财务管理chapter7
财务管理CHAPTER7(可编辑修改word版)
II. CONCEPTSCHAPTER 7 Interest Rates and Bond ValuationBOND FEATURESd36. A bond with a 7 percent coupon that pays interest semi-annually and is priced at par will have a market price of and interest payments in the amount ofeach.a. $1,007; $70b. $1,070; $35c. $1,070; $70d. $1,000; $35e. $1,000; $70BOND PRICES AND YIELDSe37. All else constant, a bond will sell at when the yield to maturity is the coupon rate.a. a premium; higher thanb. a premium; equal toc.at par; higher thand.at par; less thane. a discount; higher thanBOND PRICES AND YIELDSd 38. All else constant, a coupon bond that is selling at a premium, must have:a. a coupon rate that is equal to the yield to maturity.b. a market price that is less than par value.c.semi-annual interest payments.d. a yield to maturity that is less than the coupon rate.e. a coupon rate that is less than the yield to maturity.BOND PRICESc 39. The market price of a bond is equal to the present value of t he:a.face value minus the present value of the annuity payments.b.annuity payments plus the future value of the face amount.c.face value plus the present value of the annuity payments.d.face value plus the future value of the annuity payments.e.annuity payments minus the face value of the bond.BOND PRICESa 40. As the yield to maturity increases, t he:a.amount the investor is willing to pay to buy a bond decreases.b.longer the time to maturity.c.lower the coupon rate desired by that investor.d.higher the price the investor offers to buy a bond.e.lower the rate of return desired by the investor.SEMIANNNUAL BONDSe 41. American Fortunes is preparing a bond offering with an 8 percent coupon rate. Thebonds will be repaid in 10 years. The company plans to issue the bonds at par valueand pay interest semiannually. Given this, which of the following statements arecorrect?I.The initial selling price of each bond will be $1,000.II.After the bonds have been outstanding for 1 year, you should use 9 as the number of compounding periods when calculating the market value of the bond.III.Each interest payment per bond will be $40.IV.The yield to maturity when the bonds are first issued is 8 percent.a.I and II onlyb.II and III onlyc.II, III, and IV onlyd.I, II, and III onlye.I, III, and IV onlySEMIANNUAL BONDS AND EFFECTIVE ANNUAL RATEd 42. The newly issued bonds of the Wynslow Corp. offer a 6 percent coupon withsemiannual interest payments. The bonds are currently priced at par value. Theeffective annual rate provided by these bonds must be:a.equal to 3 percent.b.greater than 3 percent but less than 4 percent.c.equal to 6 percent.d.greater than 6 percent but less than 7 percent.e.equal to 12 percent.INTEREST RATE RISKd43. Which one of the following statements is correct concerning interest rate risk as it relates to bonds, all else equal?a.The shorter the time to maturity, the greater the interest rate risk.b.The higher the coupon rate, the greater the interest rate risk.c.For a bond selling at par value, there is no interest rate risk.d.The greater the number of semiannual interest payments, the greater the interestrate risk.e.The lower the amount of each interest payment, the lower the interest rate risk.INTEREST RATE RISKe44. Which one of the following bonds has the greatest interest rate r isk?a.5-year; 9 percent couponb.5-year; 7 percent couponc.7-year; 7 percent coupond.9-year; 9 percent coupone.9-year; 7 percent couponINTEREST RATE RISKb45. Interest r ate risk as the time to maturity increases.a.increases at an increasing rateb.increases at a decreasing ratec.increases at a constant rated.decreases at an increasing ratee.decreases at a decreasing rateINTEREST RATE RISKc46. You own a bond that has a 7 percent coupon and matures in 12 years. You purchasedthis bond at par value when it was originally issued. If the current market rate for thistype and quality of bond is 7.5 percent, then you would expect:a.the bond issuer to increase the amount of each interest payment on these bonds.b.the yield to maturity to remain constant due to the fixed coupon rate.c.to realize a capital loss if you sold the bond at