公司理财罗斯中文版17
公司理财-罗斯(完整版)
$F
支付给债权人 $F 企业价值 (X)
如果企业的价值大于$F, 股东的索 偿权是: Max[0,$X – $F] = $X – $F 债权人的索偿权是: Min[$F,$X] = $F. 两者之和 = $X
承诺支付给债权人的金额$F。
1.2 企业的三种基本法律形式
• 个体业主制 • 合伙制
– 一般合伙制 – 有限合伙制
企业和金融市场
企业
投资于资产 (B) 流动资产 固定资产 企业发行证券 (A)
金融市场
现金流量留存 (E)
短期负债
企业创造 现金流量(C) 税收 (D) 支付股利和 偿付债务 (F) 长期负债 股东权益
最终，企业必须创造现金 流量。
政府
企业创造的现金流量必须 超过从金融市场筹集的现 金流量。
企业和金融市场
法律责任（Liability） 存续期（Continuity）
有限责任 无限存续期
税收（Taxation）
对股东双重征税（公司所得 税和个人所得税）
个人所得税
资金筹集
易于筹集资金
难于筹集资金
1.2 公司制企业
1.2.3 公司制
对于解决所面临的筹集大规模资金的问题来说，公司制是一种标准 的方式。
1.3 公司制企业的目标
1.1.3 财务经理的职责
财务经理通过资本预算、融资和资产流动性管理为公司创造价值。
公司必须通过购买资产创造超过其成本的现金（因此，公司创造的 现金流量必须大于它所使用的现金流量）。 公司必须通过发行债券、股票和其他金融工具产生超过其成本的现 金（因此，公司支付给债权人和股东的现金流量必须大于债权人和股东 投入公司的现金流量）。
用数学公式表示，债权人的索偿 权是：Min[$F，$X]
罗斯《公司理财》笔记整理
罗斯《公司理财》笔记整理第一章导论1. 公司目标：为所有者创造价值，公司价值在于其产生现金流能力。
2. 财务管理的目标：最大化现有股票的每股现值。
3. 公司理财可以看做对一下几个问题进行研究：1. 资本预算：公司应该投资什么样的长期资产。
2. 资本结构：公司如何筹集所需要的资金。
3. 净运营资本管理：如何管理短期经营活动产生的现金流。
4. 公司制度的优点：有限责任，易于转让所有权，永续经营。
缺点：公司税对股东的双重课税。
第二章会计报表与现金流量资产= 负债+ 所有者权益（非现金项目有折旧、递延税款）EBIT（经营性净利润）= 净销售额- 产品成本- 折旧EBITDA = EBIT + 折旧及摊销现金流量总额CF(A) = 经营性现金流量- 资本性支出- 净运营资本增加额= CF(B) + CF(S) 经营性现金流量OCF = 息税前利润+ 折旧- 税资本性输出= 固定资产增加额+ 折旧净运营资本= 流动资产- 流动负债第三章财务报表分析与财务模型1. 短期偿债能力指标（流动性指标）流动比率= 流动资产/流动负债（一般情况大于一）速动比率= (流动资产- 存货)/流动负债（酸性实验比率）现金比率= 现金/流动负债流动性比率是短期债权人关心的，越高越好；但对公司而言，高流动性比率意味着流动性好，或者现金等短期资产运用效率低下。
对于一家拥有强大借款能力的公司，看似较低的流动性比率可能并非坏的信号2. 长期偿债能力指标（财务杠杆指标）负债比率= (总资产- 总权益)/总资产or (长期负债+ 流动负债)/总资产权益乘数= 总资产/总权益= 1 + 负债权益比利息倍数= EBIT/利息现金对利息的保障倍数(Cash coverage radio) = EBITDA/利息3. 资产管理或资金周转指标存货周转率= 产品销售成本/存货存货周转天数= 365天/存货周转率应收账款周转率= （赊）销售额/应收账款总资产周转率= 销售额/总资产= 1/资本密集度4. 盈利性指标销售利润率= 净利润/销售额资产收益率ROA = 净利润/总资产权益收益率ROE = 净利润/总权益5. 市场价值度量指标市盈率= 每股价格/每股收益EPS 其中EPS = 净利润/发行股票数市值面值比= 每股市场价值/每股账面价值企业价值EV = 公司市值+ 有息负债市值- 现金EV乘数= EV/EBITDA6. 杜邦恒等式ROE = 销售利润率（经营效率）x总资产周转率（资产运用效率）x权益乘数（财杠）ROA = 销售利润率x总资产周转率7. 销售百分比法假设项目随销售额变动而成比例变动，目的在于提出一个生成预测财务报表的快速实用方法。
Chapter 17 Corporate Finance 公司理财 机械工业出版社 Ross PPT课件
we use WACC and FTE for capital
budgeting.
• However, as we mentioned earlier, APV is
the preferred approach when there are
side benefits and side costs to debt.
effects.
Chapter 17
4
17.1 Adjusted-Present-Value Approach
• One can generally think of four side
effects
– The Tax Subsidy to Debt
– The Costs of Issuing New Securities
• The FTE approach discounts the after-tax
cash flow from a project going to the equityholders of a levered firm (LCF). The discount rate is rs, which shows that leverage raises the risk to the equityholders.
