际财务管理杰夫马杜拉第9版第九章课后习题答案

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CPA注册会计《财务管理》财管第九章(重难点+同步练习)

【本章重难点】：一、所得税和折旧对现金流量的影响二、固定资产更新决策（一）固定资产更新决策的特殊性更新决策并不改变企业的生产能力，不增加企业的现金流入。

更新决策的现金流量主要为现金流出量。

由于没有适当的现金流入，无论哪个方案都不能计算其净现值和内含报酬率，分析时主要采用平均年成本法。

三、互斥项目的排序问题互斥项目，是指接受一个项目就必须放弃另一个项目的情况。

（一）项目寿命相同，而且投资额相同时，利用净现值和内含报酬率进行选优时结论是一致的。

（二）项目寿命相同，但是投资额不同时，利用净现值和内含报酬率进行选优时结论会有矛盾。

【提示】此时应当以净现值法结论优先。

（三）项目寿命不相同时（重置价值链法）【提示1】通常选最小公倍寿命为共同年限；【提示2】通过重复净现值计算共同年限法下的调整后净现值速度可以更快。

等额年金法1、计算两项目的净现值；2、计算净现值的等额年金额＝该方案净现值/（P/A,i, n）3、假设项目可以无限重置，并且每次都在该项目的终止期，等额年金的资本化就是项目的净现值。

无限重置后的净现值=等额年金额/资本成本i选择调整后净现值最大的方案为优。

四、总量有限时的资本分配五、通货膨胀的处置通货膨胀对资本预算的影响对折现率的影响对现金流量的影响式中：n——相对于基期的期数六、项目风险处置的一般方法1、方法的比较2、实务上被普遍接受的做法根据项目的系统风险调整折现率即资本成本，而用项目的特有风险调整现金流量。

七、项目系统风险的衡量和处置（一）加权平均成本与权益资本成本1、净现值的两种方法2、需要注意的问题：（1）两种方法计算的净现值没有实质区别。

不能用股东要求的报酬率去折现企业实体的现金流量，也不能用企业加权平均的资本成本折现股权现金流量。

（2）折现率应当反映现金流量的风险。

股权现金流量的风险比实体现金流量大，它包含了公司的财务风险。

实体现金流量不包含财务风险，比股东的现金流量风险小。

（3）增加债务不一定会降低加权平均成本。

财务管理学及习题答案-第九章课堂实训与案例分析ppt课件

000÷360×60×80%×15%=240〔万元〕 ❖ 应收账款的时机本钱添加=140〔万元〕
课堂实训
〔3〕收账费用和坏账损失添加收账费用添加=80-60=20〔万元〕坏账损失添加=180-100=80〔万元〕〔4〕改动信誉期限税前损益收益添加-本钱费用添加=4 00-
〔140+20+80〕=160〔万元〕由于收益的添加大于本钱的添加，故应采用60天
课堂实训
【例9-7】黄河公司的年赊销收入为720万元，平均收账期为60天，坏账损失为赊销额的10％，年收账费用为5万元。该公司以为经过添加收账人员等措施，可以使平均收账期降为50天，坏账损失降为赊销额的7％。假设公司的资金本钱率为6％，变动本钱率为50％。要求:计算为使上述变卦经济上合理,新增收账费用的上限〔每年按360天计算〕。
Q 236002000 0600千 0 克
4
T C 2 36 2 0 0 4 0 2 0 04 元 0 000
W1006000 3000元 00
2
N=3 6 0 0 0 0
=60〔次〕
6000
案例分析
❖ 案例分析要点〔计算过程略〕
❖ 1.公司需制定较高的信誉规范，以保证未享用折扣的顾客也能在信誉期内付款。另外，公司应努力收回欠款。
课堂实训
〔3〕收账费用和坏账损失添加收账费用添加=80-60=20〔万元〕坏账损失添加=180-100=80〔万元〕〔4〕估计现金折扣本钱的变化现金折扣本钱添加=新的销售程度×新的现金折扣率×享
用现金折扣的顾客比例-旧的销售程度×旧的现金折扣率×享用现金折扣的顾客比例 =12000×2%×50%-10 000×0×0=120〔万〕〔5〕改动现金折扣后的税前损益收益添加-本钱费用添加=400-〔80+20+80+120〕 =100〔万元〕由于收益的添加大于本钱的添加，故应采用60天信誉期。由于可添加税前收益，故该当放宽信誉期限，并提供现金折扣。

《财务管理学》(人大版)第九章习题+答案

第九章短期资产管理一名词解释1.营运资本2.短期资产3.短期金融资产4.现金预算5.现金持有成本6.现金转换成本7.信用标准 8.信用条件 9.5C评估法10.资产证券化 11.经济批量 12.保险储备13.再订货点14.订货成本 15.储存成本二、判断题1．营运资本有广义和狭义之分，狭义的营运资本又称净营运资本，指短期资产减去短期负债后的余额。

（）2．营运资本具有流动性强的特点，但是流动性越强的资产其收益性就越差。

（）3．拥有大量现金的企业具有较强的偿债能力和承担风险的能力，因此，企业单位应该尽量多地拥有现金。

（）4．如果一个企业的短期资产比较多，短期负债比较少，说明短期偿债能力较弱。

（）5．企业持有现金的动机包括交易动机、补偿动机、谨慎动机、投资动机。

一笔现金余额只能服务于1个动机。

（）6．现金预箅管理是现金管理的核心环节和方法。

（）7．当企业实际的现金余额与最佳的现金余额不一致时，可采用短期融资策略或投资于有价证券等策略来达到理想状况。

（）8．宽松的持有政策要求企业在一定的销售水平土保持较多的短期资产，这种政策的特点是收益高、风险大。

（）9．在资产总额和筹资组合都保持不变的情况下，如果长期资产减少而短期资产增加，就会减少企业的风险，但也会减少企业的盈利。

（）10.所谓“浮存”，是指企业账簿中的现金余额与银行记录中的现金余额之差。

这个差异是由于企业支付、收款与银行转账业务之间存在时滞，在判断企业现金持有情况时可以不用考虑。

（）11.现金持有成本与现金余额成正比例变化，而现金转换成本与现金余额成本成反比例变化。

（）12．在存货模型中，使现金持有成本和现金转换成本之和最低的现金余额即为最佳现金余额。

（）13．企业控制应收账款的最好方法是拒绝向具有潜在风险的客户賒销商品，或将賒销的商品作为附属担保品进行有担保销售。

（）14．赊销是扩大销售的有力手段之一，企业应尽可能放宽信用条件，增加賒销量。

（）15.应收账款管理的基本目标，就是尽量减少应收账款的数量，降低应收账款投资的成本。

(完整word版)国际财务管理课后习题答案chapter9

CHAPTER 9 MANAGEMENT OF ECONOMIC EXPOSURESUGGESTED ANSWERS AND SOLUTIONS TO END-OF-CHAPTERQUESTIONS AND PROBLEMSQUESTIONS1. How would you define economic exposure to exchange risk?Answer: Economic exposure can be defined as the possibility that the firm’s cash flows and thus its market value may be affected by the unexpected exchange rate changes.2. Explain the following statement: “Exposure is the regression coefficient.”Answer: Exposure to currency risk can be appropriately measured by th e sensitivity of the firm’s future cash flows and the market value to random changes in exchange rates. Statistically, this sensitivity can be estimated by the regression coefficient. Thus, exposure can be said to be the regression coefficient.3. Suppose that your company has an equity position in a French firm. Discuss the condition under which the dollar/franc exchange rate uncertainty does not constitute exchange exposure for your company.Answer: Mere changes in exchange rates do not necessarily constitute currency exposure. If the French franc value of the equity moves in the opposite direction as much as the dollar value of the franc changes, then the dollar value of the equity position will be insensitive to exchange rate movements. As a result, your company will not be exposed to currency risk.4. Explain the competitive and conversion effects of exchange rate changes on the firm’s operating cash flow.Answer: The competitive effect: exchange rate changes may affect operating cash flows by altering the firm’s competitive position.The conversion effect: A given operating cash flows in terms of a foreign currency will be converted into higher or lower dollar (home currency)amounts as the exchange rate changes.5. Discuss the determinants of operating exposure.Answer: The main determinants of a firm’s operating exposure are (1) the structure of the markets in which the firm sources its inputs, such as labor and materials, and sells its products, and (2) the firm’s ability to mitigate the effect of exchange rate changes by adjusting its markets, product mix, and sourcing.6. Discuss the implications of purchasing power parity for operating exposure.Answer: If the exchange rate changes are matched by the inflation rate differential between countries, firms’ competitive positions will not be altered by exchange rate changes. Firms are not subject to operating exposure.7. General Motors exports cars to Spain but the strong dollar against the peseta hurts sales of GM cars in Spain. In the Spanish market, GM faces competition from the Italian and French car makers, such as Fiat and Renault, whose currencies remain stable relative to the peseta. What kind of measures would you recommend so that GM can maintain its market share in Spain.Answer: Possible measures that GM can take include: (1) diversify the market; try to market the cars not just in Spain and other European countries but also in, say, Asia; (2) locate production facilities in Spain and source inputs locally; (3) locate production facilities, say, in Mexico where production costs are low and export to Spain from Mexico.8. What are the advantages and disadvantages of financial hedging of the firm’s operating exposure vis-à-vis operational hedges (such as relocating manufacturing site)?Answer: Financial hedging can be implemented quickly with relatively low costs, but it is difficult to hedge against long-term, real exposure with financial contracts. On the other hand, operational hedges are costly, time-consuming, and not easily reversible.9. Discuss the advantages and disadvantages of maintaining multiple manufacturing sites as a hedge against exchange rate exposure.Answer: To establish multiple manufacturing sites can be effective in managing exchange risk exposure, but it can be costly because the firm may not be able to take advantage of the economy of scale.10. Evaluate the following statement: “A firm can reduce its currency exposure by diversifying across different business lines.”Answer: Conglomerate expansion may be too costly as a means of hedging exchange risk exposure. Investment in a different line of business must be made based on its own merit.11. The exchange rate uncertainty may not necessarily mean that firms face exchange risk exposure. Explain why this may be the case.Answer: A firm can have a natural hedging position due to, for example, diversified markets, flexible sourcing capabilities, etc. In addition, to the extent that the PPP holds, nominal exchange rate changes do not influenc e firms’ competitive positions. Under these circumstances, firms do not need to worry about exchange risk exposure.PROBLEMS1. Suppose that you hold a piece of land in the City of London that you may want to sell in one year. As a U.S. resident, you are concerned with the dollar value of the land. Assume that, if the British economy booms in the future, the land will be worth £2,000 and one British pound will be worth $1.40. If the British economy slows down, on the other hand, the land will be worth less, i.e., £1,500, but the pound will be stronger, i.e., $1.50/£. You feel that the British economy will experience a boom with a 60% probability and a slow-down with a 40% probability.(a) Estimate your exposure b to the exchange risk.(b) Compute the variance of the dollar value of your property that is attributable to the exchange rate uncertainty.(c) Discuss how you can hedge your exchange risk exposure and also examine the consequences of hedging.Solution: (a) Let us compute the necessary parameter values:E(P) = (.6)($2800)+(.4)($2250) = $1680+$900 = $2,580E(S) = (.6)(1.40)+(.4)(1.5) = 0.84+0.60 = $1.44Var(S) = (.6)(1.40-1.44)2 + (.4)(1.50-1.44)2= .00096+.00144 = .0024.Cov(P,S) = (.6)(2800-2580)(1.4-1.44)+(.4)(2250-2580)(1.5-1.44)= -5.28-7.92 = -13.20b = Cov(P,S)/Var(S) = -13.20/.0024 = -£5,500.You have a negative exposure! As the pound gets stronger (weaker) against the dollar, the dollar value of your British holding goes down (up).(b) b2Var(S) = (-5500)2(.0024) =72,600($)2(c) Buy £5,500 forward. By doing so, you can eliminate the volatility of the dollar value of your British asset that is due to the exchange rate volatility.2. A U.S. firm holds an asset in France and faces the following scenario:In the above table, P* is the euro price of the asset held by the U.S. firm and P is the dollar price of the asset.(a) Compute the exchange exposure faced by the U.S. firm.(b) What is the variance of the dollar price of this asset if the U.S. firm remains unhedged against thisexposure?(c) If the U.S. firm hedges against this exposure using the forward contract, what is the variance of thedollar value of the hedged position?Solution: (a)E(S) = .25(1.20 +1.10+1.00+0.90) = $1.05/€E(P) = .25(1,800+1,540+1,300 +1,080) = $1,430Var(S) = .25[(1.20-1.05)2 +(1.10-1.05)2+(1.00-1.05)2+(0.90-1.05)2]= .0125Cov(P,S) = .25[(1,800-1,430)(1.20-1.05) + (1,540-1,430)(1.10-1.05)(1,300-1,430)(1.00-1.05) + (1,080-1,430)(0.90-1.05)]= 30b = Cov(P,S)/Var(S) = 30/0.0125 = €2,400.(b) Var(P) = .25[(1,800-1,430)2+(1,540-1,430)2+(1,300-1,430)2+(1,080-1,430)2]= 72,100($)2.(c) Var(P) - b2Var(S) = 72,100 - (2,400)2(0.0125) = 100($)2.This means that most of the volatility of the dollar value of the French asset can be removed by hedging exchange risk. The hedging can be achieved by selling €2,400 forward.MINI CASE: ECONOMIC EXPOSURE OF ALBION COMPUTERS PLCConsider Case 3 of Albion Computers PLC discussed in the chapter. Now, assume that the pound is expected to depreciate to $1.50 from the current level of $1.60 per pound. This implies that the pound cost of the imported part, i.e., Intel’s microprocessors, is £341 (=$512/$1.50). Other variables, such as the unit sales volume and the U.K. inflation rate, remain the same as in Case 3.(a) Compute the projected annual cash flow in dollars.(b) Compute the projected operating gains/losses over the four-year horizon as the discounted present value of change in cash flows, which is due to the pound depreciation, from the benchmark case presented in Exhibit 12.4.(c) What actions, if any, can Albion take to mitigate the projected operating losses due to the pound depreciation?Suggested Solution to Economic Exposure of Albion Computers PLCa) The projected annual cash flow can be computed as follows:______________________________________________________Sales (40,000 units at £1,080/unit) £43,200,000Variable costs (40,000 units at £697/unit) £27,880,000Fixed overhead costs 4,000,000Depreciation allowances 1,000,000Net profit before tax £15,315,000Income tax (50%) 7,657,500Profit after tax 7,657,500Add back depreciation 1,000,000Operating cash flow in pounds £8,657,500Operating cash flow in dollars $12,986,250______________________________________________________b) ______________________________________________________Benchmark CurrentVariables Case Case______________________________________________________Exchange rate ($/£) 1.60 1.50Unit variable cost (£) 650 697Unit sales price (£) 1,000 1,080Sales volume (units) 50,000 40,000Annual cash flow (£) 7,250,000 8,657,500Annual cash flow ($) 11,600,000 12,986,250Four-year present value ($) 33,118,000 37,076,946Operating gains/losses ($) 3,958,946______________________________________________________c) In this case, Albion actually can expect to realize exchange gains, rather than losses. This is mainly due to the fact that while the selling price appreciates by 8% in the U.K. market, the variable cost of imported input increased by about 6.25%. Albion may choose not to do anything.。