the market price today.d.today’s market price to exceed the face value of the bond.e.the current yield today to be less than 7 percent.INTEREST RATE RISKc 47. You expect interest rates to decline and wish to capitalize on the anticipated changes inbond prices. To realize your maximum gain, all else constant, you should purchase bonds.a.short-term; low couponb.short-term; high couponc.long-term; zero coupond.long-term; low coupone.long-term; high couponYIELD TO MATURITY AND CURRENT YIELDe 48. All else constant, as the market price of a bond increases the current yieldandthe yield to maturitya.increases; increases.b.increases; decreases.c.remains constant; increases.d.decreases; increases.e.decreases; decreases.BOND FEATURESd 49. Which of the following statements concerning bond features is (are) c orrect?I.Bondholders generally have voting power in a corporation.II. Bond interest is tax-deductible as a business expense.III. The repayment of the bond principle is tax-deductible.IV. Failure to pay either the interest payments or the bond principle as agreed can cause afirm to go into bankruptcy.a. II onlyb. I and II onlyc. III and IV onlyd. II and IV onlye. II, III, and IV onlyBOND INDENTUREd50. Which of the following items are generally included in a bond i ndenture?I.call provisionsII.security descriptionIII.current yieldIV.protective covenantsa.I and II onlyb.II and IV onlyc.II, III, and IV onlyd.I, II, and IV onlye.I, II, III, and IVBOND CLASSIFICATIONSe51. Which one of the following statements is correct concerning bond classifications?a. A debenture is a long-term bond secured by the fixed assets of a firm.b. A mortgage security is a bond issued solely by a home builder.c. A note is a bond which has an original maturity date longer than 10 years.d. A subordinated bond receives preferential treatment over all other bonds in abankruptcy.e. A callable bond can be repurchased by the issuer prior to the initial maturity date.CALLABLE BONDSb52. Callable bonds g enerally:a.allow the bondholder to decide when the bond is to be called.b.are associated with sinking funds.c.permit the issuer to repurchase the bonds at a discount.d.are called within the first couple of years after issuance.e.are required to have a deferred call provision if they have a “make-whole” callprovision.PROTECTIVE COVENANTSc53. Which of the following is a (are) positive covenant(s) that might be found in a bond indenture?I.The company shall maintain a current ratio of 1.5 or better.II.The company must limit the amount of dividends it pays according to the stated formula.III.The company cannot lease any major assets without approval by the lender. IV.The company must maintain the loan collateral in good working order.a.I onlyb.I and II onlyc.I and IV onlyd.II and IV onlye.I, II, and IV onlyPROTECTIVE COVENANTSe 54. Protective c ovenants:a.are primarily designed to protect the issuing corporation from unreasonable demandsof bondholders.b.are consistent for all bonds issued by a corporation within the United States.c.are limited to stating actions which a firm must take.d.only apply to bonds that have a deferred call provision.e.are primarily designed to protect bondholders from future actions of the bond issuer.BOND RATINGSb 55. Which one of the following statements concerning bond ratings isc orrect?a.Standard and Poor’s and Value Line are the primary bond rating agencies.b.Bond ratings are solely an assessment of the creditworthiness of the bond issuer.c.Investment grade bonds include only those bonds receiving one of the highest threebond ratings.d.Bond ratings evaluate the expected price volatility of a bond issue.e.All bonds receive the same rating classification from all rating agencies.BOND RATINGSd 56. A “fallen angel” is a bond t hat:a.lowered its annual interest payment.b.has moved from being a long-term obligation to being a short-term obligation.c.has moved from having a yield to maturity in excess of the coupon rate to having ayield to maturity that is less than the coupon rate.d.has moved from being an investment-grade bond to being a junk bond.e.is rated as Ba by one rating agency and