Chapter 17
14
17.4 A Comparison of the APV, FTE, and WACC Approaches
• Comparison:
– Entity Being Valued. • The FTE approach appears at first glance to be far
Chapter 17
2
Executive Summary
罗斯《公司理财》教材精讲（公司理财导论）【圣才出品】
罗斯《公司理财》教材精讲（公司理财导论）【圣才出品】第1章公司理财导论1.1 本章要点本章介绍公司理财课程中涉及的基本概念，包括公司理财的主要内容、公司理财的⽬标以及对公司或企业的界定。
本章还会提出公司理财的⼀个重要观点：现⾦⾄上。
此外，为了实现两权分离状态下对股东利益的保护，有必要探讨公司的代理问题和控制权结构，以及解决代理问题的⼀些⼿段，⽐如法律等。
本章各部分要点如下：1．什么是公司理财所谓公司理财就是公司的投资和融资⾏为，这些⾏为的⽬的是为投资者创造价值。
公司的财务⾏为可以反映在财务报表中，事实上，从资产负债表就可以看到公司的资⾦运⽤（投资）和资⾦来源（融资）。
由于投融资的重要性，公司的财务经理具有重要作⽤。
2．企业组织要学习公司理财，⾸先要了解什么是公司或企业。
从法律⾓度，企业有三种组织形式，个⼈独资企业、合伙企业和公司制企业。
这三种企业在融资⽅⾯的情况各不相同。
3．现⾦流的重要性“现⾦⾄上”是公司理财的基本理念。
财务经理最重要的⼯作在于通过开展资本预算、融资和净营运资本活动为公司创造价值，也就是公司创造的现⾦流必须超过它所使⽤的现⾦流。
同学们需要理解公司财务活动与⾦融市场之间的现⾦流动。
4．公司理财的⽬标公司理财的⽬标是最⼤化现有所有者权益的市场价值。
但是由于现实中企业的复杂性，这⼀⽬标的实现还存在很多的约束。
5．代理问题与控制权现代企业很多采⽤股份公司的形式，这类公司的股东所有权和经营权之间存在两权分离，因此会导致股东和经理⼈之间的代理问题。
此外，公司还存在各种利益相关者，这些群体也会试图对公司的控制施加影响，甚⾄损及所有者。
6．法律法规企业在进⾏经营活动的过程中，受到很多法律的约束，包括规定企业法律地位的法律，针对上市公司的法律，针对公司治理的法律等。
各国不同的法律和治理要求，会在很⼤程度上影响企业的融资和投资⾏为。
作为全书的开篇，本章是学习公司理财课程的基础。
书中涉及的概念和观点，需要同学们理解和应⽤。
{财务管理公司理财}罗斯公司理财汉化
$2,262 1,655
327 90
$190 29
$219 49
$170 84
$86 $43 $43
2-12
美国联合公司利润表
通常需要单独披 露对利润课征的 所得税
总销售收入 产品销售成本 销售、一般费用及管理费用 折旧 营业利润 其他利润 息税前利润 利息费用 税前利润 所得税
2-2
信息来源
2-3
2.1 资产负债表
某一特定日期由会计人员对企业会计价值 所拍的一张快照
资产负债表衡等式为： 资产 ≡ 负债 + 所有者权益
2-4
美国联合公司资产负债表
流动资产： 现金及等价物 应收账款 存货 其他 流动资产合计
固定资产： 财产、厂房及设备 减：累计折旧 财产、厂房及设备净值 无形资产及其他资产 固定资产合计
2-16
公认会计准则（GAAP）
按公认会计准则中的配比原则要求，收入 应与费用相配比
因此，在收入发生或应计的时候，即使没 有相应的现金流量配合，也要在利润表上 报告
2-17
非现金项目
折旧是最明显的非现金项目。没有公司会 为“折旧”开支票付款。
另一种非现金费用是递延税款，从现金流 量的角度来看，递延税款不是一笔现金流 出
当期: $71 递延: $13 净利润 增加留存收益 股利：
$2,262 1,655
327 90
$190 29
$219 49
$170 84
$86 $43 $43
2-13
美国联合公司利润表
“底线”为净利 润
总销售收入 产品销售成本 销售、一般费用及管理费用 折旧 营业利润 其他利润 息税前利润 利息费用 税前利润 所得税
罗斯《公司理财》汉化.ppt
长期外汇交易风险
长期变动来自于不同国家相对经济状况的 变化难以预期 可能受劳动力市场或政府的影响 更难通过套期保值来进行管理 尽量使同种货币长期的现金流入和流出相 配比 在外国借款可能可以缓和部分问题
换算风险
在会计上，无论是否将外币实际转让为美元，国 外经营的收益都必须被换算为美元来进行报告。 如果换算出来的损益直接报告在利润表上，将导 致EPS的波动性大大增加 目前的会计规范要求所有的现金流量都以预设汇 率进行换算，转换损益被集中累计在股东权益下 的一个特别帐户中
£ 1.50
$1
= × ¥ 120 ¥ 80
$1
£ 1
巴克莱银行
S¥(0) = 120
里昂信贷银行
S£(0) = 1.50
法国农业信贷银 行的报价为 S(¥ /£ )=85, 因此， 存在套利机会
¥
法国农业信贷银行
S¥/£(0) = 85
£
那么，我们怎么才能获利呢？
三角套汇
这就如同1 – 2 – 3那么 简单:
远期汇率 – 在远期合约中指明的汇率 如果远期汇率高于现汇汇率，则外币是以溢价在出 售（当以美元进行等值报价时） 如果远期汇率低于现汇汇率，则外币是以折价在进 行出售
绝对购买力平价
用不同货币购买同一件东西的价格应当是 相同的（即“同价法则”） 绝对购买力平价成立需要的条件：
交易成本为零 没有交易障碍（无税、关税等等） 不同地点的商品没有差别
客户市场
(批发)
市场参与人包括跨国银行、银行客户、非银行
经纪商、外汇市场经纪人和中央银行。
汇率
用另一种货币表示的一国货币的价格。 大多数货币都是用美元来进行报价的。 考察下述报价：
罗斯《公司理财》(第9版)课后习题(第16~18章)【圣才出品】
罗斯《公司理财》（第9版）课后习题第16章资本结构：基本概念一、概念题1．馅饼模型（pie model）答：馅饼模型是一种分析公司资本结构的模型，用来讨论公司应如何选择负债权益比的问题。
该理论将公司的筹资要求权之和比作一个馅饼，并且将公司的价值定义为负债和所有者权益之和。
该理论认为，债权人和股东将分别得到不同大小的馅饼块，但是整个馅饼的大小，也就是公司的实际价值，却完全不会受到馅饼分割方式的影响。
也就是说，公司的融资结构只影响公司利润的分配方式，即这个利润馅饼如何被分割以及由谁承担公司的风险，不会对公司的价值造成任何影响。
2．MM命题Ⅰ（MM Proposition I）答：不考虑公司所得税情况下的MM命题Ⅰ指的是，公司的价值取决于未来经营活动净收益的资本化程度，资本化率与公司的风险相一致。
这一命题有两个直接推论：a．公司的平均资本成本与公司资本结构无关；b．公司的平均资本成本等于与之风险相同的零举债公司的资本化率。
3．MM命题Ⅱ（MM Proposition II）答：不考虑公司所得税情况下的MM命题Ⅱ指的是，举债经营公司的权益资本成本等于零举债经营公司的权益资本成本加上风险报酬率。
风险报酬率的多少取决于公司举债经营的程度。
命题二表明，随着公司负债的增加，公司的权益资本成本也将提高。
4．MM命题Ⅰ（公司税）[MM Proposition I（corporate taxes）]答：MM命题一，零举债经营公司的价值是公司税后经营收益除以公司权益资本成本所得的结果，而举债经营公司的价值等于同类风险的零举债经营公司的价值加上税款节余额。
根据这一结论，当公司负债增加时，举债经营公司价值增加较快。
特别地，当公司负债筹资的比重为100%时，公司的价值最大。
5．MM命题Ⅱ（公司税）[MM Proposition II（corporate taxes）]答：MM命题二，举债公司的权益资本成本等于同类风险零举债经营公司的权益资本成本加上风险报酬率，而风险报酬率又取决于公司资本结构和公司所得税税率。
(完整版)公司理财-罗斯课后习题答案
(完整版)公司理财-罗斯课后习题答案-CAL-FENGHAI-(2020YEAR-YICAI)_JINGBIAN第一章1.在所有权形式的公司中,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。
在这种环境下,他们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.有两种结论。
一种极端,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。
另一种极端,我们可以认为这是非经济现象,最好的处理方式是通过政治手段。
一个经典的思考问题给出了这种争论的答案:公司估计提高某种产品安全性的成本是30美元万。
然而,该公司认为提高产品的安全性只会节省20美元万。
请问公司应该怎么做呢?”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,那么他们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,那么他们也应该展开斗争。
然而,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.其他国家的代理问题并不严重,主要取决于其他国家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。
《公司理财》斯蒂芬A.罗斯
• There are two dimensions:
1. A Time Frame
• Short run is probably anything less than a year. • Long run is anything over that; usually taken to be a
two-year to five-year period.
2. A Level of Aggregation
• •
McGraw-Hill/Irwin
Each division and operational unit should have a plan.
As the capital-budgeting analyses of each of the firm’s divisions are added up, the firm aggregates these small projects as a big project.
McGraw-Hill/Irwin
Copyright © 2004 by The McGraw-Hill Companies, Inc. All rights reserved.
