公司金融李曜课后练习部分答案
李健金融学第3版课后习题答案
第1章经济主体的财务活动与金融1．如何理解金融源于社会经济生活？答：金融在人们的经济活动和日常生活中随处可见，各经济主体的生产、经营、消费、支付等活动都需要用货币来支付；一些经济主体有资金盈余，他们需要把资金存放银行或投资等，而另一些经济主体存在资金短缺，他们需要通过各种方式融入资金。
与之相适应，有专门的机构发行货币，提供各种金融产品和服务；有专门的市场融通资金和交易金融产品；有专设的机构进行管理和监督，由此形成金融体系。
可见，金融源于生活，融入日常经济活动之中。
2．如何理解各经济主体的金融活动以及开放经济下国内外各部门的经济金融活动？答：（1）封闭经济由居民（亦称“住户”）、非金融企业、金融机构与政府这四大经济部门组成，各经济部门内部及不同的经济部门之间不断地发生着各种各样的经济活动，并引起错综复杂的资金活动。
如果不考虑同一个经济部门内部不同主体之间的经济活动，单是考察部门之间的经济活动与资金流动，可以发现所有的经济部门都无法独立、封闭地生存。
同时，居民、非金融企业、政府三个部门都不可避免地与金融机构发生关系。
居民需要把节余的资金存放银行、投资证券或购买保险等，也需要在资金不足时向银行申请贷款（如住房按揭贷款）；非金融企业需要通过银行、进行资金结算，办理存款、贷款、信托、租赁等业务，或在证券市场通过股票、债券等工具融入资金等；政府也需要通过银行来实现资金调度、划拨，其银行账户会形成一定的存款，同时需要在证券市场上发行政府债券进行融资等。
（2）对于开放经济而言，本国各经济部门不可避免地与国外经济部门发生经济关系，产生国际金融活动。
开放部门的对外金融活动主要体现在两个方面：一是对外贸易和劳务所产生的国际结算与融资；二是投资活动，包括实业投资和纯粹的金融投资。
3．居民的收支如何引起金融活动？居民的盈余或短缺如何通过金融来调节？答：（1）现代居民经济生活中的日常收入、支出活动和储蓄投资、借贷等理财活动构成了现代金融供求的重要组成部分。
公司金融研究(5)(公司金融研究-上海财经大学李曜)
李曜 2005年10月20日
第八章 资本预算的其他投资原则
内涵报酬率/内部报酬率法（IRR) IRR方法的问题讨论 MIRR 获利指数法(PI)
一、内部报酬率 Internal Rate of Return (IRR)
IRR 是使现金流入的现值之和等于现金流 出现值之和的贴现率，也即使净现值等于 零的贴现率。
后的现金 数 @12
流现值
%
（@12%)
1
-20 70 10 70.5
3.53 50.5
2
-10 15 40 45.3
4.53 35.3
PI 的决策标准
（1）如果PI > 1, 接受项目。 如果PI < 1, 放弃项目。 （2）PI越高, 项目越好。
对于互斥项目，选择 PI最高的项目——？
西方调查结果：IRR，NPV方法是排名1、2的 两种主要方法。
可以准确预测现金流的项目，可以采用NPV法。
教材阅读：Ross, Corporate Finance, (6th edition) , Chapter 6
第九章 NPV方法在资本预算中的 具体运用
一、现金流的几个基本问题 公司金融中，关注的是现金流； 财务会计中，关注的是利润。 项目选择——现金流的增量 1、沉没成本（SUNK COST）
NPV
@0 @10 @15 IRR %%%
2000 669 109 16.04 %
B -10000 1000 1000 12000 4000 751 -484 12.94
NPV
4000 B
2000 A
k
互斥项目
k < 10.55: 选择B k > 10.55: 选择A
公司金融李心愉北大
习题41. 航远公司打算购买一设备，现有甲、乙两个方案。
甲方案需投资20000元，使用寿命5年，直线法折旧，5年后无残值。
5年中每年销售收入8000元，付现成本3000元。
乙方案需投资24000元，使用寿命也是5年，直线法计提折旧，5年后有残值收入4000元，5年中每年销售收入10000元，付现成本第1年4000元，以后将逐年增加修理费200元，另需垫支营运资金3000元。
假如所得税率为40%，资本机会成本为5%，问：公司应该采用哪个方案？其中：甲的NCF=(8000-3000-4000)*(1-0.4)+4000=4600乙的NCF1=(10000-4000-4000)*(1-0.4)+4000=5200NCF2=(10000-4000-4000-200)*(1-0.4)+4000=5080……NPV甲=-20000+4600/1.05+4600/1.052+4600/1.053+4600/1.054+4600/1.055=-84.4 NPV乙=-27000+5200/1.05+5080/1.052+4960/1.053+4840/1.054+11720/1.055=9.5所以公司应采用乙方案。
(1)投资回报期：A的回报期=3+(6000-2000-1818-1653)/1503=3.35B的回报期=4+(10000-2545-2066-1653-1298)/3477=4.70A的回报期较短，应选A(2)平均报酬率：A：2200*5/(5*6000)=36.67%B：(2800+2500+2200+1900+5600）/(5*10000)=30%A的平均报酬率较高，应选A(3)内部收益率：此处计算修正的内部收益率A：2200*1.14+2200*1.13+2200*1.12+2200*1.1+2200=13431.22 6000=13431.22/(1+MIRR1)5MIRR A=17.49%B：2800*1.14+2500*1.13+2200*1.12+1900*1.1+5600=17778.98 10000=17778.98/(1+MIRR2)5MIRR B=12.20%A的修正的内部收益率较高，应选A(4)现值指数：PI A=(2000+1818+1653+1503+1366)/6000=1.39PI B=(2545+2066+1653+1298+3477)/10000=1.1039A的现值指数更高，应选A(5)净现值法：NPV A=2000+1818+1653+1503+1366-6000=2340NPV B=2545+2066+1653+1298+3477-10000=1039A的净现值更高，应选ANPV A=14250/1.06+12750/1.062+12000/1.063+31500/1.064-50000=9817.23NPV B=18000/1.06+21250/1.062+20000/1.063+22500/1.064-50000=20508.05B的净现值更高，应接受B项目。
最新《公司金融学》全本课后习题参考答案
最新《公司金融学》全本课后习题参考答案《公司金融》课后习题参考答案各大重点财经学府专业教材期末考试考研辅导资料第一章导论第二章财务报表分析与财务计划第三章货币时间价值与净现值第四章资本预算方法第五章投资组合理论第六章资本结构第七章负债企业的估值方法第八章权益融资第九章债务融资与租赁第十章股利与股利政策第十一章期权与公司金融第十二章营运资本管理与短期融资第一章导论1.治理即公司治理（corporate governance），它解决了企业与股东、债权人等利益相关者之间及其相互之间的利益关系。
融资（financing），是公司金融学三大研究问题的核心，它解决了公司如何选择不同的融资形式并形成一定的资本结构，实现企业股东价值最大化。
估值（valuation），即企业对投资项目的评估，也包括对企业价值的评估，它解决了企业的融资如何进行分配即投资的问题。
只有公司治理规范的公司，其投资、融资决策才是基于股东价值最大化的正确决策。
这三个问题是相互联系、紧密相关的，公司金融学的其他问题都可以归纳入这三者的范畴之中。
2.对于上市公司而言，股东价值最大化观点隐含着一个前提：即股票市场充分有效，股票价格总能迅速准确地反映公司的价值。
于是，公司的经营目标就可以直接量化为使股票的市场价格最大化。
若股票价格受到企业经营状况以外的多种因素影响，那么价值确认体系就存在偏差。
因此，以股东价值最大化为目标必须克服许多公司不可控的影响股价的因素。
第二章财务报表分析与财务计划1.资产负债表；利润表；所有者权益变动表；现金流量表。
资产= 负债+ 所有者权益2.我国的利润表采用“多步式”格式，分为营业收入、营业利润、利润总额、净利润、每股收益、其他综合收益和综合收益总额等七个盈利项目。
3.直接法是按现金收入和支出的主要类别直接反映企业经营活动产生的现金流量，一般以利润表中的营业收入为起算点，调整与经营活动有关项目的增减变化，然后计算出经营活动现金流量。
公司金融课后习题
公司具备哪些特征？大企业为何大多选择公司制？公司是以资本联合为基础，以营利为目的，依照法律规定的条件和法律规定的程序设立，具有法人资格的企业组织。
公司的基本特征在于是：1. 公司是资本的联合而形成的经济组织。
2.公司具有法人资格。
3.公司股东承担有限责任。
4.公司是以营利为目的的。
5．公司实行所有权与经营权分离。
6．公司依照法律设立和运行，是规范化程序较高的企业组织形式。
7．公司是永续存在的企业组织形式。
大企业选择公司制的原因：1、有利于形成一个产权明晰，权责明确，管理科学的现代公司制度，从而推动企业规模化、规范化、专业化的建设与发展。
2、可以实现所有权和经营权分离，实现企业发展决策的科学化、民主化，能避免由于组织的庞大，一个人知识、能力不足而导致决策的失误3、公司讲究的是团队精神，形成的是整体合力，发挥的是“拳头”优势。
只有部门齐全、分工细致的规模化的公司才能提供系统的服务，满足客户“一站式”、“一条龙”服务的需要。
4、可以使管理职业化、专业化，提高了管理的层次与水平，有利于树立服务品牌，使企业高效率运转和扩张。
同时，这种机制不仅有利于调节内部责权利关系，而且能够组织协调企业的整体行动，参与市场竞争。
5、公司制有利于形成投资主体多元化，有利于资本的积累，可以吸纳国家、组织和个人出资，任何所有制性质的主体均能够成为企业的出资者或股东。
6、公司制企业的产权结构决定了股东不能够直接对企业的运行施加影响，从而可以较大幅度地降低服务成本7、公司制企业的责任有限化成为降低企业经营风险的最佳手段。
公司制企业由于采取有限责任和股权可转让的形式，因而除破产等极少数特殊原因外，一般不会发生因股东更迭而导致企业解体的情况，这就使得企业能够步入可持续发展之路。
公司的基本金融活动营业净现金流量 投资净现金流量 融资净现金流量 资本流入活动资本流出活动如何理解公司价值最大化作为公司金融目标的合理性?企业价值不等于账面资产的总价值，它取决于企业潜在或预期获利能力。
公司金融研究(总复习课)(公司金融研究-上海财经大学 李曜)
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?