rated as BB by another rating agency.TREASURY BONDSa 57. Bonds issued by the ernment:I.are considered to be free of default risk.II.are considered to be free of interest rate risk.III.provide totally tax-free income.IV.pay interest that is exempt from federal income taxes.a.I onlyb.I and III onlyc.I and IV onlyd.II and III onlye.II and IV onlyTREASURY BONDSd 58. Treasury bonds a re:a.those bonds issued by any governmental agency in the U.S.b.issued only on the first day of each fiscal year by the U.S. Department of Treasury.c.preferred by high-income individuals because they offer the best tax benefits.d.generally issued as coupon bonds.e.totally risk-free.MUNICIPAL BONDSa 59. Municipalb onds:a.offer income tax advantages to individuals.b.generally pay a higher rate of return than corporate bonds.c.are those bonds issued only by local municipalities, such as a city or a borough.d.are rarely callable.e.pay interest that is always exempt from both federal and state income taxes.TAXABLE VERSUS MUNICIPAL BONDSd60. The break-even tax rate between a taxable corporate bond yielding 7 percent and a comparable nontaxable municipal bond yielding 5 percent can be expressed as:a. .07 ÷ (1 - t*) = .05.b. .05 ÷ (1 - t*) = .07.c. .07 + (1 - t*) = .05.d. .07 ⨯ (1 - t*) = .05.e. .05 ⨯ (1 - t*) = .07.ZERO COUPON BONDSe61. A zero coupon b ond:a.is sold at a largepremium.b.has a price equal to the future value of the face amount given a specified rate ofreturn.c.can only be issued by the U.S. Treasury.d.has less interest rate risk than a comparable coupon bond.e.has implicit interest which is calculated by amortizing the loan.ZERO COUPON BONDSb 62. The total interest paid on a zero-coupon bond is equal t o:a.zero.b.the face value minus the issue price.c.the face value minus the market price on the maturity date.d.$1,000 minus the face value.e.$1,000 minus the par value.FLOATING-RATE BONDSd 63. The collar of a floating-rate bond refers to the minimum and maximum:a.call periods.b.maturity dates.c.market prices.d.coupon rates.e.yields to maturity.FLOATING-RATE BONDSd 64. Which of the following are common characteristics of floating-rate b onds?I.adjustable coupon ratesII.adjustable maturity datesIII.put provisionIV.coupon capa.I and II onlyb.II and III onlyc.I, II, and IV onlyd.I, III, and IV onlye.I, II, III, and IVFLOATING RATE BONDSc 65. A corporation is more prone to issue floating-rate bonds when they expect futureinterest rates to over the life of the bond.a.remain constantb.increase briefly and then decline slightlyc.continually declined.decline briefly and then increase significantlye.continually increaseCATASTROPHE BONDSe 66. “Cat” bonds are primarily designed to h elp:a.cities recover from economic recessions.b.corporations recover from overseas competition.c.the federal government cope with huge deficits.d.animal food producers raise capital to compete internationally.e.insurance companies recover from natural disasters.TYPES OF BONDS AND INVESTOR PREFERENCESc 67. Investors generally tend to b uy:a.Treasury bonds for their high yields.b.municipal bonds for their high yields.c.convertible bonds for their potential price appreciation.d.corporate bonds for their liquidity.e.Treasury bonds for their preferential tax treatment.TYPES OF BONDSb68. A convertible bond is a bond that can b e:a.exchanged for cash at prescribed points in time.b.exchanged for a stated number of shares of common stock of the bond issuer.c.modified from a fixed coupon bond into a floating coupon bond at prescribed points intime.d.submitted to the issuer for redemption at the discretion of the bondholder.e.submitted for payment any time the economy converts into a recessionary period.PUT PROVISIONc69. A put provision in a bond indenture a llows:a. a bond issuer to recall the bond after a specified period of time at a price that exceedsthe face amount.b. a bondholder to force the issuer to increase the coupon rate if inflation increases bymore than a specified amount.c.the bondholder to force the issuer to buy back the bond at a specified price prior tomaturity.d.the issuer to convert a coupon bond into a zero