公司理财Chapter1
Chap1公司理财概述
– 在此状况下，运营者往往背叛股东目的 – 追求规模最大 – 品德风险 – 逆向思想
– 运营者可以为所欲为吗？不行。由于有制约：一方面来自 股东；另一方面来自外部要挟：
– 股东防止运营者背叛股东目的〔胡罗卜加大棒〕 – 监视——由于信息不对称，运营者了解更多信息。防止〝
品德风险〞和〝逆向思想〞的出路是股东获取更多的信息， 对运营者中止监视。监视需求本钱，可以运用外部审计的 力气〔防〝小偷〞〕。
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第二十五页，共113页。
〔三〕公司(ɡōnɡ sī)财务管理
• 财务管理复杂地讲就是指公司组织财务活 动、协调财务关系
• 片面看法财务管理应思索(sī suǒ)以下几个方 面：
• 财务管理的主体：一切者财务、运营者财 务、财务经理财务、债务人财务
• 财务管理的客体及内容：资金
• 财务管理的依据：外部法规和外部法规
• 财务管理包括一切影响公司财务的企业决策，公司财务决 策分为三个局部：投资决策、筹资决策和股利决策〔参： Aswath Damodaran:«公司财务—实践与实务»，中国人民 大学出版社，2001年版〕。
• …… • 我国学者对财务管理的传统看法 • 财务活动——财务关系——财务管理
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• 代理本钱：委托人与代理人之间利益抵触 本钱。
• 直接代理本钱〔教材1.4.2〕 • 直接代理本钱。有两种类型：〔1.4.2〕 • 有利于管理层但消耗股东(gǔdōng)本钱的公
司支出 • 因监视管理层行为的需求而发作的费用
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• 从委托代理实践看，委托代理关系主要分 为以下层次：
〔对照资产负债表〕。
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公司理财精要版原书第12版习题库答案Ross12e_Chapter01_TB_AnswerKey
Fundamentals of Corporate Finance, 12e (Ross)Chapter 1 Introduction to Corporate Finance1) Which one of the following functions should be the responsibility of the controller rather than the treasurer?A) Depositing cash receiptsB) Processing cost reportsC) Analyzing equipment purchasesD) Approving credit for a customerE) Paying a vendorAnswer: BDifficulty: 1 EasyTopic: Management organization and rolesLearning Objective: 01-01 Define the basic types of financial management decisions and the role of the financial manager.Bloom's: UnderstandAACSB: Reflective ThinkingAccessibility: Keyboard Navigation2) The treasurer of a corporation generally reports directly to the:A) board of directors.B) chairman of the board.C) chief executive officer.D) president.E) vice president of finance.Answer: EDifficulty: 1 EasyTopic: Management organization and rolesLearning Objective: 01-01 Define the basic types of financial management decisions and the role of the financial manager.Bloom's: RememberAACSB: Reflective ThinkingAccessibility: Keyboard Navigation3) Which one of the following correctly defines the upward chain of command in a typical corporate organizational structure?A) The vice president of finance reports to the chairman of the board.B) The chief executive officer reports to the president.C) The controller reports to the chief financial officer.D) The treasurer reports to the president.E) The chief operations officer reports to the vice president of production.Answer: CDifficulty: 1 EasyTopic: Management organization and rolesLearning Objective: 01-01 Define the basic types of financial management decisions and the role of the financial manager.Bloom's: RememberAACSB: Reflective ThinkingAccessibility: Keyboard Navigation4) An example of a capital budgeting decision is deciding:A) how many shares of stock to issue.B) whether or not to purchase a new machine for the production line.C) how to refinance a debt issue that is maturing.D) how much inventory to keep on hand.E) how much money should be kept in the checking account.Answer: BDifficulty: 1 EasyTopic: Financial management decisionsLearning Objective: 01-01 Define the basic types of financial management decisions and the role of the financial manager.Bloom's: UnderstandAACSB: Reflective ThinkingAccessibility: Keyboard Navigation5) When evaluating the timing of a project's projected cash flows, a financial manager is analyzing:A) the amount of each expected cash flow.B) only the start-up costs that are expected to require cash resources.C) only the date of the final cash flow related to the project.D) the amount by which cash receipts are expected to exceed cash outflows.E) when each cash flow is expected to occur.Answer: EDifficulty: 1 EasyTopic: Financial management decisionsLearning Objective: 01-01 Define the basic types of financial management decisions and the role of the financial manager.Bloom's: UnderstandAACSB: Reflective ThinkingAccessibility: Keyboard Navigation6) Capital structure decisions include determining:A) which one of two projects to accept.B) how to allocate investment funds to multiple projects.C) the amount of funds needed to finance customer purchases of a new product.D) how much debt should be assumed to fund a project.E) how much inventory will be needed to support a project.Answer: DDifficulty: 1 EasyTopic: Financial management decisionsLearning Objective: 01-01 Define the basic types of financial management decisions and the role of the financial manager.Bloom's: UnderstandAACSB: Reflective ThinkingAccessibility: Keyboard Navigation7) The decision to issue additional shares of stock is an example of:A) working capital management.B) a net working capital decision.C) capital budgeting.D) a controller's duties.E) a capital structure decision.Answer: EDifficulty: 1 EasyTopic: Financial management decisionsLearning Objective: 01-01 Define the basic types of financial management decisions and the role of the financial manager.Bloom's: UnderstandAACSB: Reflective ThinkingAccessibility: Keyboard Navigation8) Which one of the following questions is a working capital management decision?A) Should the company issue new shares of stock or borrow money?B) Should the company update or replace its older equipment?C) How much inventory should be on hand for immediate sale?D) Should the company close one of its current stores?E) How much should the company borrow to buy a new building?Answer: CDifficulty: 1 EasyTopic: Financial management decisionsLearning Objective: 01-01 Define the basic types of financial management decisions and the role of the financial manager.Bloom's: UnderstandAACSB: Reflective ThinkingAccessibility: Keyboard Navigation9) Which one of the following is a working capital management decision?A) What type(s) of equipment is (are) needed to complete a current project?B) Should the firm pay cash for a purchase or use the credit offered by the supplier?C) What amount of long-term debt is required to complete a project?D) How many shares of stock should the firm issue to fund an acquisition?E) Should a project should be accepted?Answer: BDifficulty: 1 EasyTopic: Financial management decisionsLearning Objective: 01-01 Define the basic types of financial management decisions and the role of the financial manager.Bloom's: UnderstandAACSB: Reflective ThinkingAccessibility: Keyboard Navigation10) Working capital management decisions include determining:A) the minimum level of cash to be kept in a checking account.B) the best method of producing a product.C) the number of employees needed to work during a particular shift.D) when to replace obsolete equipment.E) if a competitor should be acquired.Answer: ADifficulty: 1 EasyTopic: Financial management decisionsLearning Objective: 01-01 Define the basic types of financial management decisions and the role of the financial manager.Bloom's: UnderstandAACSB: Reflective ThinkingAccessibility: Keyboard Navigation11) Which one of the following terms is defined as the management of a firm's long-term investments?A) Working capital managementB) Financial allocationC) Agency cost analysisD) Capital budgetingE) Capital structureAnswer: DDifficulty: 1 EasyTopic: Financial management decisionsLearning Objective: 01-01 Define the basic types of financial management decisions and the role of the financial manager.Bloom's: UnderstandAACSB: Reflective ThinkingAccessibility: Keyboard Navigation12) Which one of the following terms is defined as the mixture of a firm's debt and equity financing?A) Working capital managementB) Cash managementC) Cost analysisD) Capital budgetingE) Capital structureAnswer: EDifficulty: 1 EasyTopic: Financial management decisionsLearning Objective: 01-01 Define the basic types of financial management decisions and the role of the financial manager.Bloom's: UnderstandAACSB: Reflective ThinkingAccessibility: Keyboard Navigation13) A firm's short-term assets and its short-term liabilities are referred to as the firm's:A) working capital.B) debt.C) investment capital.D) net capital.E) capital structure.Answer: ADifficulty: 1 EasyTopic: Financial management decisionsLearning Objective: 01-01 Define the basic types of financial management decisions and the role of the financial manager.Bloom's: RememberAACSB: Reflective ThinkingAccessibility: Keyboard Navigation14) Which one of the following questions is least likely to be addressed by financial managers?A) How should a product be marketed?B) Should customers be given 30 or 45 days to pay for their credit purchases?C) Should the firm borrow more money?D) Should the firm acquire new equipment?E) How much cash should the firm keep on hand?Answer: ADifficulty: 1 EasyTopic: Financial management decisionsLearning Objective: 01-01 Define the basic types of financial management decisions and the role of the financial manager.Bloom's: UnderstandAACSB: Reflective ThinkingAccessibility: Keyboard Navigation15) A business owned by a solitary individual who has unlimited liability for the firm's debt is called a:A) corporation.B) sole proprietorship.C) general partnership.D) limited partnership.E) limited liability company.Answer: BDifficulty: 1 EasyTopic: Forms of business organizationLearning Objective: 01-03 Articulate the financial implications of the different forms of business organization.Bloom's: UnderstandAACSB: Reflective ThinkingAccessibility: Keyboard Navigation16) A business formed by two or more individuals who each have unlimited liability for all of the firm's business debts is called a:A) corporation.B) sole proprietorship.C) general partnership.D) limited partnership.E) limited liability company.Answer: CDifficulty: 1 EasyTopic: Forms of business organizationLearning Objective: 01-03 Articulate the financial implications of the different forms of business organization.Bloom's: UnderstandAACSB: Reflective ThinkingAccessibility: Keyboard Navigation17) A business partner whose potential financial loss in the partnership will not exceed his or her