?”5.财务管理的目标都是相同的,但实现目标的最好方式可能是不同的,因为不同的国家有不同的社会、政治环境和经济制度。
6.管理层的目标是最大化股东现有股票的每股价值。
如果管理层认为能提高公司利润，使股价超过35美元,那么他们应该展开对恶意收购的斗争。
如果管理层认为该投标人或其它未知的投标人将支付超过每股35美元的价格收购公司,那么他们也应该展开斗争。
然而,如果管理层不能增加企业的价值,并且没有其他更高的投标价格,那么管理层不是在为股东的最大化权益行事。
现在的管理层经常在公司面临这些恶意收购的情况时迷失自己的方向。
7.其他国家的代理问题并不严重,主要取决于其他国家的私人投资者占比重较小。
较少的私人投资者能减少不同的企业目标。
高比重的机构所有权导致高学历的股东和管理层讨论决策风险项目。
此外,机构投资者比私人投资者可以根据自己的资源和经验更好地对管理层实施有效的监督机制。
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。
Cha10 罗斯公司理财第九版原版书课后习题
Company Stock One option in the 401(k) plan is stock in East Coast Yachts. The company is currently privately held. However, when you interviewed with the owner, Larissa Warren, she informed you the company was expected to go public in the next three to four years. Until then, a company stock price is simply set each year by the board of directors.Bledsoe S&P 500 Index Fund This mutual fund tracks the S&P 500. Stocks in the fund are weighted exactly the same as the S&P 500. This means the fund return is approximately the return on the S&P 500, minus expenses. Because an index fund purchases assets based on the composition of the index it is following, the fund manager is not required to research stocks and make investment decisions. The result is that the fund expenses are usually low. The Bledsoe S&P 500 Index Fund charges expenses of .15 percent of assets per year.Bledsoe Small-Cap Fund This fund primarily invests in small-capitalization stocks. As such, the returns of the fund are more volatile. The fund can also invest 10 percent of its assets in companies based outside the United States. This fund charges 1.70 percent in expenses.Bledsoe Large-Company Stock Fund This fund invests primarily in large-capitalization stocks of companies based in the United States. The fund is managed by Evan Bledsoe and has outperformed the market in six of the last eight years. The fund charges 1.50 percent in expenses.Bledsoe Bond Fund This fund invests in long-term corporate bonds issued by U.S.–domiciled companies. The fund is restricted to investments in bonds with an investment-grade credit rating. This fund charges 1.40 percent in expenses.Bledsoe Money Market Fund This fund invests in short-term, high–credit quality debt instruments, which include Treasury bills. As such, the return on the money market fund is only slightly higher than the return on Treasury bills. Because of the credit quality and short-term nature of the investments, there is only a very slight risk of negative return. The fund charges .60 percent in expenses.1. What advantages do the mutual funds offer