公司财务原理与资本运作(公司金融) 部分课后试题及答案(原书第10版)

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Chap3财务管理,公司金融,罗斯第十版解答

讨论：市账比小于1意味着一个好的投资吗？或许意味着低估，但也意味着市场对公司的未来发展活力呈负面看法。
计算市场价值I
• 市场价格= 87.65 美元/股 • 流通股数= 190.9 百万股million • 市盈率PE= 每股股价/每股盈余=87.65
/ 3.61 = 24.28 倍 • 市账比=每股市场价值/每股账面价值
3-2
章节概要
• 现金流量和财务报表：进一步观察 • 标准财务报表 • 比率分析 • 杜邦恒等式 • 利用财务报表信息
3-3
• 市盈率=股票价格/每股收益
点击Sample B/S可回到资产负债表示例。在资产负债表示例页面点击绿色小箭头可回到此页。
来源与使用
• 来源
· 现金流入-当我们卖出某些东西时会产生 · 资产账户价值的增加 (Sample B/S)
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计算流动比率
• 流动比率= 流动资产 / 流动负债
· 2,256 / 1,995 = 1.13 倍
• 速动比率= (流动资产 – 存货) / 流动负债
· (2,256 – 301) / 1,995 = .98倍
• 现金比率= 现金 /流动负债
· 696 / 1,995 = .35 倍
• 净营运资本与总资产之比=净营运资本/总资产
• 同比资产负债表（表3-5）
· 将所有项目表示为总资产的百分比
• 同比利润表（表3-6）
· 将所有项目表示为销售收入的百分比
• 标准化财务报表使得财务信息更容易被比较，尤其是在公司成长的过程中。
• 也可用来比较不同规模的公司，尤其是当这些公司处பைடு நூலகம்同一行业时。
3-8
实际生活中的财务报表可能并不像本章的那么直接易懂。

公司财务原理与资本运作(公司金融) 部分课后答案(原书第10版)

公司金融作业题说明：公司财务原理（原书第10版）+第22章（原书第12版）第4章24．DCF 和自由现金流混合肥料科学公司（CSI ）从事的是将波士顿的城市污水转化为肥料的任务。

业务本身盈利不高，但是为了把CSI 留在这个行业中，城市委员会（MDC ）同意支付任何必要的补贴，是CSI 的账面股权收益率能够达到10%。

预期年末CSI 将支付每股4美元的股利，再投资比例为40%，增长率为4%。

a ．假设CSI 继续保持目前的增长趋势，以100美元的价格购买公司股票，预期长期收益率是多少？100美元中有多少是增长机会的现值的贡献？b ．现在MDC 宣布了一项计划，需要CSI 处理剑桥市的城市污水。

因此，CSI 要在未来五年中逐步扩建工厂。

这就意味着在未来的五年中，CSI 必须要将80%的盈利进行再投资。

从第六年开始，它将能够恢复60%的股利支付率。

MDC 的计划一宣布，以及随后对CSI 的影响公布后，CSI 的股价将是多少？24.a. Here we can apply the standard growing perpetuity formula with DIV 1 = $4, g = 0.04 and P 0 = $100:8.0%.080.040$100$4g P DIV r 01==+=+=The $4 dividend is 60 percent of earnings. Thus:EPS 1 = 4/0.6 = $6.67Also:PVGO rEPS P 10+=PVGO 0.08$6.67$100+=PVGO = $16.63b.DIV 1 will decrease to: 0.20 ⨯ 6.67 = $1.33However, by plowing back 80 percent of earnings, CSI will grow by 8 percent per year for five years. Thus:Year 1 2 3 4 5 6 7, 8 . . . DIV t 1.33 1.44 1.55 1.68 1.81 5.88 Continued growth at EPS t6.677.207.788.409.079.804 percentNote that DIV 6 increases sharply as the firm switches back to a 60 percent payout policy. Forecasted stock price in year 5 is:$147.0400.085.88g r DIV P 65=-=-=Therefore, CSI’s stock price will increase to:$106.211.081471.811.081.681.081.551.081.441.081.33P 54320=+++++=第9章6．可分散风险很多投资项目都有可分散风险。