0 Sales revenue Operating costs investment depreciation
1 7000 2000
2 7000 2000
3 7000 2000
4 7000 2000
10000 2500 2500 2500 2500
Net working 200 capital(end of year)
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?
公司金融研究(12)(公司金融研究-上海财经大学 李曜)
案例计算：现金周转期的计算
缩短现金周期的方法：改变存货、应收账款、应付账 款的期限等。 加速现金流周转，就相应提高了现金的利用效果，从 而增加了企业的价值创造。
（1） 积极回收应收账款：销售部门（销售回 款率）；清欠部门（年初清欠额度） （2） 用折扣和订货量换取欠款回收：订货量 大，给予的折扣大，但必须付现款，产品必 须行销。 （3）积累企业和个人信用：有信用才能有合 理的推迟支付 （4）推迟应付款时间：分期付款；先小额再 大额；使用信用证付款和银行承兑汇票 （5）定期清仓查库，处理积压商品：加强库 存周转速度；
持有流动资产的成本：持有成本（carrying cost）； 短缺成本（shortage cost)。——最优持有量 （二）企业对流动资产的融资成本 Flexible ---企业的长期融资金额超过企业资产需求， 企业持有大量现金，并拥有大量上市证券； Restrictive---企业用长期融资满足正常资产需求， 用短期融资满足季节性、临时性的资金需求。 五、短期融资方式 1、unsecured loans: line of credit ( committed, noncommitted）， compensating balances
公司金融研究（12）
李曜
第十四章 短期融资规划
一、短期融资规划的定义 短期融资的主要问题：1、企业应保持多少现金以准备 ቤተ መጻሕፍቲ ባይዱ付账单？2、企业应购买多少原材料（库存）？3、 企业给客户提供的信用是什么？
流动资产（current assets)：cash, marketable securities,accounts receivable, inventories 流动负债(current liabilities)：A/P, accrued wages,taxes,and other expenses payable, notes payable
李健《金融学》课后习题及详解（货币与货币制度）【圣才出品】
李健《金融学》课后习题及详解（货币与货币制度）【圣才出品】李健《金融学》课后习题及详解第2章货币与货币制度1．你是如何看待货币在经济活动中的作用与影响的？答：（1）货币在经济中的作用具体表现在：①克服了物物交换的困难，降低了商品交换的信息搜寻成本，提高了交换效率，促进了商品流通与市场的扩大；②克服了价值衡量与交换比率确定等交易困难，为顺利实现商品交换提供了便利；③可以通过支付冲抵部分交易金额，进而节约流通费用，还可以通过非现金结算加速资金周转；④提供了最具流动性的价值贮藏和资产保存形式，在财富日益增长的过程中丰富了人们的贮藏手段和投资形式；⑤通过在发挥支付手段时形成的活期存款和发挥资产职能所形成的定期存款等，可以促进社会资金的集中，使得金融体系能够有效利用社会资金，这是现代社会化大生产顺利进行最重要的前提条件。
（2）货币对人类的生产方式、生存方式乃至思想意识的发展也都产生了重要影响。
①货币成为推动经济发展和社会进步的特殊力量。
因为它的存在使人们的生产活动和生活突破了狭小的天地。
②货币出现以后，人们的活动领域大为扩展．人们的思想也就不再受某地传统习俗及偏见的束缚，激发了人们的想象力和创造力，对商品生产的扩大、社会的发展和思想文化的进步产生了积极的作用。
③人们可以利用货币去进行财富的积累和承袭，这就激发了人们创造财富的欲望，随之而来的，也为资本积累和利用社会资本扩大再生产创造了条件。
同样需要重视的是，货币在发挥各种积极作用的同时，也对社会经济发展和人们的意识形态产生了一些负面的影响。
①由于货币的出现将交换过程分离为买和卖两个环节，使得商品买卖脱节和供求失衡成为可能。
②货币在发挥支付手段职能时形成了经济主体之间复杂的债务链条，产生了债务危机的可能性。
③货币的跨时支付使得财政超分配和信用膨胀成为可能，货币过多会造成通货膨胀，而货币过少又会影响商品价值的实现，导致价格下跌。
④把货币神化为主宰操纵人生与命运的偶像加以崇拜的货币拜物教，会扭曲人类的思想与行为，祸害社会经济的健康发展。
证券投资基金学第四版李曜课后答案
证券投资基金学第四版李曜课后答案1、12.某基金经理从某上市公司总经理的弟弟处得知该上市公司将要进行并购重组后，将消息转告其他基金经理并用自己管理的基金财产买入该股票。
以下表述错误的是()。
[单选题] *A该基金经理利用该信息进行投资，不违反诚实守信职业道德要求(正确答案)B该基金经理将该消息告诉其他基金经理，违反了法规规定C该案例中该公司并购重组的消息在公开前属内幕信息D该基金经理利用该信息进行投资，构成内幕交易2、53.私募基金募集业务相关的记录及其他相关资料，保存期限不少于()年，且自基金清算终止之日起不得少于()年。
[单选题] *A5；3B10；5C20；10(正确答案)D15；53、41、关于证券交易所，以下描述正确的是（）。
[单选题] *A、证券交易所提供交易场所和服务人员，以便利证券交易商的交易与交割B、证券交易所本身不持有证券，也不进行证券的买卖(正确答案)C、证券交易所的设立和解散，由国务院证券监督管理机构决定D、证券交易所的理事会负责日常事项4、64、投资者在考察其所投资的私募股权基金时会画出一条曲线，被称为J曲线，以下相关表述正确的是（）。
[单选题] *A、对投资者而言，私募股权基金在投资前期，主要是以投入资金为主(正确答案)B、J曲线意味着私募股权投资通常可在一两年内获得回报C、J曲线以风险为横轴，以收益为纵轴D、对投资者而言，私募股权基金通常在项目后期，开始现金流出5、23、某股票基金在2018年度平均净资产为10000万元，期间共买入股票7000万元，卖出股票3000万元。
该基金在2018年的股票换手率为（）。
[单选题] *A、0.3B、0.7C、0.5(正确答案)D、16、80.某公募基金基金经理调研时，某上市公司董秘透露即将公布员工持股计划。
该基金经理用所管理的基金大量买入该上市公司股票。
关于基金经理行为，以下表述正确的是()。
[单选题] *A既违反了法律，又违反了职业道德(正确答案)B既不违反法律，也不违反职业道德C只违反了法律，不违反职业道德D只违反职业道德，不违反法律7、11、某投资者有以下投资组合,50%投资于A公司股票,50%投资于B公司(数据如下表),则投资组合的期望收益率为（）。
公司金融习题答案
《公司金融》作业集答案第一章公司金融学导论一、思考题1.现代企业有几种组织形式，各有什么特点？答案：企业的基本组织形式有三种，即个人独资企业、合伙企业和公司企业。
（1）个人独资企业是指由一个自然人投资，财产为投资人个人所有，投资人以其个人财产对企业债务承担无限责任的经营实体。
（2）合伙企业是由各合伙人订立合伙协议，共同出资，合伙经营，共享收益，共担风险，并对合伙企业债务承担连带无限责任的营利组织。
（3）不论个人独资企业还是合伙企业，都没有独立于企业所有者之外的企业财产，由于这个原因它们统称为自然人企业。
它们的优点在于，企业注册简便，注册资本要求少，经营比较灵活。
缺点，一个是资金规模比较小，抵御风险的能力低。
另一个是企业经营缺乏稳定性，受企业所有者个人状况影响很大。
（4）公司企业是具有法人地位的企业组织形势。
公司拥有独立的法人财产，独立承担经济责任。
相对于自然人企业，公司企业具有巨大优越性。
尽管公司这种企业组织形势具有优势，但是也有弊端，其弊端有：重复纳税。
公司的收益先要交纳公司所得税；税后收益以现金股利分配给股东后，股东还要交纳个人所得税。
内部人控制。
所谓内部人指具有信息优势的公司内部管理人员。
经理们可能为了自身利益而在某种程度上侵犯或者牺牲股东利益。
信息披露。
为了保护股东以及债权人的利益，公司经理人必须定期向股东和投资者公布公司经营状况，接受监督。
2.在股东财富最大化目标下，如何协调债权人、股东与经理人之间的利益冲突？答案：（1）现代公司制的一个重要特征是所有权与经营权的分离，虽然两权分离机制为公司筹集更多资金、扩大生产规模创造了条件，并且管理专业化有助于管理水平的提高，但是不可避免地会产生代理问题。
一方面股东与经理人的利益目标并不完全一致，经理人出于使自身效用最大化的活动可能会损害股东利益；另一方面，股东与公司债权人之间也存在利益冲突，为了追求财富最大化，股东可能要求经理采取不利于债权人利益的行动。
公司金融课后题答案CHAPTER 19
CHAPTER 19DIVIDENDS AND OTHER PAYOUTS Answers to Concepts Review and Critical Thinking Questions1.Dividend policy deals with the timing of dividend payments, not the amounts ultimatelypaid. Dividend policy is irrelevant when the timing of dividend payments doesn’t affect the present value of all future dividends.2. A stock repurchase reduces equity while leaving debt unchanged. The debt ratio rises. Afirm could, if desired, use excess cash to reduce debt instead. This is a capital structure decision.3.The chief drawback to a strict dividend policy is the variability in dividend payments.This is a problem because investors tend to want a somewhat predictable cash flow. Also, if there is information content to dividend announcements, then the firm may be inadvertently telling the market that it is expecting a downturn in earnings prospects when it cuts a dividend, when in reality its prospects are very good. In a compromise policy, the firm maintains a relatively constant dividend. It increases dividends only when it expects earnings to remain at a sufficiently high level to pay the larger dividends, and it lowers the dividend only if it absolutely has to.4.Friday, December 29 is the ex-dividend day. Remember not to count January 1 becauseit is a holiday, and the exchanges are closed. Anyone who buys the stock before December 29 is entitled to the dividend, assuming they do not sell it again before December 29.5.No, because the money could be better invested in stocks that pay dividends in cashwhich benefit the fundholders directly.6.The change in price is due to the change in dividends, not due to the change in dividendpolicy. Dividend policy can still be irrelevant without a contradiction.7.The stock price dropped because of an expected drop in future dividends. Since the stockprice is the present value of all future dividend payments, if the expected future dividend payments decrease, then the stock price will decline.8. The plan will probably have little effect on shareholder wealth. The shareholders canreinvest on their own, and the shareholders must pay the taxes on the dividends either way. However, the shareholders who take the option may benefit at the expense of the ones who don’t (because of the discount). Also as a resu lt of the plan, the firm will be able to raise equity by paying a 10% flotation cost (the discount), which may be a smaller discount than the market flotation costs of a new issue for some companies.9.If these firms just went public, they probably did so because they were growing andneeded the additional capital. Growth firms typically pay very small cash dividends, if they pay a dividend at all. This is because they have numerous projects available, and they reinvest the earnings in the firm instead of paying cash dividends.10.It would not be irrational to find low-dividend, high-growth stocks. The trust should beindifferent between receiving dividends or capital gains since it does not pay taxes on either one (ignoring possible restrictions on invasion of principal, etc.). It would be irrational, however, to hold municipal bonds. Since the trust does not pay taxes on the interest income it receives, it does not need the tax break associated with the municipal bonds. Therefore, it should prefer to hold higher yield, taxable bonds.11.The stock price drop on the ex-dividend date should be lower. With taxes, stock pricesshould drop by the amount of the dividend, less the taxes investors must pay on the dividends. A lower tax rate lowers the invest ors’ tax liability.12.With a high tax on dividends and a low tax on capital gains, investors, in general, willprefer capital gains. If the dividend tax rate declines, the attractiveness of dividends increases.13.Knowing that share price can be expressed as the present value of expected futuredividends does not make dividend policy relevant. Under the growing perpetuity model, if overall corporate cash flows are unchanged, then a change in dividend policy only changes the timing of the dividends. The PV of those dividends is the same. This is true because, given that future earnings are held constant, dividend policy simply represents a transfer between current and future stockholders.In a more realistic context and assuming a finite holding period, the value of the shares should represent the future stock price as well as the dividends. Any cash flow not paid as a dividend will be reflected in the future stock price. As such, the PV of the cash flows will not change with shifts in dividend policy; dividend policy is still irrelevant.14.T he bird-in-the-hand argument is based upon the erroneous assumption that increaseddividends make a firm less risky. If capital spending and investment spending are unchanged, the firm’s overall cash flows are not affected by the dividend policy.15.This argument is theoretically correct. In the real world, with transaction costs ofsecurity trading, home-made dividends can be more expensive than dividends directly paid out by the firms. However, the existence of financial intermediaries, such as mutual funds, reduces the transaction costs for individuals greatly. Thus, as a