coupon bond at their discretion.e.the issuer to suspend interest payments for any year in which the interest expenseexceeds the net income of the firm.BOND TRADINGb 70. If you want to sell a bond issued by a smaller corporation, y ou:a.can always do so quite easily by trading it on the New York Stock Exchange.b.may encounter difficulties in executing the trade.c.can usually do so quite efficiently due to the high liquidity of the bond market.d.can do so quite quickly due to the high volume of trading in the bond markets.e.will most likely trade in an auction market, such as the New York Stock Exchange.BASIS POINTa 71. One basis point is equal t o:a..01 percent.b..10 percent.c. 1.0 percent.d.10 percent.e.100 percent.CORPORATE BOND QUOTEc 72. The “EST SPREAD” shown in The Wall Street Journal listing of corporate bondsrepresents the estimated:a.yield to maturity.b.difference between the current yield and the yield to maturity.c.difference between the bond’s yield and the yield of a particular Treasury issue.d.range of yields to maturity provided by the bond over its life to date.e.difference between the yield to call and the yield to maturity.TREASURY BOND QUOTEe 73. A Treasury bond that is quoted at 100:07 is s elling:a.at 7 percent over the face amount.b.at a 7 percent discount.c.at a 7 percent premium.d.at par and pays a 7 percent coupon.e.for about $2.19 over face value.TREASURY BONDSb 74. As of 2004, the longest maturity Treasury security currently being issued is the:a.5-year note.b.10-year note.c.15-year bond.d.20-year bond.e.30-year bond.BID VERSUS ASKED PRICESa 75. A Treasury bond has an asked quote of 100:12 and a bid quote of 100:11. One bond:a.can be purchased at a price of $1,003.75.b.can be sold at a price of $1,003.75.c.has a spread of 10 basis points.d.has a yield to maturity that lies between 11 and 12 percent.e.can be sold to a dealer at a price of $1,001.10.CLEAN VERSUS DIRTY PRICESc 76. Today, August 13, you want to buy a bond with a quoted price of 101.5. The bondpays interest on February 1 and August 1. The price you will pay to purchase thisbond is equal to the:a.clean price.b.muddy price.c.dirty price.d.par value price.e.bid price.REAL RATE OF RETURNd 77. The increase you realize in buying power as a result of owning a bond is referred to asthe rate of return.a. inflatedb. realizedc. nominald. reale. risk-freeFISHER EFFECTe 78. The Fisher formula is expressed as: a.1 + r = (1 + R) ÷ (1 + h).b. 1 + r = (1 + R) ⨯ (1 + h).c. 1 + h = (1 + r) ÷ (1 + R).d. 1 + R = (1 + r) ÷ (1 + h).e. 1 + R = (1 + r) (1 + h).FISHER EFFECTd 79. The Fisher Effect primarily emphasizes the effects of risk on an investor’s rateof return.a.defaultb.marketc.interest rated.inflatione.maturityTERM STRUCTURE OF INTEREST RATESa 80. The term structure of interest rates reflects t he:a.pure time value of money for various lengths of time.b.actual risk premium being paid for corporate bonds of varying maturities.c.pure inflation adjustment applied to bonds of various maturities.d.interest rate risk premium applicable to bonds of varying maturities.e.nominal interest rates applicable to coupon bonds of varying maturities.TERM STRUCTURE OF INTEREST RATESd 81. Which of the following statements are correct concerning the term structure of interestrates?I.The outlook for future inflation influences the shape of the term structure of interestrates.II.The term structure of interest rates includes only the real rate of return and the inflation premium.III.The interest rate risk premium is included in the term structure of interest rates.IV.The term structure of interest rates can be downsloping.a.I and II onlyb.II and IV onlyc.III and IV onlyd.I, III, and IV onlye.I, II, and IV onlyCORPORATE VERSUS TREASURY BONDSc 82. Two of the primary differences between a corporate bond and a Treasury bond withidenticalmaturity dates are related to:a.interest rate risk and time value of money.b.time value of money and inflation.c.taxes and potential default.d.taxes and inflation.e.inflation and interest rate risk.III.PROBLEMSYIELD TO MATURITYc 83. The bonds issued by Jensen & Son bear a 6 percent coupon, payable semiannually.The bond matures in 8 years and has a $1,000 face value. Currently, the bond sellsat par. What is the yield to maturity?a. 5.87 percentb. 