公司理财罗斯中文版14
公司理财-罗斯(完整版)
$F
支付给债权人 $F 企业价值 (X)
如果企业的价值大于$F, 股东的索 偿权是: Max[0,$X – $F] = $X – $F 债权人的索偿权是: Min[$F,$X] = $F. 两者之和 = $X
承诺支付给债权人的金额$F。
1.2 企业的三种基本法律形式
• 个体业主制 • 合伙制
– 一般合伙制 – 有限合伙制
企业和金融市场
企业
投资于资产 (B) 流动资产 固定资产 企业发行证券 (A)
金融市场
现金流量留存 (E)
短期负债
企业创造 现金流量(C) 税收 (D) 支付股利和 偿付债务 (F) 长期负债 股东权益
最终，企业必须创造现金 流量。
政府
企业创造的现金流量必须 超过从金融市场筹集的现 金流量。
企业和金融市场
法律责任（Liability） 存续期（Continuity）
有限责任 无限存续期
税收（Taxation）
对股东双重征税（公司所得 税和个人所得税）
个人所得税
资金筹集
易于筹集资金
难于筹集资金
1.2 公司制企业
1.2.3 公司制
对于解决所面临的筹集大规模资金的问题来说，公司制是一种标准 的方式。
1.3 公司制企业的目标
1.1.3 财务经理的职责
财务经理通过资本预算、融资和资产流动性管理为公司创造价值。
公司必须通过购买资产创造超过其成本的现金（因此，公司创造的 现金流量必须大于它所使用的现金流量）。 公司必须通过发行债券、股票和其他金融工具产生超过其成本的现 金（因此，公司支付给债权人和股东的现金流量必须大于债权人和股东 投入公司的现金流量）。
用数学公式表示，债权人的索偿 权是：Min[$F，$X]
罗斯《公司理财》笔记整理
罗斯《公司理财》笔记整理第一章导论1. 公司目标：为所有者创造价值，公司价值在于其产生现金流能力。
2. 财务管理的目标：最大化现有股票的每股现值。
3. 公司理财可以看做对一下几个问题进行研究：1. 资本预算：公司应该投资什么样的长期资产。
2. 资本结构：公司如何筹集所需要的资金。
3. 净运营资本管理：如何管理短期经营活动产生的现金流。
4. 公司制度的优点：有限责任，易于转让所有权，永续经营。
缺点：公司税对股东的双重课税。
第二章会计报表与现金流量资产= 负债+ 所有者权益（非现金项目有折旧、递延税款）EBIT（经营性净利润）= 净销售额- 产品成本- 折旧EBITDA = EBIT + 折旧及摊销现金流量总额CF(A) = 经营性现金流量- 资本性支出- 净运营资本增加额= CF(B) + CF(S) 经营性现金流量OCF = 息税前利润+ 折旧- 税资本性输出= 固定资产增加额+ 折旧净运营资本= 流动资产- 流动负债第三章财务报表分析与财务模型1. 短期偿债能力指标（流动性指标）流动比率= 流动资产/流动负债（一般情况大于一）速动比率= (流动资产- 存货)/流动负债（酸性实验比率）现金比率= 现金/流动负债流动性比率是短期债权人关心的，越高越好；但对公司而言，高流动性比率意味着流动性好，或者现金等短期资产运用效率低下。
对于一家拥有强大借款能力的公司，看似较低的流动性比率可能并非坏的信号2. 长期偿债能力指标（财务杠杆指标）负债比率= (总资产- 总权益)/总资产or (长期负债+ 流动负债)/总资产权益乘数= 总资产/总权益= 1 + 负债权益比利息倍数= EBIT/利息现金对利息的保障倍数(Cash coverage radio) = EBITDA/利息3. 资产管理或资金周转指标存货周转率= 产品销售成本/存货存货周转天数= 365天/存货周转率应收账款周转率= （赊）销售额/应收账款总资产周转率= 销售额/总资产= 1/资本密集度4. 盈利性指标销售利润率= 净利润/销售额资产收益率ROA = 净利润/总资产权益收益率ROE = 净利润/总权益5. 市场价值度量指标市盈率= 每股价格/每股收益EPS 其中EPS = 净利润/发行股票数市值面值比= 每股市场价值/每股账面价值企业价值EV = 公司市值+ 有息负债市值- 现金EV乘数= EV/EBITDA6. 杜邦恒等式ROE = 销售利润率（经营效率）x总资产周转率（资产运用效率）x权益乘数（财杠）ROA = 销售利润率x总资产周转率7. 销售百分比法假设项目随销售额变动而成比例变动，目的在于提出一个生成预测财务报表的快速实用方法。
罗斯公司理财 第八版 第十四章到16章答案
第十四章1.优先股和负债的区别有：1) 在确定公司应纳税收入时，优先股股利不能作为一项利息费用从而免于纳税。
从个人投资者角度分析，优先股股利属于应纳税的普通收入。
对企业投资者而言，他们投资优先股所获得的股利中有70%是可以免缴所得税的。
2) 在破产清算时，优先股次于负债，但优先于普通股。
3) 对于公司来说，没有法律义务一定要支付优先股股利，相反，公司有义务必须支付债券利息。
因此如果没有发放下一年优先股股利，公司一定不是被迫违约的。
优先股的应付股利既可以是“可累积”的，也可以是“非累积”的。
公司也可以无限期拖延（当然股利无限期拖延支付会对股票市场产生负面影响）2.有些公司可以从发行优先股中获益，具体原因有：1) 规范的公共事业机构可以将发行优先股产生的税收劣势转嫁给顾客，因此大部分优先股股票都是由公共事业机构发行的。
2) 向国内税收总署汇报亏损的公司因为没有任何的债务利息可以从中抵扣的应税收入，所以优先股与负债比较而言不存在税收劣势。
因此这些公司更愿意发行优先股。
3) 发行优先股的公司可以避免债务融资方式下可能出现的破产威胁。
未付优先股股利并非公司债务，所以优先股股东不能以公司不支付股利为由胁迫公司破产清算。
3.不可转换优先股的收益低于公司债券的收益主要有两个原因：1) 如果企业投资者投资优先股股票，其所获得的股利中有70%是可以免缴所得税的，因此企业投资者更愿意购买其他公司的优先股，从而必须对优先股支付升水，这也降低了优先股的收益率。
2) 发行公司愿意也有能力为债务提供更高的回报，因为债券的利息费用可以减少他们的税务负担。
而优先股支付是来自净利润，因此他们不提供税盾。
因为个人投资者不具有税收减免优惠，所以绝大多数的优先股都为企业投资者持有。
4.公司负债与权益的最主要的差别是：1) 负债不属于公司的所有者权益，因此债权人通常没有表决权，他们用来保护自身利益的工具就是借贷合约，又称“债务契约”。
2) 公司对债务所支付的利息被视为一种经营费用，具有完全的抵税作用，因此，利息费用是在计算公司应税义务之前支付给债权人的。
公司理财(罗斯)第1章(英文)
What longterm investments should the firm engage in?
Shareholders’ Equity
© 2005 The McGraw-Hill Companies, Inc. All Rights Reserved.
2 Intangible
McGraw-Hill/Irwin Corporate Finance, 7/e
Shareholders’ Equity
© 2005 The McGraw-Hill Companies, Inc. All Rights Reserved.
1-6
The Balance-Sheet Model of the Firm
© 2005 The McGraw-Hill Companies, Inc. All Rights Reserved.
1-11
Multiple choice
1.Which of the following is not considered one of the basic questions of corporate finance? A) What long-lived assets should the firm invest? B) How much inventory should the firm hold? C) How can the firm raise cash for required capital expenditures? D) How should the short-term operating cash flows be managed? E) All of the above.