whole, the desire for current income shouldn’t be a major factor favoring high-current-dividend policy.16. a.Cap’s past behavior suggests a preference for capital gains, while Sarah exhibits apreference for current income.b. Cap could show the Sarah how to construct homemade dividends through the saleof stock. Of course, Cap will also have to convince her that she lives in an MMworld. Remember that homemade dividends can only be constructed under the MMassumptions.c.Sarah may still not invest in Neotech because of the transaction costs involved inconstructing homemade dividends. Also, Sarah may desire the uncertaintyresolution which comes with high dividend stocks.17.To minimize her tax burden, your aunt should divest herself of high dividend yieldstocks and invest in low dividend yield stocks. Or, if possible, she should keep her high dividend stocks, borrow an equivalent amount of money and invest that money in a tax-deferred account.18. The capital investment needs of small, growing companies are very high. Therefore,payment of dividends could curtail their investment opportunities. Their other option is to issue stock to pay the dividend, thereby incurring issuance costs. In either case, the companies and thus their investors are better off with a zero dividend policy during the firms’ rapid growth phases. This fact makes these firms attractive only to low dividend clienteles.This example demonstrates that dividend policy is relevant when there are issuance costs.Indeed, it may be relevant whenever the assumptions behind the MM model are not met.19. Unless there is an unsatisfied high dividend clientele, a firm cannot improve its shareprice by switching policies. If the market is in equilibrium, the number of people who desire high dividend payout stocks should exactly equal the number of such stocks available. The supplies and demands of each clientele will be exactly met in equilibrium.If the market is not in equilibrium, the supply of high dividend payout stocks may be less than the demand. Only in such a situation could a firm benefit from a policy shift.20. This finding implies that firms use initial dividends to “signal” their potential growth andpositive NPV prospects to the stock market. The initiation of regular cash dividends also serves to convince the market that their high current earnings are not temporary.Solutions to Questions and ProblemsNOTE: All end-of-chapter problems were solved using a spreadsheet. Many problems require multiple steps. Due to space and readability constraints, when these intermediate steps are included in this solutions manual, rounding may appear to have occurred. However, the final answer for each problem is found without rounding during any step in the problem.Basic1.The aftertax dividend is the pretax dividend times one minus the tax rate, so:Aftertax dividend = $5.60(1 – .15) = $4.76The stock price should drop by the aftertax dividend amount, or:Ex-dividend price = $75 – 4.76 = $70.242. a.The shares outstanding increases by 10 percent, so:New shares outstanding = 20,000(1.10) = 22,000New shares issued = 2,000Since the par value of the new shares is $1, the capital surplus per share is $47. Thetotal capital surplus is therefore:Capital surplus on new shares = 2,000($47) = $94,000Common stock ($1 par value) $ 22,000Capital surplus 304,000Retained earnings 639,300$965,300b.The shares outstanding increases by 25 percent, so:New shares outstanding = 20,000(1.25) = 25,000New shares issued = 5,000Since the par value of the new shares is $1, the capital surplus per share is $47. Thetotal capital surplus is therefore:Capital surplus on new shares = 5,000($47) = $235,000Common stock ($1 par value) $ 25,000Capital surplus 445,000Retained earnings 495,300$965,3003. a.To find the new shares outstanding, we multiply the current shares outstandingtimes the ratio of new shares to old shares, so:New shares outstanding = 20,000(4/1) = 80,000The equity accounts are unchanged except that the par value of the stock is changedby the ratio of new shares to old shares, so the new par value is:New par value = $1(1/4) = $0.25 per share.b.To find the new shares outstanding, we multiply the current shares outstandingtimes the ratio of new shares to old shares, so:New shares outstanding = 20,000(1/5) = 4,000.The equity accounts are unchanged except that the par value of the stock is changedby the ratio of new shares to old shares, so the new par value is:New par value = $1(5/1) = $5.00 per share.4.To find the new stock price, we multiply the current stock price by the ratio of old sharesto new shares, so:a.$78(3/5) = $46.80b.$78(1/1.15) = $67.83c.$78(1/1.425) = $54.74d.$78(7/4) = $136.50.To find the new shares outstanding, we multiply the current shares outstanding times the ratio of new shares to old shares, so:a:260,000(5/3) = 433,333b:260,000(1.15) = 299,000c:260,000(1.425) = 370,500d:260,000(4/7) = 148,5715.The stock price is the total market value of equity divided by the shares outstanding, so:P0 = $380,000 equity/8,000 shares = $47.50 per shareIgnoring tax effects, the stock price will drop by the amount of the dividend, so:P X = $47.50 – 1.60 = $45.90The total dividends paid will be:$1.60 per share(8,000 shares) = $12,800The equity and cash accounts will both decline by $12,800.6.Repurchasing the shares will reduce shareholders’ equity by $12,800. The sharesrepurchased will be the total purchase amount divided by the stock price, so:Shares bought = $12,800/$47.50 = 269And the new shares outstanding will be:New shares outstanding = 8,000 – 269 = 7,731After repurchase, the new stock price is: Share price = $367,200/7,731 shares = $47.50The repurchase is effectively the same as the cash dividend because you either hold a share worth $47.50 or a share worth $45.90 and $1.60 in cash. Therefore, you participate in the repurchase according to the dividend payout percentage; you are unaffected.7.The stock price is the total market value of equity divided by the shares outstanding, so:P0 = $455,000 equity/20,000 shares = $22.75 per shareThe shares outstanding will increase by 25 percent, so:New shares outstanding = 20,000(1.25) = 25,000The new stock price is the market value of equity divided by the new shares outstanding, so:P X = $455,000/25,000 shares = $18.208.With a stock dividend, the shares outstanding will increase by one plus the dividendamount, so:New shares outstanding = 380,000(1.12) = 425,600The capital surplus is the capital paid in excess of par value, which is $1, so:Capital surplus for new shares = 45,600($44) = $2,006,400The new capital surplus will be the old capital surplus plus the additional capital surplus for the new shares, so:Capital surplus = $1,750,000 + 2,006,400 = $3,756,400The new equity portion of the balance sheet will look like this:Common stock ($1 par value) $ 425,600Capital surplus 3,756,400Retained earnings 2,098,000$6,280,0009.The only equity account that will be affected is the par value of the stock. The par valuewill change by the ratio of old shares to new shares, so:New par value = $1(1/5) = $0.20 per share.The total dividends paid this year will be the dividend amount times the number of shares outstanding. The company had 380,000 shares outstanding before the split. We must remember to adjust the shares outstanding for the stock split, so:Total dividends paid this year = $0.60(380,000 shares)(5/1 split) = $1,140,000The dividends increased by 10 percent, so the total dividends paid last year were:Last year’s dividends = $1,140,000/1.10 = $1,036,363.64And to find the dividends per share, we simply divide this amount by the shares outstanding last year. Doing so, we get:Dividends per share last year = $1,036,363.64/380,000 shares = $2.7310. a.If the dividend is declared, the price of the stock will drop on the ex-dividend dateby the value of the dividend, $5. It will then trade for $115.b.If it is not declared, the price will remain at $120.c.Mann’s outflows for investments are $3,000,000. These outflows occurimmediately. One year from now, the firm will realize $1,400,000 in net incomeand it will pay $750,000 in dividends, but the need for financing is immediate.Mann must finance $3,000,000 through the sale of shares worth $120. It must sell$3,000,000 / $120 = 25,000 shares.d.The MM model is not realistic since it does not account for taxes, brokerage fees,uncertainty over future cash flows, investor s’ preferences, signaling effects, andagency costs.Intermediate11.The price of the stock today is the PV of the dividends, so:P0 = $0.95/1.14 + $45/1.142 = $35.46To find the equal two year dividends with the same present value as the price of the stock, we set up the following equation and solve for the dividend (Note: The dividend isa two year annuity, so we could solve with the annuity factor as well):$35.46 = D/1.14 + D/1.142D = $21.53We now know the cash flow per share we want each of the next two years. We can find the