公司金融课后习题答案

公司金融课后习题答案公司金融课后习题答案作为一门重要的商科课程，公司金融涉及到企业的资金筹集、投资决策和财务管理等方面。

通过学习公司金融，我们可以了解到企业如何在市场中运作，以及如何进行财务规划和管理。

在学习过程中，课后习题是巩固知识和提高应用能力的重要一环。

下面是一些公司金融课后习题的答案，希望能对你的学习有所帮助。

1. 什么是资本预算决策？它在企业中的作用是什么？答：资本预算决策是指企业在投资决策中，对于是否进行某项投资项目的决策过程。

它涉及到对于投资项目的收益、成本、风险等方面进行评估和比较，以确定是否值得进行投资。

资本预算决策在企业中具有重要的作用，它可以帮助企业合理配置资金资源，提高资本利用效率，促进企业的发展和增长。

2. 什么是财务杠杆效应？它对企业的影响是什么？答：财务杠杆效应是指企业利用借债融资来增加投资回报率的一种现象。

当企业借债融资时，由于债务的成本通常低于股权的成本，因此可以通过增加债务比例来降低企业的加权平均资本成本，从而提高投资回报率。

财务杠杆效应对企业的影响是双重的。

一方面，它可以增加企业的盈利能力和股东权益，提高企业的价值；另一方面，它也会增加企业的财务风险，使企业更加敏感于市场波动。

3. 什么是现金流量表？它在财务分析中的作用是什么？答：现金流量表是一份记录企业现金流入和流出的财务报表。

它通过分析企业的经营活动、投资活动和筹资活动等方面的现金流量，可以帮助企业了解到现金的来源和去向，以及企业的现金流动情况。

现金流量表在财务分析中起着重要的作用，它可以帮助评估企业的偿债能力、盈利能力和经营能力，并提供决策的依据。

4. 什么是资本结构？企业应该如何选择适合自己的资本结构？答：资本结构是指企业在资金筹集过程中，不同资本来源的比例和结构。

它涉及到企业债务和股权的比例、利率、偿还期限等方面的决策。

选择适合自己的资本结构是企业的重要决策之一。

一般来说，企业应该根据自身的经营特点、行业环境和市场状况等因素来选择资本结构。

公司财务原理 10 答案

公司财务原理 10 答案1. 财务原理之一是盈亏平衡，即公司的收入必须超过支出，才能实现盈利。

这意味着企业需要控制成本，提高销售收入，以确保企业的盈利能力。

2. 另一个财务原理是时间价值的概念。

根据这个原理，资金的价值随着时间的推移而变化。

因此，对于企业来说，现金的收入通常比未来的收入更有价值。

这也是为什么公司通常会更倾向于尽快收回应收账款，而不愿意等待更长的时间来收回款项。

3. 利润是衡量企业经营成果的重要指标，是财务原理的核心之一。

企业的利润是指公司在特定时期内实际获得的净收入。

利润的计算方法可以通过减去企业的总成本（包括固定成本和可变成本）从而得到。

4. 现金流量管理也是财务原理的重要方面。

现金流量是指企业在特定时期内的现金收入和现金支出。

对于企业来说，保持稳定的现金流量对于维持业务运营和满足债务支付需求至关重要。

5. 财务杠杆是指企业通过使用借入的资本来增加投资回报的能力。

财务杠杆可以通过负债资金获得，这意味着企业利用借入的资金来扩大业务，并通过增加收入来实现更高的利润。

6. 与财务杠杆相对应的概念是财务风险。

财务风险是指企业在经济衰退或其他不利事件发生时面临的风险。

高负债比率和不稳定的现金流量都会增加企业的财务风险。

7. 在财务原理中，成本与效益分析也是重要的概念。

成本效益分析是通过比较实施某项决策的成本与获得的效益，来评估决策的经济合理性。

这有助于企业做出合适的决策，并确保资源的有效利用。

8. 企业应该遵循会计准则和报告要求，以确保财务信息的准确性和透明度。

会计准则规定了在财务报表中记录和披露财务信息的标准。

通过遵循这些准则，企业可以向投资者、股东和其他利益相关者提供可靠的财务信息。

9. 税收管理也是公司财务原理的重要方面。

企业需要遵守国家和地方税法，并根据规定时间内向税务部门申报和缴纳税款。

税收管理对企业的财务状况和可持续发展至关重要。

10. 风险管理是财务原理中不可忽视的一部分。

公司财务,第十版,课后答案

公司财务,第十版,课后答案CHAPTER 2FINANCIAL STATEMENTS AND CASH FLOWAnswers to Concepts Review and Critical Thinking Questions1.True. Every asset can be converted to cash at some price. However, when we are referring to a liquidasset, the added assumption that the asset can be quickly converted to cash at or near market value is important.2.The recognition and matching principles in financial accounting call for revenues, and the costsassociated with producing those revenues, to be “booked” when the revenue pro cess is essentially complete, not necessarily when the cash is collected or bills are paid. Note that this way is not necessarily correct; it’s the way accountants have chosen to do it.3.The bottom line number shows the change in the cash balance on the balance sheet. As such, it is nota useful number for analyzing a company.4. The major difference is the treatment of interest expense. The accounting statement of cash flowstreats interest as an operating cash flow, while the financial cash flows treat interest as a financing cash flow. The logic of the accounting statement of cash flows is that since interest appears on the income statement, which shows the operations for the period, it is an operating cash flow. In reality, interest is a financing e xpense, which results from the company’s choice of debt and equity. We will have more to say about this in a later chapter. When comparing the two cash flow statements, the financial statement of cash flows is a more appropriate measureof the company’s pe rformance because of its treatment of interest.5.Market values can never be negative. Imagine a share of stock selling for –$20. This would meanthat if you placed an order for 100 shares, you would get the stock along with a check for $2,000.How many shares do you want to buy? More generally, because of corporate and individual bankruptcy laws, net worth for a person or a corporation cannot be negative, implying that liabilities cannot exceed assets in market value.6.For a successful company that is rapidly expanding, for example, capital outlays will be large,possibly leading to negative cash flow from assets. In general, what matters is whether the money is spent wisely, not whether cash flow from assets is positive or negative.7.It’s probably not a good sign for an established company to have negative cash flow from operations,but it would be fairly ordinary for a start-up, so it depends.8.For example, if a company were to become more efficient in inventory management, the amount ofinventory needed would decline. The same might be true if the company becomes better at collecting its receivables. In general, anything that leads to a decline in ending NWC relative to beginning would have this effect. Negative net capital spending would mean more long-lived assets were liquidated than purchased.9.If a company raises more money from selling stock than it pays in dividends in a particular period,its cash flow to stockholders will be negative. If a company borrows more than it pays in interest and principal, its cash flowto creditors will be negative.10.The adjustments discussed were purely accounting changes; they had no cash flow or market valueconsequences unless the new accounting information caused stockholders to revalue the derivatives. 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.To find owners’ equity, we must construct a balance sheet as follows:Balance SheetCA $ 5,700 CL $ 4,400NFA 27,000 LTD 12,900OE ??TA $32,700 TL & OE $32,700We know that total liabilities and owners’ equity (TL & OE) must equal total assets of $32,700. We also know that TL & OE is equal to current liabilities plus long-term debt plus owner’s equity, so owner’s equity is:O E = $32,700 –12,900 – 4,400 = $15,400N WC = CA – CL = $5,700 – 4,400 = $1,3002. The income statement for the company is:Income StatementSales $387,000Costs 175,000Depreciation 40,000EBIT $172,000Interest 21,000EBT $151,000Taxes 52,850Net income $ 98,150One equation for net income is:Net income = Dividends + Addition to retained earningsRearranging, we get:Addition to retained earnings = Net income – DividendsAddition to retained earnings = $98,150 – 30,000Addition to retained earnings = $68,1503.To find the book value of current assets, we use: NWC = CA – CL. Rearranging to solve for currentassets, we get:CA = NWC + CL = $800,000 + 2,400,000 = $3,200,000The market value of current assets and net fixed assets is given, so:Book value CA = $3,200,000 Market value CA = $2,600,000 Book value NFA = $5,200,000 Market value NFA = $6,500,000 Book value assets = $8,400,000 Market value assets = $9,100,0004.Taxes = 0.15($50,000) + 0.25($25,000) + 0.34($25,000) + 0.39($273,000 – 100,000)Taxes = $89,720The average tax rate is the total tax paid divided by net income, so:Average tax rate = $89,720 / $273,000Average tax rate = 32.86%The marginal tax rate is the tax rate on the next $1 ofearnings, so the marginal tax rate = 39%.5.To calculate OCF, we first need the income statement:Income StatementSales $18,700Costs 10,300Depreciation 1,900EBIT $6,500Interest 1,250Taxable income $5,250Taxes 2,100Net income $3,150OCF = EBIT + Depreciation – TaxesOCF = $6,500 + 1,900 – 2,100OCF = $6,300/doc/a95a227710a6f524cdbf8525.ht ml capital spending = NFA end– NFA beg + Depreciation Net capital spending = $1,690,000 – 1,420,000 + 145,000Net capital spending = $415,0007.The long-term debt account will increase by $35 million, the amount of the new long-term debt issue.Since the company sold 10 million new shares of stock with a $1 par value, the common stock account will increase by $10 million. The capital surplus account will increase by $48 million, the value of the new stock sold above its par value. Since the company had a net income of $9 million, and paid $2 million in dividends, the addition to retained earnings was $7 million, which will increase the accumulated retained earnings account. So, the new long-term debt and stockholders’ equity portion of the balance sheet will be:Long-term debt $ 100,000,000Total long-term debt $ 100,000,000Shareholders equityPreferred stock $ 4,000,000Common stock ($1 par value) 25,000,000Accumulated retained earnings 142,000,000Capital surplus 93,000,000Total equity $ 264,000,000Total Liabilities & Equity $ 364,000,0008.Cash flow to creditors = Interest paid – Net new borrowingCash flow to creditors = $127,000 – (LTD end– LTD beg)Cash flow to creditors = $127,000 – ($1,520,000 – 1,450,000) Cash flow to creditors = $127,000 – 70,000Cash flow to creditors = $57,0009. Cash flow to stockholders = Dividends paid –Net new equityCash flow to stockholders = $275,000 –[(Common end + APIS end) – (Common beg + APIS beg)]Cash flow to stockholders = $275,000 –[($525,000 + 3,700,000) – ($490,000 + 3,400,000)]Cash flow to stockholders = $275,000 –($4,225,000 –3,890,000)Cash flow to stockholders = –$60,000Note, APIS is the additional paid-in surplus.10. Cash flow from assets = Cash flow to creditors + Cash flow to stockholders= $57,000 – 60,000= –$3,000Cash flow from assets = OCF – Change in NWC – Net capital spending–$3,000 = OCF – (–$87,000) – 945,000OCF = $855,000Operating cash flow = –$3,000 – 87,000 + 945,000Operating cash flow = $855,000Intermediate11. a.The accounting statement of cash flows explains the change in cash during the year. Theaccounting statement of cash flows will be:Statement of cash flowsOperationsNet income $95Depreciation 90Changes in other current assets (5)Accounts payable 10Total cash flow from operations $190Investing activitiesAcquisition of fixed assets $(110)Total cash flow from investing activities $(110)Financing activitiesProceeds of long-term debt $5Dividends (75)Total cash flow from financing activities ($70)Change in cash (on balance sheet) $10b.Change in NWC = NWC end– NWC beg= (CA end– CL end) – (CA beg– CL beg)= [($65 + 170) – 125] – [($55 + 165) – 115)= $110 – 105= $5c.To find the cash flow generated by the firm’s assets, we need the operating cash flow, and thecapital spending. So, calculating each of these, we find:Operating cash flowNet income $95Depreciation 90Operating cash flow $185Note that we can calculate OCF in this manner since there are no taxes.Capital spendingEnding fixed assets $390Beginning fixed assets (370)Depreciation 90Capital spending $110Now we can calculate the cash flow generated by the firm’s assets, which is:Cash flow from assetsOperating cash flow $185Capital spending (110)Change in NWC (5)Cash flow from assets $ 7012.With the information provided, the cash flows from the firm are the capital spending and the changein net working capital, so:Cash flows from the firmCapital spending $(21,000)Additions to NWC (1,900)Cash flows from the firm $(22,900)And the cash flows to the investors of the firm are:Cash flows to investors of the firmSale of long-term debt (17,000)Sale of common stock (4,000)Dividends paid 14,500Cash flows to investors of the firm $(6,500)13. a. The interest expense for the company is the amount of debt times the interest rate on the debt.So, the income statement for the company is:Income StatementSales $1,060,000Cost of goods sold 525,000Selling costs 215,000Depreciation 130,000EBIT $190,000Interest 56,000Taxable income $134,000Taxes 46,900Net income $ 87,100b. And the operating cash flow is:OCF = EBIT + Depreciation – TaxesOCF = $190,000 + 130,000 – 46,900OCF = $273,10014.To find the OCF, we first calculate net income.Income StatementSales $185,000Costs 98,000Depreciation 16,500Other expenses 6,700EBIT $63,800Interest 9,000Taxable income $54,800Taxes 19,180Net income $35,620Dividends $9,500Additions to RE $26,120a.OCF = EBIT + Depreciation – TaxesOCF = $63,800 + 16,500 – 19,180OCF = $61,120b.CFC = Interest – Net new LTDCFC = $9,000 – (–$7,100)CFC = $16,100Note that the net new long-term debt is negative because the company repaid part of its long-term debt.c.CFS = Dividends – Net new equityCFS = $9,500 – 7,550CFS = $1,950d.We know that CFA = CFC + CFS, so:CFA = $16,100 + 1,950 = $18,050CFA is also equal to OCF – Net capital spending – Change in NWC. We already know OCF.Net capital spending is equal to:Net capital spending = Increase in NFA + DepreciationNet capital spending = $26,100 + 16,500Net capital spending = $42,600Now we can use:CFA = OCF – Net capital spending – Change in NWC$18,050 = $61,120 – 42,600 – Change in NWC.Solving for the change in NWC gives $470, meaning the company increased its NWC by $470.15.The solution to this question works the income statement backwards. Starting at the bottom:Net income = Dividends + Addition to ret. earningsNet income = $1,570 + 4,900Net income = $6,470Now, looking at the income statement:EBT –(EBT × Tax rate) = Net incomeRecognize that EBT × tax rate is simply the calculation for taxes. Solving this for EBT yields:EBT = NI / (1– Tax rate)EBT = $6,470 / (1 – .35)EBT = $9,953.85Now we can calculate:EBIT = EBT + InterestEBIT = $9,953.85 + 1,840EBIT = $11,793.85The last step is to use:EBIT = Sales – Costs – Depreciation$11,793.85 = $41,000 – 26,400 – DepreciationDepreciation = $2,806.1516.The market value of shareholders’ equity cannot be negative. A negative market value in this casewould imply that the company would pay you to own the stock. The market value of shareholders’ equity can be stated as: Shareholders’ equity = Max [(TA – TL), 0]. So, if TA is $12,400, equity is equal to $1,500, and if TA is $9,600, equity is equal to $0. We should note here that while the market value of equity cannot be negative, the book value of share holders’ equity can be negative. 17. a. Taxes Growth = 0.15($50,000) + 0.25($25,000) + 0.34($86,000 – 75,000) = $17,490Taxes Income = 0.15($50,000) + 0.25($25,000) + 0.34($25,000) + 0.39($235,000)+ 0.34($8,600,000 – 335,000)= $2,924,000b. Each firm has a marginal tax rate of 34% on the next $10,000 of taxable income, despite theirdifferent average tax rates, so both firms will pay an additional $3,400 in taxes.18.Income StatementSales $630,000COGS 470,000A&S expenses 95,000Depreciation 140,000EBIT ($75,000)Interest 70,000Taxable income ($145,000)Taxes (35%) 0/doc/a95a227710a6f524cdbf8525.ht ml income ($145,000)b.OCF = EBIT + Depreciation – TaxesOCF = ($75,000) + 140,000 – 0OCF = $65,000/doc/a95a227710a6f524cdbf8525.ht ml income was negative because of the tax deductibility of depreciation and interest expense.However, the actual cash flow from operations was positive because depreciation is a non-cash expense and interest is a financing expense, not an operating expense.19. A firm can still pay out dividends if net income is negative; it just has to be sure there is sufficientcash flow to make the dividend payments.Change in NWC = Net capital spending = Net new equity = 0. (Given)Cash flow from assets = OCF – Change in NWC – Net capitalspendingCash flow from assets = $65,000 – 0 – 0 = $65,000Cash flow to stockholders = Dividends – Net new equityCash flow to stockholders = $34,000 – 0 = $34,000Cash flow to creditors = Cash flow from assets – Cash flow to stockholdersCash flow to creditors = $65,000 – 34,000Cash flow to creditors = $31,000Cash flow to creditors is also:Cash flow to creditors = Interest – Net new LTDSo:Net new LTD = Interest – Cash flow to creditorsNet new LTD = $70,000 – 31,000Net new LTD = $39,00020. a.The income statement is:Income StatementSales $19,900Cost of good sold 14,200Depreciation 2,700EBIT $ 3,000Interest 670Taxable income $ 2,330Taxes 932Net income $1,398b.OCF = EBIT + Depreciation – TaxesOCF = $3,000 + 2,700 – 932OCF = $4,768c.Change in NWC = NWC end– NWC beg= (CA end– CL end) – (CA beg– CL beg)= ($5,135 – 2,535) – ($4,420 – 2,470)= $2,600 – 1,950 = $650Net capital spending = NFA end– NFA beg + Depreciation = $16,770 – 15,340 + 2,700= $4,130CFA = OCF – Change in NWC – Net capital spending= $4,768 – 650 – 4,130= –$12The cash flow from assets can be positive or negative, since it represents whether the firm raised funds or distributed funds on a net basis. In this problem, even though net income and OCF are positive, the firm invested heavily in both fixed assets and net working capital; it had to raise a net $12 in funds from its stockholders and creditors to make these investments.d.Cash flow to creditors = Interest – Net new LTD= $670 – 0= $670Cash flow to stockholders = Cash flow from assets – Cash flow to creditors= –$12 – 670= –$682We can also calculate the cash flow to stockholders as:Cash flow to stockholders = Dividends – Net new equitySolving for net new equity, we get:Net new equity = $650 – (–682)= $1,332The firm had positive earnings in an accounting sense (NI > 0) and had positive cash flow from operations. The firm invested $650 in new net working capital and $4,130 in new fixed assets.The firm had to raise $12 from its stakeholders to support this new investment. It accomplished this by raising $1,332 in theform of new equity. After paying out $650 of this in the form of dividends to shareholders and $670 in the form of interest to creditors, $12 was left to meet the firm’s cash flow needs for investment.21. a.Total assets 2011 = $936 + 4,176 = $5,112Total liabilities 2011 = $382 + 2,160 = $2,542Owners’ equity 2011 = $5,112 – 2,542 = $2,570Total assets 2012 = $1,015 + 4,896 = $5,911Total liabilities 2012 = $416 + 2,477 = $2,893Owners’ equity 2012 = $5,911 – 2,893 = $3,018b.NWC 2011 = CA11 – CL11 = $936 – 382 = $554NWC 2012 = CA12 – CL12 = $1,015 – 416 = $599Change in NWC = NWC12 – NWC11 = $599 – 554 = $45c.We can calculate net capital spending as:Net capital spending = Net fixed assets 2012 –Net fixed assets 2011 + DepreciationNet capital spending = $4,896 – 4,176 + 1,150Net capital spending = $1,870So, the company had a net capital spending cash flow of $1,870. We also know that net capital spending is:Net capital spending = Fixed assets bought –Fixed assets sold$1,870 = $2,160 – Fixed assets soldFixed assets sold = $2,160 – 1,870 = $290To calculate the cash flow from assets, we must first calculate the operating cash flow. The operating cash flow is calculated as follows (you can also prepare a traditional income statement): EBIT = Sales – Costs – DepreciationEBIT = $12,380 – 5,776 – 1,150EBIT = $5,454EBT = EBIT – InterestEBT = $5,454 – 314EBT = $5,140Taxes = EBT ? .40Taxes = $5,140 ? .40Taxes = $2,056OCF = EBIT + Depreciation – TaxesOCF = $5,454 + 1,150 – 2,056OCF = $4,548Cash flow from assets = OCF – Change in NWC – Net capital spending.Cash flow from assets = $4,548 – 45 – 1,870Cash flow from assets = $2,633/doc/a95a227710a6f524cdbf8525.ht ml new borrowing = LTD12 – LTD11Net new borrowing = $2,477 – 2,160Net new borrowing = $317Cash flow to creditors = Interest – Net new LTDCash flow to creditors = $314 – 317Cash flow to creditors = –$3Net new borrowing = $317 = Debt issued – Debt retiredDebt retired = $432 – 317 = $11522.Balance sheet as of Dec. 31, 2011Cash $4,109 Accounts payable $4,316 Accounts receivable 5,439 Notes payable 794 Inventory 9,670 Current liabilities $5,110 Current assets $19,218Long-term debt $13,460 Net fixed assets $34,455 Owners' equity 35,103 Total assets $53,673 Total liab. & equity $53,673 Balance sheet as of Dec. 31, 2012Cash $5,203 Accounts payable $4,185Accounts receivable 6,127 Notes payable 746Inventory 9,938 Current liabilities $4,931Current assets $21,268Long-term debt $16,050 Net fixed assets $35,277 Owners' equity 35,564Total assets Total liab. & equity2011 Income Statement 2012 Income Statement Sales $7,835.00Sales $8,409.00 COGS 2,696.00COGS 3,060.00 Other expenses 639.00Other expenses 534.00 Depreciation 1,125.00Depreciation 1,126.00 EBIT $3,375.00EBIT $3,689.00 Interest 525.00Interest 603.00 EBT $2,850.00EBT $3,086.00 Taxes 969.00Taxes 1,049.24 Net income $1,881.00Net income $2,036.76 Dividends $956.00Dividends $1,051.00 Additions to RE 925.00Additions to RE 985.76 23.OCF = EBIT + Depreciation –TaxesOCF = $3,689 + 1,126 – 1,049.24OCF = $3,765.76Change in NWC = NWC end– NWC beg = (CA – CL) end– (CA – CL) begChange in NWC = ($21,268 – 4,931) – ($19,218 – 5,110)Change in NWC = $2,229Net capital spending = NFA end– NFA beg+ DepreciationNet capital spending = $35,277 – 34,455 + 1,126Net capital spending = $1,948Cash flow from assets = OCF – Change in NWC – Net capital spendingCash flow from assets = $3,765.76 – 2,229 – 1,948Cash flow from assets = –$411.24Cash flow to creditors = Interest – Net new LTDNet new LTD = LTD end– LTD begCash flow to creditors = $603 – ($16,050 – 13,460)Cash flow to creditors = –$1,987Net new equity = Common stock end– Common stock beg Common stock + Retained earnings = Total owners’ equity Net new equity = (OE – RE) end– (OE – RE) begNet new equity = OE end– OE beg + RE beg– RE endRE end= RE beg+ Additions to RENet new equity = OE end–OE beg+ RE beg–(RE beg + Additions to RE)= OE end– OE beg– Additions to RENet new equity = $35,564 – 35,103 – 985.76 = –$524.76Cash flow to stockholders = Dividends – Net new equityCash flow to stockholders = $1,051– (–$524.76)Cash flow to stockholders = $1,575.76As a check, cash flow from assets is –$411.24Cash flow from assets = Cash flow from creditors + Cash flow to stockholdersCash flow from assets = –$1,987 + 1,575.76Cash flow from assets = –$411.24Challenge24.We will begin by calculating the operating cash flow. First, we need the EBIT, which can becalculated as:EBIT = Net income + Current taxes + Deferred taxes + InterestEBIT = $173 + 98 + 19 + 48EBIT = $338Now we can calculate the operating cash flow as:Operating cash flowEarnings before interest and taxes $338Depreciation 94Current taxes (98)Operating cash flow $334The cash flow from assets is found in the investing activities portion of the accounting statement of cash flows, so: Cash flow from assetsAcquisition of fixed assets $215Sale of fixed assets (23)Capital spending $192The net working capital cash flows are all found in the operations cash flow section of the accounting statement of cash flows. However, instead of calculating the net working capital cash flows as the change in net working capital, we must calculate each item individually. Doing so, we find:Net working capital cash flowCash $14Accounts receivable 18Inventories (22)Accounts payable (17)Accrued expenses 9Notes payable (6)Other (3)NWC cash flow ($7)Except for the interest expense and notes payable, the cash flow to creditors is found in the financing activities of the accounting statement of cash flows. The interest expense from the income statement is given, so:Cash flow to creditorsInterest $48Retirement of debt 162Debt service $210Proceeds from sale of long-term debt (116)Total $94And we can find the cash flow to stockholders in the financing section of the accounting statement of cash flows. The cash flow to stockholders was:Cash flow to stockholdersDividends $ 86Repurchase of stock 13Cash to stockholders $ 99Proceeds from new stock issue (44)Total $ 55/doc/a95a227710a6f524cdbf8525.ht ml capital spending = NFA end– NFA beg + Depreciation = (NFA end– NFA beg) + (Depreciation + AD beg) – AD beg = (NFA end– NFA beg)+ AD end– AD beg= (NFA end + AD end) – (NFA beg + AD beg) = FA end– FA beg26. a.The tax bubble causes average tax rates to catch up to marginal tax rates, thus eliminating thetax advantage of low marginal rates for high income corporations.b.Assuming a taxable income of $335,000, the taxes will be:Taxes = 0.15($50K) + 0.25($25K) + 0.34($25K) + 0.39($235K) = $113.9KAverage tax rate = $113.9K / $335K = 34%The marginal tax rate on the next dollar of income is 34 percent.For corporate taxable income levels of $335K to $10M,average tax rates are equal to marginal tax rates.Taxes = 0.34($10M) + 0.35($5M) + 0.38($3.333M) = $6,416,667Average tax rate = $6,416,667 / $18,333,334 = 35%The marginal tax rate on the next dollar of income is 35 percent. For corporate taxable income levels over $18,333,334, average tax rates are again equal to marginal tax rates.c.Taxes = 0.34($200K) = $68K = 0.15($50K) + 0.25($25K) +0.34($25K) + X($100K);X($100K) = $68K – 22.25K = $45.75KX = $45.75K / $100KX = 45.75%。