财务管理学及习题的答案第九章

第九章流动资产管理
目录
1. 教学内容 2. 课堂实训 3. 案例分析
本章学习目标
? 理解流动资产的概念与特点 ? 掌握最佳现金持有量的计算及现金的日常管理 ? 熟悉应收账款信用政策的选择及应收账款的日
常控制 ? 掌握存货的规划和日常控制技术
第九章流动资产管理
第一节
第二节
第三节
第四节
流动资产管理概述
第二节现金管理
二、现金管理的目标和内容（一）现金管理的目标
? 现金管理的目标是确定最佳现金持有量，既保证正常需要，又不会出现现金的闲置。即在保证企业生产经营所需现金的同时，节约使用资金，并从暂时闲置的现金中获得最多的利息收入。也可以说，现金的管理就是要在资产的流动性和盈利性之间作出选择协调，以获取最大的长期利润。另外，由于货币资金具有普遍可接受性的特点，使得货币资金极容易被盗窃、挪用，发生短缺或其他舞弊行为。因此现金管理的另一目的是要保持货币资金的安全完整。
? 将上式代入总成本计算公式得：
?最低现金管理相关总成本为： TC= 2TFK
第二节现金管理 ? 现金管理相关总成本与持有机会成本、转换成
本的关系如图 9—2所示。
图9-2 存货模式示意图
第二节现金管理
3. 随机模式 ? 随机模式是在现金需求量难以预知的情况下进
行现金持有量控制的方法。对企业来说，现金需求量往往波动大且难以预知，但企业可以根据历史经验和现实需要，测算出一个现金持有量的控制范围，即制定出现金持有量的上限和下限，将现金量控制在上下限之内。随机模式见图9-3 。
第二节现金管理
（二）现金管理的内容 ? 现金管理的内容主要包括以下几个方面：（1 ）编制现金收支计划，以便合理地估计未来的

财务管理学课后题答案9-13

第九章短期资产管理一、名词解释⒈营运成本：营业成本有广义和狭义之分。

广义的营运资本是指总营运资本，简单来说就是指在生产经营活动中的短期资产；狭义的营运资本则是指经营运资本，是短期资产减去短期负债的差额。

通常所说的营运资本多指后者。

⒉短期资产：指可以在1年以内或超过1年的一个营业周期内变现或运用的资产。

⒊短期金融资产：指能够随时变现并且持有时间不准备超过1年（含1年）的金融资产，包括股票、债券、基金等。

⒋现金预算：在企业的长期发展战略基础上，以现金管理的目标为指导，充分调查和分析各种现金收支影响因素，运用一定的方法合理预测企业未来一定时期的现金收支状况，并对预期差异采取相应对策的活动。

⒌现金持有成本：即机会成本，是指持有现金所放弃的收益，这种成本通常为有价证券的利息率，它与现金余额成正比例变化。

⒍现金转换成本：即交易成本，是指现金与有价证券转换的固定成本，包括经纪人费用、捐税及其他管理成本，这种成本只与交易的次数有关，而与现金的持有量无关。

⒎信用标准：是企业同意向顾客提供商业信用而提出的基本要求。

通常以预期的坏账损失率作为判断标准。

⒏信用条件：是指企业要求顾客支付赊销款项的条件，包括信用期限、折扣期限和现金折扣。

⒐5C评估法：指重点分析影响信用的五个方面的一种方法。

这五个方面是品德(character)、能力(capacity)、资本(capital)、抵押品(collateral)和情况(conditions)，因其英文的第一个字母都是C，故称之为5C评估法。

⒑资产证券化：是一种对（金融）资产所有权和收益权进行分离的金融创新，其基本流程是：发起人把证券化资产出售给一家特设信托机构（SPV），或者由SPV主动购买可以证券化的资产，然后由SPV将这些资产汇集称资产池，并以该资产池所产生的现金流为支撑在金融市场上发行有价证券。