罗斯公司理财第九版第十四章课后答案对应版
第十四章：有效资本市场和行为学挑战1. To create value, firms should accept financing proposals with positive net present values. Firms can create valuable financing opportunities in three ways: 1) Fool investors. A firm can issue a complex security to receive more than the fair market value. Financial managers attempt to package securities to receive the greatest value. 2) Reduce costs or increase subsidies. A firm can package securities to reduce taxes. Such a security will increase the value of the firm. In addition, financing techniques involve many costs, such as accountants, lawyers, and investment bankers. Packaging securities in a way to reduce these costs will also increase the value of the firm. 3) Create a new security. A previously unsatisfied investor may pay extra for a specialized security catering to his or her needs. Corporations gain from developing unique securities by issuing these securities at premium prices.2. The three forms of the efficient markets hypothesis are: 1) Weak form. Market prices reflect information contained in historical prices. Investors are unable to earn abnormal returns using historical prices to predict future price movements. 2) Semi-strong form. In addition to historical data, market prices reflect all publicly-available information. Investors with insider, or private information, are able to earn abnormal returns. 3) Strong form. Market prices reflect all information, public or private. Investors are unable to earn abnormal returns using insider information or historical prices to predict future price movements.3. a. False. Market efficiency implies that prices reflect all available information, but it does not imply certain knowledge. Many pieces of information that are available and reflected in prices are fairly uncertain. Efficiency of markets does not eliminate that uncertainty and therefore does not imply perfect forecasting ability.b. True. Market efficiency exists when prices reflect all available information. To be efficient in the weak form, the market must incorporate all historical data into prices. Under thesemi-strong form of the hypothesis, the market incorporates all publicly-available information in addition to the historical data. In strong form efficient markets, prices reflect all publicly and privately available information.c. False. Market efficiency implies that market participants are rational. Rational people will immediately act upon new information and will bid prices up or down to reflect that information.d. False. In efficient markets, prices reflect all available information. Thus, prices will fluctuate whenever new information becomes available.e. True. Competition among investors results in the rapid transmission of new market information. In efficient markets, prices immediately reflect new information as investors bid the stock price up or down.4. On average, the only return that is earned is the required return—investors buy assets with returns in excess of the required return (positive NPV), bidding up the price and thus causing the return to fall to the required return (zero NPV); investors sell assets with returns less than the required return (negative NPV), driving the price lower and thus causing the return to rise to the required return (zero NPV).5. The market is not weak form efficient.6. Yes, historical information is also public information; weak form efficiency is a subset of semi-strong form efficiency.7. Ignoring trading costs, on average, such investors merely earn what the market offers; thetrades all have zero NPV. If trading costs exist, then these investors lose by the amount of the costs.8. Unlike gambling, the stock market is a positive sum game; everybody can win. Also, speculators provide liquidity to markets and thus help to promote efficiency.9. The EMH only says, within the bounds of increasingly strong assumptions about the information processing of investors, that assets are fairly priced. An implication of this is that, on average, the typical market participant cannot earn excessive profits from a particular trading strategy. However, that does not mean that a few particular investors cannot outperform the market over a particular investment horizon. Certain investors who do well for a period of time get a lot of attention from the financial press, but the scores of investors who do not do well over the same period of time generally get considerably less attention from the financial press.10. a. If the market is not weak form efficient, then this information could be acted on and a profit earned from following the price trend. Under (2), (3), and (4), this information is fully impounded in the current price and no abnormal profit opportunity exists.b. Under (2), if the market is not semi-strong form efficient, then this information could be used to buy the stock ―cheap‖before the rest of the market discovers the financial statement anomaly. Since (2) is stronger than (1), both imply that a profit opportunity exists; under (3) and (4), this information is fully impounded in the current price and no profit opportunity exists.c. Under (3), if the market is not strong form efficient, then this information could be used as a profitable trading strategy, by noting the buying activity of the insiders as a signal that the stock is underpriced or that good news is imminent. Since (1) and (2) are weaker than (3), all three imply that a profit opportunity exists. Note that this assumes the individual who sees the insider trading is the only one who sees the trading. If the information about the trades made by company management is public information, it will be discounted in the stock price and no profit opportunity exists. Under (4), this information does not signal any profit opportunity for traders; any pertinent information the manager-insiders may have is fully reflected in the current share price.11. A technical analyst would argue that the market is not efficient. Since a technical analyst examines past prices, the market cannot be weak form efficient for technical analysis to work. If the market is not weak form efficient, it cannot be efficient under stronger assumptions about the information available.12. Investor sentiment captures the mood of the investing public. If investors are bearish in general, it may be that the market is headed down in the future since investors are less likely to invest. If the sentiment is bullish, it would be taken as a positive signal to the market. To use investor sentiment in technical analysis, you would probably want to construct a ratio such as a bulls/bears ratio. To use the ratio, simply compare the historical ratio to the market to determine if a certain level on the ratio indicates a market upturn or downturn. Of course, there is a group of investors called contrarians who view the market signals as reversed. That is, if the number of bearish investors reaches a certain level, the market will head up. For a contrarian, these signals are reversed.13. Taken at face value, this fact suggests that markets have become more efficient. The increasing ease with which information is available over the Internet lends strength to thisconclusion. On the other hand, during this particular period, large-capitalization growth stocks were the top performers. Value-weighted indexes such as the S&P 500 are naturally concentrated in such stocks, thus making them especially hard to beat during this period. So, it may be that the dismal record compiled by the pros is just a matter of bad luck or benchmark error.14. It is likely the market has a better estimate of the stock price, assuming it is semistrong form efficient. However, semistrong form efficiency only states that you cannot easily profit from publicly available information. If financial statements are not available, the market can still price stocks based upon the available public information, limited though it may be. Therefore, it may have been as difficult to examine the limited public information and make an extra return.15. a. Aerotech‘s stock price should rise immediately after the announcement of the positive news.b. Only scenario (ii) indicates market efficiency. In that case, the price of the stock rises immediately to the level that reflects the new information, eliminating all possibility of abnormal returns. In the other two scenarios, there are periods of time during which an investor could trade on the information and earn abnormal returns.16. False. The stock price would have adjusted before the founder‘s death only if investors had perfect forecasting ability. The 12.5 percent increase in the stock price aft er the founder‘s death indicates that either the market did not anticipate the death or that the market had anticipated it imperfectly. However, the market reacted immediately to the new information, implying efficiency. It is interesting that the stock price rose after the announcement of the founder‘s death. This price behavior indicates that the market felt he was a liability to the firm.17. The announcement should not deter investors from buying UPC‘s stock. If the market is semi-strong form efficient, the stock price will have already reflected the present value of the payments that UPC must make. The expected return after the announcement should still be equal to the expected return before the announcement. UPC‘s current stockholders bear the burden of the loss, since the stock price falls on the announcement. After the announcement, the expected return moves back to its original level.18. The market is often considered