Chapter_31Cash Management(公司金融)
CashManagement(国际财务管理,英文版)
Bilateral Netting would reduce the number of foreign exchange transactions by half:
$10
$20 $25
$25
$10
$10
$10
18-17
Multilateral Netting
Bilateral Netting would reduce the number of foreign exchange transactions by half:
18-8
$30 $40
Multilateral Netting
Bilateral Netting would reduce the number of foreign exchange transactions by half:
$10 $35
$10
$40 $10
$25 $60
$20 $30
18-9
18-6
Multilateral Netting
Consider a U.S. MNC with three subsidiaries and the following foreign exchange transactions:
$10 $
$20 $30
$40 $10
$25 $60
$20 $30
$30 $40
Multilateral Netting
Bilateral Netting would reduce the number of foreign exchange transactions by half:
$10 $35
$10
$40 $10
$25 $60
公司金融英文版
Agency Problem Solutions
Takeovers Specialist Monitoring Legal and Regulatory Requirements
Role of the Financial Manager
Firm’s Operations
Real assets
(2)
(1)
Investors
Financial
Manager
(4a)
Financial
Assets
(3)
(4b)
1. Cash raised from investors (how?) 2. Cash invested in firm 3. Cash generated by operations 4A. Cash reinvested in the firm 4B. Cash returned to investors
Recent exampdoff
Agency Problem
Do managers really maximize value?
Agency Problems
• Managers are agents for stockholders, but the managers may act in their own interests rather than maximizing value
Corporations face the problem of double taxation Cash reinvested in the firm
The Financial Manager Benefits of the Corporation
lower managers The Financial Manager This chapter introduces the corporation, its goals, and the roles of financial managers. Bernard Madoff
2014-2015上公司金融期末考试
公司理财试卷详解单选1. A conflict of interest between the stockholders and management of a firm is called:A. stockholders' liability.B. corporate breakdown.C. the agency problem.代理问题D. corporate activism.E. legal liability.2. Agency costs refer to:A. the total dividends paid to stockholders over the lifetime of a firm.B. the costs that result from default and bankruptcy of a firm.C. corporate income subject to double taxation.D. the costs of any conflicts of interest between stockholders and management.股东和管理层利益冲突的成本E. the total interest paid to creditors over the lifetime of the firm.3. Working capital management includes decisions concerning which of the following?I. accounts payableII. long-term debtIII. accounts receivableIV. inventoryA. I and II onlyB. I and III onlyC. II and IV onlyD. I, II, and III onlyE. I, III, and IV only4. The process of planning and managing a firm's long-term investments is called:A. working capital management.B. financial depreciation.C. agency cost analysis.D. capital budgeting.资本预算E. capital structure.4. The mixture of debt and equity used by a firm to finance its operations is called:A. working capital management.B. financial depreciation.C. cost analysis.D. capital budgeting.E. capital structure.资本结构5. The management of a firm's short-term assets and liabilities is called:A. working capital management.运营资本管理B. debt management.C. equity management.D. capital budgeting.E. capital structure.6. Which of the following are advantages of the corporate form of business ownership?I. limited liability for firm debt对公司负债承担有限责任II. double taxation双重课税（缺点）III. ability to raise capital筹集资金能力强IV. unlimited firm life 无限存期性A.I and II onlyB.III and IV onlyC.I, II, and III onlyD.II, III, and IV onlyE.I, III, and IV only7. Earnings per share is equal to: 每股收益 income divided by the total number of shares outstanding.净利润/流通在外的股数 income divided by the par value of the common stock.C.gross income multiplied by the par value of the common stock.D.operating income divided by the par value of the common stock. income divided by total shareholders' equity8. Dividends per share is equal to dividends paid: 每股股利A.divided by the par value of common stock.B.divided by the total number of shares outstanding.股利/流通在外的股数C.divided by total shareholders' equity.D.multiplied by the par value of the common stock.E.multiplied by the total number of shares outstanding.9. The current ratio is measured as:A.current assets minus current liabilities.B.current assets divided by current liabilities.C.current liabilities minus inventory, divided by current assets.D.cash on hand divided by current liabilities.E.current liabilities divided by current assets.10. An investment is acceptable if its IRR:A.is exactly equal to its net present value (NPV).B.is exactly equal to zero.C.is less than the required return.D.exceeds the required return.E.is exactly equal to 100%.11.An analysis of what happens to the estimate of net present value when only one variable is changed is called _____ analysis.A. forecastingB. scenarioC. sensitivity敏感性D. simulationE. break-even12. A bond with a 7% coupon that pays interest semi-annually and is priced at parwill have a market price of _____ and interest payments in the amount of _____ each.A. $1,007; $70B. $1,070; $35C. $1,070; $70D. $1,000; $35E. $1,000; $7013.A bond with semi-annual interest payments, all else equal, would be priced _________ than one with annual interest payments.A. higherB. lowerC. the sameD. it is impossible to tellE. either higher or the same14.The constant dividend growth model:I. assumes that dividends increase at a constant rate forever.II. can be used to compute a stock price at any point of time.III. states that the market price of a stock is only affected by the amount of the dividend.IV. considers capital gains but ignores the dividend yield.A. I onlyB. II onlyC. III and IV onlyD. I and II onlyE. I, II, and III only15.Which one of the following types of securities has tended to produce the lowest real rate of return for the period 1926 through 2008A. U.S. Treasury billsB. long-term government bondsC. small company stocksD. large company stocksE. long-term corporate bonds16. The risk premium for an individual security is computed by:A. multiplying the security's beta by the market risk premium.B. multiplying the security's beta by the risk-free rate of return.C. adding the risk-free rate to the security's expected return.D. dividing the market risk premium by the quantity (1 - beta).E. dividing the market risk premium by the beta of the security.17. Which of the following statements is true?A. A well-diversified portfolio has negligible systematic risk.B. A well-diversified portfolio has negligible unsystematic risk.C. An individual security has negligible systematic risk.D. An individual security has negligible unsystematic risk.E. Both A and D.18. The beta of a firm is more likely to be high under what two c onditions?A. High cyclical business activity and low operating leverageB. High cyclical business activity and high operating leverageC. Low cyclical business activity and low financial leverageD. Low cyclical business activity and low operating leverageE. None of the above.19. Preferred stock may exist because:A.losses before income taxes prevent a company from enjoying the tax advantages of debt interest while there is no tax advantage for preferred dividends.B.an advantage exists for the firm; preferred shareholders can not force the company into bankruptcy because of unpaid dividends.C.corporations get a 70% tax exemption on preferred dividends received.D.All of the above.E.None of the above.20. Which of the following would be indicative of inefficient marketA. Overreaction and reversionB. Delayed responseC. Immediate and accurate responseD. Both A and B.E. Both A and C.21. MM Proposition I with no tax supports the argument that:A.business risk determines the return on assets.B.the cost of equity rises as leverage rises.C.it is completely irrelevant how a firm arranges its finances.D. a firm should borrow money to the point where the tax benefit from debt is equal to the cost of the increased probability of financial distress.E.financial risk is determined by the debt-equity ratio.22. The MM theory with taxes implies that firms should issue maximum debt. In practice, this is not true because:A.debt is more risky than equity.B.bankruptcy is a disadvantage to debt.C.firms will incur large agency costs of short term debt by issuing long term debt.D.Both A and B.E.Both B and C25. A financial lease has the following as its primary characteristics:A.is fully amortized, lessee maintains equipment and there is no renewal clause and no cancellation clause.B.is not fully amortized, lessor maintains equipment and there is a renewal clause but no cancellation clause.C.is fully amortized, lessor maintains equipment and there is a renewal clause and a no cancellation clause.D.is not fully amortized, lessor maintains equipment and there is a renewal clause.E.is fully amortized, lessee maintains equipment and there is a renewal clause and a no cancellation clause.26. The maximum value of a call option is equal to:A.the strike price minus the initial cost of the option.B.the exercise price plus the price of the underlying stock.C.the strike price.D.the price of the underlying stock.E.the purchase price.27.Which of the following statements are correct concerning option values?I. The value of a call increases as the price of the underlying stock increases. II. The value of a call decreases as the exercise price increases.III. The value of a put increases as the price of the underlying stock increases. IV. The value of a put decreases as the exercise price increases.A.I and III onlyB.II and IV onlyC.I and II onlyD.II and III onlyE.I, II, and IV only28. The value of a call increases when:I. the time to expiration increases.II. the stock price increases.III. the risk-free rate of return increases.IV. the volatility of the price of the underlying stock increases.A.I and III onlyB.II, III, and IV onlyC.I, III, and IV onlyD.I, II, and III onlyE.I, II, III, and IV29. An in-the-money put option is one that:A.has an exercise price greater than the underlying stock price.B.has an exercise price less than the underlying stock price.C.has an exercise price equal to the underlying stock price.D.should not be exercised at expiration.E.should not be exercised at any time.30. Options are granted to top corporate executives because:A.executives will make better business decisions in line with benefiting the shareholders.B.executive pay is at risk and linked to firm performance.C.options are tax-efficient and taxed only when they are exercised.D.All of the above.E.None of the above多选1. Preferred stock may be desirable to issue for which of following reason(s)? (第15章)A. If there is no taxable income, preferred stock does not impose a tax penalty(罚款).B. The failure to pay preferred dividends, cumulative(累积的) or noncumulative, will not cause bankruptcy.C. Preferred dividends are not tax deductible and therefore will not provide a tax shield hill will reduce net income.D. Both B and C2. Which of the following are factors that favor a high dividend policy? (第19章)A. stockholders desire for current incomeB. tendency for higher stock prices for high dividend paying firms.C. investor dislike of uncertainlyD. high percentage of tax-expense institutional stockholders3. Underpricing can possibly be explained by: (第20章)A. oversubscription(超额认购) of an issueB. strong demand by investorsC. under subscription of an issueD. both B and C4. Which of the following are uses of cash? (第8章)A. marketable securities are soldB. the amount of inventory an hand in increasedC. the firm takes out a long-term bank loanD. payment are paid on accounts payable5. To collect on the accounts receivable due to the firm, a firm can:A. send a delinquency letter of past due status to the customerB. make personal contest by telephoneC. employ a collection agencyD. take legal action against the customer as necessary6. Financial distress can involve which of the following: (第30章)A. asset restructuring(资产重组)B. financial restructuring(财务重组)C. liquidation(清算)D. raise cash(集资)7. Which of the following activities are commonly associated with takeovers(收购)? (第25章)A. the acquisition of assetsB. proxy(代理人) contestsC. managements buyouts(管理层收购)D. leveraged buyouts(杠杆收购)8. Which of the following are reasons why a firm may want to divest itself of some its assets?A. to raise cashB. to get rid of unprofitable operationC. to get rid of some assets received in an acquisitionD. to cash in on some profitable operation填空题0.The forecast of cash receipts and disbursements for the next planning period is called a Cash budget.1.The process of planning and maneging a firm's inverstments in fixed assets is called Capital budgeting.2.The mixfure of debt and quity used by a firm to finance its: operations is called: Capital structure.1.The management of a firm's short-term assets and liabilities call Working capital management.4.A business created as a distinct legal entity composed of one or more individuals or entities is called a corporation.5.The financial statement showing a firm's accounting value on a particular date is the Balance sheet. working capital refers to the difference between a firm's current assets and is current liability.7.An annuity stream where the payments occur forever is called a perpetuity.8.The difference between the present value of an investment and its cost is the net present value.9.The discount rate that makes the net present values of an inverstment exactlly equal to zero is called the internal rate of return.10. The interest rate charged per period multiplied by the number of period per year is called the annual percentage rate.11. the first public equity issue that is made by a company is referred to as initial public offering.简答题一、在以下情况下公司提供商业信用可能是有优势的：1. 如果销售企业相对于其他潜在的贷款人具有成本优势；2. 如果销售企业具有垄断力量；3. 如果销售企业可通过提供信用而减少税收；4. 如果销售企业的产品质量难以确定5. 如果销售企业打算建立长期的战略关系；6. 如果在信用管理中存在规模经济，企业的规模也可能是重要因素。
公司金融研究第一讲(研究生)(公司金融研究-上海财经大学 李曜)
阅读文献
1、参见张新，关于金融学的讨论文章，《金融研 究》2003年第8期；
2、张新，“中 国金 融学面 临的挑战和发 展前 景”
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公司金融学的特点
1、以资本成本(Cost Of Capital)理论为核心研究公 司金融学
公司金融中的基本假设是，投资者向企业融资，他 们期望有一定的投资回报，这种回报就成了公司的 融资成本。公司价值是用资本成本折现的一系列的 现金流。
如何投资(项目价值决策)；如何融通资金(资本结构 决策)；为投资人提供多少回报(股利政策决策)。
参考书目
教案中提到的阅读文献
1、Ross, Westerfield, Jaffe, Corporate Finance, （第7版），机械工业出版社2005；
Finance一词的汉语对译主要有“金融”、 “财政”、“财务”、“融资”四种。
“货币流通和信用活动以及与之相联系的 经济活动的总称”(刘鸿儒，1995)
现代金融学体系：微观金融学，宏观金 融学，以及由金融与数学、法学等学科 互渗形成的交叉学科。
1、微观金融学(Finance) 公司金融、投资学、证券市场微观结构 (Securities Market Microstructure)
2、宏观金融学(Macro Finance) 国际证券投资 、金融市场和金融中介机构
(Financial Market And Intermediations ) 、 货币银行学、国际金融
3、金融学和其他学科的交叉学科
一是由金融和数学、统计、工程学等交叉而形 成的“金融工程学(Financial Engineering)” ；
公司金融 导论
Board of Directors Chairman President Chief Executive Officer CEO Chief Operation Officer / COO Chief Financial Officer / CFO Treasurer
Current Assets
Fixed Assets 1 Tangible 2 Intangible
What longterm investments should the firm engage in?
Shareholders’ Equity
The Balance-Sheet Model of the Firm
–
2.
• • •
对现金流的重视
权责发生制；收付实现制 现金流具有时间价值 现金流具有风险性
随着公司形式的变迁，对公司本身的研究将和公司金融的 研究密不可分。公司理论的基本问题将逐渐转向公司金融 问题，法律研究和金融研究在这一领域将日益融合。 当前公司金融最有意义的课题： 3.