Principles of Corporate Finance 10th Edition homework answers公司财务原理第十版答案1

1 1 PV C t r r (1 r) 1 1 $2,000,000 C 15 0.08 0.08 (1.08) 1 1 $233,659 C $2,000,000 0.08 0.08 (1.08)15
NPV $370,000 $200,000 $420,000 $30,000 1.05 (1.05)2
at 10% NPV $370,000
$200,000 420,000 -$4,710.74 1.10 (1.10)2 $200,000 420,000 $35,028.36 1.15 (1.15)2
1 1 PV $1 billion $10.203 billion (0.077)(20 ) 0.077 0.077 e
This result is greater than the answer in Part (c) because the endowment is now earning interest during the entire year.
at 5%
NPV $370,000
35000 30000 25000 坐标轴标题 20000 15000 10000 5000 0 -5000 -10000 5% 10% 坐标轴标题 15% 系列2
25.
a. b. c. d.
PV = $1 billion/0.08 = $12.5 billion PV = $1 billion/(0.08 – 0.04) = $25.0 billion
(Let NPV=0, we can find that r=9.30%)
40000 30000 20000 坐标轴标题 10000 0 -10000 -20000 -30000 -40000 坐标轴标题 5% 10% 15% 系列2

公司金融习题及答案

公司财务模拟试题1.MAC 公司现有留存收益500万元，公司对外发行普通股的每股市价为40元，当前的每股收益3.2元，预计以后每股收益年增长率为8%，股利支付率为25%保持不变。

要求：（1）计算预计第一年年末将发放的每股股利；（2）计算留存收益率的资本成本。

（1）预计第1年年末将发放的每股股利：每股股利=3.2×（1+8%）×25%=0.864（元）（2）留存收益的资本成本（r e ）：%16.10%8400.864e =+=r 2.某公司目前的资本来源状况如下：债务资本的主要项目是公司债券，该债券的票面利率为8%，每年付息一次，10年后到期，每张债券面值1000元，当前市价964元，共发行100万张；股权资本的主要项目是普通股，流通在外的普通股共10000万股，每股面值1元，市价28.5元，β系数1.5。

当前的无风险收益率4.5%，预期市场风险溢价为5%。

公司的所得税税率为25%。

要求：（1）分别计算债务和股权的资本成本；（2）以市场价值为标准，计算加权平均资本成本。

（1）债券资本成本（r b ）：10101)1(0001)1(%)251(%80001964b t t b r r +++-⨯⨯=∑=即：)10,(0001)10,(%)251(%80001964b b r PVIF r PVIFA ⨯+⨯-⨯⨯= 采用插值法逐步测试解得：r b =6.50%股权资本成本（r s ）：r s =4.5%+1.5×5%=12% （2）%250001028.5100964100964=⨯+⨯⨯=债券市场价值权数%750001028.51009640001028.5=⨯+⨯⨯=股票市场价值权数加权平均资本成本=6.50%×25% +12%×75%=10.62%3.某企业产权比率为0.6,税前债券成本为15.15%,权益成本为20%,所得税率为34%,该企业加权平均资本成本为（）产权比例的概念产权比率又叫债务股权比率，是负债总额与股东权益总额之比率。

公司金融_中央财经大学中国大学mooc课后章节答案期末考试题库2023年

公司金融_中央财经大学中国大学mooc课后章节答案期末考试题库2023年1.若某公司目前有以下5个项目可以投资，且投资总额不得超过40万，则B公司应当采取的投资组合是：项目初始投资额净现值A40万2.4B25万1.8C20万1.4D15万1.2E10万0.6F5万0.2参考答案:投资B+D2.在计算一个设备产生的现金流时，除期初和期末现金流外，年现金流的计算公式一般为：参考答案:年现金流=税后利润+折旧3.（）赋予债券持有人强制发行者以事先约定的价格赎回债券的权利参考答案:可回售债券4.以下关于长期债务融资正确的说法是（）参考答案:银行贷款相比于债券融资来说期限一般更短5.任何情况下普通股股票的投票权都是一样的（）参考答案:错误6.债券契约中规定发行公司必须定期向债权人提供财务报表信息，这属于消极保护性条款（）参考答案:错误7.红橙公司的股票刚刚支付了3元每股的股利，公司股利预计接下来的三年股利将以8%的增长率增长，之后保持稳定增长率4%，投资者对该股票要求的收益率为10%，如果红橙公司当前的市场价格是70元每股，那么你对该股票的投资决策是（）。

参考答案:高估，卖出8.以下对内部收益率的描述中最准确的是（）。

参考答案:内部收益率与项目资本成本比较可以判断项目取舍9.R公司目前有1000 万元的资金可用于投资，因此需要从10 个期限均为5年、投资额均为200 万元，且净现值均大于0 的项目中选择5 个项目进行投资。

那么公司应该按照哪一种标准进行选择？（）参考答案:盈利指数之和最大10.净现值与内部收益率的区别主要表现在：参考答案:以上三者均是11.一项每年提供1000元现金流量的永续年金投资，在贴现率为5%时的价值为20000元。

参考答案:正确12.在费雪分离定理成立的假设下，公司的所有权和经营权分离，管理者为了实现股东的效用最大化，只需要按照净现值最大化的原则进行投资，然后每个股东按照自己的消费偏好在金融市场上进行借贷，选择自己的最佳消费决策。

公司财务,第十版,课后答案

g.Yes, salary and medical costs for production employees hired for a project should be treated as incremental cash flows. The salaries of all personnel connected to the project must be included as costs of that project.
e.No, dividend payments should not be treated as incremental cash flows. A firm’s decision to pay or not pay dividends is independent of the decision to accept or reject any given investment project. For this reason, dividends are not an incremental cash flow to a given project. Dividend policy is discussed in more detail in later chapters.
c.No, the research and development costs should not be treated as incremental cash flows. The costs of research and development undertaken on the product during the past three years aresunk costsand should not be included in the evaluation of the project. Decisions made and costs incurred in the past cannot be changed. They should not affect the decision to accept or reject the project.

Chap1财务管理,公司金融,罗斯第十版解析

• 劣势:
• 所有权与管理权分离
• 双重征税（对公司利润按公司税率征税，对股利收入按个人税率征税）
1-10
此目标并不只是公司所有的，其他组织形式，如非盈利组织的目标也是这个。
财务管理目标
• 公司经营的目标应该是什么？
– 利润最大化？ – 成本最小化？ – 市场份额最大化？ – 最大化公司股票的当前价值？
• 这是否意味着我们应该采取所有的办法来最大化企业主的财富？
1-11
一个很好的例子就是房地产中介和客户利益的冲突。
代理人问题代理成本包括直接和间接的代理成本。
• 代理关系 • 委托人雇佣代理人以代表他/她的权益 • 股东（委托人）雇佣经理（代理人）来经营企业
• 代理问题 – 委托人与代理人之间的利益冲突
• 有限责任公司
1-7
点击图标可链接至一个网站，讨论更多关于单一业主制形式的信息
单一业主制
• 优势: • 最容易建立 • 管制较少 • 单一业主保留所有利润 • 只作为个人所得征税一次
• 劣势: • 业主寿命有限 • 权益资本只限于业主的个人财富 • 无限责任 • 较难转让
1-8
点击图标可链接至一个网站，讨论更多关于合伙制形式的信息
• 当面临一个收购要约时，董事会是否只需要考虑价格因素？
• 若只关注股东的财富，这样是否符合职业道德规范？或许是否应该考虑利益相关者的整体利益？
• 若公司采取扼杀竞争的方式以试图提高回报，则应该受到惩罚吗？（例，微软）
1-16
Hale Waihona Puke 章节结束1-17• 管理目标与代理成本
1-12
讨论激励手段应该如何仔细设计。例如，将奖金与利润挂钩是否会使得经理只关注短期目标而忽略能带来长期

公司金融试题及答案

公司金融试题及答案 Lele was written in 2021公司金融试题及答案《公司金融》综合练习已知：(P/A,10%,5)=3.7908，(P/A,6%,10)=7.3601，(P/A,12%,6)=4.1114， (P/A,12%,10)=5.6502，(P/S,10%,2)=0.8264，(P/F,6%,10)=0.5584， (P/F,12%,6)=0.5066 (P/A,12%,6)=4.1114，(P/A,12%,10)=5.6502 一、单项选择题（下列每小题的备选答案中，只有一个符合题意的正确答案。

请将你选定的答案字母填入题后的括号中。

本类题共 30 个小题，每小题 2 分） 1. 反映债务与债权人之间的关系是（） A、企业与政府之间的关系 B、企业与债权人之间的财务关系 C、企业与债务人之间的财务关系 D、企业与职工之间的财务关系 2. 根据简化资产负债表模型，公司在金融市场上的价值等于：（） A、有形固定资产加上无形固定资产 B、销售收入减去销货成本 C、现金流入量减去现金流出量 D、负债的价值加上权益的价值 3. 公司短期资产和负债的管理称为（） 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 4. 反映股东财富最大化目标实现程度的指标是（） A、销售收入 B、市盈率 C、每股市价 D、净资产收益率 5. 企业财务管理的目标与企业的社会责任之间的关系是（） A、两者相互矛盾 B、两者没有联系 C、两者既矛盾又统一D、两者完全一致 6. 财务管理的目标是使（）最大化。