⒒经济批量：是指一定时期储存成本和订货成本总和最低的采购批量⒓保险储备：又称安全储备，是指为防止存货使用量突然增加或者交货期延误等不确定情况所持有的存货储备。

际财务管理杰夫马杜拉第9版第五章课后习题答案

Chapter 5Currency DerivativesLecture OutlineForward MarketHow MNCs Use Forward ContractsNon-Deliverable Forward ContractsCurrency Futures MarketContract SpecificationsTrading Currency FuturesTrading Platforms for Currency FuturesComparison to Forward ContractsPricing Currency FuturesCredit Risk of Currency Futures ContractsHow Firms Use Currency FuturesClosing Out a Futures PositionSpeculation with Currency FuturesCurrency Options MarketOptions ExchangesMarketOver-the-CounterCurrency Call OptionsFactors Affecting Call Option PremiumsHow Firms Use Currency Call OptionsSpeculating with Currency Call OptionsCurrency Put OptionsFactors Affecting Currency Put Option Premiums Hedging with Currency Put OptionsSpeculating with Currency Put Options Contingency Graphs for Currency Options Conditional Currency OptionsEuropean Currency Options2 Currency DerivativesChapter ThemeThis chapter provides an overview of currency derivatives, which are sometimes referred to as “speculative.” Yet, firms are increasing their use of these instruments for hedging purposes. The chapter does give speculation some attention, since this is a good way to illustrate the use of a particular instrument based on certain expectations. However, the key is that students have an understanding why firms would consider using these instruments and under what conditions they would use them. Topics to Stimulate Class Discussion1. What advantage do currency options offer that are not available with futures or forward contracts?2. What are some disadvantages of currency option contracts?3. Why do currency futures prices change over time?4. Why do currency options prices change over time?5. Set up several scenarios, and for each scenario, ask students to determine whether it would be betterfor the firm to purchase (or sell) forward contracts, futures contracts, call option contracts, or put options contracts.POINT/COUNTER-POINT:Should Speculators Use Currency Futures or Options?POINT: Speculators should use currency futures because they can avoid a substantial premium. To the extent that they are willing to speculate, they must have confidence in their expectations. If they have sufficient confidence in their expectations, they should bet on their expectations without having to pay a large premium to cover themselves if they are wrong. If they do not have confidence in their expectations, they should not speculate at all.COUNTER-POINT: Speculators should use currency options to fit the degree of their confidence. For example, if they are very confident that a currency will appreciate substantially, but want to limit their investment, they can buy deep out-of-the-money options. These options have a high exercise price but a low premium, and therefore require a small investment. Alternatively, they can buy options that have a lower exercise price (higher premium), which will likely generate a greater return if the currency appreciates. Speculation involves risk. Speculators must recognize that their expectations may be wrong. While options require a premium, the premium is worthwhile to limit the potential downside risk. Options enable speculators to select the degree of downside risk that they are willing to tolerate.WHO IS CORRECT? Use the Internet to learn more about this issue. Which argument do you support? Offer your own opinion on this issue.ANSWER: By comparing futures with options, students should recognize the tradeoff that is formed by the two opposing arguments. The choice of options versus futures may depend on the probability distribution of future exchange rate movements. Speculators who are confident that the exchange rate will appreciate, with very little risk of depreciation, may be more willing to buy futures than call options,3CurrencyDerivatives because they do not need to insure against depreciation. However, speculators who expect appreciationbut want to cover against possible depreciation may be willing to buy call options so that their downsiderisk is limited to what they pay for the call option.Answers to End of Chapter Questions1. Selling Currency Call Options. Mike Suerth sold a call option on Canadian dollars for $.01 perunit. The strike price was $.76, and the spot rate at the time the option was exercised was $.82.Assume Mike did not obtain Canadian dollars until the option was exercised. Also assume that thereare 50,000 units in a Canadian dollar option. What was Mike’s net profit on the call option?ANSWER:Premium received per unit = $.01Amount per unit received from selling C$ = $.76Amount per unit paid when purchasing C$ = $.82Net profit per unit = –$.05Net Profit = 50,000 units × (–$.05) = –$2,5002. Hedging with Currency Derivatives. A U.S. professional football team plans to play an exhibitiongame in the United Kingdom next year. Assume that all expenses will be paid by the Britishgovernment, and that the team will receive a check for 1 million pounds. The team anticipates that thepound will depreciate substantially by the scheduled date of the game. In addition, the National Foot-ball League must approve the deal, and approval (or disapproval) will not occur for three months.How can the team hedge its position? What is there to lose by waiting three months to see if theexhibition game is approved before hedging?ANSWER: The team could purchase put options on pounds in order to lock in the amount at which itcould convert the 1 million pounds to dollars. The expiration date of the put option shouldcorrespond to the date in which the team would receive the 1 million pounds. If the deal is notapproved, the team could let the put options expire.If the team waits three months, option prices will have changed by then. If the pound has depreciatedover this three-month period, put options with the same exercise price would command higherpremiums. Therefore, the team may wish to purchase put options immediately. The team could alsoconsider selling futures contracts on pounds, but it would be obligated to exchange pounds for dollarsin the future, even if the deal is not approved.3. Speculating with Currency Put Options. Alice Duever purchased a put option on British pounds for$.04 per unit. The strike price was $1.80 and the spot rate at the time the pound option was exercisedwas $1.59. Assume there are 31,250 units in a British pound option. What was Alice’s net profit onthe option?ANSWER:Profit per unit on exercising the option = $.21Premium paid per unit = $.04Net profit per unit = $.17Net profit for one option = 31,250 units × $.17 = $5,312.504 Currency Derivatives4. Speculating with Currency Put Options. Bulldog, Inc., has sold Australian dollar put options at apremium of $.01 per unit, and an exercise price of $.76 per unit. It has forecasted the Australian dollar’s lowest level over the period of concern as shown in the following table. Determine the net profit (or loss) per unit to Bulldog, Inc., if each level occurs and the put options are exercised at that time.ANSWER:Possible Value Net Profit (Loss) toof Australian Dollar Bulldog, Inc. if Value Occurs$.72 –$.03.73 –.02.74 –.01.75 .00.76 .015. Speculating with Currency Call Options. Randy Rudecki purchased a call option on British poundsfor $.02 per unit. The strike price was $1.45 and the spot rate at the time the option was exercised was $1.46. Assume there are 31,250 units in a British pound option. What was Randy’s net profit on this option?ANSWER:Profit per unit on exercising the option = $.01Premium paid per unit = $.02Net profit per unit = –$.01Net profit per option = 31,250 units × (–$.01) = –$312.506. Speculating with Currency Call Options. Bama Corp. has sold British pound call options forspeculative purposes. The option premium was $.06 per unit, and the exercise price was $1.58.Bama will purchase the pounds on the day the options are exercised (if the options are exercised) in order to fulfill its obligation. In the following table, fill in the net profit (or loss) to Bama Corp. if the listed spot rate exists at the time the purchaser of the call options considers exercising them.ANSWER:Possible Spot Rate at the Net Profit (Loss) perTime Purchaser of Call Option Unit to Bama CorporationConsiders Exercising Them if Spot Rate Occurs$1.53 $.061.55 .061.57 .061.60 .041.62 .021.64 .001.68 –.047. Currency Put Option Premiums. List the factors that affect currency put options and briefly explainthe relationship that exists for each.5CurrencyDerivatives ANSWER: These factors are listed below:•The lower the existing spot rate relative to the strike price, the greater is the put option value,other things equal.•The longer the period prior to the expiration date, the greater is the put option value, other thingsequal.•The greater the variability of the currency, the greater is the put option value, other things equal.8. Speculating with Currency Put Options. Auburn Co. has purchased Canadian dollar put options forspeculative purposes. Each option was purchased for a premium of $.02 per unit, with an exerciseprice of $.86 per unit. Auburn Co. will purchase the Canadian dollars just before it exercises theoptions (if it is feasible to exercise the options). It plans to wait until the expiration date beforedeciding whether to exercise the options. In the following table, fill in the net profit (or loss) per unitto Auburn Co. based on the listed possible spot rates of the Canadian dollar on the expiration date.ANSWER:Possible Spot Rate Net Profit (Loss) per Unitof Canadian Dollar to Auburn Corporationon Expiration Date if Spot Rate Occurs$.76 $.08.79 .05.84 .00.87 –.02.89 –.02.91 –.029. Currency Call Option Premiums. List the factors that affect currency call option premiums andbriefly explain the relationship that exists for each. Do you think an at-the-money call option in euroshas a higher or lower premium than an at-the-money call option in Mexican pesos (assuming theexpiration date and the total dollar value represented by each option are the same for both options)?ANSWER: These factors are listed below:•The higher the existing spot rate relative to the strike price, the greater is the call option value,other things equal.•The longer the period prior to the expiration date, the greater is the call option value, other thingsequal.•The greater the variability of the currency, the greater is the call option value, other things equal.The at-the-money call option in euros should have a lower premium because the euro should haveless volatility than the peso (assuming that the expected volatility of the euro is lower than that of thepeso).10. Speculating with Currency Call Options. LSU Corp. purchased Canadian dollar call options forspeculative purposes. If these options are exercised, LSU will immediately sell the Canadian dollarsin the spot market. Each option was purchased for a premium of $.03 per unit, with an exercise priceof $.75. LSU plans to wait until the expiration date before deciding whether to exercise the options.Of course, LSU will exercise the options at that time only if it is feasible to do so. In the following6 Currency Derivativestable, fill in the net profit (or loss) per unit to LSU Corp. based on the listed possible spot rates of the Canadian dollar on the expiration date.ANSWER:Possible Spot Rate Net Profit (Loss) perof Canadian Dollar Unit to LSU Corporationon Expiration Date if Spot Rate Occurs$.76 –$.02.78 .00.80 .02.82 .04.85 .07.87 .0911 .Speculating With Currency Options. When should a speculator purchase a call option on Australiandollars? When should a speculator purchase a put option on Australian dollars?ANSWER: Speculators should purchase a call option on Australian dollars if they expect theAustralian dollar value to appreciate substantially over the period specified by the option contract.Speculators should purchase a put option on Australian dollars if they expect the Australian dollar value to depreciate substantially over the period specified by the option contract.12. Speculating with Currency Futures. Assume that a March futures contract on Mexican pesos wasavailable in January for $.09 per unit. Also assume that forward contracts were available for the same settlement date at a price of $.092 per peso. How could speculators capitalize on this situation,assuming zero transaction costs? How would such speculative activity affect the difference between the forward contract price and the futures price?ANSWER: Speculators could purchase peso futures for $.09 per unit, and simultaneously sell pesos forward at $.092 per unit. When the pesos are received (as a result of the futures position) on the settlement date, the speculators would sell the pesos to fulfill their forward contract obligation. This strategy results in a $.002 per unit profit.As many speculators capitalize on the strategy described above, they would place upward pressure on futures prices and downward pressure on forward prices. Thus, the difference between the forward contract price and futures price would be reduced or eliminated.13. Hedging With Currency Options. When would a U.S. firm consider purchasing a call option oneuros for hedging? When would a U.S. firm consider purchasing a put option on euros for hedging?ANSWER: A call option can hedge a firm’s future payables denominated in euros. It effectively locks in the maximum price to be paid for euros.Currency Derivatives 7A put option on euros can hedge a U.S. firm’s future receivables denominated in euros. It effectivelylocks in the minimum price at which it can exchange euros received.14. Hedging with Currency Derivatives. Assume that the transactions listed in the first column of thefollowing table are anticipated by U.S. firms that have no other foreign transactions. Place an “X” in the table wherever you see possible ways to hedge each of the transactions.a. Georgetown Co. plans to purchase Japanese goods denominated in yen.b. Harvard, Inc., sold goods to Japan, denominated in yen.c. Yale Corp. has a subsidiary in Australia that will be remitting funds to the U.S. parent.d. Brown, Inc., needs to pay off existing loans that are denominated in Canadian dollars.e. Princeton Co. may purchase a company in Japan in the near future (but the deal may not gothrough).ANSWER:Forward Contract Futures Contract Options Contract Forward Forward Buy Sell Purchase PurchasePurchase Sale Futures Futures Calls Puts a. X X X b. X X X c. X X X d. X X Xe. X15. Effects of a Forward Contract. How can a forward contract backfire?ANSWER: If the spot rate of the foreign currency at the time of the transaction is worth less than theforward rate that was negotiated, or is worth more than the forward rate that was negotiated, the forward contract has backfired.16. Price Movements of Currency Futures. Assume that on November 1, the spot rate of the Britishpound was $1.58 and the price on a December futures contract was $1.59. Assume that the pound depreciated during November so that by November 30 it was worth $1.51.a. What do you think happened to the futures price over the month of November? Why?ANSWER: The December futures price would have decreased, because it reflects expectations of thefuture spot rate as of the settlement date. If the existing spot rate is $1.51, the spot rate expected on the December futures settlement date is likely to be near $1.51 as well.b. If you had known that this would occur, would you have purchased or sold a December futurescontract in pounds on November 1? Explain.ANSWER: You would have sold futures at the existing futures price of $1.59. Then as the spot rateof the pound declined, the futures price would decline and you could close out your futures position by purchasing a futures contract at a lower price. Alternatively, you could wait until the settlement8 Currency Derivativesdate, purchase the pounds in the spot market, and fulfill the futures obligation by delivering pounds at the price of $1.59 per pound.17. Forward Premium. Compute the forward discount or premium for the Mexican peso whose 90-dayforward rate is $.102 and spot rate is $.10. State whether your answer is a discount or premium.ANSWER: (F - S) / S=($.102 - $.10) / $.10 × (360/90)= .08, or 8%, which reflects a 8% premium18. Speculating with Currency Futures. Assume that the euro’s spot rate has moved in cycles overtime. How might you try to use futures contracts on euros to capitalize on this tendency? How could you determine whether such a strategy would have been profitable in previous periods?ANSWER: Use recent movements in the euro to forecast future movements. If the euro has been strengthening, purchase futures on euros. If the euro has been weakening, sell futures on euros.A strategy’s profitability can be determined by comparing the amount paid for each contract to theamount for which each contract was sold.19. Currency Options. Differentiate between a currency call option and a currency put option.ANSWER: A currency call option provides the right to purchase a specified currency at a specified price within a specified period of time. A currency put option provides the right to sell a specified currency for a specified price within a specified period of time.20. Forward versus Currency Option Contracts. What are the advantages and disadvantages to a U.S.corporation that uses currency options on euros rather than a forward contract on euros to hedge its exposure in euros? Explain why an MNC use forward contracts to hedge committed transactions and use currency options to hedge contracts that are anticipated but not committed. Why might forward contracts be advantageous for committed transactions, and currency options be advantageous for anticipated transactions?ANSWER: A currency option on euros allows more flexibility since it does not commit one topurchase or sell euros (as is the case with a euro futures or forward contract). Yet, it does allow the option holder to purchase or sell euros at a locked-in price.The disadvantage of a euro option is that the option itself is not free. One must pay a premium for the call option, which is above and beyond the exercise price specified in the contract at which the euro could be purchased.An MNC may use forward contracts to hedge committed transactions because it would be cheaper to use a forward contract (a premium would be paid on an option contract that has an exercise price equal to the forward rate). The MNC may use currency options contracts to hedge anticipatedtransactions because it has more flexibility to let the contract go unexercised if the transaction does not occur.21. Using Currency Futures.a. How can currency futures be used by corporations?9CurrencyDerivatives ANSWER: U.S. corporations that desire to lock in a price at which they can sell a foreign currencywould sell currency futures. U.S. corporations that desire to lock in a price at which they canpurchase a foreign currency would purchase currency futures.b. How can currency futures be used by speculators?ANSWER: Speculators who expect a currency to appreciate could purchase currency futurescontracts for that currency. Speculators who expect a currency to depreciate could sell currencyfutures contracts for that currency.22. Selling Currency Put Options. Brian Tull sold a put option on Canadian dollars for $.03 per unit.The strike price was $.75, and the spot rate at the time the option was exercised was $.72. AssumeBrian immediately sold off the Canadian dollars received when the option was exercised. Alsoassume that there are 50,000 units in a Canadian dollar option. What was Brian’s net profit on the putoption?ANSWER:Premium received per unit = $.03Amount per unit received from selling C$ = $.72Amount per unit paid for C$ = $.75Net profit per unit = $023. Forward versus Futures Contracts. Compare and contrast forward and futures contracts.ANSWER: Because currency futures contracts are standardized into small amounts, they can bevaluable for the speculator or small firm (a commercial bank’s forward contracts are more commonfor larger amounts). However, the standardized format of futures forces limited maturities andamounts.Advanced Questions24. Speculating with Currency Futures. Assume that one year ago, the spot rate of the Britishpound was $1.70. One year ago, the one-year futures contract of the British pound exhibited adiscount of 6%. At that time, you sold futures contracts on pounds, representing a total of 1,000,000pounds. From one year ago to today, the pound’s value depreciated against the dollar by 4 percent.Determine the total dollar amount of your profit or loss from your futures contract.ANSWER: Spot rate 1 year ago = $1.70Forward rate 1 year ago = $1.70 x (1– .06) = $1.598Dollars received for 1,000,000 pounds = 1,000,000 x $1.598 = $1,598,000.Spot rate of pound = 4% less than 1 year ago = $1.632Dollars that are now required to buy the 1,000,000 pounds = $1,632,000.Profit = $1,598,000 - $1,632,000 = -$34,000 [loss]25. Currency Straddles. Refer to the previous question, but assume that the call and put optionpremiums are $.035 per unit and $.025 per unit, respectively. (See Appendix B in this chapter.)a.Construct a contingency graph for a long pound straddle.b.Construct a contingency graph for a short pound straddle.10 Currency DerivativesANSWER:a. The plotted points should create a U shape that cuts through the horizontal (break-even) axis at$1.47 and $1.62. The bottom of the U shape occurs from $1.53 to $1.56 and reflects a net profitof –$.06.Net profit per unit$1.47-$.06b. The plotted points should create an upside down U shape that cuts through the horizontal (break-even) axis at $1.47 and $1.62. The peak of the upside down U shape occurs at from $1.53 to $1.56and reflects a net profit of $.06.Net profit per unit$.06-$1.4726. Uncertainty and Option Premiums. At 10:30 a.m., the media reported news that the Mexicangovernment political problems were reduced, which reduced the expected volatility of the Mexicanpeso against the dollar over the next month. The spot rate of the Mexican peso was $.13 as of 10 a.m.and remained at that level all morning. At 10 a.m., Hilton Head Co. purchased a call option at themoney on 1 million Mexican pesos with an expiration date one month from now. At 11:00 a.m.,Rhode Island Co. purchased a call option at the money on 1 million pesos with a December expiration date one month from now. Did Hilton Head Co. pay more, less, or the same as Rhode Island Co. forthe options? Briefly explain.ANSWER: Hilton Head Co. paid a higher premium than Rhode Island Co. because the by the timeRhode Island Co. purchased the call option, the expected volatility of the currency was reduced.27. Currency Strangles. (See Appendix B in this chapter.) Assume the following options are currentlyavailable for British pounds (₤):•Call option premium on British pounds = $.04 per unit•Put option premium on British pounds = $.03 per unit•Call option strike price = $1.56•Put option strike price = $1.53•One option contract represents ₤31,250.a.Construct a worksheet for a long strangle using these options.b.Determine the break-even point(s) for a strangle.c.If the spot price of the pound at option expiration is $1.55, what is the total profit or loss to thestrangle buyer?d.If the spot price of the pound at option expiration is $1.50, what is the total profit or loss to thestrangle writer?ANSWER:a.Many different worksheets are possible, but one worksheet is shown below.Value of Pound at Option Expiration$1.40 $1.53 $1.56 $1.65 Call –$.04 –$.04 –$.04 +$.05Put +$.10 –$.03 –$.03 –$.03Net +$.06 –$.07 –$.07 +$.02b.The break-even points for a strangle are located below the lower exercise price and above thehigher exercise price. The lower break-even point is located at $1.46 = $1.53 – ($.04 + $.03). The higher break-even point is located at $1.63 = $1.56 + ($.04 + $.03).c.Since $1.55 is between the two exercise prices, neither option will be exercised, and the stranglebuyer will incur the maximum loss of $.07.d.If the spot price is $1.50, the put option will be exercised, but the call option will expire. On theput option, the strangle writer will lose $.03 = $1.53 – $1.50. The writer will also collect thepremiums from both options of $.07. Therefore, the strangle writer will net $.04 = $.07 – $.03 at a spot price of the pound equal to $1.50 at option expiration.28. Uncertainty and Option Premiums. This morning, a Canadian dollar call option contract has a$.71 strike price, a premium of $.02, and expiration date of one month from now. This afternoon, news about international economic conditions increased the level of uncertainty surrounding the Canadian dollar. However, the spot rate of the Canadian dollar was still $.71. Would the premium of the call option contract be higher than, lower than, or equal to $.02 this afternoon? Explain.ANSWER: The premium will be higher than $.02. The call option premium is positively related to expected volatility and when uncertainty surrounding the exchange rate increases, the expectedvolatility increases.29. Speculating with Currency Straddles. Maggie Hawthorne is a currency speculator. She has noticedrecently that the euro has appreciated substantially against the U.S. dollar. The current exchange rate of the euro is $1.15. After reading a variety of articles on the subject, she believes that the euro will continue to fluctuate substantially in the months to come. Although most forecasters believe that the euro will depreciate against the dollar in the near future, Maggie thinks that there is also a goodpossibility of further appreciation. Currently, a call option on euros is available with an exercise price of $1.17 and a premium of $.04. A euro put option with an exercise price of $1.17 and a premium of $.03 is also available. (See Appendix B in this chapter.)a.Describe how Maggie could use straddles to speculate on the euro’s value.b.At option expiration, the value of the euro is $1.30. What is Maggie’s total profit or loss from along straddle position?c.What is Maggie’s total profit or loss from a long straddle position if the value of the euro is $1.05at option expiration?d.What is Maggie’s total profit or loss from a long straddle position if the value of the euro atoption expiration is still $1.15?e.Given your answers to the questions above, when is it advantageous for a speculator to engage ina long straddle? When is it advantageous to engage in a short straddle?ANSWER:a.Since Maggie believes the euro will either appreciate or depreciate substantially, she mayconsider purchasing a straddle on euros.b.Per Unit Per ContractSelling Price of € $1.30 $81,250 ($1.30 × 62,500 units)– Purchase price of € –1.17 –73,125 ($1.17 × 62,500 units)– Premium paid for call option –.04 –2,500 ($.04 × 62,500 units)– Premium paid for put option –.03 –1,875 ($.03 × 62,500 units)= Net profit $.06 $3,750 ($.06 × 62,500 units)c.Per Unit Per ContractSelling Price of € $1.17 $73,125 ($1.17 × 62,500 units)– Purchase price of € –1.05 –65,625 ($1.05 × 62,500 units)– Premium paid for call option –.04 –2,500 ($.04 × 62,500 units)– Premium paid for put option –.03 –1,875 ($.03 × 62,500 units)= Net profit $.05 $3,125 ($.05 × 62,500 units)d.Per Unit Per ContractSelling Price of € $1.17 $73,125 ($1.17 × 62,500 units)– Purchase price of € –1.15 –71,875 ($1.15 × 62,500 units)– Premium paid for call option –.04 –2,500 ($.04 × 62,500 units)– Premium paid for put option –.03 –1,875 ($.03 × 62,500 units)= Net profit –$.05 –$3,125 ($.05 × 62,500 units)e. It is advantageous for a speculator to engage in a long straddle if the underlying currency is expectedto fluctuate drastically, in either direction, prior to option expiration. This is because the advantage of benefiting from either an appreciation or depreciation is offset by the cost of two option premiums. It is advantageous for a speculator to engage in a short straddle if the underlying currency is notexpected to deviate far from the strike price prior to option expiration. In that case, the speculator would collect both premiums, and the loss associated with either the call or the put option is minimal.30. Profits from Using Currency Options and Futures. On July 2, the two-month futures rate of theMexican peso contained a 2 percent discount (unannualized). There was a call option on pesos with an exercise price that was equal to the spot rate. There was also a put option on pesos with an exercise price equal to the spot rate. The premium on each of these options was 3 percent of the spot rate at that time. On September 2, the option expired. Go to the website (or any site that has foreign exchange rate quotations) and determine the direct quote of the Mexican peso. You exercised the option on this date if it was feasible to do so.。