从法律的角度研究公司金融；以资本成本为核心研究公司金融；资本结 构；公司治理；公司价值评估
Corporate Finance 公司金融
Semester 2, 2008-2009 吴辉凡
General Information
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• Life was like a box of chocolate ,you never know what you're gonna get. • 人生就像一盒巧克 力，总会有各种意 外发生。
Finance(国际金融)关键术语名词解释
Chapter 1《American EconomicReview》《美国经济评论》《Journal of Finance》《金融学报》《The Wealth of Nations》《国富论》acquisition 收购adjust risk 调整风险aggressive target 激进（性）的目标asset 资产asset allocation 资产配置bidder 出价者，竞标者Black-Scholes optionspricing formulaB-S期权定价公式business finance 企业财务（金融）capital budgeting 资本预算capital expenditure 资本支出capital structure 资本结构cash flow 现金流chief executive officer（CEO）首席执行官chief financial officer（CFO）首席财务官（财务总监）claims 权益（证）、索取权利classical economics 古典经济学common stock 普通股competitive stock market 竞争性的股票市场conflict of interest 利益冲突consumption and savingdecisions消费和储蓄决策consumption preference 消费偏好controller 审计员convertible securities 可转换证券corporation （有限责任）公司corporation finance 公司财务（金融）debt outstanding 未清偿贷款（债务）derivative securities 衍生证券diversify risk 分散风险dividend and financialpolicies红利（股利）和财务政策economic value 经济价值entertainment industry 娱乐行业（产业）entity 实体equity权益（与Liability（负债对应）evaluation of cost 成本估算（评价）exclusive goal 唯一目标executive compensationprogram管理者补偿（薪酬）计划extended family 大家庭finance 金融, 财政, 金融学finance system 金融系统financial advisory firm 金融咨询公司financial capital 金融资本financial contracting 订立金融合约（合同）Financial Executive Institute 财务执行官组织financing 筹措资金（融资）financing decision 融资决策general partner 一般合伙人going concern 关注效应infrastructure 基础设施、架构initial outlay 初始投入integrated financial program 完整的财务计划investment decision 投资决策ITT corporation 国际电报电话公司learning curve 学习曲线liability 负债、债务、责任limited liability 有限责任limited partner 有限责任合伙人long-lived asset 长期资产long-range incentivesystem长期激励系统market discipline 市场规则market interest rate 市场利率market risk premium 市场风险价格market value of shares 股票市场价值（简称市值）marketing 营销maximize the wealth （使）财富最大化merger 兼并，合并mortgage loan 抵押贷款multinational conglomerate 跨国企业集团mutual fund 共同基金net worth 净资产operating margin 营业利润option 期权original core business 原始的核心业务partnership 合伙企业pension liabilities 养老金负债personal investing 个人投资physical capital 实物资本pool联营；集中使用的（资金，物）portfolio 投资组合portfolio of asset 资产组合preferred stock 优先股president 总裁primary commitment 首要（基本）任务private corporation 私人（非公众）公司professional managers 职业经理人profit 利润profit-maximizationcriterion利润最大化标准proposition 命题public corporation 公众公司quantitative model 定量模型regulatory body 监管机构resource allocationdecision资源配置决策retail outlet 零售摊点return 回报，收益risk-averse 风险厌恶（规避）security price 证券价格share price appreciation 股价上涨（增值）shareholder-wealth-maximization股东财富最大化sole proprietorship 个体（业主制）企业spin-off 配股spread out over time 跨时间分布stake 资助，资金stock option 股票期权strategic planning 战略规划supplier 供货商takeover 接管the exchange of assetsand risks资产和风险的交换the set of markets andother institutions市场及其它机构的集合trade off 权衡uncertain benefit 不确定性收益unlimited （limited）liability无（有）限责任vice-president forfinancial财务副总裁voting right （股东）投票权welfare 福利well-functioning capitalmarket高效的资本市场working capitalmanagement营运资本管理Chapter 2accounting procedure 会计程序adverse selection 逆向选择American Express 美国运通信用卡arithmetic mean 算术平均数asymmetry 不对称average risk premium 平均风险升水（溢价）Bank for InternationalSettlement（BIS）国际清算银行banking panic 银行危机bartern. 易货贸易；v. 讨价还价board of directors 董事会by-product 副产品call option 买入期权（看涨期权）capital gain（loss）资本收益（损失）Capital market资本市场（即长期资金市场）cash dividend 现金股利（红利）central bank 中央银行charge price 要价clearing and settlingpayment清算和结算支付closed-end 封闭式的collateral 担保品collateralization 以…担保commercial loan 商业贷款commercial loan rate 商业贷款利率credit card 信用卡default 违约、托债、弃权default risk 违约风险deficit unit 赤字部门defined-benefit pensionplan规定收益型养恤金制defined-contributionpension plan规定缴费型养恤金制depository savingsinstitution存款储蓄机构（系统）derivative 衍生（证券）Deutsche Bank 德意志银行dissemination 推广、传播dividend reinvestment 红利（股利）再投资dollar-denominated asset 以美元计价的资产double-entry-bookkeeping 复式记账法equity 权益equity-kickers 权益条件expected rates of return 期望（预期）收益率Federal Reserve System 联邦储备系统Finance AccountingStandardsBoard财务会计标准委员会financial instrument 金融工具financial intermediary 金融中介financial market parameters 金融市场参数financial variable 金融（财务）变量fixed-income-instruments 固定收益证券flow of fund 资金流flow of fund 资金流foreign exchange 外汇formation extraction 信息提取forward contract 远期合约functional perspective （从）功能（的角度或观点）future 期货German marks 德国马克go public 上市incentive problem 激励问题index fund 指数（化）基金index-linked bonds（与物价）指数联系的债券information service 信息咨讯（服务）insurance company 保险公司interest rate 利息率（简称利率）interest rate arbitrage 利率套利interest rate equalization 利率平价intermediary 中介International BankforReconstruction andDevelopment国际复兴开发银行International Monetary Fund（IMF）国际货币基金组织International Swap DealersAssociation国际掉期交易商协会intertemporal 跨期的（多阶段的）IOUI owe you的简称，喻指“借条”issuing stock 发行股票Japanese yen 日元life annuity 人寿年金limited liability 有限责任liquidity 流动性maturity （票据）到期日；期限money market货币市场（即短期资金市场）moral-hazard 道德风险mortgage 抵押mortgage rate 抵押利率mutual fund 共同基金New York Stock Exchange 纽约股票交易所nominal interest rate 名义利率offset 弥补、抵消open-end 开放式的option 期权Osaka Options and FuturesExchange大阪期货期权交易所over-the-counter-market（OTC）场外（交易）市场parties to contract 合约的参与者pool or aggregate 联营；集中使用的（资金或物品）；premium 升水、溢价price appreciation 增值principal-agent problem 委托－代理问题pro rata 按比例的put option 卖出期权（看跌期权）qusai- 准、半rate of exchange 汇率rates of return 收益（回报）率rating agency 评级机构real interest rate 实际利率real rate of return 实际收益率redeem 赎回、偿还residual claim 剩余索取（求偿）权risk aversion 风险厌恶（规避）risk premium 风险升水（溢价）security dealer 证券交易商shed specific risk 规避（分散）特定（或私有）风险standard deviation 标准差standardized option contract （经）标准化的期权合约surplus unit 盈余部门trade-off 权衡trust company 信托公司U.S Treasury Bills 美国国库券underwrite 认购、包销unit of account 计值单位universal bank全能银行（指兼做中央银行和商业银行业务的银行）volatility 波动性well-information 信息充分的yen rate of return（以）日元（记值）的收益率yield curve 收益（率）曲线yield spread 收益价差Chapter 3accounting earnings 会计收入accounting rule 会计规则accrual 应计的accrual accounting 应计制（权责发生制）accumulated depreciation 累计折旧amortize 摊销、分期偿还apocryphal 伪经的、假冒的asset turnover（ATO）资产周转率（销售收入/总资产）audit 查账、审计balance sheet 资产负债表benchmark （比较）基准bond-rating 债券评级book value 账面价值capital structure 资本结构capital-incentive utility 资本密集型的公用事业（公司）cash and equivalents 现金及其等价物cash budget 现金预算cash cycle time 现金循环周期cash inflow 现金流入cash outflow 现金流出common stock outstanding 流通在外的普通股contingent liability 或有负债（如：可能发生的诉讼赔偿等）current asset 流动资产current liability 流动负债current ratio 流动比率depreciation 折旧、贬值disclose 披露dividend payout rate 股利支付率earnings before interest and tax （EBIT）息税前利润（=毛利- GS&A）earnings per share 每股盈余（收益）earnings retention rate （收益）留存比率expiration date 到期日external financing 外部融资（比如，发行股票和债券）financial distress 财务危机（困境）financial leverage 财务杠杆（率）financial ratio 财务比率financial statement 财务报表general, selling, andadministrative expenses（GS&A）管理及销售费用goodwill 商誉gross margin 毛利（润）（=销售收入-产品销售成本）income statement 损益表income tax 所得税intangible asset 无形资产inventory 库存、存货inventory turnover 存货周转率liquidity 流动性long-term debt 长期负债market to book 市值价值/账面价值marking to market 盯住市场net income（or net profit）净利润（即税后利润=EBIT-利息-所得税）net working capital 净营运资本（=流动资产-流动负债）net worth 净资产（即权益，=资产-负债）off-balance-sheet 表外项目operation income 营运收益（营业利润）opportunity cost 机会成本owner’s equity所有者权益paid-in capital 实收资本payable 应付账款percent-of-sales method 销售（收入）百分比法planning horizon 计划（时间）跨度price to earnings 市盈率（价格/盈余）profitability 盈利能力、盈利性property 土地、地产、所有权quick ratio 速动比率receivable 应收账款receivables turnover 应收账款周转率retained earnings 留存收益ROA（return on asset）资产收益率（EBIT/资产）ROE（return on equity）净资产收益率（即权益报酬率，=税后利润/净资产）ROS（return on sales）销售利润率（EBIT/销售收入）short-term debt 短期负债specify performance target 设定业绩目标statements of cash flow 现金流量表sustainable growth rate 持续增长率taxable income 应税收益（即税前利润=EBIT-利息）times interest earned 利息保障倍数Tobin’s Q托宾Q值（=资产市值/重置成本）total shareholder returns 总的股东收益（率）Chapter 4after-tax interest rate 税后利率amortization 分期偿还、摊销annual percentage rate（APR）年度百分比（利率）annuity 年金before-tax interest rate 税前利率compound interest 复利compounding 复和（与discounting 相反的概念）discount rate 折现率、贴现率discounted cash flow（DCF）折现现金流discounting 折现、折扣effective annual rate（EFF）有效年利率exchange rate 汇率future value 终值future value factor 终值系数（即由现值计算终值的换算因子）growth annuity 增长年金immediate annuity 即付年金implied interest rate 隐含利率installment 分期付款internal rate of return（IRR）内部报酬率market capitalizationrate市场资本化利率（简称市场利率）net present value（NPV）净现值opportunity cost ofcapital资本的机会成本ordinary annuity 普通年金（即后付年金）original principal （初始）本金outstanding balance 未平头寸payback period 回收期perpetual annuity（orperpetuity）永续年金present value 现值present value factor （终值）现值系数（终值系数的倒数）reinvest 再投资simple interest 单利tax-exempt 免税的time value of money （TVM）货币（或资金）的时间价值yield to maturity 到期收益率Chapter 5bequest 遗赠、遗赠物break-even 得失相当的，盈亏平衡的deductible 可扣除（或抵扣）的explicit cost 显性成本feasible plan 可行（的）计划human capital 人力资本implicit cost 隐性成本incremental 增量的、增值的intertemporal budgetconstraint跨期预算约束optimization model 优化模型permanent income 永久性收入provision 条文、条款tax deferred 税收（可）延缓的tax exempt 免税的trial-and-error 试错Chapter 6after-tax cash flow 税后现金流all-equity-financed firm 全权益融资公司annualized capital cost 年金化资本成本appropriation 拨款、占用break-even point 盈亏平衡点capital budgeting 资本预算cost of capital 资本成本coupon bond 息票债券cumulative present value 累计现值full-fledged 完备的、正式的horizontal axis 