金融学原理(英文版)课后翻译及答案

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曼昆经济学原理英文版答案

曼昆经济学原理英文版答案As the creator of the Baidu Wenku document "Principles of Economics by Mankiw (English Version) Answers", I would like to provide a comprehensive guide to the solutions of the questions in the book. This document aims to help students better understand the principles of economics and improve their problem-solving abilities.Chapter 1: Ten Principles of Economics。

1. People face trade-offs.2. The cost of something is what you give up to get it.3. Rational people think at the margin.4. People respond to incentives.5. Trade can make everyone better off.6. Markets are usually a good way to organize economic activity.7. Governments can sometimes improve economic outcomes.8. The standard of living depends on a country's production.9. Prices rise when the government prints too much money.10. Society faces a short-run trade-off between inflation and unemployment.Chapter 2: Thinking Like an Economist。

金融的英语课后翻译题答案详解

中译英：一.1.金融管理是商业管理的重要方面之一,没有合适的金融计划企业是不可能成功的;Finance is one of the most important aspects of business management. Without proper financial planning a new enterprise is unlikely to be successful.2.金融中介机构的基本宗旨是把不受公众欢迎的金融资产转变为他们能够接受的金融资产;Financial intermediaries play the basic role of transforming financial assets that less desirable for a large part of the public into other financial assets-their own liabilities-which are more widely preferred by the public.3.企业经营是有风险的,因而,财务经理必须对风险进行评估和管理;Businesses are inherently risky, so the financial manager has to identify risks and make sure they are managed properly.4.投资决策首先是指投资机会,常常指资本投资项目;The investment decision stars with the identification of investment opportunities, often referred to as capital investment projects.5.现金预算常常被用来评估企业是否有足够的现金来维持企业的日常经营运转和或是否有太多现金富裕;Cash budgets are often used to assess whether the entity has sufficient cash to fulfill regular operations and/or whether too much cash is being left in unproductive capacities.6.按照金融学的观点,资本就是企业购买商品以生产其它商品或提供服务的货币资金;Capital, in the financial sense, is the money that gives the business the power to buy goods to be used in the production of other goods or the offering of a service.四.1.商业银行应积极开展银行转账功能风险评估和分类,依据收款账户的潜在风险高低,相应设置不同的转账额度和次数限制;A commercial bank shall actively conduct the risk assessment and classification of the telephone banking transfer functions, and set different limits on the transfer amount and times according to the degree of potential risks on the recipient account.2.商业银行相对其他行业属于信息化程度较高的行业,银行数据库里积累了海量的客户信息Commercial banks have gained more information and have large scale of data.3.商业银行的管理人员在分析客户的贷款申请时必须考虑许多因素;Managers in Commercial banks have to consider many factors in analyzinga customer's loan request.4.除中国银行外,交通银行、农业银行、工商银行、建设银行在城乡也都设立了许多的机构,便于你获得金融服务;Besides the Bank of China, the Communication Bank, Agricultural Bank, Industrial and Commercial Bank, Construction Bank also have created many branches in a city or town, and that makes easier for you to get financialservices.5.定期存款也叫CD,是存款证书的一种类型;A certificate of deposit, also called a CD, is a type of savings certificate.6.商业银行作为一家金融机构,其业务范围包括：从个人和公司吸收存款；通过提供贷款和其他对客户的财务或生意的运转很重要的金融业务来建立信贷,包括资金转账、支票兑现、银行保管箱等;A commercial bank is an financial institution established to: accept deposits from individuals and businesses; originate credit by providing loans and offering other financial services essential to the running of a customer's financial or business affairs, including fund transfers, check cashing, safe deposit boxes, etc.六.1.外汇交易市场,也称为"Forex"或"FX"市场,是世界上最大的金融市场,平均每天超过1兆美元的资金在当中周转 -- 相当于美国所有证券市场交易总和的30倍;The Foreign Exchange Market, called by "Forex" market or FX market, is the biggest financial market in the world with trading volumes surpassing USD1 trillion average one-day, it is as big as 30 times of stock market.2."外汇交易"是同时买入一对货币组合中的一种货币而卖出另外一种货币;外汇是以货币对形式交易,例如欧元/美元EUR/USD或美元/日元USD/JPY;“Foreign exchange” is to buy one currency and sell another in currency pair at the same time. The trading form of foreign currency is the currency pair, for example EUR/USD OR USD/JPY.3.外汇交易市场是一个24 小时全球交易市场,市场交易每天从悉尼开始,并且随着地球的转动,全球每个金融中心的营业日将依次开始 , 首先是东京,然后伦敦,和纽约;Foreign exchange market is worldwide market where operating 24 hours a day, the market trading starts from Sydney, turning around the earth , the business day of every financial center in the world will star to trade in turn, then is Tokyo, next is London, and New York.4.外汇交易投资者可以对无论是白天或者晚上发生的经济,社会和政治事件而导致的外汇波动而随时反应;Investors of FX may make decisions base on the fluctuation of foreign currency price leaded by economics, society and political events no matter happens in day time or night.5.外汇交易市场是一个超柜台 OTC 或“ 银行内部”交易市场,因为事实上外汇交易是交易双方通过或者一个电子交易网络而达成的,外汇交易不象股票和期货交易市场那样,不是集中在某一个交易所里进行的;The foreign exchange market is Over the Counter OTC or interbank market because foreign currency is traded through phone or electronic trading net in fact, the trading of foreign currency does not like stock trade, it is not intensive trading in exchange center.6.在外汇交易中,您会看到一个两边的报价,由买价与卖价组成,买价是在此价格上您拟卖掉基础货币同时买进相反货币;卖价是这个价格,在此价格上您可以买进基准货币时卖掉相反货币;You will see the price board consisted of bid price and ask price in trading of foreign currency, bid price is the price you sell your base currency at the same time buy reverse currency. Ask price is the price you buy base currency and sell reverse currency.七.1.企业融资是指企业在发展扩张中筹集所需资金的行为;Business financing is an action of raising money when firms extend business and development2.企业融资是为了满足企业战略调整、产业扩张、现金周转等方面的需要; Business financing is to meet the requirement of strategy adjustment, industry extending, and turnover of cash and so on.3.企业通过融资行为改变资本结构,使资金得以形成、集中、积累、组合,同时形成相应的产权关系和权利、责任、利益格局;The capital structure of the firm will be changed through raising money, the capital will be formed in the form of centralization, accumulation, combination, and at the same time relative property right relations and pattern of benefit, duty and right will be formed.4.内部融资的来源公司的自有资金,以及在生产经营过程中的资金积累部分,在公司内部通过计提折旧而形成现金,或通过留用利润等增加公司资本;The resource of internal financing comes from company’s internal fund, the part of fund accumulation of producing and operating, cash from depreciation, or capital from remaining earning.5.债权性融资主要有向金融机构贷款和发行企业债券两种形式;The two majority forms about debit financing are lending money from financial institutes and issuing company bond.6.目前国内企业在进行投资时采用的融资方式有股权性融资、债权性融资等; Presently financing methods used by domestic enterprises when investing are equity financing and debit financing, etc.九.1.组合投资原则,即将风险资金按一定比例投向不同行业、不同企业项目,或联合几个风险投资公司共同向一家企业投资;The principle of portfolio investment is that the venture capital is invested into different industries and different projects, or make a cooperation with other investing companies to invest a company. 2.风险投资主体多元化原则,在美国,风险资金来源相当广泛,既有政府、财团法人的资金,也有来自大众游资、民间企业和海外的投资,还有养老保险基金的积极参与;The principle of diversification of venture capital, in American, the resource of venture capital is quite widespread, it comes from government, financial institutes, and it can come from privates, private firms and oversea investment, and pension fund joint venture capital too.3.创业投资是由专业投资者投入到新兴的、迅速发展的、有巨大竞争潜力的企业中的一种股权性资本;Venture investment is an equity capital which professional investors invest to a new, developing rapidly and more competitive firm.4.随着社会经济的快速发展,如何投资、如何理财已经成为商业人士关注的焦点;With society economy high-speed development, how to invest and finance is the focal point which business men focus on.5.创业投资以其谋求长期资本收益、分散投资及专业化管理的特点适应了高新技术产业的资金需求,以其特别的投资方式、合同方式和组织架构部分地解决了信息不对称和激励约束不当所带来的问题.Venture capital is looking for long term capital return, the characteristic of diversification of investment and professional management adapts capital requirements of high-new technical industry, special investing model of venture capital, contract model and frame of organization solve problems of information asymmetry and incentive and restraint mechanisms flaw in partly.6.投资者可把目光聚焦到正在发售的银行保本基金上,这种在国际市场上大受欢迎的新型理财品种不但能够提供银行储蓄般的安全感,而且可以利用此次利率上升的机会创造更高的收益；同时,加息导致债券价格下跌,实际上提高了即将入市的银行保本基金的债券投资收益率;Investors may focus on guaranteed fund issued by bank, it is new style of financing product which is welcomed in the international market, it is not only shows the safety like bank deposit, but also make higher return with the interest rate arise, at the same time, rising interest rates will lead to fall of the bond price, and make higher return of guaranteed fund which will be issued by banks.十.1.债券买卖是指交易双方以约定的价格买卖一定金额的债券并在规定的清算时间内办理债券款交割的交易方式;Security trading is a trading model that both of seller and buyer sign a contract with the confirmed bond price and number, during settlement both of seller and buyer make a delivery.2.债券回购是指交易双方进行的以债券为权利质押的一种短期资金融通业务;资金融入方正回购方在将债券卖给资金融出方逆回购方以融入资金的同时,双方约定在将来某一日期由正回购方按约定回购利率计算的金额向逆回购方买回相等数量的同品种债券的交易行为;Redeem of security is a short term financing business that both of issuer and holder of bond takes bond as right pledge, when the borrower of fund positive redeemer sells bond to lender of fund negative redeemer for financing, both of them sign a contract in there positive redeemer will redeem the bond that he issued with redeem interest from negative redeemer before maturity of bond.3.所谓可转换公司债券是指由公司发行的,投资者在一定时期内可选择一定条件转换成公司股票的公司债券,通常称作可转换债券或可转债;这种债券兼具债权和股权双重属性;Convertible bond is security issued by firm which investors have option to convert bond into firm’s stock during holding period, the convertible bond consists of two characters of bond and stock.4.证券交易必需受SEC及证券交易所自我约束机制的监管;Security trading must be managed by SEC and self-regulating mechanism of the stock exchange.5.场外交易市场不是一个正式的证券交易所,而是由经纪人和交易商组成的一个非正式的网络,他们通过这一网络协商证券的交易;The over-the-counter market is not official security exchange market, itis unofficial network grouped by dealers and brokers, dealers and brokers exchange securities through the network.6.一级市场上的发行方式也分为两种,公募和私募;The issue model of stock in the primary market can be classified into: public offering and private offering.十二.1.新股的发行价总是超过面值的,记录在公司帐上的这个差叫附加实缴资本,也叫资本公积;The price at which new shares are sold to inverstors almost always exceeds par value,the difference is entered the company’s accounts as additional paid-in capital, or capital surplus.2.尽管股票这个名字很大众化,但是,大部分人都不是充分了解它;Despite their popularity, however, most people don't fully understand stocks.3.公司的管理层的主要任务是增加公司股票持有人所持有公司资产的价值; The management of the company is supposed to increase the value of the firm for shareholders.4.有限责任是股票的一个十分重要的特征,这意味着公司在不能支付它的债务时股票持有者没有负债责任;An extremely important feature of stock is its limited liability, which means that, as an owner of a stock, you are not personally liable if the company is not able to pay its debts.5.理解股票供求关系是容易的,但是理解人们喜欢哪些股票不喜欢哪些股票是苦难的;Understanding supply and demand is easy, What is difficult to comprehend is what makes people like a particular stock and dislike another stock. 6.一些人人为预测股票价格变化是不可能的,而一些人认为通过画图和分析以前的价格变化就能决定买卖时间;Some believe that it isn't possible to predict how stock prices will change, while others think that by drawing charts and looking at past price movements, you can determine when to buy and sell.英译中：一.1. A cash budget is extremely important, especially for small businesses, because it allows a company to determine how much credit it can extend to customers before it begins to have liquidity problems.现金预算是十分重要的,特别是对小企业,这是因为它决定了企业可以使用多大的赊销份额而不发生现金困难;2. Financial intermediaries include depository institutions commercial banks and credit union who acquired the bulk of their funds by offering their liabilities to the public mostly form of deposit. 金融中介机构包括：存款性机构商业银行和信用合作社主要通过存款的形式向公众借款,从而获得大部分资金;3. A corporation is a legally distinct from its owners, who are called shareholders or stockholders. 公司在法律上独立于其所有者,即股东;financial planning focus on the firm’s goals, the investment that will be needed to meet those goals, and the financing that must be raised. 长期财务计划是关于企业的长期目标、为实现目标所需要的投资以及因此必须筹集的资金的计划;are classified into nonfinancial and financial businesses. These entities borrow funds in the debt market and raise funds in the equity market. 企业可被分成金融企业和非金融企业两类;这些企业在债务市场借款和在权益市场融资;6. Finance is the set of activities dealing with the management of funds. More specifically, it is the decision of collection and use of funds. It is a branch of economics that studies the management of money and other assets.金融是涉及到一系列有关资金管理的活动;特别的,它是有关资金使用和筹集的决策;它是经济学的一个研究货币和其它资产管理的分枝;四. risk-based capital requirements imposed on commercial bank and saving and loan associations.对商业银行和存贷款协会实施以风险为基础的资本金要求;regulates commercial banks and thrifts and types of regulations imposed. 谁来监管商业银行与储蓄机构以及何种方式来进行;3. Banks generate income in three ways: 1the bid-ask spread;2capital gains on the securities or foreign currency used in transactions, and 3in the case of securities, the spread between interest income earned by holding the security and cost of funding the purchase of security.银行可以从三个方面产生收入：1买卖差价；2证券或外汇交易的资本利益；3证券的利息收入和购买证券资金成本之间的价格差异;4. Several types of deposit accounts are available. Checking accounts pay no interest and can be withdrawn upon demand.存款帐户有好几种,支票帐户不支付利息可以随时提取;certificate of deposit can take a wide variety of forms which are negotiable with the issuing bank. 定期存单可以采取多种多样的形式是可转让的发卡银行;that raise most of their funds from the domestic and international money markets, relying less on depositors for funds, are called money center banks.货币中心银行是指较少依赖存款,并在国内或国外货币市场筹集资金的银行;六.1,The foreign exchange market is a place to trade foreign exchange currency, or it is also a place for the transaction of all foreign currency. 外汇市场是交易外国货币或各国货币的场所.foreign exchange rate is the relative value between two currencies. In particular, it is the quantity of one currency required to buy or sell one unit of the other currency.汇率是两种货币间的相对价值, 特别是, 它是买卖一个其它货币单位所代表的本币量值.. dollars are not used to express an exchange rate, the term "cross rate" is usually used to express the relative values between two currencies.在美元被用来表示汇率的地方,套汇汇率就被用来表示两种货币间的相对价值.an online currency trader wants to survive in the business, he must learn to limit his losses. This is one of the keys to smart money management. 如果一个网络货币交易者要持续他的交易他必须学习限制损失,这是货币管理的关键点.is safer to get into a currency position in multiple lots than to do it all at once.在多个地点持有外汇头寸比同时持有多个头寸安全.Forex market itself consists of a worldwide network of primarily interbank traders connected by telephone lines and computers. FX traders constantly negotiate prices between one another and the resulting market bid/ask price for a particular currency is then fed into computers and displayed on official quote screens.外汇市场本身含有提供给银行交易者通过线和计算机连接的全球范围的网络,外汇交易者讨论的汇率价格产生了市场上某种货币的报价和询价并通过计算机系统显示在交易屏幕上.七. you have too much debt, your business may be considered overextended and risky and an unsafe investment.如果你的企业负债比重过高,投资者则会认为企业是扩张过度,对投资者来说是不安全和高风险的;financing is attractive because you do not have to sacrifice any ownership interests in your business, interest on the loan is deductible, and the financing cost is a relatively fixed expense.债务融资对企业权益者是有吸引力的因为债务融资不会牺牲权益者的利益,借款利息可在收益中扣减,财务成本是相对固定费用.corporation is a separate legal entity that can be created only by compliance with state statutes.公司是一个其所有权与经营权相分离的经济实体即法人组织,公司的成立要遵守洲法.partners raise equity funds through their own capital contributions, by adding a new partner, or by restructuring the relative ownership interests of the existing partners to reflect new contributions.合伙人企业可通过出让合伙人自己的资本份额,或增加合伙人的方式来增加企业资本,或采用对原有合伙人所拥有的相对资本份额进行重组的方式来反映新的资本.financing requires that you sell an ownership interest in the business in exchange for capital.权益融资需要企业所有者出让企业的所有权利益来换取资本.major disadvantage to equity financing is the dilution of your ownership interests and the possible loss of control that may accompany a sharingof ownership with additional investors.权益融资的主要缺点是稀释了所有者的利益,随着其他投资者所占权益份额的扩大企业控制权也可能失去.九. is when everything in the economy is great, people are finding jobs, is growing, and are rising. Things are just plain rosy during a bull market is easier because everything is going up.牛市意味着经济发展强劲,工作岗位多,GDP 增长,股票价格上升.前景变得光明.在牛市期间投资股票将有丰厚收益因为所有物品的价格都将上升.markets cannot last forever though, and sometimes they can lead to dangerous situations if stocks become overvalued.牛市不可能永远持续,如果股票价格被高估则牛市就将导致崩盘.a person is optimistic, believing that stocks will go up, he or she is called a "bull" and said to have a "bullish outlook."如果一个人乐观的认为股票价格将上升,他或她被称做”多头”和有一个行情看涨的形象.investments it is critical to distinguish between an expected return the anticipated return for some future period and a realized return the actual return over some past period. Investors invest for the future—for the return they expect to earn—but when the investing period is over, they are left with their realized returns.投资学对期望收益预测的将来某时间段的收益和已实现收益过去某时段的实际收到的收益有严格的区分.投资者投资为将来-他们希望获取的收益-但是在投资周期结束后,他们只得到实际的收益.investors actually earn from their holdings may turn out to be more or less than what they expected to earn when they initiated the investment. This point is the essence of the investments process: investors must always consider the risk involved in investing.投资者在投资期间实际得到的收益与他们初始投资所预想的收益或多或少有差异.投资过程的关键点是:投资者在投资时必须牢记风险的成在.are three important factors you need to consider before buying a bond. The first is the person issuing the bond. The second is the interest or coupon you will receive. The third is the maturity date, the day when the borrower must pay back the principal to the lender.在投资债券前你要考虑三个重要因素:第一是债券发行人;第二是你将得到的利息或折扣;第三是到期时间, 在到期日债券发行人必须将本金退给债券持有人.十. higher rate of return the bond offers, the more risky the investment. There have been instances of companies failing to pay back the bond default, so, to entice investors, most corporate bonds will offer a higher return than a government bond.债券收益率越高投资风险越大,已有公司不能在到期日偿还债券本金违约的先例,所以, 为了诱使投资者购买公司债券大多数公司都发行高于政府债券利率的债券.is important for investors to research a bond just as they would a stock or mutual fund. The bond rating will help in deciphering the default risk.象研究股票和共同基金样研究债券对投资者来说是必要的, 辨别债券等级将有助于识别违约风险.interest is added to the contract price of a bond transaction.应计利息要加到债券交易合同价格中.Gain. An increase in the value of a investment or real estate that gives it a higher worth than the purchase price. The gain is not realized until the asset is sold. A may be short term one year or less or long term more than one year and must be claimed on income taxes.资本利得是资本价值投资或不动产的增加,也就是高于购买价格的增值部分,利得只有在这些资产出售后才能实现, 资本利得可以是短期一年以内或长期一年以上, 资本利得必须征税.any other type of investment vehicle, fixed-income securities should be viewed in terms of their risk and return. Generally speaking, bonds are exposed to five major types of risks: interest rate risk, purchasing power risk, business/financial risk, liquidity risk, and call risk.象任何其它投资工具一样,固定收益证券也应该按照它们的风险和收益来进行评价. 一般看来, 证券有五种主要的风险:利率风险,购买力风险,商业风险,流动性风险和回购风险.far we've discussed the factors of face value, coupon, maturity, issuers and yield. All of these characteristics of a bond play a role in its price.到目前我们已经讨论了债券的面值,利息率,到期日,发行人和收益,全部这些特征都会影响到债券的价格.十二. splits,like stock dividents, do not increase the assets or earning capacity of the firm,the split does decrease the price of the stock and thereby may increase its marketability.股票拆分与股票股利一样,并不能增加公司的资产或者提高公司的盈利能力,拆分降低了股票的价格,从而增加了股票的流动性;may repurchase shares to reduce the chance of an unwanted takeover attempt.管理层可以回购股票来避免公司被收购;two most important characteristics of common stock as an investment are its residual claim and limited liability features.作为投资的普通股的两个最重要的特征是剩余索取权和有限责任;stocks are traded on exchanges, which are places where buyers and sellers meet and decide on a price.大部分股票都是在证券交易所交易,买卖双方在那儿搓合股票价格;5. The most important factor that affects the value of a company is its earnings. Earnings are the profit a company makes, and in the long run no company can survive without them.6. Stock prices change every day as a result of market forces. By this we mean that share prices change because of supply and demand. If more people want to buy a stock demand than sell it supply, then the price moves up.由于市场的原因股票价格每天都在变化,股票价格是由于供求关系的原因而变化的,如果买的人比卖的人多则股票价格上升;。