compared to the company stock?2. Assume that you invest 5 percent of your salary and receive the full 5 percent match from EastCoast Yachts. What EAR do you earn from the match? What conclusions do you draw about matching plans?3. Assume you decide you should invest at least part of your money in large-capitalization stocksof companies based in the United States. What are the advantages and disadvantages of choosing the Bledsoe Large-Company Stock Fund compared to the Bledsoe S&P 500 Index Fund?4. The returns on the Bledsoe Small-Cap Fund are the most volatile of all the mutual funds offeredin the 401(k) plan. Why would you ever want to invest in this fund? When you examine the expenses of the mutual funds, you will notice that this fund also has the highest expenses. Does this affect your decision to invest in this fund?5. A measure of risk-adjusted performance that is often used is the Sharpe ratio. The Sharpe ratiois calculated as the risk premium of an asset divided by its standard deviation. The standard deviations and returns of the funds over the past 10 years are listed here. Calculate the Sharpe ratio for each of these funds. Assume that the expected return and standard deviation of the company stock will be 16 percent and 70 percent, respectively. Calculate the Sharpe ratio for the company stock. How appropriate is the Sharpe ratio for these assets? When would you use the Sharpe ratio?6. What portfolio allocation would you choose? Why? Explain your thinking carefully.。
(完整版)公司理财-罗斯课后习题答案
(完整版)公司理财-罗斯课后习题答案-CAL-FENGHAI-(2020YEAR-YICAI)_JINGBIAN第一章1.在所有权形式的公司中,股东是公司的所有者。
股东选举公司的董事会,董事会任命该公司的管理层。
企业的所有权和控制权分离的组织形式是导致的代理关系存在的主要原因。
管理者可能追求自身或别人的利益最大化,而不是股东的利益最大化。
在这种环境下,他们可能因为目标不一致而存在代理问题。
2.非营利公司经常追求社会或政治任务等各种目标。
非营利公司财务管理的目标是获取并有效使用资金以最大限度地实现组织的社会使命。
3.这句话是不正确的。
管理者实施财务管理的目标就是最大化现有股票的每股价值，当前的股票价值反映了短期和长期的风险、时间以及未来现金流量。
4.有两种结论。
一种极端,在市场经济中所有的东西都被定价。
因此所有目标都有一个最优水平，包括避免不道德或非法的行为，股票价值最大化。
另一种极端,我们可以认为这是非经济现象,最好的处理方式是通过政治手段。
一个经典的思考问题给出了这种争论的答案:公司估计提高某种产品安全性的成本是30美元万。
然而,该公司认为提高产品的安全性只会节省20美元万。
请问公司应该怎么做呢?”5.财务管理的目标都是相同的,但实现目标的最好方式可能是不同的,因为不同的国家有不同的社会、政治环境和经济制度。
6.管理层的目标是最大化股东现有股票的每股价值。
如果管理层认为能提高公司利润，使股价超过35美元,那么他们应该展开对恶意收购的斗争。
如果管理层认为该投标人或其它未知的投标人将支付超过每股35美元的价格收购公司,那么他们也应该展开斗争。
然而,如果管理层不能增加企业的价值,并且没有其他更高的投标价格,那么管理层不是在为股东的最大化权益行事。
现在的管理层经常在公司面临这些恶意收购的情况时迷失自己的方向。
7.其他国家的代理问题并不严重,主要取决于其他国家的私人投资者占比重较小。
较少的私人投资者能减少不同的企业目标。
(完整版)公司理财-罗斯课后习题答案
(完整版)公司理财-罗斯课后习题答案-CAL-FENGHAI-(2020YEAR-YICAI)_JINGBIAN第一章1.在所有权形式的公司中,股东是公司的所有者。
股东选举公司的董事会,董事会任命该公司的管理层。
企业的所有权和控制权分离的组织形式是导致的代理关系存在的主要原因。
管理者可能追求自身或别人的利益最大化,而不是股东的利益最大化。
在这种环境下,他们可能因为目标不一致而存在代理问题。