investment in that partnership is called a:A) general partner.B) sole proprietor.C) limited partner.D) corporate shareholder.E) zero partner.Answer: CDifficulty: 1 EasyTopic: Forms of business organizationLearning Objective: 01-03 Articulate the financial implications of the different forms of business organization.Bloom's: UnderstandAACSB: Reflective ThinkingAccessibility: Keyboard Navigation18) A business created as a distinct legal entity and treated as a legal "person" is called a(n):A) corporation.B) sole proprietorship.C) general partnership.D) limited partnership.E) unlimited liability company.Answer: ADifficulty: 1 EasyTopic: Forms of business organizationLearning Objective: 01-03 Articulate the financial implications of the different forms of business organization.Bloom's: UnderstandAACSB: Reflective ThinkingAccessibility: Keyboard Navigation19) Which one of the following statements concerning a sole proprietorship is correct?A) A sole proprietorship is designed to protect the personal assets of the owner.B) The profits of a sole proprietorship are subject to double taxation.C) The owner of a sole proprietorship is personally responsible for all of the company's debts.D) There are very few sole proprietorships remaining in the U.S. today.E) A sole proprietorship is structured the same as a limited liability company.Answer: CDifficulty: 1 EasyTopic: Forms of business organizationLearning Objective: 01-03 Articulate the financial implications of the different forms of business organization.Bloom's: UnderstandAACSB: Reflective ThinkingAccessibility: Keyboard Navigation20) Which one of the following statements concerning a sole proprietorship is correct?A) The life of a sole proprietorship is limited.B) A sole proprietor can generally raise large sums of capital quite easily.C) Transferring ownership of a sole proprietorship is easier than transferring ownership of a corporation.D) A sole proprietorship is taxed the same as a C corporation.E) A sole proprietorship is the most regulated form of organization.Answer: ADifficulty: 1 EasyTopic: Forms of business organizationLearning Objective: 01-03 Articulate the financial implications of the different forms of business organization.Bloom's: UnderstandAACSB: Reflective ThinkingAccessibility: Keyboard Navigation21) Which of the following individuals have unlimited liability for a firm's debts based on their ownership interest?A) Only general partnersB) Only sole proprietorsC) All stockholdersD) Both limited and general partnersE) Both general partners and sole proprietorsAnswer: EDifficulty: 1 EasyTopic: Forms of business organizationLearning Objective: 01-03 Articulate the financial implications of the different forms of business organization.Bloom's: UnderstandAACSB: Reflective ThinkingAccessibility: Keyboard Navigation22) The primary advantage of being a limited partner is:A) the receipt of tax-free income.B) the partner's active participation in the firm's activities.C) the lack of any potential financial loss.D) the daily control over the business affairs of the partnership.E) the partner's maximum loss is limited to their capital investment.Answer: EDifficulty: 1 EasyTopic: Forms of business organizationLearning Objective: 01-03 Articulate the financial implications of the different forms of business organization.Bloom's: UnderstandAACSB: Reflective ThinkingAccessibility: Keyboard Navigation23) A general partner:A) is personally responsible for all partnership debts.B) has no say over a firm's daily operations.C) faces double taxation whereas a limited partner does not.D) has a maximum loss equal to his or her equity investment.E) receives a salary in lieu of a portion of the profits.Answer: ADifficulty: 1 EasyTopic: Forms of business organizationLearning Objective: 01-03 Articulate the financial implications of the different forms of business organization.Bloom's: UnderstandAACSB: Reflective ThinkingAccessibility: Keyboard Navigation24) A limited partnership:A) has an unlimited life.B) can opt to be taxed as a corporation.C) terminates at the death of any one limited partner.D) has at least one partner who has unlimited liability for all of the partnership's debts.E) consists solely of limited partners.Answer: DDifficulty: 1 EasyTopic: Forms of business organizationLearning Objective: 01-03 Articulate the financial implications of the different forms of business organization.Bloom's: UnderstandAACSB: Reflective ThinkingAccessibility: Keyboard Navigation25) A partnership with four general partners:A) distributes profits based on percentage of ownership.B) has an unlimited partnership life.C) limits the active involvement in the firm to a single partner.D) limits each partner's personal liability to 25 percent of the partnership's total debt.E) must distribute 25 percent of the profits to each partner.Answer: EDifficulty: 1 EasyTopic: Forms of business organizationLearning Objective: 01-03 Articulate the financial implications of the different forms of business organization.Bloom's: UnderstandAACSB: Reflective ThinkingAccessibility: Keyboard Navigation26) One disadvantage of the corporate form of business ownership is the:A) limited liability of its shareholders for the firm's debts.B) double taxation of distributed profits.C) firm's greater ability to raise capital than other forms of ownership.D) firm's potential for an unlimited life.E) firm's ability to issue additional shares of stock.Answer: BDifficulty: 1 EasyTopic: Forms of business organizationLearning Objective: 01-03 Articulate the financial implications of the different forms of business organization.Bloom's: UnderstandAACSB: Reflective ThinkingAccessibility: Keyboard Navigation27) Which one of the following statements is correct?A) The majority of firms in the U.S. are structured as corporations.B) Corporate profits are taxable income to the shareholders when earned.C) Corporations can have an unlimited life.D) Shareholders are protected from all potential losses.E) Shareholders directly elect the corporate president.Answer: CDifficulty: 1 EasyTopic: Forms of business organizationLearning Objective: 01-03 Articulate the financial implications of the different forms of business organization.Bloom's: UnderstandAACSB: Reflective ThinkingAccessibility: Keyboard Navigation28) Which one of the following statements is correct?A) A general partnership is legally the same as a corporation.B) Income from both sole proprietorships and partnerships that is taxable is treated as individual income.C) Partnerships are the most complicated type of business to form.D) All business organizations have bylaws.E) Only firms organized as sole proprietorships have limited lives.Answer: BDifficulty: 1 EasyTopic: Forms of business organizationLearning Objective: 01-03 Articulate the financial implications of the different forms of business organization.Bloom's: UnderstandAACSB: Reflective ThinkingAccessibility: Keyboard Navigation29) The articles of incorporation:A) describe the purpose of the firm and set forth the number of shares of stock that can be issued.B) are amended periodically especially prior to corporate elections.C) explain how corporate directors are to be elected and the length of their terms.D) sets forth the procedures by which a firm regulates itself.E) include only the corporation's name and intended life.Answer: ADifficulty: 1 EasyTopic: Forms of business organizationLearning Objective: 01-03 Articulate the financial implications of the different forms of business organization.Bloom's: UnderstandAACSB: Reflective ThinkingAccessibility: Keyboard Navigation30) Corporate bylaws:A) must be amended should a firm decide to increase the number of shares authorized.B) cannot be amended once adopted.C) define the name by which the firm will operate.D) describe the intended life and purpose of the organization.E) determine how a corporation regulates itself.Answer: EDifficulty: 1 EasyTopic: Forms of business organizationLearning Objective: 01-03 Articulate the financial implications of the different forms of business organization.Bloom's: UnderstandAACSB: Reflective ThinkingAccessibility: Keyboard Navigation31) A limited liability company:A) can only have a single owner.B) is comprised of limited partners only.C) is taxed similar to a partnership.D) is taxed similar to a C corporation.E) generates totally tax-free income.Answer: CDifficulty: 1 EasyTopic: Forms of business organizationLearning Objective: 01-03 Articulate the financial implications of the different forms of business organization.Bloom's: UnderstandAACSB: Reflective ThinkingAccessibility: Keyboard Navigation32) Which business form is best suited to raising large amounts of capital?A) Sole proprietorshipB) Limited liability companyC) CorporationD) General partnershipE) Limited partnershipAnswer: CDifficulty: 1 EasyTopic: Forms of business organizationLearning Objective: 01-03 Articulate the financial implications of the different forms of business organization.Bloom's: UnderstandAACSB: Reflective ThinkingAccessibility: Keyboard Navigation33) A ________ has all the respective rights and privileges of a legal person.A) sole proprietorshipB) general partnershipC) limited partnershipD) corporationE) limited liability companyAnswer: DDifficulty: 1 EasyTopic: Forms of business organizationLearning Objective: 01-03 Articulate the financial implications of the different forms of business organization.Bloom's: UnderstandAACSB: Reflective ThinkingAccessibility: Keyboard Navigation34) Sam, Alfredo, and Juan want to start a small U.S. business. Juan will fund the venture but wants to limit his liability to his initial investment and has no interest in the daily operations. Sam will contribute his full efforts on a daily basis but has limited funds to invest in the business. Alfredo will be involved as an active consultant and manager and will also contribute funds. Sam and Alfredo are willing to accept