Principles of Finance-Chapter12 金融学原理

Principles of Finance Part 4
The Cost of Capital
Chapter 12
Requests for permission to make copies of any part of the work should be mailed to: Thomson/South-Western 5191 Natorp Blvd. Mason, OH 45040
Basic Definitions
Component Costs of Capital
types of capital used by firms to raise money
kd = before tax interest cost kdT = kd(1-T) = after tax cost of debt kps = cost of preferred stock ks = cost of retained earnings ke = cost of external equity (new stock)
graph of the firm’s investment opportunities ranked in order of the projects’ rates of return
Combining the MCC and Investment Opportunity Schedules
Percent
Marginal cost of capital schedule
a graph that relates the firm’s weighted average of each dollar of capital to the total amount of new capital raised reflects changing costs depending on amounts of capital raised

金融学原理（英文）第二单元课后答案

⾦融学原理（英⽂）第⼆单元课后答案CHAPTER 2ANSWERS2-1 a. 0 Bonds and term loans are equivalent debt instruments and should have about the same interest rate.b. + Debentures are riskier than mortgage bonds and, hence, wouldrequire a higher interest rate.c. - This would allow bondholders to reap the benefits of a stock priceincrease, so they would accept a lower interest rate.d. (1) + Because the debentures will be subordinated to its bank debt,the debentures will have a higher interest rate.(2) - Because the debentures will be subordinated to the bank debt,the bank debt will have a lower interest rate.(3) 0 The net effect of (1) and (2) is indeterminant.e. + Because income bonds are riskier, they would carry a higher rateof interest.f. (1) - The more of the property that is mortgaged the weaker the claimof the debenture holders. Thus, going from $75 million to $50million of first mortgage debt will strengthen the debenturesand lower their interest rate.(2) - The property will have a smaller mortgage; hence, eachindividual first mortgage bond will be better secured, lessrisky, and have a lower interest rate.(3) 0 Debentures will cost less, as will mortgage bonds, but theaverage cost probably will be about the same--at least, itis not obvious that the cost will be higher or lower. Thisoccurs because the rate on the mortgage bonds is lower thanthat on debentures, but the weights are shifting toward theriskier, higher rate debentures.g. + A call provision increases the risk to the bondholders, so ahigher rate would be required.h. - The sinking fund calls for repayment over the life of the bond.This lowers somewhat the risk of the issue, hence leads to lowerrates.i. + This would raise the interest rate because a lower rating impliesgreater risk.2-2 Safety Rank⽂档收集⾃⽹络，仅⽤于个⼈学习a. Income bond 8b. Subordinated debenture--noncallable 6c. First mortgage bond--no sinking fund 3d. Common stock 9e. U.S. Treasury bond 1f. First mortgage bond--with sinking fund 2g. Subordinated debentures--callable 7h. Amortized term loan 4I. Term loan 52-3 From the corporation's viewpoint, one important factor in establishinga sinking fund is that its own bonds generally have a higher yield thando government bonds; hence, the company saves more interest by retiring its own bonds than it could earn by buying government bonds. This factor causes firms to favor the second procedure. Investors also would prefer the annual retirement procedure if they thought that interest rates were more likely to rise than to fall, but they would prefer the government bond purchases program if they thought rates were likely to fall. Inaddition, bondholders recognize that, under the government bond purchase scheme, each bondholder would be entitled to a given amount of cash from the liquidation of the sinking fund if the firm should go into default, whereas under the annual retirement plan, some of the holders would receivea cash benefit while others would benefit only indirectly from the factthat there would be fewer bonds outstanding.On balance, investors seem to have little reason for choosing one method over the other, while the annual retirement method is clearly more beneficial to the firm. The consequence has been a pronounced trend toward annual retirement and away from the accumulation scheme.2-4 ($ million)Common stock (42 million shares outstandingAt $1 par) = $40 + $2 $ 42 Additional paid-in capital = $120 + $48 168Retained earnings 170Total common stockholders' equity $380⽂档收集⾃⽹络，Total value of the issue = 2 million shares ? $25 = $50 million Added to Common stock account = 2 million shares ? $1 par = $2 millionAdded to Additional paid-in capital account = $50 million - $2 million= $48 million2-5 a. The average investor in a listed firm is not really interested in maintaining his or her proportionate share of ownership and control.An investor could increase ownership by simply buying more stock onthe open market. Consequently, most investors are not concerned withwhether new shares are sold directly (at about market prices) orthrough rights offerings. However, if a rights offering is being usedto effect a stock split, or if it is being used to reduce theunderwriting cost of an issue (by substantial underpricing), thepreemptive right might well be beneficial to the firm and itsstockholders.b. Clearly, the preemptive right is important to the stockholders ofclosely-held firms whose owners are interested in maintaining theirrelative control positions.2-6 Preferred stock can be classified only when the one doing the classifica-tion is considered. From the standpoint of the firm, preferred stock is like equity in that it cannot force the firm into bankruptcy, but it is like debt in that it causes fluctuations in earnings available to the common stockholders. Consequently, if the firm is concerned primarily with survival, it probably would classify preferred stock as equity. However, if there is essentially no danger of bankruptcy, management would view preferred stock as simply another fixed charge security and treat it internally as debt. Equity investors would have a similar viewpoint, and in general they should treat preferred stock in much the same manner as debt. For creditors, the position is reversed. They take preference over preferred stockholders, and the preferred issues act as a cushion. Conse-quently, a bond analyst probably would want to treat preferred as equity.Obviously, in all these applications, there would have to be some qualifi-cations; in a strict sense, preferred stock is neither debt nor equity, but a hybrid.2-7 When the price of its stock is temporarily depressed and a firm wishes to raise funds via an equity issue, the company’s investment banker probably will recommend convertible debt be issued. The firm can use convertible bonds if it is believed that the price of the stock will rise sufficiently in the future to make conversion attractive. Then, if conversion takes place when the stock price is higher, the firm will have essentially issued its stock at a price higher than existed when the convertible bond was issued.2-8 The convertible bond has an expected return that consists of an interest yield (9 percent) plus an expected capital gain. We know the expectedcapital gain must be at least 3 percent, because the total expected returnon the convertible must be at least equal to that on the nonconvertiblebond, 12 percent. In all likelihood, the expected return on the conver-tible would be higher than that on the straight bond, because a capitalgains yield is riskier than an interest yield. The convertible would,therefore, probably be regarded as being riskier than the straight bond.However, the convertible, with its interest yield, probably would beregarded as being less risky than common stock.────────────────────────────────────────────────────────SOLUTIONS2-1 a. Most firms have a continuing need for long-term debt to finance operations (at least as long as they are still in business). It would make sense fora firm to issue bonds like the Canadian bonds. If you think about it, themost significant difference between a 30—year bond and a perpetual bondthat is callable is that there is a refinancing requirement for the regularbond at the end of 30 years. This refinancing requirement probably willchange the cost of the bond, because refinancing takes place at existingThe default risk will be negligible for each bond. The interest rate risk, however, will be greatest for the bond with the longest term to maturity.As a result, the perpetual bonds’ interest rate risk will be greaterthan for the 5-year bond (which will have the lowest interest rate risk)and the 50-year bond. Because the Canadian bond will be called onlyif interest rates decline, it is considered the riskiest, and thus willhave the highest expected interest rate. The order of the expectedinterest rate from lowest to highest would be:5-year bond50-year bondregular perpetual bondCanadian perpetual bondProbably not. If rates had dropped so that bonds with a coupon rate equal to 3 percent could besold, the Canadian government probably would have issued the 3-percent bonds to replace themore expensive bonds.If the information bondholders used to reach their conclusion that the bonds would be called wasunfounded, then there should be no reason to expect the Canadian government to foot the bill forinvestors’mistakes. At the same time, some might argue that the Canadian government has amoral obligation to ensure that any false information that it knows about is not passed on toinvestors. If the Canadian government originally sold the bonds to na?ve investors and hadsomehow led them to think that the bonds would be called, the fairness might indicate thatretirement is appropriate. But, if you think about it, the original investors probably sold the bondsmany years ago, so there no longer would be such an obligation to them. Educated investors shouldknow that the government would not call the bonds when the interest rates were so high--in effect,the government would be wasting constituents’ money.2-2 a. Number of zeros = Amount needed/Price per bond= $4,500,000/$567.447,931 bonds.b. In five years, Filkins will have to repay $4.5 million when the bondmatures. But, because the debt is a zero-coupon bond, there will nointerest payments in the meantime. Thus, the annual debt service costsare $0.2-3 a. Balance sheets:Meyer Balance Sheet ($ thousands):Debt $400Total liabilitiesTotal assets $600 and equity $600Debt $200Equity 400 Total liabilities Total assets $600 and equity $600b. purchase the new machine. Therefore, because the stock issue increased the number of existing shares by 20 percent, the number of shares Haugen had outstanding before the issue was Thus, the number of shares that are outstanding after the stock issue equal 24,000.c.Income Statement for Meyer Manufacturing ($ thousands):ΔEBIT $100.0 ΔInterest = $200 ? 0.08 ( 16.0) ΔEarnings before taxes 84.0 ΔTaxes (40%) ( 33.6) ΔNet income (earnings available to pay to common stockholders) $ 50.4 ΔEBIT $100.0ΔInterest = $0 ? 0.08 ( 0.0) ΔEarnings before taxes 100.0 ΔTaxes (40%) ( 40.0) ΔNet income (earnings available to pay to common stockholders $ 60.0 d.Meyer issued bonds, not stock, so it of common stock outstanding. Therefore, Meyer ’s earnings per share, EPS, is Haugen issued stock and its shares outstanding increased to 24,000. Therefore, Haugen ’s earnings per share, EPS, is If we use the EPS to evaluate both companies, we would conclude Meyer ’s decision to issue debt was better than Haugen ’s decision to issue stock. We will discuss this concept further in later chapters in the book.2-4 a.The conversion price simply is the face (par) value of the bond divided by the conversion ratio--the conversion price for this issue is $1,000/25 = $40. Therefore, it would be beneficial for investors to convert their bonds into common stock when the price of the stock is greater than $40 per share.b.The conversion feature would add some flexibility to the bonds as an investment. Investors might find it attractive to buy the bonds because they can later decide whether they prefer to remain bondholders or to convert and become stockholders.2-5 a.Cox Computer Company Balance Sheet: Alternative 1:Short-term debt $ 25,000Long-term debt 25,000Common stock, par $1 75,000*Paid-in capital 225,000* Retained earnings 25,000 Total liabilities Total assets $375,000 and equity $375,000⽂档收集⾃⽹*At $10 per share, $250,000/$10 = 25,000 shares would have to be soldto raise the $250,000. Therefore, at $1 par value, the Common stockaccount will increase by $1 ? 25,000 = $25,000, and the remaining$225,000 is Paid-in capital. Because $150,000 is used to pay some ofthe bank debt, assets increase by only $100,000. Total sharesoutstanding after the issue: 75,000 = 50,000 + 25,000.Alternative 2:Long-term debt 25,000Common stock, par $1 70,000*Paid-in capital 230,000*Retained earnings 25,000Total liabilitiesTotal assets $ 375,000 and equity $ 375,000⽂档收*To raise $250,000, the firm would have to sell $250,000/$1,000 = 250 bonds. Each bond is convertible into 80 shares of common stock; thus,conversion will increase the number of shares outstanding by 20,000.Therefore, at $1 par value, the Common stock account will increaseby $1 20,000 = $20,000, and the remaining $230,000 is Paid-in capital.Total shares outstanding after the conversion: 70,000 = 50,000 +20,000.Alternative 3:Short-term debt $ 25,000Long-term debt 275,000Common stock, par $1 50,000Retained earnings 25,000Total liabilitiesTotal assets $ 375,000 and equity $ 375,000⽂档收b. Original Plan 1 Plan 2 Plan 3________ _______ ______________Number of CharlesCox's shares 40,000 40,000 40,00040,000Total shares 50,000 75,000 70,00050,000Percent ownership 80% 53% 57% 80%c. Original Plan 1 Plan 2 Plan 3________ ________ ________ __________Total assets $275,000 $375,000 $375,000 $375,000EBIT $ 55,000 $ 75,000 $ 75,000 $ 75,000Interest* ( 17,500) ( 2,500) ( 2,500) ( 32,500)EBT $ 37,500 $ 72,500 $ 72,500 $ 42,500Taxes (40%) ( 15,000) ( 29,000) ( 29,000) ( 17,000)Net income $ 22,500 $ 43,500 $ 43,500 $ 25,500⽂档Number of shares 50,000 75,000 70,000 50,000Earnings per share $0.45 $0.58 $0.62 $0.51⽂档个⼈收集整理勿做商业⽤途*Both the bank loans and the long-term debt require interestpayments; the amount of short-term debt that is not a bank loandoes not require interest payments. Before new financing isobtained, the amount of the bank loan is $150,000 and the amountof long-term debt is $25,000--at 10 percent, the total interestis ($150,000 + $25,000) ? 