5.97 percentc. 6.00 percentd. 6.09 percente. 6.17 percentYIELD TO MATURITYa 84. A General Co. bond has an 8 percent coupon and pays interest annually. The facevalue is $1,000 and the current market price is $1,020.50. The bond matures in 20years. What is the yield to maturity?a.7.79 percentb.7.82 percentc.8.00 percentd.8.04 percente.8.12 percentYIELD TO MATURITYd 85. Winston Enterprises has a 15-year bond issue outstanding that pays a 9 percentcoupon. The bond is currently priced at $894.60 and has a par value of $1,000.Interest is paid semiannually. What is the yield to maturity?a.8.67 percentb.10.13 percentc.10.16 percentd.10.40 percente.10.45 percentPRICE OF COUPON BONDa 86. Wine and Roses, Inc. offers a 7 percent coupon bond with semiannual paymentsand a yield to maturity of 7.73 percent. The bonds mature in 9 years. What is themarket price of a $1,000 face value bond?a. $953.28b. $953.88c. $1,108.16d. $1,401.26e. $1,401.86PRICE OF COUPON BONDc87. Party Time, Inc. has a 6 percent coupon bond that matures in 11 years. The bond pays interest semiannually. What is the market price of a $1,000 face value bond ifthe yield to maturity is 12.9 percent?a. $434.59b. $580.86c. $600.34d. $605.92e. $947.87PRICE OF COUPON BONDd88. Gugenheim, Inc. offers a 7 percent coupon bond with annual payments. The yieldto m aturity is 5.85 percent and the maturity date is 9 years. What is the market price of a $1,000 face value bond?a. $742.66b. $868.67c. $869.67d. $1,078.73e. $1,079.59TIME TO MATURITY OF COUPON BONDa89. The Lo Sun Corporation offers a 6 percent bond with a current market price of $875.05. The yield to maturity is 7.34 percent. The face value is $1,000. Interest ispaid semiannually. How many years is it until this bond matures?a.16 yearsb.18 yearsc.24 yearsd.30 yearse.36 yearsTIME TO MATURITY OF COUPON BONDb90. High Noon Sun, Inc. has a 5 percent, semiannual coupon bond with a current marketprice of $988.52. The bond has a par value of $1,000 and a yield to maturity of 5.29percent. How many years is it until this bond matures?a. 4.0 yearsb. 4.5 yearsc. 6.5 yearsd.8.0 yearse.9.0 yearsPRICE OF ZERO COUPONa91. Your firm offers a 10-year, zero coupon bond. The yield to maturity is 8.8 percent.What is the current market price of a $1,000 face value bond?a. $430.24b. $473.26c. $835.56d. $919.12e. $1,088.00PRICE OF ZERO COUPON BONDb92. Ted’s Co.offers a zero coupon bond with an 11.3 percent yield to maturity. The bondmaturesin 16 years. What is the current price of a $1,000 face value bond?a. $178.78b. $180.33c. $188.36d. $190.09e. $192.18TIME TO MATURITY OF ZERO COUPON BONDc93. The zero coupon bonds of Markco, Inc. have a market price of $394.47, a face value of $1,000, and a yield to maturity of 6.87 percent. How many years is it untilthis bond matures?a.7 yearsb.10 yearsc.14 yearsd.18 yearse.21 yearsINTEREST RATE RISKb 94. A 12-year, 5 percent coupon bond pays interest annually. The bond has a face value of$1,000. What is the change in the price of this bond if the market yield rises to 6percent from the current yield of 4.5 percent?a.11.11 percent decreaseb.12.38 percent decreasec.12.38 percent increased.14.13 percent decreasee.14.13 percent increaseINTEREST RATE RISKd 95. Jackson Central has a 6-year, 8 percent annual coupon bond with a $1,000 par value.Earls Enterprises has a 12-year, 8 percent annual coupon bond with a $1,000 parvalue. Both bonds currently have a yield to maturity of 6 percent. Which of thefollowing statements are correct if the market yield increases to 7 percent?a.Both bonds would decrease in value by 4.61 percent.b.The Earls bond will increase in value by $88.25.c.The Jackson bond will increase in value by 4.61 percent.d.The Earls bond will decrease in value by 7.56 percent.e.The Earls bond will decrease in value by $50.68.CURRENT YIELDa 96. D’Angelo’s bonds have a face value of $1,000 and a current market price of $1010.The bonds have a 7 percent coupon rate. What is the current yield on these bonds?a. 6.93 percentb. 