to be relatively efficient up to the semi-strong form. If so, no systematic profit can be made by trading on publicly-available information. Although illegal, the lead engineer of the device can profit from purchasing the firm‘s stock before the news release on the implementation of the new technology. The price should immediately and fully adjust to the new information in the article. Thus, no abnormal return can be expected from purchasing after the publication of the article.19. Under the semi-strong form of market efficiency, the stock price should stay the same. The accounting system changes are publicly available information. Investors would identify no changes in either the firm‘s current or its future cash flows. Thus, the stock price will not change after the announcement of increased earnings.20. Because the number of subscribers has increased dramatically, the time it takes for information in the newsletter to be reflected in prices has shortened. With shorter adjustment periods, it becomes impossible to earn abnormal returns with the information provided by Durkin. If Durkin is using only publicly-available information in its newsletter, its ability topick stocks is inconsistent with the efficient markets hypothesis. Under the semi-strong form of market efficiency, all publicly-available information should be reflected in stock prices. The use of private information for trading purposes is illegal.21. You should not agree with your broker. The performance ratings of the small manufacturing firms were published and became public information. Prices should adjust immediately to the information, thus preventing future abnormal returns.22. Stock prices should immediately and fully rise to reflect the announcement. Thus, one cannot expect abnormal returns following the announcement.23. a. No. Earnings information is in the public domain and reflected in the current stock price.b. Possibly. If the rumors were publicly disseminated, the prices would have already adjusted for the possibility of a merger. If the rumor is information that you received from an insider, you could earn excess returns, although trading on that information is illegal.c. No. The information is already public, and thus, already reflected in the stock price.24. Serial correlation occurs when the current value of a variable is related to the future value of the variable. If the market is efficient, the information about the serial correlation in the macroeconomic variable and its relationship to net earnings should already be reflected in the stock price. In other words, although there is serial correlation in the variable, there will not be serial correlation in stock returns. Therefore, knowledge of the correlation in the macroeconomic variable will not lead to abnormal returns for investors.25. The statement is false because every investor has a different risk preference. Although the expected return from every well-diversified portfolio is the same after adjusting for risk, investors still need to choose funds that are consistent with their particular risk level.26. The share price will decrease immediately to reflect the new information. At the time of the announcement, the price of the stock should immediately decrease to reflect the negative information.27. In an efficient market, the cumulative abnormal return (CAR) for Prospectors would rise substantially at the announcement of a new discovery. The CAR falls slightly on any day when no discovery is announced. There is a small positive probability that there will be a discovery on any given day. If there is no discovery on a particular day, the price should fall slightly because the good event did not occur. The substantial price increases on the rare days of discovery should balance the small declines on the other days, leaving CARs that are horizontal over time.28. Behavioral finance attempts to explain both the 1987 stock market crash and the Internet bubble by changes in investor sentiment and psychology. These changes can lead to non-random price behavior.。
公司理财 罗斯
公司理财罗斯1. 引言在现代商业环境中，公司理财是确保企业长期稳定发展的重要一环。
公司理财的目标是通过合理的资金管理和投资决策，最大化股东权益和企业价值。
本文将介绍一种常见的公司理财方法——罗斯（Return on Sales）指标，以及该指标的计算和应用。
2. 罗斯指标介绍罗斯指标是一种衡量公司盈利能力的指标，也被称为利润率。
它用于评估公司销售收入所产生的净利润的能力。
罗斯指标可以帮助企业管理层了解公司的利润情况，并作出相应的战略决策。
通常，罗斯指标是以百分比形式表示的，计算公式如下：罗斯 = 净利润 / 销售收入 * 100%3. 罗斯指标的计算要计算公司的罗斯指标，首先需要确定公司的净利润和销售收入。
净利润是指企业在扣除各种费用和税后，所获得的利润。
销售收入是指企业在一定时期内通过销售产品或提供服务而实现的收入。
下面是一个简单的示例来说明如何计算罗斯指标：项目金额（单位：万元）销售收入100营业成本60营业税金及附加5销售费用10管理费用10财务费用5净利润10根据上表中的数据，我们可以计算出罗斯指标：罗斯 = 10 / 100 * 100% = 10%这意味着该公司实现的销售收入中，有10%转化为净利润。
4. 罗斯指标的应用罗斯指标的应用范围广泛，可以用于评估公司的盈利水平和盈利能力。
通过比较不同时间段内的罗斯指标，可以判断企业的经营状况是否有所改善或恶化。
此外，与其他公司进行罗斯指标的比较也是一种常见的应用。
同行业内的公司之间的比较可以帮助企业了解自己的竞争力和市场地位。
在实际运营中，管理层可以借助罗斯指标来制定公司的财务目标和经营策略。
比如，如果罗斯指标较低，可能意味着成本控制不当或销售策略有问题，管理层可以采取相应的措施来提高罗斯指标。
此外，罗斯指标还可以作为公司与投资者和潜在合作伙伴进行沟通的工具。
公司可以通过展示其良好的罗斯指标来吸引潜在投资者的关注，进而获得更多的融资机会。
5. 结论罗斯指标是一种重要的公司理财工具，通过衡量公司销售收入所产生的净利润能力，提供了一个评估和比较企业盈利能力的指标。
{财务管理公司理财}罗斯公司理财汉化
$2,262 1,655
327 90
$190 29
$219 49
$170 84
$86 $43 $43
2-12
美国联合公司利润表
通常需要单独披 露对利润课征的 所得税
总销售收入 产品销售成本 销售、一般费用及管理费用 折旧 营业利润 其他利润 息税前利润 利息费用 税前利润 所得税
2-2
信息来源
2-3
2.1 资产负债表
某一特定日期由会计人员对企业会计价值 所拍的一张快照
资产负债表衡等式为： 资产 ≡ 负债 + 所有者权益
2-4
美国联合公司资产负债表
流动资产： 现金及等价物 应收账款 存货 其他 流动资产合计
固定资产： 财产、厂房及设备 减：累计折旧 财产、厂房及设备净值 无形资产及其他资产 固定资产合计
2-16
公认会计准则（GAAP）
按公认会计准则中的配比原则要求，收入 应与费用相配比
因此，在收入发生或应计的时候，即使没 有相应的现金流量配合，也要在利润表上 报告
2-17
非现金项目
折旧是最明显的非现金项目。没有公司会 为“折旧”开支票付款。
另一种非现金费用是递延税款，从现金流 量的角度来看，递延税款不是一笔现金流 出
当期: $71 递延: $13 净利润 增加留存收益 股利：
$2,262 1,655
327 90
$190 29
$219 49
$170 84
$86 $43 $43
2-13
美国联合公司利润表
“底线”为净利 润
总销售收入 产品销售成本 销售、一般费用及管理费用 折旧 营业利润 其他利润 息税前利润 利息费用 税前利润 所得税
罗斯公司理财ppt课件
虑从历史数据中去寻找规律和关系。 但要注意，相关并不表示存在因果关系。 实证研究方法需要将投资组合按风格进行
分类，例如：
价值投资组合 增长水平投资组合
24
12-24
快速测试
区分系统性风险与非系统性风险。哪种风 险在多元化的投资组合中可能被有效地分 散掉？
风险就相当于只剩下有系统性风险了。
4
12-4
系统性风险与非系统性风险
持有股票投资的总风险可被分解为两个部分：系统 性风险和非系统性风险：
2
总风险
非系统性风险:
系统性风险: m
由R R U ,可有
R Rmε 其中 : m 表示系统性风险 ε 表示非系统性风险
5
n
12-5
12.2 系统性风险与贝塔系数
由于并不需要占用任何投资，投资者能 通常持有大量头寸来赚得巨额的利润。
在有效的市场中，能赚钱的套利机会往 往很快就会消失。
3
12-3
总风险
总风险 = 系统性风险+ 非系统性风险 收益的标准差衡量的总风险的大小 对风险分散效果好的投资组合来说，非系
统性风险已经微乎其微了。 因此，对风险分散效果好的组合来说，总
2. bGNP = 1.50
3. bS = 0.50
最后，公司能吸引到一位“超级明星” CEO,
这一未预计到的好事将使公司的股票收益增
加 1%。则：
ε 1%
R R - 2.30 FI 1.50 FGNP 0.50 FS 1%
8
12-8
例：系统性风险与贝塔系数
R R - 2.30 FI 1.50 FGNP 0.50 FS 1% 然后，我们必须判断有哪些系统性风险因素的意
罗斯《公司理财》(第11版)章节题库(第14章 有效资本市场和行为挑战)【圣才出品】
第14章有效资本市场和行为挑战一、概念题半强式有效市场答：半强式有效市场，指所有公开的可用信息假定都被反映在证券价格中，不仅包括证券价格序列信息，还包括公司财务报告信息、经济状况的通告资料和其他公开可用的有关公司价值的信息，也包括公布的宏观经济形势和政策方面的信息。
半强式有效的市场并不意味着所有的市场参与者都能马上接受并且理解所有公开有用的信息，事实上只有机构投资者和职业分析家才可能对新的信息做出迅速的反应。
二、简答题1．某美国上市公司的大量销售收入来自美国政府的采购，该公司宣布将在1月15日每股发放0.40美元现金股利。
（1）假设今天是除息日，该公司股票昨天的收盘价为每股70.56美元，今天的开盘价为每股70.32美元。
假设市场是半强有效的，怎样解释这一现象？请简要说明。
（2）由于美国政府定购合同的减少，该公司需要进行的投资减少，导致公司有大量的现金盈余，这已是公开信息。
现公司决定发放10亿美元的额外现金股利。
在公司宣布这一消息后，公司股票的市场总值上升了3亿美元。
怎样在半强有效市场的框架下解释这一现象？答：首先明确半强式有效市场的含义：在半强式有效市场的情况下，证券价格反映了所有公开有用的信息，其中包括与现在和过去证券价格有关的信息。
如果用这些信息来预测未来的证券价格，进行交易，投资者也不会得到超额收益，因为证券的现价已在这些信息的作用下得到充分的反映，只有那些利用内幕信息者才能获得非正常的回报。
因此，只有加强对内幕信息的管束，杜绝内幕交易，才能符合“公开、公正、公平”原则的有效市场要求。
（1）公司除息日前一天的股价是70.56元，因为市场是半强式的，所以公司宣布发放每股0.40元现金股利的消息为公开消息，那么在除息日的股价开盘价应为：70.56－0.40＝70.16元；但由于在除息日股价会下调，所以人们会有一个错觉；认为股票变得价格低而值得买，因此有“炒除息”的说法。
一些投资者会在股票除息当日买入该股，然后等股价反弹再卖出套现获利。
《公司理财》罗斯笔记——翔高要点
第一篇 综述企业经营活动中三类不同的重要问题：1、资本预算问题（长期投资项目）2、融资：如何筹集资金？3、短期融资和净营运资本管理第一章 公司理财导论1.1什么是公司理财？1.1.1资产负债表 ()++=+流动资产固定资产有形无形流动负债长期负债+所有者权益=流动资产-流动负债净营运资本短期负债：那些必须在一年之内必须偿还的代款和债务； 长期负债：不必再一年之内偿还的贷款和债务。
资本结构：公司短期债务、长期债务和股东权益的比例。
1.1.2资本结构 债权人和股东V （公司的价值）=B （负债的价值）+S （所有者权益的价值）如何确定资本结构将影响公司的价值。
1.1.3财务经理财务经理的大部分工作在于通过资本预算、融资和资产流动性管理为公司创造价值。
两个问题：1. 现金流量的确认：财务分析的大量工作就是从会计报表中获得现金流量的信息 （注意会计角度与财务角度的区别）2. 现金流量的时点3. 现金流量的风险1.2公司证券对公司价值的或有索取权负债的基本特征是借债的公司承诺在某一确定的时间支付给债权人一笔固定的金额。
债券和股票时伴随或依附于公司总价值的收益索取权。
1.3公司制企业1.3.1个体业主制 1.3.2合伙制 1.3.3公司制有限责任、产权易于转让和永续经营是其主要优点。
1.4公司制企业的目标1.4.1代理成本和系列契约理论的观点代理成本：股东的监督成本和实施控制的成本1.4.2管理者的目标管理者的目标可能不同于股东的目标。
Donaldson提出的管理者的两大动机：①（组织的）生存；②独立性和自我满足。
1.4.3所有权和控制权的分离——谁在经营企业？1.4.4股东应控制管理者行为吗？促使股东可以控制管理者的因素：①股东通过股东大会选举董事；②报酬计划和业绩激励计划；③被接管的危险；④经理市场的激烈竞争。
有效的证据和理论均证明股东可以控制公司并追求股东价值最大化。
1.5金融市场1.5.1一级市场：首次发行1.5.2二级市场：拍卖市场和经销商市场1.5.3上市公司股票的交易1.5.4挂牌交易第二章会计报表和现金流量重点介绍现金流量的实务问题。
(完整版)公司理财-罗斯课后习题答案
(完整版)公司理财-罗斯课后习题答案-CAL-FENGHAI-(2020YEAR-YICAI)_JINGBIAN第一章1.在所有权形式的公司中,股东是公司的所有者。
股东选举公司的董事会,董事会任命该公司的管理层。
企业的所有权和控制权分离的组织形式是导致的代理关系存在的主要原因。
管理者可能追求自身或别人的利益最大化,而不是股东的利益最大化。
在这种环境下,他们可能因为目标不一致而存在代理问题。
2.非营利公司经常追求社会或政治任务等各种目标。
非营利公司财务管理的目标是获取并有效使用资金以最大限度地实现组织的社会使命。
3.这句话是不正确的。
管理者实施财务管理的目标就是最大化现有股票的每股价值，当前的股票价值反映了短期和长期的风险、时间以及未来现金流量。
4.有两种结论。
一种极端,在市场经济中所有的东西都被定价。
因此所有目标都有一个最优水平，包括避免不道德或非法的行为，股票价值最大化。
另一种极端,我们可以认为这是非经济现象,最好的处理方式是通过政治手段。
一个经典的思考问题给出了这种争论的答案:公司估计提高某种产品安全性的成本是30美元万。
然而,该公司认为提高产品的安全性只会节省20美元万。
请问公司应该怎么做呢?”5.财务管理的目标都是相同的,但实现目标的最好方式可能是不同的,因为不同的国家有不同的社会、政治环境和经济制度。
6.管理层的目标是最大化股东现有股票的每股价值。
如果管理层认为能提高公司利润，使股价超过35美元,那么他们应该展开对恶意收购的斗争。
如果管理层认为该投标人或其它未知的投标人将支付超过每股35美元的价格收购公司,那么他们也应该展开斗争。
然而,如果管理层不能增加企业的价值,并且没有其他更高的投标价格,那么管理层不是在为股东的最大化权益行事。
现在的管理层经常在公司面临这些恶意收购的情况时迷失自己的方向。
7.其他国家的代理问题并不严重,主要取决于其他国家的私人投资者占比重较小。
较少的私人投资者能减少不同的企业目标。
罗斯公司理财讲义1-31章
罗斯公司理财讲义第1篇价值本书第一篇介绍公司理财的基础知识，一共包括三章。
第一章“公司理财导论”主要介绍公司理财中的基本概念；第二章“会计报表与现金流量”主要介绍公司主要财务报表和现金流量，前者是公司财务行为的结果和进行财务分析的基础，现金流量则是公司理财的核心和企业价值所在；第三章“财务报表分析与财务模型”主要介绍各种财务报表分析的方法和财务规划中采用的主要模型。
这三章共同构成公司理财课程的基础，也向同学们传递了公司理财的基本理念，就是价值分析，而价值分析的基础则是公司的财务报表和现金流。
第1章公司理财导论本章介绍公司理财课程中涉及的基本概念，包括公司理财的主要内容、公司理财的目标以及对公司或企业的界定。
本章还会提出公司理财的一个重要观点：现金至上。
此外，为了实现两权分离状态下对股东利益的保护，有必要探讨公司的代理问题和控制权结构，以及解决代理问题的一些手段，比如法律等。
本章各部分要点如下：1．什么是公司理财？所谓公司理财就是公司的投资和融资行为，这些行为的目的是为投资者创造价值。
公司的财务行为可以反映在财务报表中，事实上，从资产负债表就可以看到公司的资金运用(投资)和资金来源(融资)。
由于投融资的重要性，公司的财务经理具有重要作用。
2．企业组织要学习公司理财，首先要了解什么是公司或企业。
从法律角度，企业有三种组织形式，个人独资企业、合伙企业和公司制企业。
这三种企业在融资方面的情况各不相同。