A、公司的净利润 C、公司的资源值 B、每股收益 D、现有股票的价 7. 下列陈述正确的是（）。

A、合伙制企业和公司制企业都有双重征税的问题 B、独资企业和合伙制企业在纳税问题上属于同一类型 C、合伙者企业是三种企业组织形式忠最为复杂的一种 D、各种企业组织形式都只有有限的寿命期 8. 公司制这种企业组织形式最主要的缺点是（） A、有限责任B、双重征税 C、所有权与经营权相分离 D、股份易于转让 9. 违约风险的大小与债务人信用等级的高低（） A、成反比 B、成正比 C、无关D、不确定 10. 反映企业在一段时期内的经营结果的报表被称为（）A、损益表 B、资产负债表 C、现金流量表 D、税务报表 11. 将损益表和资产负债表与时间序列某一时点的价值进行比较的报表称为（）。

公司理财精要版第十版课后答案

CHAPTER 18VALUATION AND CAPITAL BUDGETING FOR THE LEVERED FIRM Answers 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 theNPV of financing side effects.2. The WACC is based on a target debt level while the APV is based on the amount of debt.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 does implicitly includethe 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 beta of the assetsof 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 cars with all-equity funding is the price that makes the NPV of the transaction equal to zero. 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)($175,000)PVIFA13%,5 + (.35)(P/5)PVIFA13%,5Setting the NPV equal to zero and solving for the purchase price, we find:0 = –P + (1 – .35)($175,000)PVIFA13%,5 + (.35)(P/5)PVIFA13%,5P = $400,085.06 + (P)(.35/5)PVIFA13%,5P = $400,085.06 + .2462P.7538P = $400,085.06P = $530,761.93b.The adjusted present value (APV) of a project equals the net present value of the project if itwere 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 $480,000 for the fleet of cars. Because this fleet will be fully depreciated over five years using the straight-line method, annual depreciation expense equals:Depreciation = $480,000/5Depreciation = $96,000So, the NPV of an all-equity project is:NPV = –$480,000 + (1 – .35)($175,000)PVIFA13%,5 + (.35)($96,000)PVIFA13%,5NPV = $38,264.03NPV(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 = $390,000 – (1 – .35)(.08)($390,000)PVIFA8%,5– $390,000/1.085NPV = $43,600.39So, the APV of the project is:APV = NPV(All-Equity) + NPV(Financing Side Effects)APV = $38,264.03 + 43,600.39APV = $81,864.422.The adjusted present value (APV) of a project equals the net present value of the project if it werefunded 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 $1.7 million will be fully depreciated over four years using thestraight-line method, annual depreciation expense is:Depreciation = $1,700,000/4Depreciation = $425,000NPV = –$1,700,000 + (1 – .30)($595,000)PVIFA13%,4 + (.30)($425,000)PVIFA9.5%,4NPV (All-equity) = –$52,561.35NPV(Financing Side Effects)The net present value of financing side effects equals the aftertax present value of cash flowsresulting from the firm’s debt. So, the NPV of the financing side effects are:NPV = Proceeds(Net of flotation) – Aftertax PV(Interest Payments) – PV(Principal Payments) + 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 = $45,000/4Annual flotation expense = $11,250NPV = ($1,700,000 – 45,000) – (1 – .30)(.095)($1,700,000)PVIFA9.5%,4– $1,700,000/1.0954 + .30($11,250) PVIFA9.5%,4NPV = $121,072.23So, the APV of the project is:APV = NPV(All-Equity) + NPV(Financing Side Effects)APV = –$52,561.35 + 121,072.23APV = $68,510.883. a.In order to value a firm’s equity using the flow-to-equity approach, discount the cash flowsavailable to equity holders at the cost of the firm’s levered equity. The cash flows to equity holders will be the firm’s net income. Remembering that the company has three stores, we find:Sales $3,900,000COGS 2,010,000G & A costs 1,215,000Interest 123,000EBT $ 552,000Taxes 220,800NI $ 331,200Since this cash flow will remain the same forever, the present value of cash flows available tothe firm’s equity holders is a perpetuity. We can discount at the levered cost of equity, so, thevalue of the company’s equity is:PV(Flow-to-equity) = $331,200 / .19PV(Flow-to-equity) = $1,743,157.89b.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 to calculate the value of debt. The company has a debt-to-equity ratio of .40, which can be written algebraically as:B / S = .40We can substitute the value of equity and solve for the value of debt, doing so, we find:B / $1,743,157.89 = .40B = $697,263.16So, the value of the company is:V = $1,743,157.89 + 697,263.16V = $2,440,421.054. a.In order to determine the cost of the firm’s debt, we need to find the yield to maturity on itscurrent bonds. With semiannual coupon payments, the yield to maturity of the company’s bonds is:$1,080 = $35 (PVIFA R%,40) + $1,000(PVIF R%,40)R = .03145, or 3.145%Since the coupon payments are semiannual, the YTM on the bonds is:YTM = 3.145%× 2YTM = 6.29%b.We can use the Capital Asset Pricing Model to find the return on unlevered equity. Accordingto the Capital Asset Pricing Model:R0 = R F+ βUnlevered(R M–R F)R0 = 4% + .85(11% – 4%)R0 = 9.95%Now we can find the cost of levered equity. According to Modigliani-Miller Proposition II with corporate taxesR S = R0 + (B/S)(R0–R B)(1 –t C)R S = .0995 + (.40)(.0995 – .0629)(1 – .34)R S = .1092, or 10.92%c.In a world with corporate taxes, a firm’s weighted average cost of capital is equal to: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. However, the firm’s debt-equity ratio is:B/S = .40Solving for B:B = .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)(.0629) + .71(.1092)R WACC = .0898, or 8.98%5. a.The equity beta of a firm financed entirely by equity is equal to its unlevered beta. Since eachfirm has an unlevered beta of 1.10, 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](1.10)βEquity = 1.65South PoleβEquity = [1 + (1 –t C)(B/S)]βUnleveredβEquity = [1 + (1 – .35)($3,800,000/$2,900,000](1.10)βEquity = 2.04b.We can use the Capital Asset Pricing Model to find the required return on each firm’s equity.Doing so, we find:North Pole:R S = R F+ βEquity(R M–R F)R S = 3.20% + 1.65(10.90% – 3.20%)R S = 15.87%South Pole:R S = R F+ βEquity(R M–R F)R S = 3.20% + 2.04(10.90% – 3.20%)R S = 18.88%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 principal paymentsNPV Loan = $5,850,000 – .08($5,850,000)(1 – .40)PVIFA8%,10– $5,850,000/1.0810NPV Loan = $1,256,127.24b.The flotation costs of the loan will be:Flotation costs = $5,850,000(.025)Flotation costs = $146,250So, the annual flotation expense will be:Annual flotation expense = $146,250 / 10Annual flotation expense = $14,625If 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 and principalpayments + Present value of the flotation cost tax shieldNPV Loan = ($5,850,000 – 146,250) – .08($5,850,000)(1 – .40)(PVIFA8%,10)– $5,850,000/1.0810 + $14,625(.40)(PVIFA8%,10)NPV Loan = $1,149,131.217.First we need to find the aftertax value of the revenues minus expenses. The aftertax value is:Aftertax revenue = $3,200,000(1 – .40)Aftertax revenue = $1,920,000Next, 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(PVIFA3.5%,6) + $1,920,000(PVIFA11%,6)NPV = $772,332.978.Whether the company issues stock or issues equity to finance the project is irrelevant. Thecompany’s optimal capital structure determines the WACC. 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 SR WACC = .80(1 – .34)(.069) + .20(.1080)R WACC = .0580, or 5.80%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 = –$45,000,000 + $3,100,000 / .0580NPV = $8,418,803.429. a.The company has a capital structure with three parts: long-term debt, short-term debt, andequity. Since interest payments on both long-term and short-term debt are tax-deductible, multiply the pretax costs by (1 –t C) to determine the aftertax costs to be used in the weighted average cost of capital calculation. The WACC using the book value weights is:R WACC = (X STD)(R STD)(1 –t C) + (X LTD)(R LTD)(1 –t C) + (X Equity)(R Equity)R WACC = ($10 / $19)(.041)(1 – .35) + ($3 / $19)(.072)(1 – .35) + ($6 / $19)(.138)R WACC = .0650, or 6.50%ing the market value weights, the company’s WACC is:R WACC = (X STD)(R STD)(1 –t C) + (X LTD)(R LTD)(1 –t C) + (X Equity)(R Equity)R WACC = ($11 / $40)(.041)(1 – .35) + ($10 / $40)(.072)(1 – .35) + ($26 / $40)(.138)R WACC = .1005, or 10.05%ing the target debt-equity ratio, the target debt-value ratio for the company is:B/S = .60B = .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 = .20STD = .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 bymultiplying 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 = (X STD)(R STD)(1 –t C) + (X LTD)(R LTD)(1 – t C) + (X Equity)(R Equity)R WACC = (.063)(.041)(1 – .35) + (.313)(.072)(1 – .35) + (.625)(.138)R WACC = .1025, or 10.25%d.The differences in the WACCs are due to the different weighting schemes. The company’sWACC will most closely resemble the WACC calculated using target weights since futureprojects will be financed at the target ratio. Therefore, the WACC computed with targetweights should be used for project evaluation.Intermediate10.The adjusted present value of a project equals the net present value of the project under all-equityfinancing 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 = $80,000,000/5Annual depreciation = $16,000,000NPV = –$80,000,000 + (1 – .35)($12,100,000)PVIFA13%,20 + (.35)($16,000,000)PVIFA13%,5NPV = –$5,053,833.77NPV(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 = $25,000,000 – (1 – .35)(.05)($25,000,000)PVIFA8.5%,15– $25,000,000/1.08515NPV = $10,899,310.51So, the APV of the project is:APV = NPV(All-Equity) + NPV(Financing Side Effects)APV = –$5,053,833.77 + $10,899,310.51APV = $5,845,476.7311.If the company had to issue debt under the terms it would normally receive, the interest rate on thedebt 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 = $25,000,000 – (1 – .35)(.085)($25,000,000)PVIFA8.5%,15– $25,000,000/1.08515NPV = $6,176,275.95Using 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 = –$5,053,833.77 + $6,176,275.95APV = $1,122,442.18The gain to the company from issuing subsidized debt is the difference between the two APVs, so: Gain from subsidized debt = $5,845,476.73 – 1,122,442.18Gain from subsidized debt = $4,723,034.55Most 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 under all-equityfinancing 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 + (.50)(R0– .09)(1 – .40)R0 = .1438 or 14.38%Now we can find the NPV of an all-equity project, which is:NPV = PV(Unlevered Cash Flows)NPV = –$18,000,000 + $5,700,000/1.1438 + $9,500,000/(1.1438)2 + $8,800,000/1.14383NPV = $124,086.62Next, 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 is:NPV = $9,300,000 – (1 – .40)(.09)($9,300,000) / 1.09 – $3,100,000/1.09– (1 – .40)(.09)($6,200,000)/1.092– $3,100,000/1.092– (1 – .40)(.09)($3,100,000)/1.093– $3,100,000/1.093NPV = $581,194.61So, the APV of project is:APV = NPV(All-equity) + NPV(Financing side effects)APV = $124,086.62 + 581,194.61APV = $705,281.2313. a.To calculate the NPV of the project, we first need to find the company’s WACC. In a worldwith 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 SThe market value of the company’s equity is:Market value of equity = 4,500,000($25)Market value of equity = $112,500,000So, the debt-value ratio and equity-value ratio are:Debt-value = $55,000,000 / ($55,000,000 + 112,500,000)Debt-value = .3284Equity-value = $112,500,000 / ($55,000,000 + 112,500,000)Equity-value = .6716Since the CEO believes its current capital structure is optimal, these values can be used as the target w eights 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 the company’s cost of equity, we need to calculate the stock beta. The stock beta can be calculated as:β = σS,M / σ2Mβ = .0415 / .202β = 1.04Now 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 = 3.4% + 1.04(7.50%)R S = 11.18%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 = .3284(1 – .35)(.065) + .6716(.1118)R WACC = .0890, or 8.90%Finally, we can use the WACC to discount the unlevered cash flows, which gives us an NPV of: NPV = –$42,000,000 + $11,800,000(PVIFA8.90%,5)NPV = $4,020,681.28b.The weighted average cost of capital used in part a will not change if the firm chooses to fundthe project entirely with debt. The weighted average cost of capital is based on optimal capital structure weights. Since the current capital structure is optimal, all-debt funding for the project simply implies that the firm will have to use more equity in the future to bring the capital structure back towards the target.14.We have four companies with comparable operations, so the industry average beta can be used as thebeta for this project. So, the average unlevered beta is:βUnlevered = (1.15 + 1.08 + 1.30 + 1.25) / 4βUnlevered = 1.20A debt-to-value ratio of .40 means that the equity-to-value ratio is .60. This implies a debt-equityratio of .67{=.40/.60}. Since the project will be levered, we need to calculate the levered beta, which is:βLevered = [1 + (1 –t C)(Debt/Equity)]βUnleveredβLevered = [1 + (1 – .34)(.67)]1.20βLevered = 1.72Now 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 = 3.8% + 1.72(7.00%)R S = 15.85%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 = .40(1 – .35)(.068) + .60(.1585)R WACC = .1130, or 11.30%Finally, we can use the WACC to discount the unlevered cash flows, which gives us an NPV of: NPV = –$4,500,000 + $675,000(PVIFA11.30%,20)NPV = $770,604.48Challenge15. a.The company is currently an all-equity firm, so the value as an all-equity firm equals thepresent value of aftertax cash flows, discounted at the cost of the firm’s unlevered cost of equity. So, the current value of the company is:V U = [(Pretax earnings)(1 –t C)] / R0V U = [($21,000,000)(1 – .35)] / .16V U = $85,312,500The price per share is the total value of the company divided by the shares outstanding, or:Price per share = $85,312,500 / 1,300,000Price per share = $65.63b.The adjusted present value of a firm equals its value under all-equity financing plus the netpresent value of any financing side effects. In this case, the NPV of financing side effects equals the aftertax present value of cash flows resulting from the firm’s debt. Given a known level of debt, debt cash flows can be discounted at the pretax cost of debt, so the NPV of the financing effects are:NPV = Proceeds – Aftertax PV(Interest Payments)NPV = $30,000,000 – (1 – .35)(.09)($30,000,000) / .09NPV = $10,500,000So, the value of the company after the recapitalization using the APV approach is:V = $85,312,500 + 10,500,000V = $95,812,500Since 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 = $95,812,500 / 1,300,000New share price = $73.70c.The company will use the entire proceeds to repurchase equity. Using the share price wecalculated in part b, the number of shares repurchased will be:Shares repurchased = $30,000,000 / $73.70Shares repurchased = 407,045And the new number of shares outstanding will be:New shares outstanding = 1,300,000 – 407,045New shares outstanding = 892,955The 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 the company minus the value of debt, or:New value of equity = $95,812,500 – 30,000,000New value of equity = $65,812,500So, the price per share of the company after recapitalization will be:New share price = $65,812,500 / 892,955New share price = $73.70The price per share is unchanged.d.In order to value a firm’s equity using the flow-to-equity approach, we must discount the cashflows 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 = .16 + ($30,000,000 / $65,812,500)(.16 – .09)(1 – .35)R S = .1807, or 18.07%After the recapitalization, the net income of the company will be:EBIT $21,000,000Interest 2,700,000EBT $18,300,000Taxes 6,405,000Net income $11,895,000The firm pays all of its earnings as dividends, so the entire net income is available toshareholders. Using the flow-to-equity approach, the value of the equity is:S = Cash flows available to equity holders / R SS = $11,895,000 / .1807S = $65,812,50016. a.If the company were financed entirely by equity, the value of the firm would be equal to thepresent value of its unlevered after-tax earnings, discounted at its unlevered cost of capital.First, we need to find the company’s unlevered cash flows, which are:Sales $17,500,000Variable costs 10,500,000EBT $7,000,000Tax 2,800,000Net income $4,200,000So, the value of the unlevered company is:V U = $4,200,000 / .13V U = $32,307,692.31b.According to Modigliani-Miller Proposition II with corporate taxes, the value of levered equityis:R S = R0 + (B/S)(R0–R B)(1 –t C)R S = .13 + (.35)(.13 – .07)(1 – .40)R S = .1426 or 14.26%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-equity ratio forthe company is:B/S = .35B = .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 company’s WACC is:R WACC = [B / (B + S)](1 –t C)R B + [S / (B + S)]R SR WACC = .26(1 – .40)(.07) + .74(.1426)R WACC = .1165, or 11.65%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 = $4,200,000 / .1165V L = $36,045,772.41Now 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 = $36,045,772.41(.26)B = $9,345,200.25S = V L(Equity-value)S = $36,045,772.41(.74)S = $26,700,572.16d.In order to value a firm’s equity using the flow-to-equity approach, we can discount the cashflows 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 $17,500,000Variable costs 10,500,000EBIT $7,000,000Interest 654,164EBT $6,345,836Tax 2,538,334Net income $3,807,502So, the value of equity with the flow-to-equity method is:S = Cash flows available to equity holders / R SS = $3,807,502 / .1426S = $26,700,572.1617. a.Since the company is currently an all-equity firm, its value equals the present value of itsunlevered after-tax earnings, discounted at its unlevered cost of capital. The cash flows to shareholders for the unlevered firm are:EBIT $118,000Tax 47,200Net income $70,800So, the value of the company is:V U = $70,800 / .14V U = $505,714.29b.The adjusted present value of a firm equals its value under all-equity financing plus the netpresent value of any financing side effects. In this case, the NPV of financing side effects equals the after-tax present value of cash flows resulting from debt. Given a known level of debt, debt cash flows should be discounted at the pre-tax cost of debt, so:NPV = Proceeds – Aftertax PV(Interest payments)NPV = $235,000 – (1 – .40)(.08)($235,000) / .08NPV = $94,000So, using the APV method, the value of the company is:APV = V U + NPV(Financing side effects)APV = $505,714.29 + 94,000APV = $599,714.29The value of the debt is given, so the value of equity is the value of the company minus the value of the debt, or:S = V–BS = $599,714.29 – 235,000S = $364,714.29c.According to Modigliani-Miller Proposition II with corporate taxes, the required return oflevered equity is:R S = R0 + (B/S)(R0–R B)(1 –t C)R S = .14 + ($235,000 / $364,714.29)(.14 – .08)(1 – .40)R S = .1632, or 16.32%d.In order to value a firm’s equity using the flow-to-equity approach, we can discount the cashflows 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:EBIT $118,000Interest 18,800EBT $99,200Tax 39,680Net income $59,520。

