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公司金融课后题答案CHAPTER 18

公司金融课后题答案CHAPTER 18

CHAPTER 18VALUATION AND CAPITAL BUDGETING FOR THE LEVERED FIRMAnswers to Concepts Review and Critical Thinking Questions1.APV is equal to the NPV of the project (i.e. the value of the project for an unlevered firm)plus the NPV of financing side effects.2. The WACC is based on a target debt level while the APV is based on the amount ofdebt.3.FTE uses levered cash flow and other methods use unlevered cash flow.4.The WACC method does not explicitly include the interest cash flows, but it doesimplicitly include the interest cost in the WACC. If he insists that the interest payments are explicitly shown, you should use the FTE method.5. You can estimate the unlevered beta from a levered beta. The unlevered beta is the betaof the assets of the firm; as such, it is a measure of the business risk. Note that the unlevered beta will always be lower than the levered beta (assuming the betas are positive). The difference is due to the leverage of the company. Thus, the second risk factor measured by a levered beta is the financial risk of the company.Solutions to Questions and ProblemsNOTE: All end-of-chapter problems were solved using a spreadsheet. Many problems require multiple steps. Due to space and readability constraints, when these intermediate steps are included in this solutions manual, rounding may appear to have occurred. However, the final answer for each problem is found without rounding during any step in the problem.Basic1. a.The maximum price that the company should be willing to pay for the fleet of carswith all-equity funding is the price that makes the NPV of the transaction equal tozero. The NPV equation for the project is:NPV = –Purchase Price + PV[(1 – t C )(EBTD)] + PV(Depreciation Tax Shield)If we let P equal the purchase price of the fleet, then the NPV is:NPV = –P + (1 – .35)($140,000)PVIFA13%,5 + (.35)(P/5)PVIFA13%,5Setting the NPV equal to zero and solving for the purchase price, we find:0 = –P + (1 – .35)($140,000)PVIFA13%,5 + (.35)(P/5)PVIFA13%,5P = $320,068.04 + (P)(0.35/5)PVIFA13%,5P = $320,068.04 + .2462P.7538P = $320,068.04P = $424,609.54b.The adjusted present value (APV) of a project equals the net present value of theproject if it were funded completely by equity plus the net present value of any financing side effects. In this case, the NPV of financing side effects equals the after-tax present value of the cash flows resulting from the firm’s debt, so:APV = NPV(All-Equity) + NPV(Financing Side Effects)So, the NPV of each part of the APV equation is:NPV(All-Equity)NPV = –Purchase Price + PV[(1 – t C )(EBTD)] + PV(Depreciation Tax Shield)The company paid $395,000 for the fleet of cars. Because this fleet will be fullydepreciated over five years using the straight-line method, annual depreciationexpense equals:Depreciation = $395,000/5Depreciation = $79,000So, the NPV of an all-equity project is:NPV = –$395,000 + (1 – 0.35)($140,000)PVIFA13%,5 + (0.35)($79,000)PVIFA13%,5 NPV = $22,319.49NPV(Financing Side Effects)The net present value of financing side effects equals the after-tax present value of cash flows resulting from the firm’s debt, so:NPV = Proceeds – Aftertax PV(Interest Payments) – PV(Principal Payments)Given a known level of debt, debt cash flows should be discounted at the pre-tax cost of debt R B. So, the NPV of the financing side effects are:NPV = $260,000 – (1 – 0.35)(0.08)($260,000)PVIFA8%,5– [$260,000/(1.08)5]NPV = $29,066.93So, the APV of the project is:APV = NPV(All-Equity) + NPV(Financing Side Effects) APV = $22,319.49 + 29,066.93APV = $51,386.422.The adjusted present value (APV) of a project equals the net present value of the projectif it were funded completely by equity plus the net present value of any financing side effects. In this case, the NPV of financing side effects equals the after-tax present value of the cash flows resulting from the firm’s debt, so:APV = NPV(All-Equity) + NPV(Financing Side Effects)So, the NPV of each part of the APV equation is:NPV(All-Equity)NPV = –Purchase Price + PV[(1 – t C )(EBTD)] + PV(Depreciation Tax Shield)Since the initial investment of $1.9 million will be fully depreciated over four yearsusing the straight-line method, annual depreciation expense is:Depreciation = $1,900,000/4Depreciation = $475,000NPV = –$1,900,000 + (1 – 0.30)($685,000)PVIFA9.5%,4 + (0.30)($475,000)PVIFA13%,4 NPV (All-equity) = – $49,878.84NPV(Financing Side Effects)The net present value of financing side effects equals the aftertax present value of cash flows resulting from the firm’s debt. So, the NPV of the financing side effects are:NPV = Proceeds(Net of flotation) – Aftertax PV(Interest Payments) – PV(PrincipalPayments)+ PV(Flotation Cost Tax Shield)Given a known level of debt, debt cash flows should be discounted at the pre-tax cost of debt, R B. Since the flotation costs will be amortized over the life of the loan, the annual flotation costs that will be expensed each year are:Annual flotation expense = $28,000/4Annual flotation expense = $7,000NPV = ($1,900,000 – 28,000) – (1 – 0.30)(0.095)($1,900,000)PVIFA9.5%,4–$1,900,000/(1.095)4+ 0.30($7,000) PVIFA9.5%,4NPV = $152,252.06So, the APV of the project is:APV = NPV(All-Equity) + NPV(Financing Side Effects) APV = –$49,878.84 + 152,252.06APV = $102,373.233. a.In order to value a firm’s equity using the flow-to-equity approach, discount thecash flows available to equity holders at the cost of the firm’s levered equity. Thecash flows to equity holders will be the firm’s net income. Remembering that thecompany has three stores, we find:Sales $3,600,000COGS 1,530,000G & A costs 1,020,000Interest 102,000EBT $948,000Taxes 379,200NISince this cash flow will remain the same forever, the present value of cash flowsavailable to the firm’s equity holders is a perpetuity. We can discount at the leveredcost of equity, so, the value of the company’s equity is:PV(Flow-to-equity) = $568,800 / 0.19PV(Flow-to-equity) = $2,993,684.21b.The value of a firm is equal to the sum of the market values of its debt and equity, or:V L = B + SWe calculated the value of the company’s equity in part a, so now we need tocalculate the value of debt. The company has a debt-to-equity ratio of 0.40, whichcan be written algebraically as:B / S = 0.40We can substitute the value of equity and solve for the value of debt, doing so, wefind:B / $2,993,684.21 = 0.40B = $1,197,473.68So, the value of the company is:V = $2,993,684.21 + 1,197,473.68V = $4,191,157.894. a.I n order to determine the cost of the firm’s debt, we need to find the yield tomaturity on its current bonds. With semiannual coupon payments, the yield tomaturity in the company’s bonds is:$975 = $40(PVIFA R%,40) + $1,000(PVIF R%,40)R = .0413 or 4.13%Since the coupon payments are semiannual, the YTM on the bonds is:YTM = 4.13%× 2YTM = 8.26%b.We can use the Capital Asset Pricing Model to find the return on unlevered equity.According to the Capital Asset Pricing Model:R0 = R F+ βUnlevered(R M– R F)R0 = 5% + 1.1(12% – 5%)R0 = 12.70%Now we can find the cost of levered equity. According to Modigliani-MillerProposition II with corporate taxesR S = R0 + (B/S)(R0– R B)(1 – t C)R S = .1270 + (.40)(.1270 – .0826)(1 – .34)R S = .1387 or 13.87%c.In a world with corporate taxes, a firm’s weighted average cost of capital is equalto:R WACC = [B / (B + S)](1 – t C)R B + [S / (B + S)]R SThe problem does not provide either the debt-value ratio or equity-value ratio.H owever, the firm’s debt-equity ratio of is:B/S = 0.40Solving for B:B = 0.4SSubstituting this in the debt-value ratio, we get:B/V = .4S / (.4S + S)B/V = .4 / 1.4B/V = .29And the equity-value ratio is one minus the debt-value ratio, or:S/V = 1 – .29S/V = .71So, the WACC for the company is:R WACC = .29(1 – .34)(.0826) + .71(.1387) R WACC = .1147 or 11.47%5. a.The equity beta of a firm financed entirely by equity is equal to its unlevered beta.Since each firm has an unlevered beta of 1.25, we can find the equity beta for each.Doing so, we find:North PoleβEquity = [1 + (1 – t C)(B/S)]βUnleveredβEquity = [1 + (1 – .35)($2,900,000/$3,800,000](1.25)βEquity = 1.87South PoleβEquity = [1 + (1 – t C)(B/S)]βUnleveredβEquity = [1 + (1 – .35)($3,800,000/$2,900,000](1.25)βEquity = 2.31b.We can use the Capital Asset Pricing Model to find the required return on eachfirm’s equity. Doing so, we find:North Pole:R S = R F+ βEquity(R M– R F)R S = 5.30% + 1.87(12.40% – 5.30%)R S = 18.58%South Pole:R S = R F+ βEquity(R M– R F)R S = 5.30% + 2.31(12.40% – 5.30%)R S = 21.73%6. a.If flotation costs are not taken into account, the net present value of a loan equals:NPV Loan = Gross Proceeds – Aftertax present value of interest and principalpaymentsNPV Loan = $5,350,000 – .08($5,350,000)(1 – .40)PVIFA8%,10– $5,350,000/1.0810NPV Loan = $1,148,765.94b.The flotation costs of the loan will be:Flotation costs = $5,350,000(.0125)Flotation costs = $66,875So, the annual flotation expense will be:Annual flotation expense = $66,875 / 10 Annual flotation expense = $6,687.50If flotation costs are taken into account, the net present value of a loan equals:NPV Loan = Proceeds net of flotation costs – Aftertax present value of interest andprincipalpayments + Present value of the flotation cost tax shieldNPV Loan = ($5,350,000 – 66,875) – .08($5,350,000)(1 – .40)(PVIFA8%,10)– $5,350,000/1.0810 + $6,687.50(.40)(PVIFA8%,10)NPV Loan = $1,099,840.407.First we need to find the aftertax value of the revenues minus expenses. The aftertaxvalue is:Aftertax revenue = $3,800,000(1 – .40)Aftertax revenue = $2,280,000Next, we need to find the depreciation tax shield. The depreciation tax shield each year is:Depreciation tax shield = Depreciation(t C)Depreciation tax shield = ($11,400,000 / 6)(.40)Depreciation tax shield = $760,000Now we can find the NPV of the project, which is:NPV = Initial cost + PV of depreciation tax shield + PV of aftertax revenueTo find the present value of the depreciation tax shield, we should discount at the risk-free rate, and we need to discount the aftertax revenues at the cost of equity, so:NPV = –$11,400,000 + $760,000(PVIFA6%,6) + $2,280,000(PVIFA14%,6)NPV = $1,203,328.438.Whether the company issues stock or issues equity to finance the project is irrelevant.The company’s optimal capital structure determines the WACC. In a world wi th corporate taxes, a firm’s weighted average cost of capital equals:R WACC = [B / (B + S)](1 – t C)R B + [S / (B + S)]R SR WACC = .80(1 – .34)(.072) + .20(.1140)R WACC = .0608 or 6.08%Now we can use the weighted average cost of capital to discount NEC’s unlevered cash flows. Doing so, we find the NPV of the project is:NPV = –$40,000,000 + $2,600,000 / 0.0608NPV = $2,751,907.399. a.The company has a capital structure with three parts: long-term debt, short-termdebt, and equity. Since interest payments on both long-term and short-term debt aretax-deductible, multiply the pretax costs by (1 – t C) to determine the aftertax coststo be used in the weighted average cost of capital calculation. The WACC using thebook value weights is:R WACC = (w STD)(R STD)(1 – t C) + (w LTD)(R LTD)(1 – t C) + (w Equity)(R Equity)R WACC = ($3 / $19)(.035)(1 – .35) + ($10 / $19)(.068)(1 – .35) + ($6 / $19)(.145)R WACC = 0.0726 or 7.26%ing the market value weights, the company’s WACC is:R WACC = (w STD)(R STD)(1 – t C) + (w LTD)(R LTD)(1 – t C) + (w Equity)(R Equity)R WACC = ($3 / $40)(.035)(1 – .35) + ($11 / $40)(.068)(1 – .35) + ($26 / $40)(.145) R WACC = 0.1081 or 10.81%ing the target debt-equity ratio, the target debt-value ratio for the company is:B/S = 0.60B = 0.6SSubstituting this in the debt-value ratio, we get:B/V = .6S / (.6S + S)B/V = .6 / 1.6B/V = .375And the equity-value ratio is one minus the debt-value ratio, or:S/V = 1 – .375S/V = .625We can use the ratio of short-term debt to long-term debt in a similar manner to find the short-term debt to total debt and long-term debt to total debt. Using the short-term debt to long-term debt ratio, we get:STD/LTD = 0.20STD = 0.2LTDSubstituting this in the short-term debt to total debt ratio, we get:STD/B = .2LTD / (.2LTD + LTD)STD/B = .2 / 1.2STD/B = .167And the long-term debt to total debt ratio is one minus the short-term debt to total debt ratio, or:LTD/B = 1 – .167LTD/B = .833Now we can find the short-term debt to value ratio and long-term debt to value ratio by multiplying the respective ratio by the debt-value ratio. So:STD/V = (STD/B)(B/V) STD/V = .167(.375) STD/V = .063And the long-term debt to value ratio is:LTD/V = (LTD/B)(B/V)LTD/V = .833(.375)LTD/V = .313So, using the target capital structure weights, the company’s WACC is:R WACC = (w STD)(R STD)(1 – t C) + (w LTD)(R LTD)(1 – t C) + (w Equity)(R Equity)R WACC = (.06)(.035)(1 – .35) + (.31)(.068)(1 – .35) + (.625)(.145)R WACC = 0.1059 or 10.59%d.The differences in the WACCs are due to the different weighting schemes. Thecompany’s WACC will most closely resemble the WACC calculated using targetweights since future projects will be financed at the target ratio. Therefore, theWACC computed with target weights should be used for project evaluation.Intermediate10.The adjusted present value of a project equals the net present value of the project underall-equity financing plus the net present value of any financing side effects. In the joint venture’s case, the NPV of financing side effects equals the aftertax present