3．现金流的重要性“现金至上”是公司理财的基本理念。
财务经理最重要的工作在于通过开展资本预算、融资和净营运资本活动为公司创造价值，也就是公司创造的现金流必须超过它所使用的现金流。
同学们需要理解公司财务活动与金融市场之间的现金流动。
4．公司理财的目标公司理财的目标是最大化现有所有者权益的市场价值。
但是由于现实中企业的复杂性，这一目标的实现还存在很多的约束。
5．代理问题与控制权现代企业很多采用股份公司的形式，这类公司的股东所有权和经营权之间存在两权分离，因此会导致股东和经理人之间的代理问题。
罗斯公司理财题库全集
Chapter 14Efficient Capital Markets and Behavioral Challenges Multiple Choice Questions1. An efficient capital market is one in which:A. brokerage commissions are zero.B. taxes are irrelevant.C. securities always offer a positive rate of return to investors.D. security prices are guaranteed by the U.S. Securities and Exchange Commission to be fair.E. security prices reflect available information.2. The notion that actual capital markets, such as the NYSE, are fairly priced is called the:A. Efficient Markets Hypothesis (EMH).B. Law of One Price.C. Open Markets Theorem.D. Laissez-Faire Axiom.E. Monopoly Pricing Theorem.3. The hypothesis that market prices reflect all available information of every kind is called_____ form efficiency.A. openB. strongC. semistrongD. weakE. stable4. The hypothesis that market prices reflect all publicly available information is called _____ form efficiency.A. openB. strongC. semistrongD. weakE. stable5. The hypothesis that market prices reflect all historical information is called _____ form efficiency.A. openB. strongC. semistrongD. weakE. stable6. In an efficient market, the price of a security will:A. always rise immediately upon the release of new information with no further price adjustments related to that information.B. react to new information over a two-day period after which time no further price adjustments related to that information will occur.C. rise sharply when new information is first released and then decline to a new stable level by the following day.D. react immediately to new information with no further price adjustments related to that information.E. be slow to react for the first few hours after new information is released allowing time for that information to be reviewed and analyzed.7. If the financial markets are efficient, then investors should expect their investments in those markets to:A. earn extraordinary returns on a routine basis.B. generally have positive net present values.C. generally have zero net present values.D. produce arbitrage opportunities on a routine basis.E. produce negative returns on a routine basis.8. Which one of the following statements is correct concerning market efficiency?A. Real asset markets are more efficient than financial markets.B. If a market is efficient, arbitrage opportunities should be common.C. In an efficient market, some market participants will have an advantage over others.D. A firm will generally receive a fair price when it sells shares of stock.E. New information will gradually be reflected in a stock's price to avoid any sudden change in the price of the stock.9. According to the efficient market hypothesis, financial markets fluctuate daily because they:A. are inefficient.B. slowly react to new information.C. are continually reacting to new information.D. offer tremendous arbitrage opportunities.E. only reflect historical information.10. Insider trading does not offer any advantages if the financial markets are:A. weak form efficient.B. semiweak form efficient.C. semistrong form efficient.D. strong form efficient.E. inefficient.11. According to theory, studying historical prices in order to identify mispriced stocks will not work in markets that are _____ efficient.I. weak formII. semistrong formIII. strong formA. I onlyB. II onlyC. I and II onlyD. II and III onlyE. I, II, and III12. Which of the following tend to reinforce the argument that the financial markets are efficient?I. Information spreads rapidly in today's world.II. There is tremendous competition in the financial markets.III. Market prices continually fluctuate.IV. Market prices react suddenly to unexpected news announcements.A. I and III onlyB. II and IV onlyC. I, II, and III onlyD. II, III, and IV onlyE. I, II, III, and IV13. If you excel in analyzing the future outlook of firms, you would prefer that the financial markets be ____ form efficient so that you can have an advantage in the marketplace.A. weakB. semiweakC. semistrongD. strongE. perfect14. Your best friend works in the finance office of the Delta Corporation. You are aware that this friend trades Delta stock based on information he overhears in the office. You know that this information is not known to the general public. Your friend continually brags to you about the profits he earns trading Delta stock. Based on this information, you would tend to argue that the financial markets are at best _____ form efficient.A. weakB. semiweakC. semistrongD. strongE. perfect15. The U.S. Securities and Exchange Commission periodically charges individuals for insider trading and claims those individuals have made unfair profits. Based on this fact, you would tend to argue that the financial markets are at best _____ form efficient.A. weakB. semiweakC. semistrongD. strongE. perfect16. Individuals that continually monitor the financial markets seeking mispriced securities:A. tend to make substantial profits on a daily basis.B. tend to make the markets more efficient.C. are never able to find a security that is temporarily mispriced.D. are always quite successful using only well-known public information as their basis of evaluation.E. are always quite successful using only historical price information as their basis of evaluation.17. Efficient capital markets are financial markets:A. in which current market prices reflect available information.B. in which current market prices reflect the present value of securities.C. in which there is no excess profit from using available information.D. All of the above.E. None of the above.18. If the efficient market hypothesis holds, investors should expect:A. to earn only a normal return.B. to receive a fair price for their securities.C. to always be able to pick stocks that will outperform the market averages.D. Both A and B.E. Both B and C.19. Financial managers can create value through financing decisions that:A. reduce costs or increase subsidies.B. increase the product prices.C. create a new security.D. Both A and B.E. Both A and C.20. In an efficient market when a firm makes an announcement of a new product or product enhancement with superior technology providing positive NPV, the price of the stock will:A. rise gradually over the next few days.B. decline gradually over the next few days.C. rise on the same day to the new price.D. stay at the same price, with no net effect.E. drop on the same day to the new price.21. An investor discovers that for a certain group of stocks, large positive price changes are always followed by large negative price changes. This finding is a violation of the:A. moderate form of the efficient market hypothesis.B. semistrong form of the efficient market hypothesis.C. strong form of the efficient market hypothesis.D. weak form of the efficient market hypothesis.E. None of the above.22. Which of the following would be indicative of inefficient markets?A. Overreaction and reversionB. Delayed responseC. Immediate and accurate responseD. Both A and B.E. Both A and C.23. When the stock price follows a random walk, the price today is said to be equal to the prior period price plus the expected return for the period with any remaining difference to the actual return due to:A. a predictable amount based on the past prices.B. a component based on new information unrelated to past prices.C. the security's risk.D. the risk free rate.E. None of the above.24. Which form of the efficient market hypothesis implies that security prices reflect only information contained in past prices?A. Weak formB. Semistrong formC. Strong formD. Hard formE. Past form25. If the weak form of efficient markets holds, then:A. technical analysis is useless.B. stock prices reflect all information contained in past prices.C. stock prices follow a random walk.D. All of the above.E. None of the above.26. Under the concept of an efficient market, a random walk in stock prices means that:A. there is no driving force behind price changes.B. technical analysts can predict future price movements to earn excess returns.C. the unexplained portion of price change in one period is unrelated to the unexplained portion of price change in any other period.D. the unexplained portion of price change in one period that can not be explained by expected return can only be explained by the unexplained portion of price change in a prior period.E. None of the above.27. A semistrong form efficient market is distinct from a weak form efficient market by:A. incorporating only random movements in the price.B. incorporating all publicly available information in the price.C. incorporating inside information in the price.D. All of the above.E. None of the above.28. If a market is strong form efficient, it also implies that:A. semistrong form efficiency holds.B. weak form efficiency holds.C. one cannot earn abnormal returns with inside information.D. Both A and C.E. A, B and C.29. An investor discovers that predictions about weather patterns published years in advance and found in the Farmer's Almanac are amazingly accurate. In fact, these predictions enable the investor to predict the health of the farm economy and therefore certain security prices. This finding is a violation of the:A. moderate form of the efficient market hypothesis.B. semistrong form of the efficient market hypothesis.C. strong form of the efficient market hypothesis.D. weak form of the efficient