财务管理课件及答案第九章财务分析

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第二节财务分析的方法
三、因素分析法
（一）含义：因素分析法是依据分析指标与其影响
因素的关系，从数量上确定各因素对分析指标影响方向和影响程度的一种方法。
（二）种类
❖连环替代法
连环替代法是指在多种因素对某一指标综合发生
作用的情况下,将分析指标分解为各个可以计量的
因素，并根据因素之间的内在依存关系，顺次用
各因素的比较值（通常即实际值）替代基准值
（通常为标准值或计划值），据以测定经济指标
变动的原因及其各因素的影响程度。
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第二节财务分析的方法
设F=A×B×C，基数（计划、上年、同行业先进水平）F0=A0×B0×C0 实际F1=A1×B1×C1 实际-基数= A1×B1×C1- A0×B0×C0 替代步骤：
单位件
千克元元
利润=收入-成本费用现金流量表原理
现金净增加额=现金流入-现金流出 =(经营活动现金流入-经营活动现金流出)+ (投资活动现金流入-投资活动现金流出)+(筹资活动现金流入-筹资活动现金流出)
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简要资产负债表
资产流动资产：现金应收账款存货流动资产合计长期投资：股票投资债券投资长期投资合计固定资产：固定资产原值减 :累计折旧固定资产净值无形资产、递延资产与其他资产资产Pa合ge计8
财务分析的目的（1）评价企业的偿债能力（2）评价企业的营运能力（3）评价企业的获利能力（4）评价企业的发展趋势
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第一节财务分析的意义与内容
财务分析的程序
明确财务分析的目标搜集有关信息资料选择适当的分析方法发现财务管理中存在的问题提出改善财务状况的具体方案

财务管理第九章练习题答案

答案一、单项选择题1、答案:A解析:本题的主要考核点是内含增长率的计算。

代入公式可求得内含增长率为14.3%。

2、答案:B解析:本题的主要考核点是内含增长率的计算。

设销售增长率为g，因为：0＝1.6―0.4―0.1×[（1＋g）÷g]×(1－0.55)，所以：g＝3.90%当增长率为3.90%时，不需要向外界筹措资金。

销售额为200×（1+3.90%）=207.8（万元）3、答案:D解析:本题的主要考核点是弹性预算的编制前提。

弹性预算的编制前提是将成本按性态分析要求，划分为固定成本和变动成本。

4、答案:B解析:本题的主要考核点是可持续增长率的计算。

可持续增长率＝（0.7×6%×1.5×30%）÷[（1－0.7×6%×1.5×30%）]＝1.93%。

5、答案:B解析:本题的主要考核点是外部融资销售增长比的计算。

外部融资需求量＝3500－190－520＝2790（万元），则外部融资销售增长比＝2790/6000＝46.5%。

6、答案:B解析:本题的主要考核点是弹性预算的业务量范围的确定。

弹性预算的业务量范围，一般来说，可定在正常生产能力的70%—110%之间，或以历史上最高业务量和最低业务量为其上下限。

7、答案:B解析:本题考核的主要考核点是有关业务预算的编制。

销售费用预算是在销售预算的基础上编制的，其他预算则是在生产预算上编制的。

8、答案:D解析:该企业2004年度应追加资金量＝×100－×100－50＝150（万元）9、答案:B解析:本题的主要考核点是外部融资需求量的计算公式。

若用增量公式，公式中的各项目都要采用增量计算；若用总量公式，公式中的各项目都要采用总量计算。

其中掌握增量计算公式。

10、答案:C解析:本题的主要考核点是采购现金流出的计算。

全年销售成本＝8000×（1－28%）＝5760（万元）2007年年末存货＝5760/8＝720（万元）由于假设全年均衡销售，所以，第四季度预计销售成本＝5760/4＝1440（万元）第四季度预计的采购现金流出＝期末存货＋本期销货－期初存货＝720＋1440－480＝1680（万元）。