6.97 percentc.7.00 percentd.7.03 percente.7.07 percentCURRENT YIELDd 97. Mitzi’s, II. Bonds offer a 6 percent coupon at a current market price of $989. Thebonds have a face value of $1,000 and a call price of $1,020. What is the currentyield on these bonds?a. 5.88 percentb. 5.97 percentc. 6.00 percentd. 6.07 percente. 6.12 percentCALL PREMIUMc 98. The bonds offered by Leo’s Pumps are callable in 3 years at a quoted price of 101.What is the amount of the call premium on a $1,000 par value bond?a. $3.33b. $5.00c. $10.00d. $13.33e. $100.00CORPORATE BOND QUOTEc 99. A corporate bond is quoted at a current price of 102.767. What is the market price of abond with a $1,000 face value?a. $1,000.28b. $1,002.77c. $1,027.67d. $1,102.77e. $1,276.70ZERO COUPON BOND QUOTEc 100. A $1,000 face value zero coupon bond is quoted at a price of 43.30. What is theamount you would pay to purchase this bond?a. $43.30b. $430.30c. $433.00d. $956.70e. $1,043.30TREASURY BOND QUOTEb101. A Treasury bond is quoted at a price of 106:13. What is the market price of this bond if the face value is $1,000?a. $106.13b. $1,064.06c. $1,106.13d. $1,106.41e. $1,106.64TREASURY BOND QUOTE AND COUPON RATEc102. A Treasury bond is quoted at a price of 101:00 with a current yield of 5.94 percent.What is the coupon rate?a. 5.88 percentb. 5.94 percentc. 6.00 percentd. 6.06 percente. 6.88 percentCORPORATE QUOTE AND CURRENT YIELDe 103. A corporate bond is quoted at a price of 98.625 with a 7.875 coupon. The bondpays interest semiannually. What is the current yield on one of these bonds?a.7.50 percentb.7.76 percentc.7.88 percentd.7.97 percente.7.98 percentTREASURY QUOTE AND CURRENT YIELDa 104. A Treasury bond is quoted at a price of 103:23 with a 4.625 coupon. The bond paysinterest semiannually. What is the current yield on one of these bonds?a. 4.46 percentb. 4.54 percentc. 4.63 percentd. 4.68 percente. 4.74 percentBID-ASK SPREADc 105. A Treasury bond is quoted as 101:18 asked and 101:16 bid. What is the bid-askspread in dollars on a $1,000 face value bond?a. $.02b. $.20c. $.625d. $2.00e. $6.25EFFECTIVE ANNUAL RATES AND INTEREST PAYMENTSa 106. The semiannual, ten-year bonds of Adep, Inc. are selling at par and have aneffective annual yield of 4.295 percent. What is the amount of each interestpayment on a $1,000 Adep bond?a. $21.25b. $21.48c. $21.50d. $42.50e. $42.95FISHER EFFECTc 107. A bond that pays interest annually yields a 7.25 percent rate of return. The inflationrate for the same period is 3.5 percent. What is the real rate of return on this bond?a. 3.50 percentb. 3.57 percentc. 3.62 percentd. 3.72 percente. 3.75 percentFISHER EFFECTb 108. The bonds of Frank’s Welding, Inc. pay an 8 percent coupon, have a 7.98 percentyield to maturity and have a face value of $1,000. The current rate of inflation is 2.5percent. What is the real rate of return on these bonds?a. 5.32 percentb. 5.35 percentc. 5.37 percentd. 5.42 percente. 5.48 percentFISHER EFFECTd 109. The outstanding bonds of Roy Thomas, Inc. provide a real rate of return of 3.6percent. The current rate of inflation is 2.5 percent. What is the nominal rate ofreturn on these bonds?a. 6.10 percentb. 6.13 percentc. 6.16 percentd. 6.19 percente. 6.22 percentFISHER EFFECTa 110. The nominal rate of return on the bonds of Stu’s Boats is 8.75 percent. The real rateof return is 3.4 percent. What is the rate of inflation?a. 5.17 percentb. 5.28 percentc. 5.35 percentd. 5.43 percente. 5.49 percentZERO COUPON BOND AND IMPLICIT INTERESTc 111. A zero coupon bond with a face value of $1,000 is issued with an initial price of$463.34. The bond matures in 25 years. What is the implicit interest, in dollars, forthe first year of the bond’s life?a. $9.08b. $12.56c. $14.48d. $21.47e. $31.25ZERO COUPON BOND PRICINGc 112. The MerryWeather Firm wants to raise $10 million to expand their business. Toaccomplish this, they plan to sell 30-year, $1,000 face value zero-coupon bonds.The bonds will be priced to yield 6 percent. What is the minimum number of bondsthey must sell to raise the $10 million they need?a. 47,411b. 52,667c. 57,435d. 60,000e. 