market hypothesis.E. None of the above.30. A lawyer works for a firm that advises corporate firms planning to sue other corporations for antitrust damages. He finds that he can "beat the market" by short-selling the stock of the firm that will be sued. This finding is a violation of the:A. moderate form of the efficient market hypothesis.B. semistrong form of the efficient market hypothesis.C. strong form of the efficient market hypothesis.D. weak form of the efficient market hypothesis.E. None of the above.31. An investor discovers that stock prices change drastically as a result of certain events. This finding is a violation of the:A. moderate form of the efficient market hypothesis.B. semistrong form of the efficient market hypothesis.C. strong form of the efficient market hypothesis.D. weak form of the efficient market hypothesis.E. None of the above.32. The semistrong form of the efficient market hypothesis states that:A. all information is reflected in the price of securities.B. security prices reflect all publicly available information.C. future prices are predictable.D. Both A and C.E. None of the above.33. The market price of a stock moves or fluctuates daily. This fluctuation is:A. inconsistent with the semistrong efficient market hypothesis because prices should be stable.B. inconsistent with the weak form efficient market hypothesis because all past information should be priced in.C. consistent with the semistrong form of the efficient market hypothesis because as new information arrives daily prices will adjust to it.D. consistent with the strong form because prices are controlled by insiders.E. None of the above.34. An investor who picks a portfolio by throwing darts at the financial pages:A. believes that efficient markets will protect the portfolio from harm as all information is priced.B. believes that riskier portfolios earn the same as less risky portfolios.C. does so because stock prices do not matter; only cash flow generated matters.D. Both A and C.E. Both B and C.35. Suppose that firms with unexpectedly high earnings earn abnormally high returns for several months after the announcement. This would be evidence of:A. efficient markets in the weak form.B. inefficient markets in the weak form.C. efficient markets in the semistrong form.D. inefficient markets in the semistrong form.E. inefficient markets in the strong form.36. Which of the following is not true about serial correlation?A. It measures the correlation between the current return on a security and the current return on another security.B. It involves only one security.C. Positive serial correlation indicates a tendency for continuation.D. Negative serial correlation indicates a tendency toward reversal.E. Significant positive or negative serial correlation coefficients are indicative of market inefficiency in the weak form.37. Which of the following is true?A. A random walk for stock price changes is inconsistent with observed patterns in price changes.B. If the stock market follows a random walk, price changes should be highly correlated.C. If the stock market is weak form efficient, then stock prices follow a random walk.D. All of the above.E. Both B and C.38. Event studies attempt to measure:A. the influence of information released to the market on returns in days surrounding its announcement.B. if the market is at least semistrong form efficient.C. whether there is a significant reaction to public announcements.D. All of the above.E. None of the above.39. The abnormal return in an event study is described as:A. the return earned on the day of announcement for the stock.B. the excess return earned on the day of announcement for the stock.C. the total return earned for the investment holding period.D. All of the above.E. None of the above.40. Evidence on stock prices finds that the sudden death of a chief executive officer causes stock prices to fall and the sudden death of an active founding chief executive officer causes stock price to rise. This contrary evidence happens because:A. markets are inefficient and unsure of the real value of the events.B. death is inevitable and market prices are random.C. things simply happen.D. the value of the founding executive was a negative to the firm.E. None of the above.41. Studies of the performance of professionally managed mutual funds find that these funds:A. do not outperform a market index. Assuming mutual fund managers rely primarily on public information, this finding refutes the semistrong form of the efficient market hypothesis.B. do not outperform a market index. Assuming mutual fund managers rely primarily on public information, this finding supports the semistrong form of the efficient market hypothesis.C. outperform a market index. Assuming mutual fund managers rely primarily on public information, this finding refutes the semistrong form of the efficient market hypothesis.D. outperform a market index. Assuming mutual fund managers rely primarily on public information, this finding supports the semistrong form of the efficient market hypothesis.E. Both C and D.42. Which of the following statements is true?A. In efficient markets, a stock's price should change with the arrival of new information.B. Average stock returns are higher in January than other months.C. Studies by Fama and French and others find that returns of high book to market stocks are much higher than low book to market value stocks to be consistent with the efficient market hypothesis.D. All of the above.E. None of the above.43. Which of the following is true?A. Most empirical evidence is consistent with strong form efficiency.B. Most empirical evidence is inconsistent with weak form efficiency.C. Strong form market efficiency is not supported by the empirical evidence.D. Both A and C.E. Both B and C.44. In examining the issue of whether the choice of accounting methods affects stock prices, studies have found that:A. accounting depreciation methods can significantly affect stock prices.B. switching depreciation methods can significantly affect stock prices.C. accounting changes that increase accounting earnings also increases stock prices.D. accounting changes can affect stock prices if the company were either to withhold information or provide incorrect information.E. All of the above.45. Market efficiency says:A. prices may not reflect underlying value.B. a good financial manager can time stock sales.C. managers may profitablly speculate in foreign currency.D. managers cannot boost stock prices through creative accounting.E. None of the above.46. The abnormal returns for initial public offerings over longer time periods seem to call market efficiency into question because:A. the average returns at announcement are large and positive while the long-term results are much lower than the returns for seasoned equity offerings.B. the average returns at announcement are small and negative while the long-term results are much lower than the returns for seasoned equity offerings.C. the average returns at announcement are zero while the long-term results are much higher than the returns for seasoned equity offerings.D. the average returns at announcement are large and positive while the long-term results are much higher than the returns for seasoned equity offerings.E. the average returns at announcement are insignificant while the long-term results are much lower than the returns for seasoned equity offerings.47. An example of financially irrational behavior is:A. gambling in Las Vegas.B. when a firm announces an increase in earnings and the stock price enjoys three days of large abnormal returns.C. when a firm announces an increase in earnings and the stock price enjoys an immediate surge in value which is captured in one day.D. Both A and B.E. Both A and C.48. Ritter's study of Initial Public Offerings (IPOs) showed that the post offering stock performance was:A. less than the control group by about 2% in the five years following the IPO.B. incorrectly priced at issuance because over the next five years the abnormal returns were greater than zero on average.C. immaterial to the pricing of the IPO because future market performance is unknown at issuance.D. equal across IPOs, irrespective of risk or which year they were issued.E. All of the above.49. If the securities market is efficient, an investor need only throw darts at the stock pages to pick securities and be just as well off.A. This is true because there are no differences in risk and return.B. This is true because in an efficient stock market prices do not fluctuate.C. This is false because professional portfolio managers prefer to generate commissions by active trading.D. This is false because investors may not hold a desirable risk-return combination in their portfolio.E. This is false because the markets are controlled by the institutional investors.50. Financial managers must be cognizant of market efficiency because:A. manipulating earnings by accounting changes does not fool the market.B. timing security sales is futile because without private information the current price reflects all known information.C. there is limited price pressure from any large sale of stock depressing prices only momentarily before recovering to prior levels.D. All of the above.E. None of the above.51. Event studies have been used to examine:A. IPOs, SEOs, and other equity issuances.B. changes in earnings.C. mergers and acquisitions.D. most financial events.E. All of the above.52. If the market is weak form efficient:A. semistrong form efficiency holds.B. strong form efficiency must hold.C. semistrong