0.10 = $17,500. The financing planseliminate the bank loans, so the interest payment for each planis: (1) Alternative 1 has $25,000 long-term debt with interestpayments equal to $2,500; (2) Alternative 2 has $25,000 long-termdebt with interest payments equal to $2,500; and, (3) Alternative3 has $275,000 long-term debt with interest payments equal to($25,000 ? 0.10) + ($250,000 ? 0.12) = $$32,500.Each alternative permits Charles Cox to maintain control of thefirm (more than 50 percent ownership). In addition, eachalternative results in an increase in EPS. But, becauseAlternative 2 results in the greatest increase in EPS, it wouldbe preferred.2-6 a. Book value per share = ($364,000 + $336,000)/20,000 = $35.00 Total amount of issue = 10,000 ?$32.55 = $325,500 Book value after issue = ($364,000 + $336,000) + $325,500= $1,025,500Book value per share = $1,025,500/30,000 = $34.182-7 a. If P0 = $18, the option is exercised, and the stock is sold immediately, the gain would be ($18 - $15) ?100 = $300. Therefore,it would be beneficial to exercise the option.b. If P0 = $13, the option is exercised, and the stock is soldimmediately, the loss would be ($13 - $15) ?100 = -$200. Therefore,it would not be beneficial to exercise the option.c. The answers in part (a) and part (b) would be reversed if theoption was a put with the same exercise price:If P0 = $18, the put option is exercised, and the stock is soldimmediately, the loss would be ($15 - $18) ? 100 = -$300. Theoption holder would have to buy the stock at $18 per share toexercise the put and sell the stock at $15 to the option writer.Therefore, it would not be beneficial to exercise the option.If P0 = $13, the put option is exercised, and the stock is soldimmediately, the gain would be ($15 - $13) ?100 = $200. In thiscase, the option holder would be able to buy the stock at $13per share and then sell it to the option writer at $15 byexercising the option. Therefore, it would be beneficial toexercise the option.2-8 a. Today, the amount Fibertech has to pay today is known with certainty because the current exchange rate is known. In otherwords, if Fibertech decides to pay the bill today, it needs$4,215,000 to purchase 7,500,000 deutschemarks. However, ifFibertech waits to pay the bill when it is due in 90 days, theexchange rate might be different and thus the company mighthave to pay more than $4,215,000 to purchase the 7,500,000deutschemarks (it also might be able to pay less). The primaryadvantage to waiting to pay the bill is that Fibertech can usethe funds for other purposes. In addition, it can avoid thehigh cost of borrowing funds to pay the bill today.b. Cost to Fibertech = 7,500,000 ?$0.567 = $4,252,500 in 90 dayswhen the bill is due.c. At $0.60 per mark, the cost to purchase the neededdeutschemarks would be:7,500,000 ? $0.60 = $4,500,000At $0.54 per mark, the cost to purchase the neededdeutschemarks would be:7,500,000 ? $0.54 = $4,050,000d. The primary benefit Fibertech would receive by entering afutures contract is that it would be able to “lock in” todaythe price of the deutschemarks needed in 90 days. For example,if the futures contract in part (b) was entered, then Fibertechknow it needs $4,252,500 in 90 days to pay the debt it owesthe German manufacturer, regardless of what the actualexchange rate is at that time--the futures contract has “lockedin” the price today.2-9 The solution is given in the Instructor’s Manual, Solutions to Integrative Problems.版权申明本⽂部分内容，包括⽂字、图⽚、以及设计等在⽹上搜集整理。

金融英语课后答案汇总

Part One1. What are the main roles of banks?答：Although banks share many common features with other profit-seeking business,they play a unique role in the economy through mobilizing savings,allocating capital funds to fiance productive investment,transmitting monetary policy,providinga payment system and transforming risks.3. According to the revised edition of the Law of the People's Republic of China on the People's Bank of China ,what functions does the PBC perform?答：The PBC 's key functions are to conduct monetary policy, prevent and dissolve financial risks, and maintain financial stability under the leadership of the State Council.4. Can you give some examples of indirect instruments for implementing monetary policy?答：Indirect instruments as required reserve ratio, interest rate adjustment and open market operations.9. What is your definition of share and bond?答：Shares are certificates or book entries representing ownership in a corporation or similar entity.Bonds are written evidences of debts.13. What is your definition of “securities”?答：Securities are paper certificates (definitive securities) or electronic records (book-entry securities) evidencing ownership of equity (stock) or debt obligations (bonds).Part Two2. What are the objectives of banking supervision?First, the key objective of supervision is to maintain stability and public confidence in financial system.The second goal of bank supervisions to ensure that bank operate in a safe and sound manner and that they hold capital and reserve sufficient to cover the risks that may arise in their business.Third, a related goal is to protect depositors’ funds and , if any bank should fail, to minimize the losses to be absorbed by the deposit insurance fund.The fourth goal of bank supervision is to foster an efficient and competition banking system that is responsive to the public need for high quality financial services at reasonable cost.The fifth and final goal of bank supervision is to ensure compliance with banking laws and regulations.3. What risks might the commercial banks have to face?(1)credit risk (2)market risk (3)liquidity risk (4)operational risk (5)legal risk (6)reputation risk4. What are the implication of credit risk, market risk, liquidity risk and operational risk?Credit risk: A major type of risk that banks face is credit risk or the failure of a counterpart to perform according to a contractual arrangement.Market risk: Two specific elements of market risk are foreign exchange risk and interest risk. Banks face a risk of losses in on- and off-balance sheet positions arising from movement in exchange rates. Interest rate risk prefers to the exposure of a bank’s financial condition to adverse movements in interest rates.Liquidity risk: Liquidity risk arises from the inability of a bank to accommodate decreases in liabilities or to fund increases in assets.Operational risk: The most important types of operational risk involve breakdowns in internal controls and corporate governance..5.At what levels does the Basel Accord set the minimum capital ratio requirements for internationally active banks?The Accord sets minimum capital ratio requirements for internationally active banks of 4% tier one capita and 8% total capital (tier one plus tier two) in relation to risk-weighted assets.Part Three1. What does foreign exchange include ?答：Foreign exchange includes the following means of payments and assets denominated in a foreign currency that can be used for international settlement:●Foreign currencies, including banknotes and coins;●Payment vouchers denominated in foreign currency, including negotiableinstruments, bank certificates of deposit and certificates of postal savings;●Securities denominated in foreign currency, including government bonds,corporate bonds and stocks;●Super-national currencies such as Special Drawing Rights and the Euro; and●Other assets denominated in foreign currency.3. What are the requirements for domestic institutions for opening foreign exchange accounts abroad?答：Domestic entities which meet one of the following requirements may apply for opening a foreign exchange account abroad:●Expecting small amount income during a certain period of time abroad;●Expecting small amount ex penditure during a certain period of time abroad;●Undertaking overseas construction projects;and issuing securities denominated in foreign currency abroad.6. Give the definition of foreign exchange?答：Foreign exchange , or forex , is foreign money. All foreign currency, consisting of founds held with banks abroad, or bills or cheques, again in foreign currency and payable abroad , are termed foreign exchange.9. Give the definition of spot and forward transaction?答：Spot transactions involve today’s p rices of currency and delivery of the currency within two business days, except for Canadian dollar (CAD), which must be delivered in one day.10. Tell the difference between forward and futures transactions?答：(1) Forward transactions involve today’s pr ices of currency and delivery on a stipulated future date.(2) Futures transactions are always traded on exchanges. In order to be marketable on exchanges, futures contracts are standardized in terms of quantity, settlement datesand quotation.Part Four14. How could a bank earn interest income?答：The principal source of income for the majority of banks is still the interest received on the funds that the institution has at its disposal and is able to lend out in some form.Whenever a bank lends out money it will generally charge interest to the customer.21. Why should a bank keep sufficient liquid assets?答：It is important for a bank to hold sufficient liquid assets to meet the demands of depositors who may seek to withdraw their funds. However,maintenance of too high a level of liquid assets could be expensive. Cash balances in particular yield no income,yet will cost the same as any other asset to fund.25. What are the three major activities included in a bank's Statement of Cash Flows?答：The statement of cash flows reports cash flows relating to operating,investing and financing activities of a bank.Part five4. What are negotiable instruments? list some examples.答：From a functional perspective, negotiable instruments are documents used in commerce to secure the payment of money. Paying large sums of money in cash is both inconvenient and, unfortunately, risky. In all cases, negotiable instruments represent a right to payment. A right is, by definition, a promise and not a tangible piece of property. So, negotiable instruments are classified as choses in action. The three main types of them are the following: Bills of Exchange, Cheques, Promissory Notes.7. What’s the difference between capital lease and operating lease?答：1: Whether the ownership of property is to be transferred by the end of lease term.2: Whether the lease has an operation to purchase the leased property at a bargain price.3: The lease term is long to or short in according to the estimated economic life of the leased property.4: Whether the lease is a cancelable lease.5: Whether the lease is full-payout lease.9. What’s the meaning of Account Receivable Financing?答：Accounts Receivable represents a promise from customers to pay for a goods sold or services rendered. Account Receivable Financing is a form of collateralized lending in which accounts receivables are the collateral.12. What are basic characteristics of money mark securities?答：Money-mark securities, which are discussed in details later in this chapter, have three basic characteristics in common:They are usually sold in large denominations.They have low default risk.They mature in one year or less from their original issue date. Most money marker instruments mature in less than 120 days.Why teasury bills are attractive to investors?答：Teasury bills are attractive to investors because they are backed by the government and therefore are virtually free of default risk .Even if the government ran out of money, it could simply print more to pay them off when they mature.The risk of unexpected changes in inflation is also low because of their short-termmaturity. 15. What are the features of inter-bank markets?答：Inter-bank markets are money markets in which short-term funds transferred (lent or borrowed) between financial institutions, usually for one day, that is , they are usually overnight investment . The interest rate for borrowing these funds is close to ,but always slightly higher than ,the rate that is available from the central bank. 17．How have NCDs become the second most popular money market instruments?答：Negotiable CDs are in large denominations .Although NCDs denominations are too large for individual investors , they are sometimes purchased by money market funds that have pooled individua l investor’s funds. Thus , the existence of money market funds allows individuals to be indirect investors in NCDs ,marking a more active NCD market.19.What products does the on-line banking provide?答：basic products and services, intermediate products and services ,advanced products and services.Part Six1,What categories can the loan be divided according to their risk?答：The five-category system classifies bank loans according to their inherent risks as pass(normal),special-mention,substandard,doubtful and loss.What are the commonly used methods of credit analysis?答：Tranditionally,key risk factors have been classified according to the five CS of credit:character,capital,capacity,conditions,and collateral. Golden and Walker identify the five CS of bad credit,representing things to guard against to help prevent problems.These include complacency,carelessness,communication breakdown,contingencies,and competition.A useful framework for sorting out the facts and opinions in credit analysis is the 5Ps approach:people,purpose,payment,protection,and perspective.How can a bank take security for an advance?答：A bank has different kinds of security as cover for advance to his customers.There are several ways in which a bank may take security for an advance by lien,pledge,mortgage and hypothecation.。