value of cash flows resulting from the firms’ debt. So, the APV is:APV = NPV(All-Equity) + NPV(Financing Side Effects)The NPV for an all-equity firm is:NPV(All-Equity)NPV = –Initial Investment + PV[(1 – t C)(EBITD)] + PV(Depreciation Tax Shield)Since the initial investment will be fully depreciated over five years using the straight-line method, annual depreciation expense is:Annual depreciation = $30,000,000/5Annual depreciation = $6,000,000NPV = –$30,000,000 + (1 – 0.35)($3,800,000)PVIFA5.13%,20 +(0.35)($6,000,000)PVIFA5,13%,20NPV = –$5,262,677.95NPV(Financing Side Effects)The NPV of financing side effects equals the after-tax present value of cash flows resulting from the firm’s debt. The coupon rate on the debt is relevant to determine the interest payments, but the resulting cash flows should still be discounted at the pretax cost of debt. So, the NPV of the financing effects is:NPV = Proceeds – Aftertax PV(Interest Payments) – PV(Principal Repayments)NPV = $18,000,000 – (1 – 0.35)(0.05)($18,000,000)PVIFA8.5%,15– $18,000,000/1.08515 NPV = $7,847,503.56So, the APV of the project is:APV = NPV(All-Equity) + NPV(Financing Side Effects)APV = –$5,262,677.95 + $7,847,503.56APV = $2,584,825.6111.If the company had to issue debt under the terms it would normally receive, the interestrate on the debt would increase to the company’s normal cost of debt. The NPV of an all-equity project would remain unchanged, but the NPV of the financing side effects would change. The NPV of the financing side effects would be:NPV = Proceeds – Aftertax PV(Interest Payments) – PV(Principal Repayments)NPV = $18,000,000 – (1 – 0.35)(0.085)($18,000,000)PVIFA8.5%,15–$18,000,000/((1.085)15NPV = $4,446,918.69Using the NPV of an all-equity project from the previous problem, the new APV of the project would be:APV = NPV(All-Equity) + NPV(Financing Side Effects)APV = –$5,262,677.95 + $4,446,918.69APV = –$815,759.27The gain to the company from issuing subsidized debt is the difference between the two APVs, so:Gain from subsidized debt = $2,584,825.61 – (–815,759.27)Gain from subsidized debt = $3,400,584.88Most of the value of the project is in the form of the subsidized interest rate on the debt issue.12.The adjusted present value of a project equals the net present value of the project underall-equity financing plus the net present value of any financing side effects. First, we need to calculate the unlevered cost of equity. According to Modigliani-Miller Proposition II with corporate taxes:R S = R0 + (B/S)(R0– R B)(1 – t C).16 = R0 + (0.50)(R0– 0.09)(1 – 0.40)R0 = 0.1438 or 14.38%Now we can find the NPV of an all-equity project, which is:NPV = PV(Unlevered Cash Flows)NPV = –$21,000,000 + $6,900,000/1.1438 + $11,000,000/(1.1438)2 +$9,500,000/(1.1438)3NPV = –$212,638.89Next, we need to find the net present value of financing side effects. This is equal the aftertax present value of cash flows resulting from the firm’s debt. So:NPV = Proceeds – Aftertax PV(Interest Payments) – PV(Principal Payments)Each year, an equal principal payment will be made, which will reduce the interest accrued during the year. Given a known level of debt, debt cash flows should be discounted at the pre-tax cost of debt, so the NPV of the financing effects are:NPV = $7,000,000 – (1 – .40)(.09)($7,000,000) / (1.09) – $2,333,333.33/(1.09)– (1 – .40)(.09)($4,666,666.67)/(1.09)2– $2,333,333.33/(1.09)2– (1 – .40)(.09)($2,333,333.33)/(1.09)3– $2,333,333.33/(1.09)3 NPV = $437,458.31So, the APV of project is:APV = NPV(All-equity) + NPV(Financing side effects)APV = –$212,638.89 + 437,458.31APV = $224,819.4213. a.To calculate the NPV of the project, we first need to find the company’s WACC. Ina world with corporate taxes, a firm’s weighted average cost of ca pital equals:R WACC = [B / (B + S)](1 – t C)R B + [S / (B + S)]R SThe market value of the company’s equity is:Market value of equity = 6,000,000($20)Market value of equity = $120,000,000So, the debt-value ratio and equity-value ratio are:Debt-value = $35,000,000 / ($35,000,000 + 120,000,000)Debt-value = .2258Equity-value = $120,000,000 / ($35,000,000 + 120,000,000)Equity-value = .7742Since the CEO believes its current capital structure is optimal, these values can beused as the target weights in the firm’s weighted average cost of capital calculation.The yield to maturity of the company’s debt is its pretax cost of debt. To find thecompany’s cost of equity, we need to calculate the stock beta. The stock beta can becalculated as:β = σS,M / σ2Mβ = .036 / .202β = 0.90Now we can use the Capital Asset Pricing Model to determine the cost of equity. The Capital Asset Pricing Model is:R S = R F+ β(R M– R F)R S = 6% + 0.90(7.50%)R S = 12.75%Now, we can calculate the company’s WACC, which is:R WACC = [B / (B + S)](1 – t C)R B + [S / (B + S)]R SR WACC = .2258(1 – .35)(.08) + .7742(.1275)R WACC = .1105 or 11.05%Finally, we can use the WACC to discount the unlevered cash flows, which givesus an NPV of:NPV = –$45,000,000 + $13,500,000(PVIFA11.05%,5)NPV = $4,837,978.59b.The weighted average cost of capital used in part a will not change if the firmchooses to fund the project entirely with debt. The weighted average cost of capitalis based on optimal capital structure weights. Since the current capital structure isoptimal, all-debt funding for the project simply implies that the firm will have touse more equity in the future to bring the capital structure back towards the target.Challenge14. a.The company is currently an all-equity firm, so the value as an all-equity firmequals the present value of aftertax cash flows, discounted at the cost of the firm’sunlevered cost of equity. So, the current value of the company is:V U = [(Pretax earnings)(1 – t C)] / R0V U = [($28,000,000)(1 – .35)] / .20V U = $91,000,000The price per share is the total value of the company divided by the sharesoutstanding, or:Price per share = $91,000,000 / 1,500,000Price per share = $60.67b.The adjusted present value of a firm equals its value under all-equity financing plusthe net present value of any financing side effects. In this case, the NPV offinancing side effects equals the aftertax present value of cash flows resulting fromthe firm’s debt. Given a known level of debt, debt cash flows can be discounted atthe pretax cost of debt, so the NPV of the financing effects are:NPV = Proceeds – Aftertax PV(Interest Payments)NPV = $35,000,000 – (1 – .35)(.09)($35,000,000) / .09NPV = $12,250,000So, the value of the company after the recapitalization using the APV approach is:V = $91,000,000 + 12,250,000V = $103,250,000Since the company has not yet issued the debt, this is also the value of equity after the announcement. So, the new price per share will be:New share price = $103,250,000 / 1,500,000New share price = $68.83c.The company will use the entire proceeds to repurchase equity. Using the shareprice we calculated in part b, the number of shares repurchased will be:Shares repurchased = $35,000,000 / $68.83Shares repurchased = 508,475And the new number of shares outstanding will be:New shares outstanding = 1,500,000 – 508,475New shares outstanding = 991,525The value of the company increased, but part of that increase will be funded by the new debt. The value of equity after recapitalization is the total value of thecompany minus the value of debt, or:New value of equity = $103,250,000 – 35,000,000New value of equity = $68,250,000So, the price per share of the company after recapitalization will be:New share price = $68,250,000 / 991,525New share price = $68.83The price per share is unchanged.d.In order to v alue a firm’s equity using the flow-to-equity approach, we mustdiscount the cash flows available to equity holders at the cost of the firm’s levered equity. According to Modigliani-Miller Proposition II with corporate taxes, the required return of levered equity is:R S = R0 + (B/S)(R0– R B)(1 – t C)R S = .20 + ($35,000,000 / $68,250,000)(.20 – .09)(1 – .35)R S = .2367 or 23.67%After the recapitalization, the net income of the company will be:EBIT $28,000,000Interest 3,150,000EBT $24,850,000 Taxes 8,697,500 Net incomeThe firm pays all of its earnings as dividends, so the entire net income is availableto shareholders. Using the flow-to-equity approach, the value of the equity is:S = Cash flows available to equity holders / R SS = $16,152,500 / .2367S = $68,250,00015. a.If the company were financed entirely by equity, the value of the firm would beequal to the present value of its unlevered after-tax earnings, discounted at itsunlevered cost of capital. First, we need to find the company’s unlevered cash flows,which are:Sales $28,900,000Variable costs 17,340,000EBT $11,560,000Tax 4,624,000Net incomeSo, the value of the unlevered company is:V U = $6,936,000 / .17V U = $40,800,000b.According to Modigliani-Miller Proposition II with corporate taxes, the value oflevered equity is:R S = R0 + (B/S)(R0– R B)(1 – t C)R S = .17 + (.35)(.17 – .09)(1 – .40)R S = .1868 or 18.68%c.In a world with corporate taxes, a firm’s weighted average cost of capital equals:R WACC = [B / (B + S)](1 – t C)R B + [S / (B + S)]R SSo we need the debt-value and equity-value ratios for the company. The debt-equityratio for the company is:B/S = 0.35B = 0.35SSubstituting this in the debt-value ratio, we get:B/V = .35S / (.35S + S)B/V = .35 / 1.35B/V = .26And the equity-value ratio is one minus the debt-value ratio, or:S/V = 1 – .26S/V = .74So, using the capital structure weights, the comp any’s WACC is:R WACC = [B / (B + S)](1 – t C)R B + [S / (B + S)]R SR WACC = .26(1 – .40)(.09) + .74(.1868)R WACC = .1524 or 15.24%We can use the weighted average cost of capital to discount the firm’s unlevered aftertax earnings to value the company. Doing so, we find:V L = $6,936,000 / .1524V L = $45,520,661.16Now we can use the debt-value ratio and equity-value ratio to find the value of debt and equity, which are:B = V L(Debt-value)B = $45,520,661.16(.26)B = $11,801,652.89S = V L(Equity-value)S = $45,520,661.16(.74)S = $33,719,008.26d.In order to value a firm’s equity using the flow-to-equity approach, we can discountthe cash flows available to equity holders at the cost of the firm’s levered equity.First, we need to calculate the levered cash flows available to shareholders, which are:Sales $28,900,000Variable costs 17,340,000EBIT $11,560,000Interest 1,062,149EBT $10,497,851Tax 4,199,140Net incomeSo, the value of equity with the flow-to-equity method is:S = Cash flows available to equity holders / R SS = $6,298,711 / .1868 S = $33,719,008.2616. a.Since the company is currently an all-equity firm, its value equals the present valueof its unlevered after-tax earnings, discounted at its unlevered cost of capital. Thecash flows to shareholders for the unlevered firm are:EBIT $83,000Tax 33,200Net incomeSo, the value of the company is:V U = $49,800 / .15V U = $332,000b.The adjusted present value of a firm equals its value under all-equity financing plusthe net present value of any financing side effects. In this case, the NPV offinancing side effects equals the after-tax present value of cash flows resulting fromdebt. Given a known level of debt, debt cash flows should be discounted at thepre-tax cost of debt, so:NPV = Proceeds – Aftertax PV(Interest payments)NPV = $195,000 – (1 – .40)(.09)($195,000) / 0.09NPV = $78,000So, using the APV method, the value of the company is:APV = V U + NPV(Financing side effects)APV = $332,000 + 78,000APV = $410,000The value of the debt is given, so the value of equity is the value of the companyminus the value of the debt, or:S = V – BS = $410,000 – 195,000S = $215,000c.According to Modigliani-Miller Proposition II with corporate taxes, the requiredreturn of levered equity is:R S = R0 + (B/S)(R0– R B)(1 – t C)R S = .15 + ($195,000 / $215,000)(.15 – .09)(1 – .40)R S = .1827 or 18.27%d.In order to value a firm’s equity using the flow-to-equity approach, we can discountthe cash flows available to equity holders at the cost of the firm’s levered equity.First, we need to calculate the levered cash flows available to shareholders, whichare:EBIT $83,000Interest 17,550EBT $65,450Tax 26,180Net incomeSo, the value of equity with the flow-to-equity method is:S = Cash flows available to equity holders / R SS = $39,270 / .1827S = $215,00017.Since the company is not publicly traded, we need to use the industry numbers tocalculate the industry levered return on equity. We can then find the industry unlevered return on equity, and re-lever the industry return on equity to account for the different use of leverage. So, using the CAPM to calculate the industry levered return on equity, we find:R S = R F+ β(MRP)R S = 5% + 1.2(7%)R S = 13.40%Next, to find the average cost of unlevered equity in the holiday gift industry we can use Modigliani-Miller Proposition II with corporate taxes, so:R S = R0 + (B/S)(R0– R B)(1 – t C).1340 = R0 + (.35)(R0– .05)(1 – .40)R0 = .1194 or 11.94%Now, we can use the Modigliani-Miller Proposition II with corporate taxes to re-lever the return on equity to account for this company’s debt-equity ratio. Doing so, we find:R S = R0 + (B/S)(R0– R B)(1 – t C)R S = .1194 + (.40)(.1194 – .05)(1 – .40)R S = .1361 or 13.61%Since the project is financed at the firm’s target debt-equity ratio, it must be discounted at t he company’s weighted average cost of capital. In a world with corporate taxes, a firm’s weighted average cost of capital equals:。