liability for the firm's debts as they feel they have nothing to lose by doing so. All three individuals will share in the firm's profits and wish to keep the initial organizational costs of the business to a minimum. Which form of business entity should these individuals adopt?A) Sole proprietorshipB) Joint stock companyC) Limited partnershipD) General partnershipE) CorporationAnswer: CDifficulty: 2 MediumTopic: Forms of business organizationLearning Objective: 01-03 Articulate the financial implications of the different forms of business organization.Bloom's: ApplyAACSB: Knowledge ApplicationAccessibility: Keyboard Navigation35) Sally and Alicia are equal general partners in a business. They are content with their current management and tax situation but are uncomfortable with their unlimited liability. Which form of business entity should they consider as a replacement to their current arrangement assuming they wish to remain the only two owners of the business?A) Sole proprietorshipB) Joint stock companyC) Limited partnershipD) Limited liability companyE) CorporationAnswer: DDifficulty: 2 MediumTopic: Forms of business organizationLearning Objective: 01-03 Articulate the financial implications of the different forms of business organization.Bloom's: ApplyAACSB: Knowledge ApplicationAccessibility: Keyboard Navigation36) The growth of both sole proprietorships and partnerships is frequently limited by the firm's:A) double taxation.B) bylaws.C) inability to raise cash.D) limited liability.E) agency problems.Answer: CDifficulty: 1 EasyTopic: Forms of business organizationLearning Objective: 01-03 Articulate the financial implications of the different forms of business organization.Bloom's: UnderstandAACSB: Reflective ThinkingAccessibility: Keyboard Navigation37) Corporate dividends are:A) tax-free because the income is taxed at the personal level when earned by the firm.B) tax-free because they are distributions of aftertax income.C) tax-free since the corporation pays tax on that income when it is earned.D) taxed at both the corporate and the personal level when the dividends are paid to shareholders.E) taxable income of the recipient even though that income was previously taxed.Answer: EDifficulty: 1 EasyTopic: Forms of business organizationLearning Objective: 01-03 Articulate the financial implications of the different forms of business organization.Bloom's: UnderstandAACSB: Reflective ThinkingAccessibility: Keyboard Navigation38) Financial managers should primarily focus on the interests of:A) stakeholders.B) the vice president of finance.C) their immediate supervisor.D) shareholders.E) the board of directors.Answer: DDifficulty: 1 EasyTopic: Goal of financial managementLearning Objective: 01-02 Explain the goal of financial management.Bloom's: UnderstandAACSB: Reflective ThinkingAccessibility: Keyboard Navigation39) Which one of the following best states the primary goal of financial management?A) Maximize current dividends per shareB) Maximize the current value per shareC) Increase cash flow and avoid financial distressD) Minimize operational costs while maximizing firm efficiencyE) Maintain steady growth while increasing current profitsAnswer: BDifficulty: 1 EasyTopic: Goal of financial managementLearning Objective: 01-02 Explain the goal of financial management.Bloom's: RememberAACSB: Reflective ThinkingAccessibility: Keyboard Navigation40) Which one of the following best illustrates that the management of a firm is adhering to thegoal of financial management?A) An increase in the amount of the quarterly dividendB) A decrease in the per unit production costsC) An increase in the number of shares outstandingD) A decrease in the net working capitalE) An increase in the market value per shareAnswer: EDifficulty: 1 EasyTopic: Goal of financial managementLearning Objective: 01-02 Explain the goal of financial management.Bloom's: UnderstandAACSB: Reflective ThinkingAccessibility: Keyboard Navigation41) Financial managers should strive to maximize the current value per share of the existing stock to:A) guarantee the company will grow in size at the maximum possible rate.B) increase employee salaries.C) best represent the interests of the current shareholders.D) increase the current dividends per share.E) provide managers with shares of stock as part of their compensation.Answer: CDifficulty: 1 EasyTopic: Goal of financial managementLearning Objective: 01-02 Explain the goal of financial management.Bloom's: UnderstandAACSB: Reflective ThinkingAccessibility: Keyboard Navigation42) Decisions made by financial managers should primarily focus on increasing the:A) size of the firm.B) growth rate of the firm.C) gross profit per unit produced.D) market value per share of outstanding stock.E) total sales.Answer: DDifficulty: 1 EasyTopic: Goal of financial managementLearning Objective: 01-02 Explain the goal of financial management.Bloom's: UnderstandAACSB: Reflective ThinkingAccessibility: Keyboard Navigation43) The Sarbanes-Oxley Act of 2002 is a governmental response to:A) decreasing corporate profits.B) the terrorist attacks on 9/11/2001.C) a weakening economy.D) deregulation of the stock exchanges.E) management greed and abuses.Answer: EDifficulty: 1 EasyTopic: Ethics, governance, and regulationLearning Objective: 01-04 Explain the conflicts of interest that can arise between managers and owners.Bloom's: UnderstandAACSB: Reflective ThinkingAccessibility: Keyboard Navigation44) Which one of the following is an unintended result of the Sarbanes-Oxley Act?A) More detailed and accurate financial reportingB) Increased management awareness of internal controlsC) Corporations delisting from major exchangesD) Increased responsibility for corporate officersE) Identification of internal control weaknessesAnswer: CDifficulty: 1 EasyTopic: Ethics, governance, and regulationLearning Objective: 01-04 Explain the conflicts of interest that can arise between managers and owners.Bloom's: UnderstandAACSB: Reflective ThinkingAccessibility: Keyboard Navigation45) A firm which opts to "go dark" in response to the Sarbanes-Oxley Act:A) must continue to provide audited financial statements to the public.B) must continue to provide a detailed list of internal control deficiencies on an annual basis.C) can provide less information to its shareholders than it did prior to "going dark".D) can continue publicly trading its stock but only on the exchange on which it was previously listed.E) ceases to exist.Answer: CDifficulty: 1 EasyTopic: Ethics, governance, and regulationLearning Objective: 01-04 Explain the conflicts of interest that can arise between managers and owners.Bloom's: UnderstandAACSB: Reflective ThinkingAccessibility: Keyboard Navigation46) The Sarbanes-Oxley Act of 2002 holds a public company's ________ responsible for the accuracy of the company's financial statements.A) managersB) internal auditorsC) external legal counselD) internal legal counselE) Securities and Exchange Commission agentAnswer: ADifficulty: 1 EasyTopic: Ethics, governance, and regulationLearning Objective: 01-04 Explain the conflicts of interest that can arise between managers and owners.Bloom's: UnderstandAACSB: Reflective ThinkingAccessibility: Keyboard Navigation。
[精选]罗斯《公司理财》(厦门大学沈艺峰老师)上
![[精选]罗斯《公司理财》(厦门大学沈艺峰老师)上](https://img.taocdn.com/s3/m/8392fa5d814d2b160b4e767f5acfa1c7aa0082ec.png)
第一章 导 论 Chapter 1 Introduction
《公司理财》的课程内容
可持续增长模型
公司理财 Corporate Finance
1
外部资金需要量
财务分析
如何才能顺利通过本门课程？ How to survive？
• 案例（case） 20%Biblioteka • 期中测试20%
• 期末考试（final examination） 50%
• 做好各项财务收支的计划、控 制、核算、分析和考核工作
• 依法合理筹集资金
• 有效利用各项资产，努力提高 经济效益
第一章 导 论 Chapter 1 Introduction
公司理财的环境
• 金融环境 • 税收环境 • 法律环境 • 社会环境 • 政府
公司理财 Corporate Finance
公司理财 Corporate Finance
1
第四章 流动资金管理 Chapter 4 Working Capital Management
流动资金管理
• 流动资金（Working Capital）指占用在流动 资产上的资金。
• 流动资产指可在一年内 或一个营业周期内转换 成现金或运用的其他资 产。
Q* = 最优库存现金持有量
公司理财 Corporate Finance
1
第四章 流动资金管理 Chapter 4 Working Capital Management
米勒-俄尔（Miller-Orr）模型
3b 2
3
Z= 4i
h = 3Z
Z = 最优库存现金持有量 b = 变现成本
= 日净现金流量的方差
可持续增长模型-另一种思维
• 资产=负债 + 权益
公司理财精要版原书第12版习题库答案Ross12e_Chapter01_TB
Fundamentals of Corporate Finance, 12e (Ross)Chapter 1 Introduction to Corporate Finance1) Which one of the following functions should be the responsibility of the controller rather than the treasurer?A) Depositing cash receiptsB) Processing cost reportsC) Analyzing equipment purchasesD) Approving credit for a customerE) Paying a vendor2) The treasurer of a corporation generally reports directly to the:A) board of directors.B) chairman of the board.C) chief executive officer.D) president.E) vice president of finance.3) Which one of the following correctly defines the upward chain of command in a typical corporate organizational structure?A) The vice president of finance reports to the chairman of the board.B) The chief executive officer reports to the president.C) The controller reports to the chief financial officer.D) The treasurer reports to the president.E) The chief operations officer reports to the vice president of production.4) An example of a capital budgeting decision is deciding:A) how many shares of stock to issue.B) whether or not to purchase a new machine for the production line.C) how to refinance a debt issue that is maturing.D) how much inventory to keep on hand.E) how much money should be kept in the checking account.5) When evaluating the timing of a project's projected cash flows, a financial manager is analyzing:A) the amount of each expected cash flow.B) only the start-up costs that are expected to require cash resources.C) only the date of the final cash flow related to the project.D) the amount by which cash receipts are expected to exceed cash outflows.E) when each cash flow is expected to occur.6) Capital structure decisions include determining:A) which one of two projects to accept.B) how to allocate investment funds to multiple projects.C) the amount of funds needed to finance