金融学第二版课后答案英文版中国人民大学Bodie2-IM-Ch01

金融学第二版课后答案英文版中国人民大学Bodie2_IM_Ch01CHAPTER 1 – Financial EconomicsEnd-of-Chapter ProblemsDefining Finance1. What are your main goals in life? How does finance play a part in achieving those goals? What are the major tradeoffs you face?SAMPLE ANSWER:Finish schoolGet good paying job which I likeGet married and have childrenOwn my own homeProvide for familyPay for children’s educationRetireHow Finance Plays a Role:SAMPLE ANSWER:Finance helps me pay for undergraduate and graduate education and helps me decide whether spending the money on graduate education will be a good investment decision or not.Higher education should enhance my earning power and ability to obtain a job I like.Once I am married and have children I will have additional financial responsibilities (dependents) and I will have to learn how to allocate resources among individuals in the household and learn how to set aside enough money to pay for emergencies, education, vacations etc. Finance also helps me understand how to manage risks such as for disability, life and health.Finance helps me determine whether the home I want to buyis a good value or not. The study of finance also helps me determine the cheapest source of financing for the purchase of that home.Finance helps me determine how much money I will have to save in order to pay for my children’s education as well as my own retirement.Major Tradeoffs:SAMPLE ANSWERSpend money now by going to college (and possibly graduate school) but presumably make more money once I graduate due to my higher education.Consume now and have less money saved for future expenditures such as for a house and/or car or save more money now but consume less than some of my friendsFinancial Decisions of Households2. What is your net worth? What have you included among your assets and your liabilities? Would you list the value of your potential lifetime earning power as an asset or liability? How does it compare in value to other assets you have listed?SAMPLE ANSWER:$ ____________ (very possibly negative at this point)Assets:Checking account balanceSavings account balanceFurniture/Jewelry (watch)Car (possibly)Liabilities:Student loansCredit card balanceIf renting, remainder of rental agreement (unless sublettingis a possibility)Car payments (possibly)Students typically don’t think about the high value of their potential lifetime earning power when calculating their net worth but for young people it is often their most valuable asset.3. How are the financial decisions faced by a single person living alone different from those faced by the head of a household with responsibility for several children of school age? Are the tradeoffs they have to make different, or will they evaluate the tradeoffs differently?A single person needs only to support himself and therefore can make every financial decision on his own. If he does not want health insurance (and is willing to bear the financial risks associated with that decision) then no one will be affected by that decision other than that single person. In addition, this person needs to make no decisions about allocating income among dependents. A single person is very mobile and can choose to live almost anywhere. The tradeoffs this individual makes generally concern issues of consuming (or spending) today versus saving for consumption tomorrow. Since this person is supporting only himself, the need to save now is less important than for the head of household discussed next.T he head of household with several children must share resources (income) among dependents. This individual must be prepared to deal with risk management issues such as how to be prepared for potential financial emergencies (such as a serious health problem experienced by a member of the family or home owners insurance in case of a fire or other mishap). Because there are more people in this household than with a single person, there are greater risks that someone will get sick or injured. Andbecause there are dependents, the wage earner(s) should think carefully about life and disability insurance. In addition, the family is not as mobile as the single individual. Because of the school age children, the family might want to live near “good schools” thinking that a stronger education will eventually help those children’s future well being and financial situation. Thus, the tradeoffs for the head of household are more complex: more money is needed to consume today (he or she needs to support more dependents), but a lot more money is also needed to save for future expenses such as education and housing and more money is needed for risk management such as life and disability insurance.4. Family A and family B both consist of a father, mother and two children of school age. In family A both spouses have jobs outside the home and earn a combined income of $100,000 per year. In family B, only one spouse works outside the home and earns $100,000 per year. How do the financial circumstances and decisions faced by the two families differ?With two wage earners, there is less risk of a total loss of family income due to unemployment or disability than there is in a single wage earning household. The single wage earning family will probably want more disability and life insurance than the two wage earning family. On the flip side, however, the two wage earning family may need to spend extra money on child care expenses if they need to pay someone to watch the children after school.5. Suppose we define financial independence as the ability to engage in the four basic household financial decisions without resort to the use of relative’s resources when making financing decisions. At what age should children be expected to becomefinancially independent?Students will have differing responses to this question depending upon their specific experiences and opinions. Most will probably say independence should come after finishing their education, and they have a significant flow of income.6. You are thinking of buying a car. Analyze the decision by addressing the following issues:a.Are there are other ways to satisfy your transportation requirements besides buying a car? Make a list ofall the alternatives and write down the pros and cons.Transportation Mode Pros ConsWalking ?Takes you directly where you wantto goNo out of pocket costsConvenient ?Takes a long time ?Destination may be too far Bicycle ?Takes you directly to where youwant to goNo out of pocket marginal costsConvenient ?Requires physical strength and endurance ?Destination may be too farBus ?InexpensiveReaches more distant destinations ?May not take you directly where you want to go ?Inconvenient schedules to go ?Many stops, not efficientSubway ?InexpensiveFast ?May not take you directly where you want to goLocal destinations only on limited networkTrain ?Reaches distant destinations ?Moderately expensiveMay not take you directly whereyou want to goAirplane ?Reaches distant destinationsFast ?Most expensiveWill not take you directly where you want to gob. What are the different ways you can finance the purchase of a car?F inance through a bank loan or lease, finance through a car dealer with a loan or a lease or finance the car out of your own savings.c. Obtain information from at least three different providers of automobile financing on the terms they offer.d. What criteria should you use in making your decision?Your decision will be to select the financing alternative that has the lowest cost to you.When analyzing the information, you should consider the following:Do you have the cash saved to make an outright purchase? What interest rate would you be giving up to make that purchase? Do you pay a different price for the car if you pay cash rather than finance?For differing loan plans, what is the down payment today? What are the monthly payments? For how long? What is the relevant interest rate you will be paying? Does the whole loan get paid through monthly payments or is there a balloon payment at the end? Are taxes and/or insurance payments included in the monthly payments? ?For differing lease plans, what is the down payment today? What are the monthly payments? For how long? Do you own the car at the end of the lease? If not, what does it cost to buy the car? Do you have to buy the car at the end of the lease or is it an option? Is there a charge if you decide not to buy the car? What relevant interest rate will you be paying? Are taxesand/or insurance payments included in the monthly payments? Are there mileage restrictions?7. Match each of the following examples with one of the four categories of basic types of household financial decisions.At the Safeway paying with your debit card rather than taking the time to write a checkDeciding to take the proceeds from your winning lottery ticket and use it to pay for an extended vacation on the Italian RivieraFollowing Hillary’s advice and selling your Microsoft shares to invest in pork belly futuresHelping your 15-year old son learn to drive by letting putting him behind the wheel on the back road into townTaking up the offer from the pool supply company to pay off your new hot tub with a 15-month loan with zero payments for the first three monthsThe first is the most difficult since in practice it is simply a cash transaction involving no financing. As such the purchase is a consumption decision only and the payment choice is not a financing decision. The second is also a consumption/saving decision. The third is an exchange of one financial asset for another and therefore an investment decision. The fourth is a risk-management decision since you have subjected yourself to increased risk that is not covered by insurance. The final example is a financing decision involving a loan to finance a purchase.Forms of Business Organization8. You are thinking of starting your own business, but have no money.a.Think of a business that you could start without having to borrow any money.A ny business that involves a student’s own personal service would be cheap to start up. For instance he or she could start a business running errands for others, walking their dogs, shopping etc. Along those same lines they could start some kind of consulting business. Both of these businesses could be run out of their dorm room or their own home and could be started with very little capital. If they wanted to hire additional workers, they would have to be paid on a commission basis to limit upfront expenses.b. Now think of a business that you would want to start if you could borrow any amount of money at the going market interest rate.Certainly there are many interesting businesses that could be started if one could finance 100% of the business with borrowed capital and no equity. Since you will be able to borrow 100% of the financing, you will be willing to take a lot greater risk than if you were investing your own money.c. What are the risks you would face in this business?[Answer is, of course, dependent on answer to question “b.”]d. Where can you get financing for your new business?Depending upon the size of the financing needed, students should be looking for both debt and equity financing. The sources of this financing ranges from individuals and credit cards (for very small sums) to banks, venture capitalists, public debt and equity markets, insurance companies and pension funds9. Choose an organization that is not a firm, such as a club or church group and list the most important financial decisions it has to make. What are the key tradeoffs the organization faces? What role do preferences play in choosing among alternatives?Interview the financial manager of the organization and check to see if he or she agrees with you.SAMPLE ANSWER:Local Church group. Most important financial decisions:Whether or not to repair damage done to church and grounds during last big hurricane (specifically repairing the leaking roof)What project to put off in order to pay for repair damageHow to pay for renovations to downstairs Sunday school roomsHow to increase member attendance and contributionsHow to organize and solicit volunteers for the annual Church Sale (largest fund raiser of the year)Key Tradeoffs and Preferences:C hurch group funds are severely limited, so the organization needs to prioritize expenses based upon cost and need. Not all projects that are needed will be undertaken due to the expense involved. An equally large amount of timewill be spent trying to raise financing since funds inflow is variable. Since not all projects can be financed, preferences of different important individuals (such as the pastor) take on great significance in the decision-making process.Market Discipline: Takeovers10. Challenge Question: While there are clear advantages to the separation of management from ownership of business enterprises, there is also a fundamental disadvantage in that it may be costly to align the goals of management with those of the owners. Suggest at least two methods, other than the takeover market, by which the conflict can be reduced, albeit at some cost.One way is to provide incentives for the managers so that they increase their pay when owners interests are improved. An example would be compensating managers with stock options, the value of which increase with the market value of shareholder’s int erests. A second method is to more closely monitor the behavior of the managers. Outside management consultants and auditors serve this role in part particularly to the extent that they report their findings to representatives from ownership groups. Both of these solutions assume the management cannot effectively deceive markets or consultant/auditors through misleading information or actions to inflate the market value of the ownership shares or there performance records.11. Challenge Question:Consider a poorly run local coffee shop with its prime location featuring a steady stream of potential clients passing by on their way to and from campus. How does the longtime disgruntled, sloppy and inefficient owner-manager of Cup-a-Joe survive and avoid disciplining from the takeover market? This is not a question about a misalignment of the goals of the owner(s) and manager(s) of a firm since we have explicitly said the firm is owner-managed. If in fact the coffee shop is mismanaged the potential exists for an outsider to purchase a controlling interest in the operation and put more efficient management into place if the purchase price does not exceed the value of profits to be generated by the efficiently managed firm. If the present owner chooses not to sell he must value the firm for more than the value of the profits generated by an efficiently managed firm. Therefore his position in the firm must generate for him non-pecuniary benefits, or benefits unrelated to the firm’s profitability and he is therefore not avalue maximizer. Perhaps he enjoys making fun of his clients or takes pride in his eclectic tastes in interior decorating. In any case the takeover market does discipline him in the sense that he will be forced to pay for his non-pecuniary benefits in the sense that he trades off profits.The same could be said of an owner-manager who lacks the required specialized skills to properly run the firm but never the less continues to operate the company inefficiently because he ‘likes’ the work!The Role of the Finance Specialist in a Corporation12. Which of the following tasks undertaken within a corporate office are likely to fall under the supervision of the treasurer? The controller?Arranging to extend a line of credit from a bankArranging with an investment bank for a foreign exchange transactionProducing a detailed analysis of the cost structure of the company’s alternative product linesTaking cash payments for company sales and purchasing U.S. Treasury BillsFiling quarterly statements with the Securities and Exchange CommissionThe first two and the fourth items are responsibilities of the treasurer while the third and fifth items fall under the workload of the controller’s office.Objectivesy Define finance.y Explain why finance is worth studying.y Introduce two of the main players in the world of finance—households and firms—and the kinds of financial decisions theymake. The other main players, financial intermediaries and government, are introduced in chapter 2.Contents1.1Defining Finance1.2Why Study Finance?1.3Financial Decisions of Households1.4Financial Decisions of Firms1.5Forms of Business Organization1.6Separation of Ownership and Management1.7The Goal of Management1.8Market Discipline: Takeovers1.9The Role of the Finance Specialist in a CorporationSummaryFinance is the study of how to allocate scarce resources over time. The two features that distinguish finance are that the costs and benefits of financial decisions are spread out over time and are usually not known with certainty in advance by either the decision maker or anybody else.A basic tenet of finance is that the ultimate function of the system is to satisfy people’s consumption preferences. Economic organizations such as firms and governments exist in order to facilitate the achievement of that ultimate function. Many financial decisions can be made strictly on the basis of improving the trade-offs available to people without knowledge of their consumption preferences.There are at least five good reasons to study finance:y To manage your personal resources.y To deal with the world of business.y To pursue interesting and rewarding career opportunities.y To make informed public choices as a citizen.y To expand your mind.The players in finance theory are households, business firms, financial intermediaries, and governments. Households occupy a special place in the theory because the ultimate function of the system is to satisfy the preferences of people, and the theory treats those preferences as given. Finance theory explains household behavior as an attempt to satisfy those preferences. The behavior of firms is viewed from the perspective of how it affects the welfare of households.Households face four basic types of financial decisions:y Saving decisions: How much of their current income should they save for the future?y Investment decisions: How should they invest the money they have saved?y Financing decisions: When and how should they use other people’s money to sa tisfy their wants and needs?y Risk-management decisions: How and on what terms should they seek to reduce the economic uncertainties they face or to take calculated risks?There are three main areas of financial decision making in a business: capital budgeting, capital structure, and working capital management.There are five reasons for separating the management from the ownership of a business enterprise: y Professional managers may be found who have a superior ability to run the business.y To achieve the efficient scale of a business the resources of many households may have to be pooled.y In an uncertain economic environment, owners will want to diversify their risks across many firms. Such efficient diversification is difficult to achieve without separation ofownership and management.y To achieve savings in the costs of gathering information.y The “learning curve” or “going concern” effect: When the owner is also the manager, the new owner has to learn the business from the former owner in order to manage it efficiently. If the owner is not the manager, then when the business is sold, the manager continues in place and works for the new owner.The corporate form is especially well suited to the separation of ownership and management of firms because it allows relatively frequent changes in owners by share transfer without affecting the operations of the firm.The primary goal of corporate management is to maximize shareholder wealth. It leads managers to make the same investment decisions that each of the individual owners would have made had they made the decisions themselves.A competitive stock market imposes a strong discipline on managers to take actions to maximize the market value of the firm’s shares.。