form efficiency may hold.D. markets are not weak form efficient.E. None of the above.53. In order to create value from capital budgeting decisions, the firm is likely to:A. locate an unsatisfied demand for a particular product or service.B. create a barrier to make it more difficult for other firms to compete.C. produce products or services at a lower cost than the competition.D. A and C.E. A, B, and C.54. Valuable financing opportunities can be created by:A. fooling investors.B. reducing costs or increasing subsidies.C. the creation of a new security.D. A and B.E. A, B, and C.55. The following time period(s) is/are consistent with the bubble theory:A. the stock market crash of 1929.B. the stock market crash of 1972.C. the stock market crash of 1987.D. A and C.E. A, B, and C.56. In the five years after the offering, ___ underperform matched control groups.A. initial public offeringsB. seasoned equity offeringsC. bond offeringsD. A and BE. A, B, and C57. In the three years prior to a forced departure of management, stock prices, adjusted for market performance, on average will:A. decline about 20%.B. decline about 40%.C. decline about 60%.D. remain stable.E. increase about 20%.Essay Questions58. Define the three forms of market efficiency.59. Explain why it is that in an efficient market, investments have an expected NPV of zero.60. Do you think the lessons from capital market history will hold for each year in the future? That is, as an example, if you buy small stocks will your investment always outperformU.S. Treasury bonds?61. Suppose your cousin invests in the stock market and doubles her money in a single year while the market, on average, earned a return of only about 15%. Is your cousin's performance a violation of market efficiency?62. Why should a financial decision maker such as a corporate treasurer or CFO be concerned with market efficiency?Chapter 14 Efficient Capital Markets and Behavioral Challenges Answer KeyMultiple Choice Questions1. An efficient capital market is one in which:A. brokerage commissions are zero.B. taxes are irrelevant.C. securities always offer a positive rate of return to investors.D. security prices are guaranteed by the U.S. Securities and Exchange Commission to be fair.E. security prices reflect available information.Difficulty level: EasyTopic: EFFICIENT CAPITAL MARKETType: DEFINITIONS2. The notion that actual capital markets, such as the NYSE, are fairly priced is called the:A. Efficient Markets Hypothesis (EMH).B. Law of One Price.C. Open Markets Theorem.D. Laissez-Faire Axiom.E. Monopoly Pricing Theorem.Difficulty level: EasyTopic: EFFICIENT MARKETS HYPOTHESISType: DEFINITIONS3. The hypothesis that market prices reflect all available information of every kind is called _____ form efficiency.A. openB. strongC. semistrongD. weakE. stableDifficulty level: EasyTopic: STRONG FORM EFFICIENCYType: DEFINITIONS4. The hypothesis that market prices reflect all publicly available information is called _____ form efficiency.A. openB. strongC. semistrongD. weakE. stableDifficulty level: EasyTopic: SEMI STRONG FORM EFFICIENCYType: DEFINITIONS5. The hypothesis that market prices reflect all historical information is called _____ form efficiency.A. openB. strongC. semistrongD. weakE. stableDifficulty level: EasyTopic: WEAK FORM EFFICIENCYType: DEFINITIONS6. In an efficient market, the price of a security will:A. always rise immediately upon the release of new information with no further price adjustments related to that information.B. react to new information over a two-day period after which time no further price adjustments related to that information will occur.C. rise sharply when new information is first released and then decline to a new stable level by the following day.D. react immediately to new information with no further price adjustments related to that information.E. be slow to react for the first few hours after new information is released allowing time for that information to be reviewed and analyzed.Difficulty level: MediumTopic: MARKET EFFICIENCYType: CONCEPTS7. If the financial markets are efficient, then investors should expect their investments in those markets to:A. earn extraordinary returns on a routine basis.B. generally have positive net present values.C. generally have zero net present values.D. produce arbitrage opportunities on a routine basis.E. produce negative returns on a routine basis.Difficulty level: MediumTopic: MARKET EFFICIENCYType: CONCEPTS8. Which one of the following statements is correct concerning market efficiency?A. Real asset markets are more efficient than financial markets.B. If a market is efficient, arbitrage opportunities should be common.C. In an efficient market, some market participants will have an advantage over others.D. A firm will generally receive a fair price when it sells shares of stock.E. New information will gradually be reflected in a stock's price to avoid any sudden change in the price of the stock.Difficulty level: MediumTopic: MARKET EFFICIENCYType: CONCEPTS9. According to the efficient market hypothesis, financial markets fluctuate daily because they:A. are inefficient.B. slowly react to new information.C. are continually reacting to new information.D. offer tremendous arbitrage opportunities.E. only reflect historical information.Difficulty level: MediumTopic: MARKET EFFICIENCYType: CONCEPTS10. Insider trading does not offer any advantages if the financial markets are:A. weak form efficient.B. semiweak form efficient.C. semistrong form efficient.D. strong form efficient.E. inefficient.Difficulty level: EasyTopic: MARKET EFFICIENCYType: CONCEPTS11. According to theory, studying historical prices in order to identify mispriced stocks will not work in markets that are _____ efficient.I. weak formII. semistrong formIII. strong formA. I onlyB. II onlyC. I and II onlyD. II and III onlyE. I, II, and IIIDifficulty level: MediumTopic: MARKET EFFICIENCYType: CONCEPTS12. Which of the following tend to reinforce the argument that the financial markets are efficient?I. Information spreads rapidly in today's world.II. There is tremendous competition in the financial markets.III. Market prices continually fluctuate.IV. Market prices react suddenly to unexpected news announcements.A. I and III onlyB. II and IV onlyC. I, II, and III onlyD. II, III, and IV onlyE. I, II, III, and IVDifficulty level: MediumTopic: MARKET EFFICIENCYType: CONCEPTS13. If you excel in analyzing the future outlook of firms, you would prefer that the financial markets be ____ form efficient so that you can have an advantage in the marketplace.A. weakB. semiweakC. semistrongD. strongE. perfectDifficulty level: EasyTopic: MARKET EFFICIENCYType: CONCEPTS14. Your best friend works in the finance office of the Delta Corporation. You are aware that this friend trades Delta stock based on information he overhears in the office. You know that this information is not known to the general public. Your friend continually brags to you about the profits he earns trading Delta stock. Based on this information, you would tend to argue that the financial markets are at best _____ form efficient.A. weakB. semiweakC. semistrongD. strongE. perfectDifficulty level: MediumTopic: MARKET EFFICIENCYType: CONCEPTS15. The U.S. Securities and Exchange Commission periodically charges individuals for insider trading and claims those individuals have made unfair profits. Based on this fact, you would tend to argue that the financial markets are at best _____ form efficient.A. weakB. semiweakC. semistrongD. strongE. perfectDifficulty level: MediumTopic: MARKET EFFICIENCYType: CONCEPTS16. Individuals that continually monitor the financial markets seeking mispriced securities:A. tend to make substantial profits on a daily basis.B. tend to make the markets more efficient.C. are never able to find a security that is temporarily mispriced.D. are always quite successful using only well-known public information as their basis of evaluation.E. are always quite successful using only historical price information as their basis of evaluation.Difficulty level: MediumTopic: MARKET EFFICIENCYType: CONCEPTS。
公司理财-罗斯(完整版)
债务和权益的或有索偿权
支付给债权人的金额
支付给股东的金额
如果企业价值大于$F， 债权人最多得到 $F。
如果企业价值小于$F， 股东什么也得不到。
$F
$F 企业的价值(X)
$F 企业的价值(X)
债权人被承诺支付$F。
如果企业的价值小于$F， 债权人获得
金融 中介机构
资金 需求者
资金 需求者
1.5 金融市场
公司通过在金融市场发行证券（债券和股票）筹集资金。 金融市场由货币市场和资本市场构成。 货币市场是指短期（一年以内）的债券市场。 资本市场是指长期债券（一年以上）和权益证券市场。
1.5 金融市场
1.5.1 一级市场
政府或公司首次发行证券形成一级市场。
2.1 资产负债表
资产负债表可以看成是某一特定日期会计人员对企业会计价值所拍 的一张快照。它说明了企业拥有什么东西以及这些东西是从哪里来的 （相应的索取权）。其基本关系式为：
资产 = 负债 + 股东权益
股东权益被定义为企业资产与负债之差，即股东在企业清偿债务以 后所拥有的剩余资产。股东权益亦称所有者权益、净资产或简单地称之 为权益。
目标。 3）如果因为管理不善使得企业股票价格大幅下降，企业可能
遭受其他股东集团、公司或个人收购，这种担心将促使管理者采取使股 东利益（股票价值）最大化的行动。
4）经理市场的竞争也可以促使管理者在经营中以股东利益为 重。能成功执行股东目标的管理者可能得到提拔，可以要求更高的薪水； 否者，他们将被解雇。
公开发行（公募） 大部分公开发行的债券和股票由投资银行承销而进入市场。 在美国公开发行债券和股票必须在美国证券交易委员会注册登
《公司理财罗斯Ch》课件
投资风险：评估投资风险，如市场风险、信用风险等
投资组合：构建投资组合，实现投资目标
投资绩效评估：定期评估投资绩效，调整投资策略
融资决策
融资方式：股权融资、债权融资、混合融资等 融资成本：利息、股息、融资费用等 融资风险：市场风险、信用风险、流动性风险等 融资决策的影响因素：公司规模、行业特点、市场环境等
THEME TEMPLATE
20XX/01/01
公司理财罗斯 Ch课件大纲
单击此处添加副标题
汇报人：
目录
CONTENTS
单击添加目录项标题 课件简介
公司理财基础知识 公司理财的核心内容 公司理财的实践应用 公司理财的未来发展
单击此处添加章节标题
章节副标题
课件简介
章节副标题
课件背景
罗斯Ch是公司理财领域的经典教材
适用人群
公司财务人员
企业管理者
投资理财爱好者 金融行业从业人员
课件特点
内容全面：涵盖 公司理财的基本 概念、理论、方 法和案例
结构清晰：按照 章节、小节、知 识点进行组织， 便于理解和记忆
案例丰富：结合 实际案例，便于 理解理论知识在 实际中的应用
互动性强：提供 思考题、讨论题 和案例分析，增 强学习效果
THEME TEMPLATE
感谢观看
公司理财基础知识
章节副标题
财务管理的目标
提高企业经济效益
优化企业资源配置
确保企业资金安全 提高企业竞争力
财务管理的原则
成本效益原则：追求成本最小 化，效益最大化
风险控制原则：防范风险，降 低风险损失
资金流动性原则：保持资金流 动性，满足日常经营需求
公司理财(罗斯)第14章(英文)
Replacement Value
The current cost of replacing the assets of the firm.