price of stock in one year, which will be:P1 = $45/1.14 = $39.47Since you own 1,000 shares, in one year you want:Cash flow in Year one = 1,000($21.53) = $21,534.11But you’ll only get:Dividends received in one year = 1,000($0.95) = $950.00Thus, in one year you will need to sell additional shares in order to increase your cash flow. The number of shares to sell in year one is:Shares to sell at time one = ($21,534.11 – 950)/$39.47 = 521.46 sharesAt Year 2, your cash flow will be the dividend payment times the number of shares you still own, so the Year 2 cash flow is:Year 2 cash flow = $45(1,000 – 521.46) = $21,534.1112.If you only want $500 in Year 1, you will buy:($950 – 500)/$39.47 = 11.40 sharesat Year 1. Your dividend payment in Year 2 will be:Year 2 dividend = (1,000 + 11.40)($45) = $45,513.00Note that the present value of each cash flow stream is the same. Below we show this by finding the present values as:PV = $500/1.14 + $45,513/1.142 = $35,459.37PV = 1,000($0.95)/1.14 + 1,000($45)/1.142 = $35,459.3713. a.If the company makes a dividend payment, we can calculate the wealth of ashareholder as:Dividend per share = $3,000/600 shares = $5.00The stock price after the dividend payment will be:P X = $58 – 5 = $53 per shareThe shareholder will have a stock worth $53 and a $5 dividend for a total wealth of$58. If the company makes a repurchase, the company will repurchase:Shares repurchased = $3,000/$58 = 51.72 sharesIf the shareholder lets their shares be repurchased, they will have $58 in cash. If theshareholder keeps their shares, they’re still worth $58.b.If the company pays dividends, the current EPS is $1.50, and the P/E ratio is:P/E = $53/$1.50 = 35.33If the company repurchases stock, the number of shares will decrease. The total netincome is the EPS times the current number of shares outstanding. Dividing netincome by the new number of shares outstanding, we find the EPS under the repurchase is:EPS = $1.50(600)/(600 51.72) = $1.64The stock price will remain at $58 per share, so the P/E ratio is:P/E = $58/$1.64 = 35.33c. A share repurchase would seem to be the preferred course of action. Only thoseshareholders who wish to sell will do so, giving the shareholder a tax timing option that he or she doesn’t get with a dividend payment.14. a.Since the firm has a 100 percent payout policy, the entire net income, $45,000 willbe paid as a dividend. The current value of the firm is the discounted value one yearfrom now, plus the current income, which is:Value = $45,000 + $1,635,000/1.12Value = $1,504,821b.The current stock price is the value of the firm, divided by the shares outstanding, which is:Stock price = $1,504,821/20,000Stock price = $75.24Since the company has a 100 percent payout policy, the current dividend per sharewill be the company’s net income, divided by the shares outstanding, or:Current dividend = $45,000/20,000Current dividend = $2.25The stock price will fall by the value of the dividend to:Ex-dividend stock price = $75.24 – 2.25Ex-dividend stock price = $72.99c. i.According to MM, it cannot be true that the low dividend is depressing theprice. Since dividend policy is irrelevant, the level of the dividend should notmatter. Any funds not distributed as dividends add to the value of the firm,hence the stock price. These directors merely want to change the timing of thedividends (more now, less in the future). As the calculations below indicate,the value of the firm is unchanged by their proposal. Therefore, the share pricewill be unchanged.To show this, consider what would happen if the dividend were increased to$4.60. Since only the existing shareholders will get the dividend, the requireddollar amount to pay the dividends is:Total dividends = $4.60(20,000)Total dividends = $92,000To fund this dividend payment, the company must raise:Dollars raised = Required funds – Net income Dollars raised = $92,000 – 45,000Dollars raised = $47,000This money can only be raised with the sale of new equity to maintain theall-equity financing. Since those new shareholders must also earn 12 percent,their share of the firm one year from now is:New shareholder value in one year = $47,000(1.12)New shareholder value in one year = $52,640This means that the old shareholders' interest falls to:Old shareholder value in one year = $1,635,000 – 52,640Old shareholder value in one year = $1,582,360Under this scenario, the current value of the firm is:Value = $92,000 + $1,582,360/1.12Value = $1,504,821Since the firm value is the same as in part a, the change in dividend policy had no effect.ii.The new shareholders are not entitled to receive the current dividend. They will receive only the value of the equity one year hence. The present value ofthose flows is:Present value = $1,582,360/1.12Present value = $1,412,821.43And the current share price will be:Current share price = $1,412,821.43/20,000Current share price = $70.64So, the number of new shares the company must sell will be:Shares sold = $47,000/$70.64Shares sold = 665.34 shares15. a.The current price is the current cash flow of the company plus the present value ofthe expected cash flows, divided by the number of shares outstanding. So, thecurrent stock price is:Stock price = ($1,400,000 + 20,000,000) / 750,000Stock price = $28.53b.To achieve a zero dividend payout policy, he can invest the dividends back into thecompany’s stock. The dividends per share will be:Dividends per share = [($1,400,000)(.50)]/750,000Dividends per share = $0.93And the stockholder in question will receive:Dividends paid to shareholder = $0.93(1,000)Dividends paid to shareholder = $933.33The new stock price after the dividends are paid will be:Ex-dividend stock price = $28.53 – 0.93Ex-dividend stock price = $27.60So, the number of shares the investor will buy is:Number of shares to buy = $933.33 / $27.60Number of shares to buy = 33.8216. ing the formula from the text proposed by Lintner:Div1 = Div0 +s(t EPS1– Div0)Div1 = $1.50 + .3[(.4)($4.15) – $1.50]Div1 = $1.548b.Now we use an adjustment rate of 0.60, so the dividend next year will be:Div1 = Div0 +s(t EPS1– Div0)Div1 = $1.50 + .6[(.4)($4.15) – $1.50]Div1 = $1.596c.The lower adjustment factor in part a is more conservative. The lower adjustmentfactor will always result in a lower future dividend.Challenge17.Assuming no capital gains tax, the aftertax return for the Gordon Company is the capitalgains growth rate, plus the dividend yield times one minus the tax rate. Using the constant growth dividend model, we get:Aftertax return = g + D(1 – t) = .12Solving for g, we get:.12 = g + .06(1 – .35)g = .0810The equivalent pretax return for Gecko Company, which pays no dividend, is:Pretax return = g + D = .0810 + .06 = 14.10%18. Using the equation for the decline in the stock price ex-dividend for each of the taxrate policies, we get:(P0– P X)/D = (1 – T P)/(1 – T G)a.P0– P X = D(1 – 0)/(1 – 0)P0– P X = Db.P0– P X = D(1 – .15)/(1 – 0)P0– P X = .85Dc.P0– P X = D(1 – .15)/(1 – .20)P0– P X = 1.0625Dd.With this tax policy, we simply need to multiply the personal tax rate times oneminus the dividend exemption percentage, so:P0– P X = D[1 – (.35)(.30)]/(1 – .35)P0– P X = 1.3769De.Since different investors have widely varying tax rates on ordinary income andcapital gains, dividend payments have different after-tax implications for differentinvestors. This differential taxation among investors is one aspect of what we havecalled the clientele effect.19.Since the $3,000,000 cash is after corporate tax, the full amount will be invested. So, thevalue of each alternative is:Alternative 1:The firm invests in T-bills or in preferred stock, and then pays out as a special dividend in 3 yearsIf the firm invests in T-Bills:If the firm invests in T-bills, the aftertax yield of the T-bills will be:Aftertax corporate yield = .05(1 – .35)Aftertax corporate yield = .0325 or 3.25%So, the future value of the corporate investment in T-bills will be:FV of investment in T-bills = $3,000,000(1 + .0325)3FV of investment in T-bills = $3,302,109.23Since the future value will be paid to shareholders as a dividend, the aftertax cash flow will be:Aftertax cash flow to shareholders = $3,302,109.23(1 – .15)Aftertax cash flow to shareholders = $2,806,792.85If the firm invests in preferred stock:If the firm invests in preferred stock, the assumption would be that the dividends received will be reinvested in the same preferred stock. The preferred stock will pay a dividend of:Preferred dividend = .07($3,000,000)Preferred dividend = $210,000Since 70 percent of the dividends are excluded from tax:Taxable preferred dividends = (1 – .70)($210,000)Taxable preferred dividends = $63,000And the taxes the company must pay on the preferred dividends will be:Taxes on preferred dividends = .35($63,000)Taxes on preferred dividends = $22,050So, the aftertax dividend for the corporation will be:Aftertax corporate dividend = $210,000 – 22,050Aftertax corporate dividend = $187,950This