公司金融研究(总复习课)(公司金融研究-上海财经大学李曜)资料
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A. compute the incremental net income of the investment.
B. compute the incremental cash flow of the investment.
C. suppose the appropriate discount rate is 12%.what is the NPV of the P
($ millions) Dec.31,2001 $80 50 30
Dec.31,2002 $100 70 50
A. how many days is Eastern’s operating cycle? B. how many days is the cash cycle?
Iii. How to Value Bonds and Stocks
5. The Highest Potential, Inc. will pay a quarterly dividend per share of $2 at the end of each of the next 12 quarters. Subsequently , the dividend will grow at a quarterly rate of 0.5 percent indefinitely. The appropriate rate of return on the stock is 10 percent. What is the current stock price?
VI. Strategy and analysis in using
NPV
8. Kids&Toys Inc. has purchased a $200,000 machine to produce toy cars. The machine will be fully depreciated by the straight-line method for its economic life of five years and will be worthless after its life. The firm expects that the sales price of the toy is $25 while its variable cost is $5. The firm should also pay $350,000 as fixed costs each year. The corporate tax rate for the company is 25%,and the appropriate discount rate is 12%. What is the present value break-even point?
a. What was Senbet’s net operating income? b. What were the firm’s earnings before taxes? c. What was Senbet’s net income? d. What was Senbet’s operating cash flow?
II. Net present value
3. Given an interest rate of 10% per year. What is the value at date t=5 (i.e. , the end of year 5) of a perpetual stream of $120 annual payment starting at date t=9?
11. The overall firm beta for Wild Widgets,Inc. (WWI) is 0.9.WWI has a target debt-equity ratio of ½. The expected return on the market is 16%. And T-bill are currently selling to yield 8%. WWI one-year bonds that carry a 7% coupon are selling for $972.72. The corporate tax rate is 34%.
Iv. Some Alternative Investment Rules
6. Consider the following cash flows of two mutually exclusive projects for Chinese Daily News.
year
New Sunday early edition
A. what would the value of the firm be if it was financed entirely with equity?
B. what is the net income to the stockholders of this levered firm?
VIII.
4. A 10-year annuity pays $900 per year, with payments made at the end of each year. The first $900 will be paid 5 years from now. If the APR is 8% and interest is compounded quarterly,what is the present value of this annuity?
A. what is WWI’s cost of equity? B. what is WWI’s cost of debt? C. what is WWI’s weighted average cost of
capital?
12. On Eastern Printing Machines Co.’s income statement of 2001, the cost of goods sold and the credit sales are $200 million and $240 million,respectively. The following data are from the balance sheets.
8. Consider the following cash flows on two mutually exclusive projects.
year Project A
Project B
0
-$60000
-$50000
1
20000
10000
2
15000
20000
3
15000
40000
Cash flows of project A are expressed in real terms while those of project B are expressed in nominal terms. The appropriate nominal discount rate is 15%,and the inflation is 4%.Which project should you choose?
C. Based on the incremental IRR rule, which project should be chosen?
V. Net present value and capital
budgeting
7. The Best manufacturing company is considering a new investment. Financial projections for the investment are below. (cash flow are in $thousands and the corporate tax rate is 34%)
information. C. It implies an irrational market. D. It implies that prices do not fluctuate. E. It results from keen competition among
investors.
10. The market value of a firm with $500,000 of debt is $1,700,000. EBIT is expected to be a perpetuity. The pretax interest rate on debt is 10%. The company is in the 34% tax bracket. If the company was 100% equity financed, the equityholders would require a 20% return.
0
1
2
3
4
Sales revenue
Operating costs
investment
7000 2000 10000
7000 2000
7000 2000
7000 2000
depreciation
2500 2500 2500 2500
Net working 200 250 300 200 0 capital(end of year)
公司金融研究（总复习\习题课）
李曜 2005/12/29
I. Accounting Statements and
Cash Flow
1. Prepare a Dec. 31 balance sheet using the following data:
Cash $2000 patents 82000 A/P 4000 A/R 6000 Taxes payable 2000
New Saturday late edition
0
-1200
1
600
2
550
3
450
-2100 1000 900 800
a. Based on the payback period rule, which project should be chosen?
b. which project has a greater IRR?
VII.
9. Which of the following statements are true about the efficient-market hypothesis?
A. It implies perfect forecasting ability. B. It implies that prices reflect all available
Machinery 34000 bonds payable 5000 accumulated retained earnings 6000 capital surplus 20000
The value of the firm’s common stock is $100.
2. During 1998,the Senbet Tire company had gross sales of $ 2 million. The firm’s cost of goods sold and selling expenses were $300,000 and $200,000, respectively. These figures do not include depreciation. Senbet also had notes payable of $1 million. These notes carried an interest rate of 10 percent. Depreciation was $100,000. Senbet’s tax rate in 1998 was 35%.