customer purchases of a new product.D) how much debt should be assumed to fund a project.E) how much inventory will be needed to support a project.7) The decision to issue additional shares of stock is an example of:A) working capital management.B) a net working capital decision.C) capital budgeting.D) a controller's duties.E) a capital structure decision.8) Which one of the following questions is a working capital management decision?A) Should the company issue new shares of stock or borrow money?B) Should the company update or replace its older equipment?C) How much inventory should be on hand for immediate sale?D) Should the company close one of its current stores?E) How much should the company borrow to buy a new building?9) Which one of the following is a working capital management decision?A) What type(s) of equipment is (are) needed to complete a current project?B) Should the firm pay cash for a purchase or use the credit offered by the supplier?C) What amount of long-term debt is required to complete a project?D) How many shares of stock should the firm issue to fund an acquisition?E) Should a project should be accepted?10) Working capital management decisions include determining:A) the minimum level of cash to be kept in a checking account.B) the best method of producing a product.C) the number of employees needed to work during a particular shift.D) when to replace obsolete equipment.E) if a competitor should be acquired.11) Which one of the following terms is defined as the management of a firm's long-term investments?A) Working capital managementB) Financial allocationC) Agency cost analysisD) Capital budgetingE) Capital structure12) Which one of the following terms is defined as the mixture of a firm's debt and equity financing?A) Working capital managementB) Cash managementC) Cost analysisD) Capital budgetingE) Capital structure13) A firm's short-term assets and its short-term liabilities are referred to as the firm's:A) working capital.B) debt.C) investment capital.D) net capital.E) capital structure.14) Which one of the following questions is least likely to be addressed by financial managers?A) How should a product be marketed?B) Should customers be given 30 or 45 days to pay for their credit purchases?C) Should the firm borrow more money?D) Should the firm acquire new equipment?E) How much cash should the firm keep on hand?15) A business owned by a solitary individual who has unlimited liability for the firm's debt is called a:A) corporation.B) sole proprietorship.C) general partnership.D) limited partnership.E) limited liability company.16) A business formed by two or more individuals who each have unlimited liability for all of the firm's business debts is called a:A) corporation.B) sole proprietorship.C) general partnership.D) limited partnership.E) limited liability company.17) A business partner whose potential financial loss in the partnership will not exceed his or her investment in that partnership is called a:A) general partner.B) sole proprietor.C) limited partner.D) corporate shareholder.E) zero partner.18) A business created as a distinct legal entity and treated as a legal "person" is called a(n):A) corporation.B) sole proprietorship.C) general partnership.D) limited partnership.E) unlimited liability company.19) Which one of the following statements concerning a sole proprietorship is correct?A) A sole proprietorship is designed to protect the personal assets of the owner.B) The profits of a sole proprietorship are subject to double taxation.C) The owner of a sole proprietorship is personally responsible for all of the company's debts.D) There are very few sole proprietorships remaining in the U.S. today.E) A sole proprietorship is structured the same as a limited liability company.20) Which one of the following statements concerning a sole proprietorship is correct?A) The life of a sole proprietorship is limited.B) A sole proprietor can generally raise large sums of capital quite easily.C) Transferring ownership of a sole proprietorship is easier than transferring ownership of a corporation.D) A sole proprietorship is taxed the same as a C corporation.E) A sole proprietorship is the most regulated form of organization.21) Which of the following individuals have unlimited liability for a firm's debts based on their ownership interest?A) Only general partnersB) Only sole proprietorsC) All stockholdersD) Both limited and general partnersE) Both general partners and sole proprietors22) The primary advantage of being a limited partner is:A) the receipt of tax-free income.B) the partner's active participation in the firm's activities.C) the lack of any potential financial loss.D) the daily control over the business affairs of the partnership.E) the partner's maximum loss is limited to their capital investment.23) A general partner:A) is personally responsible for all partnership debts.B) has no say over a firm's daily operations.C) faces double taxation whereas a limited partner does not.D) has a maximum loss equal to his or her equity investment.E) receives a salary in lieu of a portion of the profits.24) A limited partnership:A) has an unlimited life.B) can opt to be taxed as a corporation.C) terminates at the death of any one limited partner.D) has at least one partner who has unlimited liability for all of the partnership's debts.E) consists solely of limited partners.25) A partnership with four general partners:A) distributes profits based on percentage of ownership.B) has an unlimited partnership life.C) limits the active involvement in the firm to a single partner.D) limits each partner's personal liability to 25 percent of the partnership's total debt.E) must distribute 25 percent of the profits to each partner.26) One disadvantage of the corporate form of business ownership is the:A) limited liability of its shareholders for the firm's debts.B) double taxation of distributed profits.C) firm's greater ability to raise capital than other forms of ownership.D) firm's potential for an unlimited life.E) firm's ability to issue additional shares of stock.27) Which one of the following statements is correct?A) The majority of firms in the U.S. are structured as corporations.B) Corporate profits are taxable income to the shareholders when earned.C) Corporations can have an unlimited life.D) Shareholders are protected from all potential losses.E) Shareholders directly elect the corporate president.28) Which one of the following statements is correct?A) A general partnership is legally the same as a corporation.B) Income from both sole proprietorships and partnerships that is taxable is treated as individual income.C) Partnerships are the most complicated type of business to form.D) All business organizations have bylaws.E) Only firms organized as sole proprietorships have limited lives.29) The articles of incorporation:A) describe the purpose of the firm and set forth the number of shares of stock that can be issued.B) are amended periodically especially prior to corporate elections.C) explain how corporate directors are to be elected and the length of their terms.D) sets forth the procedures by which a firm regulates itself.E) include only the corporation's name and intended life.30) Corporate bylaws:A) must be amended should a firm decide to increase the number of shares authorized.B) cannot be amended once adopted.C) define the name by which the firm will operate.D) describe the intended life and purpose of the organization.E) determine how a corporation regulates itself.31) A limited liability company:A) can only have a single owner.B) is comprised of limited partners only.C) is taxed similar to a partnership.D) is taxed similar to a C corporation.E) generates totally tax-free income.32) Which business form is best suited to raising large amounts of capital?A) Sole proprietorshipB) Limited liability companyC) CorporationD) General partnershipE) Limited partnership33) A ________ has all the respective rights and privileges of a legal person.A) sole proprietorshipB) general partnershipC) limited partnershipD) corporationE) limited liability company34) Sam, Alfredo, and Juan want to start a small U.S. business. Juan will fund the venture but wants to limit his liability to his initial investment and has no interest in the daily operations. Sam will contribute his full efforts on a daily basis but has limited funds to invest in the business. Alfredo will be involved as an active consultant and manager and will also contribute funds. Sam and Alfredo are willing to accept liability for the firm's debts as they feel they have nothing to lose by doing so. All three individuals will share in the firm's profits and wish to keep the initial organizational costs of the business to a minimum. Which form of business entity should these individuals adopt?A) Sole proprietorshipB) Joint stock companyC) Limited partnershipD) General partnershipE) Corporation35) Sally and Alicia are equal general partners in a business. They are content with their current management and tax situation but are uncomfortable with their unlimited liability. Which form of business entity should they consider as a replacement to their current arrangement assuming they wish to remain the only two owners of the business?A) Sole proprietorshipB) Joint stock companyC) Limited partnershipD) Limited liability companyE) Corporation36) The growth of both sole proprietorships and partnerships is frequently limited by the firm's:A) double taxation.B) bylaws.C) inability to raise cash.D) limited liability.E) agency problems.37) Corporate dividends are:A) tax-free because the income is taxed at the personal level when earned by the firm.B) tax-free because they are distributions of aftertax income.C) tax-free since the corporation pays tax on that income when it is earned.D) taxed at both the corporate and the personal level when the dividends are paid to shareholders.E) taxable