3-6
Sales Forecast
• All financial plans require a sales forecast. • Perfect foreknowledge is impossible since
3-0
Chapter Three
Long-Term FCinoarpnocriaatel Finance
Planning and Growth Ross • Westerfield • Jaffe
公司理财罗斯英文原书第九版第十七篇
$100
$100 NPV = –$200 +
(1.50)
NPV = –$133
17-6
Selfish Strategy 1: Take Risks
Expected CF from the Gamble
To Bondholders = $300 × 0.10 + $0 = $30 To Stockholders = ($1000 – $300) × 0.10 + $0 = $70
The free cash flow hypothesis says that an increase in dividends should benefit the stockholders by reducing the ability of managers to pursue wasteful activities.
17-14
17.5 Signaling
The firm’s capital structure is optimized where the marginal subsidy to debt equals the marginal cost.
Investors view debt as a signal of firm value.
$47 =
$70 (1.50)
17-7
Selfish Strategy 2: Underinvestment
Consider a government-sponsored project that guarantees $350 in one period.
Cost of investment is $300 (the firm only has $200 now), so the stockholders will have to supply an additional $100 to finance the project.
公司理财(罗斯光盘)
公司理财（精要版）（原书第6版）Fundamentals of Corporate Finance(6th edition)斯蒂芬A. 罗斯（Stephen A. Ross ）（麻省理工学院）伦道夫W. 威斯特菲尔德（Randolph W. Westerfield ）（南加利福尼亚大学）布拉德福德D. 乔丹（Bradford D. Jordan ）（肯塔基大学）方红星译（美）著斯蒂芬A. 罗斯（Stephen A. Ross ）现任麻省理工学院（MIT ）斯隆管理学院（Sloan School ofManagement ）弗朗科·莫迪格利安尼（Franco Modigliani ）财务与经济学教授，在此之前任耶鲁大学商学院经济学与财务学教授，是世界上著述最丰的财务学家和经济学家之一。
罗斯教授以其在“套利定价理论”（APT ）方面的杰出成果而闻名于世，并且在信号理论、代理理论、期权定价以及利率的期间结构理论等领域有深厚造诣。
他曾任美国财务学会会长，现任多家学术和实践类杂志副主编，加州教师退休基金会（CalTech ）托管人，大学退休权益基金会（CREF ）及Freddie Mac 公司董事，罗尔-罗斯资产管理公司董事会主席。
伦道夫W. 威斯特菲尔德（Randolph W. Westerfield ）南加利福尼亚大学（USC ）马歇尔商学院（Marshall School ofBusiness ）院长，罗伯特R. 朵克森（Robert R. Dockson ）工商管理教席教授。
1988～1993年任该院财务与企业经济学系主任，财务学教授。
此前曾在宾夕法尼亚大学（UPenn ）沃顿（Wharton ）商学院任教长达20年，并担任财务学系主任，怀特（Rodney L. White ）财务学研究中心高级副主任。
他的学术专长包括公司财务政策、投资管理与分析、兼并与收购以及股票市场价格行为等。
他还兼任健康管理协会（NYSE ：HMA ）、William Lyon 住宅公司（NYSE ：WLS ）、Lord 基金会、AACSB 国际等公司董事，曾任美国电报电话（AT&T ）、美孚（Mobil ）石油、太平洋企业等著名公司以及美国联邦政府、司法部、劳工部和加利福尼亚州顾问。
罗斯公司理财题库cha17之欧阳科创编
Chapter 17Capital Structure: Limits to the Use of Debt Multiple Choice Questions1. The explicit costs, such as the legal expenses, associated with corporate default are classified as _____ costs.A. flotationB. beta conversionC. direct bankruptcyD. indirect bankruptcyE. unlevered2. The costs of avoiding a bankruptcy filing by a financially distressed firm are classified as _____ costs.A. flotationB. direct bankruptcyC. indirect bankruptcyD. financial solvencyE. capital structure3. The explicit and implicit costs associated with corporate default are referred to as the _____ costs of a firm.A. flotationB. default betaC. direct bankruptcyD. indirect bankruptcyE. financial distress4. Indirect costs of financial distress:A. effectively limit the amount of equity a firm issues.B. serve as an incentive to increase the financial leverage of a firm.C. include direct costs such as legal and accounting fees.D. tend to increase as the debt-equity ratio decreases.E. include the costs incurred by a firm as it tries to avoid seeking bankruptcy protection.5. The legal proceeding for liquidating or reorganizing a firm operating in default is called a:A. tender offer.B. bankruptcy.C. merger.D. takeover.E. proxy fight.6. The value of a firm is maximized when the:A. cost of equity is maximized.B. tax rate is zero.C. levered cost of capital is maximized.D. weighted average cost of capital is minimized.E. debt-equity ratio is minimized.7. The optimal capital structure has been achieved when the:A. debt-equity ratio is equal to 1.B. weight of equity is equal to the weight of debt.C. cost of equity is maximized given a pre-tax cost of debt.D. debt-equity ratio is such that the cost of debt exceeds the cost of equity.E. debt-equity ratio selected results in the lowest possible weighed average cost of capital.8. In a world with taxes and financial distress, when a firm is operating with the optimal capital structure:I. the debt-equity ratio will also be optimal.II. the weighted average cost of capital will be at its minimal point. III. the required return on assets will be at its maximum point. IV. the increased benefit from additional debt is equal to the increased bankruptcy costs of that debt.A. I and IV onlyB. II and III onlyC. I and II onlyD. II, III, and IV onlyE. I, II, and IV only9. The optimal capital structure will tend to include more debt for firms with:A. the highest depreciation deductions.B. the lowest marginal tax rate.C. substantial tax shields from other sources.D. lower probability of financial distress.E. less taxable income.10. The optimal capital structure of a firm _____ the marketed claims and _____ the nonmarketed claims against the cash flows of the firm.A. minimizes; minimizesB. minimizes; maximizesC. maximizes; minimizesD. maximizes; maximizesE. equates; (leave blank)11. The optimal capital structure:A. will be the same for all firms in the same industry.B. will remain constant over time unless the firm makes an acquisition.C. of a firm will vary over time as taxes and market conditions change.D. places more emphasis on the operations of a firm rather than the financing of a firm.E. is unaffected by changes in the financial markets.12. The basic lesson of MM theory is that the value of a firm is dependent upon the:A. capital structure of the firm.B. total cash flows of the firm.C. percentage of a firm to which the bondholders have a claim.D. tax claim placed on the firm by the government.E. size of the stockholders claims on the firm.13. Corporations in the U.S. tend to:A. minimize taxes.B. underutilize debt.C. rely less on equity financing than they should.D. have extremely high debt-equity ratios.E. rely more heavily on bonds than stocks as the major source of financing.14. In general, the capital structures used by U.S. firms:A. tend to overweigh debt in relation to equity.B. are easily explained in terms of earnings volatility.C. are easily explained by analyzing the types of assets