新编[经济学]管理会计英文版课后习题答案高等教育出版社chapter 9

CHAPTER 9standard costing:a managerial control toolQUESTIONS FOR WRITING AND DISCUSSION1.Standard costs are essentially budgetedamounts on a per-unit basis. Unit standardsserve as inputs in building budgets.2.Unit standards are used to build flexiblebudgets. Unit standards for variable costsare the variable cost component of a flexiblebudgeting formula.3.The quantity decision is determining howmuch input should be used per unit of out-put. The pricing decision determines howmuch should be paid for the quantity of inputused.4.Historical experience is often a poor choicefor establishing standards because the his-torical amounts may include more inefficien-cy than is desired.5.Engineering studies can serve as importantinput to standard setting. Many feel that thisapproach by itself may produce standardsthat are too rigorous.6.Ideal standards are perfection standards,representing the best possible outcomes.Currently attainable standards are standardsthat are challenging but allow some waste.Currently attainable standards are oftenchosen because many feel they tend to mo-tivate rather than frustrate.7.Standard costing systems improve planningand control and facilitate product costing. 8.By identifying standards and assessing devi-ations from the standards, managers can lo-cate areas where change or corrective be-havior is needed.9.Actual costing assigns actual manufacturingcosts to products. Normal costing assignsactual prime costs and estimated overheadcosts to products. Standard costing assignsestimated manufacturing costs to products.10. A standard cost sheet presents the standardamount of and price for each input and usesthis information to calculate the unit standardcost. 11.Managers generally tend to have more con-trol over the quantity of an input used ratherthan the price paid per unit of input.12. A standard cost variance should be investi-gated if the variance is material and if thebenefit of investigating and correcting thedeviation is greater than the cost.13.Control limits indicate how large a variancemust be before it is judged to be materialand the process is out of control. Control lim-its are usually set by judgment although sta-tistical approaches are occasionally used. 14.The materials price variance is often com-puted at the point of purchase rather than is-suance because it provides control infor-mation sooner.15.Disagree. A materials usage variance canbe caused by factors beyond the control ofthe production manager, e.g., purchase of alower-quality material than normal.16.Disagree. Using higher-priced workers toperform lower-skilled tasks is an example ofan event that will create a rate variance thatis controllable.17.Some possible causes of an unfavorablelabor efficiency variance are inefficient labor,machine downtime, and poor quality materi-als.18.Part of a variable overhead spending vari-ance can be caused by inefficient use ofoverhead resources.19.Agree. This variance, assuming that variableoverhead costs increase as labor usage in-creases, is caused by the efficiency or ineffi-ciency of labor usage.20.Fixed overhead costs are either committedor discretionary. The committed costs willnot differ by their very nature. Discretionarycosts can vary, but the level the companywants to spend on these items is decided atthe beginning and usually will be met unlessthere is a conscious decision to change thepredetermined levels.21.The volume variance is caused by the actualvolume differing from the expected volumeused to compute the predetermined stand-ard fixed overhead rate. If the actual volumeis different from the expected, then the com-pany has either lost or earned a contributionmargin. The volume variance signals thisoutcome, and if the variance is large, thenthe loss or gain is large since the volumevariance understates the effect.22.The spending variance is more important.This variance is computed by comparing ac-tual expenditures with budgeted expendi-tures. The volume variance simply tellswhether the actual volume is different fromthe expected volume.EXERCISES 9–11. d2. e3. d4. c5. e6. a9–21. a. The operating personnel of each cost center should be involved in settingstandards. They are the primary source for quantity information. The mate-rials manager and purchasing manager are a source of information for ma-terial prices, and personnel are knowledgeable on wage information. The Accounting Department should be involved in overhead standards and should provide information about past prices and usage. Finally, if infor-mation about absolute efficiency is desired, industrial engineers can pro-vide important input.b. Standards should be attainable; they should include an allowance forwaste, breakdowns, etc. Market prices for materials as well as labor (un-ions) should be a consideration for setting standards. Labor prices should include fringe benefits, and material prices should include freight, taxes, etc.2. In principle, before formal responsibility is assigned, the causes of the vari-ances must be known. To be responsible, a manager must have the ability to control or influence the variance. The following assignments of responsibility are general in nature and have exceptions:MPV: Purchasing managerMUV: Production managerLRV: Production managerLEV: Production managerOH variances: Departmental managers1. SH = 0.8 ⨯ 95,000 = 76,000 hours2. SQ = 5 ⨯ 95,000 = 475,000 components9–41. MPV = (AP – SP)AQ= ($0.03 – $0.032)6,420,000 = $12,840 FMUV = (AQ – SQ)SP= (6,420,000 – 6,400,000)$0.032 = $640 U2. LRV = (AR – SR)AH= ($12.50 – $12.00)2,000 = $1,000 UL EV = (AH – SH)SR= (2,000 – 1,850)$12.00 = $1,800 U9–51. Variable overhead analysis:Actual VOH Budgeted VOH Applied VOH2. Fixed overhead analysis:Actual FOH Budgeted FOH Applied FOH1. Materials: $60 ⨯ 20,000 = $1,200,000L abor: $21 ⨯ 20,000 = $420,0002. Actual Cost* Budgeted Cost VarianceMaterials $1,215,120 $1,200,000 $ 15,120 U Labor 390,000 420,000 30,000 F *$122,000 ⨯ $9.96; 31,200 ⨯ $12.503. MPV = (AP – SP)AQ= ($9.96 – $10)122,000 = $4,880 FMUV = (AQ – SQ)SP= (122,000 – 120,000)$10 = $20,000 UAP ⨯ AQ SP ⨯ AQ SP ⨯ SQ4. LRV = (AR – SR)AH= ($12.50 – $14)31,200 = $46,800 FLEV = (AH – SH)SR= (31,200 – 30,000)$14 = $16,800 UAR ⨯ AH SR ⨯ AH SR ⨯ SH1. MPV = (AP – SP)AQ= ($8.35 – $8.25)114,000 = $11,400 UMUV = (AQ – SQ)SP= (112,500 – 115,200)$8.25 = $22,275 F(A three-pronged variance diagram is not shown because MPV is for mate-rials purchased and not materials used.)2. LRV = (AR – SR)AH= ($9.80 – $9.65)37,560 = $5,634 UNote: AR = $368,088/37,560LEV = (AH – SH)SR= (37,560 – 38,400)$9.65 = $8,106 FAR ⨯ AH SR ⨯ AH SR ⨯ SH3. Materials Inventory ................................... 940,500M PV ............................................................ 11,400Accounts Payable ............................... 951,900Work in Process ....................................... 950,400MUV ...................................................... 22,275Materials Inventory .............................. 928,125Work in Process ....................................... 370,560LRV ............................................................ 5,634LEV ....................................................... 8,106Accrued Payroll ................................... 368,0881. Fixed overhead rate = $0.55/(1/2 hr. per unit) = $1.10 per DLHSH = 1,180,000 ⨯ 1/2 = 590,000Applied FOH = $1.10 ⨯ 590,000 = $649,0002. Fixed overhead analysis:Actual FOH Budgeted FOH Applied FOH(600,000 expected hours = 1/2 hour ⨯ 1,200,000 units)3. Variable OH rate = ($1,350,000 – $660,000)/600,000= $1.15 per DLH4. Variable overhead analysis:Actual VOH Budgeted VOH Applied VOH1. Cases needing investigation:Week 2: Exceeds the 10% rule.Week 4: Exceeds the $8,000 rule and the 10% rule.Week 5: Exceeds the 10% rule.2. The purchasing agent. Corrective action would require a return to the pur-chase of the higher-quality material normally used.3. Production engineering is responsible. If the relationship is expected to per-sist, then the new labor method should be adopted, and standards for materi-als and labor need to be revised.9–101. Standard fixed overhead rate = $2,160,000/(120,000 ⨯ 6)= $3.00 per DLHStandard variable overhead rate = $1,440,000/720,000= $2.00 per DLH2. Fixed: 119,000 ⨯ 6 ⨯ $3.00 = $2,142,000Variable: 119,000 ⨯ 6 ⨯ $2.00 = $1,428,000Total FOH variance = $2,250,000 – $2,142,000= $108,000 UTotal VOH variance = $1,425,000 – $1,428,000= $3,000 F3. Fixed overhead analysis:Actual FOH Budgeted FOH Applied FOHThe spending variance is the difference between planned and actual costs.Each item’s variance should be analyzed to see if these costs can be r e-duced. The volume variance is the incorrect prediction of volume, or alterna-tively, it is a signal of the loss or gain that occurred because of producing at a level different from the expected level.4. Variable overhead analysis:Actual VOH Budgeted VOH Applied VOHThe variable overhead spending variance is the difference between the actual variable overhead costs and the budgeted costs for the actual hours used.The variable overhead efficiency variance is the savings or extra cost at-tributable to the efficiency of labor usage.9–111. MPV = (AP – SP)AQ= ($6.60 – $6.40)1,488,000= $297,600 UMUV = (AQ – SQ)SP= (1,480,000 – 1,400,000)$6.40= $512,000 UNote: There is no three-pronged analysis for materials because materials purchased is different from the materials used. (MPV uses materials pur-chased and MUV uses materials used.)2. LRV = (AR – SR)AH= ($18.10 – $18.00)580,000= $58,000 ULEV = (AH – SH)SR= (580,000 – 560,000)$18.00= $360,000 UAR ⨯ AH SR ⨯ AH SR ⨯ SH3. Fixed overhead analysis:Actual FOH Budgeted FOH Applied FOHNote: Practical volume in hours = 2 ⨯ 288,000 = 576,000 hours4. Variable overhead analysis:Actual VOH Budgeted VOH Applied VOH1. Materials Inventory ................................... 9,523,200MPV ............................................................ 297,600Accounts Payable ............................... 9,820,8002. Work in Process ....................................... 8,960,000MUV ............................................................ 512,000Materials Inventory .............................. 9,472,0003. Work in Process ....................................... 10,080,000LRV ............................................................ 58,000LEV ............................................................. 360,000Accrued Payroll ................................... 10,498,0004. Work in Process ....................................... 3,080,000Fixed Overhead Control...................... 2,240,000Variable Overhead Control ................. 840,0005. Materials and labor:Cost of Goods Sold .................................. 1,227,600MPV ...................................................... 297,600MUV ...................................................... 512,000LRV ....................................................... 58,000LEV ....................................................... 360,000 Overhead disposition:Cost of Goods Sold .................................. 160,000Fixed Overhead Control...................... 160,000Cost of Goods Sold .................................. 32,000Variable Overhead Control ................. 32,0001. Tom purchased the large quantity to obtain a lower price so that the pricestandard could be met. In all likelihood, given the reaction of Jackie Iverson, encouraging the use of quantity discounts was not an objective of setting price standards. Usually, material price standards are to encourage the pur-chasing agent to search for sources that will supply the quantity and quality of material desired at the lowest price.2. It sounds like the price standard may be out of date. Revising the pricestandard and implementing a policy concerning quantity purchases would likely prevent this behavior from reoccurring.3. Tom apparently acted in his own self-interest when making the purchase. Hesurely must have known that the quantity approach was not the objective.Yet, the reward structure suggests that there is considerable emphasis placed on meeting standards. His behavior, in part, was induced by the re-ward system of the company. Probably, he should be retained with some ad-ditional training concerning the goals of the company and a change in em-phasis and policy to help encourage the desired behavior.9–14Materials:AP ⨯ AQ SP ⨯ AQ SP ⨯ SQLabor:AR ⨯ AH SR ⨯ AH SR ⨯ SH1. Materials Inventory ................................... 47,700MPV ...................................................... 5,700Accounts Payable ............................... 42,0002. Work in Process ....................................... 45,000MUV ............................................................ 2,700Materials Inventory .............................. 47,7003. Work in Process ....................................... 105,000LRV ....................................................... 2,300LEV (700)Accrued Payroll ................................... 102,0004. Cost of Goods Sold .................................. 2,700MUV ...................................................... 2,700MPV ............................................................ 5,700LRV ............................................................ 2,300LEV (700)Cost of Goods Sold ............................. 8,7001. VOH efficiency variance = (AH – SH)SVOR$8,000 = (1.2SH – SH)$2$8,000 = $0.4SHSH = 20,000AH = 1.2SH = 24,000 2. LEV = (AH – SH)SR$20,000 = (24,000 – 20,000)SR$20,000 = 4,000SRSR = $5LRV = (AR – SR)AH$6,000 = (AR – $5)24,000$0.25 = AR – $5AR = $5.253. SH = 4 ⨯ Units produced20,000 = 4 ⨯ Units produced Units produced = 5,000PROBLEMS9–171. Materials:AP ⨯ AQ SP ⨯ AQ SP ⨯ SQThe new process saves 0.25 ⨯ 4,000 ⨯ $3 = $3,000. Thus, the net savings at-tributable to the higher-quality material are ($6,000 – $3,000) – $2,300 = $700.Keep the higher-quality material!2. Labor for new process:AR ⨯ AH SR ⨯ AH SR ⨯ SHThe new process gains $3,000 in materials (see Requirement 1) but loses $6,000 from the labor effect, giving a net loss of $3,000. If this pattern is ex-pected to persist, then the new process should be abandoned.3. Labor for new process, one week later:AR ⨯ AH SR ⨯ AH SR ⨯ SHIf this is the pattern, then the new process should be continued. It will save $260,000 per year ($5,000 ⨯52 weeks). The weekly savings of $5,000 is the materials savings of $3,000 plus labor savings of $2,000.9–181. e2. h3. k4. n5. d6. g7. o8. b9. m10. l11. j12. c13. a14. i15. f9–191. Material quantity standards:1.25 feet per cutting board⨯ 67.50 feet for five good cutting boardsUnit standard for lumber = 7.50/5 = 1.50 feetUnit standard for foot pads = 4.0Material price standards:Lumber: $3.00 per footPads: $0.05 per padLabor quantity standards:Cutting: 0.2 hrs. ⨯ 6/5 = 0.24 hours per good unitAttachment: 0.25 hours per good unitUnit labor standard 0.49 hours per good unit Labor rate standard: $8.00 per hourStandard prime cost per unit:Lumber (1.50 ft. @ $3.00) $4.50Pads (4 @ $0.05) 0.20Labor (0.49 hr. @ $8.00) 3.92Unit cost $8.629–19 Concluded2. Standards allow managers to compare planned and actual performance. Thedifference can be broken down into price and efficiency variances to identify the cause of a variance. With this feedback, managers are able to improve productivity as they attempt to produce without cost overruns.3. a. The purchasing manager identifies suppliers and their respective pricesand quality of materials.b. The industrial engineer often conducts time and motion studies to deter-mine the standard direct labor time for a unit of product. They also can de-termine how much material is needed for the product.c. The cost accountant has historical information as well as current infor-mation from the purchasing agent, industrial engineers, and operating personnel. He or she can compile this information to obtain an achievable standard.4. Lumber:MPV = (AP – SP)AQ= ($3.10 – $3.00)16,000 = $1,600 UMUV = (AQ – SQ)SP= (16,000 – 15,000)$3 = $3,000 URubber pads:MPV = (AP – SP)AQ= ($0.048 – $0.05)51,000 = $102 FMUV = (AQ – SQ)SP= (51,000 – 40,000)$0.05 = $550 ULabor:LRV = (AR – SR)AH= ($8.05 – $8.00)5,550 = $277.50 ULEV = (AH – SH)SR= (5,550 – 4,900)$8 = $5,200 U9–201. The cumulative average time per unit is an average. It includes the2.5 hoursper unit when 40 units are produced as well as the 1.024 hours per unit when 640 units are produced. As more units are produced, the cumulative average time per unit will decrease.2. The standard should be 0.768 hour per unit as this is the average time takenper unit once efficiency is achieved:[(1.024 ⨯ 640) – (1.28 ⨯ 320)]/(640 – 320)3. Std. Price Std. Usage Std. CostDirect materials $ 4 25.000 $100.00 Direct labor 15 0.768 11.52 Variable overhead 8 0.768 6.14 Fixed overhead 12 0.768 9.22* Standard cost per unit $126.88* *Rounded4. There would be unfavorable efficiency variances for the first 320 units be-cause the standard hours are much lower than the actual hours at this level.Actual hours would be approximately 409.60 (320 ⨯ 1.28), and standard hours would be 245.76 (320 ⨯ 0.768).9–211. MPV = (AP – SP)AQ= ($4.70 – $5.00)260,000 = $78,000 FMUV = (AQ – SQ)SP= (320,000 – 300,000)$5 = $100,000 UThe materials usage variance is viewed as the most controllable because prices for materials are often market-driven and thus not controllable. Re-sponsibility for the variance in this case likely would be assigned to purchas-ing. The lower-quality materials are probably the cause of the extra usage.2. LRV = (AR – SR)AH= ($13 – $12)82,000 = $82,000 ULEV = (AH – SH)SR= (82,000 – 80,000)$12 = $24,000 UAR ⨯ AH SR ⨯ AH SR ⨯ SHProduction is usually responsible for labor efficiency. In this case, efficiency may have been affected by the lower-quality materials, and purchasing, thus, may have significant responsibility for the outcome. Other possible causes are less demand than expected, poor supervision, lack of proper training, and lack of experience.3. Variable overhead variances:Actual VOH Budgeted VOH Applied VOHFormula approach:VOH spending variance = Actual VOH – (SVOR ⨯ AH)= $860,000 – ($10 ⨯ 82,000)= $40,000 UVOH efficiency variance = (AH – SH)SVOR= (82,000 – 80,000)$10= $20,000 U4. Fixed overhead variances:Actual FOH Budgeted FOH Applied FOHThe volume variance is a measure of unused capacity. This cost is reduced as production increases. Thus, selling more goods is the key to reducing this variance (at least in the short run).5. Four variances are potentially affected by material quality:MPV $ 78,000 FMUV 100,000 ULEV 24,000 UVOH efficiency 20,000 U$ 66,000 UIf the variance outcomes are largely attributable to the lower-quality materi-als, then the company should discontinue using this material.6. (Appendix required)Materials Inventory ................................... 1,300,000MPV ...................................................... 78,000Accounts Payable ............................... 1,222,000Work in Process ....................................... 1,500,000MUV ............................................................ 100,000Materials Inventory .............................. 1,600,0009–21 ConcludedWork in Process ....................................... 960,000LRV ............................................................ 82,000LEV ............................................................. 24,000Accrued Payroll ................................... 1,066,000Cost of Goods Sold .................................. 206,000MUV ...................................................... 100,000LRV ....................................................... 82,000LEV ....................................................... 24,000MPV ............................................................ 78,000Cost of Goods Sold ............................. 78,000VOH Control .............................................. 860,000Various Credits .................................... 860,000FOH Control .............................................. 556,000Various Credits .................................... 556,000Work in Process ....................................... 800,000VOH Control ......................................... 800,000Work in Process ....................................... 480,000FOH Control ......................................... 480,000Cost of Goods Sold .................................. 60,000VOH Control ......................................... 60,000Cost of Goods Sold .................................. 76,000FOH Control ......................................... 76,0009–221. Fixed overhead rate = $2,400,000/600,000 hours*= $4 per hour*Standard hours allowed = 2 ⨯ 300,000 units2. Little Rock plant:Actual FOH Budgeted FOH Applied FOHAthens plant:Actual FOH Budgeted FOH Applied FOHThe spending varian ce is almost certainly caused by supervisor’s salaries (for example, an unexpected midyear increase due to union pressures). It is unlikely that the lease payments or depreciation would be greater than budg-eted. Changing the terms on a 10-year lease in the first year would be unusual (unless there is some sort of special clause permitting increased payments for something like unexpected inflation). Also, the depreciation should be on target (unless more equipment was purchased or the depreciation budget was set before the price of the equipment was known with certainty).The volume variance is easy to explain. The Little Rock plant produced less than expected, and so there was an unused capacity cost: $4 ⨯ 120,000 hours = $480,000. The Athens plant had no unused capacity.9–22 Concluded3. It appears that the 120,000 hours of unused capacity (60,000 subassemblies)is permanent for the Little Rock plant. This plant has 10 supervisors, each making $50,000. Supervision is a step-cost driven by the number of produc-tion lines. Unused capacity of 120,000 hours means that two lines can be shut down, saving the salaries of two supervisors ($100,000 at the original salary level). The equipment for the two lines is owned. If it could be sold, then the money could be reinvested, and the depreciation charge would be reduced by20 percent (two lines shut down out of 10). There is no way to directly reducethe lease payments for the building. Perhaps the company could use the space to establish production lines for a different product. Or perhaps the space could be subleased. Another possibility is to keep the supervisors and equipment and try to fill the unused capacity with special orders orders for the subassembly below the regular selling price from a market not normally served. If the selling price is sufficient to cover the variable costs and cover at least the salaries and depreciation for the two lines, then the special order option may be a possibility. This option, however, is fraught with risks, e.g., the risk of finding enough orders to justify keeping the supervisors and equipment, the risk of alienating regular customers who pay full price, and the risk of violating price discrimination laws. Note:You may wish to point out the value of the resource usage model in answering this question (see Chapter 3).4. For each plant, the standard fixed overhead rate is $4 per direct labor hour.Since each subassembly should use two hours, the fixed overhead cost per unit is $8, regardless of where they are produced. Should they differ? Some may argue that the rate for the Little Rock plant needs to be recalculated. For example, one possibility is to use expected actual capacity, instead of practi-cal capacity. In this case, the Little Rock plant would have a fixed overhead rate of $2,400,000/480,000 hours = $5 per hour and a cost per subassembly of $10. The question is: Should the subassemblies be charged for the cost of the unused capacity? ABC suggests a negative response. Products should be charged for the resources they use, and the cost of unused capacity should be reported as a separate item—to draw management’s attention to the need to manage this unused capacity.9–231. Normal Patient Day:Standard Standard StandardPrice Usage Cost Direct materials $10.00 8.00 lb. $ 80.00 Direct labor 16.00 2 hr. 32.00 Variable overhead 30.00 2 hr. 60.00 Fixed overhead 40.00 2 hr. 80.00 Unit cost $252.00 Cesarean Patient Day:Standard Standard StandardPrice Usage Cost Direct materials $10.00 20.00 lb. $200.00 Direct labor 16.00 4 hr. 64.00 Variable overhead 30.00 4 hr. 120.00 Fixed overhead 40.00 4 hr. 160.00 Unit cost $544.00 2. MPV = (AP – SP)AQ= ($9.50 – $10.00)172,000 = $86,000 FMUV = (AQ – SQ)SPMUV (Normal) = [30,000 – (8 ⨯ 3,500)]$10 = $20,000 UMUV (Cesarean) = [142,000 – (20 ⨯ 7,000)]$10 = $20,000 UMaterials .................................................... 1,720,000MPV ...................................................... 86,000Accounts Payable ............................... 1,634,000Work in Process ....................................... 1,680,000M UV ........................................................... 40,000Materials .............................................. 1,720,000MPV ............................................................ 86,000MUV ............................................................ 40,000Cost of Services Sold ......................... 126,0003. LRV = (AR – SR)AH= ($15.90 – $16.00)36,500 = $3,650 FLEV = (AH – SH)SRLEV (Normal) = [7,200 – (2 ⨯ 3,500)]$16 = $3,200 ULEV (Cesarean) = [29,300 – (4 ⨯ 7,000)]$16 = $20,800 UWork in Process ....................................... 560,000*LEV ............................................................. 24,000LRV ....................................................... 3,650Accrued Payroll ................................... 580,350 *[(2 ⨯ 3,500) + (4 ⨯ 7,000)] ⨯ $16 = $560,000Cost of Services Sold ............................... 20,350LRV ............................................................ 3,650LEV ....................................................... 24,0004. Variable overhead variances:Actual VOH Budgeted VOH Applied VOHFixed overhead variances:Actual FOH Budgeted FOH Applied FOHNote: SH = (2 ⨯ 3,500) + (4 ⨯ 7,000) = 35,000。