income of the recipient even though that income was previously taxed.38) Financial managers should primarily focus on the interests of:A) stakeholders.B) the vice president of finance.C) their immediate supervisor.D) shareholders.E) the board of directors.39) Which one of the following best states the primary goal of financial management?A) Maximize current dividends per shareB) Maximize the current value per shareC) Increase cash flow and avoid financial distressD) Minimize operational costs while maximizing firm efficiencyE) Maintain steady growth while increasing current profits40) Which one of the following best illustrates that the management of a firm is adhering to the goal of financial management?A) An increase in the amount of the quarterly dividendB) A decrease in the per unit production costsC) An increase in the number of shares outstandingD) A decrease in the net working capitalE) An increase in the market value per share41) Financial managers should strive to maximize the current value per share of the existingstock to:A) guarantee the company will grow in size at the maximum possible rate.B) increase employee salaries.C) best represent the interests of the current shareholders.D) increase the current dividends per share.E) provide managers with shares of stock as part of their compensation.42) Decisions made by financial managers should primarily focus on increasing the:A) size of the firm.B) growth rate of the firm.C) gross profit per unit produced.D) market value per share of outstanding stock.E) total sales.43) The Sarbanes-Oxley Act of 2002 is a governmental response to:A) decreasing corporate profits.B) the terrorist attacks on 9/11/2001.C) a weakening economy.D) deregulation of the stock exchanges.E) management greed and abuses.44) Which one of the following is an unintended result of the Sarbanes-Oxley Act?A) More detailed and accurate financial reportingB) Increased management awareness of internal controlsC) Corporations delisting from major exchangesD) Increased responsibility for corporate officersE) Identification of internal control weaknesses45) A firm which opts to "go dark" in response to the Sarbanes-Oxley Act:A) must continue to provide audited financial statements to the public.B) must continue to provide a detailed list of internal control deficiencies on an annual basis.C) can provide less information to its shareholders than it did prior to "going dark".D) can continue publicly trading its stock but only on the exchange on which it was previously listed.E) ceases to exist.46) The Sarbanes-Oxley Act of 2002 holds a public company's ________ responsible for the accuracy of the company's financial statements.A) managersB) internal auditorsC) external legal counselD) internal legal counselE) Securities and Exchange Commission agent47) Which one of the following actions by a financial manager is most apt to create an agency problem?A) Refusing to borrow money when doing so will create losses for the firmB) Refusing to lower selling prices if doing so will reduce the net profitsC) Refusing to expand the company if doing so will lower the value of the equityD) Agreeing to pay bonuses based on the market value of the company's stock rather than on its level of salesE) Increasing current profits when doing so lowers the value of the company's equity48) Which one of the following is least apt to help convince managers to work in the best interest of the stockholders? Assume there are no golden parachutes.A) Compensation based on the value of the stockB) Stock option plansC) Threat of a company takeoverD) Threat of a proxy fightE) Increasing managers' base salaries49) Agency problems are most associated with:A) sole proprietorships.B) general partnerships.C) limited partnerships.D) corporations.E) limited liability companies.50) Which one of the following is an agency cost?A) Accepting an investment opportunity that will add value to the firmB) Increasing the quarterly dividendC) Investing in a new project that creates firm valueD) Hiring outside accountants to audit the company's financial statementsE) Closing a division of the firm that is operating at a loss51) Which one of the following is a means by which shareholders can replace company management?A) Stock optionsB) PromotionC) Sarbanes-Oxley ActD) Agency playE) Proxy fight52) Which one of the following grants an individual the right to vote on behalf of a shareholder?A) ProxyB) By-lawsC) Indenture agreementD) Stock optionE) Stock audit53) Which one of the following parties has ultimate control of a corporation?A) Chairman of the boardB) Board of directorsC) Chief executive officerD) Chief operating officerE) Shareholders54) Which of the following parties are considered stakeholders of a firm?A) Employees and the governmentB) Long-term creditorsC) Government and common stockholdersD) Common stockholdersE) Long-term creditors and common stockholders55) Which one of the following represents a cash outflow from a corporation?A) Issuance of new securitiesB) Payment of dividendsC) New loan proceedsD) Receipt of tax refundE) Initial sale of common stock56) Which one of the following is a cash flow from a corporation into the financial markets?A) Borrowing of long-term debtB) Payment of government taxesC) Payment of loan interestD) Issuance of corporate debtE) Sale of common stock57) Which one of the following is a primary market transaction?A) Sale of currently outstanding stock by a dealer to an individual investorB) Sale of a new share of stock to an individual investorC) Stock ownership transfer from one shareholder to another shareholderD) Gift of stock from one shareholder to another shareholderE) Gift of stock by a shareholder to a family member58) Shareholder A sold 500 shares of ABC stock on the New York Stock Exchange. This transaction:A) took place in the primary market.B) occurred in a dealer market.C) was facilitated in the secondary market.D) involved a proxy.E) was a private placement.59) Public offerings of debt and equity must be registered with the:A) New York Board of Governors.B) Federal Reserve.C) NYSE Registration Office.D) Securities and Exchange Commission.E) Market Dealers Exchange.60) Which one of the following statements is generally correct?A) Private placements must be registered with the SEC.B) All secondary markets are auction markets.C) Dealer markets have a physical trading floor.D) Auction markets match buy and sell orders.E) Dealers arrange trades but never own the securities traded.61) Which one of the following statements concerning stock exchanges is correct?A) NASDAQ is a broker market.B) The NYSE is a dealer market.C) The exchange with the strictest listing requirements is NASDAQ.D) Some large companies are listed on NASDAQ.E) Most debt securities are traded on the NYSE.62) Shareholder A sold shares of Maplewood Cabinets stock to Shareholder B. The stock is listed on the NYSE. This trade occurred in which one of the following?A) Primary, dealer marketB) Secondary, dealer marketC) Primary, auction marketD) Secondary, auction marketE) Secondary, OTC market63) Which one of the following statements is correct concerning the NYSE?A) The publicly traded shares of a NYSE-listed firm must be worth at least $250 million.B) The NYSE is the largest dealer market for listed securities in the United States.C) The listing requirements for the NYSE are more stringent than those of NASDAQ.D) Any corporation desiring to be listed on the NYSE can do so for a fee.E) The NYSE is an OTC market functioning as both a primary and a secondary market.11。
公司理财(罗斯)第1章(英文
03 Valuation Basis
The concept and significance of valuation
要点一
Definition
Valuation is the process of estimating the worth of an asset or a company, typically through the use of financial metrics and analysis.
The Time Value of Money
英文版公司理财chapter-1课件
Making good investment and financing decisions is the chief task of the financial manager.
英文版公司理财chapter-1
7
The Investment Decision
• Investment decision /capital budgeting decision: decision to invest in
2750% Deb50t % 3D0e%bEt quity 5705% Equity
If how you slice the pie affects the size of the pie, then the capital structure decision matters.
英文版公司理财chapter-1
4. Understand why conflicts of interest arise, especially in large, public corporations
5. Explain how corporations mitigate conflicts and encourage ethical behavior
英文版公司理财chapter-1
Current Liabilities Long-Termபைடு நூலகம்Debt
Shareholders’ Equity
13
• The choice between debt and equity financing is often called the
capital structure decision
2
Chapter 1
The Corporation and the Financial Manager
公司理财第一章
大现金流出
办法竞争增大现金流出
管理人员的对策 控制存货变质、财产失窃、坏账损
失、出售固定资产损失等
筹款购买设备以维持生产，或选择 盈利公司被其兼并
筹集资金补充到短期周转中，其数 额等于现金亏空数
内部寻找现金，外部筹集资金
使存货数量周期性变化，人工等费 用的开支提前计划
做好经济增长的预测，提前做好现 金流动性管理
– 公司理财的界定 • 是资金筹集、投放和分配的管理工作 • 公司理财对象是现金（或者资金）的循环和周转，主要职能是决策、 计划和控制。
– 公司理财学的学科含义 • 是立足于微观经济，置身于宏观经济，涉及会计、财政、金融、税 务、管理、法律等多学科的学术领域，是集传统知识与计算机应用 技术于一体的一门新兴学科。
规模扩张 季节性变化
现金严重短缺
存货、现金的周期 性变化
扩充固定资产、增加存货、增加应收账 款、增加营业费用等
产品销售、原材料采购，人工雇佣等具 有季节性变化
外 经济波动 部 因 通货膨胀 素
市场竞争
现金过剩或现金需 求增加
现金短缺
影响销售、生产存货和采购 现金购买力降低
减少现金流入或增 价格竞争减少现金流入，广告促销、软
增收节支，提高利润
成为价格竞争的成功者，或者增加 广告投入的效率
二、公司理财的产生与发展
（一）生存
（二）发展
（三）获利
公司维持生 存的基本条件 之一是以收抵 支，即获得的 现金要等于或 大于付出的现 金。
到期偿债也 是公司维持生 存的基本条件 之一。
长期亏损是 公司终止的内 在原因，而不 能偿还到期债
2.影响公司现金流转的外部因素
季节性变化
产品销售、原材料采购和 人工雇佣具有季节性变 化，销售淡季现金不足， 销售旺季过后现金过剩。
公司理财 Chapter_01
Current Assets
Long-Term Debt
Fixed Assets 1 Tangible 2 Intangible
1-4
Shareholders’ Equity
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• The Capital Budgeting Decision
Financial Management Decisions
• Capital budgeting
• What long-term investments or projects should the business take on?
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• Capital structure
• How should we pay for our assets? • Should we use debt or equity?
• Working capital management
• How do we manage the day-to-day finances of the firm?
What longterm investments should the firm engage in?