金融学14章金融答案翻译

CHAPTER 14FORWARD AND FUTURES PRICESObjectives∙ To explain the economic role of futures markets∙ To show what information can and cannot be inferred from forward and futures prices.∙Outline14.1 Distinctions Between Forward and Futures Contracts14.2 The Economic Function of Futures Markets14.3 The Role of Speculators14.4 Relation Between Commodity Spot and Futures Prices14.5 Extracting Information from Commodity Futures Prices14.6 Spot-Futures Price Parity for Gold14.7 Financial Futures14.8 The Implied Risk-Free Rate14.9 The Forward Price Is Not a Forecast of the Spot Price14.10 Forward-Spot Parity with Cash Payouts14.11 Implied Dividends14.12 The Foreign-Exchange Parity Relation14.13 The Role of Expectations in Determining Exchange RatesSummary∙ Futures contracts make it possible to separate the decision of whether to physically store a commodity from thedecision to have financial exposure to its price changes.∙ Speculators in futures markets improve the informational content of futures prices and make futures marketsmore liquid than they would otherwise be.∙ The futures price of wheat cannot exceed the spot price by more than the cost of carry:∙ The forward-spot price parity relation for gold is that the forward price equals the spot price times the cost ofcarry:This relation is maintained by the force of arbitrage . ∙One can infer the implied cost of carry and the implied storage costs from the observed spot and forward prices and the risk-free interest rate. ∙ The forward-spot parity relation for stocks is that the forward price equals the spot price times 1 plus the risk-free rate less the expected cash dividend.This relation can therefore be used to infer the implied dividend from the observed spot and forward prices and the risk-free interest rate. ∙ The forward-spot price parity relation for the dollar/yen exchange rate involves two interest rates:where F is the forward price of the yen, S is the current spot price, r Y is the yen interest rate, and r $ is the dollarinterest rate. ∙ If the forward dollar/yen exchange rate is an unbiased forecast of the future spot exchange rate, then one caninfer that forecast either from the forward rate or from the dollar-denominated and yen-denominated risk-free interest rates.F S C -≤F S r s =++()1F S r D=+-()1F r S r Y11+=+$Solutions to Problems at End of ChapterForward Contracts and Forward-Spot Parity.1. Suppose that you are planning a trip to England. The trip is a year from now, and you have reserved a hotel room in London at a price of ₤50 per day. You do not have to pay for the room in advance. The exchange rate is currently $1.50 to the pound sterling.a.Explain several possible ways that you could completely hedge theexchange rate risk in this situation.b.Suppose that r₤=.12 and r$=.08. Because S=$1.50, what must theforward price of the pound be?c.Show that if F is $0.10 higher than in your answer to part b, therewould be an arbitrage opportunity.SOLUTION:a.Ways to hedge the exchange rate risk:Pay for the room in advanceBuy the pounds you will need in the forward market.Invest the present value of the rental payments in a pound-denominated riskless asset.对冲外汇风险的几种方法：提前对这个房间付款；在期货市场购买英镑；将与现期价值的租金同等的英镑投资于无风险资产。

金融学原理(英文版)课后翻译及答案

1．答案可以不一样．答案示例：共产主义制度与亚当斯密的看不见得手是完全相反的.但是最近我们已经注意到了世界范围内许多共产主义国家的失败.在共产主义国家里,据信政府可以做出与私人相比更好的决策去推动经济的繁荣.但是很明显,这种制度没能推动经济的繁荣.亚当斯密认为，完全竞争的市场体制(而不是政府) 一般而言可以更好得配置资源从而推动经济的繁荣.但是,一个完全没有束缚的资本主义社会比如18世纪晚期的西方世界国家可能并不是一个完美的体制.看不见的手使富人更富同时穷人却得不到任何正式的帮助,于是政府计划最终建立了起来促进社会福利和公平.2．在资本主义社会,价格机制有利于做出正确的资源配置决策.资本流向那些能利用它获得最高回报率的部门.从而这样把资本分配到生产率最高的用处,借以增进社会经济的繁荣.而且,金融体系有自己的市场和调解机构,它们可以把风险从最不愿意承担的人那里转移到最愿意承担风险的人那里.一般而言,这将使社会受益而不会有任何的代价.并且,通过允许私人减少或者消除风险,可以形成一个承担商业冒险的社会氛围,这将使社会受益.3．清算和支付:在亚当斯密的时代,正如现在一样有纸币和硬币.但是,由于技术革新(主要是电脑技术的应用与发展)现在有许多其它不同形式的支付手段,例如个人支票,信用卡,资金的借方卡以及电子转帐.而且,某些信用卡和旅行支票在世界上的任何地方都可以被受理,使货币兑换成为过去的一种遗留物.聚集资源和分散股权:在亚当斯密的时代,大部分商业贸易规模都很小,并且由独资企业投资.因此,聚集资源进行大规模投资的需求不像今天这样普遍和重要.而且,电脑和电话技术的革命把全球的资本市场联系起来为更大规模的贸易融资.今天这些公司能进入全世界范围巨大的资产并且找到为大规模工程投资的最便宜的资源转移经济资源：在当代，世界范围内的金融体系使资源和风险及时的从一个人转移到另一个人，从一个地方转移到另一个地方变得更加容易.而在亚当斯密的时代,尽管有金融市场,但是作用有限, 与今天的相比它们都是区域性的,规模小,缺乏效率和创新.风险管理:在亚当斯密的时代,私人和商业都会面对许多与今天相同的风险(财产损毁的风险,金融损失的风险,粮食歉收风险等等)但是,过去只有有限的方法去化解风险.那时虽然有一些保险公司,但主要是管理商业风险而非个人风险,因此也就没有同类型保险去管理个人风险.比如,失业保险.在亚当斯密的时代,农场主几乎没有办法去降低粮食歉收以及粮食价格降低的风险.现在有大量的市场和部门去化解个人及商业风险,还有大量的网络保险公司去把风险从那些想减少的人那里转移到那些想承担更多风险的人那里.价格信息:在亚当斯密的时代,信息传播的速度很慢.当然,那时没有电话,电视和收音机等工具.信息只能通过报纸和信件进行传播.现在,信息可以在世界范围内及时传播.由于电脑和电话技术的发展和创新,安全的价格信息同时在世界范围内通过各种虚拟的途径获得.激励问题:正如上面所讨论的,当代的金融体系是大规模,创新和全球性的.在亚当斯密的时代,如果出现道德风险和逆向选择问题就没有像今天这样高效的金融体系去处理.4. 亚当斯密谈论的自由竞争市场作为一个完整的体系可以把资本分配到使用效率最高和最有价值的地方.在一个自由竞争的股票市场,股票的价格是由供给和需求决定的.那些得到最高回报的公司将会得到最高的价格(或者是最便宜的金融资本).而一些公司将得不到足够的资本因为他们是没有效率的.由于世界范围内的合意投资是巨大的以及有时对于投资者而言很难识别哪个公司是资本最有效率的雇佣者,因此规则应该被制定出来以保证相关的和合乎标准的信息传递给潜在的投资者.这将包括公开和内部的交易以及股票操作方面的规则.但是从市场效率方面而言,一些其它形式的市场规则可能就不是那末重要甚至将有碍整个社会福利的实现.5. 由于大部分学生现在还不能挣钱,也没有积蓄或其它的资本,所以没有哪个中间人会在任何合意的利率水平上承担这样的信用风险.6例如：医药公司；儿童安全设备生产公司；航空公司；银行；医院；环保咨询公司；危险性垃圾处理公司7 我用自己的钱投资的20000美元是（企业主的）股本，其他的80000美元是负债。

金融学原理英文版

CH71• A•Current ratio=3.8 times•DSO=41.1 days•Inventory turnover ratio=5.5 times•Fixed assets turnover ratio=4times•Debt ratio=48.1%•Net profit margin on sales=4.1%•ROA=7.7%•Note that we didn’t use average amount for stock variables• B•Bad profitability: low ROA•Total asset turnover is poor.(1.86 times, while industry average=9.9/4.6=2.15 times)•Low inventory turnover ratio•High DSO• C•Every ratio we calculated except Fixed asset turnover was worse in 2007.2• A•Current ratio: 1.98 times•DSO: 75.24 days•Inventory turnover ratio: 5.6times•Total assets turnover 1.7times•Net profit margin: 1.7%•ROA= 2.88%•ROE 7.56%•Debt ratio 61.9%• B• 1.7%*1.7=2.89%• 1.2%*3=3.6%• C•Terrible DSO•Net profit margin is good•Poor ROA and ROE•poor total assets turnover ratio• D•Unusual growth rate in 2007 will cause the financial ratios we calculated to be misleading.Because we didn’t use average amount for stock variables.3•Total liabilities and equity=300000•Debt=0.5*300000=150000•Sales=450000•Receivables=45000•Cost of goods sold=337500•Inventories=67500•Payables=90000•Cash=27000•Fixed assets= 160500•Common stock525004• A•Current ratio =2.73 times•Debt ratio= 30%•TIE= 11 times•Inventory turnover= 4.15•DSO= 29.89 days•Fixed assets turnover= 5.41 times•Total assets turnover= 1.77 times•Profit margin on sales= 3.40%•ROA= 6%•ROE= 8.57%• B•6% = 3.4% * 1.77•9% = 3% * 3• C•The balance sheet is where the problem is.• D•Very low inventory turnover probably means an excess inventory stock.• E•Some ratios will be distorted. Use average to avoid the distortion.5• A•Quick ratio =0.85 times•Current ratio=2.33 times•Inventory turnover ratio=4 times•DSO= 37days•Fixed assets turnover 10 times•Total assets turnover= 2.37•ROA= 5.9%•ROE=13.07%•Debt ratio=54.8%•Net profit margin on sales=2.5%•P/E=5 times•All of its ratios are worse than the industry averages• B•Current ratio decreases•Inventory turnover increases•Total assets turnover increases•ROA & ROE increase•If dividend doesn’t increase or increases by an amount less than the increment of net income, increased retained earnings will cause a lower debt ratio.•Higher net income will probably lead to higher stock price and higher P/E ratio. CH81• A•Net income: 12.6•Dividends: 5.04•Addition to retained earnings: 7.56•Cash: 4.2•Receivables: 31.2•Inventories: 69.6•Current assets: 105•Net fixed assets: 42•Total assets: 147•Accounts payables: 10.8•Notes payable: 18•Accruals: 10.2•Current liabilities: 39•Long-term bonds: 6•Common stock: 15•Retained earnings: 73.56•Total liabilities and equity: 133.56•147-133.56=13.44•So “notes payable” should be 18+13.44=31.44, if financing feedback effects are not considered.• B•Current ratio:2•Debt ratio: 39.76%•ROE: 14.23%• C•Addition to retained earnings: 35.28•…•Current ratio: 4.25•Debt ratio: 20.9%•ROE: 10.84%3• A•DOL=2.5•DFL=3•DTL=7.5• B•Really easy to solve.• C•Reduce DOL or DFL, or both5• A•8000 watches: EBIT=-60000•180000 watches: EBIT=40000• B•Qbe=14000•Sbe=350000• C•8000: -1.33•18000: 4.5• D•Qbe=8750• E•Qbe=175006• A•5000 unit: EBIT=-50000•12000 unit: EBIT=125000• B•Qbe=70009•Sales: 2000•NI in 2008: 100•Addition to retained earnings =40 CH91FV=561.82•PV=373.633•PV=500•PV=867.124•n=10.24•n=4.195• A•6374.97•1105.13• C•7012.46•1160.386• A•2457.83• B•865.90• C•2703.61•909.197• A•1251.24•1300.33• B•1600•16008• A•7%• B•7%• C•9%• D•9000=2684.8*(1-(1+k)^(-5))/k 9• A•881.17• B•895.42• C•903.06• D•908.3510•500/(1+12%/n)^(5*n)• A•279.20• B•276.84•275.2211• A•5272.34• B•5374.0712• A•EAR of second city bank=6.66%<7%13•Payment each year: 6594.94•Year 1•interest: 2500•repayment of principal: 4094.94•remainder of principal: 20905.06•Year 2•interest: 2090.51•repayment of principal: 4504.43•remainder of principal: 16400.63•…• B•Payment =13189.87• C•8137.27•14• A•Security Z: 9%•Security B: 500=74.5*((1-(1+k)^(-10))/k) • B•558.39•548.33• C•The value of Z remains 1000•But the value of B should be•981.97•Actual return of Z: 9%•B: k=6.98%• D•…15•61204.05552• B•11019.96058• C•6840.86428416• A•176791.86• B•150258.8817•Hint: difference between the PV of these two loans.•10827.33-8926.48=1900.8518•This problem is kind of complicated. But the procedure is pretty straightfoward.•Payment=4970.84CH103• A•D1=2.1•D2=2.21•D3=2.32• B• 5.29• C•24.72• D•30.01• E•30• F•No•Please pay attention to the expected stock price in the end of the 3rd year, 34.73.•D4=2*(1.05)^4•D4/(12%-5%)=34.734• A•g=7% (中文版打错了，应该是1.1449)• B•Expected dividend yield 5%• C•12%5• A•9.5•13.33•21•44• B•Nonsense• C•no6• A•7.2• B•41.6• C•35.287• A•1000• B•812.59•711.89• C•Capital gains yield:•18.74%•28.81%• D•Current yield:•5%• E•-13.74%•-23.81%•G•…8• A• 2.01• 2.31• 2.66• 3.06• 3.52• B•Use the method on pp 294, ch edition •P=39.42• C•When p0^=p0, then required rate of return=expected rate of return=dividend yield + capital gains yield•So for 2007, dividend yield=2.01/39.42=5.1%, capital gains yield =12% - 5.1%=6.9% •For 2011 dividend yield=D6^/P5=3.7/52.8=7%, while capital gains yield=12%-7%=5%, which is also the growth rate of dividends after the fifth year.• E•Stock price will drop.• F•Stock price goes down. The capital gains yield equals “g” after 5 years, while dividend yield = 14% - g9• A•PV=54.11•Expected dividend yield: 3.55%•P1=57.6•Capital gains yield: 6.45%•Note that 3.55%+6.45%=10%, which is just the required rate of return, k.• B•Stock value rises•The total return will remain the same. The distribution between dividend yield and capital gains yield will be diffierent.• C•Capital gains yield=6%•Dividend yield=4%10• A•P0=21.43• B•P0=26.47• C•P0=32.14• D•P0=40.54CH111• A•Expected return=500000• B•Tell me which one you would choose.• C•Risk averter• D•(1)•75000•(2)•15%•(3)•What’s your choice?•(4)•What’s your choice?•(5)•Of course the correlation matters2• A•13.5%• B•Weighted average of beta of securities contained in this portfolio.•Beta= 1.8• C•8% + 5.5%*β• D•17.9%• E•Don’t purchase it3• A•11.3%,11.3%• B•-16.25%, 27.40%, 22.75%, -4.05%, 26.65%•Average return:11.3%• C•Method on page 311•20.79%,20.78%,20.13%• D• 1.84, 1.84, 1.78• E•Choose the portfolio。