国际财务管理(英文版)课后习题答案9

CHAPTER 8 MANAGEMENT OF TRANSACTION EXPOSURE SUGGESTED ANSWERS AND SOLUTIONS TO END-OF-CHAPTER QUESTIONS AND PROBLEMSQUESTIONS1. How would you define transaction exposure? How is it different from economic exposure?Answer: Transaction exposure is the sensitivity of realized domestic currency values of the firm’s contractual cash flows denominated in foreign currencies to unexpected changes in exchange rates. Unlike economic exposure, transaction exposure is well-defined and short-term.2. Discuss and compare hedging transaction exposure using the forward contract vs. money market instruments. When do the alternative hedging approaches produce the same result?Answer: Hedging transaction exposure by a forward contract is achieved by selling or buying foreign currency receivables or payables forward. On the other hand, money market hedge is achieved by borrowing or lending the present value of foreign currency receivables or payables, thereby creating offsetting foreign currency positions. If the interest rate parity is holding, the two hedging methods are equivalent.3. Discuss and compare the costs of hedging via the forward contract and the options contract.Answer: There is no up-front cost of hedging by forward contracts. In the case of options hedging, however, hedgers should pay the premiums for the contracts up-front. The cost of forward hedging, however, may be realized ex post when the hedger regrets his/her hedging decision.4. What are the advantages of a currency options contract as a hedging tool compared with the forward contract?Answer: The main advantage of using options contracts for hedging is that the hedger can decide whether to exercise options upon observing the realized future exchange rate. Options thus provide a hedge against ex post regret that forward hedger might have to suffer. Hedgers can only eliminate the downside risk while retaining the upside potential.5. Suppose your company has purchased a put option on the German mark to manage exchange exposure associated with an account receivable denominated in that currency. In this case, your company can be said to have an ‘insurance’ policy on its receivable. Explain in what sense this is so.Answer: Your company in this case knows in advance that it will receive a certain minimum dollar amount no matter what might happen to the $/€ exchange rate. Furthermore, if the German mark appreciates, your company will benefit from the rising euro.6. Recent surveys of corporate exchange risk management practices indicate that many U.S. firms simply do not hedge. How would you explain this result?Answer: There can be many possible reasons for this. First, many firms may feel that they are not really exposed to exchange risk due to product diversification, diversified markets for their products, etc. Second, firms may be using self-insurance against exchange risk. Third, firms may feel that shareholders can diversify exchange risk themselves, rendering corporate risk management unnecessary.7. Should a firm hedge? Why or why not?Answer: In a perfect capital market, firms may not need to hedge exchange risk. But firms can add to their value by hedging if markets are imperfect. First, if management knows about the firm’s exposure better than shareholders, the firm, not it s shareholders, should hedge. Second, firms may be able to hedge at a lower cost. Third, if default costs are significant, corporate hedging can be justifiable because it reduces the probability ofdefault. Fourth, if the firm faces progressive taxes, it can reduce tax obligations by hedging which stabilizes corporate earnings.8. Using an example, discuss the possible effect of hedging on a firm’s tax obligations.Answer: One can use an example similar to the one presented in the chapter.9. Explain contingent exposure and discuss the advantages of using currency options to manage this type of currency exposure.Answer: Companies may encounter a situation where they may or may not face currency exposure. In this situation, companies need options, not obligations, to buy or sell a given amount of foreign exchange they may or may not receive or have to pay. If companies either hedge using forward contracts or do not hedge at all, they may face definite currency exposure.10. Explain cross-hedging and discuss the factors determining its effectiveness.Answer: Cross-hedging involves hedging a position in one asset by taking a position in another asset. The effectiveness of cross-hedging would depend on the strength and stability of the relationship between the two assets.PROBLEMS1. Cray Research sold a super computer to the Max Planck Institute in Germany on credit and invoiced €10 million payable in six months. Currently, the six-month forward exchange rate is $1.10/€ and the foreign exchange advisor for Cray Research predicts that the spot rate is likely to be $1.05/€ in six months.(a) What is the expected gain/loss from the forward hedging?(b) If you were the financial manager of Cray Research, would you recommend hedging this euro receivable? Why or why not?(c) Suppose the foreign exchange advisor predicts that the future spot rate will be the same as the forward exchange rate quoted today. Would you recommend hedging in this case? Why or why not?Solution: (a) Expected gain($) = 10,000,000(1.10 – 1.05)= 10,000,000(.05)= $500,000.(b) I would recommend hedging because Cray Research can increase the expected dollar receipt by $500,000 and also eliminate the exchange risk.(c) Since I eliminate risk without sacrificing dollar receipt, I still would recommend hedging.2. IBM purchased computer chips from NEC, a Japanese electronics concern, and was billed ¥250 million payable in three months. Currently, the spot exchange rate is ¥105/$ and the three-month forward rate is ¥100/$. The three-month money market interest rate is 8 percent per annum in the U.S. and 7 percent per annum in Japan. The management of IBM decided to use the money market hedge to deal with this yen account payable.(a) Explain the process of a money market hedge and compute the dollar cost of meeting the yen obligation.(b) Conduct the cash flow analysis of the money market hedge.Solution: (a). Let’s first compute the PV of ¥250 million, i.e.,250m/1.0175 = ¥245,700,245.7So if the above yen amount is invested today at the Japanese interest rate for three months, the maturity value will be exactly equal to ¥25 million which is the amount of payable. To buy the above yen amount today, it will cost:$2,340,002.34 = ¥250,000,000/105.The dollar cost of meeting this yen obligation is $2,340,002.34 as of today.(b)___________________________________________________________________Transaction CF0 CF1____________________________________________________________________1. Buy yens spot -$2,340,002.34with dollars ¥245,700,245.702. Invest in Japan - ¥245,700,245.70¥250,000,0003. Pay yens - ¥250,000,000Net cash flow - $2,340,002.34____________________________________________________________________3. You plan to visit Geneva, Switzerland in three months to attend an international business conference. You expect to incur the total cost of SF 5,000 for lodging, meals and transportation during your stay. As of today, the spot exchange rate is $0.60/SF and the three-month forward rate is $0.63/SF. You can buy the three-month call option on SF with the exercise rate of $0.64/SF for the premium of $0.05 per SF. Assume that your expected future spot exchange rate is the same as the forward rate. The three-month interest rate is 6 percent per annum in the United States and 4 percent per annum in Switzerland. (a) Calculate your expected dollar cost of buying SF5,000 if you choose to hedge via call option on SF.(b) Calculate the future dollar cost of meeting this SF obligation if you decide to hedge using a forward contract.(c) At what future spot exchange rate will you be indifferent between the forward and option market hedges?(d) Illustrate the future dollar costs of meeting the SF payable against the future spot exchange rate under both the options and forward market hedges.Solution: (a) Total option premium = (.05)(5000) = $250. In three months, $250 is worth $253.75 = $250(1.015). At the expected future spot rate of $0.63/SF, which is less than the exercise price, you don’t expect to exercise options. Rather, you expect to buy Swiss franc at $0.63/SF. Since you are going to buy SF5,000, you expect to spend $3,150 (=.63x5,000). Thus, the total expected cost of buying SF5,000 will be the sum of $3,150 and $253.75, i.e., $3,403.75.(b) $3,150 = (.63)(5,000).(c) $3,150 = 5,000x + 253.75, where x represents the break-even future spot rate. Solving for x, we obtain x = $0.57925/SF. Note that at the break-even future spot rate, options will not be exercised.(d) If the Swiss franc appreciates beyond $0.64/SF, which is the exercise price of call option, you will exercise the option and buy SF5,000 for $3,200. The total cost of buying SF5,000 will be $3,453.75 = $3,200 + $253.75.This is the maximum you will pay.4. Boeing just signed a contract to sell a Boeing 737 aircraft to Air France. Air France will be billed €20 million which is payable in one year. The current spot exchange rate is $1.05/€ and the one -year forward rate is $1.10/€. The annual interest rat e is 6.0% in the U.S. and5.0% in France. Boeing is concerned with the volatile exchange rate between the dollar and the euro and would like to hedge exchange exposure.(a) It is considering two hedging alternatives: sell the euro proceeds from the sale forward or borrow euros from the Credit Lyonnaise against the euro receivable. Which alternative would you recommend? Why?(b) Other things being equal, at what forward exchange rate would Boeing be indifferent between the two hedging methods?Solution: (a) In the case of forward hedge, the future dollar proceeds will be (20,000,000)(1.10) = $22,000,000. In the case of money market hedge (MMH), the firm has to first borrow the PV of its euro receivable, i.e., 20,000,000/1.05 =€19,047,619. Then the firm should exchange this euro amount into dollars at the current spot rate to receive: (€19,047,619)($1.05/€) = $20,000,000, which can be invested at the dollar interest rate $ Cost Options hedge Forward hedge $3,453.75 $3,150 0 0.579 0.64 (strike price) $/SF$253.75for one year to yield:$20,000,000(1.06) = $21,200,000.Clearly, the firm can receive $800,000 more by using forward hedging.(b) According to IRP, F = S(1+i$)/(1+i F). Thus the “indifferent” forward rate will be:F = 1.05(1.06)/1.05 = $1.06/€.5. Suppose that Baltimore Machinery sold a drilling machine to a Swiss firm and gave the Swiss client a choice of paying either $10,000 or SF 15,000 in three months.(a) In the above example, Baltimore Machinery effectively gave the Swiss client a free option to buy up to $10,000 dollars using Swiss franc. What is the ‘implied’ exercise exchange rate?(b) If the spot exchange rate turns out to be $0.62/SF, which currency do you think the Swiss client will choose to use for payment? What is the value of this free option for the Swiss client?(c) What is the best way for Baltimore Machinery to deal with the exchange exposure?Solution: (a) The implied exercise (price) rate is: 10,000/15,000 = $0.6667/SF.(b) If the Swiss client chooses to pay $10,000, it will cost SF16,129 (=10,000/.62). Since the Swiss client has an option to pay SF15,000, it will choose to do so. The value of this option is obviously SF1,129 (=SF16,129-SF15,000).(c) Baltimore Machinery faces a contingent exposure in the sense that it may or may not receive SF15,000 in the future. The firm thus can hedge this exposure by buying a put option on SF15,000.6. Princess Cruise Company (PCC) purchased a ship from Mitsubishi Heavy Industry. PCC owes Mitsubishi Heavy Industry 500 million yen in one year. The current spot rate is 124 yen per dollar and the one-year forward rate is 110 yen per dollar. The annual interest rate is 5% in Japan and 8% in the U.S. PCC can also buy a one-year call option on yen at the strike price of $.0081 per yen for a premium of .014 cents per yen.(a) Compute the future dollar costs of meeting this obligation using the money market hedgeand the forward hedges.(b) Assuming that the forward exchange rate is the best predictor of the future spot rate, compute the expected future dollar cost of meeting this obligation when the option hedge is used.(c) At what future spot rate do you think PCC may be indifferent between the option and forward hedge?Solution: (a) In the case of forward hedge, the dollar cost will be 500,000,000/110 = $4,545,455. In the case of money market hedge, the future dollar cost will be: 500,000,000(1.08)/(1.05)(124)= $4,147,465.(b) The option premium is: (.014/100)(500,000,000) = $70,000. Its future value will be $70,000(1.08) = $75,600.At the expected future spot rate of $.0091(=1/110), which is higher than the exercise of $.0081, PCC will exercise its call option and buy ¥500,000,000 for $4,050,000 (=500,000,000x.0081).The total expected cost will thus be $4,125,600, which is the sum of $75,600 and $4,050,000.