公司金融研究(6)(公司金融研究-上海财经大学 李曜)

公司金融研究(6)(公司金融研究-上海财经大学 李曜)

三、通货膨胀与资本预算

1、 real interest rate / nominal interest rate
1 no min al int erestrate real int erestrate 1 1 inf lationrate

Real interest rate nominal interest rate – inflation rate
(fixed cos ts deprecaiti on ) (1 Tc ) (salesprice var iable cos ts ) (1 Tc )
Contribution margin: (sales pricevariable costs)(1-Tc) 案例:链接


在项目决策分析中,有一系列的决策需要做出, 此时运用决策树分析方法。
案例:链接 该企业面临两个决策:1、是否进行市场调查 和前期的开发投资?2、是否根据调查结果进 行大规模生产?

七、敏感性分析、情景分析

敏感性分析(sensitivity analysis),也称 what-if analysis, BOP analysis。检验NPV 方法对某些具体参数假设变化的敏感性。 案例中:REVENUE(market share,market size, price per engine), COST(variable cost, fixed cost) 链接



敏感性分析的关键:某一个参数变化, 而其余参数不变(维持期望的最可能值), 计算项目的NPV。
敏感性分析的价值: 1、用来判断某个项目是否值得投资; 2、用来判断哪一个参数更为重要。

李健金融学第3版课后习题答案

李健金融学第3版课后习题答案

第1章经济主体的财务活动与金融1.如何理解金融源于社会经济生活?答:金融在人们的经济活动和日常生活中随处可见,各经济主体的生产、经营、消费、支付等活动都需要用货币来支付;一些经济主体有资金盈余,他们需要把资金存放银行或投资等,而另一些经济主体存在资金短缺,他们需要通过各种方式融入资金。

与之相适应,有专门的机构发行货币,提供各种金融产品和服务;有专门的市场融通资金和交易金融产品;有专设的机构进行管理和监督,由此形成金融体系。

可见,金融源于生活,融入日常经济活动之中。

2.如何理解各经济主体的金融活动以及开放经济下国内外各部门的经济金融活动?答:(1)封闭经济由居民(亦称“住户”)、非金融企业、金融机构与政府这四大经济部门组成,各经济部门内部及不同的经济部门之间不断地发生着各种各样的经济活动,并引起错综复杂的资金活动。

如果不考虑同一个经济部门内部不同主体之间的经济活动,单是考察部门之间的经济活动与资金流动,可以发现所有的经济部门都无法独立、封闭地生存。

同时,居民、非金融企业、政府三个部门都不可避免地与金融机构发生关系。

居民需要把节余的资金存放银行、投资证券或购买保险等,也需要在资金不足时向银行申请贷款(如住房按揭贷款);非金融企业需要通过银行、进行资金结算,办理存款、贷款、信托、租赁等业务,或在证券市场通过股票、债券等工具融入资金等;政府也需要通过银行来实现资金调度、划拨,其银行账户会形成一定的存款,同时需要在证券市场上发行政府债券进行融资等。

(2)对于开放经济而言,本国各经济部门不可避免地与国外经济部门发生经济关系,产生国际金融活动。

开放部门的对外金融活动主要体现在两个方面:一是对外贸易和劳务所产生的国际结算与融资;二是投资活动,包括实业投资和纯粹的金融投资。

3.居民的收支如何引起金融活动?居民的盈余或短缺如何通过金融来调节?答:(1)现代居民经济生活中的日常收入、支出活动和储蓄投资、借贷等理财活动构成了现代金融供求的重要组成部分。

公司金融研究(5)(公司金融研究-上海财经大学李曜)

公司金融研究(5)(公司金融研究-上海财经大学李曜)
公司金融研究(5)
李曜 2005年10月20日
第八章 资本预算的其他投资原则
内涵报酬率/内部报酬率法(IRR) IRR方法的问题讨论 MIRR 获利指数法(PI)
一、内部报酬率 Internal Rate of Return (IRR)
IRR 是使现金流入的现值之和等于现金流 出现值之和的贴现率,也即使净现值等于 零的贴现率。
后的现金 数 @12
流现值
%
(@12%)
1
-20 70 10 70.5
3.53 50.5
2
-10 15 40 45.3
4.53 35.3
PI 的决策标准
(1)如果PI > 1, 接受项目。 如果PI < 1, 放弃项目。 (2)PI越高, 项目越好。
对于互斥项目,选择 PI最高的项目——?
西方调查结果:IRR,NPV方法是排名1、2的 两种主要方法。
可以准确预测现金流的项目,可以采用NPV法。
教材阅读:Ross, Corporate Finance, (6th edition) , Chapter 6
第九章 NPV方法在资本预算中的 具体运用
一、现金流的几个基本问题 公司金融中,关注的是现金流; 财务会计中,关注的是利润。 项目选择——现金流的增量 1、沉没成本(SUNK COST)
NPV
@0 @10 @15 IRR %%%
2000 669 109 16.04 %
B -10000 1000 1000 12000 4000 751 -484 12.94
NPV
4000 B
2000 A
k
互斥项目
k < 10.55: 选择B k > 10.55: 选择A

东北财经大学智慧树知到“金融学”《公司金融》网课测试题答案2

东北财经大学智慧树知到“金融学”《公司金融》网课测试题答案2

东北财经大学智慧树知到“金融学”《公司金融》网课测试题答案(图片大小可自由调整)第1卷一.综合考核(共15题)1.MM理论的基本假设包括()A.公司只有长期负债和普通股两项长期资本B.公司资产总额不变C.没有公司和个人所得税,没有财务困境成本D.公司增长率为零E.公司预期的息税前收益为常数2.由一个人拥有的企业被称为()。

A、公司B、独资企业C、合伙企业D、有限责任公司3.金融市场的参加者包括()。

A.经济实体B.金融机构C.中央银行D.政府及其有关行政机构E.个人4.影响股利政策决策的因素包括()。

A.公司盈利的稳定性B.信息效应C.法律法规的规定D.股东的偏好E.宏观经济条件5.对企业的长期投资进行管理的过程称为()。

A、营运资本管理B、代理成本分析C、资本结构管理D、资本预算管理6.下列各项中,属于企业筹资引起的财务活动有()A.偿还借款B.购买国库券C.支付股票股利D.利用商业信用E.留存利润7.其他条件不变,在()情况下,项目的净现值会增加。

A.贴现率增加时; 现金流延期一年发生B.初始投资增加时C.贴现率降低时D.现金流在最后一期一次性发生,而不是在整个项目持续期内均衡发生8.利润最大化作为财务管理目标的缺点是()。

A、片面追求利润最大化B、可能导致公司的短期行为; 没有反映剩余产品的价值量C、没有考虑风险因素D、没有考虑货币的时间价值E、没有反映股东提供的资金的成本9.递延年金的特点有()。

A、最初若干期没有收付款项B、最后若干期没有收入款项C、其终值计算与普通年金相同D、其现值计算与普通年金相同E、其终值计算与即期年金相同10.其他情况不变,如果某一附息票的债券溢价出售,则()A.其票面利率与到期收益率相等B.其市场价格低于票面金额C.其一定是支付一次利息D.其到期收益率一定低于其票面利率11.公司财务经理筹资决策工作的内容包括()。

A.财务分析B.选择筹资工具C.会计核算D.估算资本成本E.决定股利分配12.下列关于有效市场假说的说法正确的有()。

公司金融研究(总复习课)(公司金融研究-上海财经大学 李曜)

公司金融研究(总复习课)(公司金融研究-上海财经大学 李曜)


Cash flows of project A are expressed in real terms while those of project B are expressed in nominal terms. The appropriate nominal discount rate is 15%,and the inflation is 4%.Which project should you choose?
0 Sales revenue Operating costs investment depreciation
1 7000 2000
2 7000 2000
3 7000 2000
4 7000 2000
10000 2500 2500 2500 2500
Net working 200 capital(end of year)
VI. Strategy and analysis in using NPV

8. Kids&Toys Inc. has purchased a $200,000 machine to produce toy cars. The machine will be fully depreciated by the straight-line method for its economic life of five years and will be worthless after its life. The firm expects that the sales price of the toy is $25 while its variable cost is $5. The firm should also pay $350,000 as fixed costs each year. The corporate tax rate for the company is 25%,and the appropriate discount rate is 12%. What is the present value break-even point?

公司金融研究(7)(公司金融研究-上海财经大学 李曜)

公司金融研究(7)(公司金融研究-上海财经大学 李曜)

2、半强有效市场 事件研究法(event study)

AR i R i E(R i )
CAR i AR i

CAR的变化是否发生在事件发生日?

对股息分配、利润、收购兼并、资本投资、 发行股票等等事件进行CAR分析,可(举例:我所做的研究)——股票增值权 证券市场对某件事件是如何反应的?

证券分析师通过信息分析和发布,可以缩小信息投 资者和非信息投资者之间的差距,增加股票流动性, 降低资本成本。
第十一章 融资决策、资本结构与 股利政策

一、融资决策 同样运用净现值方法(NPV)进行融资决策分析。 净现值为正的融资项目比较少。 发行多少的股票或债券?发行何种股票或债券?何 时发行股票或债券? 融资给企业价值增加的可能原因: 1、欺骗投资者(fool investors) 将证券打包(package securities)复杂化,以获得溢 价发行。——有效市场不可能


举例:某公司的 计算
Cov(R i , R M ) i ,M 2 Var (R M ) M
对 的讨论
1、真实世界中的 对某股票的月度收益率与标普500指数月度 收益率进行回归,回归系数 的稳定性 2、 例如:GE公司在20年中,基本稳定 3、采用行业的 数值 可以减少估计误差。(只要公司的运行和 行业其他公司相仿)。

的主要决定因素 4、
(1)业务收入的周期性(cyclicality of revenues) 主营业务收入与经济周期(business cycle)密切相 关的行业:高科技、汽车、零售、钢铁、石化、银 行等 值高;周期性股票 ——股票波动性(variability)和周期性(cyclicality) 不同,波动性大的股票的 值不一定大 反之,不相关的行业:公用事业、铁路、食品、航 空等, 值低;稳定性股票

最新《公司金融学》全本课后习题参考答案

最新《公司金融学》全本课后习题参考答案

《公司金融》课后习题参考答案各大重点财经学府专业教材期末考试考研辅导资料第一章导论第二章财务报表分析与财务计划第三章货币时间价值与净现值第四章资本预算方法第五章投资组合理论第六章资本结构第七章负债企业的估值方法第八章权益融资第九章债务融资与租赁第十章股利与股利政策第十一章期权与公司金融第十二章营运资本管理与短期融资第一章导论1.治理即公司治理(corporate governance),它解决了企业与股东、债权人等利益相关者之间及其相互之间的利益关系。

融资(financing),是公司金融学三大研究问题的核心,它解决了公司如何选择不同的融资形式并形成一定的资本结构,实现企业股东价值最大化。

估值(valuation),即企业对投资项目的评估,也包括对企业价值的评估,它解决了企业的融资如何进行分配即投资的问题。

只有公司治理规范的公司,其投资、融资决策才是基于股东价值最大化的正确决策。

这三个问题是相互联系、紧密相关的,公司金融学的其他问题都可以归纳入这三者的范畴之中。

2.对于上市公司而言,股东价值最大化观点隐含着一个前提:即股票市场充分有效,股票价格总能迅速准确地反映公司的价值。

于是,公司的经营目标就可以直接量化为使股票的市场价格最大化。

若股票价格受到企业经营状况以外的多种因素影响,那么价值确认体系就存在偏差。

因此,以股东价值最大化为目标必须克服许多公司不可控的影响股价的因素。

第二章财务报表分析与财务计划1.资产负债表;利润表;所有者权益变动表;现金流量表。

资产= 负债+ 所有者权益2.我国的利润表采用“多步式”格式,分为营业收入、营业利润、利润总额、净利润、每股收益、其他综合收益和综合收益总额等七个盈利项目。

3.直接法是按现金收入和支出的主要类别直接反映企业经营活动产生的现金流量,一般以利润表中的营业收入为起算点,调整与经营活动有关项目的增减变化,然后计算出经营活动现金流量。

间接法是以净利润为起算点,调整不涉及现金的收入、费用、营业外收支以及应收应付等项目的增减变动,据此计算并列示经营活动现金流量。

公司金融第八版中文课后习题答案

公司金融第八版中文课后习题答案

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。

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。

此外,机构投资者比私人投资者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。

公司金融习题集答案 - 副本

公司金融习题集答案 - 副本

《公司金融》作业集第一章公司金融学导论一、思考题1.现代企业有几种组织形式,各有什么特点?2.在股东财富最大化目标下,如何协调债权人、股东与经理人之间的利益冲突?二、单项选择题1.下列各项中,具有法人地位的企业组织形式是( )。

A.个体企业B.合伙企业C.公司D.以上三者都是2.公司经营的主要目标是( )。

A.最大限度的盈利B.提高劳动生产率C.股东财富最大化D.解决就业问题3.我国公司法规定:有限责任公司由2个以上( )以下股东共同出资组成。

A.20 B.30C.40 D.504.金融市场按交割方式划分,可分为( )。

A.有形资产市场和金融资产市场B.现货市场和衍生市场C.资本市场、货币市场、外汇市场和黄金市场D.初级市场和次级市场5.我国的金融机构按其地位和功能划分大致有以下四类:货币当局、银行、非银行金融机构和()A.政策性银行B.城市合作社C.境内开办的外资、侨资、中外合资金融机构D.证券公司第二章公司财务报表一、基本概念1.流动比率2.速动比率3.市盈率4.市净率二、思考题1.现金流量表主表包括那些内容?2.如何对企业偿债能力进行分析?3.如何对企业营运情况进行分析?4.如何通过现金流量表对企业经营情况和发展潜力进行分析?第三章货币时间价值与风险收益一、基本概念1.时间价值2.年金3.资本市场线4.套利二、思考题1.套利定价理论的主要内容。

三、计算题1.计算题练习重点:(1)复利终值、复利现值的计算。

(2)普通年金终值、普通年金现值的计算。

(3)永久年金终值的计算2.教材117页练习题7、8、9、12第四章公司资本预算一、基本概念1.现金流量 2.静态投资回收期 3.折现投资回收期 4.净现值5.内部收益率6.盈亏平衡分析7.敏感性分析二、思考题:1.投资项目现金流量的构成。

2.净现值法与内部收益率法的判断准则,两种方法有何区别?三、计算题:1.练习重点:(1)现金流量的计算(2)净现值的计算(3)内部收益率的计算(4)特殊条件下:投资规模不同与寿命期不同时投资项目的决策2.教材159页练习题:3、5第五章资本成本与资本结构一、基本概念1.资本成本2.资本结构3.加权平均资本成本4.经营杠杆5.财务杠杆6.总杠杆系数二、思考题1.影响加权平均资本成本的因素。