2.非营利公司经常追求社会或政治任务等各种目标。
非营利公司财务管理的目标是获取并有效使用资金以最大限度地实现组织的社会使命。
3.这句话是不正确的。
管理者实施财务管理的目标就是最大化现有股票的每股价值，当前的股票价值反映了短期和长期的风险、时间以及未来现金流量。
4.有两种结论。
一种极端,在市场经济中所有的东西都被定价。
因此所有目标都有一个最优水平，包括避免不道德或非法的行为，股票价值最大化。
另一种极端,我们可以认为这是非经济现象,最好的处理方式是通过政治手段。
一个经典的思考问题给出了这种争论的答案:公司估计提高某种产品安全性的成本是30美元万。
然而,该公司认为提高产品的安全性只会节省20美元万。
请问公司应该怎么做呢?”5.财务管理的目标都是相同的,但实现目标的最好方式可能是不同的,因为不同的国家有不同的社会、政治环境和经济制度。
6.管理层的目标是最大化股东现有股票的每股价值。
如果管理层认为能提高公司利润，使股价超过35美元,那么他们应该展开对恶意收购的斗争。
如果管理层认为该投标人或其它未知的投标人将支付超过每股35美元的价格收购公司,那么他们也应该展开斗争。
然而,如果管理层不能增加企业的价值,并且没有其他更高的投标价格,那么管理层不是在为股东的最大化权益行事。
现在的管理层经常在公司面临这些恶意收购的情况时迷失自己的方向。
7.其他国家的代理问题并不严重,主要取决于其他国家的私人投资者占比重较小。
较少的私人投资者能减少不同的企业目标。
(完整版)公司理财-罗斯课后习题答案
(完整版)公司理财-罗斯课后习题答案-CAL-FENGHAI-(2020YEAR-YICAI)_JINGBIAN第一章1.在所有权形式的公司中,股东是公司的所有者。
股东选举公司的董事会,董事会任命该公司的管理层。
企业的所有权和控制权分离的组织形式是导致的代理关系存在的主要原因。
管理者可能追求自身或别人的利益最大化,而不是股东的利益最大化。
在这种环境下,他们可能因为目标不一致而存在代理问题。
2.非营利公司经常追求社会或政治任务等各种目标。
非营利公司财务管理的目标是获取并有效使用资金以最大限度地实现组织的社会使命。
3.这句话是不正确的。
管理者实施财务管理的目标就是最大化现有股票的每股价值，当前的股票价值反映了短期和长期的风险、时间以及未来现金流量。
4.有两种结论。
一种极端,在市场经济中所有的东西都被定价。
因此所有目标都有一个最优水平，包括避免不道德或非法的行为，股票价值最大化。
另一种极端,我们可以认为这是非经济现象,最好的处理方式是通过政治手段。
一个经典的思考问题给出了这种争论的答案:公司估计提高某种产品安全性的成本是30美元万。
然而,该公司认为提高产品的安全性只会节省20美元万。
请问公司应该怎么做呢?”5.财务管理的目标都是相同的,但实现目标的最好方式可能是不同的,因为不同的国家有不同的社会、政治环境和经济制度。
6.管理层的目标是最大化股东现有股票的每股价值。
如果管理层认为能提高公司利润，使股价超过35美元,那么他们应该展开对恶意收购的斗争。
如果管理层认为该投标人或其它未知的投标人将支付超过每股35美元的价格收购公司,那么他们也应该展开斗争。
然而,如果管理层不能增加企业的价值,并且没有其他更高的投标价格,那么管理层不是在为股东的最大化权益行事。
现在的管理层经常在公司面临这些恶意收购的情况时迷失自己的方向。
7.其他国家的代理问题并不严重,主要取决于其他国家的私人投资者占比重较小。
较少的私人投资者能减少不同的企业目标。
(完整版)公司理财-罗斯课后习题答案
(完整版)公司理财-罗斯课后习题答案-CAL-FENGHAI-(2020YEAR-YICAI)_JINGBIAN第一章1.在所有权形式的公司中,股东是公司的所有者。
股东选举公司的董事会,董事会任命该公司的管理层。
企业的所有权和控制权分离的组织形式是导致的代理关系存在的主要原因。
管理者可能追求自身或别人的利益最大化,而不是股东的利益最大化。
在这种环境下,他们可能因为目标不一致而存在代理问题。
2.非营利公司经常追求社会或政治任务等各种目标。
非营利公司财务管理的目标是获取并有效使用资金以最大限度地实现组织的社会使命。
3.这句话是不正确的。
管理者实施财务管理的目标就是最大化现有股票的每股价值，当前的股票价值反映了短期和长期的风险、时间以及未来现金流量。
4.有两种结论。
一种极端,在市场经济中所有的东西都被定价。
因此所有目标都有一个最优水平，包括避免不道德或非法的行为，股票价值最大化。
另一种极端,我们可以认为这是非经济现象,最好的处理方式是通过政治手段。
一个经典的思考问题给出了这种争论的答案:公司估计提高某种产品安全性的成本是30美元万。
然而,该公司认为提高产品的安全性只会节省20美元万。
请问公司应该怎么做呢?”5.财务管理的目标都是相同的,但实现目标的最好方式可能是不同的,因为不同的国家有不同的社会、政治环境和经济制度。
6.管理层的目标是最大化股东现有股票的每股价值。
如果管理层认为能提高公司利润，使股价超过35美元,那么他们应该展开对恶意收购的斗争。
如果管理层认为该投标人或其它未知的投标人将支付超过每股35美元的价格收购公司,那么他们也应该展开斗争。
然而,如果管理层不能增加企业的价值,并且没有其他更高的投标价格,那么管理层不是在为股东的最大化权益行事。
现在的管理层经常在公司面临这些恶意收购的情况时迷失自己的方向。
7.其他国家的代理问题并不严重,主要取决于其他国家的私人投资者占比重较小。
较少的私人投资者能减少不同的企业目标。
公司理财罗斯英文原书第九版第十章
Annual Return Standard Deviation
10.5 Risk Statistics
There is no universally agreed-upon definition of risk. The measures of risk that we discuss are variance and standard deviation.