117,435IV.ESSAYSTREASURY YIELD CURVE113.Draw a graph of a typical Treasury yield curve and discuss why it usually takes that shape.The student should draw a graph similar to the Treasury yield curve found in the text.Factors impacting the shape of the yield curve are the risk free rate, the inflationpremium and the interest rate risk premium.BOND YIELD PREMIUMS114.Explain why some bond investors are subject to liquidity risk, default risk, and/or taxability risk. How do each of these risks affect the yield of a bond?Liquidity problems exist in thinly traded bonds making some bonds difficult to sell at their actual value. Default risk is the likelihood the corporation will default on its bond obligations. Taxability risk reflects the fact that some bonds are taxed disadvantageously compared to others. If any of these risks exist, investors will require compensation by demanding a high yield.CROSSOVER BONDS115.Explain what a crossover bond is and the risks and expected rewards for investors when they purchase such bonds.A crossover bond is one that is rated investment grade by one rating agency and belowinvestment grade by another. Since the ratings agencies disagree, investors mustessentially take a position as to which one is correct. Given the added likelihood ofdefault, investors should expect to earn a risk premium over investment grade bondswhen purchasing crossovers.INTEREST RATE RISK。
财务管理第七章
适用的股利政策
剩余股利政策 低正常股利加额外股利政 策
业务稳定增长，投资需求 固定或稳定增长股利政策 减少，净现金注入增加， 每股净收益上升趋势 盈利水平稳定，积累一定 的留存收益和资金 业务锐减，获得能力和现 金获得能力下降 固定股利支付率政策 剩余股利政策
Hale Waihona Puke 成熟阶段 衰退阶段第七章 收益分配管理
留存收益转为资本
增加流通股，降低每股价值，改变股东权益结构
第七章 收益分配管理
股票股利的好处
对股东来讲：提供公司成长性的信息、股票价格略涨 对公司来讲：保留现金满足其他投资需要
股票股利的不利之处：
可能掩盖经营不利的经营状况 股票股利发行费较高，增加公司成本
第七章 收益分配管理
（三）其他形式股利
1、根据投资计划确定资本预算 2、根据目标资本结构及最佳资本预算确定权益资本 3、用留存收益满足资本需求，如有剩余发放股利
例7-1
第七章 收益分配管理
剩余股利政策优缺点
优点：留存收益首先保证投资需求，有利于保持最佳资本结构，实现价值最 大化。
缺点：股利发放随投资需求波动，不受当年盈利水平影响，不利于投资者安 排收入和支出，不利公司形象。
五、低正常股利加额外股利政策
指企业事先设定一个较低的正常股利额，每年除正常股利额发放外，在 盈利情况较好、现金流充裕时发放高于正常股利额的额外股利。
优点：
1、具有一定的灵活性，公司可根据不同情况选择不同股利发放水平。
2、有助于稳定股价，增加投资者信心。
缺点：
1、投资者收益不稳定 2、长期的额外股利，容易造成惯性思维，一旦按低正常股利发放，容易产生经 营不良的信息。
财务管理学第七章习题+答案
第七章：投资决策原理一、名词解释1、企业投资2、间接投资3、短期投资4、长期投资5、对内投资6、对外投资7、初创投资8、独立项目9、互斥项目 10、相关项目11、常规项目 12、现金流量 13、净现值 14、内含报酬率15、获利指数 16、投资回收期 1 7、平均报酬率二、判断题1、对现金、应收账款、存货、短期有价证劵的投资都属于短期投资。
（）2、长期证劵投资因需要可转为短期投资。
（）3、对内投资都是直接投资，对外投资都是间接投资。
（）4、原有固定资产的变价收入是指固定资产更新时变卖原有固定资产所得的现金收入，不用考虑净残值的影响。
（）5、在互斥选择决策中，净现值法有时会做出错误的决策，而内含报酬率法则始终能得出正确的答案。
（）6、进行长期投资决策时，如果某一备选方案净现值比较小，那么该方案的内含报酬率也相对较低。
（）7、由于获利指数是用相对指数来表示，所以获利指数法优于净现值法。
（）8、固定资产投资方案的内含报酬率并不一定只有一个。
（）9、某些自然资源的储量不多，由于不断开采，价格将随储量的下降而上升‘因此对这些自然资源越晚开发越好。
（）三、单项选择题1、有关企业投资的意义，下列叙述中不正确的是（）A.企业投资是实现财务管理目标的基本前提。
B.企业投资是发展生产的必要手段C.企业投资是有利于提高职工的生活水平D.企业投资是降低风险的重要方法2、某企业欲购进一套新设备，要支付400万元，该设备的使用寿命为4年，无残值，采用直线法并计提折旧。
预计每年可生产税前净利140万元，如果所得税税率为40%，则回收期为（）年。
A、4.5B、2.9C、2.2 D3.23、当贴现率与内含报酬率相等时（）A、净现值小于零B、净现值等于零C、净现值大于零D、净现值不一定4、某企业准备新建一条生产线，预计各项支出如下：投资前费用2000元，设备购置费用8000元，设备安装费用1000元，建筑工程费用6000元，投产时需垫支营运资金3000元，不可预见费按总支出的5%计算，则该生产线的投资总额为（）元。
财务管理学第七章
03
实际问题。
02
财务管理的概念和目标
财务管理的定义
财务管理：指在一定的整体目标下，关 于资产的购置（投资），资本的融通 （筹资）和经营中现金流量（营运资 金），以及利润分配的管理。
财务管理是企业管理的一个组成部分，它是 根据财经法规制度，按照财务管理的原则， 组织企业财务活动，处理财务关系的一项经 济管理工作。
财务管理环境对企业的影响
财务决策
财务管理环境对企业财务决策产生影响，如投资决策、融资决策 和股利分配决策等。
风险管理
财务管理环境对企业风险管理产生影响，如市场风险、信用风险 和操作风险等。
价值创造
财务管理环境对企业价值创造产生影响，如资本运作、资产管理 和收益分配等。
04
财务管理的工具和技术
财务预测
财务管理学第七章
• 引言 • 财务管理的概念和目标 • 财务管理的环境 • 财务管理的工具和技术 • 财务管理的应用和实践 • 财务管理的发展趋势和挑战 • 结论
01
引言
主题概述
01
财务管理学第七章主要探讨了 企业财务管理的核心内容，包 括财务预测、财务决策、财务 预算和财务控制等方面。
02
本章重点介绍了如何运用财务 管理的基本原理和方法，帮助 企业实现财务目标，提高经济 效益。
通过不断学习和实践，学生可以提高自己的财务管理技能，为未来的职业发展做好 准备。
THANKS
感谢观看
建立良好的组织 文化
企业需要建立一种鼓励 创新、承担风险和团队 合作的组织文化。这种 文化可以帮助财务管理 人员更好地应对市场变 化和挑战。
07
结论
本章总结
本章主要介绍了财务管理的概念、目标、原则和环境，以及财务管理的价 值观念和基本方法。
财务管理学课件第7章
2. 稳定的股利额有利于投资者安排股利收入和支出 。
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股利政策
固定股利支付率政策，是公司确定一个股利占盈余的 比率，长期按此比率支付股利的政策。 采用本政策的理由：可使股利与公司盈余紧密地配合 ，以体现多盈多分、少盈少分、无盈不分的原则，才 算真正公平地对待了每一位股东。
页面 14
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股利政策理论
影响股利政策的因素 法律因素
A. 资本损害限制 B. 净盈余限制 C. 危机限制 1. 公司自身的限制条款 2. 税率考虑 3. 变现性考虑 4. 盈余稳定性
页面 15
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股利政策理论