B. compute the incremental cash flow of the investment.
C. suppose the appropriate discount rate is 12%.what is the NPV of the P
($ millions) Dec.31,2001 $80 50 30
Dec.31,2002 $100 70 50
A. how many days is Eastern’s operating cycle? B. how many days is the cash cycle?
Iii. How to Value Bonds and Stocks
5. The Highest Potential, Inc. will pay a quarterly dividend per share of $2 at the end of each of the next 12 quarters. Subsequently , the dividend will grow at a quarterly rate of 0.5 percent indefinitely. The appropriate rate of return on the stock is 10 percent. What is the current stock price?
VI. Strategy and analysis in using
NPV
8. Kids&Toys Inc. has purchased a $200,000 machine to produce toy cars. The machine will be fully depreciated by the straight-line method for its economic life of five years and will be worthless after its life. The firm expects that the sales price of the toy is $25 while its variable cost is $5. The firm should also pay $350,000 as fixed costs each year. The corporate tax rate for the company is 25%,and the appropriate discount rate is 12%. What is the present value break-even point?
a. What was Senbet’s net operating income? b. What were the firm’s earnings before taxes? c. What was Senbet’s net income? d. What was Senbet’s operating cash flow?
II. Net present value
3. Given an interest rate of 10% per year. What is the value at date t=5 (i.e. , the end of year 5) of a perpetual stream of $120 annual payment starting at date t=9?
11. The overall firm beta for Wild Widgets,Inc. (WWI) is 0.9.WWI has a target debt-equity ratio of ½. The expected return on the market is 16%. And T-bill are currently selling to yield 8%. WWI one-year bonds that carry a 7% coupon are selling for $972.72. The corporate tax rate is 34%.
Iv. Some Alternative Investment Rules
6. Consider the following cash flows of two mutually exclusive projects for Chinese Daily News.
year
New Sunday early edition
A. what would the value of the firm be if it was financed entirely with equity?
B. what is the net income to the stockholders of this levered firm?
VIII.
4. A 10-year annuity pays $900 per year, with payments made at the end of each year. The first $900 will be paid 5 years from now. If the APR is 8% and interest is compounded quarterly,what is the present value of this annuity?
A. what is WWI’s cost of equity? B. what is WWI’s cost of debt? C. what is WWI’s weighted average cost of
capital?
12. On Eastern Printing Machines Co.’s income statement of 2001, the cost of goods sold and the credit sales are $200 million and $240 million,respectively. The following data are from the balance sheets.
8. Consider the following cash flows on two mutually exclusive projects.
year Project A
Project B
0
-$60000
-$50000
1
20000
10000
2
15000
20000
3
15000
40000
Cash flows of project A are expressed in real terms while those of project B are expressed in nominal terms. The appropriate nominal discount rate is 15%,and the inflation is 4%.Which project should you choose?
C. Based on the incremental IRR rule, which project should be chosen?
V. Net present value and capital
budgeting
7. The Best manufacturing company is considering a new investment. Financial projections for the investment are below. (cash flow are in $thousands and the corporate tax rate is 34%)
information. C. It implies an irrational market. D. It implies that prices do not fluctuate. E. It results from keen competition among
investors.
10. The market value of a firm with $500,000 of debt is $1,700,000. EBIT is expected to be a perpetuity. The pretax interest rate on debt is 10%. The company is in the 34% tax bracket. If the company was 100% equity financed, the equityholders would require a 20% return.
0
1
2
3
4
Sales revenue
Operating costs
investment
7000 2000 10000
7000 2000
7000 2000
7000 2000
depreciation
2500 2500 2500 2500
Net working 200 250 300 200 0 capital(end of year)
公司金融研究（总复习\习题课）
李曜 2005/12/29
I. Accounting Statements and
Cash Flow
1. Prepare a Dec. 31 balance sheet using the following data:
Cash $2000 patents 82000 A/P 4000 A/R 6000 Taxes payable 2000
New Saturday late edition
0
-1200
1
600
2
550
3
450
-2100 1000 900 800
a. Based on the payback period rule, which project should be chosen?
b. which project has a greater IRR?
VII.
9. Which of the following statements are true about the efficient-market hypothesis?
A. It implies perfect forecasting ability. B. It implies that prices reflect all available
Machinery 34000 bonds payable 5000 accumulated retained earnings 6000 capital surplus 20000
The value of the firm’s common stock is $100.
2. During 1998,the Senbet Tire company had gross sales of $ 2 million. The firm’s cost of goods sold and selling expenses were $300,000 and $200,000, respectively. These figures do not include depreciation. Senbet also had notes payable of $1 million. These notes carried an interest rate of 10 percent. Depreciation was $100,000. Senbet’s tax rate in 1998 was 35%.