Shareholders’ Equity
1-5
The Capital Structure Decision
Current Liabilities
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1-11
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The Role of CFO
公司理财第一章
• Advantages
– Limited liability – Unlimited life – Separation of ownership and management – Transfer of ownership is easy – Easier to raise capital
• Disadvantages
– Separation of ownership and management – Double taxation (income taxed at the corporate rate and then dividends taxed at the personal rate)
1-17
A Comparison
Forms of Business Organization
公司理财 第一章
第一章（P14）1.股东是公司的所有者。
股东选举公司的董事会,董事会任命该公司的管理层。
企业的所有权和控制权分离的组织形式是导致的代理关系存在的主要原因。
管理者可能追求自身或别人的利益最大化,而不是股东的利益最大化，可能因为目标不一致而存在代理问题。
2.非营利公司经常追求社会或政治任务等各种目标。
非营利公司财务管理的目标是获取并有效使用资金以最大限度地实现组织的社会使命。
3.这句话是不正确的。
管理者实施财务管理的目标就是最大化现有股票的每股价值，当前的股票价值反映了短期和长期的风险、时间以及未来现金流量。
4.比如在市场经济中所有的东西都被定价。
因此所有目标都有一个最优水平，包括避免不道德或非法的行为，股票价值最大化。
5.财务管理的目标都是相同的,但实现目标的最好方式可能是不同的,因为不同的国家有不同的社会、政治环境和经济制度。
6.管理层的目标是最大化股东现有股票的每股价值。
如果管理层认为能提高公司利润，使股价超过 35 美元,应该展开对恶意收购的斗争。
如果管理层认为该投标人或其它未知的投标人将支付超过每股35美元的价格收购公司,也应该展开斗争。
但是,如果管理层不能增加企业的价值,并且没有其他更高的投标价格,那么管理层不是在为股东的最大化权益行事。
现在的管理层经常在公司面临这些恶意收购的情况时迷失自己的方向。
7.不严重,因为他们的私人投资者占比重较小。
较少的私人投资者能减少不同的企业目标。
高比重的机构所有权导致高学历的股东和管理层讨论决策风险项目，减少决策失误，它也可以根据自己的资源和经验更好地对管理层实施有效的监督机制。
8.大型金融机构成为股票的主要持有者可能减少美国公司的代理问题，形成更有效率的公司控制权市场。
但也不一定，如果共同基金或者退休基金的管理层并不关心的投资者的利益，代理问题可能仍然存在,甚至有可能增加基金和投资者之间的代理问题。
9.市场需求首席执行官，首席执行官的薪酬是由市场决定的。
公司理财课件第一章
第三，如何管理企业日常的营运资金。 以上三个方面的问题构成了公司理财管 理的基本内容。
资金
理财活动的基本要素 公司理财的核心内容
理财管理与会计的区别
区别：理财管理侧重
会计侧重
分析与决策 计量与报告
联系：会计信息是理财管理的基础
第一章 导论
第一节 公司理财的内涵 第二节 理财的目标 第三节 理财的环境
深圳市2004年把年薪制与实施股权激励的长效机制结合起来，促 使经营者的行为长期化。
2、股东与债权人之间的代理问题 含义。股东与债权人之间的利益矛盾
强调借入 资金的收益性
具体表现？
高风险投资 发行新债 投资不足 额外发放股利
强调贷款 的安全性
解决方法。（债权人角度） （1）在借款合同中加入限制性条款。如规定资金的用途、规定 资产负债率、规定不得发行新债等。 （2）拒绝进一步合作。不提供新的贷款或提前收回贷款。
解决方法（1）监督方式：与管理者签定合同，审计财务报表， 限制管理者的决策权
（2）激励方式：年薪制，股权激励
案例： 把经营者收入与企业效益密切挂钩
深圳国企老总最高年薪96万
同样是深圳市属国有企业，深圳国际信托投资有限公司老总2003 年度薪酬达96万元，而深圳特发集团老总同年度的薪酬为12万元，两 者相距达8倍。原因是前者企业利润在当年度增长了2、2倍，其薪酬 不仅有基本年薪，还 拿到了绩效年薪和奖励年薪；后者企业由盈利 转为亏损6177万元，其薪酬只领到基本年薪部分，收入比上年减少了 近8成。据深圳市国资办介绍，深圳35家市属国有企业推行年薪制一 年多来，大大促进了经营者为国家创造财富的积极性。
3、财务法律
种类：《企业会计准则》 〈企业会计制度〉等
公司理财第一章
第
一
章
财
务
管
经济环境
理
总
论
经济周期 经济发展水平 通货膨胀 政府的经济政策
经济周期
包括经济的复苏、繁荣、衰退、 和萧条四个阶段。
复苏：增加厂房、存货、劳动力 繁荣：扩充厂房、存货、劳动力，提高价格 衰退：停止扩张、停产不利产品、减存货，
停止扩招雇员 萧条：保持市场份额、放弃次要部门、减存
货、裁员
经济发展水平
大股东与小股东
第
表现：
一
章
利用关联交易转移上市公司利润；
财 务
非法占用上市公司巨额资金；
管
发布虚假信息，操纵信息，欺骗中小投资者；
理 总
为大股东排除的高级管理者支付过高的报酬；
论
利用不合理股利政策，掠夺中小股东的既得利益。
解决办法：
完善公司治理结构 规范信息披露制度
第三节 财务管理环境
第
一
章
财
财务管理环境的概念及其分类
第三节 财务管理环境
第
一
章 财
金融环境
务
管
理
总
论
金融市场的分类和组 成 我国主要的金融机构
金融市场与企业理财
利息率
第三节 财务管理环境
金融市场的分类与组成
构成
分类
第 一
主体
期限
短期资金市场
章 财
银行、非银 行金融机构
金
长期资金市场
务 管 理 总 论
客体
股票、债券、 商业票据等
融 融资 市 对象
场
第一章 财务管理总论
第标 第念 第
第 一 章
财 务 管 理 总
公司理财(罗斯第五版)
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17、儿童是中心，教育的措施便围绕 他们而 组织起 来。上 午9时4 分47秒 上午9时 4分09:04:4721 .7.4
July 2021
• 2、Our destiny offers not only the cup of despair, but the chalice of opportunity. (Richard Nixon, American President )命运给予我们的不是失望之酒，而是机会之杯。二〇二一年六月十七日2021年6月17日星期四
债务 权益
© The McGraw-Hill Companies, Inc., 1999
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9、要学生做的事，教职员躬亲共做； 要学生 学的知 识，教 职员躬 亲共学 ；要学 生守的 规则， 教职员 躬亲共 守。21 .7.421. 7.4Sund ay , July 04, 2021
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10、阅读一切好书如同和过去最杰出 的人谈 话。09:04:4709 :04:470 9:047/4 /2021 9:04:47 AM
个人业主制
简单/低 简单/难
集中 无限 有限 个人所得税
合伙制
简单/低 难/难 集中 至少一人无限 有限 个人所得税
公司制
难/高 易/易 分散 有限 无限 公司、个人所得税
© The McGraw-Hill Companies, Inc., 1999
Fifth 1-3 Edition
图1-3 企业组织结构图
销售、一般费用及管理费用
折旧
营业利润
其他利润
息前税前利润
利息费用
税前利润
所得税
当期：$71
递延：$13
机械工业出版社
公司理财——精选推荐
公司理财Chapter 1True / False1.The separation of ownership and management is one distinctive feature of corporations。
2.Financial assets have value because they are claims on the firm's real assets and the cash that those assets will produce。
3.Capital budgeting decisions are used to determine how to raise the cash necessary for investments.4. A successful investment is one that increases the value of the firm.5.The primary goal of any company should be to maximize current period profit.6.Making good investment and financing decisions is the chief task of the financial manager.7.Shareholders welcome higher short-term profits even when they damage long-term profits.8.Pfizer's spending of $7.6 billion in 2006 on research and development of new drugs is a capital budgeting decision but not a financing decision.9.If a project's value is less than its required investment, then the project is attractive financially.10.Making good investment and financing decisions is the chief task of the financial manager. Multiple Choice Questions1.Which of the following would be considered an advantage of the sole proprietorship form of organization?A. Wide access to capital marketsB. Unlimited liabilityC. A pool of expertiseD. Profits taxed at only one level2.When a corporation fails, the maximum that can lost by an investor protected by limited liability is:A. the amount of the initial investment.B. the amount of the profit on the investment.C. the amount necessary to pay the corporation's debts.D. the amount of the investor's personal wealth.3. A board of directors is elected as a representative of the corporation's:A. top management.B. stakeholders.C. shareholders.D. customers.4."Double taxation" refers to:A. all partners paying equal taxes on profits.B. corporations paying taxes on both dividends and retained earnings.C. paying taxes on profits at the corporate level and dividends at the personal level.D. the fact that marginal tax rates are doubled for corporations.5.Which of the following would not be considered a real asset?A. A corporate bondB. A machineC. A patentD. A factory6.Financial markets are used for trading:A. both real assets and financial assets.B. the goods and services produced by a firm.C. securities, such as shares of IBM.D. the raw materials used in manufacturing.7.An example of a firm's financing decision would be:A. acquisition of a competitive firm.B. how much to pay for a specific asset.C. the issuance of ten-year versus twenty-year bonds.D. whether or not to increase the price of its products.8.Which of the firm's financial managers is most likely to be involved with obtaining financing for the firm?A. TreasurerB. ControllerC. Chief Executive OfficerD. Board of Directors9. A chief financial officer would typically:A. report to the treasurer, but supervise the controller.B. report to the controller, but supervise the treasurer.C. report to both the treasurer and controller.D. supervise both the treasurer and controller.10.The primary goal of corporate management should be to:A. maximize the number of shareholders.B. maximize the firm's profit.C. minimize the firm's costs.D. maximize the shareholders' wealth.Chapter 4 习题解答1.What is the future value of $10,000 on deposit for five years at 6% simple interest?FV = PV+(PV x r x t)(10,000) + ((10,000 x .06) x 5) = $13,000.002.How much interest is earned in the third year on a $1,000 deposit that earns 7% interestcompounded annually?1000 x (1.07)2 = $1,144.90 after 2 years.$1,144.90 x .07 = $80.143. What is the present value of the following payment stream, discounted at 8% annually: $1,000 at the end of year 1, $2,000 at the end of year 2, and $3,000 at the end of year 3?4. What is the present value of the following set of cash flows at an interest rate of 7%; $1,000 today, $2,000 at end of year one, $4,000 at end of year three, and $6,000 at end of year five?P.V. = $1,000/(1.07)0 + $2,000/(1.07)1 + $4,000/(1.07)3 + $6,000/(1.07)5= $1,000 + 1,869.16 + 3,265.19 + 4,277.92= $10,412.275. A perpetuity of $5,000 per year beginning today is said to offer a 15% interest rate. What is its present value?6. Your car loan requires payments of $200 per month for the first year and payments of $400 per month during the second year. The annual interest rate is 12% and payments begin in one month. What is the present value of this two-year loan?Or：PV=200×11.2551+400×11.2551×0.8874 = 6246.1311.2551 是1%，期限为12的年⾦现值系数0.8874 是1%，期限为12的复利现值系数7. What is the present value of a five period annuity of $3,000 if the interest rate is 12% and the first payment is made today? PV= 3000×3.6048 （12%，5年的年⾦现值系数）×（1+12%）=12112.128OR：8. If $120,000 is borrowed for a home mortgage, to be repaid at 9% interest over 30 years with monthly payments of $965.55, how much interest is paid over the life of the loan?