影响股利政策的因素 盈余稳定性(earnings stability) 1. 增长前景 2. 控制权的维持 3. 股东的偏好(shareholder preference)
额外股利(extra dividend)或特别股利(special dividend) ：属于“定期”之外再行发放的股利。由于是“额外 ”、“特别”的，因而以后也也许不会再以相同的名 义发放
清算股利(liquidating dividend)：当公司破产清算，将 所有资产变卖，还清所有债务后，以所剩下的现金拿 来支付的股利，这或许是身为公司的股东最不愿意拿 到的股利
将获得当期股利，而在除息日或除息日之后买入股票的投资 者将不能获得当期股利 4. 股利支付日(payment date) ：股利支票邮寄给登记在册股东 的日期
页面 7
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现金股利
定期现金股利：即公司按季度或年度从保留盈余中提 取现金发放股利。能够发放定期现金股利的公司，常 须具备获利稳定的条件
财务管理第七章
单击此处添加副标题
分第 配七 管章 理
利 润
1. 第 一 节 利 润 分 配 概 述
2. 第 二 节 股 利 支 付 的 程 序 和 方 式
3. 第 三 节 股 利 理 论 与 股 利 分 配 政 策
4. 第 四 节 票回购
股票股利、股票分割和股
润第
分七
配章
管 理
利
1. 第 一 节 利 润 分 配 概 述
（1）剩余股利政策 （2）固定股利政策 （3）固定股利支付率政策 （4）低正常股利加额外股利政策
第七章 利润分配管理
第四节 股票股利、股票分割和股票 回购
一 股票股利 二 股票分割
三 股票回购
ห้องสมุดไป่ตู้
第四节 股票股利、股票分割和股票 回购
一、股票股利
股利政策受多种因素的影响，并且不同的股利政策也会对公司的股票价 格产生不同的影响。因此，对于股份公司来说，制定一个正确的、合理的股 利政策是非常重要的。财务管理主要涉及以下四种股利政策：
Easterbrook于1984年运用代理理论分析了股利问题， 阐述了股利在降低代理成本过程中的作用。认为：股东 为降低代理成本，会促使管理者增发股利。
第三节 股利理论与股利分配理论
一、股利理论
6.信号传递理论 代表人物：Bhattacharya(1979)、John和
joseph(1985).认为：相对公司收益水平来说，股利水平的 高低并不能使股东的收入有所提高或降低，影响股价变化 的不是股利政策而是它所传递的关于公司未来收益和增长 机会的信息。
一、股利理论
2. 税差理论 Litzenberger 和 Ramaswamy于1979年提出，认为由于资本
财务管理原理第7章课件.ppt
• 计算筹资总额突破点,确定筹资范围
筹资总额的分界点
第i种筹资方式的成本分界 点 目标资本结构中第 i种筹资方式所占的比例
• 不同筹资范围的资本成本
2024/10/8
财务管理原理-第7章
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筹资 资本 方式 成本
长期 7% 借款 8%
9% 发行 10% 债券 11% 普通 10% 股 12%
2024/10/8
财务管理原理-第7章
8
7.1基本筹资方式
• 商业信用是指商品交易中的延期付款或预 收货款所形成的借贷关系，是企业之间的 一种直接信用关系。它是商品交易中钱与 货在时间上的分离而产生的，因为商业信 用与商品买卖同时进行，属于一种自然性 融资，无需做非常正规的安排，因而筹资 较为便利，是企业筹措短期资金的重要方 式。
财务管理原理-第7章
11
7.2资金成本
• 影响企业资金成本的因素
– 总体经济状况 – 证券市场条件 – 企业经营决策和筹资决策 – 筹资规模
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财务管理原理-第7章
12
7.2资金成本
• 个别资金成本是指各种筹资方式的成本。 • 个别资金成本主要包括银行借款成本、债
券成本、优先股成本、普通股成本和留存 收益成本。前两者可统称为负债资金成本， 后三者统称为权益资金成本。
– 目前企业债券类型很多：公司债券、企业债券、 短期融资券、中期票据，中小企业集合债券等， 发行条件各不相同
2024/10/8
财务管理原理-第7章
6
7.1基本筹资方式
• 银行或非银行金融机构借款是指企业向银 行或非银行金融机构借人的、按规定期限 还本付息的款项。这种筹资方式也是企业 负债经营时常采用的筹资方式之一。
《财务管理》课件：第七章_所有者权益
[内容提要] 本章阐述所有者权益的概念、
特征和不同组织形式下的所有者权益的构成， 以及投入资本、资本公积、盈余公积和未分 配利润的核算
第一节 所有者权益概述
第二节 投入资本
第三节 留存收益
本章小结
2021/7/15
第三篇第九章成本核算
1
第一节 所有者权益概述
一、所有者权益的概念和特征 二、所有者权益的构成 三、不同组织形式下的所有者权益
2021/7/15
第三篇第九章成本核算
10
（三）有限责任公司的所有 者权益
主要特点是（1）全部资本
不划分为等额股份；（2）不
发行股票；（3）划分为实收
资本、资本公积、盈余公积
和未分配利润四部分
2021/7/15
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11
（四）股份有限公司的所有者权益
主要特点是：（1）全部资本划分
为等额股份；（2）发行股票，可分为 普通股和优先股；（3）可按面值发行 或溢价发行；（4）划分为股本、资本 公积、盈余公积和未分配利润。
经济利享益有。的经济利益。 净资产 = 全部资产- 全部负债
2净021/资7/15产=全第部三篇资第九产章成-本全核算部负债 4
（二）所有者权益的特征
所有者权益与负债特征对比表
对象
性质
偿还期限 享受的权利
负债
对债权人负 债权人对其 有固定的偿 债权人只享
担的经济责 企业债务的 还期限 受收回本金
任
借：资本公积
—股权投资准备 80000
贷：资本公积
—其他资本公积
80000
2021/7/15
第三篇第九章成本核算
31
财务管理第七章
度上可以抑制管理层的过度投资或在职消费行为。这种观点体现的股利理论是
（ ）。
A.股利无关理论
B.信号传递理论
C.“在手之鸟”理论 D.代理理论
第二节 股利政策
股利政策是指在法律允许的范围内，公司是否发放股利、发放多少股利以及何 时发放股利的方针及对策。从狭义上来说，是指探讨保留盈余和普通股股利支付的 比例关系问题，即股利发放比率的确定；而广义上的股利政策包括股利宣布日的确 定、股利发放比例的确定、股利发放时的资金筹集等问题。通常可供选择的股利政 策包括：剩余股利政策、固定或稳定增长的股利政策、固定股利支付率政策及低正 常股利加额外股利政策。
第七章 利润分配管理
【学习要点】 1、了解利润分配的基本原则； 2、熟悉影响利润分配的有关因素； 3、掌握不同的利润分配政策的计算以及应用； 4、了解利润分配程序； 5、熟悉利润分配方案； 6、熟悉股票的分割； 7、了解股票的回购。
第一节 利润分配管理概述
一、利润分配的基本原则 公司收益分配主要是确定公司实现的净利润如何在分给投资者和用于再投资
称和激励问题提出的，这一理论后来发展成为契约成本理论，其主要任务是研究在利 益相冲突和信息不对称的环境下，委托人如何设计最优契约激励代理人。契约成本理 论前提是：公司由一系列契约所组成，包括资本的提供者（股东和债权人等）和资本 的经营者（管理当局）、公司与供贷方、公司与顾客、公司与员工等的契约关系。代 理理论认为，股利政策有助于减缓管理者与股东之间的代理冲突，也就是说，股利政 策是协调股东与管理者之间代理关系的一种约束机制。这种理论基本特征是： 1、代理人以被代理人的名义实施法律行为。 2、代理人直接向第三人进行意思表示。 3、代理人在代理权限内独立地为意思表示。 4、代理行为的法律效果直接归属于被代理人。
财务管理》第七章
利润管理
本章内容和学习要求
• 利润管理包括对利润形成的管理和利润分 配的管理。重点是利润分配决策。学习本 章，要求理解利润分配的原则，掌握利润 分配的程序，重点理解和掌握股份公司利 润分配的程序、股利政策的特点。
第一节 目标利润管理
• 一、利润总额的构成 • 营业利润 • 投资净收益 • 营业外收支 • 二、目标利润 • 目标利润是企业事先确定的在未来一定时期内必须而且可
（二）股利政策的类型
• 剩余股利政策 • 固定股利或稳定增长股利政策 • 固定股利支付率政策 • 低固定股利加额外股利政策
1、剩余股利政策
• （1）股利分配方案的确定 剩余股利分配政策就是在公司有着良好的投资机会时，根 据一定的目标资本结构，测算出投资所需的权益资本，先 从盈余当中留用，然后将剩余的盈余作为股利予以分配。
• （3）缺点：股利支付仍缺乏稳定性。额外股利可能被认 为是 正常，一旦取消会造成负面影响。
（三）股利政策的选择策略
• 在初创阶段，公司面临的经营风险和财力风险都 很高，公司急需大量资金投入，融资能力差，即 使获得了外部融资，资金成本一般也很高。因此， 为降低财务风险，公司应贯彻先发展后分配的原 则，剩余股利政策为最佳选择。
能达到的利润水平，是企业生产经营活动的奋斗目标。 • 三、目标利润的管理 • 目标利润的实现关键取决于营业目标利润的实现，因此目
标管理重点是对营业目标利润的管理。
（一）目标利润的制定
• 量本利分析法
目标利润总额 = PX－bX－a
• 相关比率分析法
常用的相关比率有：销售收入利润率，资产利润率等 目标利润 = 预计销售收入总额×销售收入利润率 = 预计资产总额×资产利润率