横轴（或横坐标）labor-intensive 劳动密集型的liquidate 清算、清偿market-related risk 市场相关（或者承认予以补偿）的风险，即系统风险（systematic risk）prototype 模型、原型residual value 残值risk premium 风险溢价risk-adjusted discountrate（经）风险调整的折现率sensitivity analysis 敏感性分析vertical axis 纵轴（或纵坐标）zero-inflation 零通涨（率）Chapter 7Arbitrage 套利arbitrageurs 套利（交易）者beverage 饮料bona fide 真正的bond 债券default risk 违约风险default-free 无违约（风险）的earnings per share 每股盈余efficient marketshypothesis（EMH）有效市场假说fetch 售得…fixed-income securities 固定收益证券foreign exchangemarket外汇市场fundamental value 基础价值information set 信息集interest-rate arbitrage 利率套利intrinsic value 内在价值laundry 洗衣店Law of One Price 一价定律price/earnings multiple 市盈率（倍数）real estate 房地产、不动产sibling 兄弟、同胞、氏族成员tautologically 同意反复地transaction costs 交易成本triangular arbitrage 三角套利vending 售货well-informed 信息充分的Chapter 8abscissa 横坐标ask price 卖价、要价（报价）bid price 买价、出价（询价）callable bond 可赎回债券convertible bond 可转换债券coupon bond 带息债券、息票债券current yield 即期收益（率）discount bond 折价债券face value/ par value 面值maturity 到期日ordinate 纵坐标par bond 平价债券premium bond 溢价债券pure discount bond 纯折现债券quote 牌价redeem 赎回、偿还risk-free interest rate 无风险利率yield curve 收益（率）曲线yield to maturity 到期收益（率）zero-coupon bond 零息（票）债券Chapter 9New York StockExchange纽约股票交易所cash dividend 现金股利（或红利、分红）closing price 收盘价Constant-Growth-RateDDM不变增长率股利折现模型current/existingstockholders现有股东、老股东discounted-dividendmodel（DDM）股利折现模型dividend policy 股利政策dividend yield 分利收益率ex-dividend price 除息（即股息）价格expected rate of return 期望收益率（或报酬率）infinite 无穷（或无限）的internal equity financing 内部权益融资Investment opportunity 投资机会market capitalization rate 市场资本化利率odd lots 零星（交易量）per se 亲自、亲身perpetual 永久的price/earnings ratio 市盈率Reinvested earnings 再投资收益required rate of return 必要报酬率（或收益率）risk-adjusted discountrate（经）风险调整折现率round lots 整批（交易量）share repurchase 股票回购skeptical 怀疑的stock dividend 股票股利stock splits 股票分割Chapter 10actuary 精算师caterer 酒席承办人colossal 巨大的、异常的confidence intervals 置信区间consortium 社团、合伙continuous probability distribution 连续概率分布diversification 分散化（投资）diversifying 分散化、多样化dunce 笨蛋、书呆子ex ante 事先的ex post 事后的expected rate of return 期望收益率（报酬率）flexibility 灵活性、柔性forward contract 远期合约hedger （套期）保值者、对冲者hedging 保值、对冲、对两方下注以防止（赌博、冒险等）的损失insuring 投保、给…保险jurisdiction 司法、权力、权限layoff 解雇、失业materialize 实现mean 均值normal distribution 正态分布overview 概述perverse 故意作对的、任性的portfolio 投资组合precautionary saving 预防性储蓄probability distribution 概率分布quadruple adj. 四倍的；v. 使…（增加）四倍recrimination 反责refund 退还risk assessment 风险评估risk aversion 风险规避risk avoidance 风险避免risk exposure 风险暴露risk identification 风险识别risk management 风险管理risk retention 风险保留risk transfer 风险转移sinful 有罪的、过错的、不道德的speculator 投机者square root 平方根stakeholder 利益相关者standard deviation 标准差swap 互换volatility 波动率Chapter 11American-type option 美式期权call option 买入期权（简称“买权”）cap （利率）上限condominium 公寓私有的共有方式co-payment 共同支付counterparty 交易对手credit guarantee 信用担保credit risk 信用风险deductible/deduction 免赔额delivery 交割delivery date 交割日derivative 衍生工具diversifiable risk 可分散的风险diversification principle 分散化（或多元化）原则European-type option 欧式期权exclusion 除外责任expiration date 到期日expire 到期face value 面值fictitious 虚构的firm-specific risk （公司）私有（或特有）风险forward contract 远期合约forward price 远期价格future contract 期货合约guarantee 保证、保证人、担保、担保品loan guarantee 债务保单long position 多头market risk 市场风险non-diversifiable risk 不可分散的风险premium 保险费、附加费、溢价proceed n. 盈利put option 卖出期权（简称“卖权”）rolling over 滚动（式）的short position 空头shortfall 不足之数、赤字spot price 即期价格standardized （经）标准化的strike price/ exerciseprice执行价格、行权价swap contract 互换合约、调期合约Chapter 12decision horizon 决策（修正）期限efficient portfolio 有效组合efficient portfolio frontier 有效组合前沿expected return 期望收益率mean-variance model 均值－方差模型minimum-varianceportfolio最小方差组合mutual fund 共同基金optimal combination ofrisky assets风险资产最优组合planning horizon 计划期、规划期point of tangency 切点portfolio selection （投资）组合选择risk premium 风险溢价risk tolerance 风险容忍（度）riskless asset 无风险资产risky-asset portfolio 风险资产组合set of……的集合tangency portfolio 切线组合target expected return 目标期望收益率trade-off 权衡、平衡trading horizon 交易（间隔）期限Chapter 13active investmentstrategies积极投资策略active portfolio selectionstrategy积极的组合选择策略Arbitrage Pricing Theory （APT）套利（定价）理论beat the market 打败市场benchmark 基准benchmark portfolio 基准组合Capital Asset PricingModel（CAPM）资本资产定价模型capital market line（CML）资本市场线consensus 一致、一致同意cost of capital 资本成本covariance 协方差equilibrium asset price 均衡（的）资产价格equilibrium expectedreturn均衡（的）期望收益率equilibrium price 均衡价格equilibrium risk premium 均衡风险溢价indexing 指数化irreducible 不能减少的、难复位的marginal contribution 边际贡献market portfolio 市场组合market-related risk 市场相关的（或承认的）风险multifactor IntertemporalCapital Asset PricingModel（ICAPM）多因子、跨期资本资产定价模型mutual fund 共同基金non-market risk 非市场风险passive investing 消极投资passive portfolio selectionstrategy消极的组合选择策略pension fund 养老基金regression coefficient 回归系数reward-to-risk ratio 风险补偿比率security market line（SML）证券市场线short-sale 卖空systematic risk 系统风险unsystematic risk 非系统风险Chapter 14arbitrageur 套利者bountiful 慷慨的、充足的casino 卡西诺赌场、小别墅closing out（one’s/a）position平仓continuouscompounding连续复利cost of carry 持有成本daily marking to market 逐日盯市（即每日无负债清算制度）delivery 交割delivery date 交割日delivery price 交割价格expectationshypothesis期望假说financial future 金融期货（即标的物为金融产品的期货合约）foreign-exchangeparity relation汇率平价关系forward contract 远期合约forward price 远期价格forward-spotprice-parity relation 远期-即期价格间的平价关系future contract 期货合约future price 期货价格future spot price 将来的现货价格hedger 套期保值者intrinsic value 内在价值margin 保证金open interest 未平仓合约数、头寸开放权益数position 头寸posting of margin （对）保证金（进行）过帐quasi-arbitrage 准套利（机会）replicate 复制speculator 投机者spoilage 损坏spot price 即期价格、现货价格spread 价差、差额the wall street journal 《华尔街日报》Chapter 15American-typeoption美式期权arrear 应付欠款、储备物at the money option 两平期权Black-Scholes model 布莱克-斯科尔斯期权定价模型boom 繁荣的bullish 乐观的call （option）买入期权（简称买权）、看涨期权capital-gain 资本（性）收益cash settlement 现金结算Chicago BoardOptions Exchange（CBOE）芝加哥期权交易所commission 佣金Contingent Claims 或有权益（简称或有权、或然权）credit guarantee 信用保证（或承诺）de facto 实际的、实际上decision tree 决策树delinquency 失职、违法行为dividend yield 股利收益率dividend-adjusted option formula 股利调整期权（定价）公式embedded option 嵌入式期权European put option 欧式卖权European-typeoption欧式期权evasion 逃避、躲避Exchange-traded option 场内（即在交易所交易的）期权exercise price/strikeprice执行价格/敲定价格expirationdate/maturity date到期日explicit 外生的flexibility 灵活性、柔性FutureOptions/Option onFutures期货期权growth option 增长期权guarantor 保证人hedge ratio 对冲比率、套期比率implicit 内生的implied volatility 隐含波动率in the money option 虚值期权incremental 增量的、增加的index option 指数期权intrinsicvalue/tangible value内在价值、执行价值junk bond 垃圾债券litigation 诉讼、争论mainline 主流的、传统的natural logarithm 自然对数normal distribution 正态分布Option 期权out of the moneyoption实值期权Over-the-counteroption场外（交易的）期权payoff diagrams 支付图plaintiff 起诉人provision 条文、条款put （option）卖出期权（简称卖权）、看跌期权put-call parityrelation买（权）与卖（权）间的平价关系real option 实物期权recession 衰退self-financinginvestment strategy自融资投资策略sequel 续篇、后果shortfall 不足之数、赤字stochastic 随机的 swap 互换 time value 时间价值 truncate截断two-state （binomial ）option pricing model 两状态（二项式）期权定价模型 underlying asset 标的资产、基础资产Chapter 16account payable 应付账款accrued wage应计工资adjusted present value （APV ）（经）调整的现值 after-tax incremental cash flow 税后增量现金流agency cost 代理成本 allegiance 忠诚、忠贞 all-equtiy financing 全权益融资 bankruptcy cost破产成本bankruptcy proceeding 破产程序、破产诉讼 Capital Structure资本结构capital structure irrelevance proposition 资本结构无关性定理 circumvent 绕过、智胜 collateral 担保品 common stock 普通股 corporate income tax公司所得税cost of financial distress 财务危机（危难）成本 debt financing 债务融资 entity实体、本质、存在 equity financing 权益融资 external financing外部融资（筹资） fiduciary受信托的 financial distress财务危机（危难） financing instrument 金融工具 franchise 特许权 free cash flow自由现金流 frictionless 无摩擦的gourmet供美食家的享用的、美食家imminent 临近的、迫在眉睫的 interest tax shield （债务）利息税盾 internal financing 内部融资（筹资） issuing new stock 发行新股leveraged investment 杠杆投资（即投资额中有部分债务融资） long-term lease 长期租赁 M & M proposition MM 定理market debt-to-equity ratio（用）市场（价值表示的）债务-权益比率market-value/economic balance sheet （用）市场价值（表示的）资产负债表 Modigliani & Miller （M 莫迪里阿尼和米勒& M ）optimal capital structure 最优资本结构 pension liability 养老金（形式的）债务 perk额外补贴 personal income tax 个人所得税 preferred stock优先股学习必备欢迎下载prestige 威信、声望pro rata 按比例的realized capital gains 已实现资本收益redeploy 重新部署（布置、调派）repurchase stock 回购股票residual claim 剩余索取权（求偿权）retained earning 留存收益scrutiny 细致检查secured debt 安全债务stock option 股票期权subsidy 津贴、财政援助、特别津贴voting right 投票权warrant 认股权证、认股权weighted average costof capital（WACC）加权资本成本Chapter 17acquisition 收购bargain v. 讲价、讨价还价；n. 便宜货、交易、协定breakup 分散、中止、崩溃consolidation 合并、联合、巩固consummate 完成、使…完美contest 竞争、争夺corroborate 加强证实、巩固、支持discretion 决定权、谨慎、判断力divest 使…脱去information set 信息集loss carry-forward 亏损递延malevolence 恶意、坏影响merger 兼并opaqueness 不透明real option 实物期权spin-off 派生出、让产易股、抽资脱离synergy 协同增效takeover 接管。
Controls,andCashBusiness(公司金融会计)
2. Received in the mail from credit customers. Cash is in the form of checks.
Control Procedures Risk Assessment
Control Environment
C6 - 5
Internal Control Framework
1. Control Environment 2. Risk Assessment 3. Control Procedures 4. Monitoring
1. Control Environment 2. Risk Assessment
ቤተ መጻሕፍቲ ባይዱ
Risk Assessment Control Environment
C6 - 4
Internal Control Framework
1. Control Environment 2. Risk Assessment 3. Control Procedures
All cash is sent to the Cashier’s Department. An employee prepares a bank deposit ticket and makes a bank deposit. The bank deposit record is sent to the Accounting Department where it is recorded.