财务会计第十版答案

财务会计第十版答案财务会计第十版答案【篇一：财务会计学第10、11、12章课后习题参考答案】>教材练习题解析1.20x?年。

提取的盈余公积金；200x10％=20(万元)可供分配利润＝200—20=180(万元)应支付优先股股利=5 000x6％=300(万元)则实际支付优先股股利＝180(万元) .未分派的优先股股利＝300—180=120(万元)20x8年。

提取的盈余公积金=2 875x10％=287.5(万元)可供分配利润＝2 875—287.5=2 587.5(万元)补付20x7年优先股股利=120(万元)20x8年优先股股利＝5 000x6％＝300(万元)剩余可供分配利润＝2 587.5—120—300=2167.5(万元)优先股剩余股利=0.070 5x5 000—300=52.5(万元)优先股股利总额=120+300+52.5＝472.5(万元)2.20x6年1月1日。

公司预计支付股份应负担的费用=loxl000x200＝2 000000(元) 不作会计处理。

20x6年12月31 h。

公司预计：支付股份：应负担的费用=2 000 000x(1—10％) =1 800 000(元)借：管理费用 600 000贷：资本公积——其他资本公积 600 00020x7年工2月31日。

公司预计支付股份应负担的费用=2 000 000x(1—8％)＝1 840000(元) 20x7年累计应负担妁费用=1 840000x2／3x1 226 667(元) 20x7年应负担的费用=1 226 667—600 000=626 667(元) 借：管理费用 626 667贷：资本公积——其他资本公积 626 66720x8年12月31日。

公司实际支付股份应负担的费用昌loxl000x(200—3—3—1)＝1 930 000(元)20x8年应负担的费用=1 930000-226 667＝703 333(元)借：管理费用 703 333贷：资本公积——其他资本公积 703 33320x9年1月1日。

公司财务原理(第10版)第一章

5
合伙制
• 合伙制企业必须交纳营业执照费和存档费。 • 一般合伙人对所有债务负无限责任，有限合伙人仅限于负担与其出资额相应的责任。 • 合伙制企业的权益资本规模通常受到合伙人自身能力的限制。 • 合伙制企业的利润按照合伙人征收个人所得税。 • 管理控制权归属于一般合伙人。
6
公司制
• 公司的产权表示为股份，产权可以随时转让给新的所有者。 • 公司具有无限存续期。
• 实物资产和金融资产 • 投资决策（资本预算决策或资本支出决策）
• 投资在未来产生收益，但是有不确定性
• 融资决策
• 资本结构 • 融资方式
3
什么是公司（corporation）
• 公司是指依法定程序设立，以营利为目的社团法人。 • 公司按股东对公司债权人所负的责任分为独资制、合伙制、公司制等。
• 股东的责任仅限于其投资在所有权的股份数。
7
独资公司
无限责任个人税
合伙关系的公司
有限责任制度企业、有限责任公司
公司税+个人分红税
8
财务的角色
首席财务官：
负责监管所有财务人员工作
制定财务规划，编制财务计划，与其他高管联系，财务信息喉舌，解释盈利预测前景
司库
负责短期现金管理、货币转化和金融资产交易，与银行打交道。
13
市场择时丑闻
盘后交易：共同基金的价位一天只变动一次，每一个交易日一到美国东部时间下午4点，当天的所有买卖开始价格结算，4点以后的买卖按第二天的价格结算，这是《联邦证券法》的规定，在下午4点股市收盘后买卖共同基金，但仍按照当天下午4点的基金价格进行结算，这就是盘后交易
择时交易：个人投资者在基金开了账户以后，可以同时买基金公司管理的所有共同基金。亚洲市场在美国时间上午就收盘了，欧洲市场在美国时间中午就闭市了。如果美国时间下午出了什么坏消息，美国股票猛跌，由于亚洲、欧洲股票已经闭市，这些市场的股票价格无法反映新的坏消息。这时，把手头专营亚洲、欧洲的海外基金以美国下午4点收盘的价格卖掉，实际上卖的是坏消息以前的高价，这就是择时交易

10版金融理论与实务(精华和课后答案)

第一章货币与货币制度复习思考题I1. 马克思是怎样用完整的劳动价值理论富有逻辑地论证货币产生的客观性的？参考答案：按照马克思的货币起源学说，货币是伴随着商品价值形式的不断发展变化而最终产生的。

商品价值形式经历了四个不同的发展变化阶段：1）简单的或偶然的价值形式阶段在这一阶段上，一种商品的价值仅仅是简单的或偶然的表现在与它相交换的另外一种商品上。

2）总和的或扩大的价值形式阶段在这一阶段上，一种商品的价值表现在了与它相交换的一系列商品上。

3）—般价值形式阶段在这一阶段，所有商品的价值都表现在了一个作为一般等价物的商品身上。

4）货币形式阶段在这一阶段，所有商品的价值都表现在了作为固定的一般等价物的金或银上。

当价值形式发展到第四个阶段时，货币就产生了。

2. 推动货币形式由低级向高级不断演变的动力是什么？参考答案：推动货币形式由低级向高级不断演变的动力是商品生产和商品交换活动的不断发展。

3•什么是货币的交易媒介职能？货币为什么具有价值贮藏职能？参考答案：货币的交易媒介职能是指，当货币作为商品交换的媒介物时所发挥出的职能。

货币之所以具有价值贮藏职能是因为货币本身具有价值。

4. 货币制度的构成要素有哪些？参考答案：货币制度的构成要素有五个方面：1）规定货币材料（币材） 2 ）规定货币单位3）规定流通中货币的种类4 ）规定货币的法定支付能力 5 ）规定货币的铸造或发行。

5. 不兑现信用货币制度的特点是什么？我国人民币制度的主要内容包括哪些？参考答案：不兑现的信用货币制度的基本特点是：一是流通中的货币都是信用货币，只要由现金和银行存款组成。

二是信用货币都是通过金融机构的业务活动投入到流通中去的。

三是国家通过中央银行的货币政策操作对信用货币的数量和结构进行管理调控。

我国人民币制度的三项主要内容：一是人民币是我国法定货币，以人民币支付中华人民共和国境内的一切公共的和私人的债务，任何单位和个人不得拒收。

人民币主币的单位是元，辅币的单位有“角”和“分”两种，分、角、元均为十进制。

公司金融_中央财经大学中国大学mooc课后章节答案期末考试题库2023年

公司金融_中央财经大学中国大学mooc课后章节答案期末考试题库2023年1.下列哪一项是合伙制企业的缺点（）答案:普通合伙人对企业债务负无限责任，一起全部财产承担合伙企业的风险2.下列哪一项是公司制企业的优点（）答案:有限责任3.某企业资产利润率为20%，若产权比率（资本结构比率）为0.8，则权益收益率为（）。