Principles of Finance (Chapter03)金融学原理

Informational Efficiency
3. Strong-form efficiency
current market prices reflect all pertinent information, whether publicly available or privately held even insiders cannot earn abnormal returns
Primary
corporations raise funds by issuing new securities
Secondary
securities are traded among investors after they have been issued
பைடு நூலகம்
Derivatives Markets
NASDAQ
The computerized trading network used by NASD is the NASD Automated Quotation System (NASDAQ) and is a sophisticated market of its own, separate from the OTC.
NASD
Many of the dealers and brokers of the OTC are members of the National Association of Securities Dealers (NASD), which licenses and oversees trading practices.
Financial Markets
A system comprised of individuals and institutions, instruments, and procedures that bring together borrowers and savers.

金融学原理（英文）第一单元课后答案

金融学原理（英文）第一单元课后答案CHAPTER 1ANSWERS1-1 At the beginning of the twentieth century, the study of finance was mostly descriptive. As the proliferation of electronics and information technology has grown in recent decades, the study of finance has shifted toward more analytical methods.At the beginning of the century, managerial finance focused on mergers and acquisitions, investments were held mostly by powerful individuals or groups, and the banking system consisted of thousands of independent banking organizations that were primarily small, hometown banks. There was a shift toward greater regulation and control of financial services organizations after the financial disasters that occurred during the Depression era of the late 1920s and early 1930s. At that time, managerial finance was concerned with bankruptcy issues, the investments arena became substantially more regulated with the birth of the Securities and Exchange Commission (SEC), and the banking system went through significant restructuring with the failure of more than 6,000 banks. Modern finance finds its roots in the second half of the century when increased competition reduced the profit opportunities available to firms, so more emphasis was placed on evaluating the value of investment projects; small, individual investors became more active in the stock markets as mutual funds became popular; and, the restrictions on banking operations in the United States were eased as international competition increased in the banking industry. 1-2 Simply stated, finance deals with how firms generate and use funds. T o do a good job, people in marketingmust understand how marketing decisions affect and are affected by funds availability, by inventory levels, by excess plant capacity, and so forth. Similarly, accountants must understand how accounting data are used in corporate planning and are viewed by investors. Some knowledge of the financial function is necessary to do a good job in other areas of the firm. At the same time, however, financial managers must have an understanding of marketing, accounting, and so forth, to make more informed decisions about replacement or expansion of plant and equipment and about how to best finance their firms. 1-3 As we will show in later chapters, the financial decisions corporations make concern how to raise funds (sources) when they are needed and how invest funds that are available. As an individual, we make the same decisions--when we buy and car or a house, we search for the appropriate funding sources (in most cases the cheapest), and when we have excess funds, we decide what investments should be made. Although our discussions focus on corporations, the techniques described in this book can also be applied by individuals to make personal decisions.1-4 The major responsibilities of the financial manager include: (a) Forecasting and control--it is important to look ahead and laythe plans that will shape the firm’s future position; (b) Major investment and financing decisions--growth arises from successfulinvestment in plant and equipment, which is based on decisionsconcerning what the investment is expected to generate; (c) Coordination and control--it is important the financial managerinteract with other executives to ensure the firm is operated asefficiently as possible; and, (d) Dealing with the financialmarkets--much of the funds needed for investment in plant andequipment are raised in the financial markets where the firm’ssecurities are traded.1-5 As a general rule of thumb, the government is fairly friendly to business when economic conditions are good and individuals areprospering because of the conditions. However, when an economicdisaster occurs, traditionally, there are cries for new, tougher regulations to rein in those individuals, organizations, and practices that are considered to have contributed to the dowturn.。

金融学(双语)_Chp2

有时候金融中介自身拥有盈余资金，并投资于金融市场或其他金融中介 • A bank that borrows and invests in the money market can increase its flexibility, reduce its risks, and turn a profit 银行在货币市场借钱投资，可以提高灵活性，减少风险，并回报收益 • Eventually, the surplus funds are consumed by a deficit unit 最终，盈余资金被赤字单位所消费
12
Fund Flows via Market
资金流经市场
Markets 金融市场
Surplus Units 盈余单位 Intermediarie s 金融中介
13
Deficit Units 赤字单位
Fund Flows via Intermediary 资金流经金融中介
• Holders of surplus funds may use an intermediary, such as a bank, to invest them.
• 直接
• 通过金融市场 • 通过金融中介
9
The Flow of Funds Diagram 资金流动示意图
Markets 金融市场
Surplus Units
Deficit Units
盈余单位
赤字单位
Intermediarie s
10 金融中介
The Flow of Funds Diagram 资金流动示意图
23
2. Managing Risk 功能2 管理风险
• 风险与资金经常被“捆绑”在一起，而且同时通过金融体系转移 • 许多金融合同可以在不转移资金的条件下为转移风险服务，比如保险、担保、金融衍生工具等

金融英语课后习题1答案.doc

翻译：(1) Although banks share many comm on features with other profit-seeki ng busi n esses, they playa unique role in the economy through mobilizing savings, allocating capital funds to finaneeproductive investment, transmitting monetary policy, providing a payment system andtransforming risks.尽管银行与其他以盈利为目的的企业具有许多共同的特征，但它在国民经济中还发挥着特殊的作用。

银行可以动员储蓄，为生产性企业投资调配资金，传递货币政策，提供支付系统，转化风险。

(2) The past few years have seen marked acceleration of China's banking reform, particularly significa nt st re ngthe ning of the cen tral bank's capacity for supervisi on and macroeconomic management, substantial improvement in the management of the commercial banks, andgreater ope rm ess of the banki ng in dustry.在过去的几年中，中国银行业的改革速度显著加快，特别是强化了中央银行的监管职能和对宏观经济的管理职能，对商业银行的管理能力也有了显著的提高，同时银行业也更加开放。

(3) The reform of the financial system and particularly the diversification of banking in stituti onshave in creased competiti on in the banking sector and improved fin ancial services in China.金融体系的改革尤其是金融机构的多元化都增加了银行部门的竞争并且提升了中国的金融服务。