Chapter F6
Power Notes
国际金融英文版习题Chapter-3(1)
INTERNATIONAL FINANCEAssignment Problems (3) Name: Student#: I. Choose the correct answer for the following questions (only ONE correct answer) (2 credits for each question, total credits 2 x 25 = 50)1. Interbank quotations that include the United States dollars are conventionally given in __________, which state the foreign currency price of one U.S. dollar, such as a bid price of SFr 0.85/$.A. indirect quoteB. direct quoteC. American quoteD. European quote2. The spot exchange rate published in financial newspapers is usually the __________.A. nominal exchange rateB. real exchange rateC. effective exchange rateD. equilibrium exchange rate3. The foreign exchange refers to the __________.A. foreign bank notes and coinsB. demand deposits in foreign banksC. foreign securities that can be easily cashedD. all of the above4. The functions of the foreign exchange market come down to __________.A. converting the currency of one country into the currency of anotherB. providing some insurance against the foreign exchange riskC. making the foreign exchange speculation easyD. Only A and B are true.5. Which of the following is NOT true regarding the foreign exchange market?A. It is the place through which people exchange one currency for another.B. The exchange rate nowadays is mainly determined by the market forces.C. Most foreign exchange transactions are physically completed in this market.D. All of the above are true.6. The world largest foreign exchange markets are __________ respectively.A. London, New York and TokyoB. London, Paris and FrankfurtC. London, Hong Kong and SingaporeD. London, Zurich and Bahrain7. The foreign exchange market is NOT efficient because __________.A. monetary authorities dominate the foreign exchange market and everybody knows that by definition, central banks are inefficientB. commercial banks and other participants of the market do not compete with one another due to the fact that transaction takes place around the world and not in a single centralized locationC. foreign exchange dealers have different prices such as bid and ask pricesD. None of the reasons listed are correct because the foreign exchange market is an efficient market8. __________ earn a profit by a bid-ask spread on currencies they buy and sell. __________ on the other hand, earn a profit by bringing together buyers and sellers of foreign exchanges and earning a commission on each sale and purchase.A. Foreign exchange brokers; foreign exchange dealersB. Foreign exchange dealers; foreign exchange brokersC. arbitragers; speculatorsD. commercial banks; central banks9. Most foreign exchange transactions are through the U.S. dollars. If the transaction is expressed as the currencies per dollar, this is known as __________ whereas __________ are expressed as dollars per currency.A. direct quote; indirect quoteB. indirect quote; direct quoteC. European quote; American quoteD. American quote, European quote10. From the viewpoint of a Japanese investor, which of the following would be a direct quote?A. SFr 1.25/€B. $1.55/₤C. ¥ 110/€D. €0.0091/ ¥11. Which of the following is true about the foreign exchange market?A. It is a global network of banks, brokers, and foreign exchange dealers connected by electronic communications system.B. The foreign exchange market is usually located in a particular place.C. The foreign exchange rates are usually determined by the related monetary authorities.D. The main participants in this market are currency speculators from different countries.12. The extent to which the income from individual transactions is affected by fluctuations in foreign exchange values is considered to be _________.A. Translation exposureB. economic exposureC. transaction exposureD. accounting exposure13. Which of the following exchange rates is adjusted for price changes?A. nominal exchange rateB. real exchange rateC. effective exchange rateD. equilibrium exchange rate14. Suppose the exchange rate of the RMB versus U.S. dollar is ¥6.8523/$ now. If the RMB were to undergo a 10% depreciation, the new exchange rate in terms of ¥/$ would be:A. 6.1671B. 7.5375C. 6.9238D. 7.613515. At least in a U.S. MNC’s financial accounting statement, if the value of the euro depreciates rapidly against that of the dollar over a year, this would reduce the dollar value of the euro profit made by the European subsidiary. This is a typical __________.A. transaction exposureB. translation exposureC. economic exposureD. operating exposure16. A Japanese-based firm expects to receive pound-payment in 6 months. The company has a (an) __________.A. economic exposureB. accounting exposureC. long position in sterlingD. short position in sterling17 The exposure to foreign exchange risk known as Translation Exposure may be defined as __________.A. change in reported owner’s equity in consolidated financial statements caused by a change in exchange ratesB. the impact of settling outstanding obligations entered into before change in exchange rates but to be settled after change in exchange ratesC. the change in expected future cash flows arising from an unexpected change in exchange ratesD. All of the above18 When a firm deals with foreign trade or investment, it usually has foreign exchange risk exposure. So if an American firm expects to receive a dollar-paymentfrom a Chinese company in the next 30 days, the U.S. firm has the possible __________.A. economic exposureB. transaction exposureC. translation exposureD. none of the above19. In order to avoid the possible loss because of the exchange rate fluctuations, a firm that has a __________ position in foreign exchanges can __________ that position in the forward market.A. short; sellB. long; sellC. long; buyD. none of the above20. A forward contract to deliver Japanese yens for Swiss francs could be described either as __________ or __________,A. selling yens forward; buying francs forwardB. buying francs forward; buying yens forwardC. selling yens forward; selling francs forwardD. selling francs forward; buying yens forward21. Dollars are trading at S0SFr/$=SFr0.7465/$ in the spot market. The 90-day forward rate is F1SFr/$=SFr0.7432/$. So the forward __________ on the dollar in basis points is __________:A. discount, 0.0033B. discount, 33C. premium, 0.0033D. premium, 3322. If the spot rate is $1.35/€, 3-month forward rate is $1.36/€, which of the following is NOT true?A. euro is at forward premium by 100 points.B. dollar is at forward discount by 100 points.C. dollar is at forward discount by 55 points.D. euro is at forward premium by 2.96% p.a.23. If the spot C$/$ rate is 1.0305/15, forward dollar is 25/30 premium, the outright forward quote in American term should be __________.A. 1.0330 – 1.0345B. 1.0280 – 1.0285C. 0.9681 – 0.9667D. 0.9728 – 0.972324. If the spot C$/$ rate is 1.0305/15, forward dollar is 25/30 premium, the $/C$ forward quote in terms of points should be __________.A. 30/25B. 25/30C. – (23/28)D. – (28/23)25. The current U.S. dollar exchange rate is ¥85/$. If the 90-day forward dollar rate is ¥90/$, then the yen is selling at a per annum __________ of __________.A. premium; 5.88%B. discount; 5.56%C. premium; 23.52%D. discount; 22.23%II. ProblemsQuestions 1 through 10 are based on the information presented in Table 3.1. (2 credits for each question, total credits 2 x 10 = 20)Table 3.1Country Exchange rate Exchange rate CPI V olume of Volume of (2008) (2009) (2008) exports to U.S imports from U.S. Germany €0.75/$ €0.70/$ 102.5 $200m $350m Mexico Mex$11.8/$ Mex$12.20/$ 110.5 $120m $240mU.S. 105.31. The real exchange rate of the dollar against the euro in 2009 was __________.2. The real exchange rate of the dollar against the peso in 2009 was __________.3. The dollar was __________ against the euro in nominal term by __________.A. appreciated; 6.67%B. depreciated; 6.67%C. appreciated; 7.14%D depreciated; 7.14%4. The Mexican peso was __________ against the dollar in nominal term by __________.A. appreciated; 3.39%B. depreciated; 3.39%C. appreciated; 3.28%D. depreciated; 3.28%5. The volume of the German foreign trade with the U.S. was __________.6. The volume of the Mexican foreign trade with the U.S. was __________.7. Assume the U.S. trades only with the Germany and Mexico. Now if we want to calculate the dollar effective exchange rate in 2009 against a basket of currencies of euro and Mexican peso, the weight assigned to the euro should be __________.8. The weight assigned to the peso should be __________.9. Assume the 2008 is the base year. The dollar effective exchange rate in 2009 was __________.10. Was the dollar generally stronger or weaker in 2009 according to your calculation?11. The following exchange rates are available to you.Fuji Bank ¥80.00/$United Bank of Switzerland SFr0.8900/$Deutsche Bank ¥95.00/SFrAssume you have an initial SFr10 million. Can you make a profit via triangular arbitrage? If so, show steps and calculate the amount of profit in Swiss francs. (8 credits)12. If the dollar appreciates 1000% against the ruble, by what percentage does the ruble depreciate against the dollar? (5 credits)13. As a percentage of an arbitrary starting amount, about how large would transactions costs have to be to make arbitrage between the exchange rates S SFr/$= SFr1.7223/$, S$/￥= $0.009711/¥, and S￥/SFr = ¥61.740/SFr unprofitable? Explain. (7 credits14. You are given the following exchange rates:S￥/A$ = 67.05 – 68.75S￡/A$ = 0.3590 – 0.3670Calculate the bid and ask rate of S￥/￡: (5 credits)15. Suppose the spot quotation on the Swiss franc (CHF) in New York is USD0.9442 –52 and the spot quotation on the Euro (EUR) is USD1.3460 –68. Compute the percentage bid-ask spreads on the CHF/EUR quote. ( 5 credits)Answers to Assignment Problems (3)Part II1. 0.70 x (105.3/102.5) = 0.7 x 1.0273 = 0.71912. 12.2 x (105.3/110.5) = 12.2 x .9529 = 11.62593. B (0.7 /.75) – 1 = -6.67%4. D (1/12.2)/(1/11.8) – 1 = -3.28%5. 5506. 3607. 550/910 = 60.44%8. 360/910 = 39.569. (0.70/0.75)(60.44%) + (12.2/11.8)(39.56%) = .5641 + 0.4090 = .9731 = 97.31%10. weaker, because dollar depreciated by 2.69%.11. Since S￥/$S$/SFr S SFr/￥= 80 x 1/0.8900 x 1/95.00 = 0.946186 < 1, there is an arbitrage opportunity.Steps:①Buy ¥ from Deutsche Bank, SFr10 million x 95.00 = ¥950 million②Buy $from Fuji Bank, $950 m / 80.00 = $11.875 m③Buy SFr from UBS, $11.875 x 0.8900 = SFr10.56875 mProfit (ignoring transaction fees):SFr10.56875 – SFr10 = 0.56875 million = 568,75012. (x – 1) = 1000%; 1/11 – 1 = 90.9%13. S SFr/$ S$/￥S￥/SFr = SFr1.7223/$ x $0.009711/¥ x ¥61.740/SFr = 1.0326If transaction costs exceed $0.0326 (3.26%), the arbitrage is unprofitable.14. Given: S￥/A$ = 67.05 – 68.75S￡/A$ = 0.3590 – 0.3670So, S￥/₤ = 67.05/0.3670 = 182.70 (bid)S￡/₤ = 68.75/0.3590 = 191.50 (ask)15. Given: USD0.9442 – 52/SFrUSD1.3460 – 68/SFrSo, S SRr/€ = 1.3460/0.9452 =1.424 (bid)S SFr/€ = 1.3468/0.9442 = 1.4264 (ask)。
公司金融简答题
1.3 Corporations.What is the primary disadvantage of the corporate form of organization? Name at least two of the advantages of corporate organization.什么是公司组织形式的主要劣势呢?至少写两个法人组织的优点The primary disadvantage of the corporate form is the double taxation to shareholders of distributed earnings and dividends. Some advantages include: limited liability, ease of transferability, ability to raise capital, and unlimited life.企业形式的主要缺点是股东收益和红利的双重征税。
一些优势包括:有限责任,便于可转让性,筹集资金的能力,和无限的生活。
1.6Who owns a corporation? Describe the process whereby the owners control the firm’s management. What is the main reason that an agency relationship exists in the corporate form of organization?In this context, what kinds of problem can arise?谁拥有一个公司?描述所有者控制公司的管理过程。
是什么主要原因导致代理关系存在于企业组织形式中?在这种情况下,会出现什么样的问题?In the corporate form of ownership, the shareholders are the owners of the firm. The shareholders elect the directors of the corporation, who in turn appoint the firm's management. This separation of ownership from control in the corporate form of organization is what causes agency problems to exist. Management may act in its own or someone else's best interests, rather than those of the shareholders. If such events occur, they may contradict the goal of maximizing the share price of the equity of the firm.企业的所有制形式,股东是公司的所有者。
《Corporate Finance (公司金融学)》课件 (32)
Chapter Outline
31.1 What is Financial Distress? 31.2 What Happens in Financial Distress? 31.3 Bankruptcy Liquidation and Reorganization 31.4 Private Workout or Bankruptcy: Which is Best? 31.5 Prepackaged Bankruptcy 31.6 Summary and Conclusions
• Reorganization (Chapter 11) is the option of keeping the firm a going concern.
– Reorganization sometimes involves issuing new securities to replace old ones.
Liquidation
Responses to Financial Distress
• Think of the two sides of the balance sheet. • Asset Restructuring:
– Selling major assets. – Merging with another firm. – Reducing capital spending and R&D spending.
• A firm that defaults on a required payment may be forced to liquidate its assets. More often, a defaulting firm will reorganize.
中国大学mooc《公司金融(对外经济贸易大学) 》满分章节测试答案
title公司金融(对外经济贸易大学) 中国大学mooc答案100分最新版content第一章导论第一章测试1、发行额外股份的决定与以下哪个选项最相关？答案: 资本结构的相关决定2、以下哪个选项是被定义为对公司长期投资的管理（）答案: 资本预算3、以下哪个选项表示现金流出企业？（1）. 证券发行（2）. 支付股利（3）. 新的贷款收益（4）. 支付税款答案: （2）和（4）4、由两人或以上的个人成立公司，并且成立人对公司所有的债务承担无限责任，这种企业组织形式被称为：答案: 普通合伙制企业5、以下哪个选项是正确的（）答案: 独资企业和合伙制企业都是按照个人所得的征税标准征税6、下列哪种企业组织形式最合适于筹集数额庞大的资本？答案: 公司制企业7、利益相关者是指（）答案: 除了股票持有人或债权人以外的，任何对公司的现金流拥有索取权的个人8、以下哪个选项最好地阐明了财务管理的基本目标（）答案: 最大化当下每股价值9、以下哪个选项中，财务经理的行为最可能引发代理问题？答案: 当增加当期利润会及降低公司权益的长期价值时，依然选择使当期利润增长10、以下哪个选项描述的情况最不可能出现代理问题（）答案: 增加公司股份的市场价值第二章货币的时间价值小测试21、今天你在你的本地银行的存款账户中存入了100美元。
以下哪个选项表示你的这项投资从现在开始，一年之后的价值？答案: 终值2、 terry正在计算一项他下一年将要收到的奖金的现值。
这一计算的过程称为（）答案: 折现3、这个下午，你往退休存款账户中存入1000美元。
这一账户能够获得的利息以6%的利率复合增长。
在你退休之前的40年里，你将不会取出任何本金或利息。
以下哪个选项是正确的？答案: 这项投资的现值是10004、在9.25%的年化利率下，时限23年，复利计算，6200美金的投资的终值是多少？答案: 47433.475、你从奶奶那儿收到了3000现金作为礼物。
公司金融(基础篇)(英文版 原书第12版 BMA_32_Final[5页]
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CHAPTER 32Corporate RestructuringThe values shown in the solutions may be rounded for display purposes. However, the answers were derived using a spreadsheet without any intermediate rounding.Answers to Problem Sets1. a. LBO – Purchase of a business using mostly debt financing. Thecompany goes private so that its stock no longer trades in the openmarket.b. MBO – An LBO that is undertaken by existing management.c. Spin-off – A parent company creates a new company with part of itsassets and operations. Shares in the new business are distributed to theparent’s stockholders.d. Carve-out – Like a spin-off, but shares in the new business are sold in apublic offering.e. Asset sale – A sale of specific assets rather than the entire firm.f. Privatization – The purchase of a government-owned business by privateinvestors.g. Leveraged restructuring – A company increases its debt, pays the debtproceeds to stockholders, and thereby increases its debt–equity ratio. Est. Time: 06 - 102. a. Trueb. False; The most successful LBOs and MBOs go public again as soon asdebt has been paid down sufficiently and improvements in operatingperformance have been demonstrated.c. Trued. False; Carried interest is earned by general partners on profits made byan organization. It is a call option that gives the general partners apotentially significant upside and provides incentives to take risks.e. Truef. False; Investors often see the announcement of a spin-off as good news.Often, spin-offs allow a company to focus on its core business therebyincreasing the value of the company.g. False; Privatized companies generally operate more efficiently and thusreduce employment, but they also grow faster, which thereby increasesemployment. In many cases the net effect of these factors is an increasein employment.h. TrueEst. Time: 01 - 053. Increased efficiency, broader share ownership, and revenue for the government Est. Time: 01 - 054. In the 1960s and 1970s, when public conglomerations were at their height, thefollowing advantages were claimed: First, diversification across industries wassupposed to stabilize earnings and reduce risk. Second, a widely diversified firm can operate as its own internal capital market, thereby reducing the need forfinancing from outside investors. Third, the company’s managers arguably know more about investment opportunities than outside investors. In addition,transaction costs of issuing new securities are avoided.Est. Time: 01 - 055. Internal capital markets often misallocate capital. The market values of theconglomerate’s divisions can’t be observed separately, so it’s hard to setincentives and to reward risk taking. Internal politics may also interfere withcapital efficiency. In addition, investors can often diversify more easily on theirown.Est. Time: 01 - 056. The limited life of a private-equity partnership reassures the limited partners thatthe cash flow will