(965.55 x 360) - 120,000 = $227,5989. $50,000 is borrowed, to be repaid in three equal, annual payments with 10% interest. Approximately how much principal is amortized with the first payment?5000 = A ×2.4869 （10%，3年的年⾦现值系数）A= 2010.542010.54- 5000×10% = 1510.5410. The present value of an annuity stream of $100 per year is $614 when valued at a 10% rate. By approximately how much would the value change if these were annuities due?Difference = $614(1+10%) - $614 = $6111. What is the expected real rate of interest for an account that offers a 12% nominal rate of return when the rate of inflation is 6% annually?1 + real interest rate = (1 + nominal interest rate)/(1 + inflation)1 + real interest rate = 1.12/1.06real interest rate = 5.66%12. What is the minimum nominal rate of return should you accept, if you require a 4% real rate of return and the rate of inflation is expected to average 3.5% during the investment period?7.64% = nominal rate13. What is the APR on a loan that charges interest at the rate of 1.4% per month?1.4% monthly x 12 = 16.8% APRChapter 5 习题及解答23. The coupon rate of a bond equals:A. its yield to maturity.B. a percentage of its face value.C. the maturity value.D. a percentage of its price.25. Which of the following presents the correct relationship? As the coupon rate of a bond increases, the bond's:A. face value increases.B. current price decreases.C. interest payments increase.D. maturity date is extended.26. What happens when a bond's expected cash flows are discounted at a rate lower than the bond's coupon rate?A. The price of the bond increases.B. The coupon rate of the bond increases.C. The par value of the bond decreases.D. The coupon payments will be adjusted to the new discount rate.30. How much should you pay for a $1,000 bond with 10% coupon, annual payments, and five years to maturity if the interest rate is 12%?A. $ 927.90B. $ 981.40C. $1,000.00D. $1,075.8231. How much would an investor expect to pay for a $1,000 par value bond with a 9% annual coupon that matures in 5 years if the interest rate is 7%?A. $696.74B. $1,075.82C. $1,082.00D. $1,123.0132. Which of the following statements is correct for a 10% coupon bond that has a current yield of 7%?A. The face value of the bond has decreased.B. The bond's maturity value exceeds the bond's price.C. The bond's internal rate of return is 7%.D. The bond's maturity value is lower than the bond's price.37. A bond's yield to maturity takes into consideration:A. current yield but not price changes of a bond.B. price changes but not current yield of a bond.C. both current yield and price changes of a bond.D. neither current yield nor price changes of a bond.40. What is the yield to maturity for a bond paying $100 annually that has six years until maturity and sells for $1,000?A. 6.0%B. 8.5%C. 10.0%D. 12.5%39. What is the coupon rate for a bond with three years until maturity, a price of $1,053.46, and a yield to maturity of 6%?A. 6%B. 8%C. 10%D. 11%43. What happens to the coupon rate of a bond that pays $80 annually in interest if interest rates change from 9% to 10%?A. The coupon rate increases to 10%.B. The coupon rate remains at 9%.C. The coupon rate remains at 8%.D. The coupon rate decreases to 8%.44. Which of the following is fixed (e.g., cannot change) for the life of a given bond?A. Current price.B. Current yield.C. Yield to maturity.D. Coupon rate.45. What is the rate of return for an investor who pays $1,054.47 for a three-year bond with a 7% coupon and sells the bond one year later for $1,037.19?A. 5.00%B. 5.33%C. 6.46%D. 7.00%Rate of Return = ($70.00 - $17.28)/$1,054.47= $52.72/$1,054.47= 5%47. What is the relationship between an investment's rate of return and its yield to maturity for an investor that does not hold a bond until maturity?A. Rate of return is lower than yield to maturity.B. Rate of return is higher than yield to maturity.C. Rate of return equals yield to maturity.D. There is no predetermined relationship.49. If a four year bond with a 7% coupon and a 10% yield to maturity is currently worth $904.90, how much will it be worth one year from now if interest rates are constant?A. $ 904.90B. $ 925.39C. $ 947.93D. $1,000.0053. Which of the following is correct for a bond priced at $1,100 that has ten years remaining until maturity, and a 10% coupon, with semiannual payments?A. Each payment of interest equals $50.B. Each payment of interest equals $55.C. Each payment of interest equals $100.D. Each payment of interest equals $110.56. U.S. Treasury bond yields do not contain a:A. coupon interest payment.B. nominal interest rate.C. default premium.D. yield to maturity.58. The purpose of a floating-rate bond is to:A. save interest expense for corporate issuers.B. avoid making interest payments until maturity.C. shift the yield curve.D. offer rates adjusted to current market conditions.59. Which of the following would not be associated with a zero-coupon bond?A. Yield to maturityB. Discount bondC. Current YieldD. Interest-rate risk65. What is the yield to maturity of a bond with the following characteristics? Coupon rate is 8% with semi-annual payments, current price is $960, three years until maturity.A. 4.78%B. 5.48%C. 9.57%D. 12.17%69. If a bond is priced at par value, then:A. it has a very low level of default risk.B. its coupon rate equals its yield to maturity.C. it must be a zero-coupon bond.D. the bond is quite close to maturity.71. What is the amount of the annual coupon payment for a bond that has six years until maturity, sells for $1,050, and has a yield to maturity of 9.37%?A. $87.12B. $93.70C. $100.00D. $105.0076. What is the total return to an investor who buys a bond for $1,100 when the bond has a 9% coupon rate and five years remaining until maturity, then sells the bond after one year for $1,085?A. 6.82%B. 6.91%C. 7.64%D. 9.00%(90 - 15)/1,100 = 6.82%81. An investor holds two bonds, one with five years until maturity and the other with 20 years until maturity. Which of thefollowing is more likely if interest rates suddenly increase by 2%?A. The five-year bond will decrease more in price.B. The 20-year bond will decrease more in price.C. Both bonds will decrease in price similarly.D. Neither bond will decrease in price, but yields will increase.82. How much should you be prepared to pay for a 10-year bond with a 6% coupon and a yield to maturity to maturity of7.5%?A. $411.84B. $897.04C. $985.00D. $1,000.0083. How much should you be prepared to pay for a 10-year bond with a 6% coupon, semi-annual payments, and a semi-annually compounded yield of 7.5%?A. $895.78B. $897.04C. $938.40D. $1,312.66Chapter 6 习题1. If a stock's P/E ratio is 13.5 at a time when earnings are $3 per year, what is the stock's current price?P/E = 13.5XThen P = 13.5 x $3Price = $40.5040. What is the current price of a share of stock for a firm with $5 million in balance-sheet equity, 500,000 shares of stock outstanding, and a price/book value ratio of 4?book value per share = $5,000,000/500,000 = $10If price/book value = 4then price = $10 x 4 = $4047. A stock paying $5 in annual dividends sells now for $80 and has an expected return of 14%. What might investors expect to pay for the stock one year from now?Expected return =14% =$11.20 = P1 - $75$86.20 = P148. Which of the following statements is correct about a stock currently selling for $50 per share that has a 16% expected return and a 10% expected capital appreciation?Expected return = expected dividend yield + expected capital appreciation.16% = expected dividend yield + 10%6% = expected dividend yield$50 share price x 6% = $3 expected dividend payment51. How much should you pay for a share of stock that offers a constant growth rate of 10%, requires a 16% rate of return, and is expected to sell for $50 one year from now?The easiest way to solve this problem is to realize:Expected return = expected dividend yield+ expected capital appreciationThen:.16 = .06 + expected capital appreciation.10 = expected capital appreciationAndP1 = 110% of P o$50.00 = 1.1P o$45.45 = P o54. If the dividend yield for year one is expected to be 5% based on the current price of $25, what will the year four dividend be if dividends grow at a constant 6%?.05 x 25 = 1.25 = Div1then, D4 = 1.25 x (1.06)3 = $1.49What is the expected dividend to be paid in three years if yesterday's dividend was $6.00, dividends are expected to grow at a constant 6% annual rate, and the firm has a 10% expected return?D3 = D o x (1 + g)3= $6.00 (1.06)3= $7.15What should be the price for a common stock paying $3.50 annually in dividends if the growth rate is zero and the discount rate is 8%?P o =If next year's dividend is forecast to be $5.00, the constant growth rate is 4%, and the discount rate is 16%, then the current stock price should be:P o =$41.67 =What price would you expect to pay for a stock with 13% required rate of return, 4% rate of dividend growth, and an annual dividend of $2.50 which will be paid tomorrow?P o = D o += $2.50 += $2.50 += $2.50 + $28.89= $31.39What constant growth rate in dividends is expected for a stock valued at $32.00 if next year's dividend is forecast at $2.00 and the appropriate discount rate is 13%?