金融学(英)课后习题答案

What is Money?1. (b)3. Cavemen did not need money. In their primitive economy, they did not specialize inproducing one type of good and they had little need to trade with other cavemen.5. Wine is more difficult to transport than gold and is also more perishable. Gold is thus a betterstore of value than wine and also leads to lower transactions cost. It is therefore a better candidate for use as money.7. Not necessarily. Checks have the advantage in that they provide you withreceipts, are easier to keep track of, and may make it harder for someone to steal money out of your account. These advantages of checks may explain why the movement toward a checkless society has been very gradual.8. The ranking from most liquid to least liquid is: (a), (c), (e), (f), (b), and (d).10.Because of the rapid inflation in Brazil, the domestic currency, the real, is apoor store of value. Thus many people would rather hold dollars, which are a better store of value, and use them in their daily shopping.14. (a) M1, M2, and M3, (b) M2 and M3 for retail MMFs and M3 for institutional MMFs, (c) M3,(d) M2 and M3, (e) M3, (f) M1, M2, and M3.Understanding Interest Rates2.No, because the present discounted value of these payments is necessarily lessthan $20 million as long as the interest rate is greater than zero.4. The yield to maturity is less than 10 percent. Only if the interest rate was lessthan 10 percent would the present value of the payments add up to $4,000, which is more than the $3,000 present value in the previous problem.6. 25% = ($1,000 – $800)/$800 = $200/$800 = .25.8. If the interest rate were 12 percent, the present discounted value of the payments on thegovernment loan are necessarily less than the $1,000 loan amount because they do not start for two years. Thus the yield to maturity must be lower than 12 percent in order for the present discounted value of these payments to add up to $1,000.10. The current yield will be a good approximation to the yield to maturity whenever the bondprice is very close to par or when the maturity of the bond is over ten years.12. You would rather be holding long-term bonds because their price wouldincrease more than the price of the short-term bonds, giving them a higher return.14.People are more likely to buy houses because the real interest rate whenpurchasing a house has fallen from 3 percent (=5 percent - 2 percent) to 1 percent (= 10 percent - 9 percent). The real cost of financing the house is thus lower, even though mortgage rates have risen. (If the tax deductibility of interest payments is allowed for, then it becomes even more likely that people will buy houses.)The Behavior of Interest Rates1. (a) Less, because your wealth has declined; (b) more, because its relative expected return hasrisen; (c) less, because it has become less liquid relative to bonds; (d) less, because its expected return has fallen relative to gold; (e) more, because it has become less risky relative to bonds.3. (a) More, because it has become more liquid; (b) less, because it has become more risky; (c)more, because its expected return has risen; (d) more, because its expected return has risen relative to the expected return on long-term bonds, which has declined.5. The rise in the value of stocks would increase people’s wealth and therefore the demand forRembrandts would rise.7. In the loanable funds framework, when the economy booms, the demand forbonds increases: the public’s income and wealth rises while the supply of bonds also increases, because firms have more attractive investment opportunities. Both the supply and demand curves (B d and B s) shift to the right, but as is indicated in the text, the demand curve probably shifts less than the supply curve so the equilibrium interest rate rises. Similarly, when the economy enters a recession, both the supply and demand curves shift to the left, but the demand curve shifts less than the supply curve so that the interest rate falls. The conclusion is that interest rates rise during booms and fall during recessions: that is, interest rates are procyclical. The same answer is found with the liquidity preference framework. When the economy booms, the demand for money increases: people need more money to carry out an increased amount of transactions and also because their wealth has risen. The demand curve, M d, thus shifts to the right, raising the equilibrium interest rate.When the economy enters a recession, the demand for money falls and the demand curve shifts to the left, lowering the equilibrium interest rate. Again, interest rates are seen to be procyclical.10. Interest rates fall. The increased volatility of gold prices makes bonds relatively less riskyrelative to gold and causes the demand for bonds to increase. The demand curve, B d, shifts to the right and the equilibrium interest rate falls.12. Interest rates might rise. The large federal deficits require the Treasury to issue more bonds;thus the supply of bonds increases. The supply curve, B s, shifts to the right and the equilibrium interest rate rises. Some economists believe that when the Treasury issues more bonds, the demand for bonds increases because the issue of bonds increases the public’s wealth. In this case, the demand curve, B d, also shifts to the right, and it is no longer clear that the equilibrium interest rate will rise. Thus there is some ambiguity in the answer to this question.14. The price level effect has its maximum impact by the end of the first year, and since the pricelevel does not fall further, interest rates will not fall further as a result of a price level effect.On the other hand, expected inflation returns to zero in the second year, so that the expected inflation effect returns to zero. One factor producing lower interest rates thus disappears, so, in the second year, interest rates may rise somewhat from their low point at the end of the second year.16. If the public believes the president’s program will be successful, interest rateswill fall. The president’s announcement will lower expected inflation so that the expected return on goods decreases relative to bonds. The demand for bonds increases and the demand curve, B d, shifts to the right. For a givennominal interest rate, the lower expected inflation means that the real interest rate has risen, raising the cost of borrowing so that the supply of bonds falls.The resulting leftward shift of the supply curve, B s, and the rightward shift of the demand curve, B d, causes the equilibrium interest rate to fall.18. Interest rates will rise. The expected increase in stock prices raises the expected return onstocks relative to bonds and so the demand for bonds falls. The demand curve, B d, shifts to the left and the equilibrium interest rate rises.20. The slower rate of money growth will lead to a liquidity effect, which raises interest rates,while the lower price level, income, and inflation rates in the future will tend to lower interest rates. There are three possible scenarios for what will happen: (a) if the liquidity effect is larger than the other effects, then interest rates will rise; (b) if the liquidity effect is smaller than the other effects and expected inflation adjusts slowly, then interest rates will rise at first but will eventually fall below their initial level; and (c) if the liquidity effect is smaller than the expected inflation effect and there is rapid adjustment of expected inflation, then interest rates will immediately fall.The Risk and Term Structure of Interest Rates1. The bond with a C rating should have a higher interest rate because it has a higher default risk,which reduces its demand and raises its interest rate relative to that on the Baa bond.3. During business cycle booms, fewer corporations go bankrupt and there is less default risk oncorporate bonds, which lowers their risk premium. Similarly, during recessions, default risk on corporate bonds increases and their risk premium increases. The risk premium on corporate bonds is thus anticyclical, rising during recessions and falling during booms.5. If yield curves on average were flat, this would suggest that the risk premium on long-termrelative to short-term bonds would equal zero and we would be more willing to accept the expectations hypothesis.7. (a) The yield to maturity would be 5 percent for a one-year bond, 5.5 percentfor a two-year bond, 6 percent for a three-year bond, 6 percent for a four-year bond, and 5.8 percent for a five-year bond; (b) the yield to maturity would be5 percent for a one-year bond, 4.5 percent for a two-year bond, 4 percent for athree-year bond, 4 percent for a four-year bond, and 4.2 percent for a five-year bond. The upward- and then downward-sloping yield curve in (a) would tend to be even more upward sloping if people preferred short-term bonds over long-term bonds because long-term bonds would then have a positive risk premium. The downward- and then upward-sloping yield curve in (b) also would tend to be more upward sloping because of the positive risk premium for long-term bonds.9. The steep upward-sloping yield curve at shorter maturities suggests that short-term interestrates are expected to rise moderately in the near future because the initial, steep upward slope indicates that the average of expected short-term interest rates in the near future are above the current short-term interest rate. The downward slope for longer maturities indicates that short-term interest rates are eventually expected to fall sharply. With a positive risk premium on long-term bonds, as in the preferred habitat theory, a downward slope of the yield curve occurs only if the average of expected short-term interest rates is declining, which occurs only if short-term interest rates far into the future are falling. Since interest rates and expected inflation move together, the yield curve suggests that the market expects inflation to rise moderately in the near future but fall later on.11. The government guarantee will reduce the default risk on corporate bonds,making them more desirable relative to Treasury securities. The increased demand for corporate bonds and decreased demand for Treasury securities will lower interest rates on corporate bonds and raise them on Treasury bonds. 13. Abolishing the tax-exempt feature of municipal bonds would make them lessdesirable relative to Treasury bonds. The resulting decline in the demand for municipal bonds and increase in demand for Treasury bonds would raise the interest rates on municipal bonds, while the interest rates on Treasury bonds would fall.15. The slope of the yield curve would fall because the drop in expected future short rates meansthat the average of expected future short rates falls so that the long rate falls.The Stock Market, the Theory of Rational Expectations, and the Efficient Market Hypothesis1. The value of any investment is found by computing the value today of all cashflows the investment will generate over its life.3. $1/(1+ .15) + $20/(1+.15) = $18.265. A stock market bubble can occur if market participants either believe that dividends will haverapid growth or if they substantially lower the required return on their equity investments, thus lowering the denominator in the Gordon model and thereby causing stock prices to climb. By raising interest rates the central bank can cause the required rate of return on equity to rise, thereby keeping stock prices from climbing as much. Also raising interest rates may help slow the expected growth rate of the economy and hence of dividends, thus also keeping stock prices from climbing.7. Although Joe’s expectations are typically quite accurate, they could still beimproved by his taking account of a snowfall in his forecasts. Since his expectations could be improved, they are not optimal and hence are not rational expectations.9. True, as an approximation. If large changes in a stock price could be predicted, then theoptimal forecast of the stock return would not equal the equilibrium return for that stock. In this case, there would be unexploited profit opportunities in the market and expectations would not be rational. Very small changes in stock prices could be predictable, however, and the optimal forecast of returns would equal the equilibrium return. In this case, an unexploited profit opportunity would not exist.11. The stock price will rise. Even though the company is suffering a loss, the price of the stockreflects an even larger expected loss. When the loss is less than expected, efficient markets theory then indicates that the stock price will rise.13. Probably not. Although your broker has done well in the past, efficient markets theorysuggests that she has probably been lucky. Unless you believe that your broker has better information than the rest of the market, efficient markets theory indicates that you cannot expect the broker to beat the market in the future.15. False. All that is required for the market to be efficient so that prices reflect information on themonetary aggregates is that some market participants eliminate unexploited profit opportunities. Not everyone in a market has to be knowledgeable for the market to be efficient.17. Because inflation is less than expected, expectations of future short-term interest rates wouldbe lowered, and as we learned in Chapter 7, long-term interest rates would fall. The decline in long-term interest rates implies that long-term bond prices would rise.19. No, because this expected change in the value of the dollar would imply thatthere is a huge unexploited profit opportunity (over a 100% expected return at an annual rate). Since rational expectations rules out unexploited profit opportunities, such a big expected change in the exchange rate could not exist.An Economic Analysis of Financial Structure1. Financial intermediaries can take advantage of economies of scale and thus lower transactionscosts. For example, mutual funds take advantage of lower commissions because the scale of their purchases i s higher than for an individual, while banks’ large scale allows them to keep legal and computing costs per transaction low. Economies of scale which help financial intermediaries lower transactions costs explains why financial intermediaries exist and are so important to the economy.3. No. If the lender knows as much about the borrower as the borrower does,then the lender is able to screen out the good from the bad credit risks and so adverse selection will not be a problem. Similarly, if the lender knows what the borrower is up to, then moral hazard will not be a problem because the lender can easily stop the borrower from engaging in moral hazard.5. The lemons problem would be less severe for firms listed on the New YorkStock Exchange because they are typically larger corporations that are better known in the market place. Therefore it is easier for investors to get information about them and figure out whether the firm is of good quality or isa lemon. This makes the adverse selection–lemons problem less severe.7. Because there is asymmetric information and the free-rider problem, not enough informationis available in financial markets. Thus there is a rationale for the government to encourage information production through regulation so that it is easier to screen out good from bad borrowers, thereby reducing the adverse selection problem. The government can also help reduce moral hazard and improve the performance of financial markets by enforcing standard accounting principles and prosecuting fraud.9. Yes, this is an example of an adverse selection problem. Because a person is rich, the peoplewho are most likely to want to marry him or her are gold diggers. Rich people thus may want to be extra careful to screen out those who are just interested in their money from those who want to marry for love.11. The free-rider problem means that private producers of information will not obtain the fullbenefit of their information-producing activities, and so less information will be produced.This means that there will be less information collected to screen out good from bad risks, making adverse selection problems worse, and that there will be less monitoring of borrowers, increasing the moral hazard problem.13. A financial crisis is more likely to occur when the economy is experiencing deflation becausefirms find that their real burden of indebtedness is increasing while there is no increase in the real value of their assets. The resulting decline in a firm’s net worth increases adverse selection and moral hazard problems facing lenders, making it more likely a financial crisis will occur in which financial markets do not work efficiently to get funds to firms with productive investment opportunities.15. A sharp increase in interest rates can increase the adverse selection problem dramaticallybecause individuals and firms with the riskiest investment projects are the ones who are most willing to pay higher interest rates. A sharp rise in interest rates which increases adverse selection means that lenders will be more reluctant to lend, leading to a financial crisis in which financial markets do not work well and thus to a declining economy.Banking and the Management of Financial Institutions1. Because if the bank borrows too frequently from the Fed, the Fed may restrict its ability toborrow in the future.3. The T-accounts for the two banks are as follows:First National Bank Second National BankAssets Liabilities Assets Liabilities5. The $50 million deposit outflow means that reserves fall by $50 million to $25 million. Sincerequired reserves are $45 million (10 percent of the $450 million of deposits), your bank needs to acquire $20 million of reserves. You could obtain these reserves by either calling in or selling off $20 million of loans, by borrowing $20 million in discount loans from the Fed, by borrowing $20 million from other banks or corporations, by selling $20 million of securities, or by some combination of all of these.7. Because when a deposit outflow occurs, a bank is able to borrow reserves inthese overnight loan markets quickly; thus, it does not need to acquire reserves at a high cost by calling in or selling off loans. The presence of overnight loan markets thus reduces the costs associated with deposit outflows, so banks will hold fewer excess reserves.9. To lower capital and raise ROE holding its assets constant, it can pay out more dividends orbuy back some of its shares. Alternatively, it can keep its capital constant, but increase the amount of its assets by acquiring new funds and then seeking out new loan business or purchasing more securities with these new funds.11. In order for a banker to reduce adverse selection she must screen out good from bad creditrisks by learning all she can about potential borrowers. Similarly in order to minimize moral hazard, she must continually monitor borrowers to ensure that they are complying with restrictive loan covenants. Hence it pays for the banker to be nosy.13. False. Although diversification is a desirable strategy for a bank, it may stillmake sense for a bank to specialize in certain types of lending. For example, a bank may have developed expertise in screening and monitoring a particular kind of loan, thus improving its ability to handle problems of adverse selection and moral hazard.15. The gap is $10 million ($30 million of rate-sensitive assets minus $20 millionof rate-sensitive liabilities). The change in bank profits from the interest rate rise is +0.5 million (5% ⨯ $10 million); the interest rate risk can be reduced by increasing rate-sensitive liabilities to $30 million or by reducing rate-sensitive assets to $20 million. Alternatively, you could engage in an interest rate swap in which you swap the interest on $10 million of rate-sensitive assets for the interest on another bank’s $10 million of fixed-rate assets.。

金融英语课后答案汇总讲课教案

Principles of Finance-Chapter11 金融学原理

Expected Rate of Return
Expected Rate of Return
P
Discrete Probability Distributions
The number of possible outcomes is limited, or finite
Discrete Probability Distributions
the portion of the expected return that can be attributed to the additional risk of an investment the difference between the expected rate of return on a given risky asset and that on a less risky asset
Measuring Risk: Coefficient of Variation
Standardized measure of risk per unit of return Calculated as the standard deviation divided by the expected return Useful where investments differ in risk and expected returns
Portfolio Returns
Expected return on a portfolio
?p k
the weighted average expected return on the stocks held in the portfolio
Portfolio Returns

Principles of Finance-chapter10 金融学原理

Basic Valuation
From the time value of money we realize that the value of anything is based on the present value of the cash flows the asset is expected to produce in the future
kd = required rate of return on a debt instrument N = number of years before the bond matures INT = dollars of interest paid each year (Coupon rate Par value) M = par or face, value of the bond to be paid off at maturity
Stock Valuation Models
Terms: Required Rate of Return
k s = the minimum rate of return on a common stock that stockholders consider acceptable, given its riskiness and returns available on other investments
Bond Values with Semiannual Compounding
M Vd = ∑ t + 2N kd kd t=1 1+ 1+ 2 2 2
2N
INT
Interest Rate Risk on a Bond
Interest Rate Price Risk - the risk of changes in bond prices to which investors are exposed due to changing interest rates Interest Rate Reinvestment Rate Risk - the risk that income from a bond portfolio will vary because cash flows have to be reinvested at current market rates