证券投资基金学第四版李曜课后答案

证券投资基金学第四版李曜课后答案

证券投资基金学第四版李曜课后答案1、12.某基金经理从某上市公司总经理的弟弟处得知该上市公司将要进行并购重组后,将消息转告其他基金经理并用自己管理的基金财产买入该股票。

以下表述错误的是()。

[单选题] *A该基金经理利用该信息进行投资,不违反诚实守信职业道德要求(正确答案)B该基金经理将该消息告诉其他基金经理,违反了法规规定C该案例中该公司并购重组的消息在公开前属内幕信息D该基金经理利用该信息进行投资,构成内幕交易2、53.私募基金募集业务相关的记录及其他相关资料,保存期限不少于()年,且自基金清算终止之日起不得少于()年。

[单选题] *A5;3B10;5C20;10(正确答案)D15;53、41、关于证券交易所,以下描述正确的是()。

[单选题] *A、证券交易所提供交易场所和服务人员,以便利证券交易商的交易与交割B、证券交易所本身不持有证券,也不进行证券的买卖(正确答案)C、证券交易所的设立和解散,由国务院证券监督管理机构决定D、证券交易所的理事会负责日常事项4、64、投资者在考察其所投资的私募股权基金时会画出一条曲线,被称为J曲线,以下相关表述正确的是()。

[单选题] *A、对投资者而言,私募股权基金在投资前期,主要是以投入资金为主(正确答案)B、J曲线意味着私募股权投资通常可在一两年内获得回报C、J曲线以风险为横轴,以收益为纵轴D、对投资者而言,私募股权基金通常在项目后期,开始现金流出5、23、某股票基金在2018年度平均净资产为10000万元,期间共买入股票7000万元,卖出股票3000万元。

该基金在2018年的股票换手率为()。

[单选题] *A、0.3B、0.7C、0.5(正确答案)D、16、80.某公募基金基金经理调研时,某上市公司董秘透露即将公布员工持股计划。

该基金经理用所管理的基金大量买入该上市公司股票。

关于基金经理行为,以下表述正确的是()。

[单选题] *A既违反了法律,又违反了职业道德(正确答案)B既不违反法律,也不违反职业道德C只违反了法律,不违反职业道德D只违反职业道德,不违反法律7、11、某投资者有以下投资组合,50%投资于A公司股票,50%投资于B公司(数据如下表),则投资组合的期望收益率为()。

公司金融第二版李曜课后试题及解析

公司金融第二版李曜课后试题及解析

公司金融第二版李曜课后试题及解析一、选择题1、以下哪种风险不属于公司金融风险?A、市场风险B、信用风险C、流动性风险D、法律风险正确答案:D解析:公司金融风险一般包括市场风险、信用风险、流动性风险以及操作风险等。

2、以下哪种债券属于零息债券?A、政府债券B、可转换债券C、浮息债券D、折价债券正确答案:D解析:零息债券是指在发行时未按固定利率支付利息,到期时按面值向债券持有人支付全部本息;而折价债券则是指在发行时发行价格低于面值的债券。

3、以下哪种机构不属于金融监管机构?A、中国证监会B、中国人民银行C、国家发展和改革委员会D、中国银行保险监督管理委员会正确答案:C解析:金融监管机构包括中国证监会、中国人民银行、中国银行保险监督管理委员会等。

4、以下哪个指标衡量的是公司的资产负债情况?A、流动比率B、速动比率C、负债率D、营运资金正确答案:C解析:负债率是指企业的总债务占全部资产的比重,是衡量企业资产负债情况的指标。

5、以下哪种财务指标是衡量公司盈利能力的?A、资本回报率B、流动比率C、速动比率D、资产周转率正确答案:A解析:资本回报率是指企业净利润与所有者权益的比值,是衡量公司盈利能力的指标。

二、判断题1、公司债券是企业发行的一种债权凭证,具有固定的利息和到期日。

(√)正确答案:√解析:公司债券是指公司作为债务人向市场发行的,具有固定利息和到期日的一种债权凭证。

2、金融杠杆是其股票收益率变动程度比资产收益率变动程度大的现象。

(×)正确答案:×解析:金融杠杆是指借助债务融资,企业在扩大业务规模、提高盈利能力时所产生的影响。

其股票收益率变动程度比资产收益率变动程度更大。

3、企业所得税是指企业利润中应缴纳给国家的税款。

(√)正确答案:√解析:企业所得税是指在企业所得中应纳税的部分,是企业为国家的税务贡献。

4、资本市场是企业融资的重要渠道,包括证券市场和债券市场。

(√)正确答案:√解析:资本市场是企业通过证券市场和债券市场等渠道筹集资金的重要场所,提供了企业融资的重要途径。

公司金融研究(总复习课)(公司金融研究-上海财经大学 李曜)

公司金融研究(总复习课)(公司金融研究-上海财经大学 李曜)
公司金融研究(总复习\习题课)
李曜 2005/12/29
I. Accounting Statements and Cash Flow
1. Prepare a Dec. 31 balance sheet using the following data: Cash $2000 patents 82000 A/P 4000 A/R 6000 Taxes payable 2000 Machinery 34000 bonds payable 5000 accumulated retained earnings 6000 capital surplus 20000 The value of the firm’s common stock is $100.

12. On Eastern Printing Machines Co.’s income statement of 2001, the cost of goods sold and the credit sales are $200 million and $240 million,respectively. The following data are from the balance sheets.
II. Net present value

3. Given an interest rate of 10% per year. What is the value at date t=5 (i.e. , the end of year 5) of a perpetual stream of $120 annual payment starting at date t=9?

10. The market value of a firm with $500,000 of debt is $1,700,000. EBIT is expected to be a perpetuity. The pretax interest rate on debt is 10%. The company is in the 34% tax bracket. If the company was 100% equity financed, the equityholders would require a 20% return. A. what would the value of the firm be if it was financed entirely with equity? B. what is the net income to the stockholders of this levered firm?