$32.00 =$4.16 - 32g = $2.00$2.16 = 32 g.0675 = g6.75% = gWhat rate of return is expected from a stock that sells for $30 per share, pays $1.50 annually in dividends, and is expected to sell for $33 per share in one year?Expected Return === .05 + .10= .15 = 15%What would be the expected price of a stock when dividends are expected to grow at a 25% rate for three years, then grow at a constant rate of 5%, if the stock's required return is 13% and next year's dividend will be $4.00?P o == 3.54 += 3.54 + 3.92 + 4.33 + 56.83= $68.62Chape71. What is the NPV of a project that costs $100,000 and returns $50,000 annually for three years if the opportunity cost of capital is 14%?2. The profitability index for a project costing $40,000 and returning $15,000 annually for four years at an opportunity cost of capital of 12% is:3. What is the payback period for a project with $20,000 initial cost, cash inflows of $5,800 per year for six years, and a discount rate of 15%?Its payback period is roughly 3 1/2 years.4. If a project's IRR is 13% and the project provides annual cash flows of $15,000 for four years, how much did the project cost?5. What is the equivalent annual cost for a project that requires a $40,000 investment at time-period zero, and a $10,000 annual expense during each of the next 4 years, if the opportunity cost of capital is 10%?And the four-year annuity to provide a present value of $71,698.65 at 10% is $22,618.83.6. You can continue to use your less efficient machine at a cost of $8,000 annually for the next five years. Alternatively, you can purchase a more efficient machine for $12,000 plus $5,000 annual maintenance. At a cost of capital of 15%, you should:$12,000 + $16,760.78= $28,760.78 Total PV of cost, which represents an EAC of $8,579.79, which is $579.79 more annually.Keep th el9e old machine and save $580 in equivalent annual costs.Chap9. Calculate the break-even level of sales, assuming: $1.4 million fixed costs, $400,000 depreciation expense, variable costs-to-sales ratio of 65%.2. A firm with 60% of sales going to variable costs, $1.5 million fixed costs, and $500,000 depreciation would show what accounting profit with sales of $3 million? Ignore taxes.3. If pre-tax profits decrease by 13.8% when the DOL is 3.8, then the decrease in sales is:4. If a firm's DOL is 4.0 when its profit is $2,000,000 and its depreciation is $500,000, how much fixed cost does it have? Chape121. What is a firm's weighted-average cost of capital if the stock has a beta of 1.45, Treasury bills yield 5%, and the market portfolio offers an expected return of 14%? In addition to equity, the firm finances 35% of its assets with debt that has a yield to maturity of 9%. The firm is in the 35% marginal tax bracket.r e= 5% + 1.45 (14% - 5%)= 5% + 13.05= 18.05%r d= 9% (1 - .35)= 5.85%WACC = (.3 x 5.85%) + (.7 x 18.05%)= 1.755% + 12.635%= 14.39%2. What is the weighted-average cost of capital for a firm with the following sources of funds and corresponding required rates of return: $5 million common stock at 16%, $500,000 preferred stock at 10%, and $3 million debt at 9%. All amounts are listed at market values and the firm's tax rate is 35%.= .02065 + .00588 + .09412= 12.07%3. The capital structure for the CR Corporation is the following: bonds $5,500, and common stock $11,000. If CR has an after-tax cost of debt of 6%, and a 16% cost of common stock, what is its WACC?A. 9.33%B. 12.67%C. 13.33%D. 14.67%WACC = [(5,500/16,500) x (0.06)] + [(11,000/16,500) x (0.16)]= .02 + .10667= 12.67%4. Plasti-tech Inc. is financed 60% with equity and 40% with debt. Currently, its debt has a before-tax interest rate of 12%. Plasti-tech's common stock trades at $15 per share and its most recent dividend was $1.00. Future dividends are expected grow by 4%. If the tax rate is 34%, what is Plasti-tech's WACC?A. 7.39%B. 9.57%C. 9.73%D. 11.20%r e = ((1(1 + 0.04))/$15) + 0.04= 10.93%WACC = 0.4[0.12(1 - 0.34)] + 0.6(0.1093)= .0317 + .0656= 9.73%5. What percentage of value should be allocated to equity in WACC computations for a firm with $50 million in debt selling at 85% of par, $50 million in book value of equity, and $65 million in market value of equity?A. 50.0%B. 54.1%C. 56.5%D. 60.5%。
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1-2
What is Corporate Finance?
Corporate Finance addresses the following three questions:
1. What long-term investments should the firm engage in? 2. How can the firm raise the money for the required investments? 3. How much short-term cash flow does a company need to pay its bills?
1-10
The Financial Manager
How do financial managers create value? 1. The firm should try to buy assets that generate more cash than they cost. 2. The firm should sell bonds and stocks and other financial instruments that raise more cash than they cost.
The sum of these is = $X Payoff to shareholders $F If the value of the firm is more than Payoff to debt holders $F, the shareholder’s claim is: Max[0,$X – $F] = $X – $F and the $F debt holder’s claim is: Value of the firm (X) Min[$F,$X] = $F. The sum of these is = $X
1-14
Combined Payoffs to Debt and Equity
Combined Payoffs to debt holders and shareholders If the value of the firm is less than $F, the shareholder’s claim is: Max[0,$X – $F] = $0 and the debt holder’s claim is Min[$F,$X] = $X.
The Capital Structure decision can be viewed as how best to slice up a the pie. If how you slice the pie affects the size of the pie, then the capital structure decision matters.
1-0
Chapter One
• •
Introduction to Corporate Finance Ross Westerfield Jaffe Corporate Finance
Seventh Edition
1
Seventh Edition
1-1
Chapter Outline
1.1 What is Corporate Finance? 1.2 Corporate Securities as Contingent Claims on Total Firm Value 1.3 The Corporate Firm 1.4 Goals of the Corporate Firm 1.5 Financial Markets 1.6 Outline of the Text
The Financial Manager
To create value, the financial manager should: 1. Try to make smart investment decisions. 2. Try to make smart financing decisions.
1-16
Forms of Business Organization
• The Sole Proprietorship • The Partnership
– General Partnership – Limited Partnership
• The Corporation • Advantages and Disadvantages
– – – – – Liquidity and Marketability of Ownership Control Liability Continuity of Existence Tax Considerations
$F Value of the firm (X)
$F Value of the firm (X)
If the value of the firm Debt holders are promised $F. is more than $F, share If the value of the firm is less than $F, they holders get everything get the whatever the firm if worth. above $F. Algebraically, the bondholder’s Algebraically, the shareholder’s claim is: Min[$F,$X] claim is: Max[0,$X – $F]
Financial markets
Ultimately, the firm must be a cash generating activity.
Government
The cash flows from the firm must exceed the cash flows from the financial markets.
1-4
The Balance-Sheet Model of the Firm
The Capital Budgeting Decision
Current Liabilities Long-Term Debt
Current Assets
Fixed Assets 1 Tangible 2 Intangible
1-11
The Firm and the Financial Markets
Firm
Invests in assets (B) Current assets Fixed assets Firm issues securities (A) Retained cash flows (F) Short-term debt Cash flow from firm (C) Dividends and debt payments (E) Taxes (D) Long-term debt Equity shares
Shareholders’ Equity
1-7
Capital Structure
The value of the firm can be thought of as a pie. The goal of the manager is to increase the size of the pie. 70% 30% 25%50% DebtDebt Equity 75% 50% Equity
1-13
Debt and Equity as Contingent Claims
Payoff to debt holders If the value of the firm is more than $F, debt holders get a maximum of $F. $F Payoff to shareholders If the value of the firm is less than $F, share holders get nothing.
1-8
Hypothetical Organization Chart
Board of Directors Chairman of the Board and Chief Executive Officer (CEO) President and Chief Operating Officer (COO) Vice President and Chief Financial Officer (CFO)
1-3
The Balance-Sheet Model of the Firm
Total Value of Assets: Total Firm Value to Investors: Current Liabilities Long-Term Debt
Current Assets
Fixed Assets 1 Tangible 2 Intangible Shareholders’ Equity
What longterm investments should the firm engage in?
Shareholders’ Equity
1-5
The Balance-Sheet Model of the Firm
The Capital Structure Decision
Current Liabilities Long-Term Debt
DHale Waihona Puke bt holders are promised $F.
1-15
1.3 The Corporate Firm
• The corporate form of business is the standard method for solving the problems encountered in raising large amounts of cash. • However, businesses can take other forms.