At the time a firm purchases an asset, market value, book value, and replacement value are equal.
Market Value is the price of the stock multiplied by the number of shares outstanding.
Also known as Market Capitalization
Book Value
The sum of par value, capital surplus, and accumulated retained earnings is the common equity of the firm, usually referred to as the book value of the firm.
Some stocks have no par value.
McGraw-Hill/Irwin Corporate Finance, 7/e
2005 The McGraw-Hill Companies, Inc. All Rights Reserved.
14-4
Authorized vs. Issued Common Stock
McGraw-Hill/Irwin Corporate Finance, 7/e 2005 The McGraw-Hill Companies, Inc. All Rights Reserved.
14-10
Cumulative vs. Straight Voting: Example
罗斯《公司理财》重点知识整理
罗斯《公司理财》重点知识整理关键信息项：1、财务管理的目标2、货币的时间价值3、风险与收益4、资本预算决策5、资本结构理论6、股利政策11 财务管理的目标财务管理的目标主要有利润最大化、股东财富最大化和企业价值最大化。
111 利润最大化利润最大化目标认为企业经营的目标是追求利润的最大化。
然而，这一目标存在一些缺陷，例如没有考虑货币的时间价值、风险因素以及利润取得的时间。
112 股东财富最大化股东财富最大化是指通过财务上的合理运营，为股东创造最大的财富。
通常以股票价格来衡量股东财富。
113 企业价值最大化企业价值最大化是指通过合理经营，采用最优的财务政策，充分考虑资金的时间价值和风险与报酬的关系，在保证企业长期稳定发展的基础上使企业总价值达到最大。
12 货币的时间价值货币的时间价值是指货币经历一定时间的投资和再投资所增加的价值。
121 终值和现值终值是指现在的一笔资金在未来某个时间点的价值；现值则是未来的一笔资金在当前的价值。
122 年金年金是指在一定时期内，每隔相同的时间收付相等金额的款项。
包括普通年金、先付年金、递延年金和永续年金。
123 利率和期限利率是影响货币时间价值的重要因素，而期限的长短也会对资金的价值产生显著影响。
13 风险与收益风险是指未来结果的不确定性。
收益则是投资所获得的回报。
131 风险的类型包括系统风险和非系统风险。
系统风险是不可分散的，如宏观经济形势的变化；非系统风险是可以通过多元化投资分散的，如个别公司的经营风险。
132 风险的衡量通过方差、标准差、变异系数等指标来衡量风险的大小。
133 资本资产定价模型用于描述资产的预期收益率与系统风险之间的关系。
14 资本预算决策资本预算决策是关于长期投资项目的决策。
141 投资项目的评价方法包括净现值法、内部收益率法、回收期法等。
142 现金流量的估算准确估算投资项目的现金流量是进行资本预算决策的关键。
143 敏感性分析分析各种不确定因素对投资项目的影响程度。
对外经贸大学金融硕士罗斯《公司理财》讲义14
对外经贸大学金融硕士考研罗斯《公司理财》讲义第十四章长期融资：简介1.长期融资来源：普通股，优先股，长期负债。
2.优先股与负债之间有什么区别？1.优先股体现的是投资关系，而负债券体现的是借贷关系。
2.公司对优先股没有必须发放股利的义务，但是对债券必须支付利息。
3.优先股投资只能转让而不能撤回，但公司对债务到期还本付息。
4.股利不能抵税，但是利息可以。
5.破产清算时，优先股的求偿权在债务之后，普通股之前。
3.发行优先股对某些公司有利的原因1.由于公用事业机构的收费是根据规章制定的，因此受管制的公共事业机构可以将发行优先股产生的税收劣势转嫁给顾客。
2.向美国税务总署汇报亏损的公司可以发行优先股。
因为这些公司没有任何债务利息用来抵税，所以优先股与负债比较而言不存在税收劣势。
3.可以避免债务融资方式下可能出现的破产威胁。
未付的优先股股利不属于公司债务，故优先股东不能因未发放股利而威胁公司破产清算。
4.普通股股东享有权利1.公司剩余风险和收益。
2.投票表决权。
3.有限责任。
2016年专业课考研真题答题黄金攻略名师点评：认为只要专业课重点背会了，就能拿高分，是广大考生普遍存在的误区。
而学会答题方法才是专业课取得高分的关键。
下面易研老师以经常考察的名词解释、简答题、论述题、案例分析为例，来讲解标准的答题思路。
(一)名词解析答题方法【考研名师答题方法点拨】名词解释最简单，最容易得分。
在复习的时候要把参考书中的核心概念和重点概念夯实。
近5-10年的真题是复习名词解释的必备资料，通过研磨真题你可以知道哪些名词是出题老师经常考察的，并且每年很多高校的名词解释还有一定的重复。
我们的考研专业课对每个科目都收集了重点名词，不妨作为复习的参考。
专业课辅导名师解析：名词解析答题方法上要按照核心意思+特征/内涵/构成/案例，来作答。
①回答出名词本身的核心含义，力求尊重课本。
这是最主要的。
②简答该名词的特征、内涵、或者其构成、或者举一个案例加以解释。
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第14章期权与公司理财◆本章复习与自测题14.1 看涨期权的价值Nantucket公司的股票目前以每股25美元的价格出售。
1年后，股票价格将要么是20美元，要么是30美元。
1年后到期的国库券支付10%的利息。
执行价格为20美元的看涨期权的价值是多少？执行价格为26美元的呢？14.2 可转换债券Old Cycle公司（OCC）是《古代钢铁》（Ancient Iron）杂志出版商，它发行的可转换债券目前在市场上的售价为950美元。
如果持有者选择转换，则每1张债券可以交换100股股票。
债券的利息为7%，逐年支付，债券将在10年后到期。
OCC的债务属于BBB级。
这个级别的债务的标价收益率为12%。
OCC的股票正以每股7美元的价格交易。
债券的转换比率是多少？转换价格呢？转换溢价呢？债券的底线价值是多少？它的期权价值是多少？◆本章复习与自测题解答14.1 执行价格为20美元时，期权不可能出现虚值（如果股票价格为20美元，它将实现实值）。
我们可以通过将20美元的现值投资于国库券并购买包含1股的看涨期权来复制股票的价值。
购买国库券将花费20美元/1.1 = 18.18美元。
如果股票最终的价格为20美元，看涨期权的价值将为0，而国库券将值20美元。
如果股票最终的价格为30美元，国库券仍然能偿付20美元，而期权的价值将为30美元-20美元= 10美元，所以组合的价值将为30美元。
因为这个国库券和看涨期权的组合实际上复制了股票的回报，所以它的价值必须是20美元，否则就有套利的可能。
利用本章中的符号，我们可以这样计算看涨期权的价值：S 0= C+ E/(1 + Rf)25美元= C+ 18.18美元C= 6.82美元当执行价格为26美元时，我们从按较低的股票价格的现值投资于国库券着手。
它保证我们在股票价格为20美元时能有20美元。
如果股票价格是30美元，那么期权的价值为30美元-26美元= 4美元。
我们从国库券中获得20美元，所以我们需要从期权中获得10美元以便与股票相配比。
因为在这种情况下每包含1股的期权的价值是4美元，我们需要购买包含10美元/4美元= 2.5股的看涨期权。
请注意可能的股票价格之间的差额（∆S）是10美元，可能的期权价格之间的差额（∆C）是4美元，因此∆S/∆C= 2.5。