owned by the various firms.D. tend to be those which maximize the use of the firm's available tax shelters.E. vary significantly across industries.15. The MM theory with taxes implies that firms should issue maximum debt. In practice, this is not true because:A. debt is more risky than equity.B. bankruptcy is a disadvantage to debt.C. firms will incur large agency costs of short term debt by issuing long term debt.D. Both A and B.E. Both B and C.16. Although the use of debt provides tax benefits to the firm, debt also puts pressure on the firm to:A. meet interest and principal payments which, if not met, can put the company into financial distress.B. make dividend payments which if not met can put the company into financial distress.C. meet both interest and dividend payments which when met increase the firm cash flow.D. meet increased tax payments thereby increasing firm value.E. None of the above.17. Given realistic estimates of the probability and cost of bankruptcy, the future costs of a possible bankruptcy are borne by:A. all investors in the firm.B. debtholders only because if default occurs interest and principal payments are not made.C. shareholders because debtholders will pay less for the debt providing less cash for the shareholders.D. management because if the firm defaults they will lose their jobs.E. None of the above.18. Conflicts of interest between stockholders and bondholders are known as:A. trustee costs.B. financial distress costs.C. dealer costs.D. agency costs.E. underwriting costs.19. One of the indirect costs of bankruptcy is the incentive for managers to take large risks. When following this strategy:A. the firm will rank all projects and take the project which results in the highest expected value of the firm.B. bondholders expropriate value from stockholders by selecting high risk projects.C. stockholders expropriate value from bondholders by selecting high risk projects.D. the firm will always take the low risk project.E. Both A and B.20. One of the indirect costs to bankruptcy is the incentive toward underinvestment. Following this strategy may result in:A. the firm always choosing projects with the positive NPVs.B. the firm turning down positive NPV projects that it would clearly accept in an all equity firm.C. stockholders contributing the full amount of the investment, but both stockholders and bondholders sharing in the benefits of the project.D. Both A and C.E. Both B and C.21. Which of the following is true?A. A firm with low anticipated profit will likely take on a high level of debt.B. A successful firm will probably take on zero debt.C. Rational firms raise debt levels when profits are expected to decline.D. Rational investors are likely to infer a higher firm value from a zero debt level.E. Investors will generally view an increase in debt as a positive sign for the firm's value.22. Studies have found that firms with high proportions of intangible assets are likely to use ____________ debt compared with firms with low proportions of intangible assets.A. moreB. the same amount ofC. lessD. either more or the same amount ofE. any amount of debt23. What three factors are important to consider in determining a target debt to equity ratio?A. Taxes, asset types, and pecking order and financial slackB. Asset types, uncertainty of operating income, and pecking order and financial slackC. Taxes, financial slack and pecking order, and uncertainty of operating incomeD. Taxes, asset types, and uncertainty of operating incomeE. None of the above.24. An exchange may offer:A. allow customers a 30 day money-back guarantee on the firm's product.B. allow customers a 90 day warranty on the firm's product from defects.C. allow bondholders to exchange some debt for stock.D. allow stockholders to exchange some of their stock for debt.E. Both C and D.25. Which of the following is not empirically true when formulating capital structure policy?A. Some firms use no debt.B. Most corporations have low debt-asset ratios.C. There are no differences in the capital-structure of different industries.D. Debt levels across industries vary widely.E. Debt ratios in most countries are considerably less than 100%.26. When shareholders pursue selfish strategies such as taking large risks or paying excessive dividends, these will result in:A. no action by debtholders since these are equity holder concerns.B. positive agency costs, as bondholders impose various restrictions and covenants which will diminish firm value.C. investments of the same risk class that the firm is in.D. undertaking scale enhancing projects.E. lower agency costs, as shareholders have more control over the firm's assets.27. Indirect costs of bankruptcy are born principally by:A. bondholders.B. stockholders.C. managers.D. the federal government.E. the firm's suppliers.28. The value of a firm in financial distress is diminished if the firm:A. is declared bankrupt and proceeds to be liquidated.B. is declared insolvent and undergoes financial reorganization.C. is a partnership.D. Both A and C.E. Both A and B.29. Covenants restricting the use of leasing and additional borrowings primarily protect:A. the equityholders from added risk of default.B. the debtholders from the added risk of dilution of their claims.C. the debtholders from the transfer of assets.D. the management from having to pay agency costs.E. None of the above.30. If a firm issues debt but writes protective and restrictive covenants into the loan contract, then the firm's debt may be issued at a _____ interest rate compared with otherwise similar debt.A. significantly higherB. slightly higherC. equalD. lowerE. Either A or B31. When graphing firm value against debt levels, the debt level that maximizes the value of the firm is the level where:A. the increase in the present value of distress costs from an additional dollar of debt is greater than the increase in the present value of the debt tax shield.B. the increase in the present value of distress