答案:36%4.本金为1000元，年利息率为10%的3年期单利定期存款，3年后一次还本付息，则期末本息累计可以收回（）元。

答案:13005.复利现值系数和复利终值系数的关系是（）答案:复利现值系数和复利终值系数互为倒数6.下列哪项是在计算相关现金流时需要计算的？（）答案:营运资本的变化7.在资本预算中，下列现金流中最不应该考虑的是（）答案:沉没成本8.一台旧设备账面价值为30000元，变现价值为32000元，企业打算继续使用该设备，但由于物价上涨，估计需要增加经营性流动资产5000元，增加经营性流动负债2000元，即垫支营运资本3000元，假定所得税税率25%，则继续使用该设备的初始现金流出量为：答案:345009.以下对内部收益率的描述中最准确的是（）答案:内部收益率与项目资本成本比较可以判断项目取舍10.若远景书店某投资方案在开始时需要投入100万，其后连续5年末都会有40万的现金流入，则该方案的投资回收期为：答案:2.5年11.公司预计明年发放股利为每股5元，此后股利按5%的比例增长，目前股票的市价为每股50元，则该公司股权资本成本为（）答案:15%12.关于资本结构的（）认为，债务既具有税收屏蔽作用，又会带来财务风险答案:权衡理论13.以下关于优序融资理论的说法不正确的是（）答案:“先债后股” 是因为债权人对信息更敏感14.下列关于股利分配理论的说法中，错误的是（）答案:客户效应理论认为，对于高收入阶层和风险偏好投资者，应采用高现金股利支付率政策15.华安公司采取剩余股利政策分配股利，正在制定2018年度的股利分配方案，在计算股利分配额时，不需要考虑的因素是（）答案:2018年末的货币资金16.绿光公司的市盈率为20，每股净利润为2元，其所在行业的平均市盈率为24，利用相对估值法计算绿光公司的股票价格为（）答案:48，低估17.X公司的财务数据如下：公司速动比率为1，流动比例为2，其中流动资产为4000元，则其存货规模为（）答案:2000元18.某上市公司A原有1亿股普通股；当前的股票价格为1.20元，现需要募集2500万元资金，采用配股方式募集。

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》习题答案

公司金融习题集答案总论部分参考答案：一、单选：1.B2.C3.C4.B5.C 6．D 7.D8.D 9.B 10.C 11.A 12.A 13.C二、多选：1.ABCD2.ABCD3. ABC4.BC5.BC6. BCD7. BCD8.ABE（或ABCDF）9.AD 10.BCDE 11.ABCD 12.ACD 13.ACD 14.ABC 15.BCD三、判断：1. ×2. ×3. √4. √5. √6. √7. ×8. ×四、简答题略资金的时间价值原理部分参考答案：一、单选：1-5BAADB 6-10BABAC 11-14DBCC二、多选：1.ABCD2.ACD3.ABCD4.BCD5.ABC6.ACD7.BCD三、判断:1.√2.×3. ×4.√5.√6. √7.×8.√9. √四、计算题1题答案：使每年多获得10000元收益的现值等于60000元时甲乙两个方案是等价的即 60000＝10000×（P/A，12%，n）（P/A，12%，n）＝6 n≈11.24（年）结论：如果方案能够持续11.24年以上，该公司应当选择甲方案；如果方案的持续年限短于11.24年，则公司应当选择乙方案；如果方案恰好能够持续11.24年，则选择任何一个方案都是可以的。

2题答案 P甲=10(万元)P乙=3+4×0.909+4×0.826=9.94(万元) 因此乙方案较好3题答案 F=P(F/P 10% 3)=1000×1.331=1331F=1000×(F/A 2.5% 12) =1000×1.34489=1344.89F=250×(F/A 10% 4)=250×4.641=1160.25F=A×(F/A 10% 4) 1331=A×4.641A=1331/4.641=286.794题答案计算各企业收益在第一年末的现值=4000(P/A,10%,7)*(P/F,10%,1)=40000*4.8684*0.9091=177034.50（元）=6000(P/A,10%,8)*(P/F,10%,2)=60000*5.3349*0.8264=264525.68（元）=72000(P/A,10%,9)*(P/F,10%,3)=720000*5.7590*0.7513=311525.04（元）5题答案第一种付款方案支付款项的现值是20万元；第二种付款方案：第一次收付发生在第四年年初，递延期是2年，等额支付的次数是7次P＝4×（P/A，10%，7）×（P/F，10%，2）＝16.09万或者P＝4×[（P/A，10%，9）－（P/A，10%，2）]＝16.09万或者P＝4×（F/A，10%，7）×（P/F，10%，9）＝16.09万第三种付款方案：前8年是普通年金的问题，最后两年属于一次性收付款项P＝3×（P/A，10%，8）＋4×（P/F，10%，9）+5×（P/F，10%，10）＝19.63万因为三种付款方案中，第二种付款方案的现值最小，所以应当选择第二种付款方案。