(c) When the option hedge is used, PCC will spend “at most” $4,125,000. On the other hand, when the forward hedging is used, PCC will have to spend $4,545,455 regardless of the future spot rate. This means that the options hedge dominates the forward hedge. At no future spot rate, PCC will be indifferent between forward and options hedges.7. Airbus sold an aircraft, A400, to Delta Airlines, a U.S. company, and billed $30 million payable in six months. Airbus is concerned with the euro proceeds from international sales and would like to control exchange risk. The current spot exchange rate is $1.05/€ and six-month forward exchange rate is $1.10/€ at the moment. Airbus can buy a six-month put option on U.S. dollars with a strike price of €0.95/$ for a premium of €0.02 per U.S. dollar. Currently, six-month interest rate is 2.5% in the euro zone and 3.0% in the U.S.pute the guaranteed euro proceeds from the American sale if Airbus decides to hedgeusing a forward contract.b.If Airbus decides to hedge using money market instruments, what action does Airbusneed to take? What would be the guaranteed euro proceeds from the American sale in this case?c.If Airbus decides to hedge using put options on U.S. dollars, what would be the‘expected’ euro proceeds from the American sale? Assume that Airbus regards the current forward exchange rate as an unbiased predictor of the future spot exchange rate.d.At what future spot exchange rate do you think Airbus will be indifferent between theoption and money market hedge?Solution:a. Airbus will sell $30 million forward for €27,272,727 = ($30,000,000) / ($1.10/€).b. Airbus will borrow the present value of the dollar receivable, i.e., $29,126,214 = $30,000,000/1.03, and then sell the dollar proceeds spot for euros: €27,739,251. This is the euro amount that Airbus is going to keep.c. Since the expected future spot rate is less than the strike price of the put option, i.e., €0.9091< €0.95, Airbus expects to exercise the option and receive €28,500,000 = ($30,000,000)(€0.95/$). This is gross proceeds. Airbus spent €600,000 (=0.02x30,000,000) upfront for the option and its future cost is equal to €615,000 = €600,000 x 1.025. Thus the net euro proceeds from the American sale is €27,885,000, which is the difference between the gross proceeds and the option costs.d. At the indifferent future spot rate, the following will hold:€28,432,732 = S T (30,000,000) - €615,000.Solving for S T, we obtain the “indifference” future spot exchange rate, i.e., €0.9683/$, or $1.0327/€. Note that €28,432,732 is the future value of the proceed s under money market hedging:€28,432,732 = (€27,739,251) (1.025).Suggested solution for Mini Case: Chase Options, Inc.[See Chapter 13 for the case text]Chase Options, Inc.Hedging Foreign Currency Exposure Through Currency OptionsHarvey A. PoniachekI. Case SummaryThis case reviews the foreign exchange options market and hedging. It presents various international transactions that require currency options hedging strategies by the corporations involved. Seven transactions under a variety of circumstances are introduced that require hedging by currency options. The transactions involve hedging of dividend remittances, portfolio investment exposure, and strategic economic competitiveness. Market quotations are provided for options (and options hedging ratios), forwards, and interest rates for various maturities.II. Case Objective.The case introduces the student to the principles of currency options market and hedging strategies. The transactions are of various types that often confront companies that are involved in extensive international business or multinational corporations. The case induces students to acquire hands-on experience in addressing specific exposure and hedging concerns, including how to apply various market quotations, which hedging strategy is most suitable, and how to address exposure in foreign currency through cross hedging policies.III. Proposed Assignment Solution1. The company expects DM100 million in repatriated profits, and does not want the DM/$ exchange rate at which they convert those profits to rise above 1.70. They can hedge this exposure using DM put options with a strike price of 1.70. If the spot rate rises above 1.70, they can exercise the option, while if that rate falls they can enjoy additionalprofits from favorable exchange rate movements.To purchase the options would require an up-front premium of:DM 100,000,000 x 0.0164 = DM 1,640,000.With a strike price of 1.70 DM/$, this would assure the U.S. company of receiving at least:DM 100,000,000 – DM 1,640,000 x (1 + 0.085106 x 272/360)= DM 98,254,544/1.70 DM/$ = $57,796,791by exercising the option if the DM depreciated. Note that the proceeds from the repatriated profits are reduced by the premium paid, which is further adjusted by the interest foregone on this amount.However, if the DM were to appreciate relative to the dollar, the company would allow the option to expire, and enjoy greater dollar proceeds from this increase.Should forward contracts be used to hedge this exposure, the proceeds received would be: DM100,000,000/1.6725 DM/$ = $59,790,732,regardless of the movement of the DM/$ exchange rate. While this amount is almost $2 million more than that realized using option hedges above, there is no flexibility regarding the exercise date; if this date differs from that at which the repatriate profits are available, the company may be exposed to additional further current exposure. Further, there is no opportunity to enjoy any appreciation in the DM.If the company were to buy DM puts as above, and sell an equivalent amount in calls with strike price 1.647, the premium paid would be exactly offset by the premium received. This would assure that the exchange rate realized would fall between 1.647 and 1.700. If the rate rises above 1.700, the company will exercise its put option, and if it fell below 1.647, the other party would use its call; for any rate in between, both options wouldexpire worthless. The proceeds realized would then fall between:DM 100,00,000/1.647 DM/$ = $60,716,454andDM 100,000,000/1.700 DM/$ = $58,823,529.This would allow the company some upside potential, while guaranteeing proceeds at least $1 million greater than the minimum for simply buying a put as above.Buy/Sell OptionsDM/$Spot Put Payoff “Put”ProfitsCallPayoff“Call”Profits Net Profit1.60(1,742,846)01,742,84660,716,45460,716,4541.61(1,742,846)01,742,84660,716,45460,716,4541.62(1,742,846)01,742,84660,716,45460,716,454 1.63(1,742,846)01,742,84660,716,45460,716,4541.64(1,742,846)01,742,84660,716,45460,716,4541.65(1,742,846)60,606,0611,742,846060,606,061 1.66(1,742,846)60,240,9641,742,846060,240,9641.67(1,742,846)59,880,241,742,846059,880,240 1.68(1,742,846)59,523,811,742,846059,523,8101.69(1,742,846)59,171,591,742,846059,171,59881,742,846058,823,529 1.70(1,742,846)58,823,5291.71(1,742,846)58,823,521,742,846058,823,52991,742,846058,823,529 1.72(1,742,846)58,823,5291.73(1,742,846)58,823,521,742,846058,823,52991.74(1,742,846)58,823,521,742,846058,823,52991.75(1,742,846)58,823,521,742,846058,823,52991,742,846058,823,529 1.76(1,742,846)58,823,5291,742,846058,823,529 1.77(1,742,846)58,823,5291,742,846058,823,529 1.78(1,742,846)58,823,5291,742,846058,823,529 1.79(1,742,846)58,823,5291,742,846058,823,529 1.80(1,742,846)58,823,5291,742,846058,823,529 1.81(1,742,846)58,823,5291.82(1,742,846)58,823,521,742,846058,823,52991.83(1,742,846)58,823,521,742,846058,823,5291.84(1,742,846)58,823,521,742,846058,823,52991,742,846058,823,529 1.85(1,742,846)58,823,529Since the firm believes that there is a good chance that the pound sterling will weaken, locking them into a forward contract would not be appropriate, because they would lose the opportunity to profit from this weakening. Their hedge strategy should follow for an upside potential to match their viewpoint. Therefore, they should purchase sterling call options, paying a premium of:5,000,000 STG x 0.0176 = 88,000 STG.If the dollar strengthens against the pound, the firm allows the option to expire, and buys sterling in the spot market at a cheaper price than they would have paid for a forward contract; otherwise, the sterling calls protect against unfavorable depreciation of the dollar.Because the fund manager is uncertain when he will sell the bonds, he requires a hedge which will allow flexibility as to the exercise date. Thus, options are the best instrument for him to use. He can buy A$ puts to lock in a floor of 0.72 A$/$. Since he is willing to forego any further currency appreciation, he can sell A$ calls with a strike price of 0.8025 A$/$ to defray the cost of his hedge (in fact he earns a net premium of A$ 100,000,000 x (0.007234 –0.007211) = A$ 2,300), while knowing that he can’t receive less than 0.72 A$/$ when redeeming his investment, and can benefit from a small appreciation of the A$.Example #3:Problem: Hedge principal denominated in A$ into US$. Forgo upside potential to buy floor protection.I. Hedge by writing calls and buying puts1) Write calls for $/A$ @ 0.8025Buy puts for $/A$ @ 0.72# contracts needed = Principal in A$/Contract size100,000,000A$/100,000 A$ = 1002) Revenue from sale of calls = (# contracts)(size of contract)(premium)$75,573 = (100)(100,000 A$)(.007234 $/A$)(1 + .0825 195/360)3) Total cost of puts = (# contracts)(size of contract)(premium)$75,332 = (100)(100,000 A$)(.007211 $/A$)(1 + .0825 195/360) 4) Put payoffIf spot falls below 0.72, fund manager will exercise putIf spot rises above 0.72, fund manager will let put expire5) Call payoffIf spot rises above .8025, call will be exercised If spot falls below .8025, call will expire6) Net payoffSee following Table for net payoffAustralian Dollar Bond HedgeStrikePrice Put Payoff “Put”PrincipalCallPayoff“Call”Principal Net Profit0.60(75,332)72,000,0075,573072,000,2410.61(75,332)72,000,0075,573072,000,2410.62(75,332)72,000,0075,573072,000,2410.63(75,332)72,000,0075,573072,000,2410.64(75,332)72,000,0075,573072,000,2410.65(75,332)72,000,0075,573072,000,2410.66(75,332)72,000,0075,573072,000,2410.67(75,332)72,000,0075,573072,000,2410.68(75,332)72,000,0075,573072,000,2410.69(75,332)72,000,0075,573072,000,2410.70(75,332)72,000,0075,573072,000,2410.71(75,332)72,000,0075,573072,000,2410.72(75,332)72,000,0075,573072,000,2410.73(75,332)73,000,0075,573073,000,2410.74(75,332)74,000,0075,573074,000,2410.75(75,332)75,000,0075,573075,000,2410.76(75,332)76,000,0075,573076,000,24175,573077,000,2410.77(75,332)77,000,000.78(75,332)78,000,0075,573078,000,24175,573079,000,2410.79(75,332)79,000,000.80(75,332)80,000,0075,573080,000,24180,250,2410.81(75,332)075,57380,250,000.82(75,332)075,57380,250,0080,250,24180,250,2410.83(75,332)075,57380,250,000.84(75,332)075,57380,250,0080,250,24180,250,2410.85(75,332)075,57380,250,004. The German company is bidding on a contract which they cannot be certain of winning. Thus, the need to execute a currency transaction is similarly uncertain, and using a forward or futures as a hedge is inappropriate, because it would force them to perform even if they do not win the contract.Using a sterling put option as a hedge for this transaction makes the most sense. For a premium of:12 million STG x 0.0161 = 193,200 STG,they can assure themselves that adverse movements in the pound sterling exchange rate will not diminish the profitability of the project (and hence the feasibility of their bid),while at the same time allowing the potential for gains from sterling appreciation.5. Since AMC in concerned about the adverse effects that a strengthening of the dollar would have on its business, we need to create a situation in which it will profit from such an appreciation. Purchasing a yen put or a dollar call will achieve this objective. The data in Exhibit 1, row 7 represent a 10 percent appreciation of the dollar (128.15 strike vs. 116.5 forward rate) and can be used to hedge against a similar appreciation of the dollar.For every million yen of hedging, the cost would be:Yen 100,000,000 x 0.000127 = 127 Yen.To determine the breakeven point, we need to compute the value of this option if the dollar appreciated 10 percent (spot rose to 128.15), and subtract from it the premium we paid. This profit would be compared w ith the profit earned on five to 10 percent of AMC’s sales (which would be lost as a result of the dollar appreciation). The number of options to be purchased which would equalize these two quantities would represent the breakeven point.Example #5:Hedge the economic cost of the depreciating Yen to AMC.If we assume that AMC sales fall in direct proportion to depreciation in the yen (i.e., a 10 percent decline in yen and 10 percent decline in sales), then we can hedge the full value of AMC’s sales. I hav e assumed $100 million in sales.1) Buy yen puts# contracts needed = Expected Sales *Current ¥/$ Rate / Contract size9600 = ($100,000,000)(120¥/$) / ¥1,250,0002) Total Cost = (# contracts)(contract size)(premium)$1,524,000 = (9600)( ¥1,250,000)($0.0001275/¥)3) Floor rate = Exercise – Premium128.1499¥/$ = 128.15¥/$ - $1,524,000/12,000,000,000¥4) The payoff changes depending on the level of the ¥/$ rate. The following tablesummarizes the payoffs. An equilibrium is reached when the spot rate equals the floor rate.AMC ProfitabilityYen/$ Spot Put Payoff Sales Net Profit 120(1,524,990)100,000,00098,475,010 121(1,524,990)99,173,66497,648,564 122(1,524,990)98,360,65696,835,666 123(1,524,990)97,560,97686,035,986 124(1,524,990)96,774,19495,249,204 125(1,524,990)96,000,00094,475,010 126(1,524,990)95,238,09593,713,105 127(847,829)94,488,18993,640,360 128(109,640)93,750,00093,640,360 129617,10493,023,25693,640,360 1301,332,66892,307,69293,640,360 1312,037,30791,603,05393,640,360 1322,731,26990,909,09193,640,360 1333,414,79690,225,66493,640,360 1344,088,12289,552,23993,640,360 1354,751,43188,888,88993,640,360 1365,405,06688,235,29493,640,360 1376,049,11887,591,24193,640,360 1386,683,83986,966,52293,640,360 1397,308,42586,330,93693,640,360 1407,926,07585,714,28693,640,360 1418,533,97785,106,38393,640,360 1429,133,31884,507,04293,640,360 1439,724,27683,916,08493,640,360 14410,307,02783,333,33393,640,360 14510,881,74082,758,62193,640,360 14611,448,57982,191,78193,640,360。