means the aftertax corporate dividend yield is:Aftertax corporate dividend yield = $187,950 / $3,000,000Aftertax corporate dividend yield = .0627 or 6.27%The future value of the company’s investment in preferred stock will be:FV of investment in preferred stock = $3,000,000(1 + .0627)3FV of investment in preferred stock = $3,599,912.91Since the future value will be paid to shareholders as a dividend, the aftertax cash flow will be:Aftertax cash flow to shareholders = $3,599,912.91(1 – .15)Aftertax cash flow to shareholders = $3,059,925.97Alternative 2:The firm pays out dividend now, and individuals invest on their own. The aftertax cash received by shareholders now will be:Aftertax cash received today = $3,000,000(1 – .15)Aftertax cash received today = $2,550,000The individuals invest in Treasury bills:If the shareholders invest the current aftertax dividends in Treasury bills, the aftertax individual yield will be:Aftertax individual yield on T-bills = .05(1 – .31)Aftertax individual yield on T-bills = .0345 or 3.45%So, the future value of the individual investment in Treasury bills will be:FV of investment in T-bills = $2,550,000(1 + .0345)3 FV of investment in T-bills = $2,823,135.12The individuals invest in preferred stock:If the individual invests in preferred stock, the assumption would be that the dividends received will be reinvested in the same preferred stock. The preferred stock will pay a dividend of:Preferred dividend = .07($2,550,000)Preferred dividend = $178,500And the taxes on the preferred dividends will be:Taxes on preferred dividends = .31($178,500)Taxes on preferred dividends = $55,335So, the aftertax preferred dividend will be:Aftertax preferred dividend = $178,500 – 55,335Aftertax preferred dividend = $123,165This means the aftertax individual dividend yield is:Aftertax corporate dividend yield = $123,165 / $2,550,000Aftertax corporate dividend yield = .0483 or 4.83%The future value of the individual investment in preferred stock will be:FV of investment in preferred stock = $2,550,000(1 + .0483)3FV of investment in preferred stock = $2,937,628.94The aftertax cash flow for the shareholders is maximized when the firm invests the cash in the preferred stocks and pays a special dividend later.20. a.Let x be the ordinary income tax rate. The individual receives an after-tax dividendof:Aftertax dividend = $1,000(1 –x)which she invests in Treasury bonds. The Treasury bond will generate aftertax cashflows to the investor of:Aftertax cash flow from Treasury bonds = $1,000(1 –x)[1 + .08(1 –x)]If the firm invests the money, its proceeds are:Firm proceeds = $1,000[1 + .08(1 – .35)]And the proceeds to the investor when the firm pays a dividend will be: Proceeds if firm invests first = (1 –x){$1,000[1 + .08(1 – .35)]}To be indifferent, the investor’s proceeds must be the same whether she invests theafter-tax dividend or receives the proceeds from the firm’s investment a nd paystaxes on that amount. To find the rate at which the investor would be indifferent,we can set the two equations equal, and solve for x. Doing so, we find:$1,000(1 –x)[1 + .08(1 –x)] = (1 –x){$1,000[1 + .08(1 – .35)]}1 + .08(1 –x) = 1 + .08(1 – .35)x = .35 or 35%Note that this argument does not depend upon the length of time the investment is held.b.Yes, this is a reasonable answer. She is only indifferent if the after-tax proceedsfrom the $1,000 investment in identical securities are identical. That occurs onlywhen the tax rates are identical.c.Since both investors will receive the same pre-tax return, you would expect thesame answer as in part a. Yet, because the company enjoys a tax benefit frominvesting in stock (70 percent of income from stock is exempt from corporate taxes),the tax rate on ordinary income which induces indifference, is much lower. Again,set the two equations equal and solve for x:$1,000(1 –x)[1 + .12(1 –x)] = (1 –x)($1,000{1 + .12[.70 + (1 – .70)(1 – .35)]})1 + .12(1 –x) = 1 + .12[.70 + (1 – .70)(1 – .35)]x = .1050 or 10.50%d.It is a compelling argument, but there are legal constraints, which deter firms frominvesting large sums in stock of other companies.。
公司金融第二版李曜课后答案
公司金融第二版李曜课后答案第一章：公司金融的基本概念1. 什么是公司金融？公司金融是研究企业如何通过资金融通和资本运作，以实现利润最大化和股东财富最大化的学科。
2. 公司金融的重要性有哪些？•公司金融研究了企业如何获取资金，并将这些资金用于项目投资和企业经营活动中，以实现企业目标。
•公司金融对于企业的经营决策和资源配置具有重要指导意义，可以帮助企业避免风险和错失商机。
•公司金融还研究了企业如何通过资本运作来增加股东财富，提高企业的价值。
3. 公司金融的主要理论框架有哪些？公司金融的主要理论框架包括现金流量分析、投资决策、融资决策、股利决策以及公司估值理论。
第二章：现金流量分析1. 什么是现金流量分析？现金流量分析是指以现金流量为基础，对企业的经营业绩进行分析和评价的过程。
2. 现金流量分析的重要性有哪些？•现金流量分析可以反映企业的真实经营状况，帮助投资者了解企业的盈利能力和偿债能力。
•现金流量分析可以揭示企业的盈利质量，帮助投资者评估企业的风险水平。
•现金流量分析可以为企业的经营决策提供参考，帮助企业合理规划资金使用。
3. 现金流量表的基本结构是什么？现金流量表由三个部分构成：经营活动现金流量、投资活动现金流量和筹资活动现金流量。
•经营活动现金流量反映了企业日常经营活动产生的现金流入和现金流出情况。
•投资活动现金流量反映了企业进行投资活动所产生的现金流入和现金流出情况。
•筹资活动现金流量反映了企业进行筹资活动所产生的现金流入和现金流出情况。
第三章：投资决策1. 什么是投资决策？投资决策是指企业在不同的投资项目之间做出选择和决策的过程。
2. 投资决策的基本原则有哪些？•独立性原则：不同投资项目之间的收益互相独立，互不影响。
•全局最优原则：选择使整体收益最大化的投资组合。
•时点相等原则：对收益的好坏进行评价时，应考虑收益的时间价值。
3. 投资决策的评价指标有哪些？常见的投资决策评价指标包括：净现值（NPV）、内部收益率（IRR）、投资回收期（Payback Period）等。
公司金融-李曜-课后练习部分答案
公司金融-李曜-课后练习部分答案第三章货币时间价值与净现值8、，所以现在应该投资32.18万元9、如果贴现率是0，应该选择第二种方法；如果贴现率是10%，应该选择第二种方法；如果贴现率是25%，应该选择第一种方法。
当贴现率约等于14.87时，两种方法没有差异。
12、A(F/A,6%,15)=20000×（P/A,6%,4）(1+6%)+20000×（P/A,6%,4）*(P/F,6%,1)=138839.59故，A=5964.92元每年应该存5964.9214、大于购买设备花费的5000元，所以应该购买。
15、第四章资本预算方法8、1）项目A的回收期是3.33年；项目B的回收期3.78年；项目C的回收期2年。
所以企业应该选择项目c。
2）项目A的平均收益为3000元，平均账面投资5000元，项目平均收益率60%。
项目B的平均收益为(900+1200+1500+1800+4000)/5=1880元，平均账面投资2500元，项目平均收益率75.2%。
项目A的平均收益为（10000+5000+3000+2000+2000）/5=4400元，平均账面投资7500元，项目平均收益率58.7%。
3）略4项目A的内含报酬率是15.2382%项目B的内含报酬率是19.4755%项目C的内含报酬率是21.3375%所以应该选择项目C9、项目A的净现值=项目B的净现值1)项目A的现值指数=1+0.82项目B的现值指数=1+0.8611、税后现金流量：（110*（1-40%））（1-25%）=49.5万元净现值是：-500+（49.5+500/10*0.25）=-500+62*5.65=-149.7万元12、运用名义折现率计算净现值：运用实际折现率计算净现值：实际折现率是（1+8%）/（1+4%）-1=3.8%，每年实际现金流量是100000/1.04=96153.8 元净现值是：13、设备A 的净现值元 设备B 的净现值元 设备A 的等价年度成本为 设备B 的等价年度成本为14、项目的市场规模是110*0.1=11万每年的现金流量：(110000*（400000-360000）/100000000-20)*(1-35%)+150/10*0.35=20.85亿元 未来现金流量的现值：20.85*=20.85*6.145=128.11亿元该项目的净现值是：-150+128.11=-21.88亿15、)-1)(-()-1)(+(=c c T T 单位变动成本销售单价折旧固定成本会计盈亏平衡点==24.万第五章投资组合理论1、1）D组合肯定不是有效组合。
公司金融8页练习答案详解
Unless otherwise stated, assume that all cash flows occur at the end of the period.1. An investment pays you annual stated rate (=nominal rate) of 9 percent interest,compounded annually. A second investment of equal risk, pays interest compoundedquarterly. What nominal annual rate of interest would you have to receive on the second investment in order to make you indifferent between the two investments?a)2.18% b)8.71% c)9.00% d)9.20% e) 9.31% Effective annual rate:1)41(%91)1(4-+=⇒-+=nom m nom i m i Eff 09.1414=⎪⎭⎫ ⎝⎛+nom i %711.8)109.1(44=-⨯=nom i2. You own two securities A and B. Security A pays you $100 a year every odd year inperpetuity (that is, it pays you $100 in year 1, year 3, year 5 etc, forever). Security B pays you $ 50 a year every even year in perpetuity (that is, it pays you $50 a year in year 2,year 4, year 6 etc, forever). Assume 10% is the annual interest rate. What is the present value of the cash flows from both securities combined (rounded off to the closest $10)a) $720 b) $740c) $760d) $780e) $800Consider payments are made every period of two years. Considering that period, security A, as being made on year one, is (1+r) times a perpetuity that would start at year 2, like B.The 10% interest rate is a nominal annual interest rate. And we need to get the effective “every -two-years” rate.The nominal “every -two-years” rate is equal to the periodic rate (here, annual) multiplied by the number of periods (two). This is this rate that we’ll use in the equation for effective rate: 10%*2 = 20%%211)22%101(1)1(2=-⨯+=⇒-+=Eff m i Eff m nom EffCF Eff r CF PV B A ++=)1( 91.761$21.0501.1100=+⨯=PV3. You have $1,000 invested in an account which pays 16 percent, compounded annually,for 2 years. A commission agent (called a "finder") can locate for you an equally safedeposit which will pay 16 percent, compounded quarterly, also for 2 years. What is themaximum amount you should be willing to pay him now as a fee for locating the newaccount?b) $13.78c) $16.14d) $16.78e) $21.1316% = effective annual rate.A=1000*(1+0.16)^2=1345.6B=1000*(1+0.16/4)^(2*4)=1368.58B-A=22.96Beware, we also need to calculate the present value of the difference!22.96/(1+0.15/4)^8 = 16.784. Today is your birthday, and you decide to start saving for your college education. You willbegin college on your 18th birthday and will need $4,000 per year at the end of each ofthe following 4 years. You will make a deposit 1 year from today in an account paying 12 percent annually and continue to make an identical deposit each year u p to and including the year you begin college. If a deposit amount of $2,542.05 will allow you to reach yourgoal, what birthday are you celebrating today?a) 13b) 14c) 15d) 16e) 17∙Value of the college education at 18:N=4PMT=4,000, ordinary annuityI/Y=12%FV=0PV = $12,149.4∙Number of years the $2542.05 payment must be made to arrive to $12,149.4 :FV=12149.4PMT=$2542.05, ordinary annuityI/Y=12%PV=0N=4∙Birthday:N is the number of deposits between one year from your birthday and 18 (includin g the 18th year). So you make payments at 18, 17, 16 and 15, and you’re celebrating your 14th birthday.5. Assume that you have $15,000 in a bank account that pays 5 percent annual interest.You plan to go back to school for a combination MBA/law degree 5 years from today. Itwill take you an additional 5 years to complete your graduate studies. You figure you will need a fixed annual income of $25,000 in today's dollars; that is, you will need $25,000 of today's dollars during your first year and each of the four subsequent years.You will withdraw funds for your annual expenses at the beginning of each year. Inflation is expected to occur at the rate of 3 percent per year. How much must you save duringeach of the next 5 years in order to achieve your goal (rounded to the next $)? The firstincrement of savings will be deposited one year from today.