Chapter 10
Risk and Return: Lessons from Market History
McGraw-Hill/Irwin
Copyright © 2010 by the McGraw-Hill Companies, Inc. All rights reserved.
Key Concepts and Skills
Returns: Example
Dollar Return:
$327 gain
$300 $27
Time
0
1 Percentage Return:
-$4,500
$327 7.3% = $4,500
10.2 Holding Period Return
The holding period return is the return that an investor would get when holding an investment over a period of T years, when the return during year i is given as Ri:
Know how to calculate the return on an investment Know how to calculate the standard deviation of an investment’s returns Understand the historical returns and risks on various types of investments Understand the importance of the normal distribution Understand the difference between arithmetic and geometric average returns
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。
公司理财罗斯第九版课后答案
公司理财罗斯第九版课后答案【篇一：罗斯公司理财第九版课后习题答案中文版】形式的公司中,股东是公司的所有者。
股东选举公司的董事会,董事会任命该公司的管理层。
企业的所有权和控制权分离的组织形式是导致的代理关系存在的主要原因。
管理者可能追求自身或别人的利益最大化,而不是股东的利益最大化。
在这种环境下,他们可能因为目标不一致而存在代理问题2.非营利公司经常追求社会或政治任务等各种目标。
非营利公司财务管理的目标是获取并有效使用资金以最大限度地实现组织的社会使命。
3.这句话是不正确的。
管理者实施财务管理的目标就是最大化现有股票的每股价值，当前的股票价值反映了短期和长期的风险、时间以及未来现金流量。
4.有两种结论。
一种极端,在市场经济中所有的东西都被定价。
因此所有目标都有一个最优水平，包括避免不道德或非法的行为，股票价值最大化。
另一种极端,我们可以认为这是非经济现象,最好的处理方式是通过政治手段。
一个经典的思考问题给出了这种争论的答案:公司估计提高某种产品安全性的成本是30美元万。
然而,该公司认为提高产品的安全性只会节省20美元万。
请问公司应该怎么做呢?”5.财务管理的目标都是相同的,但实现目标的最好方式可能是不同的,因为不同的国家有不同的社会、政治环境和经济制度。
7.其他国家的代理问题并不严重,主要取决于其他国家的私人投资者占比重较小。
较少的私人投资者能减少不同的企业目标。
高比重的机构所有权导致高学历的股东和管理层讨论决策风险项目。
此外,机构投资者比私人投资者可以根据自己的资源和经验更好地对管理层实施有效的监督机制。
8.大型金融机构成为股票的主要持有者可能减少美国公司的代理问题，形成更有效率的公司控制权市场。
但也不一定能。
如果共同基金或者退休基金的管理层并不关心的投资者的利益，代理问题可能仍然存在,甚至有可能增加基金和投资者之间的代理问题。
9.就像市场需求其他劳动力一样，市场也需求首席执行官，首席执行官的薪酬是由市场决定的。
罗斯公司理财第九版课后习题答案中文版
第一章1.在所有权形式的公司中,股东是公司的所有者。
股东选举公司的董事会,董事会任命该公司的管理层。
企业的所有权和控制权分离的组织形式是导致的代理关系存在的主要原因。
管理者可能追求自身或别人的利益最大化,而不是股东的利益最大化。
在这种环境下,他们可能因为目标不一致而存在代理问题2.非营利公司经常追求社会或政治任务等各种目标。
非营利公司财务管理的目标是获取并有效使用资金以最大限度地实现组织的社会使命。
3.这句话是不正确的。
管理者实施财务管理的目标就是最大化现有股票的每股价值，当前的股票价值反映了短期和长期的风险、时间以及未来现金流量。
4.有两种结论。
一种极端,在市场经济中所有的东西都被定价。
因此所有目标都有一个最优水平，包括避免不道德或非法的行为，股票价值最大化。
另一种极端,我们可以认为这是非经济现象,最好的处理方式是通过政治手段。
一个经典的思考问题给出了这种争论的答案:公司估计提高某种产品安全性的成本是30美元万。
然而,该公司认为提高产品的安全性只会节省20美元万。
请问公司应该怎么做呢?”5.财务管理的目标都是相同的,但实现目标的最好方式可能是不同的,因为不同的国家有不同的社会、政治环境和经济制度。
6.管理层的目标是最大化股东现有股票的每股价值。
如果管理层认为能提高公司利润，使股价超过35美元,那么他们应该展开对恶意收购的斗争。
如果管理层认为该投标人或其它未知的投标人将支付超过每股35美元的价格收购公司,那么他们也应该展开斗争。
然而,如果管理层不能增加企业的价值,并且没有其他更高的投标价格,那么管理层不是在为股东的最大化权益行事。
现在的管理层经常在公司面临这些恶意收购的情况时迷失自己的方向。
7.其他国家的代理问题并不严重,主要取决于其他国家的私人投资者占比重较小。
较少的私人投资者能减少不同的企业目标。
高比重的机构所有权导致高学历的股东和管理层讨论决策风险项目。
此外,机构投资者比私人投资者可以根据自己的资源和经验更好地对管理层实施有效的监督机制。
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第十章：风险与收益：市场历史的启示1. 因为公司的表现具有不可预见性。