为了完成计算，我们注意到要防止套利，20美元的现值加上包含2.5股的期权的价值必须是20美元，因此：25美元= 2.5×C+20美元/1.1C= 6.82美元/2.5 = 2.73美元96第五部分风险与报酬14.2 因为每1张债券可以交换100股股票，所以转换比率为100。
转换价格为债券的面值（1 000美元）除以转换比率，即1 000美元/100 = 10美元。
转换溢价是现行价格和转换价格之间的差额的百分比，即（10美元-7美元)/7美元= 43%。
债券的底线价值是它的纯粹债券价值和它的转换价值之间较高的那一个。
转换价值是如果债券立即被转换时的价值：100×7美元= 700美元。
纯粹债券价值是如果不具备可转换属性时债券的价值。
年利息为70美元，债券将于10年后到期。
在12%的必要报酬率下，纯粹债券价值为：纯粹债券价值= 70美元×(1-1/1.1210)/0.12＋1 000/1.1210= 395.52美元+ 321.97美元= 717.49美元它高于转换价值，因此债券的底线价值为717.49美元。
最后，期权价值是可转换债券的价值高于它的底线价值的部分。
因为债券的售价为950美元，所以期权价值为：期权价值= 950美元-717.49美元= 232.51美元◆概念复习和重要的思考题1. 期权什么是看涨期权？什么是看跌期权？在什么情况下你可能希望购买它们？哪一个潜在的利润更大？为什么？2. 期权针对下列每一类投资者完成下面的句子：a. 看涨期权的购买者b. 看跌期权的购买者c. 看涨期权的出售者（签发者）d. 看跌期权的出售者（签发者）（看跌/看涨）期权的（购买者/出售者）为在一个固定长度的时间以一个固定的价格（购买/出售）一项特定的资产的（权利/义务）而（支付/收到）钱。
3. 内在价值什么是看涨期权的内在价值？我们如何理解这个价值？4. 看跌期权看跌期权在到期时的价值是多少？根据你的答案，看跌期权的内在价值是多少？5. 期权定价你注意到Patel公司的股票正以每股50美元的价格出售。
执行价格为每股35美元的看涨期权的出售价格为10美元。
这里有什么错误？讲述如果期权在今天到期，你可以怎样利用这个错误定价的机会。
6. 期权与股票风险如果股票的风险提高，该股票的看涨期权的价格可能会发生什么情形？看跌期权的价格呢？为什么？7. 期权风险判断正误并加以解释：股票的非系统风险在股票估价过程中是不相关的，因为可以被分散掉；此外，它在股票看涨期权的估价过程中也是不相关的。
8. 期权定价假设某只股票目前以每股30美元出售。
如果同时存在执行价格为30美元的看跌期权和看涨期权，你认为看跌期权和看涨期权中哪一个的出售价格会更高？请解释。
9. 期权价格和利率假设国库券的利率突然非预期地上升，其他一切保持不变。
这对看涨期权的价值有什么影响？对看跌期权的价值呢？第14章期权与公司理财9710. 或有负债当你借到一笔普通学生贷款时，通常的情况是这笔贷款不管是谁发放的，都将由美国政府提供担保，这意味着如果你赖账的话，政府将承担所有的偿还义务。
这只是美国政府所做的许多贷款担保中的一个例子。
这种担保在计算政府支出或在官方的赤字数据中并没有体现。
为什么没有？它们应该体现吗？11. 舍弃期权什么是舍弃期权？解释为什么一旦我们忽略了这项期权，我们就会低估NPV。
12. 扩张期权什么是扩张期权？解释为什么一旦我们忽略了这项期权，我们就会低估NPV。
13. 资本预算期权在第10章中，我们讨论了通用汽车（GM）公司引入新的Cadillac Escalade车。
假设新款Cadillac的销售极好，GM公司被迫扩大产量以满足需求。
在这种情况下GM公司的行动将是利用哪一类期权的一个例子？14. 暂停期权自然资源开采厂矿（例如油井或金矿）为暂停业务期权的价值提供了一个很好的例子。
为什么？15. 员工股票期权你拥有Hendrix Guitar公司的股票。
该公司实施了一项授予员工股票期权的计划。
作为一名股东，这个计划对你有利吗？如果有利，利益是什么？◆思考和练习题（第1～13题为基础题；第14～19题为中级题；第20～22题为挑战题）1. 计算期权的价值国库券目前的收益率是6%。
Christina制造公司的股票目前以每股50美元出售。
该股票在1年后的价值不可能低于每股45美元。
a. 执行价格为40美元的看涨期权的价值是多少？内在价值是多少？b. 执行价格为30美元的看涨期权的价值是多少？内在价值是多少？c. 执行价格为40美元的看跌期权的价值是多少？内在价值是多少？2. 了解期权的报价利用这里所列示的期权报价信息回答下面的问题。
期权与纽约交易敲定价格到期日所收盘价格RWJ83803月230 2.801600.8083804月1706127 1.4083807月1398.0543 3.90838010月6010.2011 3.65a. 这些看涨期权是实值吗？RWJ公司看涨期权的内在价值是多少？b. 这些看跌期权是实值吗？RWJ公司看跌期权的内在价值是多少？c. 这些期权中有两个明显被错误定价了。
是哪两个？被错误定价的期权的出售价格最低应该是多少？解释你在每一种情况下如何从错误定价中获取利润。
3. 计算回报利用这里所列示的期权报价信息回答下面的问题。
98第五部分风险与报酬期权与纽约交易所收盘价格微软1251202月858.10400.551251203月619.6022 1.501251205月2211.4511 2.751251208月313.903 4.60a. 假设你购买了10单2月120美元的看涨期权。
忽略佣金，你将要支付多少钱？b. 在（a）中，假设微软公司的股票在到期日将以每股140美元出售。
你的期权投资的价值是多少？如果最终的股票价格是125美元呢？请解释。
c. 假设你购买了10单8月120美元的看跌期权。
你最大的利得是多少？在到期日，微软公司股票的每股售价为114美元。
你的期权投资的价值是多少？你的净利得是多少？d. 在（c）中，假设你出售了10单8月120美元的看跌期权合约。
如果微软公司的股票在到期日的售价为113美元，你的净利得或损失是多少？如果是132美元呢？保本点价格（break-even price，即使最后的利润为0的最终股票价格）是多少？4. 计算期权的价值Paula公司股票在年末的价格将要么是70美元，要么是90美元。
现有到期期限为1年的看涨期权。
国库券目前的收益率是4%。
a. 假设Paula公司股票目前的价格是75美元。
如果执行价格为每股65美元，看涨期权的价值是多少？b. 假设（a）中的执行价格为85美元。
现在看涨期权的价值是多少？5. 计算期权的价值Tara公司股票在年末的价格将要么是80美元，要么是100美元。
现有到期期限为1年的看涨期权。
国库券目前的收益率是5%。
a. 假设Tara公司股票目前的价格是90美元。
如果执行价格为每股65美元，看涨期权的价值是多少？b. 假设（a）中的执行价格为90美元。
现在看涨期权的价值是多少？6. 利用定价公式1单Cheesy Poofs公司股票的1年期看涨期权合约的出售价格为1 400美元。
1年后，该股票的价值将为每股40美元或60美元。
看涨期权的执行价格为55美元。
如果无风险利率为5%，股票的现行价值是多少？7. 权益作为一种期权Rackin Pinion公司的资产目前的价值为1 100美元。
1年后，它们的价值将要么是1 000美元，要么是1 300美元。
无风险利率是5%。
假设Rackin Pinion公司发行在外的债务的面值为1 000美元。
a. 权益的价值是多少？b. 债务的价值是多少？债务的利率是多少？c. 如果无风险利率为20%，权益的价值会变高还是变低？为什么？你的答案说明了什么？8. 权益作为一种期权Volunteer产业公司发行的债券面值为1 000美元，将于1年后到期。
Volunteer公司的资产目前的价值为1 200美元。
该公司的CEO Phil Fulmer认为公司的资产在1年后的价值将要么是800美元，要么是1 400美元。
1年期国库券的报酬率是4%。
a. Volunteer公司权益的价值是多少？债务的价值呢？b. 假设Volunteer公司可以重新配置现有的资产，使得1年后的价值将为500美元或1 700美元。