costs from an additional dollar of debt is equal to the increase in the present value of the debt tax shield.C. the increase in the present value of distress costs from an additional dollar of debt is less than the increase of the present value of the debt tax shield.D. distress costs as well as debt tax shields are zero.E. distress costs as well as debt tax shields are maximized.32. When firms issue more debt, the tax shield on debt _____, the agency costs on debt (i.e., costs of financial distress) _____, and the agency costs on equity _____.A. increases; increase; increaseB. decreases; decrease; decreaseC. increases; increase; decreaseD. decreases; decrease; increaseE. increases; decrease; decrease33. The free cash flow hypothesis states:A. that firms with greater free cash flow will pay more in dividends reducing the risk of financial distress.B. that firms with greater free cash flow should issue new equityto force managers to minimize wasting resources and to work harder.C. that issuing debt requires interest and principal payments reducing the potential of management to waste resources.D. Both A and C.E. Both B and C.34. Issuing debt instead of new equity in a closely held firm more likely:A. causes the owner-manager to work less hard and shirk their duties as they have less capital at risk.B. causes the owner-manager to consume more perquisites because the cost is passed to the debtholders.C. causes both more shirking and perquisite consumption since the government provides a tax shield on debt.D. causes agency costs to fall as owner-managers do not need to worry about other shareholders.E. causes the owner-manager to reduce shirking and perquisite consumption as the excess cash flow must be used to meet debt payments.35. The pecking order states how financing should be raised. In order to avoid asymmetric information problems and misinterpretation of whether management is sending a signal on security overvaluation, the firm's first rule is to:A. finance with internally generated funds.B. always issue debt then the market won't know when management thinks the security is overvalued.C. issue new equity first.D. issue debt first.E. None of the above.36. Growth opportunities _______ the _____ of debt financing.A. increase; advantageB. decrease; advantageC. decrease; disadvantageD. Both A and CE. None of the above37. Which of the following industries would tend to have the highest leverage?A. DrugsB. ComputerC. PaperD. ElectronicsE. Biological products38. The introduction of personal taxes may reveal a disadvantage to the use of debt if the:A. personal tax rate on the distribution of income to stockholders is less than the personal tax rate on interest income.B. personal tax rate on the distribution of income to stockholders is greater than the personal tax rate on interest income.C. personal tax rate on the distribution of income to stockholders is equal to the personal tax rate on interest income.D. personal tax rate on interest income is zero.E. None of the above.39. In Miller's model, when the quantity [(1 - Tc)(1 - Ts) = (1 - Tb)], then:A. the firm should hold no debt.B. the value of the levered firm is greater than the value of the unlevered firm.C. the tax shield on debt is exactly offset by higher personal taxes paid on interest income.D. the tax shield on debt is exactly offset by higher levels of dividends.E. the tax shield on debt is exactly offset by higher capital gains.40. In a Miller equilibrium, what type of investments do high tax bracket investors tend to hold?A. BondsB. StocksC. DebenturesD. Both stocks and bonds.E. Neither stocks nor bonds.41. The TrunkLine Company will earn $60 in one year if it does well. The debtholders are promised payments of $35 in one year if the firm does well. If the firm does poorly, expected earnings in one year will be $30 and the repayment will be $20 because of the dead weight cost of bankruptcy. The probability of the firm performing poorly or well is 50%. If bondholders are fully aware of these costs what will they pay for the debt? The interest rate on the bonds is 10%.A. $25.00B. $27.50C. $29.55D. $32.50E. $35.0042. The TrunkLine Company debtholders are promised payments of $35 if the firm does well, but will receive only $20 if the firm does poorly. Bondholders are willing to pay $25. The promised return to the bondholders is approximately:A. 2.9%B. 16.9%C. 27.3%D. 40.0%E. 100%43. An investment is available that pays a tax-free 6%. The corporate tax rate is 30%. Ignoring risk, what is the pre-tax return on taxable bonds?A. 4.20%B. 6.00%C. 7.67%D. 8.57%E. None of the above.44. Your firm has a debt-equity ratio of .60. Your cost of equity is 11% and your after-tax cost of debt is 7%. What will your cost of equity be if the target capital structure becomes a 50/50 mix of debt and equity?A. 9.50%B. 10.50%C. 11.00%D. 11.25%E. 12.00%45. The Aggie Company has EBIT of $50,000 and market value debt of $100,000 outstanding with a 9% coupon rate. The cost of equity for an all equity firm would be 14%. Aggie has a 35% corporate tax rate. Investors face a 20% tax rate on debt receipts and a 15% rate on equity. Determine the value of Aggie.A. $120,000B. $162,948C. $258,537D. $263,080E. $332,143value to the unlevered firm per dollar of debt?Corporate tax rate: 34%Personal tax rate on income from bonds: 30%Personal tax rate on income from stocks: 30%A. $-0.050B. $0.006C. $0.246D. $0.340E. $0.66047. Given the following information, leverage will add how much value to the unlevered firm per dollar of debt?Corporate tax rate: 34%Personal tax rate on income from bonds: 20%Personal tax rate on income from stocks: 0%A. $0.175B. $0.472C. $0.528D. $0.825E. None of the abovevalue to the unlevered firm per dollar of debt?Corporate tax rate: 34%Personal tax rate on income from bonds: 50%Personal tax rate on income from stocks: 10%A. $-0.050B. $-0.188C. $0.188D. $0.633E. None of the above49. Given the following information, leverage will add