(Hint: Calculate first the nominal annual income you need during the 5 years in school.Since this nominal income is constant, your real income will decline while you are inschool because of inflation).a) $20,242b) $19,225d) $19,559e) $20,379* Find what $25,000 of today will be worth in 5 years with the inflation:85.28981$)03.01(000,255=+⨯=FV* Calculate the present value of the total amount you’ll need to pay for your studies (do it in two steps, value when you enter college, and then value today – otherwise, very tricky) ()()62.229,103$05.106.750,13106.750,131$05.11105.005.185.289811111)(555===⎪⎭⎫ ⎝⎛-⨯=⎪⎪⎭⎫ ⎝⎛+-+=now n yearsPV r r r PMT V P * Present value of what you’ll need to save (in total)103,229.62 – 15,000 = $88,229.62* Fixed payments: ()82.378,20$05.11105.062.229,881115=-⨯=+-⨯=n r r PV PMT6. At an inflation rate of 9 percent, the purchasing power of $1 would be cut in half in justover 8 years (some calculators round to 9 years). How long, to the nearest year, would it take for the purchasing power of $1 to be cut in half if the inflation rate were only 4percent?a) 12b) 14 c) 16d) 18e) 200.5*(1+0.09)^x = 1 > 1.09^x = 2 > xln(1.09) = ln 2 > x = 8.04y = ln2 / ln(1.04) = 17.67another way : (1/(1+0.09))^x = 0.5 > 1.09^x = 1/0.5 > 1.09^x = 2Use the following data for question 7, 8 and 9The correlation coefficient between the returns on A & B is -.25. Create a portfolio that contains 40% in Stock A, 40% in Stock B and 20% in the risk-free security.7. What is the expected return on this portfolio?a) 8.0%b) 9.0%c) 9.3%d) 9.7%e) 12.4%E(r) = 0.4x9% + 0.4x12% + 0.2x3%8. What is the portfolio's standard deviation?a) 1.24%b) 8.91%c) 9.40%d) 11.14%e) 12.77%We know 25.0),(-==B A AB B A COV σσρ. We deduce 008.02.016.025.0),(-=⨯⨯-=B A COV and we use the formula: ),(22222B A COV w w w w B A B B A A port ++=σσσto deduce the standard deviation of qportfolio constituted of A and B. As the same weight is put in A and B, we consider it is 0.5 for each.%13.11)008.0(5.05.02)2.0()5.0()16.0()5.0(2222,=-⨯⨯⨯++=B A σ Now, we consider the standard-deviation of a portfolio where the risk-free asset is added. We can use the formula:%91.81113.08.0)1(2222=⨯=-=M RF port w σσ9.What is the beta of the portfolio?a)0.00 b)0.76 c)0.95 d)1.00 e) 1.08β = 0.4x0.7 + 0.4x1.2 = 0.7610. Which of the following statements is incorrect?a) The required return on the market is always lower than the risk-free interest rate.b) If a stock has a beta of 0 (zero), the return on its shares will be equal to the risk freeratec) If a stock has a beta equal to 1 (one), its required rate of return will be equal to theexpected return on the market d) The market risk premium cannot be higher than the risk-free interest rate.e) a & d are incorrect > right, but the question was: which of the following statements isincorrect?. It’s correct to say that they are incorrect. And illogical to ask for theincorrect statement if there are at least two of them. [ You will get credit for both (d] and e)11. Your undiversified portfolio contains two securities, $6000 in T-Emages (TE) and $4,000in Segamet (SEG). TE has an expected return of 15% and a standard deviation of returns of 34%. SEG has an expected return of 10% and a standard deviation of 19%. Assumethat the correlation between the returns of TE and the returns of SEG is 0.7. What is the standard deviation of your portfolio?a)6.9% b)16.0% c)21.4% d)26.3% e)28.0% B A B A B A B B A A port w w w w σσρσσσ,22222++= 19.034.07.04.06.0219.0000,10000,434.0000,10000,62222⨯⨯⨯⨯⨯+⨯⎪⎭⎫ ⎝⎛+⨯⎪⎭⎫ ⎝⎛=port σ%29.26=port σ 12. Suppose you buy a 5-year $1000 face value bond on January 1, 2003 at its quoted price of $887.50. The coupon rate is 8% and coupon payments are made on a semi-annualbasis. If you sell the bond after exactly one year and expect that the annual interest rate (nominal) at that time will have increased by 2 percentage points, what will be the selling price?a)825.00 b)815.15 c)848.22 d)800.01 e) 887.50∙ Determine the interest rate at N = 5 We use the formula:N d N d d r FaceValue r r INT PV 22)21()21(1122++⎪⎪⎪⎪⎭⎫ ⎝⎛+-= And we solve for the interest rate. We use the financial calculator, with:N = 2*5,PMT = coupon rate*face value = 0.08*1,000 = $80 annually, that is $40 every six months. FV =1,000PV = - 887.50The answer is r d = 10.98% (we multiply by two the answer that the calculator gives, since it corresponds to the semi-annual rate and we want the annual one.∙ determine the selling price at N = 4We can now either use the financial calculator or solve the equation:We assume r d is now equal to 12.98%22.848$%)49.61(000,1%)49.61(11%49.64088=++⎪⎪⎭⎫ ⎝⎛+-=PV PV13. Kanine Corp recently reported earnings of $1.5 million. The firm plans to retain 30% of itsearnings. The historical return on equity for the firm has been 12%, and this figure isexpected to continue in future also. If the firm has 1,000,000 shares outstanding,calculate the price of each share. Assume the company's beta is 1.2, the risk -free rate is 4% and the market risk premium is 11%. (Hint: The 30% of the company's earnings that are being retained have some implications for the growth of the company)a) $6.1b) $8.00c) $20.2d) $22.6e) $112.5∙ Required rate of return of the company:%2.17%112.1%4=⨯+=⨯+=MP r r RFβ ∙ Dividends paid this year (D 0)000,050,1$000,500,1%700=⨯=D per share05.1$000,000,1000,050,10==D ∙ Expected rate of growthWe assume the firm will always retain 30% of its earnings and that the return on equity will remain the same to infinity.The rate of growth will then be 12% x 30% = 3.6%∙ Price of a share9985.7$036.0172.0036.105.1)1(010=-⨯=-+=-=g r g D g r P P14. Jewel Mining Co's ore reserves are being depleted, and its cost of recovering ore isincreasing every year. The company therefore expects earnings to decline at 5% every year. If the firm just paid out a dividend (D0) of $2, what is the price of the share?Assume that the required rate of return on the firm's equity is 12%.a) 12.35b) 30.00c) 42.00 d) 38.00 e) 11.18176.11$05.012.0)05.01(2)1(00=+-⨯=-+=g r g D P15. Bartorelli Inc. issued a 25 year $1000 par value, semi annual 9.5% coupon bond 7 yearsago at par. Today these bonds are selling for $1,230. What is the yield to maturity, (kd), on this bond issue today?a) 3.07%b) 3.60% c) 6.12%d) 7.20%e) 7.46%5.47$2000,1095.0)(=⨯=⇔PMT INT FV = 1,000N = (25-7)*2 PV = 1,230N d N d d r FaceValue r r INT PV 22)21()21(1122++⎪⎪⎪⎪⎭⎫ ⎝⎛+-= Solving for interest (using the financial calculator): r d = 7.20% (annual interest, that is the double than the interest given by the calculator)16. Softdrive Inc. pays a current dividend of $1.20 per share on its common stock. Over thenext three years, the annual dividend will increase by 3%, 4% and 5%, respectively.Thereafter, the annual dividend will increase every year by 6%. What is the current price of Softdrive's stock, if the discount rate is 12%?a) $18.10b) $20.05c) $ $22.15d) $24.20 e) $26.2505.2012.184.23350.112.1285.112.1236.184.23$06.012.0431.1$%)61(35.1350.1$%)51(285.1285.1$%)41(236.1236.1$%)31(20.1320434321=+++==-==+==+==+==+=P D P D D D DPart II: Problems & CalculationsRecord your final numeric answer including releva nt calculations and intermediate steps (Partial credit may be assigned, if appropriate)17. The future value of an ordinary 15-year annuity in Japanese Yen (JPY) is JPY50,000,000. Which is the underlying annual interest rate (2 decimal places) under thefollowing assumptions?a) The annuity pays an annual amount of JPY 1,000,000b) The annuity pays an annual amount of JPY 2,000,000c) The annuity pays an annual amount of JPY 3,000,000We use the formula:1)1(-+⨯=n r r FV PMT We use a financial calculator:n = 15FV = -50,000,000PV = 0PMT= 1,000,000 / 2,000,000 / 3,000,000a) 15.60%b) 6.93%c) 1.49%18. A 10-year ordinary annuity in Euro (EUR) has a present value of EUR 600,000 (annuallycompounded). What is the amount of each annuity payment under the followingassumptions?a) Interest rate = 0% p.a.b) Interest rate = 5% p.a.c) Interest rate = 10% p.a.If r = 0%, the present value is simply the sum of all the annuities. Since annuities, by definition, are constant payments, a = PV/n = 600,000/10 = 60,000€When 0≠r , the present value of all annuities is computed as follows (a = annuity):n r a r a r a PV )1(...)1(12++++++= ⎥⎦⎤⎢⎣⎡++++++=n r r r a PV )1(1...)1(1112 ⎪⎪⎪⎪⎭⎫ ⎝⎛+-+-+=+r r r a PV n 111)1(1111 ⎪⎪⎪⎪⎭⎫ ⎝⎛++-++=+r r r r r a PV n 1)1(111⎪⎪⎪⎪⎭⎫ ⎝⎛+-=r r a PV n )1(11 And ⎪⎪⎪⎪⎭⎫⎝⎛+-=n r r PV a )1(11If r = 5%, we find PV = 77,702.74€If r = 10%, PV = 97,647.24€19. A company Web site promoting early retirement programs advertises the following deal:"You pay us an constant annual amount at the end of each of the next 12 years and then we will repay you the same annual amount forever." Assume that the company starts to repay you at the end of year 13.a) What interest rate are they promising?b) What would the underlying interest be if you had to make payments for 20 years(instead of 12) and they would start to repay at the end of year 21?