2. 投资者很容易看到最坏的投资结果，但是确很难预测到。
3. 不是，股票具有更高的风险，一些投资者属于风险规避者，他们认为这点额外的报酬率还不至于吸引他们付出更高风险的代价。
4. 股票市场与赌博是不同的，它实际是个零和市场，所有人都可能赢。
而且投机者带给市场更高的流动性，有利于市场效率。
5. 在80 年代初是最高的，因为伴随着高通胀和费雪效应。
6. 有可能，当投资风险资产报酬非常低，而无风险资产报酬非常高，或者同时出现这两种现象时就会发生这样的情况。
7. 相同，假设两公司2 年前股票价格都为P0，则两年后G 公司股票价格为1.1*0.9* P0，而S 公司股票价格为0.9*1.1 P0，所以两个公司两年后的股价是一样的。
8. 不相同，Lake Minerals 2年后股票价格= 100(1.10)(1.10) = $121.00 而SmallTown Furniture 2年后股票价格= 100(1.25)(.95) = $118.759. 算数平均收益率仅仅是对所有收益率简单加总平均，它没有考虑到所有收益率组合的效果，而几何平均收益率考虑到了收益率组合的效果，所以后者比较重要。
10. 不管是否考虑通货膨胀因素，其风险溢价没有变化，因为风险溢价是风险资产收益率与无风险资产收益率的差额，若这两者都考虑到通货膨胀的因素，其差额仍然是相互抵消的。
而在考虑税收后收益率就会降低，因为税后收益会降低。
11. R = [($104 – 92) + 1.45] / $92 = .1462 or 14.62%12. Dividend yield = $1.45 / $92 = .0158 or 1.58%Capital gains yield = ($104 – 92) / $92 = .1304 or 13.04%13. R = [($81 – 92) + 1.45] / $92 = –.1038 or –10.38%Dividend yield = $1.45 / $92 = .0158 or 1.58%Capital gains yield = ($81 – 92) / $92 = –.1196 or –11.96%14.15. a. To find the average return, we sum all the returns and divide by the number of returns, so: Arithmetic average return = (.34 +.16 + .19 – .21 + .08)/5 = .1120 or 11.20%b. Using the equation to calculate variance, we find:Variance = 1/4[(.34 – .112)⌒2 + (.16 – .112)⌒2 + (.19 – .112)⌒2 + (–.21 – .112)⌒2 +(.08 – .112)⌒2] = 0.041270So, the standard deviation is:Standard deviation = (0.041270)⌒1/2 = 0.2032 or 20.32%16. a. To calculate the average real return, we can use the average return of the asset and the average inflation rate in the Fisher equation. Doing so, we find:(1 + R) = (1 + r)(1 + h)则r = (1.1120/1.042) – 1=.0672 or 6.72%b. The average risk premium is simply the average return of the asset, minus the average real riskfree rate, so, the average risk premium for this asset would be:RP = R –f R= .1120 – .0510= .0610 or 6.10%17. We can find the average real risk-free rate using the Fisher equation. The average realrisk-free rate was: (1 + R) = (1 + r)(1 + h)r f = (1.051/1.042) – 1= .0086 or 0.86%And to calculate the average real risk premium, we can subtract the average risk-free rate from the average real return. So, the average real risk premium was:rp = r – r f = 6.72% – 0.86%= 5.85%18. Apply the five-year holding-period return formula to calculate the total return of the stock over the five-year period, we find:5-year holding-period return = [(1 + R1)(1 + R2)(1 +R3)(1 +R4)(1 +R5)] – 1= [(1 + .1843)(1 + .1682)(1 + .0683)(1 + .3219)(1 – .1987)] – 1= 0.5655 or 56.55%19. To find the return on the zero coupon bond, we first need to find the price of the bond today. Since one year has elapsed, the bond now has 29 years to maturity, so the price today is: P1 = $1,000/1.0929 = $82.15There are no intermediate cash flows on a zero coupon bond, so the return is the capital gains, or: R = ($82.15 – 77.81) / $77.81 = .0558 or 5.58%20. The return of any asset is the increase in price, plus any dividends or cash flows, all divided by the initial price. This stock paid no dividend, so the return was:R = ($82.01 – 75.15) / $75.15 = .0913 or 9.13%This is the return for three months, so the APR is:APR = 4(9.13%) = 36.51%And the EAR is:EAR = (1 + .0913)⌒4 – 1 = .4182 or 41.82%21.22. To calculate the arithmetic and geometric average returns, we must first calculate the return for each year. The return for each year is:R1 = ($55.83 – 49.62 + 0.68) / $49.62 = .1389 or 13.89%R2 = ($57.03 – 55.83 + 0.73) / $55.83 = .0346 or 3.46%R3 = ($50.25 – 57.03 + 0.84) / $57.03 = –.1042 or –10.42%R4 = ($53.82 – 50.25 + 0.91)/ $50.25 = .0892 or 8.92%R5 = ($64.18 – 53.82 + 1.02) / $53.82 = .2114 or 21.14%The arithmetic average return was:R A = (0.1389 + 0.0346 – 0.1042 + 0.0892 + 0.2114)/5 = 0.0740 or 7.40%And the geometric average return was:R G = [(1 + .1389)(1 + .0346)(1 – .1042)(1 + .0892)(1 + .2114)]1/5 – 1 = 0.0685 or 6.85% 23. To find the return on the coupon bond, we first need to find the price of the bond today. Since one year has elapsed, the bond now has six years to maturity, so the price today is:P1 = $70(PVIFA8%,6) + $1,000/1.086 = $953.77You received the coupon payments on the bond, so the nominal return was:R = ($953.77 – 943.82 + 70) / $943.82 = .0847 or 8.47%And using the Fisher equation to find the real return, we get:r = (1.0847 / 1.048) – 1 = .0350 or 3.50%24. Looking at the long-term government bond return history in Table 10.2, we see that the mean return was 6.1 percent, with a standard deviation of 9.4 percent. In the normal probability distribution, approximately 2/3 of the observations are within one standard deviation of the mean. This means that 1/3 of the observations are outside one standard deviation away from the mean. Or:Pr(R< –3.3 or R>15.5)≈1/3But we are only interested in one tail here, that is, returns less than –3.3 percent, so:Pr(R< –3.3)≈1/6You can use the z-statistic and the cumulative normal distribution table to find the answer as well. Doing so, we find:z = (–3.3% – 6.1)/9.4% = –1.00Looking at the z-table, this gives a probability of 15.87%, or:Pr(R< –3.3) ≈.1587 or 15.87%The range of returns you would expect to see 95 percent of the time is the mean plus or minus 2 standard deviations, or:The range of returns you would expect to see 99 percent of the time is the mean plus or minus 3 standard deviations, or:99% level: R ± 3 = 6.1% ± 3(9.4%) = –22.10% to 34.30%。