公司金融课后题答案CHAPTER 19

公司金融课后题答案CHAPTER 19

CHAPTER 19DIVIDENDS AND OTHER PAYOUTS Answers to Concepts Review and Critical Thinking Questions1.Dividend policy deals with the timing of dividend payments, not the amounts ultimatelypaid. Dividend policy is irrelevant when the timing of dividend payments doesn’t affect the present value of all future dividends.2. A stock repurchase reduces equity while leaving debt unchanged. The debt ratio rises. Afirm could, if desired, use excess cash to reduce debt instead. This is a capital structure decision.3.The chief drawback to a strict dividend policy is the variability in dividend payments.This is a problem because investors tend to want a somewhat predictable cash flow. Also, if there is information content to dividend announcements, then the firm may be inadvertently telling the market that it is expecting a downturn in earnings prospects when it cuts a dividend, when in reality its prospects are very good. In a compromise policy, the firm maintains a relatively constant dividend. It increases dividends only when it expects earnings to remain at a sufficiently high level to pay the larger dividends, and it lowers the dividend only if it absolutely has to.4.Friday, December 29 is the ex-dividend day. Remember not to count January 1 becauseit is a holiday, and the exchanges are closed. Anyone who buys the stock before December 29 is entitled to the dividend, assuming they do not sell it again before December 29.5.No, because the money could be better invested in stocks that pay dividends in cashwhich benefit the fundholders directly.6.The change in price is due to the change in dividends, not due to the change in dividendpolicy. Dividend policy can still be irrelevant without a contradiction.7.The stock price dropped because of an expected drop in future dividends. Since the stockprice is the present value of all future dividend payments, if the expected future dividend payments decrease, then the stock price will decline.8. The plan will probably have little effect on shareholder wealth. The shareholders canreinvest on their own, and the shareholders must pay the taxes on the dividends either way. However, the shareholders who take the option may benefit at the expense of the ones who don’t (because of the discount). Also as a resu lt of the plan, the firm will be able to raise equity by paying a 10% flotation cost (the discount), which may be a smaller discount than the market flotation costs of a new issue for some companies.9.If these firms just went public, they probably did so because they were growing andneeded the additional capital. Growth firms typically pay very small cash dividends, if they pay a dividend at all. This is because they have numerous projects available, and they reinvest the earnings in the firm instead of paying cash dividends.10.It would not be irrational to find low-dividend, high-growth stocks. The trust should beindifferent between receiving dividends or capital gains since it does not pay taxes on either one (ignoring possible restrictions on invasion of principal, etc.). It would be irrational, however, to hold municipal bonds. Since the trust does not pay taxes on the interest income it receives, it does not need the tax break associated with the municipal bonds. Therefore, it should prefer to hold higher yield, taxable bonds.11.The stock price drop on the ex-dividend date should be lower. With taxes, stock pricesshould drop by the amount of the dividend, less the taxes investors must pay on the dividends. A lower tax rate lowers the invest ors’ tax liability.12.With a high tax on dividends and a low tax on capital gains, investors, in general, willprefer capital gains. If the dividend tax rate declines, the attractiveness of dividends increases.13.Knowing that share price can be expressed as the present value of expected futuredividends does not make dividend policy relevant. Under the growing perpetuity model, if overall corporate cash flows are unchanged, then a change in dividend policy only changes the timing of the dividends. The PV of those dividends is the same. This is true because, given that future earnings are held constant, dividend policy simply represents a transfer between current and future stockholders.In a more realistic context and assuming a finite holding period, the value of the shares should represent the future stock price as well as the dividends. Any cash flow not paid as a dividend will be reflected in the future stock price. As such, the PV of the cash flows will not change with shifts in dividend policy; dividend policy is still irrelevant.14.T he bird-in-the-hand argument is based upon the erroneous assumption that increaseddividends make a firm less risky. If capital spending and investment spending are unchanged, the firm’s overall cash flows are not affected by the dividend policy.15.This argument is theoretically correct. In the real world, with transaction costs ofsecurity trading, home-made dividends can be more expensive than dividends directly paid out by the firms. However, the existence of financial intermediaries, such as mutual funds, reduces the transaction costs for individuals greatly. Thus, as a whole, the desire for current income shouldn’t be a major factor favoring high-current-dividend policy.16. a.Cap’s past behavior suggests a preference for capital gains, while Sarah exhibits apreference for current income.b. Cap could show the Sarah how to construct homemade dividends through the saleof stock. Of course, Cap will also have to convince her that she lives in an MMworld. Remember that homemade dividends can only be constructed under the MMassumptions.c.Sarah may still not invest in Neotech because of the transaction costs involved inconstructing homemade dividends. Also, Sarah may desire the uncertaintyresolution which comes with high dividend stocks.17.To minimize her tax burden, your aunt should divest herself of high dividend yieldstocks and invest in low dividend yield stocks. Or, if possible, she should keep her high dividend stocks, borrow an equivalent amount of money and invest that money in a tax-deferred account.18. The capital investment needs of small, growing companies are very high. Therefore,payment of dividends could curtail their investment opportunities. Their other option is to issue stock to pay the dividend, thereby incurring issuance costs. In either case, the companies and thus their investors are better off with a zero dividend policy during the firms’ rapid growth phases. This fact makes these firms attractive only to low dividend clienteles.This example demonstrates that dividend policy is relevant when there are issuance costs.Indeed, it may be relevant whenever the assumptions behind the MM model are not met.19. Unless there is an unsatisfied high dividend clientele, a firm cannot improve its shareprice by switching policies. If the market is in equilibrium, the number of people who desire high dividend payout stocks should exactly equal the number of such stocks available. The supplies and demands of each clientele will be exactly met in equilibrium.If the market is not in equilibrium, the supply of high dividend payout stocks may be less than the demand. Only in such a situation could a firm benefit from a policy shift.20. This finding implies that firms use initial dividends to “signal” their potential growth andpositive NPV prospects to the stock market. The initiation of regular cash dividends also serves to convince the market that their high current earnings are not temporary.Solutions to Questions and ProblemsNOTE: All end-of-chapter problems were solved using a spreadsheet. Many problems require multiple steps. Due to space and readability constraints, when these intermediate steps are included in this solutions manual, rounding may appear to have occurred. However, the final answer for each problem is found without rounding during any step in the problem.Basic1.The aftertax dividend is the pretax dividend times one minus the tax rate, so:Aftertax dividend = $5.60(1 – .15) = $4.76The stock price should drop by the aftertax dividend amount, or:Ex-dividend price = $75 – 4.76 = $70.242. a.The shares outstanding increases by 10 percent, so:New shares outstanding = 20,000(1.10) = 22,000New shares issued = 2,000Since the par value of the new shares is $1, the capital surplus per share is $47. Thetotal capital surplus is therefore:Capital surplus on new shares = 2,000($47) = $94,000Common stock ($1 par value) $ 22,000Capital surplus 304,000Retained earnings 639,300$965,300b.The shares outstanding increases by 25 percent, so:New shares outstanding = 20,000(1.25) = 25,000New shares issued = 5,000Since the par value of the new shares is $1, the capital surplus per share is $47. Thetotal capital surplus is therefore:Capital surplus on new shares = 5,000($47) = $235,000Common stock ($1 par value) $ 25,000Capital surplus 445,000Retained earnings 495,300$965,3003. a.To find the new shares outstanding, we multiply the current shares outstandingtimes the ratio of new shares to old shares, so:New shares outstanding = 20,000(4/1) = 80,000The equity accounts are unchanged except that the par value of the stock is changedby the ratio of new shares to old shares, so the new par value is:New par value = $1(1/4) = $0.25 per share.b.To find the new shares outstanding, we multiply the current shares outstandingtimes the ratio of new shares to old shares, so:New shares outstanding = 20,000(1/5) = 4,000.The equity accounts are unchanged except that the par value of the stock is changedby the ratio of new shares to old shares, so the new par value is:New par value = $1(5/1) = $5.00 per share.4.To find the new stock price, we multiply the current stock price by the ratio of old sharesto new shares, so:a.$78(3/5) = $46.80b.$78(1/1.15) = $67.83c.$78(1/1.425) = $54.74d.$78(7/4) = $136.50.To find the new shares outstanding, we multiply the current shares outstanding times the ratio of new shares to old shares, so:a:260,000(5/3) = 433,333b:260,000(1.15) = 299,000c:260,000(1.425) = 370,500d:260,000(4/7) = 148,5715.The stock price is the total market value of equity divided by the shares outstanding, so:P0 = $380,000 equity/8,000 shares = $47.50 per shareIgnoring tax effects, the stock price will drop by the amount of the dividend, so:P X = $47.50 – 1.60 = $45.90The total dividends paid will be:$1.60 per share(8,000 shares) = $12,800The equity and cash accounts will both decline by $12,800.6.Repurchasing the shares will reduce shareholders’ equity by $12,800. The sharesrepurchased will be the total purchase amount divided by the stock price, so:Shares bought = $12,800/$47.50 = 269And the new shares outstanding will be:New shares outstanding = 8,000 – 269 = 7,731After repurchase, the new stock price is: Share price = $367,200/7,731 shares = $47.50The repurchase is effectively the same as the cash dividend because you either hold a share worth $47.50 or a share worth $45.90 and $1.60 in cash. Therefore, you participate in the repurchase according to the dividend payout percentage; you are unaffected.7.The stock price is the total market value of equity divided by the shares outstanding, so:P0 = $455,000 equity/20,000 shares = $22.75 per shareThe shares outstanding will increase by 25 percent, so:New shares outstanding = 20,000(1.25) = 25,000The new stock price is the market value of equity divided by the new shares outstanding, so:P X = $455,000/25,000 shares = $18.208.With a stock dividend, the shares outstanding will increase by one plus the dividendamount, so:New shares outstanding = 380,000(1.12) = 425,600The capital surplus is the capital paid in excess of par value, which is $1, so:Capital surplus for new shares = 45,600($44) = $2,006,400The new capital surplus will be the old capital surplus plus the additional capital surplus for the new shares, so:Capital surplus = $1,750,000 + 2,006,400 = $3,756,400The new equity portion of the balance sheet will look like this:Common stock ($1 par value) $ 425,600Capital surplus 3,756,400Retained earnings 2,098,000$6,280,0009.The only equity account that will be affected is the par value of the stock. The par valuewill change by the ratio of old shares to new shares, so:New par value = $1(1/5) = $0.20 per share.The total dividends paid this year will be the dividend amount times the number of shares outstanding. The company had 380,000 shares outstanding before the split. We must remember to adjust the shares outstanding for the stock split, so:Total dividends paid this year = $0.60(380,000 shares)(5/1 split) = $1,140,000The dividends increased by 10 percent, so the total dividends paid last year were:Last year’s dividends = $1,140,000/1.10 = $1,036,363.64And to find the dividends per share, we simply divide this amount by the shares outstanding last year. Doing so, we get:Dividends per share last year = $1,036,363.64/380,000 shares = $2.7310. a.If the dividend is declared, the price of the stock will drop on the ex-dividend dateby the value of the dividend, $5. It will then trade for $115.b.If it is not declared, the price will remain at $120.c.Mann’s outflows for investments are $3,000,000. These outflows occurimmediately. One year from now, the firm will realize $1,400,000 in net incomeand it will pay $750,000 in dividends, but the need for financing is immediate.Mann must finance $3,000,000 through the sale of shares worth $120. It must sell$3,000,000 / $120 = 25,000 shares.d.The MM model is not realistic since it does not account for taxes, brokerage fees,uncertainty over future cash flows, investor s’ preferences, signaling effects, andagency costs.Intermediate11.The price of the stock today is the PV of the dividends, so:P0 = $0.95/1.14 + $45/1.142 = $35.46To find the equal two year dividends with the same present value as the price of the stock, we set up the following equation and solve for the dividend (Note: The dividend isa two year annuity, so we could solve with the annuity factor as well):$35.46 = D/1.14 + D/1.142D = $21.53We now know the cash flow per share we want each of the next two years. We can find the price of stock in one year, which will be:P1 = $45/1.14 = $39.47Since you own 1,000 shares, in one year you want:Cash flow in Year one = 1,000($21.53) = $21,534.11But you’ll only get:Dividends received in one year = 1,000($0.95) = $950.00Thus, in one year you will need to sell additional shares in order to increase your cash flow. The number of shares to sell in year one is:Shares to sell at time one = ($21,534.11 – 950)/$39.47 = 521.46 sharesAt Year 2, your cash flow will be the dividend payment times the number of shares you still own, so the Year 2 cash flow is:Year 2 cash flow = $45(1,000 – 521.46) = $21,534.1112.If you only want $500 in Year 1, you will buy:($950 – 500)/$39.47 = 11.40 sharesat Year 1. Your dividend payment in Year 2 will be:Year 2 dividend = (1,000 + 11.40)($45) = $45,513.00Note that the present value of each cash flow stream is the same. Below we show this by finding the present values as:PV = $500/1.14 + $45,513/1.142 = $35,459.37PV = 1,000($0.95)/1.14 + 1,000($45)/1.142 = $35,459.3713. a.If the company makes a dividend payment, we can calculate the wealth of ashareholder as:Dividend per share = $3,000/600 shares = $5.00The stock price after the dividend payment will be:P X = $58 – 5 = $53 per shareThe shareholder will have a stock worth $53 and a $5 dividend for a total wealth of$58. If the company makes a repurchase, the company will repurchase:Shares repurchased = $3,000/$58 = 51.72 sharesIf the shareholder lets their shares be repurchased, they will have $58 in cash. If theshareholder keeps their shares, they’re still worth $58.b.If the company pays dividends, the current EPS is $1.50, and the P/E ratio is:P/E = $53/$1.50 = 35.33If the company repurchases stock, the number of shares will decrease. The total netincome is the EPS times the current number of shares outstanding. Dividing netincome by the new number of shares outstanding, we find the EPS under the repurchase is:EPS = $1.50(600)/(600 51.72) = $1.64The stock price will remain at $58 per share, so the P/E ratio is:P/E = $58/$1.64 = 35.33c. A share repurchase would seem to be the preferred course of action. Only thoseshareholders who wish to sell will do so, giving the shareholder a tax timing option that he or she doesn’t get with a dividend payment.14. a.Since the firm has a 100 percent payout policy, the entire net income, $45,000 willbe paid as a dividend. The current value of the firm is the discounted value one yearfrom now, plus the current income, which is:Value = $45,000 + $1,635,000/1.12Value = $1,504,821b.The current stock price is the value of the firm, divided by the shares outstanding, which is:Stock price = $1,504,821/20,000Stock price = $75.24Since the company has a 100 percent payout policy, the current dividend per sharewill be the company’s net income, divided by the shares outstanding, or:Current dividend = $45,000/20,000Current dividend = $2.25The stock price will fall by the value of the dividend to:Ex-dividend stock price = $75.24 – 2.25Ex-dividend stock price = $72.99c. i.According to MM, it cannot be true that the low dividend is depressing theprice. Since dividend policy is irrelevant, the level of the dividend should notmatter. Any funds not distributed as dividends add to the value of the firm,hence the stock price. These directors merely want to change the timing of thedividends (more now, less in the future). As the calculations below indicate,the value of the firm is unchanged by their proposal. Therefore, the share pricewill be unchanged.To show this, consider what would happen if the dividend were increased to$4.60. Since only the existing shareholders will get the dividend, the requireddollar amount to pay the dividends is:Total dividends = $4.60(20,000)Total dividends = $92,000To fund this dividend payment, the company must raise:Dollars raised = Required funds – Net income Dollars raised = $92,000 – 45,000Dollars raised = $47,000This money can only be raised with the sale of new equity to maintain theall-equity financing. Since those new shareholders must also earn 12 percent,their share of the firm one year from now is:New shareholder value in one year = $47,000(1.12)New shareholder value in one year = $52,640This means that the old shareholders' interest falls to:Old shareholder value in one year = $1,635,000 – 52,640Old shareholder value in one year = $1,582,360Under this scenario, the current value of the firm is:Value = $92,000 + $1,582,360/1.12Value = $1,504,821Since the firm value is the same as in part a, the change in dividend policy had no effect.ii.The new shareholders are not entitled to receive the current dividend. They will receive only the value of the equity one year hence. The present value ofthose flows is:Present value = $1,582,360/1.12Present value = $1,412,821.43And the current share price will be:Current share price = $1,412,821.43/20,000Current share price = $70.64So, the number of new shares the company must sell will be:Shares sold = $47,000/$70.64Shares sold = 665.34 shares15. a.The current price is the current cash flow of the company plus the present value ofthe expected cash flows, divided by the number of shares outstanding. So, thecurrent stock price is:Stock price = ($1,400,000 + 20,000,000) / 750,000Stock price = $28.53b.To achieve a zero dividend payout policy, he can invest the dividends back into thecompany’s stock. The dividends per share will be:Dividends per share = [($1,400,000)(.50)]/750,000Dividends per share = $0.93And the stockholder in question will receive:Dividends paid to shareholder = $0.93(1,000)Dividends paid to shareholder = $933.33The new stock price after the dividends are paid will be:Ex-dividend stock price = $28.53 – 0.93Ex-dividend stock price = $27.60So, the number of shares the investor will buy is:Number of shares to buy = $933.33 / $27.60Number of shares to buy = 33.8216. ing the formula from the text proposed by Lintner:Div1 = Div0 +s(t EPS1– Div0)Div1 = $1.50 + .3[(.4)($4.15) – $1.50]Div1 = $1.548b.Now we use an adjustment rate of 0.60, so the dividend next year will be:Div1 = Div0 +s(t EPS1– Div0)Div1 = $1.50 + .6[(.4)($4.15) – $1.50]Div1 = $1.596c.The lower adjustment factor in part a is more conservative. The lower adjustmentfactor will always result in a lower future dividend.Challenge17.Assuming no capital gains tax, the aftertax return for the Gordon Company is the capitalgains growth rate, plus the dividend yield times one minus the tax rate. Using the constant growth dividend model, we get:Aftertax return = g + D(1 – t) = .12Solving for g, we get:.12 = g + .06(1 – .35)g = .0810The equivalent pretax return for Gecko Company, which pays no dividend, is:Pretax return = g + D = .0810 + .06 = 14.10%18. Using the equation for the decline in the stock price ex-dividend for each of the taxrate policies, we get:(P0– P X)/D = (1 – T P)/(1 – T G)a.P0– P X = D(1 – 0)/(1 – 0)P0– P X = Db.P0– P X = D(1 – .15)/(1 – 0)P0– P X = .85Dc.P0– P X = D(1 – .15)/(1 – .20)P0– P X = 1.0625Dd.With this tax policy, we simply need to multiply the personal tax rate times oneminus the dividend exemption percentage, so:P0– P X = D[1 – (.35)(.30)]/(1 – .35)P0– P X = 1.3769De.Since different investors have widely varying tax rates on ordinary income andcapital gains, dividend payments have different after-tax implications for differentinvestors. This differential taxation among investors is one aspect of what we havecalled the clientele effect.19.Since the $3,000,000 cash is after corporate tax, the full amount will be invested. So, thevalue of each alternative is:Alternative 1:The firm invests in T-bills or in preferred stock, and then pays out as a special dividend in 3 yearsIf the firm invests in T-Bills:If the firm invests in T-bills, the aftertax yield of the T-bills will be:Aftertax corporate yield = .05(1 – .35)Aftertax corporate yield = .0325 or 3.25%So, the future value of the corporate investment in T-bills will be:FV of investment in T-bills = $3,000,000(1 + .0325)3FV of investment in T-bills = $3,302,109.23Since the future value will be paid to shareholders as a dividend, the aftertax cash flow will be:Aftertax cash flow to shareholders = $3,302,109.23(1 – .15)Aftertax cash flow to shareholders = $2,806,792.85If the firm invests in preferred stock:If the firm invests in preferred stock, the assumption would be that the dividends received will be reinvested in the same preferred stock. The preferred stock will pay a dividend of:Preferred dividend = .07($3,000,000)Preferred dividend = $210,000Since 70 percent of the dividends are excluded from tax:Taxable preferred dividends = (1 – .70)($210,000)Taxable preferred dividends = $63,000And the taxes the company must pay on the preferred dividends will be:Taxes on preferred dividends = .35($63,000)Taxes on preferred dividends = $22,050So, the aftertax dividend for the corporation will be:Aftertax corporate dividend = $210,000 – 22,050Aftertax corporate dividend = $187,950This means the aftertax corporate dividend yield is:Aftertax corporate dividend yield = $187,950 / $3,000,000Aftertax corporate dividend yield = .0627 or 6.27%The future value of the company’s investment in preferred stock will be:FV of investment in preferred stock = $3,000,000(1 + .0627)3FV of investment in preferred stock = $3,599,912.91Since the future value will be paid to shareholders as a dividend, the aftertax cash flow will be:Aftertax cash flow to shareholders = $3,599,912.91(1 – .15)Aftertax cash flow to shareholders = $3,059,925.97Alternative 2:The firm pays out dividend now, and individuals invest on their own. The aftertax cash received by shareholders now will be:Aftertax cash received today = $3,000,000(1 – .15)Aftertax cash received today = $2,550,000The individuals invest in Treasury bills:If the shareholders invest the current aftertax dividends in Treasury bills, the aftertax individual yield will be:Aftertax individual yield on T-bills = .05(1 – .31)Aftertax individual yield on T-bills = .0345 or 3.45%So, the future value of the individual investment in Treasury bills will be:FV of investment in T-bills = $2,550,000(1 + .0345)3 FV of investment in T-bills = $2,823,135.12The individuals invest in preferred stock:If the individual invests in preferred stock, the assumption would be that the dividends received will be reinvested in the same preferred stock. The preferred stock will pay a dividend of:Preferred dividend = .07($2,550,000)Preferred dividend = $178,500And the taxes on the preferred dividends will be:Taxes on preferred dividends = .31($178,500)Taxes on preferred dividends = $55,335So, the aftertax preferred dividend will be:Aftertax preferred dividend = $178,500 – 55,335Aftertax preferred dividend = $123,165This means the aftertax individual dividend yield is:Aftertax corporate dividend yield = $123,165 / $2,550,000Aftertax corporate dividend yield = .0483 or 4.83%The future value of the individual investment in preferred stock will be:FV of investment in preferred stock = $2,550,000(1 + .0483)3FV of investment in preferred stock = $2,937,628.94The aftertax cash flow for the shareholders is maximized when the firm invests the cash in the preferred stocks and pays a special dividend later.20. a.Let x be the ordinary income tax rate. The individual receives an after-tax dividendof:Aftertax dividend = $1,000(1 –x)which she invests in Treasury bonds. The Treasury bond will generate aftertax cashflows to the investor of:Aftertax cash flow from Treasury bonds = $1,000(1 –x)[1 + .08(1 –x)]If the firm invests the money, its proceeds are:Firm proceeds = $1,000[1 + .08(1 – .35)]And the proceeds to the investor when the firm pays a dividend will be: Proceeds if firm invests first = (1 –x){$1,000[1 + .08(1 – .35)]}To be indifferent, the investor’s proceeds must be the same whether she invests theafter-tax dividend or receives the proceeds from the firm’s investment a nd paystaxes on that amount. To find the rate at which the investor would be indifferent,we can set the two equations equal, and solve for x. Doing so, we find:$1,000(1 –x)[1 + .08(1 –x)] = (1 –x){$1,000[1 + .08(1 – .35)]}1 + .08(1 –x) = 1 + .08(1 – .35)x = .35 or 35%Note that this argument does not depend upon the length of time the investment is held.b.Yes, this is a reasonable answer. She is only indifferent if the after-tax proceedsfrom the $1,000 investment in identical securities are identical. That occurs onlywhen the tax rates are identical.c.Since both investors will receive the same pre-tax return, you would expect thesame answer as in part a. Yet, because the company enjoys a tax benefit frominvesting in stock (70 percent of income from stock is exempt from corporate taxes),the tax rate on ordinary income which induces indifference, is much lower. Again,set the two equations equal and solve for x:$1,000(1 –x)[1 + .12(1 –x)] = (1 –x)($1,000{1 + .12[.70 + (1 – .70)(1 – .35)]})1 + .12(1 –x) = 1 + .12[.70 + (1 – .70)(1 – .35)]x = .1050 or 10.50%d.It is a compelling argument, but there are legal constraints, which deter firms frominvesting large sums in stock of other companies.。