(Hint: The problem can be solved algebraically or with excel, using goal seek)The constant payments beginning from year 13 are a perpetuity. In fact, the company promises that the present value of a perpetuity beginning year 13 is equal to the present value of annuities paid from year 1 to year 12.The present value of the perpetuity is (we first calculate it as the present value of annuities and then we make tend n towards the infinite):⎪⎪⎪⎪⎭⎫ ⎝⎛+-+-+=+r r r PMT PV n 111)1(1)1(1113 ⎪⎪⎪⎪⎭⎫ ⎝⎛+-+=r r r PMT PV n )1(1)1(112 If n tends to the infinite, n r )1(1+tends to zero, and ()121r r PMT PV += OR…∙ Value of the perpetuity at year 12: rPMT ∙ Present value of this amount: 1212)1()1(r r PMT r r PMTPV +=+=So the company advertises that:1212)1()1(11r r PMT r r PMT +=⎪⎪⎭⎫ ⎝⎛+- That is to say: 1212)1(1)1(11r r +=⎪⎪⎭⎫ ⎝⎛+- Or:12)1(21r += So %95.51212=-=rIf the company started to give the payments back at the year, the interest rate would be: %53.31220=-=r 20.A 30-year annuity in British Pounds (GBP) pays an annual amount of GBP 50,000. Interest rates are at 12% p.a., annually compounded. Calculate the present value of this annuity under the following assumptions:a)The annuity is an ordinary annuity b) The annuity is an annuity dueIf the annuity is ordinary,⎪⎪⎪⎪⎭⎫⎝⎛+-=r r a PV n )1(11In our case, 20.759,40212,0)12.01(11000,5030GBP PV =⎪⎪⎪⎪⎭⎫ ⎝⎛+-= If the annuity is annuity due, PV due =(1+r)PV ordiinary()30.090,45112.11984.759,402GBP PV =⨯=21. For your new house you need a loan in the amount of $180,000. Your bank offers you(a) a "traditional" 30-year mortgage with monthly payments at a fixed rate of 5.875% p.a., or (b) a similar, but shorter 15-year mortgage with monthly payments at a fixed rate of5.125% p.a. What would your monthly payments be in either of the two cases (2 decimal places, assume monthly compounding)?We assume annuities are ordinary.In the first case, ⎪⎪⎪⎪⎭⎫⎝⎛+-=n r r PV a )1(11here 77.1064$)1205875,01(111205875,0000,1801230=⎪⎪⎪⎪⎪⎪⎪⎭⎫⎝⎛+-=⨯a In the second case, 18.1435$)1205125,01(111205125,0000,1801215=⎪⎪⎪⎪⎪⎪⎪⎭⎫ ⎝⎛+-=⨯a22. Five years ago you bought a Beachhouse in St. Augustine (FL). The purchase price wasUSD 450,000. You borrowed 80% of the purchase price with a 15-year, monthly payable mortgage at a fixed rate of 7.0% p.a. Since you wanted to pay off your mortgage sooner than scheduled, you have paid an additional USD 1,000 above the required amount on each of the payments you have made from the first payment. You have just made your 60th payment of the mortgage. What is the remaining balance on your mortgage?(It is highly recommended - but not mandatory - to set up a spreadsheet for this problem)∙ First balance of the mortgage450,000 x 80% = 360,000∙ Fixed payments78.235,4$000,11207.01111207.0000,360000,1111121215=+⎪⎭⎫ ⎝⎛+-⨯=+⎪⎭⎫ ⎝⎛+-⨯=⨯⨯m n m r r PV PMTInterest = 7%/12 * Beginning BalancePrincipal = Payment – InterestEnding Balance = Beginning Balance – PrincipalRemaining Balance at the end of the 60th month: $207,093.1923. Same situation like in 22. above. Just after having made the 24th payment, you haverefinanced your mortgage according to the following terms:- Your new mortgage is a 15-year mortgage with a fixed rate of 5.0% p.a.- The new total loan amount is the remaining balance as calculated in problem 22plus USD 3,000 in closing costs- You will continue to pay USD 1,000 more per month than what you would have topay based on the new mortgage termsWhat will be the remaining balance on your mortgage after 5 years, i.e. after havingmade the 60th payment of the new mortgage?(It is highly recommended - but not mandatory - to set up a spreadsheet for this problem)∙ New beginning balance on year 1:305,150.92+3,000 = $308,150.92∙ New annuities84.3436$000,11205.01111205.092.308150000,1111121215=+⎪⎭⎫ ⎝⎛+-⨯=+⎪⎭⎫ ⎝⎛+-⨯=⨯⨯m n m r r PV PMT24. Francisco invests a certain lump sum today in an account that guarantees 3% p.a.(compounded semiannually) and Helena invests the same lump sum today in account guaranteeing 9% p.a. (compounded quarterly).a) How long will it take the value of Helena's investment to be three as much asFrancisco's (rounded to the next whole number of years)?b) How long will it take the value of Helena's investment to be six times as muc h asFrancisco's (rounded to the next whole number of years)?(Hint: The problem can be solved either mathematically [using logarithms], with excel[using goal seek], or by trial-and-error)a)n n PV PV 24)2%31(3)4%91(+=+()()3%5.11%25.2124=⎪⎪⎭⎫ ⎝⎛++n3ln %)5.11(%)25.21(ln 24=⎪⎪⎭⎫ ⎝⎛++n years n 1955.18%)5.11ln(%)25.21ln(3ln 24⇒≈+-+=b) years n 3125.30%)5.11ln(%)25.21ln(6ln 24⇒≈+-+=25. The present value (t=0) of the following cash flow stream is $250,000, when discountedat the discount rates shown below. Calculate the value of the missing (i.e., t=3) cash flow (2 decimal places).a) Discount rate = 10% p.a., semiannual compounding10864205.1000,4005.1000,6005.1)05.01(000,60)21.01(000,40000,250++++++=X ))05.1000,4005.1000,6005.1000,6005.1000,40(000,250(05.1108426+++-⨯=X 79.923,132$=Xb) Discount rate = 6%, quarterly compounding))015.1000,40015.1000,60015.1000,60)406.01(000,40(000,250(015.120168412++++-⨯=X 53.123,98$=Xc) Discount rate = 0%, monthly compounding000,50$000,40000,60000,60000,40000,250=----=X X26. You think about buying a bond of Lufthansa, the German airline. This bond matures inexactly 15 years, has a par value of EUR 100,000 (i.e. 100,000 Euros) and a coupon rate of 6.5% (paid annually). Compute the "fair" price of this bond (in percentage points, 2 decimal places) under the following assumptions:a) Yield to maturity = 4.5 % p.a.b) Yield to maturity = 6.5 % p.a.c) Yield to maturity = 8.5% p.a.N = 15FV = 100,000 INT = 6.5%*100,000 = 6500N d N d d r ParValue r r INT PV 22)21()21(1122++⎪⎪⎪⎪⎭⎫ ⎝⎛+-= a) Fair price = 121,479.09€b) Fair price = 100,000.00€c) Fair price = 83,391.53€27. MC Ltd does not pay any dividends right now, but is expected to pay out a dividend of$1.00 two years from today, i.e. at the end of year 2. Dividends are then expected to grow at 20% for the next 2 years (years 3 & 4) and at 10% for the following 2 years(years 5 & 6). After year 6, the dividend is expected to grow at a constant growth rate of 5%.a) If your required rate of return is 12%, what will be the price of the share today? 05.11.12.11.12.11.12.12.12.1)2.01(00.100.102272262543210⨯⨯=⨯=⨯=⨯=+⨯====D D D D D D D D 136.26$05.012.005.11.12.12276=-⨯⨯=-=g r D P 589.17$12.1136.267424.112.1584.112.144.112.12.112.11654320=+++++=P b) If your required rate of return is 18%, what will be the price of the share today ? 073.14$05.018.005.11.12.12276=-⨯⨯=-=g r D P 742.8$18.1073.147424.118.1584.118.144.118.12.118.11654320=+++++=P28.Firms A and B merge. Before the merger the following information is available on firms A and BMean rate of return % Beta Firm A15.6 1.8 Firm B 11.4 1.2The expected rate of return on the market portfolio is 15%.a) Assume the CAPM holds. What is the riskless interest rate?b) After the merger, the newly merged firm's beta is 1.35. What were the relative sizes of these two firms before the merger?a) ⎩⎨⎧-+=-+=)()(RF M B RF BRF M A RF A r r r r r r r r ββ ⎩⎨⎧-+=-+=)(2.14.11)(8.16.15RF M RF RF M RF r r r r r r ⎩⎨⎧-=-+=)(6.02.4)(8.16.15RF M RF M RF r r r r r ⎩⎨⎧=-⨯+=778.16.15RF MRF r r r ⎩⎨⎧==103MRF r r The riskless interest rate is 3%b)B A A A B A w w βββ)1(,-+=2.1)1(8.135.1A A w w -+⨯=35.12.1)2.18.1(=+-A w25.02.18.12.135.1=--=A w The relative size of the two firms before the merger was 25% firm A and 75% firm B.Part I: Multiple Choices1) b 2) c 3) d 4) b 5) e 6) d 7) b 8) b 9) b 10) e 11) d 12) c 13) b 14) e 15) d 16) b。
公司金融研究(总复习课)(公司金融研究-上海财经大学 李曜)
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 Machinery 34000 bonds payable 5000 accumulated retained earnings 6000 capital surplus 20000 The value of the firm’s common stock is $100.