not be reinvested in a wasteful manner. It also tends to ensure that partnerships focus on opportunities to reorganize poorly performingbusinesses and to provide them with new management before selling them off. In addition, the carried interest owned by private equity partnerships providesincentives for taking risk.Est. Time: 01 - 057. Chapter 7 usually leads to liquidation. Chapter 11 protects the firm from itscreditors while a reorganization plan is developed.Est. Time: 01 - 058. a. False. It is in shareholders’ interests to attempt to rehabilitate the firm. Theyhave nothing to lose if rehabilitation efforts fail (in which case the firm wouldfile for bankruptcy anyways), but everything to gain if rehabilitation effortssucceed.b. Truec. Trued. False (tax-loss carry-forwards do not survive liquidation)Est. Time: 01 - 059. There is always a chance that the company can recover, allowing creditors to bepaid off and leaving something for shareholders. Also, the court may not observeabsolute priority, so shareholders may be given some crumbs in a Chapter 11reorganization.Est. Time: 01 - 0510. a. True. Carve-out or spin-off of a division improves incentives for thedivision’s managers. If the businesses are independent, it is easier tomeasure the performance of the division’s managers.b. False. The limited life of a private-equity partnership reassures the limitedpartners that the cash flow will not be reinvested in a wasteful manner. Italso tends to ensure that partnerships focus on opportunities to reorganizepoorly performing businesses and to provide them with new managementbefore selling them off.c. True. The remuneration package for the general partners typicallyincludes a 20% carried interest. This is equivalent to a call option on thepartnership’s value and, as is the case for all options, this option is morevaluable when the value of the assets is highly variable.Est. Time: 01 - 0511. In general, firms with narrow margins in highly competitive environments are notgood candidates for an LBO or an MBO. These firms are often highly efficientand do not have excess assets or unnecessary capital expenditures. Further,the thinness of the margins limits the amount of debt capacity.Est. Time: 01 - 0512. RJR issued a lot of debt and repurchased shares to reduce the equity base.Sealed Air issued a lot of debt and paid a special dividend to all shareholders to reduce the equity base. RJR was seen as a company that needed to streamline operations and reexamine its capital expenditures and asset holdings. The firmwas in a highly competitive environment, but had the advantage of brand namerecognition for its products. Sealed Air needed to streamline its operationsbecause it had grown inefficient due to the patent protection it had for itsproducts. Sealed Air remained public in order to increase the pressure to perform by continuing to be exposed to buying and selling pressure in the market.Est. Time: 06 - 1013. Answers will vary depending upon the examples chosen.Est. Time: 11 - 1514. The story told in Barbarians at the Gate is a very complicated one. Those whofavor mergers can find much evidence in this story to support their position, ascan those who oppose mergers. In a similar fashion, those who espouse oneparticular theory or another as to why companies merge can find evidence here to support their position (and evidence to refute the positions of others). Thus,the answer will vary, depending on one’s views.Est. Time: Not applicable; requires further reading.15. Private-equity partnerships are usually run by professional equity managersrepresenting larger institutional investors. The institutional investors act as thelimited partners while the professional managers act as general partners in thelimited partnership. The general partners are companies that focus on fundingand managing equity investments in closely held firms. The incentive for general partners is a management fee plus a share in the company profits, called“carried interest,”that they can increase if they successfully “fix” the firm. Thelimited partners get paid first, but are not entitled to all the profits. Further, thelimited life of the partnership precludes wasteful reinvestment. Thesepartnerships are designed to make investments in various types of firms fromventure capital start-ups to mature firms that need to reinvigorate management. Est. Time: 06 - 1016. In a private-equity partnership, the carried interest represents the generalpartners’ call option. The exercise price of this call option is the dollar amount of the limited partners’ investment in the partnership. In order for the generalpartners’ call option to be in the money, the general partners must earn backmore than the limited partners’ investment. Therefore, the general partnersclearly have an incentive to earn a profit on the limited partners’ investment.On the other hand, the general partners also have an incentive to take on risk;increased volatility increases the value of the call option, so the generalpartners might choose a risky investment over a less risky investment with agreater expected NPV.Est. Time: 06 - 1017. Although agency costs can be significant for public companies, anyone who hasdealt with a governmental institution (or, for that matter, a nonprofit organization) has undoubtedly experienced the far greater problem of agency costs inorganizations outside the private sector. Privatization can substantially reducethese costs, resulting in much greater efficiency. Competition in the private sectorimposes a greater discipline within the enterprise, while also eliminating theimpact of political influence. Management and other employees are often offered stronger incentives in a private enterprise than would be possible in agovernmental organization.Est. Time: 06 - 1018. Many of the problems with Chapter 11 bankruptcy could be mitigated bynegotiating a prepackaged bankruptcy. Many problems arise from the fact thatthe two goals of Chapter 11 bankruptcy are often in conflict with each other:(1) to satisfy creditors and (2) to allow the firm to resolve its problems andcontinue to function as an ongoing business. Furthermore, there are conflictswithin the different classes of securities holders. Senior creditors tend to favor a liquidation of the company so that their claims will be satisfied immediately, while junior creditors favor a reorganization of the business in the hope that they willreceive some portion of their claims. There is also a conflict between securedcreditors, who receive interest while the company is in Chapter 11 bankruptcy,and unsecured creditors who do not receive interest. These numerous conflicts increase the likelihood that extensive litigation will drain resources from thecompany while these issues are resolved. A prepackaged bankruptcy resolvesthese issues with a negotiated settlement.Est. Time: 06 - 10。
公司金融课后题答案CHAPTER 27
CHAPTER 27CASH MANAGEMENTAnswers to Concepts Review and Critical Thinking Questions1.Yes. Once a firm has more cash than it needs for operations and planned expenditures,the excess cash has an opportunity cost. It could be invested (by shareholders) in potentially more profitable ways. Question 10 discusses another reason.2.If it has too much cash it can simply pay a dividend, or, more likely in the currentfinancial environment, buy back stock. It can also reduce debt. If it has insufficient cash, then it must either borrow, sell stock, or improve profitability.3.Probably not. Creditors would probably want substantially more.4.Cash management is associated more with the collection and disbursement of cash.Liquidity management is broader and concerns the optimal level of liquid assets needed by a firm. Thus, for example, a company’s stockpiling of cash is liquidity management;whereas, evaluating a lockbox system is cash management.5.Such instruments go by a variety of names, but the key feature is that the dividendadjusts, keeping the price relatively stable. This price stability, along with the dividend tax exemption, makes so-called adjustable rate preferred stock very attractive relative to interest-bearing instruments.6. Net disbursement float is more desirable because the bank thinks the firm has moremoney than it actually does, and the firm is, therefore, receiving interest on funds it has already spent.7.The firm has a net disbursement float of $500,000. If this is an ongoing situation, thefirm may be tempted to write checks for more than it actually has in its account.8. a.About the only disadvantage to holding T-bills are the generally lower yieldscompared to alternative money market investments.b.Some ordinary preferred stock issues pose both credit and price risks that are notconsistent with most short-term cash management plans.c.The primary disadvantage of NCDs is the normally large transactions sizes, whichmay not be feasible for the short-term investment plans of many smaller tomedium-sized corporations.d.The primary disadvantages of the commercial paper market are the higher defaultrisk characteristics of the security and the lack of an active secondary market whichmay excessively restrict the flexibility of corporations to meet their liquidityadjustment needs.e.The primary disadvantages of RANs is that some possess non-trivial levels ofdefault risk, and also, corporations are somewhat restricted in the type and amountof these tax-exempts that they can hold in their portfolios.f.The primary disadvantage of the repo market is the generally very short maturitiesavailable.9.The concern is that excess cash on hand can lead to poorly thought-out managementdecisions. The thought is that keeping cash levels relatively low forces management to pay careful attention to cash flow and capital spending.10. A potential advantage is that the quicker payment often means a better price. Thedisadvantage is that doing so increases the firm’s cash cycle.11.This is really a capital structure decision. If the firm has an optimal capital structure,paying off debt moves it to an under-leveraged position. However, a combination of debt reduction and stock buy-backs could be structured to leave capital structure unchanged.12.It is unethical because you have essentially tricked the grocery store into making you aninterest-free loan, and the grocery store is harmed because it could have earned interest on the money instead of loaning it to you.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 average daily float is the average amount of checks received per day times theaverage number of days delay, divided by the number of days in a month. Assuming 30 days in a month, the average daily float is:Average daily float = 4($156,000)/30Average daily float = $20,8002. a.The disbursement float is the average monthly checks written times the averagenumber of days for the checks to clear, so:Disbursement float = 4($14,000)Disbursement float = $56,000The collection float is the average monthly checks received times the averagenumber of days for the checks to clear, so:Collection float = 2(–$26,000)Collection float = –$52,000The net float is the disbursement float plus the collection float, so:Net float = $56,000 – 52,000Net float = $4,000b.The new collection float will be:Collection float = 1(–$26,000)Collection float = –$26,000And the new net float will be:Net float = $56,000 – 26,000Net float = $30,0003. a.The collection float is the average daily checks received times the average numberof days for the checks to clear, so:Collection float = 3($19,000)Collection float = $57,000b.The firm should pay no more than the amount of the float, or $57,000, to eliminatethe float.c.The maximum daily charge the firm should be willing to pay is the collection floattimes the daily interest rate, so:Maximum daily charge = $57,000(.00019)Maximum daily charge = $10.834. a.Total float = 4($17,000) + 5($6,000)Total float = $98,000b.The average daily float is the total float divided by the number of days in a month.Assuming 30 days in a month, the average daily float is:Average daily float = $98,000/30Average daily float = $3,266.67c.The average daily receipts are the average daily checks received divided by thenumber of days in a month. Assuming a 30 day month:Average daily receipts = ($17,000 + 6,000)/30Average daily receipts = $766.67The weighted average delay is the sum of the days to clear a check, times theamount of the check divided by the average daily receipts, so:Weighted average delay = 4($17,000/$23,000) + 5($6,000/$23,000)Weighted average delay = 4.26 days5.The average daily collections are the number of checks received times the average valueof a check, so:Average daily collections = $108(8,500)Average daily collections = $918,000The present value of the lockbox service is the average daily receipts times the number of days the collection is reduced, so:PV = (2 day reduction)($918,000)PV = $1,836,000The daily cost is a perpetuity. The present value of the cost is the daily cost divided by the daily interest rate. So:PV of cost = $225/.00016PV of cost = $1,406,250The firm should take the lockbox service. The NPV of the lockbox is the cost plus the present value of the reduction in collection time, so:NPV = –$1,406,250 + 1,836,000NPV = $429,750The annual savings excluding the cost would be the future value of the savings minus the costs, so:Annual savings = $1,836,000(1.00016)365– 1,836,000Annual savings = $110,406.05And the annual cost would be the future value of the daily cost, which is an annuity, so:Annual cost = $225(FVIFA365,.016%)Annual cost = $84,563.46So, the annual net savings would be:Annual net savings = $110,406.05 – 84,563.46Annual net savings = $25,842.596. a.The average daily float is the sum of the percentage each check amount is of thetotal checks received times the number of checks received times the amount of thecheck times the number of days until the check clears, divided by the number ofdays in a month. Assuming a 30 day month, we get:Average daily float = [.60(5,300)($55)(2) + .40(5,300)($80)(3)]/30 Average daily float = $28,620On average, there is $28,620 that is uncollected and not available to the firm.b.The total collections are the sum of the percentage of each check amount receivedtimes the total checks received times the amount of the check, so:Total collections = .60(5,300)($55) + .40(5,300)($80)Total collections = $344,500The weighted average delay is the sum of the average number of days a check of aspecific amount is delayed, times the percentage that check amount makes up of thetotal checks received, so:Weighted average delay = 2[.60(5,300)($55)/$344,500] + 3[.40(5,300)($80)/$344,500]Weighted average delay = 2.49 daysThe average daily float is the weighted average delay times the average checksreceived per day. Assuming a 30 day month, we get:Average daily float = 2.49($344,500/30 days)Average daily float = $28,620c.The most the firm should pay is the total amount of the average float, or $28,620.d.The average daily interest rate is:1.07 = (1 + R)365R = .01854% per dayThe daily cost of float is the average daily float times the daily interest rate, so:Daily cost of the float = $28,620(.0001854)Daily cost of the float = $5.31e.The most the firm should pay is still the average daily float. Under the reducedcollection time assumption, we get:New average daily float = 1.5($344,500/30)New average daily float = $17,2257. a.The present value of adopting the system is the number of days collections arereduced times the average daily collections, so:PV = 3(385)($1,105)PV = $1,276,275b.The NPV of adopting the system is the present value of the savings minus the costof adopting the system. The cost of adopting the system is the present value of the fee per transaction times the number of transactions. This is a perpetuity, so:NPV = $1,276,275 – [$0.50(385)/.0002]NPV = $313,775c.The net cash flows is the present value of the average daily collections times thedaily interest rate, minus the transaction cost per day, so:Net cash flow per day = $1,276,275(.0002) – $0.50(385)Net cash flow per day = $62.76The net cash flow per check is the net cash flow per day divided by the number ofchecks received per day, or:Net cash flow per check = $62.76/385Net cash flow per check = $0.16Alternatively, we could find the net cash flow per check as the number of days thesystem reduces collection time times the average check amount times the dailyinterest rate, minus the transaction cost per check. Doing so, we confirm ourprevious answer as:Net cash flow per check = 3($1,105)(.0002) – $0.50Net cash flow per check = $0.16 per check8. a.The reduction in cash balance from adopting the lockbox is the number of days thesystem reduces collection time times the average daily collections, so:Cash balance reduction = 3($145,000)Cash balance reduction = $435,000b.The dollar return that can be earned is the