公司理财英文版第10版课后习题答案

Solutions Manual Fundamentals of Corporate Finance10th edition Ross, Westerfield, and Jordan06-25-2013Prepared byBrad JordanUniversity of KentuckyJoe SmoliraBelmont UniversityCHAPTER 1INTRODUCTION TO CORPORATE FINANCEAnswers to Concepts Review and Critical Thinking Questions1.Capital budgeting (deciding whether to expand a manufacturing plant), capital structure (decidingwhether to issue new equity and use the proceeds to retire outstanding debt), and working capital management (modifying the firm’s credit collection policy with its customers).2.Disadvantages: unlimited liability, limited life, difficulty in transferring ownership, difficulty inraising capital funds. Some advantages: simpler, less regulation, the owners are also the managers, sometimes personal tax rates are better than corporate tax rates.3.The primary disadvantage of the corporate form is the double taxation to shareholders of distributedearnings and dividends. Some advantages include: limited liability, ease of transferability, ability to raise capital, and unlimited life.4.In response to Sarbanes-Oxley, small firms have elected to go dark because of the costs ofcompliance. The costs to comply with Sarbox can be several million dollars, which can be a large percentage of a small firm’s profits. A major cost of going dark is less access to capital. Since the firm is no longer publicly traded, it can no longer raise money in the public market. Although the company will still have access to bank loans and the private equity market, the costs associated with raising funds in these markets are usually higher than the costs of raising funds in the public market.5.The treasurer’s office and the controller’s office are the two primary organizational groups thatreport directly to the chief financial officer. The controller’s office handles cost and financial accounting, tax management, and management information systems, while the treasurer’s office is responsible for cash and credit management, capital budgeting, and financial planning. Therefore, the study of corporate finance is concentrated within the treasury group’s fu nctions.6.To maximize the current market value (share price) of the equity of the firm (whether it’spubliclytraded or not).7. In the corporate form of ownership, the shareholders are the owners of the firm. The shareholderselect the directors of the corporation, who in turn appoint the firm’s management. This separation of ownership from control in the corporate form of organization is what causes agency problems to exist. Management may act in its own or someone else’s best interests, rather than th ose of the shareholders. If such events occur, they may contradict the goal of maximizing the share price of the equity of the firm.8. A primary market transaction.公司理财英文版第10版课后习题答案9.In auction markets like the NYSE, brokers and agents meet at a physical location (the exchange) tomatch buyers and sellers of assets. Dealer markets like NASDAQ consist of dealers operating at dispersed locales who buy and sell assets themselves, communicating with other dealers either electronically or literally over-the-counter.10.Such organizations frequently pursue social or political missions, so many different goals areconceivable. One goal that is often cited is revenue minimization; that is, provide whatever goods and services are offered at the lowest possible cost to society. A better approach might be to observe that even a not-for-profit business has equity. Thus, one answer is that the appropriate goal is to maximize the value of the equity.11.Presumably, the current stock value reflects the risk, timing, and magnitude of all future cash flows,both short-term and long-term. If this is correct, then the statement is false.12.An argument can be made either way. At the one extreme, we could argue that in a market economy,all of these things are priced. There is thus an optimal level of, for example, ethical and/or illegal behavior, and the framework of stock valuation explicitly includes these. At the other extreme, we could argue that these are noneconomic phenomena and are best handled through the political process. A classic (and highly relevant) thought question that illustrates this debate goes something like this: “A firm has estimated that the cost of improving the safety of one of its products is $30 million. However, the firm believes that improving the safety of the product will only save $20 million in product liability claims. What should the firm do?”13.The goal will be the same, but the best course of action toward that goal may be different because ofdiffering social, political, and economic institutions.14.The goal of management should be to maximize the share price for the current shareholders. Ifmanagement believes that it can improve the profitability of the firm so that the share price will exceed $35, then they should fight the offer from the outside company. If management believes that this bidder or other unidentified bidders will actually pay more than $35 per share to acquire the company, then they should still fight the offer. However, if the current management cannot increase the value of the firm beyond the bid price, and no other higher bids come in, then management is not acting in the interests of the shareholders by fighting the offer. Since current managers often lose their jobs when the corporation is acquired, poorly monitored managers have an incentive to fight corporate takeovers in situations such as this.15.We would expect agency problems to be less severe in countries with a relatively small percentageof individual ownership. Fewer individual owners should reduce the number of diverse opinions concerning corporate goals. The high percentage of institutional ownership might lead to a higher degree of agreement between owners and managers on decisions concerning risky projects. In addition, institutions may be better able to implement effective monitoring mechanisms on managers than can individual owners, based on the institutions’ deeper resources and experiences with their own management. The increase in institutional ownership of stock in the United States and the growing activism of these large shareholder groups may lead to a reduction in agency problems for U.S. corporations and a more efficient market for corporate control.16. How much is too much? Who is worth more, Lawrence Ellison or Tiger Woods? The simplestanswer is that there is a market for executives just as there is for all types of labor. Executive compensation is the price that clears the market. The same is true for athletes and performers.Having said that, one aspect of executive compensation deserves comment. A primary reason executive compensation has grown so dramatically is that companies have increasingly moved to stock-based compensation. Such movement is obviously consistent with the attempt to better align stockholder and management interests. In recent years, stock prices have soared, so management has cleaned up. It is sometimes argued that much of this reward is simply due to rising stock prices in general, not managerial performance. Perhaps in the future, executive compensation will be designed to reward only differential performance, that is, stock price increases in excess of general market increases.公司理财英文版第10版课后习题答案CHAPTER 2FINANCIAL STATEMENTS, TAXES, AND CASH FLOWAnswers to Concepts Review and Critical Thinking Questions1.Liquidity measures how quickly and easily an asset can be converted to cash without significant lossin value. It’s desirable for firms to have high liquidity so that they have a large factor of safety in meeting short-term creditor demands. However, since liquidity also has an opportunity cost associated with it—namely that higher returns can generally be found by investing the cash into productive assets—low liquidity levels are also desirable to the firm. It’s up to the firm’s financial management staff to find a reasonable compromise between these opposing needs.2.The recognition and matching principles in financial accounting call for revenues, and the costsassociated with producing those revenues, to be “booked” when the revenue process is essentially complete, not necessarily when the cash is collected or bills are paid. Note that this way is not necessarily correct; it’s the way accountants have chosen to do it.3.Historical costs can be objectively and precisely measured whereas market values can be difficult toestimate, and different analysts would come up with different numbers. Thus, there is a trade-off between relevance (market values) and objectivity (book values).4. Depreciation is a noncash deduction that reflects adjustments made in asset book values inaccordance with the matching principle in financial accounting. Interest expense is a cash outlay, but it’s a financing cost, not an operating cost.5.Market values can never be negative. Imagine a share of stock selling for –$20. This would meanthat if you placed an order for 100 shares, you would get the stock along with a check for $2,000.How many shares do you want to buy? More generally, because of corporate and individual bankruptcy laws, net worth for a person or a corporation cannot be negative, implying that liabilities cannot exceed assets in market value.6.For a successful company that is rapidly expanding, for example, capital outlays will be large,possibly leading to negative cash flow from assets. In general, what matters is whether the money is spent wisely, not whether cash flow from assets is positive or negative.7.It’s probably not a good sign for an established company, but it would be fairly ordinary for a start-up, so it depends.8.For example, if a company were to become more efficient in inventory management, the amount ofinventory needed would decline. The same might be true if it becomes better at collecting its receivables. In general, anything that leads to a decline in ending NWC relative to beginning would have this effect. Negative net capital spending would mean more long-lived assets were liquidated than purchased.9.If a company raises more money from selling stock than it pays in dividends in a particular period,its cash flow to stockholders will be negative. If a company borrows more than it pays in interest, its cash flow to creditors will be negative.10.The adjustments discussed were purely accounting changes; they had no cash flow or market valueconsequences unless the new accounting information caused stockholders to revalue the derivatives.11.Enterprise value is the theoretical takeover price. In the event of a takeover, an acquirer would haveto take on the company's debt but would pocket its cash. Enterprise value differs significantly from simple market capitalization in several ways, and it may be a more accurate representation of a firm's value. In a takeover, the value of a firm's debt would need to be paid by the buyer when taking overa company. This enterprise value provides a much more accurate takeover valuation because itincludes debt in its value calculation.12.In general, it appears that investors prefer companies that have a steady earnings stream. If true, thisencourages companies to manage earnings. Under GAAP, there are numerous choices for the way a company reports its financial statements. Although not the reason for the choices under GAAP, one outcome is the ability of a company to manage earnings, which is not an ethical decision. Even though earnings and cash flow are often related, earnings management should have little effect on cash flow (except for tax implications). If the market is “fooled” and prefers steady earnings, shareholder wealth can be increased, at least temporarily. However, given the questionable ethics of this practice, the company (and shareholders) will lose value if the practice is discovered. 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.To find owners’ equity, we must construct a balance sheet as follows:Balance SheetCA $ 4,800 CL $ 4,200NFA 27,500 LTD 10,500OE ??TA $32,300 TL & OE $32,300We know that total liabilities and owners’ equity (TL & OE) must equal total assets of $32,300.We also know that TL & OE is equal to current liabilities plus long-term debt plus owners’ equity, so owners’ equity is:OE = $32,300 – 10,500 – 4,200 = $17,600NWC = CA – CL = $4,800 – 4,200 = $600公司理财英文版第10版课后习题答案2. The income statement for the company is:Income StatementSales $734,000Costs 315,000Depreciation 48,000EBIT $371,000Interest 35,000EBT $336,000Taxes (35%) 117,600Net income $218,4003.One equation for net income is:Net income = Dividends + Addition to retained earningsRearranging, we get:Addition to retained earnings = Net income – Dividends = $218,400 – 85,000 = $133,4004.EPS = Net income / Shares = $218,400 / 110,000 = $1.99 per shareDPS = Dividends / Shares = $85,000 / 110,000 = $0.77 per share5.To find the book value of current assets, we use: NWC = CA –CL. Rearranging to solve forcurrent assets, we get:CA = NWC + CL = $215,000 + 900,000 = $1,115,000The market value of current assets and fixed assets is given, so:Book value CA = $1,115,000 Market value CA = $1,250,000Book value NFA = $3,200,000 Market value NFA = $5,300,000Book value assets = $4,315,000 Market value assets = $6,550,0006.Taxes = 0.15($50,000) + 0.25($25,000) + 0.34($25,000) + 0.39($255,000 – 100,000) = $82,7007.The average tax rate is the total tax paid divided by taxable income, so:Average tax rate = $82,700 / $255,000 = .3243, or 32.43%The marginal tax rate is the tax rate on the next $1 of earnings, so the marginal tax rate = 39%.8.To calculate OCF, we first need the income statement:Income StatementSales $39,500Costs 18,400Depreciation 1,900EBIT $19,200Interest 1,400Taxable income $17,800Taxes (35%) 6,230Net income $11,570OCF = EBIT + Depreciation – Taxes = $19,200 + 1,900 – 6,230 = $14,870 capital spending = NFA end– NFA beg + DepreciationNet capital spending = $3,600,000 – 2,800,000 + 345,000Net capital spending = $1,145,00010. Change in NWC = NWC end– NWC begChange in NWC = (CA end– CL end) – (CA beg– CL beg)Change in NWC = ($3,460 – 1,980) – ($3,120 – 1,570)Change in NWC = $1,480 – 1,550 = –$7011.Cash flow to creditors = Interest paid – Net new borrowingCash flow to creditors = Interest paid – (LTD end– LTD beg)Cash flow to creditors = $190,000 – ($2,550,000 – 2,300,000)Cash flow to creditors = –$60,00012. Cash flow to stockholders = Dividends paid – Net new equityCash flow to stockholders = Dividends paid – [(Common end + APIS end) – (Common beg + APIS beg)] Cash flow to stockholders = $540,000 – [($715,000 + 4,700,000) – ($680,000 + 4,300,000)]Cash flow to stockholders = $105,000Note, APIS is the additional paid-in surplus.13. Cash flow from assets = Cash flow to creditors + Cash flow to stockholders= –$60,000 + 105,000 = $45,000Cash flow from assets = $45,000 = OCF – Change in NWC – Net capital spending= $45,000 = OCF – (–$55,000) – 1,300,000Operating cash flow = $45,000 – 55,000 + 1,300,000Operating cash flow = $1,290,000公司理财英文版第10版课后习题答案Intermediate14.To find the OCF, we first calculate net income.Income StatementSales $235,000Costs 141,000Other expenses 7,900Depreciation 17,300EBIT $ 68,800Interest 12,900Taxable income $ 55,900Taxes 19,565Net income $ 36,335Dividends $12,300Additions to RE $24,035a.OCF = EBIT + Depreciation – Taxes = $68,800 + 17,300 – 19,565 = $66,535b.CFC = Interest – Net new LTD = $12,900 – (–4,500) = $17,400Note that the net new long-term debt is negative because the company repaid part of its long-term debt.c.CFS = Dividends – Net new equity = $12,300 – 6,100 = $6,200d.We know that CFA = CFC + CFS, so:CFA = $17,400 + 6,200 = $23,600CFA is also equal to OCF – Net capital spending – Change in NWC. We already know OCF.Net capital spending is equal to:Net capital spending = Increase in NFA + Depreciation = $25,000 + 17,300 = $42,300Now we can use:CFA = OCF – Net capital spending – Change in NWC$23,600 = $66,535 – 42,300 – Change in NWCChange in NWC = $635This means that the company increased its NWC by $635.15.The solution to this question works the income statement backwards. Starting at the bottom:Net income = Dividends + Addition to retained earnings = $1,800 + 5,300 = $7,100Now, looking at the income statement:EBT – EBT × Tax rate = Net incomeRecognize that EBT × Tax rate is simply the calculation for taxes. Solving this for EBT yields:EBT = NI / (1– Tax rate) = $7,100 / (1 – 0.35) = $10,923Now you can calculate:EBIT = EBT + Interest = $10,923 + 4,900 = $15,823The last step is to use:EBIT = Sales – Costs – Depreciation$15,823 = $52,000 – 27,300 – DepreciationSolving for depreciation, we find that depreciation = $8,87716.The balance sheet for the company looks like this:Balance SheetCash $ 127,000 Accounts payable $ 210,000Accounts receivable 105,000 Notes payable 160,000Inventory 293,000 Current liabilities $ 370,000Current assets $ 525,000 Long-term debt 845,000Total liabilities $1,215,300 Tangible net fixed assets 1,620,000Intangible net fixed assets 630,000 Common stock ??Accumulated ret. earnings 1,278,000 Total assets $2,775,000 Total liab. & owners’ equity$2,755,000Total liabilities and owners’ equity is:TL & OE = CL + LTD + Common stock + Retained earningsSolving for this equation for equity gives us:Common stock = $2,755,000 – 1,215,300 – 1,278,000 = $282,00017.The market value of shareholders’ equity cannot be negative. A negative market value in this casewould imply that the company would pay you to own the stock. The market value of shareholders’ equity can be stated as: Shareholders’ equity = Max [(TA – TL), 0]. So, if TA is $7,100, equity is equal to $1,300, and if TA is $5,200, equity is equal to $0. We should note here that the book value of shareholders’ equity can be negative.公司理财英文版第10版课后习题答案18. a. Taxes Growth = 0.15($50,000) + 0.25($25,000) + 0.34($1,000) = $14,090Taxes Income = 0.15($50,000) + 0.25($25,000) + 0.34($25,000) + 0.39($235,000)+ 0.34($7,600,000 – 335,000)= $2,584,000b. Each firm has a marginal tax rate of 34% on the next $10,000 of taxable income, despite theirdifferent average tax rates, so both firms will pay an additional $3,400 in taxes.19.Income StatementSales $850,000COGS 610,000A&S expenses 110,000Depreciation 140,000EBIT –$10,000Interest 85,000Taxable income –$95,000Taxes (35%) 0 income –$95,000b.OCF = EBIT + Depreciation – Taxes = –$10,000 + 140,000 – 0 = $130,000 income was negative because of the tax deductibility of depreciation and interest expense.However, the actual cash flow from operations was positive because depreciation is a non-cash expense and interest is a financing expense, not an operating expense.20. A firm can still pay out dividends if net income is negative; it just has to be sure there is sufficientcash flow to make the dividend payments.Change in NWC = Net capital spending = Net new equity = 0. (Given)Cash flow from assets = OCF – Change in NWC – Net capital spendingCash flow from assets = $130,000 – 0 – 0 = $130,000Cash flow to stockholders = Dividends – Net new equity = $63,000 – 0 = $63,000Cash flow to creditors = Cash flow from assets – Cash flow to stockholdersCash flow to creditors = $130,000 – 63,000 = $67,000Cash flow to creditors = Interest – Net new LTDNet new LTD = Interest – Cash flow to creditors = $85,000 – 67,000 = $18,00021. a.Income StatementSales $27,360Cost of goods sold 19,260Depreciation 4,860EBIT $ 3,240Interest 2,190Taxable income $ 1,050Taxes (34%) 357Net income $ 693b.OCF = EBIT + Depreciation – Taxes= $3,240 + 4,860 – 357 = $7,743c.Change in NWC = NWC end– NWC beg= (CA end– CL end) – (CA beg– CL beg)= ($7,116 – 3,780) – ($5,760 – 3,240)= $3,336 – 2,520 = $816Net capital spending = NFA end– NFA beg + Depreciation= $20,160 – 16,380 + 4,860 = $8,640CFA = OCF – Change in NWC – Net capital spending= $7,743 – 816 – 8,640 = –$1,713The cash flow from assets can be positive or negative, since it represents whether the firmraised funds or distributed funds on a net basis. In this problem, even though net income andOCF are positive, the firm invested heavily in both fixed assets and net working capital; ithad to raise a net $1,713 in funds from its stockholders and creditors to make theseinvestments.d.Cash flow to creditors = Interest – Net new LTD = $2,190 – 0 = $2,190Cash flow to stockholders = Cash flow from assets – Cash flow to creditors= –$1,713 – 2,190 = –$3,903We can also calculate the cash flow to stockholders as:Cash flow to stockholders = Dividends – Net new equitySolving for net new equity, we get:Net new equity = $1,560 – (–3,903) = $5,463The firm had positive earnings in an accounting sense (NI > 0) and had positive cash flowfrom operations. The firm invested $816 in new net working capital and $8,640 in new fixedassets. The firm had to raise $1,713 from its stakeholders to support this new investment. Itaccomplished this by raising $5,463 in the form of new equity. After paying out $1,560 ofthis in the form of dividends to shareholders and $2,190 in the form of interest to creditors,$1,713 was left to meet the firm’s cash flow needs for investment.22. a.Total assets 2010 = $914 + 3,767 = $4,681Total liabilities 2010 = $365 + 1,991= $2,356Owners’ equity 2010 = $4,681 – 2,356 = $2,325Total assets 2011 = $990 + 4,536 = $5,526Total liabilities 2011 = $410 + 2,117 = $2,527Owners’ equity 2011 = $5,526 – 2,527 = $2,999b.NWC 2010 = CA10 – CL10 = $914 – 365 = $549NWC 2011 = CA11 – CL11 = $990 – 410 = $580Change in NWC = NWC11 – NWC10 = $580 – 549 = $31公司理财英文版第10版课后习题答案c.We can calculate net capital spending as:Net capital spending = Net fixed assets 2011 – Net fixed assets 2010 + DepreciationNet capital spending = $4,536 – 3,767 + 1,033 = $1,802So, the company had a net capital spending cash flow of $1,802. We also know that netcapital spending is:Net capital spending = Fixed assets bought – Fixed assets sold$1,802 = $1,890 – Fixed assets soldFixed assets sold = $1,890 – 1,802 = $88To calculate the cash flow from assets, we must first calculate the operating cash flow. Theincome statement is:Income StatementSales $11,592Costs 5,405Depreciation expense 1,033EBIT $ 5,154Interest expense 294EBT $ 4,860Taxes (35%) 1,701Net income $ 3,159So, the operating cash flow is:OCF = EBIT + Depreciation – Taxes = $5,154 + 1,033 – 1,701 = $4,486And the cash flow from assets is:Cash flow from assets = OCF – Change in NWC – Net capital spending.= $4,486 – 31 – 1,802 = $2,653 new borrowing = LTD11 – LTD10 = $2,117 – 1,991 = $126Cash flow to creditors = Interest – Net new LTD = $294 – 126 = $168Net new borrowing = $126 = Debt issued – Debt retiredDebt retired = $378 – 126 = $252Challenge capital spending = NFA end– NFA beg + Depreciation= (NFA end– NFA beg) + (Depreciation + AD beg) – AD beg= (NFA end– NFA beg)+ AD end– AD beg= (NFA end + AD end) – (NFA beg + AD beg)= FA end– FA beg24. a.The tax bubble causes average tax rates to catch up to marginal tax rates, thus eliminating thetax advantage of low marginal rates for high income corporations.b.Taxes = 0.15($50,000) + 0.25($25,000) + 0.34($25,000) + 0.39($235,000) = $113,900Average tax rate = $113,900 / $335,000 = 34%The marginal tax rate on the next dollar of income is 34 percent.For corporate taxable income levels of $335,000 to $10 million, average tax rates are equal tomarginal tax rates.Taxes = 0.34($10,000,000) + 0.35($5,000,000) + 0.38($3,333,333)= $6,416,667Average tax rate = $6,416,667 / $18,333,333 = 35%The marginal tax rate on the next dollar of income is 35 percent. For corporate taxableincome levels over $18,333,334, average tax rates are again equal to marginal tax rates.c.Taxes = 0.34($200,000) = $68,000$68,000 = 0.15($50,000) + 0.25($25,000) + 0.34($25,000) + X($100,000);X($100,000) = $68,000 – 22,250X = $45,750 / $100,000X = 45.75%25.Balance sheet as of Dec. 31, 2010Cash $ 6,067 Accounts payable $ 4,384Accounts receivable 8,034 Notes payable 1,171Inventory 14,283 Current liabilities $ 5,555Current assets $28,384Long-term debt $20,320 Net fixed assets $50,888 Owners' equity $53,397Total assets $79,272 Total liab. & equity $79,272Balance sheet as of Dec. 31, 2011Cash $ 6,466 Accounts payable $ 4,644Accounts receivable 9,427 Notes payable 1,147Inventory 15,288 Current liabilities $ 5,791Current assets $31,181Long-term debt $24,636 Net fixed assets $54,273 Owners' equity $55,027Total assets $85,454 Total liab. & equity $85,454公司理财英文版第10版课后习题答案2010 Income Statement 2011 Income Statement Sales $11,573.00Sales $12,936.00 COGS 3,979.00COGS 4,707.00 Other expenses 946.00Other expenses 824.00 Depreciation 1,661.00Depreciation 1,736.00 EBIT $ 4,987.00EBIT $ 5,669.00 Interest 776.00Interest 926.00 EBT $ 4,211.00EBT $ 4,743.00 Taxes (34%) 1,431.74Taxes (34%) 1,612.62 Net income $ 2,779.26Net income $ 3,130.38 Dividends $1,411.00Dividends $1,618.00 Additions to RE 1,368.26Additions to RE 1,512.3826.OCF = EBIT + Depreciation – Taxes = $5,669 + 1,736 – 1,612.62 = $5,792.38Change in NWC = NWC end– NWC beg = (CA – CL) end– (CA – CL) beg= ($31,181 – 5,791) – ($28,384 – 5,555)= $2,561Net capital spending = NFA end– NFA beg+ Depreciation= $54,273 – 50,888 + 1,736 = $5,121Cash flow from assets = OCF – Change in NWC – Net capital spending= $5,792.38 – 2,561 – 5,121 = –$1,889.62Cash flow to creditors = Interest – Net new LTDNet new LTD = LTD end– LTD begCash flow to creditors = $926 – ($24,636 – 20,320) = –$3,390Net new equity = Common stock end– Common stock begCommon stock + Retained earnings = Tota l owners’ equityNet new equity = (OE – RE) end– (OE – RE) beg= OE end– OE beg + RE beg– RE endRE end= RE beg+ Additions to RE08Net new equity = OE end– OE beg+ RE beg– (RE beg + Additions to RE11)= OE end– OE beg– Additions to RENet new equity = $55,027 – 53,397 – 1,512.38 = $117.62CFS = Dividends – Net new equityCFS = $1,618 – 117.62 = $1,500.38As a check, cash flow from assets is –$1,889.62.CFA = Cash flow from creditors + Cash flow to stockholdersCFA = –$3,390 + 1,500.38 = –$1,889.62公司理财英文版第10版课后习题答案CHAPTER 3WORKING WITH FINANCIAL STATEMENTSAnswers to Concepts Review and Critical Thinking Questions1. a.If inventory is purchased with cash, then there is no change in the current ratio. If inventory ispurchased on credit, then there is a decrease in the current ratio if it was initially greater than 1.0.b.Reducing accounts payable with cash increases the current ratio if it was initially greater than 1.0.c.Reducing short-term debt with cash increases the current ratio if it was initially greater than 1.0.d.As long-term debt approaches maturity, the principal repayment and the remaining interestexpense become current liabilities. Thus, if debt is paid off with cash, the current ratio increases if it was initially greater than 1.0. If the debt has not yet become a current liability, then paying it off will reduce the current ratio since current liabilities are not affected.e.Reduction of accounts receivables and an increase in cash leaves the current ratio unchanged.f.Inventory sold at cost reduces inventory and raises cash, so the current ratio is unchanged.g. Inventory sold for a profit raises cash in excess of the inventory recorded at cost, so the currentratio increases.2.The firm has increased inventory relative to other current assets; therefore, assuming current liabilitylevels remain unchanged, liquidity has potentially decreased.3. A current ratio of 0.50 means that the firm has twice as much in current liabilities as it does incurrent assets; the firm potentially has poor liquidity. If pressed by its short-term creditors and suppliers for immediate payment, the firm might have a difficult time meeting its obligations. A current ratio of 1.50 means the firm has 50% more current assets than it does current liabilities. This probably represents an improvement in liquidity; short-term obligations can generally be met completely with a safety factor built in. A current ratio of 15.0, however, might be excessive. Any excess funds sitting in current assets generally earn little or no return. These excess funds might be put to better use by investing in productive long-term assets or distributing the funds to shareholders.4. a.Quick ratio provides a measure of the short-term liquidity of the firm, after removing the effectsof inventory, generally the least liquid of the firm’s current assets.b.Cash ratio represents the ability of the firm to completely pay off its current liabilities with itsmost liquid asset (cash).c.Total asset turnover measures how much in sales is generated by each dollar of firm assets.d.Equity multiplier represents the degree of leverage for an equity investor of the firm; it measuresthe dollar worth of firm assets each equity dollar has a claim to.e.Long-term debt ratio measures the percentage of total firm capitalization funded by long-termdebt.。