公司金融研究(9)(公司金融研究-上海财经大学 李曜)

公司金融研究(9)(公司金融研究-上海财经大学 李曜)

• 权衡理论的发展:考虑股权的代理成本 • 增加闲暇(偷懒 shirk)、和工作相关的更多开 支(汽车、福利等)、扩大无利益的投资—— 股权的三种代理成本 • 发行债务可以减少股权的代理成本 • 最优负债水平是由三者决定 (1) 债务的税盾 效应;(+)(2)债务对股权代理成本的减少; (+)(3)债务的财务困境成本(包括债务的 代理成本)(-)
APV NPV TC B
• APV:present value of levered project • APV>0,接受项目 • 举例:
(二)权益现金流方法(flowto-equity approach)
• 1、计算负债企业的股东现金流(levered cash flow, LCF)
• 总结:股东的自私战略仅仅对于处于财务困境或破产 困境中的企业而言,对于正常企业(如GE)是不会发 生的。当企业的不确定性很强,竞争非常激烈,同时 存在大量的投资机会,(如Intel, Intuit)就可能发生 上述自私战略。——自私战略是财务困境的间接成本。 • 自私战略最终的损失承担者,还是股东本身,因为对 于处于财务困境中的企业,债权人会要求更高的利率。 • 对于处于财务困境(或破产可能)中的企业,负债率 会比较低。
• Shah(1994)的研究发现,(股票和债务互换)增加 企业负债比例会导致股价上升,降低企业负债比例 会导致股价下降。
• 信号理论(signaling theory)的解释:1)当企业管 理层相信企业的破产概率下降时,会增加负债;反 之,会减少负债。因此,市场理解企业增加负债比 例的行为,认为企业业绩好转,股价因此上升。2) 当管理层认为股价高估的时候,才会将债务转为股 份。因此当企业将债务转为股份时,股价下降。 • 4、不同行业的资本结构不同 • Table 16.3 • 1)税收因素;

公司金融第二版李曜课后答案

公司金融第二版李曜课后答案

公司金融第二版李曜课后答案第一章:公司金融的基本概念1. 什么是公司金融?公司金融是研究企业如何通过资金融通和资本运作,以实现利润最大化和股东财富最大化的学科。

2. 公司金融的重要性有哪些?•公司金融研究了企业如何获取资金,并将这些资金用于项目投资和企业经营活动中,以实现企业目标。

•公司金融对于企业的经营决策和资源配置具有重要指导意义,可以帮助企业避免风险和错失商机。

•公司金融还研究了企业如何通过资本运作来增加股东财富,提高企业的价值。

3. 公司金融的主要理论框架有哪些?公司金融的主要理论框架包括现金流量分析、投资决策、融资决策、股利决策以及公司估值理论。

第二章:现金流量分析1. 什么是现金流量分析?现金流量分析是指以现金流量为基础,对企业的经营业绩进行分析和评价的过程。

2. 现金流量分析的重要性有哪些?•现金流量分析可以反映企业的真实经营状况,帮助投资者了解企业的盈利能力和偿债能力。

•现金流量分析可以揭示企业的盈利质量,帮助投资者评估企业的风险水平。

•现金流量分析可以为企业的经营决策提供参考,帮助企业合理规划资金使用。

3. 现金流量表的基本结构是什么?现金流量表由三个部分构成:经营活动现金流量、投资活动现金流量和筹资活动现金流量。

•经营活动现金流量反映了企业日常经营活动产生的现金流入和现金流出情况。

•投资活动现金流量反映了企业进行投资活动所产生的现金流入和现金流出情况。

•筹资活动现金流量反映了企业进行筹资活动所产生的现金流入和现金流出情况。

第三章:投资决策1. 什么是投资决策?投资决策是指企业在不同的投资项目之间做出选择和决策的过程。

2. 投资决策的基本原则有哪些?•独立性原则:不同投资项目之间的收益互相独立,互不影响。

•全局最优原则:选择使整体收益最大化的投资组合。

•时点相等原则:对收益的好坏进行评价时,应考虑收益的时间价值。

3. 投资决策的评价指标有哪些?常见的投资决策评价指标包括:净现值(NPV)、内部收益率(IRR)、投资回收期(Payback Period)等。

公司金融习题答案

公司金融习题答案

第一部分财务管理概述一、单选题1C 2 D 3 C 4 A 5 D 6 B 7 A 8 A 9 B 10 C 11 B 12 C二、多项选择题1 BC2 ACD3 ABC4 ACD5 ABCD6 CD7 BC8 ABC9 CDE 10 ABD 11 ABCD 12 ABD 13 AC 14 AC 15 ABD16 ABD 17 ABC 18 AB三、判断题1√ 2√3×4√5√6√7√8×9√10×11√12×13√14√ 15√16√第二部分资本预算基础:货币时间价值与风险一、单选题1 A2 A3 A4 B5 C6 A7 C8 B9 C 10 D 11 B 12D 13 C14 A 15 A 16 A 17 D 18 C 19 D 20 C 21 B 22 A 23B二、多选题1.ACDE2.AC3.AB4.ABC5.ABC6.AC7.AC8.ABD9.BD 10.ABC11.AE 12.D 13.ABCD 14.BCDE 15.AB三、判断题1.×2. ×3.√4.×5.√6.√7.√8.√9.× 10.×11.√ 12.√ 13.× 14.√ 15.× 16.× 17.× 18.√ 19.√ 20.√21.√ 22. ×23.× 24.× 25.×26.√ 27.√ 28.√四、计算分析题1. 单利:1997年初投资额终值=10(1+12%×2)=12.4(万元)1997年初各年预期收益现值之和=2×(1+12%)-1+3×(1+12%×2)-1+5×(1+12%×3)-1=7.8816(万元)复利:1997年初投资额的终值=10(S/P,12%,2)2=12.544(万元)1997年初各年预期收益现值之和=2(P/S,12%,1)+3(P/S,12%,2)+5(P/S,12%,3)=2×0.8929+3×0.7972+5×0.7118=7.7364(万元)2.P=S/(1+i)n=10000(1+15%)-5=4970(元)3.S=A[(1+i)n-1]/i=500×(1+1%)60/1%=40834.83(元)4.P=1000×[1-(1+10%)-3](1+10%)/10%=2735.70(元)5.S=500×[(1+1%)120-1](1+1%)/1%=115019.94(元)6.P=1000×[1-(1+10%)-3](1+10%)-2]/10%=2054.26(元)7.P=1000/10%=10000(元)8.P=5000×(P/A,i,10)=25000(P/A,i,10)=5当i1=15%时,P/A,i,10=5.019i2=16%时,P/A,i,10=4.833用内插法,X/1=0.019/0.186X=0.102i=15%+0.102%=15.102%9.P=1000×0.909+2000×0.826+3000×0.751+4000×0.683+5000×0.621=10651(元)10.P=500×(P/A,10%,4)+2000×(P/A,10%,5)(P/S,10%,4)+4000×(P/S,10%, 10)=8306.14(元)11.每二个月复利一次, 其实际年利率为5.94%小于6%,故选择前一方案(1+5.8%/6)6-1=5.94%12.这笔保险20年后的本利和S =120×(S/A,5%,20)=3967.92(元)∵3967.92>3900,故不合算13. 18×(1-30%)=A(P/A,1%,96)A=12.6÷61.528=2047.85(元)P/S,1%,36=0.69892, P/S,1%,60=0.55015, P/S,1%,96=0.38472P/A,1%,96=(1-0.38472)/1%=61.52814. (1)Po=20[(P/A,10%,9)+1]=20×6.759=135,18(万元)(2)P4=25×(P/A,10%,10)(1+10%)=168.99(万元)Po=168.99×(P/S,10%,4)=115.42(万元)应选择第二个方案五、简答题1.在n=1时,单利=复利;在n<1时,单利>复利;n>1时,单利<复利。