average daily interest rate times the cashbalance reduction. The average daily interest rate is:Average daily rate = 1.091/365– 1Average daily rate = .0236% per dayThe daily dollar return that can be earned from the reduction in days to clear thechecks is:Daily dollar return = $435,000(.000236)Daily dollar return = $102.72c.If the company takes the lockbox, it will receive three payments early, with the firstpayment occurring today. We can use the daily interest rate from part b, so thesavings are:Savings = $145,000 + $145,000(PVIFA.0236%,2)Savings = $434,897.32If the lockbox payments occur at the end of the month, we need the effective monthly interest rate, which is:Monthly interest rate = 1.091/12– 1Monthly interest rate = 0.7207%Assuming the lockbox payments occur at the end of the month, the lockboxpayments, which are a perpetuity, will be:PV = C/R$434,897.32 = C / .007207C = $3,134.35It could also be assumed that the lockbox payments occur at the beginning of themonth. If so, we would need to use the PV of a perpetuity due, which is:PV = C + C / RSolving for C:C = (PV × R) / (1 + R)C = (434,897.32 × .007207) / (1 + .007207)C = $3,112.029.The interest that the company could earn will be the amount of the checks times thenumber of days it will delay payment times the number of weeks that checks will be disbursed times the daily interest rate, so:Interest = $93,000(7)(52/2)(.00015)Interest = $2,538.9010.The benefit of the new arrangement is the $4 million in accelerated collections since thenew system will speed up collections by one day. The cost is the new compensating balance, but the company will recover the existing compensating balance, so:NPV = $4,000,000 – ($500,000 – 400,000)NPV = $3,900,000The company should proceed with the new system. The savings are the NPV times the annual interest rate, so:Net savings = $3,900,000(.05)Net savings = $195,000Intermediate11.To find the NPV of taking the lockbox, we first need to calculate the present value of thesavings. The present value of the savings will be the reduction in collection time times the average daily collections, so:PV = 2(750)($980)PV = $1,470,000And the daily interest rate is:Daily interest rate = 1.0701/365– 1Daily interest rate = .00019 or .019% per dayThe transaction costs are a perpetuity. The cost per day is the cost per transaction times the number of transactions per day, so the NPV of taking the lockbox is:NPV = $1,470,000 – [$0.35(750)/.00019]NPV = $54,015.17Without the fee, the lockbox system should be accepted. To calculate the NPV of the lockbox with the annual fee, we can simply use the NPV of the lockbox without the annual fee and subtract the addition cost. The annual fee is a perpetuity, so, with the fee, the NPV of taking the lockbox is:NPV = $54,015.17 – [$5,000/.07]NPV = –$17,413.40With the fee, the lockbox system should not be accepted.12.The minimum number of payments per day needed to make the lockbox system feasibleis the number of checks that makes the NPV of the decision equal to zero. The average daily interest rate is:Daily interest rate = 1.051/365– 1Daily interest rate = .0134% per dayThe present value of the savings is the average payment amount times the days the collection period is reduced times the number of customers. The costs are the transaction fee and the annual fee. Both are perpetuities. The total transaction costs are the transaction costs per check times the number of checks. The equation for the NPV of the project, where N is the number of checks transacted per day, is:NPV = 0 = ($5,300)(1)N – $0.10(N)/.000134 – $20,000/.05$400,000 = $5,300N – $748.05N$4,551.95N = $400,000N = 87.87 88 customers per dayAPPENDIX 27A1. a.Decrease. This will lower the trading costs, which will cause a decrease in thetarget cash balance.b.Decrease. This will increase the holding cost, which will cause a decrease in thetarget cash balance.c.Increase. This will increase the amount of cash that the firm has to hold innon-interest bearing accounts, so they will have to raise the target cash balance tomeet this requirement.d.Decrease. If the credit rating improves, then the firm can borrow more easily,allowing it to lower the target cash balance and borrow if a cash shortfall occurs.e.Increase. If the cost of borrowing increases, the firm will need to hold more cash toprotect against cash shortfalls as its borrowing costs become more prohibitive.f.Either. This depends somewhat on what the fees apply to, but if direct fees areestablished, then the compensating balance may be lowered, thus lowering thetarget cash balance. If, on the other hand, fees are charged on the number oftransactions, then the firm may wish to hold a higher cash balance so they are nottransferring money into the account as often.2.The target cash balance using the BAT model is:C* = [(2T × F)/R]1/2C* = [2($8,500)($25)/.06]1/2C* = $2,661.45The initial balance should be $2,661.45, and whenever the balance drops to $0, another $2,661.45 should be transferred in.3.The holding cost is the average daily cash balance times the interest rate, so:Holding cost = ($1,300)(.05)Holding cost = $65.00The trading costs are the total cash needed times the replenishing costs, divided by the average daily balance times two, so:Trading cost = [($43,000)($8)]/[($1,300)(2)]Trading cost = $132.31The total cost is the sum of the holding cost and the trading cost, so:Total cost = $65.00 + 132.31Total cost = $197.31The target cash balance using the BAT model is:C* = [(2T × F)/R]1/2C* = [2($43,000)($8)/.05]1/2C* = $3,709.45They should increase their average daily cash balance to:New average cash balance = $3,709.45/2New average cash balance = $1,854.72This would minimize the costs. The new total cost would be:New total cost = ($1,845.72)(.05) + [($43,000)($8)]/[2($1,854.72)]New total cost = $185.474. a.The opportunity costs are the amount transferred times the interest rate, divided bytwo, so:Opportunity cost = ($1,500)(.05)/2Opportunity cost = $37.50The trading costs are the total cash balance times the trading cost per transaction,divided by the amount transferred, so:Trading cost = ($16,000)($25)/$1,500Trading cost = $266.67The firm keeps too little in cash because the trading costs are much higher than theopportunity costs.b.The target cash balance using the BAT model is:C* = [(2T × F)/R]1/2C* = [2($16,000)($25)/.05]1/2C* = $4,0005.The total cash needed is the cash shortage per month times twelve months, so:Total cash = 12($140,000)Total cash = $1,680,000The target cash balance using the BAT model is:C* = [(2T × F)/R]1/2C* = [2($1,680,000)($500)/.057]1/2 C* = $171,679.02The company should invest:Invest = $690,000 – 171,679.02Invest = $518,320.98of its current cash holdings in marketable securities to bring the cash balance down to the optimal level. Over the rest of the year, sell securities:Sell securities = $1,680,000/$171,679.02Sell securities = 9.79 ≈ 10 times.6.The lower limit is the minimum balance allowed in the account, and the upper limit isthe maximum balance allowed in the account. When the account balance drops to the lower limit:Securities sold = $80,000 – 43,000Securities sold = $37,000in marketable securities will be sold, and the proceeds deposited in the account. This moves the account balance back to the target cash level. When the account balance rises to the upper limit, then:Securities purchased = $125,000 – 80,000Securities purchased = $45,000of marketable securities will be purchased. This expenditure brings the cash level back down to the target balance of $80,000.7.The target cash balance using the Miller-Orr model is:C* = L + (3/4 × F ×σ2 / R]1/3C* = $1,500 + [3/4($40)($70)2/.00021]1/3C* = $2,387.90The upper limit is:U* = 3 × C*– 2 × LU* = 3($2,387.90) – 2($1,500)U* = $4,163.71When the balance in the cash account drops to $1,500, the firm sells:Sell = $2,387.90 – 1,500Sell = $887.90of marketable securities. The proceeds from the sale are used to replenish the account back to the optimal target level of C*. Conversely, when the upper limit is reached, the firm buys:Buy = $4,163.71 – 2,387.90Buy = $1,775.81of marketable securities. This expenditure lowers the cash level back down to the optimal level of $2,387.90.8.As variance increases, the upper limit and the spread will increase, while the lower limitremains unchanged. The lower limit does not change because it is an exogenous variable set by management. As the variance increases, however, the amount of uncertainty increases. When this happens, the target cash balance, and therefore the upper limit and the spread, will need to be higher. If the variance drops to zero, then the lower limit, the target balance, and the upper limit will all be the same.9.The average daily interest rate is:Daily rate = 1.071/365– 1Daily rate = .000185 or .0185% per dayThe target cash balance using the Miller-Orr model is:C* = L + (3/4 × F × 2 / R]1/3C* = $160,000 + [3/4($300)($890,000)/.000185]1/3C* = $170,260.47The upper limit is:U* = 3 × C*– 2 × LU* = 3($170,260.47) – 2($160,000)U* = $190,781.41ing the BAT model and solving for R, we get:C* = [(2T × F)/R]1/2$2,700 = [2($28,000)($10)/R]1/2R = [2($28,000)($10)]/$2,7002R = .0768 or 7.68%。
公司金融学习题精选
1Which one of following is the rate at which a stock's price is expected to appreciate?A、current yieldB、total returnC、dividend yieldD、capital gains yieldE、coupon rate正确答案：D2Which one of the following functions should be the responsibility of the controller rather than the treasurer?A、daily cash depositB、income tax returnsC、equipment purchase analysisD、customer credit approvalE、payment to a vendor正确答案：B3Which one of the following best describes the concept of erosion?A、expenses that have already been incurred and cannot be recoveredB、change in net working capital related to implementing a new projectC、the cash flows of a new project that come at the expense of a firm's existing cash flowsD、the alternative that is forfeited when a fixed asset is utilized by a projectE、the differences in a firm's cash flows with and without a particular project正确答案：C4Which one of the following statements correctly states a relationship?A、Time and future values are inversely related, all else held constant.B、Interest rates and time are positively related, all else held constant.C、An increase in the discount rate increases the present value, given positive rates.D、An increase in time increases the future value given a zero rate of interest.E、Time and present value are inversely related, all else held constant.正确答案：E5Which one of the following best illustrates erosion as it relates to a hot dog stand located on the beach?A、providing both ketchup and mustard for its customer's useB、repairing the roof of the hot dog stand because of water damageC、selling fewer hot dogs because hamburgers were added to the menuD、offering French fries but not onion ringsE、losing sales due to bad weather正确答案：C6By definition, which one of the following must equal zero at the accounting break-even point?A、net present valueB、internal rate of returnC、contribution marginD、net incomeE、operating cash flow正确答案：D7Which of the following should be included in the analysis of a new product? I. money already spent for research and development of the new product II. reduction in sales for a current product once the new product is introduced III. increase in accounts receivable needed to finance sales of the new product IV. market value of a machine owned by the firm which will be used to produce the new product.A、I and III onlyB、II and IV onlyC、I, II, and III onlyD、II, III, and IV onlyE、I, II, III, and IV正确答案：D8Spencer Tools would like to offer a special product to its best customers. However, the firm wants to limit its maximum potential loss on this product to the firm's initial investment in the project. The fixed costs are estimated at $21,000, the depreciation expense is $11,000, and the contribution margin per unit is $12.50. What is the minimum number of units the firm should pre-sell to ensure its potential loss does not exceed the desired level?A、1,220 unitsB、1,680 unitsC、2,215 unitsD、2,560 unitsE、2,750 units正确答案：B9The specified date on which the principal amount of a bond is payable is referred to as which one of the following?A、coupon dateB、yield dateC、maturityD、dirty dateE、clean date正确答案：C10What is the effective annual rate if a bank charges you 8.25 percent compounded quarterly?A、8.32 percentB、8.38 percentC、8.42 percentD、8.51 percentE、8.61 percent正确答案：D11Miller Brothers Hardware paid an annual dividend of $0.95 per share last month. Today, the company announced that future dividends will be increasing by 2.6 percent annually. If you require a 13 percent rate of return, how much are you willing to pay to purchase one share of this stock today?A、$9.23B、$9.37C、$9.67D、$9.72E、$9.88正确答案：B12The current dividend yield on Clayton's Metals common stock is 3.2 percent. The company just paid a $1.48 annual dividend and announced plans to pay $1.54 next year. The dividend growth rate is expected to remain constant at the current level. What is the required rate of return on this stock?A、7.25 percentB、7.82 percentC、8.08 percentD、8.39 percentE、8.75 percent正确答案：A13Which one of the following is an example of a sunk cost?A、$1,500 of lost sales because an item was out of stockB、$1,200 paid to repair a machine last yearC、$20,000 project that must be forfeited if another project is acceptedD、$4,500 reduction in current shoe sales if a store commences selling sandalsE、$1,800 increase in comic book sales if a store commences selling puzzles正确答案：B14Which term relates to the cash flow which results from a firm's ongoing, normal business activities?A、operating cash flowB、capital spendingC、net working capitalD、cash flow from assetsE、cash flow to creditors正确答案：A15Textile Mills borrows money at a rate of 13.5 percent. This interest rate is referred to as the:A、compound rate.B、current yield.C、cost of debt.D、capital gains yield.E、cost of capital.正确答案：C16A firm's overall cost of equity is:A、is generally less that the firm's WACC given a leveraged firm.B、unaffected by changes in the market risk premium.C、highly dependent upon the growth rate and risk level of the firm.D、generally less than the firm's aftertax cost of debt.E、inversely related to changes in the firm's tax rate.正确答案：C17If a firm accepts Project A it will not be feasible to also accept Project B because bothprojects would require the simultaneous and exclusive use of the same piece of machinery. These projects are considered to be:A、independent.B、interdependent.C、mutually exclusive.D、economically scaled.E、operationally distinct.正确答案：C18Which one of the following accurately defines a perpetuity?A、a limited number of equal payments paid in even time incrementsB、payments of equal amounts that are paid irregularly but indefinitelyC、varying amounts that are paid at even intervals foreverD、unending equal payments paid at equal time intervalsE、unending equal payments paid at either equal or unequal time intervals正确答案：D19The cost of preferred stock:A、is equal to the dividend yield.B、is equal to the yield to maturity.C、is highly dependent on the dividend growth rate.D、is independent of the stock's price.E、decreases when tax rates increase.正确答案：A20Southern Tours is considering acquiring Holiday Vacations. Management believes Holiday Vacations can generate cash flows of $187,000, $220,000, and $245,000 over the next three years, respectively. After that time, they feel the business will be worthless. Southern Tours has determined that a 13.5 percent rate of return is applicable to this potential acquisition. What is Southern Tours willing to pay today to acquire Holiday Vacations?A、$503,098B、$538,615C、$545,920D、$601,226E、$638,407正确答案：A21The percentage of the next dollar you earn that must be paid in taxes is referred to as the _____ tax rate.A、meanB、residualC、totalD、averageE、marginal正确答案：E22All of the following are related to a proposed project. Which of these should be included in the cash flow at time zero? I. purchase of $1,400 of parts inventory needed to support the project II. loan of $125,000 used to finance the project III. depreciation tax shield of $1,100 IV.$6,500 of equipment needed to commence the project.A、I and II onlyB、I and IV onlyC、II and IV onlyD、I, II, and IV onlyE、I, II, III, and IV正确答案：B23Interest earned on both the initial principal and the interest reinvested from prior periods is called:A、free interest.B、dual interest.C、simple interest.D、interest on interest.E、compound interest.正确答案：E24The cash flow related to interest payments less any net new borrowing is called the:A、operating cash flow.B、capital spending cash flow.C、net working capital.D、cash flow from assets.E、cash flow to creditors.