how much value to the unlevered firm per dollar of debt?Corporate tax rate: 34%Personal tax rate on income from bonds: 10%Personal tax rate on income from stocks: 50%A. $-0.050B. $-0.188C. $0.367D. $0.633E. None of the above50. The Aggie Company has EBIT of $70,000 and market value debt of $100,000 outstanding with a 9% coupon rate. The cost of equity for an all equity firm would be 14%. Aggie has a 35% corporate tax rate. Investors face a 20% tax rate on debt receipts and a 15% rate on equity. Determine the value of Aggie.A. $120,000B. $162,948C. $258,537D. $263,080E. $355,93851. Suppose a Miller equilibrium exists with a corporate tax rate of 30% and a personal tax rate on income from bonds of 35%. What is the personal tax rate on income from stocks?A. 0.0%B. 7.1%C. 10.05%D. 45.5%E. None of the above52. Given the following information, leverage will add how much value to the unlevered firm per dollar of debt?Corporate tax rate: 40%Personal tax rate on income from bonds: 20%Personal tax rate on income from stocks: 30%A. $-0.475B. $0.475C. $0.525D. $0.633E. None of the abovevalue to the unlevered firm per dollar of debt?Corporate tax rate: 34%Personal tax rate on income from bonds: 20%Personal tax rate on income from stocks: 50%A. $-0.050B. $-0.188C. $0.367D. $0.588E. None of the above54. Given the following information, leverage will add how much value to the unlevered firm per dollar of debt?Corporate tax rate: 34%Personal tax rate on income from bonds: 20%Personal tax rate on income from stocks: 30%A. $-0.050B. $0.006C. $0.246D. $0.340E. $0.423value to the unlevered firm per dollar of debt?Corporate tax rate: 30%Personal tax rate on income from bonds: 20%Personal tax rate on income from stocks: 0%A. $0.125B. $0.472C. $0.528D. $0.825E. None of the above56. Holly Berry Incorporated will earn $40 in one year if it does well. The debtholders are promised payments of $25 in one year if the firm does well. If the firm does poorly, expected earnings in one year will be $20 and the repayment will be $15 because of the dead weight cost of bankruptcy. The probability of the firm performing poorly or well is 50%. If bondholders are fully aware of these costs what will they pay for the debt? The interest rate on the bonds is 8%.A. $18.52B. $30.00C. $32.55D. $35.75E. $37.0457. Holly Berry Incorporated debtholders are promised payments of $25 if the firm does well, but will receive only $20 if the firm does poorly. Bondholders are willing to pay $15. The promised return to the bondholders is approximately:A. 5.65%B. 45.65%C. 50.00%D. 66.67%E. 100.00%58. An investment is available that pays a tax-free 7%. The corporate tax rate is 40%. Ignoring risk, what is the pre-tax return on taxable bonds?A. 4.20%B. 7.00%C. 7.47%D. 11.67%E. None of the aboveEssay Questions59. What are the advantages of a prepackaged bankruptcy for a firm? What are the disadvantages?60. Is there an easily identifiable debt-equity ratio that will maximize the value of a firm? Why or why not?61. Describe some of the sources of business risk and financial risk. Do financial decision makers have the ability to "trade off" one type of risk for the other?62. The Do-All-Right Marketing Research firm has promised payments to its bondholders that total $100. The company believes that there is a 85% chance that the cash flow will be sufficient to meet these claims. However, there is a 15% chance that cash flows will fall short, in which case total earnings are expected to be $65. If the bonds sell in the market for $84, what is an estimate of the bankruptcy costs for Do-All-Right? Assume a cost of debt of 10%.63. Establishing a capital structure for a firm is not simple. Although financial theory guides the process, there is no simple formula. List and explain four main items that one should consider in determining the capital structure.Wigdor Manufacturing is currently all equity financed, has an EBIT of $2 million, and is in the 34% tax bracket. Louis, the company's founder, is the lone shareholder.64. If the firm were to convert $4 million of equity into debt at a cost of 10%, what would be the total cash flow to Louis if he holds all the debt? Compare this to Louis' total cash flow if the firm remains unlevered.65. Assume that all earnings are paid out as dividends. Now consider the fact that Louis must pay personal tax on the firm's cash flow. Louis pays taxes on interest at a rate of 33%, but pays taxes on dividends at a rate of 28%. Calculate the total cash flow to Louis after he pays personal taxes.66. Consider an economy in which there are three groups of investors and no others.There are no personal taxes on income from stocks. An investment is available that pays a tax-free 4%. The corporate tax rate is 50%. Total corporate income before earnings and taxes (EBIT) is $224 million forever. What is the maximum debt-to-equity ratio for the economy as a whole?67. The All-Mine Corporation is deciding whether to invest in a new project. The project would have to be financed by equity, the cost is $2,000 and will return $2,500 or 25% in one year. The discount rate for both bonds and stock is 15% and the tax rate is zero. The predicted cash flows are $4,500 in a good economy, $3,000 in an average economy and $1,000 in a poor economy. Each economic outcome is equally likely and the promised debt repayment is $3,000. Should the company take the project? What is the value of firm and its components before and after the project addition?68. Define and describe the direct and indirect costs of bankruptcy. Give three examples of each.69. What is the pecking order theory and what are the implications that arise from this theory?Chapter 17 Capital Structure: Limits to the Use of Debt Answer KeyMultiple Choice Questions1. The explicit costs, such as the legal expenses, associated with corporate default are classified as _____ costs.A. flotationB. beta conversionC. direct bankruptcyD. indirect bankruptcyE. unleveredDifficulty level: EasyTopic: DIRECT BANKRUPTCY COSTSType: DEFINITIONS2. The costs of avoiding a bankruptcy filing by a financially distressed firm are classified as _____ costs.A. flotationB. direct bankruptcyC. indirect bankruptcyD. financial solvencyE. capital structureDifficulty level: EasyTopic: INDIRECT BANKRUPTCY COSTSType: DEFINITIONS3. The explicit and implicit costs associated with corporate default are referred to as the _____ costs of a firm.A. flotationB. default betaC. direct bankruptcyD. indirect bankruptcyE. financial distressDifficulty level: EasyTopic: FINANCIAL DISTRESS COSTSType: DEFINITIONS4. Indirect costs of financial distress:A. effectively limit the amount of equity a firm issues.B. serve as an incentive to increase the financial leverage of a firm.C. include direct costs such as legal and accounting fees.D. tend to increase as the debt-equity ratio decreases.E. include the costs incurred by a firm as it tries to avoid seeking bankruptcy protection.Difficulty level: EasyTopic: FINANCIAL DISTRESS COSTSType: DEFINITIONS5. The legal proceeding for liquidating or reorganizing a firm operating in default is called a:A. tender offer.B. bankruptcy.C. merger.D. takeover.E. proxy fight.Difficulty level: EasyTopic: BANKRUPTCYType: DEFINITIONS6. The value of a firm is maximized when the:A. cost of equity is maximized.B. tax rate is zero.C. levered cost of capital is maximized.D. weighted average cost of capital is minimized.E. debt-equity ratio is minimized.Difficulty level: EasyTopic: CAPITAL STRUCTUREType: DEFINITIONS7. The optimal capital structure has been achieved when the:A. debt-equity ratio is equal to 1.B. weight of equity is equal to the weight of debt.C. cost of equity is maximized given a pre-tax cost of debt.D. debt-equity ratio is such that the cost of debt exceeds the cost of equity.E. debt-equity ratio selected results in the lowest possible weighed average cost of capital.Difficulty level: EasyTopic: CAPITAL STRUCTUREType: DEFINITIONS8. In a world with taxes and financial distress, when a firm is operating with the optimal capital structure:I. the debt-equity ratio will also be optimal.II. the weighted average cost of capital will be at its minimal point. III. the required return on assets will be at its maximum point. IV. the increased benefit from additional debt is equal to the increased bankruptcy costs of that debt.A. I and IV onlyB. II and III onlyC. I and II onlyD. II, III, and IV onlyE. I, II, and IV onlyDifficulty level: MediumTopic: OPTIMAL CAPITAL STRUCTUREType: CONCEPTS9. The optimal capital structure will tend to include more debt for firms with:A. the highest depreciation deductions.B. the lowest marginal tax rate.C. substantial tax shields from other sources.D. lower probability of financial distress.E. less taxable income.Difficulty level: MediumTopic: OPTIMAL CAPITAL STRUCTUREType: CONCEPTS10. The optimal capital structure of a firm _____ the marketed claims and _____ the nonmarketed claims against the cash flows of the firm.A. minimizes; minimizesB. minimizes; maximizesC. maximizes; minimizesD. maximizes; maximizesE. equates; (leave blank)Difficulty level: MediumTopic: OPTIMAL CAPITAL STRUCTUREType: CONCEPTS11. The optimal capital structure:A. will be the same for all firms in the same industry.B. will remain constant over time unless the firm makes an acquisition.C. of a firm will vary over time as taxes and market conditions change.D. places more emphasis on the operations of a firm rather than the financing of a firm.E. is unaffected by changes in the financial markets.Difficulty level: EasyTopic: OPTIMAL CAPITAL STRUCTUREType: CONCEPTS12. The basic lesson of MM theory is that the value of a firm is dependent upon the:A. capital structure of the firm.B. total cash flows of the firm.C. percentage of a firm to which the bondholders have a claim.D. tax claim placed on the firm by the government.E. size of the stockholders claims on the firm.Difficulty level: MediumTopic: M&M THEORYType: CONCEPTS13. Corporations in the U.S. tend to:A. minimize taxes.B. underutilize debt.C. rely less on equity financing than they should.D. have extremely high debt-equity ratios.E. rely more heavily on bonds than stocks as the major source of financing.Difficulty level: EasyTopic: OBSERVED CAPITAL STRUCTURESType: CONCEPTS。
罗斯 公司理财 第八版 17、18、26、27、28章答案
第十七章1、调整的净现值法（APV）如下：2、APV法用权益资本成本折现现金流得到无杠杆项目的价值，然后加上负债的节税现值，得到有杠杆情况下的项目价值；而WACC法则将UCF按R WACC 折现，而R WACC低于R0 。
3、FTE法使用的是LCF，而其它两种方法使用的是UCF。
4、WACC法在计算现金流量时使用的是无杠杆企业的现金流量，没有包含利息，但是在计算加权平均成本的时候包含了利息成本。
若在计算现金流时要把利息的支付包括进去，可使用FTF法。
5、无杠杆企业的贝塔值可以用杠杆的贝塔来衡量，它是企业业务风险的衡量标准；另外，企业的金融风险也可以由贝塔值来衡量。
6、该公司总投资为240万美元，平均每年的投资额为2,400,000/4=$600,000；全权益下NPV = –$2,400,000 + (1-0.30)($850,000)（P/A,13%,4） + (0.30)($600,000) （P/A,13%,4）=1358595债务带来的副效应下的NPV：平均每年费用支出 = $24,000/4= $6,000NPV = ($2,400,000 – 24,000) – (1 – 0.30)*(0.095)($2,400,000)（P/A,13%,4）-$2,400,000/(1.095)3+ 0.30*($6,000)（P/A,13%,4）= -217267.68APV = 1358595 -217267.68=1141327.327、（1）在扣除发行费用的情况下，贷款的净现值=贷款总额–税后利息和本金支付的现值=4250000-0.09*4250000*（1-0.4）（P/A,9%,10）-4250000(P/F,9%,10) =981,901.63(2) 发行费用=4250000*1.25%=53125平均每年的发行费用支出=53125/10=5312.5如果包括发行费用的情况下，贷款净现值=扣除发行成本的投资额-税后利息和本金支付的现值+发行费用的现值=（4250000-53125）-0.09*4250000*（1-0.4）（P/A,9%,10）-4250000(P/F,9%,10)+ 5312.5（P/A,9%,10）=7426391.25 8、先计算全权益下的NPV：NPV= –初始投资额+ PV[(1 – tC)(EBITD)] + PV(税收屏蔽)=–$25,000,000 + (1 – 0.35)($3,400,000)（P/A,13%,20）+(0.35)($5,000,000)（P/A,13%,20）=–$3,320,144.30融资所带来的副效应下的NPVNPV = $15,000,000–(1–0.35)*(0.05)*($15,000,000)（P/A,8.5%,15）– $15,000,000/（1.085）10=$6,539,586.30所以APV = –$3,320,144.30 + $6,539,586.30APV = $3,219,442.009、（1） VU= [(税前收益)(1 – tC)] / R0= = [($35,000,000)(1 –0.35)] / 0.20= $113,750,000每股价格= $113,750,000 / 1,500,000= $75.83（2）NPV = $40,000,000 – (1 – 0.35)(0.09)($40,000,000) /0.09NPV = $14,000,000所以资本结构调整后公司的价值为：V = $113,750,000 + 14,000,000V = $127,750,000由于公司并没有发行债券，所以权益的价值也是公司的价值$127,750,000。
第九版-公司理财-罗斯-中文答案-
1、如果项目带来的是常规的现金流，而且其回收期短于该项目的生命周期，还不能准备判断其净现值的正负。