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业务本身盈利不高，但是为了把CSI 留在这个行业中，城市委员会（MDC ）同意支付任何必要的补贴，是CSI 的账面股权收益率能够达到10%。

预期年末CSI 将支付每股4美元的股利，再投资比例为40%，增长率为4%。

因此，CSI 要在未来五年中逐步扩建工厂。

这就意味着在未来的五年中，CSI 必须要将80%的盈利进行再投资。

从第六年开始，它将能够恢复60%的股利支付率。

MDC 的计划一宣布，以及随后对CSI 的影响公布后，CSI 的股价将是多少？24.a. Here we can apply the standard growing perpetuity formula with DIV 1 = $4, g = 0.04 and P 0 = $100:8.0%.080.040$100$4g P DIV r 01==+=+=The $4 dividend is 60 percent of earnings. Thus:EPS 1 = 4/0.6 = $6.67Also:PVGO rEPS P 10+=PVGO 0.08$6.67$100+=PVGO = $16.63b.DIV 1 will decrease to: 0.20 ⨯ 6.67 = $1.33However, by plowing back 80 percent of earnings, CSI will grow by 8 percent per year for five years. Thus: Year 1 2 3 4 5 6 7, 8 . . . DIV t1.33 1.44 1.55 1.68 1.81 5.88 Continued growth at EPS t6.677.207.788.409.079.804 percentNote that DIV 6 increases sharply as the firm switches back to a 60 percent payout policy. Forecasted stock price in year 5 is:$147.0400.085.88g r DIV P 65=-=-=Therefore, CSI’s stock price will increase to:$106.211.081471.811.081.681.081.551.081.441.081.33P 54320=+++++=第9章6．可分散风险很多投资项目都有可分散风险。

“可分散”在这里的含义是什么？项目的估值应该如何考虑可分散风险？应该完全忽略可分散风险吗？6.可分散风险是指与公司、行业或投资相关的风险。

这是一个固有的风险也称为非系统性风险。

投资者可以通过不同的投资来分散这种风险风险较小的证券。

许多投资项目都暴露在多种风险之下，意味着投资的风险项目可以减少。

项目价值评估的目的并没有充分考虑可分散的风险。

它不应该完全被企业忽视，因为它是一个影响项目的风险。

它没有被记录下来计算一个项目所需的回报率或资本成本。

换句话说，如果风险是分散的，项目的资本成本不会改变。

而计算所需的收益率，考虑系统的风险度量，即beta 。

9．判断正误 a ．公司资本成本对所有项目来说，都是正确的贴现率，因为有些项目的高风险可以被其他项目的低风险所抵消。

（False ）b ．较迟发生的现金流比近期发生的现金流风险高，因此，长期项目需要更高的风险调整贴现率。

(False)c ．与快速收益项目相比，在贴现率中加入修正因素低估长期项目。

(True)11．资本成本奥克弗洛基房地产公司的普通股总市值为6百万美元，其负债总价值为4百万美元。

公司财务主管估计，目前股票贝塔为1.5，预期市场风险溢价为4%(6%?)，国库券利率为4%。

假设为简化起见，奥克弗洛基的负债无风险，公司不需要纳税。

a ．公司股票要求的收益率是多少？b ．估计公司资本成本c ．公司当前业务拓展项目的贴现率是多少？d ．假设公司想进行多样化，生产玫瑰色眼镜，无负债光学制造商的贝塔为1.2。

估计奥克弗洛基新项目的要求收益率。

11. a.r equity = r f + β ⨯ (r m – r f ) = 0.04 + (1.5 ⨯ 0.06) = 0.13 = 13%b. ⎪⎭⎫ ⎝⎛⨯+⎪⎭⎫ ⎝⎛⨯=+=0.13$10million $6million 0.04$10million $4million r V E r V D r equity debt assetsrassets = 0.094 = 9.4%c. 资金成本取决于被评估项目的风险。

如果项目的风险类似于公司其他资产的风险，那么合适的回报率就是公司的资本成本。

在这里，适当的贴现率是9.4%。

d.r equity = r f + β ⨯ (r m – r f ) = 0.04 + (1.2 ⨯ 0.06) = 0.112 = 11.2%⎪⎭⎫ ⎝⎛⨯+⎪⎭⎫ ⎝⎛⨯=+=0.112$10million $6million 0.04$10million $4million r V E r V D r equity debt assetsr assets = 0.0832 = 8.32%16．资产贝塔什么类型的公司需要估计行业资产贝塔？如何估计？描述具体步骤。

从事投资组合的金融分析师或投资者可能会使用行业betas 。

为了计算行业beta ，我们将构建一系列行业投资组合，并评估该组合产生的回报与历史市场走势之间的关系。

第10章14．敏感性分析Rustic Welt 公司正在考虑用更现代的设备取代老式贴边机。

新设备的成本9百万美元（已有老设备无残值）。

新机器的好处是预期会使单位生产成本从8美元降为4美元。

但是，如下表所示，在未来的销售量、新机器的性能方面存在某些不确定性：（P213）假设贴现率为12%，公司不需要纳税。

对设备更换决策进行敏感性分析。

14.If Rustic replaces now rather than in one year, several things happen: i. It incurs the equivalent annual cost of the $9 million capital investment. ii. It reduces manufacturing costs.For example, for the “Expected” case, analyzing “Sales” we have (all dollar figures in millions):i.The economic life of the new machine is expected to be 10 years, so the equivalentannual cost of the new machine is:$9/5.6502 = $1.59ii.The reduction in manufacturing costs is:0.5 $4 = $2.00Thus, the equivalent annual cost savings is:–$1.59 + $2.00 = $0.41Continuing the analysis for the other cases, we find:Equivalent Annual Cost Savings (Millions)Pessimistic Expected OptimisticSales 0.01 0.41 1.21 Manufacturing Cost -0.59 0.41 0.91Economic Life 0.03 0.41 0.60第11章1．经济租金判断正误-HJ(P238 利润超出资本成本的部分就是经济租金)a．赚取到资本机会成本的公司，也在获取经济租金F(一个赚取资本的机会成本的公司正在赚取经济租金。

这种说法是错误的。

经济租金是指超过资本成本的利润。

这就意味着，额外的资本成本和高于资本的机会成本是众所周知的。

) b．投资正NPV项目的公司预期得到经济租金T(经济租金是指超过资本成本的利润。

一个积极的净现值收益风险可以在未来获得更多的利润。

这将带来额外的利润，被称为经济租金。

)c．财务经理应该尽力确定公司能够获得经济租金的领域，因为在这个领域才有可能发现NPV为正的项目T(财务经理应该设法确定他们的公司可以赚取经济租金的领域，因为很可能会发现正的npv项目。

这句话是正确的。

经济租金是指超过资本成本的利润。

能够赚取经济租金的风险投资肯定会导致正净现值的情况。

额外的利润是经济租金，只有积极的净现值投资才有可能。

)d．经济租金是经营性资本设备的等价年度成本F(经济租金是相当于营运资本设备的年成本。

这个声明是错误的。

经济租金是指超过资本成本的利润。

经济租金与运营资本设备成本无关。

)10．经济租金由于购买了一项关键专利，你公司现在是北美独家生产barkelgassers（BG）的厂家。

购买每年生产200 000BG的生产设备，需要立即发生资本支出25百万美元。

每单位BG的生产成本估计为65美元。

BG市场经理非常自信，所有200 000单位的BG都能够以每单位100美元的价格售出，直到5年后专利到期。

之后，市场经理没有给出关于销售价格的线索。

BG项目的NPV是多少？假设实际资本成本为9%。

为了简单起见，还有以下假设：制造BG的技术不变。

资本成本和生产成本的实际价值不变。

●竞争对手了解这项技术，专利一到期，就能够马上进入，也就是第六年●如果你公司立即投资，12个月后将满负荷生产，即第一年●没有税●BG生产设备将使用12年，使用期结束时无残值。

合理假设在第六年对手进入市场后，会迅速的让价格降低到经济租金为0，且资本成本9%为行业普遍的资本成本。

那么，从第六年开始，NPV为0.因题目中未提供通胀数据，方便起见，假设通胀通胀为0那么，也就是说，第1至第4年相对于9%资本成本的超额收益，减去建设周期周期中的资本成本，就是项目NPV第1至第4年超额收益为 200000 * （100 - 35）- 25000000 * 9% = 1075000折现到投资时刻=1075000/((1+9%)^2) +1075000/((1+9%)^3)+ 1075000/((1+9%)^4)+ 1075000/((1+9%)^5) = 3195137建设周期中资金成本 = 25000000 * 9% = 2250000折现到投资时刻 = 2250000 / (1+9%) = 2064220那么，项目 NPV = 3195137– 2064220 = 1130917第12章-HJ9．激励假设工厂和部门经理的报酬只有固定工资，没有其他激励或奖金。

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