正确答案：E25Which one of the following is classified as an intangible fixed asset?A、accounts receivableB、production equipmentC、buildingD、trademarkE、inventory正确答案：D26The equivalent annual cost method is useful in determining:A、which one of two machines to purchase if the machines are mutually exclusive, have differing lives, and are a one-time purchase.B、the tax shield benefits of depreciation given the purchase of new assets for a project.C、the operating cash flows of a cost-cutting project.D、which one of two investments to accept when the investments have different required rates of return.E、which one of two machines should be purchased when the machines are mutually exclusive, have different machine lives, and will be replaced once they are worn out.正确答案：E27An analysis of the change in a project's NPV when a single variable is changed is called _____ analysis.A、forecastingB、scenarioC、sensitivityD、simulationE、break-even正确答案：C28The common stock of Textile Mills pays an annual dividend of $1.65 a share. The company has promised to maintain a constant dividend even though economic times are tough. How much are you willing to pay for one share of this stock if you want to earn a 12 percent annual return?A、$13.75B、$14.01C、$14.56D、$14.79E、$15.23正确答案：A29Noncash items refer to:A、accrued expensesB、inventory items purchased using creditC、the ownership of intangible assets such as patentsD、expenses which do not directly affect cash flowsE、sales which are made using store credit正确答案：D30Which one of the following is an agency cost?A、accepting an investment opportunity that will add value to the firmB、increasing the quarterly dividendC、investing in a new project that creates firm valueD、hiring outside accountants to audit the company's financial statementsE、closing a division of the firm that is operating at a loss正确答案：D31Phil can afford $200 a month for 5 years for a car loan. If the interest rate is 7.5 percent, how much can he afford to borrow to purchase a car?A、$8,750.00B、$9,348.03C、$9,981.06D、$10,266.67E、$10,400.00正确答案：C32The internal rate of return is defined as the:A、maximum rate of return a firm expects to earn on a project.B、rate of return a project will generate if the project in financed solely with internal funds.C、discount rate that equates the net cash inflows of a project to zero.D、discount rate which causes the net present value of a project to equal zero.E、discount rate that causes the profitability index for a project to equal zero.正确答案：D33Which one of the following represents the most liquid asset?A、$100 account receivable that is discounted and collected for $96 todayB、$100 of inventory which is sold today on credit for $103C、$100 of inventory which is discounted and sold for $97 cash todayD、$100 of inventory that is sold today for $100 cashE、$100 accounts receivable that will be collected in full next week正确答案：D34Which one of the following states that a firm's cost of equity capital is directly and proportionally related to the firm's capital structure?A、Capital Asset Pricing ModelB、M & M Proposition IC、M & M Proposition IID、Law of One PriceE、Efficient Markets Hypothesis正确答案：C35Which one of the following states that the value of a firm is unrelated to the firm's capital structure?A、Capital Asset Pricing ModelB、M & M Proposition IC、M & M Proposition IID、Law of One PriceE、Efficient Markets Hypothesis正确答案：B36You are the beneficiary of a life insurance policy. The insurance company informs you that you have two options for receiving the insurance proceeds. You can receive a lump sum of $200,000 today or receive payments of $1,400 a month for 20 years. You can earn 6 percent on your money. Which option should you take and why?A、You should accept the payments because they are worth $209,414 to you today.B、You should accept the payments because they are worth $247,800 to you today.C、You should accept the payments because they are worth $336,000 to you today.D、You should accept the $200,000 because the payments are only worth $189,311 to you today.E、You should accept the $200,000 because the payments are only worth $195,413 to you today.正确答案：E37Winston Co. has a dividend-paying stock with a total return for the year of -6.5 percent. Which one of the following must be true?A、The dividend must be constant.B、The stock has a negative capital gains yield.C、The dividend yield must be zero.D、The required rate of return for this stock increased over the year.E、The firm is experiencing supernormal growth.正确答案：B38The common stock of Auto Deliveries sells for $28.16 a share. The stock is expected to pay $1.35 per share next year when the annual dividend is distributed. The firm has established a pattern of increasing its dividends by 3 percent annually and expects to continue doing so.What is the market rate of return on this stock?A、7.42 percentB、7.79 percentC、19.67 percentD、20.14 percentE、20.86 percent正确答案：B39Terry is calculating the present value of a bonus he will receive next year. The process he is using is called:A、growth analysis.B、discounting.C、accumulating.D、compounding.E、reducing.正确答案：B40You are considering a project that you believe is quite risky. To reduce any potentially harmful results from accepting this project, you could:A、lower the degree of operating leverage.B、lower the contribution margin per unit.C、increase the initial cash outlay.D、increase the fixed costs per unit while lowering the contribution margin per unit.E、lower the operating cash flow of the project.正确答案：A41Steve just computed the present value of a $10,000 bonus he will receive in the future. The interest rate he used in this process is referred to as which one of the following?A、current yieldB、effective rateC、compound rateD、simple rateE、discount rate正确答案：E42The pre-tax cost of debt:A、is based on the current yield to maturity of the firm's outstanding bonds.B、is equal to the coupon rate on the latest bonds issued by a firm.C、is equivalent to the average current yield on all of a firm's outstanding bonds.D、is based on the original yield to maturity on the latest bonds issued by a firm.E、has to be estimated as it cannot be directly observed in the market.正确答案：A43Andy deposited $3,000 this morning into an account that pays 5 percent interest, compounded annually. Barb also deposited $3,000 this morning into an account that pays 5 percent interest, compounded annually. Andy will withdraw his interest earnings and spend it as soon as possible. Barb will reinvest her interest earnings into her account. Given this, which one of the following statements is true?A、Barb will earn more interest the first year than Andy will.B、Andy will earn more interest in year three than Barb will.C、Barb will earn interest on interest.D、After five years, Andy and Barb will both have earned the same amount of interest.E、Andy will earn compound interest.正确答案：C44The Buck Store is considering a project that will require additional inventory of $216,000 and will increase accounts payable by $181,000. Accounts receivable are currently $525,000 and are expected to increase by 9 percent if this project is accepted. What is the project's initial cash flow for net working capital?A、-82250B、-12250C、12250D、36250E、44250正确答案：A45The operating cash flow of a cost cutting project:A、is equal to the depreciation tax shield.B、is equal to zero because there is no incremental sales.C、can only be analyzed by projecting the sales and costs for a firm's entire operations.D、includes any changes that occur in the current accounts.E、can be positive even though there are no sales.正确答案：E46The annual annuity stream of payments that has the same present value as a project's costs is referred to as which one of the following?A、yearly incremental costsB、sunk costsC、opportunity costsD、erosion costE、equivalent annual cost正确答案：E47M & M Proposition I with no tax supports the argument that:A、business risk determines the return on assets.B、the cost of equity rises as leverage rises.C、the debt-equity ratio of a firm is completely irrelevant.D、a firm should borrow money to the point where the tax benefit from debt is equal to the cost of the increased probability of financial distress.E、homemade leverage is irrelevant.正确答案：C48At 8 percent interest, how long would it take to quadruple your money?A、16.55 yearsB、16.64 yearsC、17.09 yearsD、18.01 yearsE、18.56 year正确答案：D49The process of determining the present value of future cash flows in order to know their worth today is called which one of the following？A、compound interest valuationB、interest on interest computationC、discounted cash flow valuationD、present value interest factoringE、complex factoring正确答案：C50Green Roof Inns is preparing a bond offering with a 6 percent, semiannual coupon and a face value of $1,000. The bonds will be repaid in 10 years and will be sold at par. Given this, which one of the following statements is correct?A、The bonds will become discount bonds if the market rate of interest declines.B、The bonds will pay 10 interest payments of $60 each.C、The bonds will sell at a premium if the market rate is 5.5 percent.D、The bonds will initially sell for $1,030 each.E、The final payment will be in the amount of $1,060.正确答案：C11【单选题】Which one of the following terms is defined as the management of a firm's long-term investments?A、working capital managementB、financial allocationC、agency cost analysisD、capital budgetingE、capital structure正确答案：D2【单选题】Which one of the following terms is defined as the mixture of a firm's debt and equity financing?A、working capital managementB、cash managementC、cost analysisD、capital budgetingE、capital structure正确答案：E3【单选题】Which one of the following is defined as a firm's short-term assets and its short-term liabilities?A、working capitalB、debtC、investment capitalD、net capitalE、capital structure正确答案：A4【单选题】Which of the following questions are addressed by financial managers?I. How should a product be marketed?II. Should customers be given 30 or 45 days to pay for their credit purchasesIII.Should the firm borrow more money?IV. Should the firm acquire new equipment?A、I, II, III, and IVB、I and IV onlyC、II and III onlyD、II, III, and IV onlyE、I, II, and III only正确答案：D5【单选题】Which one of the following functions should be the responsibility of the controller rather than the treasurer?A、daily cash depositB、income tax returnsC、equipment purchase analysisD、customer credit approvalE、payment to a vendor正确答案：B6【单选题】The controller of a corporation generally reports directly to the:A、board of directors.B、chairman of the board.C、chief executive officer.D、president.E、vice president of finance.正确答案：E7【单选题】Which one of the following correctly defines the upward chain of command in a typical corporate organizational structure?A、The vice president of finance reports to the chairman of the board.B、The chief executive officer reports to president.C、The controller reports to the president.D、The treasurer reports to the vice president of finance.E、The chief operations officer reports to the vice president of production.正确答案：D8【单选题】Which one of the following is a capital budgeting decision?A、determining how many shares of stock to issueB、deciding whether or not to purchase a new machine for the production lineC、deciding how to refinance a debt issue that is maturingD、determining how much inventory to keep on handE、determining how much money should be kept in the checking account正确答案：B9【单选题】Which one of the following is a capital structure decision?A、determining which one of two projects to acceptB、determining how to allocate investment funds to multiple projectsC、determining the amount of funds needed to finance customer purchases of a new productD、determining how much debt should be assumed to fund a projectE、determining how much inventory will be needed to support a project正确答案：D10【单选题】The decision to issue additional shares of stock is an example of which one of the following?A、working capital managementB、net working capital decisionC、capital budgetingD、controller's dutiesE、capital structure decision正确答案：E1【单选题】Which one of the following business types is best suited to raising large amounts of capital?A、sole proprietorshipB、limited liability companyC、corporationD、general partnershipE、limited partnership正确答案：C2【单选题】A business created as a distinct legal entity and treated as a legal "person" is called a:A、sole proprietorship.B、general partnership.C、limited partnership.D、unlimited liability company.E、corporation.正确答案：E3【单选题】A business partner whose potential financial loss in the partnership will not exceed his or her investment in that partnership is called a:A、generally partner.B、sole proprietor.C、limited partner.D、corporate shareholder.E、zero partner.正确答案：C4【单选题】A business formed by two or more individuals who each have unlimited liability for all of the firm's business debts is called a:A、corporation.B、sole proprietorship.C、general partnership.D、limited partnership.E、limited liability company.正确答案：C5【单选题】A business owned by a solitary individual who has unlimited liability for its debt is called a:A、corporation.B、sole proprietorship.C、general partnership.D、limited partnership.E、limited liability company.正确答案：B1【单选题】Which one of the following best states the primary goal of financial management?A、maximize current dividends per shareB、maximize the current value per shareC、minimize operational costs while maximizing firm efficiencyD、maintain steady growth while increasing current profits正确答案：B1【单选题】Which one of the following is an agency cost?A、accepting an investment opportunity that will add value to the firmB、increasing the quarterly dividendC、investing in a new project that creates firm valueD、hiring outside accountants to audit the company's financial statementsE、closing a division of the firm that is operating at a loss正确答案：D2【单选题】Which one of the following is least likely to be an agency problem?A、increasing the size of a firmB、concentrating on maximizing current profitsC、closing a division with net lossesD、increasing the market value of the firm's sharesE、obtaining a patent for a new product正确答案：D3【单选题】Which one of the following terms is defined as a conflict of interest between the corporate shareholders and the corporate managers?A、articles of incorporationB、corporate breakdownC、agency problemD、bylawsE、legal liability正确答案：C21【单选题】Which one of the following is the financial statement that shows the accounting value of a firm's equity as of a particular date?A、income statementB、creditor's statementC、balance sheetD、statement of cash flowsE、dividend statement正确答案：C2【单选题】Net working capital is defined as:A、total liabilities minus shareholders' equityB、current liabilities minus shareholders' equityC、fixed assets minus long-term liabilitiesD、total assets minus total liabilitiesE、current assets minus current liabilities正确答案：E3【单选题】The common set of standards and procedures by which audited financial statements are prepared is known as the:A、matching principleB、cash flow identityC、Generally Accepted Accounting PrinciplesD、Financial Accounting Reporting PrinciplesE、Standard Accounting Value Guidelines正确答案：C4【单选题】Which one of the following is classified as an intangible fixed asset?A、accounts receivableB、production equipmentC、buildingD、trademarkE、inventory正确答案：D5【单选题】Which of the following are current assets?I.patentII.inventoryIII.accounts payableIV. cashA、I and III onlyB、II and IV onlyC、I, II, and IV onlyD、I, II and IV onlyE、II, III, and IV only正确答案：B6【单选题】Which one of the following is included in a firm's market value but yet is excluded from the firm's accounting value?A、real estate investmentB、good reputation of the companyC、equipment owned by the firmD、money due from a customerE、an item held by the firm for future sale正确答案：B7【单选题】Which of the following are included in current liabilities?I,note payable to a supplier in eight monthsII, amount due from a customer next monthIII,account payable to a supplier that is due next weekIV, loan payable to the bank in fourteen monthsA、I and III onlyB、II and III onlyC、I, II, and III onlyD、I, III, and IV onlyE、I, II, III, and IV正确答案：A8【单选题】Which one of the following will increase the value of a firm's net working capital?A、using cash to pay a supplierB、depreciating an assetC、collecting an accounts receivableD、purchasing inventory on creditE、selling inventory at a profit正确答案：E9【单选题】Which one of the following accounts is the most liquid?A、inventoryB、buildingC、accounts receivableD、equipmentE、land正确答案：C10【单选题】Which one of the following represents the most liquid asset?A、$100 account receivable that is discounted and collected for $96 todayB、$100 of inventory which is sold today on credit for $103C、$100 of inventory which is discounted and sold for $97 cash todayD、$100 of inventory that is sold today for $100 cashE、$100 accounts receivable that will be collected in full next week正确答案：D1【单选题】Shareholders' equity:A、increases in value anytime total assets increasesB、is equal to total assets plus total liabilitiesC、decreases whenever new shares of stock are issuedD、includes long-term debt, preferred stock, and common stockE、represents the residual value of a firm正确答案：E2【单选题】The higher the degree of financial leverage employed by a firm, the:A、higher the probability that the firm will encounter financial distressB、lower the amount of debt incurredC、less debt a firm has per dollar of total assetsD、higher the number of outstanding shares of stockE、lower the balance in accounts payable正确答案：A3【单选题】The book value of a firm is:A、equivalent to the firm's market value provided that the firm has some fixed assetsB、based on historical costC、generally greater than the market value when fixed assets are includedD、more of a financial than an accounting valuationE、adjusted to the market value whenever the market value exceeds the stated book value 正确答案：B4【单选题】Which of the following is (are) included in the market value of a firm but are excluded from the firm's book value?I.value of management skillsII .value of a copyrightIII. value of the firm's reputationIv.alue of employee's experienceA、I onlyB、II onlyC、III and IV onlyD、I, II, and III onlyE、I, III, and IV only正确答案：E5【单选题】You recently purchased a grocery store、At the time of the purchase, the store's market value equaled its book value、The purchase included the building, the fixtures, and the inventory、Which one of the following is most apt to cause the market value of this store to be lower than the book value?A、a sudden and unexpected increase in inflationB、the replacement of old inventory items with more desirable productsC、improvements to the surrounding area by other store ownersD、construction of a new restricted access highway located between the store and the surrounding residential areasE、addition of a stop light at the main entrance to the store's parking lot正确答案：D6【单选题】A firm has $520 in inventory, $1,860 in fixed assets, $190 in accounts receivables, $210 in accounts payable, and $70 in cash、What is the amount of the current assets?A、$710B、$780C、$990D、$2,430E、$2,640正确答案：B7【单选题】A firm has common stock of $6,200, paid-in surplus of $9,100, total liabilities of $8,400, current assets of $5,900, and fixed assets of $21,200,What is the amount of the shareholders' equity?A、$6,900B、$15,300C、$18,700D、$23,700。