仍需要其采用的折现率和其内部收益率IRR 做对比。
当折现率小于IRRA 时，净现值为正值，当折现率大于IRRA时，净现值为负值，两者相等时，净现值为零。
如果一个项目的折现回收期短于该项目的生命周期，则净现值一定为正值。
2、项目有常规的现金流，且NPV为正值，则各期流入的现金流折现总和一定大于期初项目资金流出。
而各期流入的现金流总和肯定大于折现总和，所以该项目的回收期一定短于其生命周期。
同时折现回收期是用和净现值同样的NPV计算出来的，所以折现回收期也一定短于其生命周期。
同样净现值为正值，说明初始投资所带来的后续现金流的现值大于初始投资，所以盈利指数PI 一定大于1。
如果使用内部收益率折现各期现金流量时，净现值为零。
而以折现率折现各期现金流量时，净现值为正，说明折现率小于内部收益率。
3、a 回收期是指投资引起的现金流入累计到与投资相等所需要的时间。
它代表收回投资所需要的年限。
回收年限越短，方案越有利。
其缺陷就是忽略了回收期内现金流量的时间序列，也忽略了回收期以后的现金支付，同时对于回收期的选择也存在主观臆断。
选择一个具体的回收期决策标准，当项目的回收期小于标准的就可行，大于标准的则拒绝。
b 平均会计收益率是指为扣除所得税和折旧之后的项目平均收益除以整个项目期限内的平均账面投资额。
其缺陷是使用账面收益而非现金流量，忽略了折旧对现金流量的影响，忽视了净收益的时间分布对项目经济价值的影响。
当项目的平均会计收益率小于目标平均会计收益率时，则拒绝项目，反之接受。
c 内部收益率就是令项目净现值为0的折现率。
其缺点是对于特殊项目无法用一般原则进行判断，并且有些项目可能会出现多个收益率的现象。
同时对于互斥项目容易忽视其规模问题和时间序列问题。
一般原则是当折现率小于IRR时，接受该项目，反之则拒绝。
d 盈利指数是初始投资所带来的后续现金流的现值和初始投资的比值。
007-公司理财 吴世农(吴是罗斯公司理财的译者)
Corporate Finance
财务分析三
Fifth Edition
三、财务杠杆（长期偿债能力） 债务增大具有双重性：风险和收益 负债比率 = 总 负 债 总资产 负债权益比 = 总 债 务 总权益 权益乘数 = 总 资 产 总权益 利息保障倍数 = 息前税前利润 利息费用
资本市场 (长期) 长期证券市场 长期存放市场
. .
一级
Irwin/McGraw-Hill
二级
© The McGraw-Hill Companies, Inc., 1999
第二章 会计报表与现金流量
Fifth Edition
Corporate Finance
Ross Westerfield Jaffe
Corporate Finance
Ross
$1,423 $1,274 -550 -460 873 814 245 221 $1,118 $1,035
$117 471 $588
$104 458 $562
Westerfield 资产总计 Jaffe
. .
$1,879
$1,742
$39 $39 55 32 347 327 390 347 -26 -20 $805 $725 $1,879 $1,742
Irwin/McGrawl Companies, Inc., 1999
表2-2 美国联合公司损益表
Fifth Edition
美国联合公司 损益表 （19X2年） 单位：百万美元
Corporate Finance
Ross Westerfield Jaffe
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第17章财务杠杆和资本结构政策◆本章复习与自测题17.1 EBIT和EPS假设BDJ公司已经决定进行一项资本重组，它涉及到将现有的8 000万美元债务增加到12 500万美元。
债务的利率是9%，并且预期不会改变。
公司目前有1 000万股流通在外，每股价格是45美元。
如果预期重组可以提高ROE，那么，BDJ的管理当局必定预期EBIT至少达到什么水平？解答时不考虑税。
17.2 MM第二定理（无税）Habitat公司的WACC是16%，债务成本是13%。
如果Habitat的债务权益率是2，它的权益资本成本是多少？解答时不考虑税。
17.3 MM第一定理（有公司税）Gypco公司预期永远都有每年10 000美元的EBIT。
Gypco可以以7%的利率借款。
假设Gypco目前没有债务，它的权益成本是17%。
如果公司的税率是35%，公司的价值是多少？如果Gypco借入15 000美元，并用它来回购股票，公司的价值是多少？◆本章复习与自测题解答17.1 要解答这个问题，我们可以计算临界EBIT。
在超过这一点的任何EBIT上，提高财务杠杆都将提高EPS。
在原有的资本结构下，利息费用是8 000万美元×0.09 = 720万美元。
因为有1 000万股股票，因此，不考虑税，EPS为：（EBIT-720万美元)/1 000万。
在新的资本结构下，利息费用是：12 500万美元×0.09 = 1 125万美元。
并且，债务增加了4 500万美元。
这个金额足够买回4 500万美元/45 = 100万股股票，剩下900万股流通在外。
因此，EPS是：（EBIT -1 125万美元)/900万。
既然我们知道如何计算这两种情况下的EPS。
我们假定它们彼此相等，求出临界EBIT：(EBIT -720万美元)/1 000万= (EBIT-1 125万美元)/900万(EBIT -720万美元) = 1.11×(EBIT-1 125万美元)EBIT = 4 770万美元可以验证，在两种情况下，当EBIT是4 770万美元时，EPS都是4.05美元。
17.2 根据MM第二定理（无税），权益成本是：RE = RA+ (RA-RD)×(D/E）= 16% + (16% -13%)×2 = 22%17.3 在没有公司税的情况下，Gypco的WACC是17%。
这也是不利用杠杆的公司的资本成本。
税后现金流量是：10 000美元×(1-0.35) = 6 500美元，因此，价值就是：VU= 6 500美元/0.17 = 38 235美元。
发行债务之后，Gypco的价值将是原来的38 235美元加上税盾的现值TC×D，也就是0.35×15 000美元= 5 250美元。
因116第六部分资本成本和长期财务政策此，公司的价值为：38 235美元+ 5 250美元= 43 485美元。
◆概念复习和重要的思考题1. 经营风险与财务风险解释经营风险和财务风险。
假设A公司的经营风险比B公司更高，A公司的权益资本成本是否也更高？请解释。
2. MM定理在下列辩论中，你如何回答？问：如果公司加大对债务筹资的利用，就会提高公司权益的风险，对吗？答：对，这就是MM第二定理的精髓。
问：那么，如果公司增加借款，违约的可能性就会提高，因而就会提高公司债务的风险，对吗？答：对。
问：换句话说，增加借款会同时提高权益和债务的风险吗？答：完成正确。
问：可是，既然公司只使用债务和权益筹资，而且既然两者的风险也随着借款的增加而提高，那么，增加债务就会提高公司的总体风险，从而降低公司的价值，对吗？答：？？3. 最优资本结构是否存在一个很容易识别的债务权益率可以使公司的价值最大化？为什么？4. 观察到的资本结构参考课文中表17-7所观察到的资本结构。
根据平均债务权益率，你注意到了哪些行业类型？哪些行业较可能有高杠杆比率？有哪些可能的理由可以解释这些现象？公司的经营成果和税的历史情况起作用吗？未来的盈利预测呢？请解释。
5. 财务杠杆为什么把利用债务筹资叫做财务“杠杆”？6. 自制杠杆什么是自制财务杠杆？7. 破产与公司伦理就像我们在课文中指出的那样，有些公司由于实际或可能的相关诉讼损失而申请破产。
这是对破产程序的适当运用吗？8. 破产与公司伦理公司有时候会利用申请破产相威胁来迫使债权人与公司重新商议借款条件。
在这种情况下，批评家认为公司是在利用破产法“作为一把利刃，而不是一把庇护伞”。
这是一种合乎道德的策略吗？9. 破产与公司伦理就像在课文中提到的那样，大陆航空（Continental Airlines）公司申请破产，至少一部分理由是作为降低成本的手段。
这种做法是否合乎道德或适当，引起了激烈的争论。
分别举出正反双方的论点。
10. 资本结构目标在拓展的饼图模型中，关于资本结构，财务管理的基本目标是什么？◆思考和练习题（第1～15题为基础题；第16～17题为中级题；第18～21题为挑战题）1. EBIT和杠杆Control公司没有债务流通在外，总的市场价值是100 000美元。
如果经济状况正常的话，预计息税前盈余（EBIT）是6 000美元。
如果经济呈现强劲扩张，那么EBIT将高出30%。
如果衰退，EBIT将降低60%。
Control公司正在考虑以5%的利率发行40 000美元债务，所得将用来回购股票。
目前公司有2 500股流通在外。
本题不考虑税。
第17章财务杠杆和资本结构政策117a. 计算发行债务之前，在3种经济状况下每一种的每股盈余（EPS），并计算当经济扩张或衰退时，EPS的变动百分比。
b. 假设Control公司进行资本重组，重做a。
你发现了什么？2. EBIT、税和杠杆假设第1题中Control公司的税率是35%，重做第1题的a和b。
3. ROE和杠杆假设第1题中公司的市场价值对账面价值的比率是1.0。
a. 计算发行负债前，在3种经济状况下，每一种状况的权益报酬率（ROE），并计算经济扩张和衰退下，ROE的变动百分比。
b. 假设公司进行拟议的资本重组，重做a。
c. 假设公司的税率是35%，重做a和b。
4. 临界EBITLinkin Park公司正在比较两个不同的资本结构，一个是完全权益计划（计划I），另一个是利用杠杆的计划（计划II）。
在计划I下，Linkin Park将有10万股流通在外。
在计划II下，将有5万股股票和150万美元的债务流通在外。
债务的利率是10%，没有公司税。
a. 如果EBIT是20万美元，哪一个计划的EPS更高？b. 如果EBIT是70万美元，哪一个计划的EPS更高？c. 临界EBIT是多少？5. MM和股票价值在第4题中，运用MM第一定理分别求出两个拟议计划下权益的每股价格。
公司价值是多少？6. 临界EBIT和杠杆Taylor公司正在比较两个不同的资本结构。
计划I将导致公司有800股股票和9 000美元债务。
计划II则将导致公司有700股股票和13 500美元的债务。
债务的利率是10%。
a. 忽略税，假设EBIT是8 000美元，比较这两个计划和全部权益计划。
全部权益下将有1 000股流通在外。
这3个计划中哪一个的EPS最高？哪一个最低？b. 在a中，和完全权益计划相比，每一个计划下EBIT的临界水平是多少？其中一个是不是比另一个高？为什么？c. 忽略税，什么时候计划I和计划II的EPS会完全一样？d. 假设公司税率是40%，重做a、b和c。
临界EBIT是否和前面不一样？为什么？7. 杠杆和股票价值如果在第6题中忽略税，那么计划I和计划II下的每股权益价格分别是多少？你的答案说明了什么原则？8. 自制杠杆一家耐用消费品公司Zombie公司正在争论是否应该将它的完全权益资本结构转换为包括40%的债务。
该公司目前流通在外的股票有1 000股，每股价格是70美元。
预计EBIT永远维持在每年7 000美元的水平上，新债务的利率是7%，没有税。
a. 公司的股东之一，Spears女士拥有100股股票。
假设公司实行100%的股利派发率政策，在现行资本结构下，她的现金流量是多少？b. 在公司拟议的资本结构下，Spears女士的现金流量是多少？假设她将保持她的100股。
c. 假设Zombie真的进行转换，但是Spears女士偏好现行的完全权益资本结构。
证明她可以如何将她的股份解杠，以重建原始的资本结构。
d. 用c的答案解释，为什么Zombie公司的资本结构选择是无关的？9. 自制杠杆和WACC除了资本结构之外，ABC公司和XYZ公司是各方面都完全一样的公司。
ABC是以600 000美元股票筹资的完全权益公司，XYZ则兼具股票和永续债券，它的股票价值是300 000美元，债务的利率是10%。
两家公司都预期EBIT是85 000美元。
忽略税。
a. Aaliyah女士拥有价值45 000美元的XYZ股票。
她的预期报酬率是多少？b. 证明Aaliyah女士可以如何通过投资ABC公司和自制财务杠杆来创造完全相同的现金流量和报酬率。
c. ABC的权益成本是多少？XYZ呢？d. ABC的WACC是多少？XYZ呢？你说明了什么原则？10. MM定理J Lo公司没有债务。
加权平均资本成本是14%。
如果权益的现行市场价值是4 000万美元，而且没有税，EBIT是多少？11. MM定理和税在上一题中，假设公司税税率是35%，那么EBIT是多少？WACC是多少？请解释。
12. 计算WACCNopay产业公司的债务权益率是2，WACC是11%，债务成本是11%，公司税税率是35%。
a. Nopay的权益资本成本是多少？b. Nopay不利用杠杆的资本成本是多少？c. 如果债务权益率是1.5，权益成本是多少？如果债务权益率是1.0呢？是0呢？13. 计算WACCMolly公司没有债务，但是可以以9%的利率借款。
公司目前的WACC是15%，税率是35%。
a. Molly公司的权益成本是多少？b. 如果公司转换成25%的债务，权益成本是多少？c. 如果公司转换成50%的债务，权益成本是多少？d. Molly公司的WACC在b中是多少？在c中呢？14. MM定理和税Maria公司预期它的EBIT永远是每年80 000美元。
公司可以以14%的利率借款。
Maria目前没有债务，它的权益成本是25%。
如果税率为35%，公司的价值是多少？如果Maria公司借入50 000美元，并用所得来回购股票，公司的价值是多少？15. MM定理和税在第14题中，资本重组后的权益成本是多少？WACC是多少？公司资本结构决策有何隐含意义？16. MM定理Bruin制造公司的预期EBIT是永续的26 000美元，税率是35%，债务权益率是0.60。