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.
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?
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. 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?
公司金融 课后测试题20201107
E.时间限制
6.年金按其每期收付款发生的时点不同，可分为（） A.普通年金 B.先付年金 C.递延年金 D.永续年金 E.特殊年金
7.下列表述中，正确的有（） A.复利终值系数和复利现值系数互为倒数 B.复利终值系数和资本回收系数互为倒数 C.普通年金终值系数和偿债基金系数互为倒数 D.普通年金终值系数和资本回收系数互为倒数 E.普通年金终值系数和普通年金现值系数互为倒数
8.资金的时间价值通常（） A.包括风险和物价变动因素 B.不包括风险和物价变动因素 C.包括风险因素但不包括物价变动因素 D.包括物价变动因素但不包括风险因素
9.一定时期内每期期初等额收付的系列款项称为（） A.永续年金 B.预付年金 C.普通年金 D.递延年金
10.某项存款利率为 6%，每半年复利一次，其实际利率为（） A.3% B.6.09% C.6% D.6.6% （全套答案加 QQ 2181381787）
4. 据增长机会模型，决定市盈率的因素有哪些？（）(多选题) (10 分) A. NPV B. 贴现率 C. 每股收益 D. NPVGO E. 利润率 （全套答案加 QQ 2181381787）
公司金融第三周测试 1.投资的风险与投资的收益之间是（）关系 A.正向变化 B.反向变化 C.有时正向，有时反向 D.没有
公司金融第二周测试 1.其他条件固定，当到期收益率（）票面利息时债券将会（）卖出。 A.高于，溢价 B.等于，溢价 C.高于，平价 D.低于，平价 E.高于，折价
2.债券的市场价格等于（） A.面值减去每年支付的利息的现值 B.每年支付的利息加上面值的终值 C.面值加上每年支付的利息的现值 D.面值加上每年支付的利息的终值 E.每年支付的利息减去面值
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第三章货币时间价值与净现值
8、，所以现在应该投资32.18万元
9、如果贴现率是0，应该选择第二种方法；如果贴现率是10%，应该选择第二种方法；如果贴现率是25%，应该选择第一种方法。
当贴现率约等于14.87时，两种方法没有差异。
12、A(F/A,6%,15)=20000×（P/A,6%,4）(1+6%)+20000×（P/A,6%,4）*(P/F,6%,1)=138839.59 故，A=5964.92元
每年应该存5964.92
14、大于购买设备花
费的5000元，所以应该购买。
15、
第四章 资本预算方法
8、
1）项目A 的回收期是3.33年；项目B 的回收期3.78年；项目C 的回收期2年。
所以企业应该选择项目c 。
2）项目A 的平均收益为3000元，平均账面投资5000元，项目平均收益率60%。
项目B 的平均收益为(900+1200+1500+1800+4000) /5=1880元，平均账面投资2500元，项目平均收益率75.2%。
项目A 的平均收益为（10000+5000+3000+2000+2000）/5=4400元，平均账面投资7500元，项目平均收益率58.7%。
3）略
4）由0=)I +(1+=1=0∑n t t t
RR CF CF NPV 可得
项目A 的含报酬率是15.2382%
项目B 的含报酬率是19.4755%
项目C 的含报酬率是21.3375%
所以应该选择项目C
9、项目A 的净现值=
项目B 的净现值
1) 项目A 的现值指数=1+0.82
项目B 的现值指数=1+0.86
11、
税后现金流量：（110*（1-40%））（1-25%）=49.5万元
净现值是：-500+（49.5+500/10*0.25）=-500+62*5.65=-149.7万元
12、运用名义折现率计算净现值： 运用实际折现率计算净现值：
实际折现率是（1+8%）/（1+4%）-1=3.8%，每年实际现金流量是100000/1.04=96153.8 元 净现值是：
13、
设备A 的净现值元
设备B 的净现值元
设备A 的等价年度成本为
设备B 的等价年度成本为
14、
项目的市场规模是110*0.1=11万
每年的现金流量：(110000*（400000-360000）/100000000-20)*(1-35%)+150/10*0.35=20.85亿元
未来现金流量的现值：20.85*=20.85*6.145=128.11亿元
该项目的净现值是：-150+128.11=-21.88亿
15、 )-1)(-()
-1)(+(=c c T T 单位变动成本销售单价折旧固定成本会计盈亏平衡点=
=24.万
第五章投资组合理论
1、1）D组合肯定不是有效组合。
因为给定组合的预期收益10%，可以找到风险更小的组合A。
2）“一个证券的方差越大，其期望收益就越大”这句话不完全证券，如果是无效的组合，方差越大可能该组合的预期收益反而越少。
投资者持有组合D可能是理性的，该组合可能和其他组合一起构成有效组合。
3）贝塔A:10%=7%+(15%-7%)
贝塔B:20%=7%+(15%-7%)
4）因为该证券可能和其他证券构成有切点市场组合。
所以投资者投资风险资产组合的时候愿意持有证券E。
2、设A,B两股票的权重分别为WA,WB。
则由无风险资产和最优风险组合组成的资本市场线的斜率是最大的,即使得SP=取得最大值。
约束条件：E(rP)=WAE(rA)+WBE(rB)WA+WB=1,COV(rA,rB)=ρA,BσAσB
利用目标函数导数=0或者拉格朗日函数法可求得WB=1-WA带入数据可得WA=0.4,WB=0.6故而可得：
预期收益=0.4×8％+0.6×13％=11％
方差=0.4*0.4*0.12*0.12+0.6*0.6*0.2*0.2+2×0.4×0.6×0.12×0.2×0.3=0.02016
第六章资本结构
4. (1) i.
ii.
iii.
(2) i.
ii.
iii.
iiii.
(3) i.设每股收益的增长百分比为g，价格－收益乘数为PE。
有，
ii.
6. a.根据MM第二定理，有
由题目条件，，
解得：
b.
由题目条件，
解得：
第七章负债企业的估值方法
1. 先计算发行债券后的。
由可求得:
无杠杆企业
发行债券后企业
再计算股权、债务融资成本，:
那么，有：
2. 收购发生后:
新的债务权益比
企业
股权融资成本
加权平均资本成本
收购价值万元
3. 公司自由现金流量净利润＋折旧－新增营运资本－资本性支出＋新增债务
100+100-50-100+100150万元
公司价值万元
权益价值＝公司价值－净债务的价值+现金和短期有价证券＝717万元
第十章 股利与股利政策
4.1）所需权益资本420万元，所需外部借入的长期债务资本280万元。
2）分配现金股利480万元
3）2016年应分配现金股利550万元，可用于17年投资的留存收益350万元，需要筹集资本350万元。
4）股利支付率为55%，2016年应分配的股利为495万元。
5）2016年应分配的现金股利为200万元。
6．1）留存收益提供投资280060%=16801000⨯>，当年不应发放现金股利
2）增发股票168010006810
-=万股,利息(280040%+200040%)10%=192⨯⨯⨯万元 税后利润(2200192)(133%)1345.36-⨯-=万元，总股数=200060%10+68=188⨯÷万股，1345.36==7.16/188
EPS 元股 7．1）税前利润780万元，税后利润468万元，每股收益7.8元，股票价格为
7.8=520.15元 2）200526010%(140%)15%=14.46%20052602005260
wacc R ⨯=⨯⨯-+⨯+⨯+⨯ 3）回购完成后，股票数量为4006052.3152
-=万股，税前利润为728万元，税后利润为436.8万元，每股收益为8.35元，股票价格为8.35=52.1916%
元。
股票价格上升，应该回购。
4。