公司金融(基础篇)(英文版 原书第12版 BMA_01_Final[3页]
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CHAPTER 1Introduction to Corporate FinanceThe values shown in the solutions may be rounded for display purposes. However, the answers were derived using a spreadsheet without any intermediate rounding.Answers to Problem Sets1. a. realb. executive airplanesc. brand namesd. financiale. bonds*f. investment or capital budgeting*g. capital budgeting or investmenth. financing*Note that f and g are interchangeable in the question.Est time: 01-052. A trademark, a factory, undeveloped land, and your work force (c, d, e, and g) are all real assets.Real assets are identifiable as items with intrinsic value. The others in the list are financial assets, that is, these assets derive value because of a contractual claim.Est time: 01-053. a. Financial assets, such as stocks or bank loans, are claims held by investors.Corporations sell financial assets to raise the cash to invest in real assets such as plantand equipment. Some real assets are intangible.b. Capital budgeting means investment in real assets. Financing means raising the cash forthis investment.b. The shares of public corporations are traded on stock exchanges and can be purchasedby a wide range of investors. The shares of closely held corporations are not publiclytraded and are held by a small group of private investors.d. Unlimited liability: I nvestors are responsible for all the firm’s debts. A sole proprietor hasunlimited liability. Investors in corporations have limited liability. They can lose theirinvestment, but no more.Est time: 01-054. Items c and d apply to corporations. Because corporations have perpetual life, ownership can betransferred without affecting operations, and managers can be fired with no effect on ownership.Other forms of business may have unlimited liability and limited life.Est time: 01-055. Separation of ownership and management typically leads to agency problems,where managers prefer to consume private perks or make other decisions for their privatebenefit—rather than maximize shareholder wealth.Est time: 01-056. a. Assuming that the encabulator market is risky, an 8% expected return onthe F&H encabulator investments may be inferior to a 4% return on U.S.government securities.b. Unless their financial assets are as safe as U.S. government securities, their cost ofcapital would be higher. The CFO could consider what the expected return is on assetswith similar risk.Est time: 01-057. Shareholders will only vote to maximize shareholder wealth. Shareholders can modify theirpattern of consumption through borrowing and lending, match risk preferences, and hopefullybalance their own checkbooks (or hire a qualified professional to help them with these tasks).Est time: 01-058. If the investment increases the firm’s wealth, it will increase the value of the firm’s shares. Ms.Espinoza could then sell some or all of these more valuable shares in order to provide for herretirement income.Est time: 06-109. As the Goldman Sachs example illustrates, the firm’s value typically falls by significantly morethan the amount of any fines and settlements. The firm’s reputation suffers in a financial scandal, and this can have a much larger effect than the fines levied. Investors may also wonder whether all of the misdeeds have been contained.Est time: 01-0510. Managers would act in shareholders’ interests because they have a legal duty to act in theirinterests. Managers may also receive compensation, either bonuses or stock and option payouts whose value is tied (roughly) to firm performance. Managers may fear personal reputationaldamage that would result from not acting in shareholders’ interests. And m anagers can be fired by the board of directors, which in turn is elected by shareholders. If managers still fail to act in shareholders’ interests, sharehold ers may sell their shares, lowering the stock price andpotentially creating the possibility of a takeover, which can again lead to changes in the board of directors and senior management.Est time: 01-0511. Managers that are insulated from takeovers may be more prone to agency problems andtherefore more likely to act in their own interests rather than in shareholders’. If a firm instituted anew takeover defense, we might expect to see the value of its shares decline as agencyproblems increase and less shareholder value maximization occurs. The counterargument is that defensive measures allow managers to negotiate for a higher purchase price in the face of atakeover bid —to the benefit of shareholder value.12. Answers will vary. The principles of good corporate governance discussed in the chapter shouldapply.Est time: 06-10Appendix Questions :1. Both would still invest in their friend’s business. A invests and receives $121,000 for hisinvestment at the end of the year —which is greater than the $120,000 that would be received from lending at 20% ($100,000 × 1.20 = $120,000). G also invests, but borrows against the$121,000 payment, and thus receives $100,833 ($121,000 / 1.20) today.Est time: 01-052. a. He could consume up to $200,000 now (forgoing all future consumption) or up to $216,000next year ($200,000 × 1.08, forgoing all consumption this year). He should invest all of his wealth to earn $216,000 next year. To choose the same consumption (C ) in both years, C = ($200,000 – C ) × 1.08 = $103,846.203,704200,000 220,000216,000Dollars Next YearDollars Nowb. He should invest all of his wealth to earn $220,000 ($200,000 × 1.10) next year. If heconsumes all this year, he can now have a total of $203,703.70 ($200,000 × 1.10/1.08) this year or $220,000 next year. If he consumes C this year, the amount available for next year’sconsumption is ($203,703.70 – C ) × 1.08. To get equal consumption in both years, set theamount consumed today equal to the amount next year:C = ($203,703.70 – C ) × 1.08C = $105,769.20Est time: 06-10。
公司金融总结
第1章绪论........................................ 错误!未定义书签。
第4章折现现金流量估计............................ 错误!未定义书签。
第5章净现值和投资评价的其他方法.................. 错误!未定义书签。
第8章利率和债券估值............................. 错误!未定义书签。
第9章股票估值.................................... 错误!未定义书签。
第11章风险与报酬................................. 错误!未定义书签。
第13章风险，资本成本与资本预算................... 错误!未定义书签。
第14章有效市场假说............................... 错误!未定义书签。
第16章资本结构（基础）........................... 错误!未定义书签。
第17章资本结构：债务运用的限制.................. 错误!未定义书签。
第18章杠杆企业的估值和资本预算................... 错误!未定义书签。
第19章股利政策................................... 错误!未定义书签。
第1章绪论一、什么是公司金融1.公司的资产负债表（Balance Sheet Model）2.资本预算决策（the capitcal budgeting decision）3.资本结构决策（the capitcal structure desicion）4.短期资产管理（short-term asset management）二、财务管理（the financial management）1. 财务经理的实现增加公司价值这一首要目标的途径（The Financial Manager’s primary goal is to increase the value of the firm by）:（1）选择创造价值的项目Selecting value creating projects（2）做出明智的财务决策Making smart financing decisions2.简化的组织机构图三、企业组织形态1. 公司的业务形式是解决筹集大量现金所遇到的问题的标准方法。
Chapter_30Short-Term Financial Planning(公司金融,英文版)
12
Depreciati on
4
Total Sources
$31
Uses
Repaid short term bank loan
5
Invested in fixed assets
14
Purchased marketable securities 5
Increased accounts receivable
30- 7
Changes in Cash & W.C.
Example - Dynamic Mattress Company
Income Statement
Sales
$350
Assume
Operating Costs 321
Depreciation
4
EBIT
25
dividend = $1 mil R.E.=$11 mil
remainder Strategy C: A permanent short-term borrower
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30- 5
Working Capital
55
Fixed Assets
Grossinvestment 56
less Depr
16
Net Fixed Assets 40
Total Assets
95
2001 5 5 5
25 30 65
70 20 50 115
Liabilitie s & Equity Current Liabilitie s
公司金融英文版教材
公司金融英文版教材Corporate Finance: English Edition TextbookIntroduction:Welcome to the English edition of the Corporate Finance textbook. This comprehensive guide is designed to help you understand the fundamental principles and concepts of corporate finance in a global business environment. Whether you are a student or a professional seeking to enhance your knowledge, this textbook will provide you with the necessary tools to excel in the field of corporate finance.Chapter 1: Introduction to Corporate Finance- Role and importance of corporate finance in business- Financial objectives of a firm and shareholder value maximization- Understanding the key financial decisions and their impact on the firmChapter 2: Financial Statements and Analysis- Understanding the income statement, balance sheet, and cash flow statement- Financial ratio analysis and its interpretation- Evaluating the financial health and performance of a firm Chapter 3: Time Value of Money- Understanding the concept of time value of money- Calculating present value, future value, and annuity payments- Applying time value of money principles in investment decision makingChapter 4: Capital Budgeting- Evaluating investment projects and capital budgeting techniques - Net present value (NPV), internal rate of return (IRR), and profitability index- Assessing risk and uncertainty in investment decisionsChapter 5: Cost of Capital- Determining the cost of debt, equity, and weighted average cost of capital (WACC)- Importance of cost of capital in investment decisions and firm valuation- Estimating the cost of capital using various approaches Chapter 6: Capital Structure- Understanding the capital structure and its impact on firm value - Modigliani-Miller theorem and its implications- Determining the optimal capital structure and the tradeoff between debt and equityChapter 7: Dividend Policy- Role and significance of dividend policy in corporate finance- Dividend theories and factors influencing dividend decisions- Dividend payout ratios, stock repurchases, and dividend reinvestment plansChapter 8: Working Capital Management- Managing short-term assets and liabilities- Cash conversion cycle and its optimization- Credit policies, inventory management, and cash flow forecastingChapter 9: Financial Planning and Forecasting- Importance of financial planning in corporate finance- Developing financial forecasts and budgeting processes- Variance analysis and monitoring financial performance Chapter 10: Corporate Valuation- Different approaches to valuing a firm: discounted cash flow (DCF), relative valuation, and market multiples- Understanding the concept of free cash flow and economic value added (EVA)- Valuation models and their application in mergers and acquisitionsConclusion:This Corporate Finance textbook provides a comprehensive understanding of the key principles and concepts in corporate finance. Whether you are a student aspiring to pursue a career in finance or a professional seeking to enhance your knowledge, this textbook will equip you with the necessary tools to make informed financial decisions and create value for the firm.。
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31- 7
Managing Float
Payers attempt to create delays in the check clearing process. Recipients attempt to remove delays in the check clearing process. Sources of delay
commercial paper certificates of deposit repurchase agreements
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31- 13
Inventories & Cash Balances
The optimal amount of short term securities sold to raise cash will be higher when annual cash outflows are higher and when the cost per sale of securities is higher. Conversely, the initial cash balance falls when the interest is higher.
Principles of Corporate Finance
Seventh Edition
Chapter 31
Cash Management
Richard A. Brealey Stewart C. Myers
Slides by Matthew Will
McGraw Hill/Irwin
Copyright © 2003 by The McGraw-Hill Companies, Inc. All rights reserved
McGraw Hill/Irwin
Copyright © 2003 by The McGraw-Hill Companies, Inc. All rights reserved
31- 12
Inventories & Cash Balances
Determination of optimal order size
31- 8
Managing Float
Check mailed
Mail float
Check received
Availability float Processing float Check deposited Presentation float Check charged to payer’s account
Inventory costs, dollars
Total costs Carrying costs
Total order costs Optimal order size Order size
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=
= 25
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31- 5
Float
Availability Float illustration - The company deposits a $100,000 check that has not yet cleared.
Company’s ledger balance
$900,000
+
equals
Payment float
Initial cash balance =
2 x annual cash outflows x cost per sale of securities interest rate
McGraw Hill/Irwin
Copyright © 2003 by The McGraw-Hill Companies, Inc. All rights reserved
McGraw Hill/Irwin
Copyright © 2003 by The McGraw-Hill Companies, Inc. All rights reserved
31- 10
Money Markets
Money Market - market for short term financial assets.
Company’s ledger balance
$800,000
+
equals
Payment float
$200,000
Bank’s ledger balance $1,000,000
McGraw Hill/Irwin
Copyright © 2003 by The McGraw-Hill Companies, Inc. All rights reserved
31- 2
Topics Covered
Cash Collection and Disbursement Systems
Managing Float
How Much Cash Should the Firm Hold? Investing Idle Cash Money Market Investments Floating Rate Preferred Stock
McGraw Hill/Irwin
Copyright © 2003 by The McGraw-Hill Companies, Inc. All rights reserved
31- 3
Float
Time exists between the moment a check is written and the moment the funds are deposited in the recipient’s account. This time spread is called Float. Payment Float - Checks written by a company that have not yet cleared. Availability Float - Checks already deposited that have not yet cleared.
31- 14
Inventories & Cash Balances
Cash balance ($000) 25
(Everyman’s Bookstore)
Average 12.5
inventory
0
1
2
3
4
5
Weeks
Value of bills sold = Q = 2 x annual cash disbursement x cost per sale interest rate 2 x 1260 x 20 .08
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31- 4
Float
Payment Float illustration - The company issues a $200,000 check that has not yet cleared.
Time it takes to mail check Time for recipient to process check Time for bank to clear check
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Copyright © 2003 by The McGraw-Hill Companies, Inc. All rights reserved
Cash available to recipient
McGraw Hill/Irwin
31- 9
Managing Float
Concentration Banking - system whereby customers make payments to a regional collection center which transfers the funds to a principal bank. Lock-Box System - System whereby customers send payments to a post office box and a local bank collects and processes checks. Zero-Balance Accounts - Regional bank accounts to which just enough funds are transferred daily to pay each day’s bills.
Bank’s ledger balance
$1,100,000
equals Available balance $1,000,000 Availability float $100,000
+
McGraw Hill/Irwin
Copyright © 2003 by The McGraw-Hill Companies, Inc. All rights reserved