公司金融8页练习答案详解

公司金融8页练习答案详解

Unless otherwise stated, assume that all cash flows occur at the end of the period.1. An investment pays you annual stated rate (=nominal rate) of 9 percent interest,compounded annually. A second investment of equal risk, pays interest compoundedquarterly. What nominal annual rate of interest would you have to receive on the second investment in order to make you indifferent between the two investments?a)2.18% b)8.71% c)9.00% d)9.20% e) 9.31% Effective annual rate:1)41(%91)1(4-+=⇒-+=nom m nom i m i Eff 09.1414=⎪⎭⎫ ⎝⎛+nom i %711.8)109.1(44=-⨯=nom i2. You own two securities A and B. Security A pays you $100 a year every odd year inperpetuity (that is, it pays you $100 in year 1, year 3, year 5 etc, forever). Security B pays you $ 50 a year every even year in perpetuity (that is, it pays you $50 a year in year 2,year 4, year 6 etc, forever). Assume 10% is the annual interest rate. What is the present value of the cash flows from both securities combined (rounded off to the closest $10)a) $720 b) $740c) $760d) $780e) $800Consider payments are made every period of two years. Considering that period, security A, as being made on year one, is (1+r) times a perpetuity that would start at year 2, like B.The 10% interest rate is a nominal annual interest rate. And we need to get the effective “every -two-years” rate.The nominal “every -two-years” rate is equal to the periodic rate (here, annual) multiplied by the number of periods (two). This is this rate that we’ll use in the equation for effective rate: 10%*2 = 20%%211)22%101(1)1(2=-⨯+=⇒-+=Eff m i Eff m nom EffCF Eff r CF PV B A ++=)1( 91.761$21.0501.1100=+⨯=PV3. You have $1,000 invested in an account which pays 16 percent, compounded annually,for 2 years. A commission agent (called a "finder") can locate for you an equally safedeposit which will pay 16 percent, compounded quarterly, also for 2 years. What is themaximum amount you should be willing to pay him now as a fee for locating the newaccount?b) $13.78c) $16.14d) $16.78e) $21.1316% = effective annual rate.A=1000*(1+0.16)^2=1345.6B=1000*(1+0.16/4)^(2*4)=1368.58B-A=22.96Beware, we also need to calculate the present value of the difference!22.96/(1+0.15/4)^8 = 16.784. Today is your birthday, and you decide to start saving for your college education. You willbegin college on your 18th birthday and will need $4,000 per year at the end of each ofthe following 4 years. You will make a deposit 1 year from today in an account paying 12 percent annually and continue to make an identical deposit each year u p to and including the year you begin college. If a deposit amount of $2,542.05 will allow you to reach yourgoal, what birthday are you celebrating today?a) 13b) 14c) 15d) 16e) 17∙Value of the college education at 18:N=4PMT=4,000, ordinary annuityI/Y=12%FV=0PV = $12,149.4∙Number of years the $2542.05 payment must be made to arrive to $12,149.4 :FV=12149.4PMT=$2542.05, ordinary annuityI/Y=12%PV=0N=4∙Birthday:N is the number of deposits between one year from your birthday and 18 (includin g the 18th year). So you make payments at 18, 17, 16 and 15, and you’re celebrating your 14th birthday.5. Assume that you have $15,000 in a bank account that pays 5 percent annual interest.You plan to go back to school for a combination MBA/law degree 5 years from today. Itwill take you an additional 5 years to complete your graduate studies. You figure you will need a fixed annual income of $25,000 in today's dollars; that is, you will need $25,000 of today's dollars during your first year and each of the four subsequent years.You will withdraw funds for your annual expenses at the beginning of each year. Inflation is expected to occur at the rate of 3 percent per year. How much must you save duringeach of the next 5 years in order to achieve your goal (rounded to the next $)? The firstincrement of savings will be deposited one year from today.(Hint: Calculate first the nominal annual income you need during the 5 years in school.Since this nominal income is constant, your real income will decline while you are inschool because of inflation).a) $20,242b) $19,225d) $19,559e) $20,379* Find what $25,000 of today will be worth in 5 years with the inflation:85.28981$)03.01(000,255=+⨯=FV* Calculate the present value of the total amount you’ll need to pay for your studies (do it in two steps, value when you enter college, and then value today – otherwise, very tricky) ()()62.229,103$05.106.750,13106.750,131$05.11105.005.185.289811111)(555===⎪⎭⎫ ⎝⎛-⨯=⎪⎪⎭⎫ ⎝⎛+-+=now n yearsPV r r r PMT V P * Present value of what you’ll need to save (in total)103,229.62 – 15,000 = $88,229.62* Fixed payments: ()82.378,20$05.11105.062.229,881115=-⨯=+-⨯=n r r PV PMT6. At an inflation rate of 9 percent, the purchasing power of $1 would be cut in half in justover 8 years (some calculators round to 9 years). How long, to the nearest year, would it take for the purchasing power of $1 to be cut in half if the inflation rate were only 4percent?a) 12b) 14 c) 16d) 18e) 200.5*(1+0.09)^x = 1 > 1.09^x = 2 > xln(1.09) = ln 2 > x = 8.04y = ln2 / ln(1.04) = 17.67another way : (1/(1+0.09))^x = 0.5 > 1.09^x = 1/0.5 > 1.09^x = 2Use the following data for question 7, 8 and 9The correlation coefficient between the returns on A & B is -.25. Create a portfolio that contains 40% in Stock A, 40% in Stock B and 20% in the risk-free security.7. What is the expected return on this portfolio?a) 8.0%b) 9.0%c) 9.3%d) 9.7%e) 12.4%E(r) = 0.4x9% + 0.4x12% + 0.2x3%8. What is the portfolio's standard deviation?a) 1.24%b) 8.91%c) 9.40%d) 11.14%e) 12.77%We know 25.0),(-==B A AB B A COV σσρ. We deduce 008.02.016.025.0),(-=⨯⨯-=B A COV and we use the formula: ),(22222B A COV w w w w B A B B A A port ++=σσσto deduce the standard deviation of qportfolio constituted of A and B. As the same weight is put in A and B, we consider it is 0.5 for each.%13.11)008.0(5.05.02)2.0()5.0()16.0()5.0(2222,=-⨯⨯⨯++=B A σ Now, we consider the standard-deviation of a portfolio where the risk-free asset is added. We can use the formula:%91.81113.08.0)1(2222=⨯=-=M RF port w σσ9.What is the beta of the portfolio?a)0.00 b)0.76 c)0.95 d)1.00 e) 1.08β = 0.4x0.7 + 0.4x1.2 = 0.7610. Which of the following statements is incorrect?a) The required return on the market is always lower than the risk-free interest rate.b) If a stock has a beta of 0 (zero), the return on its shares will be equal to the risk freeratec) If a stock has a beta equal to 1 (one), its required rate of return will be equal to theexpected return on the market d) The market risk premium cannot be higher than the risk-free interest rate.e) a & d are incorrect > right, but the question was: which of the following statements isincorrect?. It’s correct to say that they are incorrect. And illogical to ask for theincorrect statement if there are at least two of them. [ You will get credit for both (d] and e)11. Your undiversified portfolio contains two securities, $6000 in T-Emages (TE) and $4,000in Segamet (SEG). TE has an expected return of 15% and a standard deviation of returns of 34%. SEG has an expected return of 10% and a standard deviation of 19%. Assumethat the correlation between the returns of TE and the returns of SEG is 0.7. What is the standard deviation of your portfolio?a)6.9% b)16.0% c)21.4% d)26.3% e)28.0% B A B A B A B B A A port w w w w σσρσσσ,22222++= 19.034.07.04.06.0219.0000,10000,434.0000,10000,62222⨯⨯⨯⨯⨯+⨯⎪⎭⎫ ⎝⎛+⨯⎪⎭⎫ ⎝⎛=port σ%29.26=port σ 12. Suppose you buy a 5-year $1000 face value bond on January 1, 2003 at its quoted price of $887.50. The coupon rate is 8% and coupon payments are made on a semi-annualbasis. If you sell the bond after exactly one year and expect that the annual interest rate (nominal) at that time will have increased by 2 percentage points, what will be the selling price?a)825.00 b)815.15 c)848.22 d)800.01 e) 887.50∙ Determine the interest rate at N = 5 We use the formula:N d N d d r FaceValue r r INT PV 22)21()21(1122++⎪⎪⎪⎪⎭⎫ ⎝⎛+-= And we solve for the interest rate. We use the financial calculator, with:N = 2*5,PMT = coupon rate*face value = 0.08*1,000 = $80 annually, that is $40 every six months. FV =1,000PV = - 887.50The answer is r d = 10.98% (we multiply by two the answer that the calculator gives, since it corresponds to the semi-annual rate and we want the annual one.∙ determine the selling price at N = 4We can now either use the financial calculator or solve the equation:We assume r d is now equal to 12.98%22.848$%)49.61(000,1%)49.61(11%49.64088=++⎪⎪⎭⎫ ⎝⎛+-=PV PV13. Kanine Corp recently reported earnings of $1.5 million. The firm plans to retain 30% of itsearnings. The historical return on equity for the firm has been 12%, and this figure isexpected to continue in future also. If the firm has 1,000,000 shares outstanding,calculate the price of each share. Assume the company's beta is 1.2, the risk -free rate is 4% and the market risk premium is 11%. (Hint: The 30% of the company's earnings that are being retained have some implications for the growth of the company)a) $6.1b) $8.00c) $20.2d) $22.6e) $112.5∙ Required rate of return of the company:%2.17%112.1%4=⨯+=⨯+=MP r r RFβ ∙ Dividends paid this year (D 0)000,050,1$000,500,1%700=⨯=D per share05.1$000,000,1000,050,10==D ∙ Expected rate of growthWe assume the firm will always retain 30% of its earnings and that the return on equity will remain the same to infinity.The rate of growth will then be 12% x 30% = 3.6%∙ Price of a share9985.7$036.0172.0036.105.1)1(010=-⨯=-+=-=g r g D g r P P14. Jewel Mining Co's ore reserves are being depleted, and its cost of recovering ore isincreasing every year. The company therefore expects earnings to decline at 5% every year. If the firm just paid out a dividend (D0) of $2, what is the price of the share?Assume that the required rate of return on the firm's equity is 12%.a) 12.35b) 30.00c) 42.00 d) 38.00 e) 11.18176.11$05.012.0)05.01(2)1(00=+-⨯=-+=g r g D P15. Bartorelli Inc. issued a 25 year $1000 par value, semi annual 9.5% coupon bond 7 yearsago at par. Today these bonds are selling for $1,230. What is the yield to maturity, (kd), on this bond issue today?a) 3.07%b) 3.60% c) 6.12%d) 7.20%e) 7.46%5.47$2000,1095.0)(=⨯=⇔PMT INT FV = 1,000N = (25-7)*2 PV = 1,230N d N d d r FaceValue r r INT PV 22)21()21(1122++⎪⎪⎪⎪⎭⎫ ⎝⎛+-= Solving for interest (using the financial calculator): r d = 7.20% (annual interest, that is the double than the interest given by the calculator)16. Softdrive Inc. pays a current dividend of $1.20 per share on its common stock. Over thenext three years, the annual dividend will increase by 3%, 4% and 5%, respectively.Thereafter, the annual dividend will increase every year by 6%. What is the current price of Softdrive's stock, if the discount rate is 12%?a) $18.10b) $20.05c) $ $22.15d) $24.20 e) $26.2505.2012.184.23350.112.1285.112.1236.184.23$06.012.0431.1$%)61(35.1350.1$%)51(285.1285.1$%)41(236.1236.1$%)31(20.1320434321=+++==-==+==+==+==+=P D P D D D DPart II: Problems & CalculationsRecord your final numeric answer including releva nt calculations and intermediate steps (Partial credit may be assigned, if appropriate)17. The future value of an ordinary 15-year annuity in Japanese Yen (JPY) is JPY50,000,000. Which is the underlying annual interest rate (2 decimal places) under thefollowing assumptions?a) The annuity pays an annual amount of JPY 1,000,000b) The annuity pays an annual amount of JPY 2,000,000c) The annuity pays an annual amount of JPY 3,000,000We use the formula:1)1(-+⨯=n r r FV PMT We use a financial calculator:n = 15FV = -50,000,000PV = 0PMT= 1,000,000 / 2,000,000 / 3,000,000a) 15.60%b) 6.93%c) 1.49%18. A 10-year ordinary annuity in Euro (EUR) has a present value of EUR 600,000 (annuallycompounded). What is the amount of each annuity payment under the followingassumptions?a) Interest rate = 0% p.a.b) Interest rate = 5% p.a.c) Interest rate = 10% p.a.If r = 0%, the present value is simply the sum of all the annuities. Since annuities, by definition, are constant payments, a = PV/n = 600,000/10 = 60,000€When 0≠r , the present value of all annuities is computed as follows (a = annuity):n r a r a r a PV )1(...)1(12++++++= ⎥⎦⎤⎢⎣⎡++++++=n r r r a PV )1(1...)1(1112 ⎪⎪⎪⎪⎭⎫ ⎝⎛+-+-+=+r r r a PV n 111)1(1111 ⎪⎪⎪⎪⎭⎫ ⎝⎛++-++=+r r r r r a PV n 1)1(111⎪⎪⎪⎪⎭⎫ ⎝⎛+-=r r a PV n )1(11 And ⎪⎪⎪⎪⎭⎫⎝⎛+-=n r r PV a )1(11If r = 5%, we find PV = 77,702.74€If r = 10%, PV = 97,647.24€19. A company Web site promoting early retirement programs advertises the following deal:"You pay us an constant annual amount at the end of each of the next 12 years and then we will repay you the same annual amount forever." Assume that the company starts to repay you at the end of year 13.a) What interest rate are they promising?b) What would the underlying interest be if you had to make payments for 20 years(instead of 12) and they would start to repay at the end of year 21?(Hint: The problem can be solved algebraically or with excel, using goal seek)The constant payments beginning from year 13 are a perpetuity. In fact, the company promises that the present value of a perpetuity beginning year 13 is equal to the present value of annuities paid from year 1 to year 12.The present value of the perpetuity is (we first calculate it as the present value of annuities and then we make tend n towards the infinite):⎪⎪⎪⎪⎭⎫ ⎝⎛+-+-+=+r r r PMT PV n 111)1(1)1(1113 ⎪⎪⎪⎪⎭⎫ ⎝⎛+-+=r r r PMT PV n )1(1)1(112 If n tends to the infinite, n r )1(1+tends to zero, and ()121r r PMT PV += OR…∙ Value of the perpetuity at year 12: rPMT ∙ Present value of this amount: 1212)1()1(r r PMT r r PMTPV +=+=So the company advertises that:1212)1()1(11r r PMT r r PMT +=⎪⎪⎭⎫ ⎝⎛+- That is to say: 1212)1(1)1(11r r +=⎪⎪⎭⎫ ⎝⎛+- Or:12)1(21r += So %95.51212=-=rIf the company started to give the payments back at the year, the interest rate would be: %53.31220=-=r 20.A 30-year annuity in British Pounds (GBP) pays an annual amount of GBP 50,000. Interest rates are at 12% p.a., annually compounded. Calculate the present value of this annuity under the following assumptions:a)The annuity is an ordinary annuity b) The annuity is an annuity dueIf the annuity is ordinary,⎪⎪⎪⎪⎭⎫⎝⎛+-=r r a PV n )1(11In our case, 20.759,40212,0)12.01(11000,5030GBP PV =⎪⎪⎪⎪⎭⎫ ⎝⎛+-= If the annuity is annuity due, PV due =(1+r)PV ordiinary()30.090,45112.11984.759,402GBP PV =⨯=21. For your new house you need a loan in the amount of $180,000. Your bank offers you(a) a "traditional" 30-year mortgage with monthly payments at a fixed rate of 5.875% p.a., or (b) a similar, but shorter 15-year mortgage with monthly payments at a fixed rate of5.125% p.a. What would your monthly payments be in either of the two cases (2 decimal places, assume monthly compounding)?We assume annuities are ordinary.In the first case, ⎪⎪⎪⎪⎭⎫⎝⎛+-=n r r PV a )1(11here 77.1064$)1205875,01(111205875,0000,1801230=⎪⎪⎪⎪⎪⎪⎪⎭⎫⎝⎛+-=⨯a In the second case, 18.1435$)1205125,01(111205125,0000,1801215=⎪⎪⎪⎪⎪⎪⎪⎭⎫ ⎝⎛+-=⨯a22. Five years ago you bought a Beachhouse in St. Augustine (FL). The purchase price wasUSD 450,000. You borrowed 80% of the purchase price with a 15-year, monthly payable mortgage at a fixed rate of 7.0% p.a. Since you wanted to pay off your mortgage sooner than scheduled, you have paid an additional USD 1,000 above the required amount on each of the payments you have made from the first payment. You have just made your 60th payment of the mortgage. What is the remaining balance on your mortgage?(It is highly recommended - but not mandatory - to set up a spreadsheet for this problem)∙ First balance of the mortgage450,000 x 80% = 360,000∙ Fixed payments78.235,4$000,11207.01111207.0000,360000,1111121215=+⎪⎭⎫ ⎝⎛+-⨯=+⎪⎭⎫ ⎝⎛+-⨯=⨯⨯m n m r r PV PMTInterest = 7%/12 * Beginning BalancePrincipal = Payment – InterestEnding Balance = Beginning Balance – PrincipalRemaining Balance at the end of the 60th month: $207,093.1923. Same situation like in 22. above. Just after having made the 24th payment, you haverefinanced your mortgage according to the following terms:- Your new mortgage is a 15-year mortgage with a fixed rate of 5.0% p.a.- The new total loan amount is the remaining balance as calculated in problem 22plus USD 3,000 in closing costs- You will continue to pay USD 1,000 more per month than what you would have topay based on the new mortgage termsWhat will be the remaining balance on your mortgage after 5 years, i.e. after havingmade the 60th payment of the new mortgage?(It is highly recommended - but not mandatory - to set up a spreadsheet for this problem)∙ New beginning balance on year 1:305,150.92+3,000 = $308,150.92∙ New annuities84.3436$000,11205.01111205.092.308150000,1111121215=+⎪⎭⎫ ⎝⎛+-⨯=+⎪⎭⎫ ⎝⎛+-⨯=⨯⨯m n m r r PV PMT24. Francisco invests a certain lump sum today in an account that guarantees 3% p.a.(compounded semiannually) and Helena invests the same lump sum today in account guaranteeing 9% p.a. (compounded quarterly).a) How long will it take the value of Helena's investment to be three as much asFrancisco's (rounded to the next whole number of years)?b) How long will it take the value of Helena's investment to be six times as muc h asFrancisco's (rounded to the next whole number of years)?(Hint: The problem can be solved either mathematically [using logarithms], with excel[using goal seek], or by trial-and-error)a)n n PV PV 24)2%31(3)4%91(+=+()()3%5.11%25.2124=⎪⎪⎭⎫ ⎝⎛++n3ln %)5.11(%)25.21(ln 24=⎪⎪⎭⎫ ⎝⎛++n years n 1955.18%)5.11ln(%)25.21ln(3ln 24⇒≈+-+=b) years n 3125.30%)5.11ln(%)25.21ln(6ln 24⇒≈+-+=25. The present value (t=0) of the following cash flow stream is $250,000, when discountedat the discount rates shown below. Calculate the value of the missing (i.e., t=3) cash flow (2 decimal places).a) Discount rate = 10% p.a., semiannual compounding10864205.1000,4005.1000,6005.1)05.01(000,60)21.01(000,40000,250++++++=X ))05.1000,4005.1000,6005.1000,6005.1000,40(000,250(05.1108426+++-⨯=X 79.923,132$=Xb) Discount rate = 6%, quarterly compounding))015.1000,40015.1000,60015.1000,60)406.01(000,40(000,250(015.120168412++++-⨯=X 53.123,98$=Xc) Discount rate = 0%, monthly compounding000,50$000,40000,60000,60000,40000,250=----=X X26. You think about buying a bond of Lufthansa, the German airline. This bond matures inexactly 15 years, has a par value of EUR 100,000 (i.e. 100,000 Euros) and a coupon rate of 6.5% (paid annually). Compute the "fair" price of this bond (in percentage points, 2 decimal places) under the following assumptions:a) Yield to maturity = 4.5 % p.a.b) Yield to maturity = 6.5 % p.a.c) Yield to maturity = 8.5% p.a.N = 15FV = 100,000 INT = 6.5%*100,000 = 6500N d N d d r ParValue r r INT PV 22)21()21(1122++⎪⎪⎪⎪⎭⎫ ⎝⎛+-= a) Fair price = 121,479.09€b) Fair price = 100,000.00€c) Fair price = 83,391.53€27. MC Ltd does not pay any dividends right now, but is expected to pay out a dividend of$1.00 two years from today, i.e. at the end of year 2. Dividends are then expected to grow at 20% for the next 2 years (years 3 & 4) and at 10% for the following 2 years(years 5 & 6). After year 6, the dividend is expected to grow at a constant growth rate of 5%.a) If your required rate of return is 12%, what will be the price of the share today? 05.11.12.11.12.11.12.12.12.1)2.01(00.100.102272262543210⨯⨯=⨯=⨯=⨯=+⨯====D D D D D D D D 136.26$05.012.005.11.12.12276=-⨯⨯=-=g r D P 589.17$12.1136.267424.112.1584.112.144.112.12.112.11654320=+++++=P b) If your required rate of return is 18%, what will be the price of the share today ? 073.14$05.018.005.11.12.12276=-⨯⨯=-=g r D P 742.8$18.1073.147424.118.1584.118.144.118.12.118.11654320=+++++=P28.Firms A and B merge. Before the merger the following information is available on firms A and BMean rate of return % Beta Firm A15.6 1.8 Firm B 11.4 1.2The expected rate of return on the market portfolio is 15%.a) Assume the CAPM holds. What is the riskless interest rate?b) After the merger, the newly merged firm's beta is 1.35. What were the relative sizes of these two firms before the merger?a) ⎩⎨⎧-+=-+=)()(RF M B RF BRF M A RF A r r r r r r r r ββ ⎩⎨⎧-+=-+=)(2.14.11)(8.16.15RF M RF RF M RF r r r r r r ⎩⎨⎧-=-+=)(6.02.4)(8.16.15RF M RF M RF r r r r r ⎩⎨⎧=-⨯+=778.16.15RF MRF r r r ⎩⎨⎧==103MRF r r The riskless interest rate is 3%b)B A A A B A w w βββ)1(,-+=2.1)1(8.135.1A A w w -+⨯=35.12.1)2.18.1(=+-A w25.02.18.12.135.1=--=A w The relative size of the two firms before the merger was 25% firm A and 75% firm B.Part I: Multiple Choices1) b 2) c 3) d 4) b 5) e 6) d 7) b 8) b 9) b 10) e 11) d 12) c 13) b 14) e 15) d 16) b。