公司财务管理第9章_期权（参考答案）

第9章期权（习题参考答案）一、简答题（参考答案）1．期权是一种选择权，是持有者通过付出一定的成本而获得的，在未来某个时期或之前以交易双方商定的价格购买或出售一定数量的某项标的资产的权利。

期权是可以“卖空”的，期权到期时双方不一定进行标的实物的交割，而只需按差价补足价款即可，所以期权出售人不一定拥有标的资产。

2．期权的价值取决于股票当前价格、期权执行价格、期权有效期、股票价格波动率及无风险利率五大因素。

下面以看涨期权为例，简要阐述五大因素对看涨期权价值的影响。

（1）股票价格。

如果看涨期权在将来某一时刻行使，期权收益等于股票价格与执行价格的差额。

因此，在其他条件相同时，随着股票价格的上升，看涨期权价格也会增大。

（2）执行价格。

由于执行期权的收益等于股票价格与执行价格的差额，所以看涨期权的价值与执行价格反向变动，即执行价格的上升将降低看涨期权的价值。

（3）期权有效期。

当有效期有所增加时，美式看涨期权的价格会增加，欧式看涨期权的价值一般也会随着有效期增加。

（4）股票价格波动率。

股票价格波动率衡量了未来股票价格变动的不定性，看涨期权的价值将随标的资产波动率的增加而增加。

（5）无风险利率。

看涨期权的持有者仅在执行期权时才支付执行价格。

延迟支付能力在利率高时有较大价值，而在利润低时则价值较小，所以看涨期权的价值与利率正相关。

3．风险中性评估。

该原理的假设前提是投资者对待风险的态度是中性的，所有证券的预期收益率应当等于无风险利率。

4．实物期权主要有扩张期权、时机选择期权和放弃期权三种。

扩张期权，即取得后续投资机会的权利，是指为了进一步获得市场信息的投资行为而获得的选择机会，表征为如果现在不投资，就会失去未来扩张的选择权。

时机选择期权是指，任何投资项目从时间上看都具有期权的性质，主要通过比较延迟执行的期权价值与立即执行的净现值判断现在投资还是延迟投资可有更大获利。

放弃期权是指在某项目寿命期间内放弃继续经营该项目的权利：当将项目的资产在外部市场上出售时，该项目的市场价值就是放弃期权的价值；而当将这些资产用到公司别的领域时，其机会成本就是放弃期权的价值。

财务管理学课后习题答案第9章

思考题1.答题要点：营运资本有广义和狭义之分。

广义的营运资本是指总营运资本，简单来说就是指在生产经营活动中的短期资产；狭义的营运资本则是指净营运资本，是短期资产减去短期负债的差额。

通常所说的营运资本多指后者。

营运资本项目在不断的变现和再投入，而各项目的变化会直接影响公司的现金周转，同时，恰恰是由于现金的周转才使得营运资本不断循环运转，使公司成为一个活跃的经济实体，两者相辅相成。

2.答题要点：企业持有现金往往是出于以下考虑：(1) 交易动机。

在企业的日常经营中，为了正常的生产销售周转必须保持一定的现金余额。

销售产品得到的收入往往不能马上收到现金，而采购原材料、支付工资等则需要现金支持，为了进一步的生产交易需要一定的现金余额。

所以，基于这种企业购、产、销行为需要的现金，就是交易动机要求的现金持有。

(2) 补偿动机。

银行为企业提供服务时，往往需要企业在银行中保留存款余额来补偿服务费用。

同时，银行贷给企业款项也需要企业在银行中有存款以保证银行的资金安全。

这种出于银行要求而保留在企业银行账户中的存款就是补偿动机要求的现金持有。

(3) 谨慎动机。

现金的流入和流出经常是不确定的，这种不确定性取决于企业所处的外部环境和自身经营条件的好坏。

为了应付一些突发事件和偶然情况，企业必须持有一定现金余额来保证生产经营的安全顺利进行，这就是谨慎动机要求的现金持有量。

(4) 投资动机。

企业在保证生产经营正常进行的基础上，还希望有一些回报率较高的投资机会，此时也需要企业持有现金，这就是投资动机对现金的需求。

现金管理的主要内容包括：编制现金收支计划，以便合理估计未来的现金需求；对日常的现金收支进行控制，力求加速收款，延缓付款；用特定的方法确定最佳现金余额，当企业实际的现金余额与最佳的现金余额不一致时，采用短期融资策略或采用归还借款和投资于有价证券等策略来达到理想状况。

3.答题要点：现金预算编制的主要方法有两种：收支预算法和调整净收益法。

财务管理第九章课后习题答案

《财务管理》第九章课后习题答案1.（1）一年后A 公司股票的税前投资收益率%1550505.57R =-= 由于预期一年后A 公司不分配现金股利，资本利得所得税税率为0.，所以A 公司税后投资报酬率为15%。

（2）B 公司股票现行价格假设B 公司股票与A 公司股票风险相同，则B 公司股票现行价格P 0：)(50P %15P P 5.52P 50000元=⇒=-+ B 公司一年后的税前投资收益率为15%。

2.（1）B 公司投资报酬率%20202024R =-= A 公司与B 公司股票风险相同，则A 公司股票现时价格P 0：)(20P P P 20P 4%200000元=⇒-+= （2）A 公司股票价格仍然是20元。

3.（1）900-500X60%=600(万元)（2）420万元（3）900X(420/1200)=315(万元)（4）420万元4.（1）权益资本筹资（留存利润）=120x70%=84(万元)股利支付额：150-84=66（万元）股利支付率=66/150=44%（2）权益资本筹资（留存利润）=210X70%=147（万元）股利支付额150-147=3（万元）股利支付率=3/150=2%5.（1）支付现金股利：EPS=5000000/1000000=5(元/股)P/E=30/5=6元（2）回购股票：回购股数=2000000/32=62500(股)回购后的EPS=5000000/(1000000-62500)=5.33(元/股)每股市价=5.33X6=32(元)案例思考题1.高派现股利政策。

2、不同，国家股与法人股收益率更高。

股改前，非流通股东偏好县级股利，这是因为其所持股份不能流通获取资本利得收益，现金股利对非流通股东吸引力较大，佛山照明利用股市流通股与非流通股割裂的制度缺陷，用分红实现大股东利益最大化，而中小投资者只能拿回相当于当初投资很少的份额。

（股改后仍存在限售股与流通股之间矛盾）3、事实上，佛山照明只是在A、B股上市之际及2000年在资本市场筹资，其余都是送股或转增股（2007、2008、2009），并未不断大规模融资。

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2 Forecasting Exchange Rates
ChapteΒιβλιοθήκη ThemeThis chapter stresses the value of reliable forecasts, but suggests that reliable forecasts can’t always be obtained. Because no single forecast technique has been singled out as superior, various techniques are mentioned. Whatever techniques the MNC chooses, it should monitor performance over time. This chapter illustrates how this evaluation can be accomplished.
COUNTER-POINT: Use the forward rate to forecast. The spot rates of some currencies do not represent accurate or even unbiased estimates of the future spot rates. Many currencies of developing countries have generally declined over time. These currencies tend to be in countries that have high inflation rates. If the spot rate had been used for budgeting, the dollar cash flows resulting from cash inflows in these currencies would have been highly overestimated. The expected inflation in a country can be accounted for by using the nominal interest rate. A high nominal interest rate implies a high level of expected inflation. Based on interest rate parity, these currencies will have pronounced discounts. Thus, the forward rate captures the expected inflation differential between countries because it is influenced by the nominal interest rate differential. Since it captures the inflation differential, it should provide a more accurate forecast of currencies, especially those currencies in high-inflation countries.
3. Recall the theories of purchasing power parity (PPP) and international Fisher effect (IFE) in Chapter 8. If these theories were used to forecast exchange rates, which techniques would they be classified as? Why?
4. Assume there is a regression model that was able to identify the factors which affected exchange rate movements in a recent four-year period. Also, suppose that the sensitivity of the exchange rate’s movements to each factor was precisely quantified. Is there any reason not to expect superior forecasting results from this method in the future? Elaborate.
Forecast Error Measurement of Forecast Error
Forecast Accuracy Among Currencies Forecast Error over Time Periods Forecast Bias Graphic Evaluation of Forecast Performance Comparison of Forecasting Methods Forecasting Under Market Efficiency
Chapter 9
Forecasting Exchange Rates
Lecture Outline
Why Firms Forecast Exchange Rates Forecasting Techniques
Technical Forecasting Fundamental Forecasting Market-Based Forecasting Mixed Forecasting Governance of Forecasting Techniques
Topics to Stimulate Class Discussion
1. Which forecast technique would you use if you were hired by an MNC to forecast exchange rates?
2. Do you think there will ever be a published technical forecasting model that you could use in the future to most accurately forecast exchange rates? Why or why not?
2. Technical Forecasting. Explain the technical technique for forecasting exchange rates. What are some limitations of using technical forecasting to predict exchange rates?
5. What is the use of detecting a forecast bias?
POINT/COUNTER-POINT: Which Exchange Rate Forecast Technique Should MNCs Use?
POINT: Use the spot rate to forecast. When a U.S.-based MNC firm conducts financial budgeting, it must estimate the values of its foreign currency cash flows that will be received by the parent. Since it is well documented that firms can not accurately forecast future values, MNCs should use the spot rate for budgeting. Changes in economic conditions are difficult to predict, and the spot rate reflects the best guess of the future spot rate if there are no changes in economic conditions.
WHO IS CORRECT? Use the Internet to learn more about this issue. Which argument do you support? Offer your own opinion on this issue.
© 2010 Cengage Learning. All Rights Reserved. This edition is intended for use outside of the U.S. only, with content that may be different from the U.S. Edition. May not be scanned, copied,
Answers to End of Chapter Questions
1. Motives for Forecasting. Explain corporate motives for forecasting exchange rates.
ANSWER: Several decisions of MNCs require an assessment of the future. Future exchange rates will affect all critical characteristics of the firm such as costs and revenues. To be more specific, various operations of MNCs use exchange rate projections, including hedging, short-term financing and investing, capital budgeting decisions, long-term financing, and earnings assessment. Such operations will be more effective if exchange rates are forecasted accurately.