公司金融-李曜-课后练习部分答案

公司金融-李曜-课后练习部分答案

公司金融-李曜-课后练习部分答案第三章货币时间价值与净现值8、,所以现在应该投资32.18万元9、如果贴现率是0,应该选择第二种方法;如果贴现率是10%,应该选择第二种方法;如果贴现率是25%,应该选择第一种方法。

当贴现率约等于14.87时,两种方法没有差异。

12、A(F/A,6%,15)=20000×(P/A,6%,4)(1+6%)+20000×(P/A,6%,4)*(P/F,6%,1)=138839.59故,A=5964.92元每年应该存5964.9214、大于购买设备花费的5000元,所以应该购买。

15、第四章资本预算方法8、1)项目A 的回收期是 3.33年;项目B 的回收期3.78年;项目C 的回收期2年。

所以企业应该选择项目c 。

2)项目A 的平均收益为3000元,平均账面投资5000元,项目平均收益率60%。

项目B 的平均收益为(900+1200+1500+1800+4000)/5=1880元,平均账面投资2500元,项目平均收益率75.2%。

项目A 的平均收益为(10000+5000+3000+2000+2000)/5=4400元,平均账面投资7500元,项目平均收益率58.7%。

3)略4)由0=)I +(1+=1=0∑nt t tRR CF CF NPV 可得项目A 的内含报酬率是15.2382%项目B 的内含报酬率是19.4755%项目C 的内含报酬率是21.3375%所以应该选择项目 C9、项目A的净现值=项目B的净现值1)项目A的现值指数=1+0.82项目B的现值指数=1+0.8611、税后现金流量:(110*(1-40%))(1-25%)=49.5万元净现值是:-500+(49.5+500/10*0.25)=-500+62*5.65=-149.7万元12、运用名义折现率计算净现值:运用实际折现率计算净现值:实际折现率是(1+8%)/(1+4%)-1=3.8%,每年实际现金流量是100000/1.04=96153.8 元净现值是:13、设备A 的净现值元设备B 的净现值元设备A 的等价年度成本为设备B 的等价年度成本为14、项目的市场规模是110*0.1=11万每年的现金流量:(110000*(400000-360000)/100000000-20)*(1-35%)+150/10*0.35=20.85亿元未来现金流量的现值:20.85*=20.85*6.145=128.11亿元该项目的净现值是:-150+128.11=-21.88亿15、)-1)(-()-1)(+(=c c T T 单位变动成本销售单价折旧固定成本会计盈亏平衡点==24.万第五章投资组合理论1、1)D组合肯定不是有效组合。

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第三章货币时间价值与净现值
& ^^"2"斤元,所以现在应该投资32.18万元
9、如果贴现率是0,应该选择第二种方法;如果贴现率是 10%应该选择第二种方法;如 果贴现率是25%应该选择第一种方法。

当贴现率约等于 14.87时,两种方法没有差异。

12、 A(F/A,6%,15)=20000 X ( P/A,6%,4 ) (1+6%)+20000X ( P/A,6%,4 ) *(P/F,6%,1)=138839.59 故,A=5964.92 元 每年应该存5964.92
TOO . 9DD , ldflQ . LODa , 1QQQ IDQD .
1330 , 137S

....
济+疋+帘十斉+药卄而十云? +卫二血旺充兀大于购买设备花费的
5000元,所以应该购买。

’ I
> g ■ a
IOB
Hl+f)3 Ct+r}1
〔1■卄戸{>■+*:
第四章资本预算方法
项目A 的内含报酬率是15.2382% 项目B 的内含报酬率是19.4755% 项目C 的内含报酬率是21.3375% 所以应该选择项目C
1)
项目A 的现值指数=1+ ;:: -0.82
项目B 的现值指数=1+ — ;篇::)工0.86 11、 税后现金流量:(110* (1-40%)) (1-25%) =49.5 万元 净现值是:-500+ (49.5+500/10*0.25 )
=-500+62*5.65=-149.7 万元
1 项目A 的回收期是3.33年;项目B 的回收期3.78年;项目C 的回收期2年。

所以企 业应该选择项目c 。

4)
n
由 NPV = CF 0 + E — t = 1 (1 CF t
+ I RR )t
=0可得
14、
15、
9、 项目A 的净现值=
35EI0E1 . S5CE30 - SSDOD 350QQ . SSDQD
-r
——+ —— + —— + —r + —— = 147 oU 7
1.1
i.i 2 3 U.5
项目
Id aao + H DODO + 91 咼QIJ D 十 3D0 ISO 1.1
l.fl a
1.1*
运用实际折现率计算净现值:
实际折现率是(1+8% /( 1+4% -1=3.8%,每年实际现金流量是100000/1.04=96153.8
13、
设备A 的净现值-100-1-^4^= 100元
设备B 的净现值-120 + 77+^ + 77 = 100元
设备A 的等价年度成本为.「n 了 设备B 的等价年度成本为.匚
14、
项目的市场规模是110*0.仁11万
每年的现金流量:(110000*( 400000-36000020)*(1-35%)+150/10*0.35=20.85 亿元 未来现金流量的现值:20.85* _: =20.85*6.145=128.11 亿元 该项目的净现值是:-150+128.11=-21.88 亿 15、
会计盈亏平衡点
(固定成本 + 折旧)(1 -T c )
(is - laMX-WQ (销售单价
- 单位变动成本
)(1 -T c )
= 1O7J
12、运用名义折现率计算净现值:
tDDQDV , 1QDUDD . 100DCD . 1DDDOO . lQdMQ
+ —+
uae
1,0 B®
1JJ33
399271 元
净现值是:
19 百口 a_s 1-D3Q Z
1・ E33S
l.GSB*
9百3吕蛊
P i,waB 5
= 430475 J 7 元
s—m -:■■■- =24.万
第五章投资组合理论
1、1) D组合肯定不是有效组合。

因为给定组合的预期收益10%可以找到风险更小的组
合A o 2) “一个证券的方差越大,其期望收益就越大”这句话不完全证券,如果是无效
的组合,方差越大可能该组合的预期收益反而越少。

投资者持有组合D可能是理性的,该
组合可能和其他组合一起构成有效组合。

3)贝塔A:10%=7%+(15%-7%) p A =0.375 贝塔
B:20%=7%+ (15%-7%)' -
4) 因为该证券可能和其他证券构成有切点市场组合。

所以投资者投资风险资产组合的时候愿意持有证券E。

2、设A,B两股票的权重分别为WA,WB则由无风险资产和最优风险组合组成的资本市场线的斜率是最大的,即使得SP=R得最大值。

约束条件:E(rP)=WAE(rA)+WBE(rB)WA+WB=1,COV(rA,rB)= A,B c A c B
利用目标函数导数=0或者拉格朗日函数法可求得WB=1-WA^入数据可得WA=0.4,WB=0.6 故而可得:
预期收益=0.4 X 8% +0.6 X 13% =11 %
方差=0.4*0.4*0.12*0.12+0.6*0.6*0.2*0.2+2 X 0.4 X 0.6 X 0.12 X 0.2 X 0.3=0.02016
第六章资本结构
4. (1) i. - .一一匚、一-
ii. B D =°
iii. +
(2) i. 讥二
ii. V = =
iii. »D=S%
iiii. 一::••一皿:
PE
⑶ i.设每股收益的增长百分比为g,价格—收益乘数为PE。

有,芬二
ii.叱=占以"
6. a.根据MM第二定理,有£十~(^A■ R”)
由题目条件•席「二砌,紛心理,—
解得:〔
b.停.J二艺七心十一◎
由题目条件心—乂—叭,'-―一宀
解得::■.处滸嘲
第七章负债企业的估值方法
1. 先计算发行债券后的一。

由•…一匚-.可求得:
无杠杆企业0凡m;二恥
发行债券后企业•一- --
再计算股权、债务融资成本心:
那么,有:电皿7 = 士%+島・帀=?巧%
2. 收购发生后:
新的债务权益比::--'
企业瓯-「二--' -- ---■-
股权融资成本〜加少匕-匚」1」1上咲
4 )
收购价值2兰寺伽万元
3. 公司自由现金流量 二净利润+折旧-新增营运资本-资本性支出+新增
债务
二 100+100-50-100+100 二 150 万元
t ―…
,亠
130
令 J-kF
公司价值卩=^^ =云京=切67万元 权益价值二公司价值-净债务的价值
+现金和短期有价证券=
717万元
第十章 股利与股利政策
4.1)所需权益资本420万元,所需外部借入的长期债务资本 280万元。

2) 分配现金股利480万元 3) 2016年应分配现金股利550万元,可用于17年投资的留存收益350万元,需要筹 集资本350万元。

4) 股利支付率为55% 2016年应分配的股利为495万元。

5) 2016年应分配的现金股利为200万元。

6. 1)留存收益提供投资2800 60%=1680 1000,当年不应发放现金股利
2
)增发股票 16800100
° 68万股,利息(2800 40%+2000 40%) 10%=192 万元 税后利润(2200 192) (1 33%)
1345.36 万元,总股数=2000 60% 10+68=188 万股,
1345.36 一 卄 EPS 二 =7.16兀 / 股
188
7 8
税前利润780万元,税后利润468万元,每股收益7.8元,股票价格为0.15 =52元
200 52 60
10% (1 40%)
15%=14.46%
200 52 60
200 52 60
400
52.31
万股,税前利润为728万元,税后利润为 52
8 35
16% =52.19元。

股票价格上升,应该回购 资本7. 1) 436.8 回购完成后,股票数量为60 万元,每股收益为8.35元,股票价格为 加权平均资本成本
结构改变前,已获利息倍数为40,资本结构改变后已获利息倍数为11
2) 项目A的平均收益为3000元,平均账面投资5000元,项目平均收益率60%
项目B的平均收益为(900+1200+1500+1800+4000) /5=1880元,平均账面投资2500元,项目平均收益率75.2%。

项目A的平均收益为(10000+5000+3000+2000+2000 /5=4400元,平均账面投资7500元, 项目平均收益率58.7%。

3) 略
4 )。

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