金融学原理（英文）第七单元课后答案

⾦融学原理（英⽂）第七单元课后答案CHAPTER 7ANSWERS7-1 The four financial statements contained in most annual reports are the balance sheet, income statement, statement of retained earnings, andstatement of cash flows.7-2 No, because the $20 million of retained earnings probably would not be held as cash. The retained earnings figure represents the reinvestmentof earnings by the firm. Consequently, the $20 million would be aninvestment in all of the assets of the firm.7-3 Liquidating assets, borrowing more funds, and issuing stock would constitute sources of funds. Purchasing assets, paying off debt, and stockrepurchases would constitute uses of funds. Thus, the following general rules can be used to determine what changes in balance sheet accountsrepresent sources and uses of funds:Sources of cash: Uses of Cash:in a liability or equity account in a liability of equity accountin an asset account in an asset account7-4 The emphasis of the various types of analysts is by no means uniform nor should it be. Management is interested in all types of ratios for two reasons.First, the ratios point out weaknesses that should be strengthened; second,management recognizes that the other parties are interested in all theratios and that financial appearances must be kept up if the firm is tobe regarded highly by creditors and equity investors. Equity investorsare interested primarily in profitability, but they examine the otherratios to get information on the riskiness of equity commitments. Long-term creditors are more interested in the debt ratio, TIE, and fixed chargecoverage ratios, as well as the profitability ratios. Short-term creditorsemphasize liquidity and look most carefully at the liquidity ratios.7-5 The most important aspect of ratio analysis is the judgment used when interpreting the results to reach an overall conclusion concerning a firm'sfinancial position. The analyst should be aware of, and include in theinterpretation, the fact that: (1) large firms with many differentdivisions are difficult to categorize in a single industry; (2) financialstatements are reported at historical costs; (3) seasonal factors candistort the ratios; (4) some firms try to "window dress" their financial statements to look good; (5) firms use different accounting procedures to compute inventory values, depreciation, and so on; (6) there might notexist a single value that can be used for comparing firms' ratios (e.g.,a current ratio of 2.0 might not be good); and (7) conclusions concerningthe overall financial position of a firm should be based on a representativenumber of ratios, not a single ratio.7-6 Differences in the amounts of assets necessary to generate a dollar of sales cause asset turnover ratios to vary among industries. For example,a steel company needs a greater number of dollars in assets to producea dollar in sales than does a grocery store chain such as Safeway. Also,profit margins and turnover ratios might vary due to differences in theamount of expenses incurred to produce sales. For example, one would expecta grocery store chain like Safeway to spend more per dollar of sales thandoes a steel company. Often, a large turnover will be associated with a low profit margin, and vice versa.7-7 ROE can be writtenTotal assets divided by owners' equity, which is termed the equity multiplier, is a measure of debt utilization; the more debt, the higher the equity multiplier. Thus, using more debt will increase the equity multiplier, resulting in a higher ROE.7-8 a. Cash, receivables, and inventories, as well as current liabilities, vary over the year for firms with seasonal sales patterns. Therefore,those ratios that examine balance sheet figures will vary unlessaverages (monthly ones are best) are used.b. Common equity is determined at a point in time, say, December 31, 2002.Profits are earned over time, say, during 2002. If a firm is growing rapidly, year-end equity will be much larger than beginning-of-year equity, so the calculated rate of return on equity will be different depending on whether end-of-year, beginning-of-year, or average common equity is used as the denominator. Average common equity is conceptually the best figure to use.In public utility rate cases, people are reported to have deliberately used end-of-year or beginning-of-year equity to make returns on equity appear exces-sive or inadequate. Similar problems can arise when a firm is being evaluated.7-9 Source(+)2002 2001 or Use(-)?Cash $ 400 $ 500 +Accounts receivable 250 300 +Inventory 450 400 -Current assets 1,100 1,200Net property & equipment 1,000 950 -aTotal assets $2,100 $2,150Accounts payable $ 200 $ 400 -Accruals 300 250 +Notes payable 400 200 +Current liabilities 900 850Long-term debt 800 900 - Total liabilities 1,700 1,750Common stock 250 300 -Retained earnings 150 100 +bTotal liabilities $2,100 $2,150and equitya The book value of property & equipment is stated net of depreciation.Because the book value of fixed assets increased, and depreciation is an adjustment that reduces the account balance, Batelan must have purchased additional fixed assets; but, without more information we cannot determine the amount of the purchase.b The retained earning balance increased in 2002, so Batelan must havegenerated a positive net income. But, without additional information (i.e.the amount of net income), we cannot tell whether dividends were paid in 2002.7-10 Total EffectCurrent Current on NetAssets Ratio Incomea. Cash is acquired through issuanceof additional common stock. + + 0b. Merchandise is sold for cash. + + +(When merchandise is sold, its price is greater than its cost.)c. Federal income tax due forthe previous year is paid. ─ + 0(Both current assets and current liabilities decrease by the samedollar amount. But, because the current ratio is greater than 1.0,it increases as a result of the payment.)d. A fixed asset is sold forless than book value. + + ─e. A fixed asset is sold formore than book value. + + +f. Merchandise is sold on credit. + + +g. Payment is made to tradecreditors for previous purchases. ─ + 0h. A cash dividend is declaredand paid. ── 0i. Cash is obtained through short-term bank loans. + ─ 0j. Short-term notes receivableare sold at a discount. ───k. Marketable securities aresold below cost. ───l. Advances are made to employees. 0 0 0(There is no change in current assets or the current ratio because cash decreases by the same amount prepaid expenses increases.) m. Current operating expensesare paid. ───to trade creditors in exchangefor past due accounts payable. 0 0 0o. Ten-year notes are issued topay off accounts payable. 0 + 0p. A fully depreciated assetis retired. 0 0 0q. Accounts receivable are collected. 0 0 0r. Equipment is purchased withshort-term notes. 0 ─ 0s. Merchandise is purchased on credit. + ─ 0t. The estimated taxes payableare increased. 0 ──SOLUTIONS7-1a.Dollar amounts are in millions.Poor9.9% 7.7% 376$8.28$assets Total income Net averageNear 4.6% 4.1% 700$8.28$Sales income Net Marginal45.0% 48.1% 376$181$assets Total debt Total Average4.1 4.0 175$700$assets Fixed Sales Bad7.2 5.5 101$560$s Inventorie sold goods of Cost Poordays 33.5 days 41.1 )360/700($80$360/Sales receivable Accounts Average3.9 8.3 53$201$s liabilitie Current assets Current Comment Average Argile Industry======??==??====??==b.The ratios do not show any particular strengths. However, Argile does have a low inventory turnover, higher than normal days sales outstanding, and poor return on assets. According to its 2001 ratios, it appears Argile has liquidity problems. c.Ratio 20022001 TrendCurrent ratio 3.6?3.8? Worse Days sales outstanding 43.2 days 41.1 days Worse Inventory turnover4.4?5.5? Worse Fixed assets turnover 3.9? 4.0? Same Debt ratio51.1% 48.1% WorseProfit margin on sales 3.6% 4.1% Worse Return on assets 6.3%7.7%WorseThe above comparison shows that Argile's financial position worsened from 2001 to 2002.d. It would be helpful to know the future plans Argile has with respect to improving its currentfinancial position, introducing new products, liquidating unprofitable investments, and so on. Perhaps the fixed assets turnover ratio and return on assets figures are low because the firm has expanded its product distribution, and this process has a large cost "up front" with significant payoffs beginning in two or three years.7-2 a.60.0%61.90% 500,947$500,586$assets Total debt Total 9.0%7.56% 000,361$300,27$equity Common income Net 3.6%2.88% 500,947$300,27$assets Total income Net 1.2%1.70% 500,607,1$300,27$Sales income Net 3.0 1.70 500,947$500,607,1$assets Total Sales 5.6 5.60 500,241$000,353,1$s Inventorie sold goods of Cost days35.0 days 24.75 28.465,4$000,336$360/Sales receivable Accounts 2.0 98.1 000,330$000,655$s liabilitie Current assets Current Average Campsey Industry ========?========b.For Campsey, ROA = PM ? TA turnover = 1.7% ? 1.7 = 2.89%.For the industry, ROA = 1.2% ? 3.0 = 3.6%.c.Campsey's days sales outstanding is more than twice as long as the industry average, indicating that the firm should tighten credit or enforce a more stringent collection policy. The total assets turnover ratio is well below the industry average so sales should be increased, assets decreased, or both. While Campsey's profit margin is higher than the industry average, its other profitability ratios are low compared to the industry--net income should be higher given the amount of equity and assets. However, the company seems to be in an average liquidity position and financial leverage is similar to others in the industry. d.If 2002 represents a period of supernormal growth for Campsey, ratios based on this year will be distorted and a comparison between them and industry averages will have little meaning. Potential investors who look only at 2002 ratios will be misled, and a return to normal conditions in 2003 could hurt the firm's stock price.7-3(1) Total liabilities and equity = Total assets = $300,000.(2) Debt = (0.50)(Total assets) = (0.50)($300,000) = $150,000. (3) Accounts payable = Debt ─ Long-term debt = $150,000 ─$60,000= $90,000.(4) (5)Sales = (1.5)(Total assets) = (1.5)($300,000) = $450,000.(6)Cost of goods sold = Sales(1 - 0.25) = $450,000(.75) = $337,500(7)Inventory = (CGS)/5 = $337,500/5 = $67,500.(8)Accounts receivable = (Sales/360)(DSO)= ($450,000/360)(36) = $45,000.(9) (Cash + Accounts receivable)/(Accounts payable) = 0.80? Cash + Accounts receivable = (0.80)(Accts payable) Cash + $45,000 = (0.80)($90,000) Cash = $72,000 ─ $45,000= $27,000.(10) Fixed assets = Total assets ─ (Cash + Accts Rec. + Inventories) = $300,000 ─ ($27,000 + $45,000 + $67,500) = $160,500.$52,500= $97,500 $150,000 $300,000 = earnings Retained - Debt - equity and s liabilitie Total = stock Common ??? ????? ?? Balance Sheet Cash$ 27,000 Accounts payable $ 90,000Accounts receivables 45,000 Long-term debt 60,000 Inventories 67,500 Common stock 52,500 Fixed assets 160,500 Retained earnings 97,500 Total assets$300,000$300,0007-4 a.12.9%8.57% 315$27$ equity Total income Net equitytotal on Return 9.0%6.00% 450$27$ assets Total income Net assets total onReturned 3.0%3.40% 795$27$ Sales income Net margin Profit 3.0 1.77 450$795$ assets Total Sales Turnover assets Total 6.0 5.41 147$795$ assets Fixed Sales Turnoverassets Fixed days24.0 days 29.89 360/795$66$ 360/Sales receivable AccountsDSO 8.5 4.15 159$660$ s Inventorie sold goods of Cost turnoverInventory7.0 11.00 5.4$5.49$ Interest EBIT earned interestTimes 30.0%30.00% 450$135$ assets Total Debt assetstotal to Debt 2.0 2.73 111$303$ s liabilitie Current assets Current ratio Current Average Finnerty Industry==============================b. ROA = Profit margin ? Total assets turnover=Net income Sales Sales Total assets = 3.4% 1.77 = 6.0%=$27$795$795$450Finnerty Industry Comment Profit margin 3.4% 3.0% Good Total assets turnover 1.77? 3.0? Poor Return on total assets 6.0%9.0% Poorc. Analysis of the Du Pont equation and the set of ratios shows that the turnover ratio of sales toassets is quite low. Either sales should be increased at the present level of assets, or the current level of assets should be decreased to be more in line with current sales. Thus, the problem appears to be in the balance sheet accounts.d. The comparison of inventory turnover ratios shows that other firms in the industry seem to begetting along with about half as much inventory per unit of sales as Finnerty. If Finnerty's inventory could be reduced this would generate funds that could be used to retire debt, thus reducing interest charges and improving profits, and strengthening the debt position. There might also be some excess investment in fixed assets, perhaps indicative of excess capacity, as shown by a slightly lower than average fixed assets turnover ratio. However, this is not nearly as clear-cut as the over-investment in inventory.e. If Finnerty had a sharp seasonal sales pattern, or if it grew rapidly during the year, many ratiosmight be distorted. Ratios involving cash, receivables, inventories, and current liabilities, as well as those based on sales, profits, and common equity, could be biased. It is possible to correct for such problems by using average rather than end-of-period figures.7-5 a. Here are Cary's base case ratios and other data as compared to the industry:Cary Industry Comment Quick 0.85? 1.0? Weak Current 2.33 2.7? Weak Inventory turnover 4.00? 5.8? PoorDays sales outstanding 37 days 32 days Poor Fixed assets turnover 10.0? 13.0? Poor Total assets turnover 2.34? 2.6? Poor Return on assets 5.9% 9.1% Bad Return on equity 13.07% 18.2% Bad Debt ratio 54.8% 50.0% High Profit margin on sales 2.5% 3.5% Bad EPS $4.71 n.a. -- Stock Price $23.57 n.a. -- P/E ratio 5.0? 6.0? Poor M/B ratio 0.65 n.a. --Cary appears to be badly managed--all of its ratios are worse than the industry averages, and the result is low earnings, a low P/E, a low stock price, and a low M/B ratio. The company needs to do something to improve.b.A decrease in the inventory level would improve the inventory turnover, total assets turnover, and ROA, all of which are too low. It would have some impact on the current ratio, but it is difficult to say precisely how that ratio would be affected. If the lower inventory level allowed Cary to reduce its current liabilities, then the current ratio would improve. The lower cost of goods sold would improve all of the profitability ratios and, if dividends were not increased, would lower the debt ratio through increased retained earnings. All of this should lead to a higher market/book7-6We are given ROA = 3% and Sales/Total assets = 1.5?.From Du Pont equation: ROA = Profit margin ? Total assets turnover 3% = Profit margin (1.5) Profit margin = 3%/1.5 = 2%.We can also calculate Zumwalt's debt ratio in a similar manner, given the facts of the problem. We aregiven ROA, which is NI/A and ROE, which is NI/Equity; if we use the reciprocal of ROE we have the following equation: Debt/Assets = 1 - Equity/A = 1 - 0.60 = 0.40 = 40.0%Thus, Zumwalt's net profit margin = 2% and its debt ratio = 40%.7-7 Present current ratio = $1,312,500/$525,000 = 2.5Minimum current ratio = $1,312,500 + NP$525,000 + NP ?? = 2.0$1,312,500 + ΔNP = $1,050,000 + 2ΔNPΔNP = $262,500.Short-term debt can increase by a maximum of $262,500 without violating a 2-to-1 current ratio, assuming that the entire increase in notes payable is used to increase current assets. Because we assumed that the additional funds would be used to increase inventory, the inventory account will increase to $637,500, and current assets will total $1,575,000.Quick ratio = ($1,575,000 ─ $637,500)/$787,500 = $937,500/$787,500 = 1.19? 7-8 (1)Current liabilities = $270,000. (2)Inventories = $432,000.=?=0.3s liabilitie Current 000,810$0.3sliabilitie Current assetsCurrent ?=-?=4.1$270,000s Inventorie $810,000 4.1sliabilitie Current sInventorie -assets Current(3) Current assets = Cash & Marketable securities+ Accounts receivable + Inventories$810,000 = $120,000 + Accounts receivable + $432,000Accounts receivable = $258,000.(4) ?=?=0.5$432,000CGS0.5Inventory sold goods of CostCGS = $2,160,000.(5) CGS = 0.86 (Sales) 628,511,2$86.0000,160,2$Sales ==(6)7-9TIE = EBIT/INT, so find EBIT and INT. Interest = $500,000 ? 0.1 = $50,000.Net income = $2,000,000 ? 0.05 = $100,000.Taxable income (EBT) = $100,000/(1 - T) = $100,000/0.8 = $125,000. EBIT = $125,000 + $50,000 = $175,000. TIE = $175,000/$50,000 = 3.5?.7-10ROE = NI/EquityNow we need to determine the inputs for the equation from the data that were given. On the left we set up an income statement, and we put numbers in it on the right:Sales (given) $10,000- Cost na EBIT (given) $ 1,000 - INT (given) (300) EBT $ 700 - Taxes (30%) (210) NI $ 490Now we can use some ratios to get some more data:Total assets turnover = 2 = S/TA; TA = S/2 = $10,000/2 = $5,000.D/TA = 60%; so E/TA = 40%; therefore, equity = TA ? E/TA= $5,000 ? 0.40 = $2,000days37 360/628,511,2$$258,000 360/Sales receivableAccounts DSO ===ROE = NI/E = $490/$2,000 = 24.5%, and ROA = NI/TA = $490/$5,000 = 9.8%.7-11 a. Currently, ROE is ROE1 = $15,000/$200,000 = 7.5%.The current ratio will be set such that 2.5 = CA/CL. CL is $50,000, and it will not change, so we can solve to find the new level of current assets: CA = 2.5(CL) = 2.5($50,000) = $125,000. Thisis the level of current assets that will produce a current ratio of 2.5?.At present, current assets amount to $210,000, so they can be reduced by $210,000 ─ $125,000 = $85,000.If the $85,000 generated is used to retire common equity, then the new common equity balance will be $200,000 ─ $85,000 = $115,000.Assuming that net income is unchanged, the new ROE will be ROE2 = $15,000/$115,000 =13.04%. Therefore, ROE will increase by 13.04% ─ 7.50% = 5.54%.b. (1) Doubling the dollar amounts would not affect the answer; the ROE increase would still be5.54%.(2) Current assets would increase by $25,000, which would mean a new ROE of$15,000/$140,000 = 10.71%, which would mean a difference of 10.71% ─7.50% =3.21%.(3)If the company had 10,000 shares outstanding, then its EPS would be $15,000/10,000 = $1.50. The stock has a book value of $200,000/10,000 = $20, so the shares retiredwould be $85,000/$20 = 4,250, leaving 10,000 ─ 4,250 = 5,750 shares. The new EPSwould be $15,000/5,750 = $2.6087, so the increase in EPS would be $2.6087 ─ $1.50 =$1.1087, which is a 73.91% increase, the same as the increase in ROE.(4)If the stock was selling for twice book value, or 2 ? $20 = $40, then only half as manyshares could be retired ($85,000/$40 = 2,125), so the remaining shares would be 10,000─ 2,125 = 7,875, and the new EPS would be $15,000/7,875 = $1.9048, for an increase of$1.9048 ─ $1.5000 = $0.4048.c. We could have started with lower inventories and higher accounts receivable, then had you calculate the DSO, then move to a lower DSO that would require a reduction in receivables, andthen determine the effects on ROE and EPS under different conditions. Similarly, we couldhave focused on fixed assets and the FA turnover ratio. In any of these cases, we could have hadyou use the funds generated to retire debt, which would have lowered interest charges and consequently increased net income and EPS.If we had to increase assets, then we would have had to finance this increase by adding eitherdebt or equity, which would have lowered ROE and EPS, other things held constant.Finally, note that we could have asked some conceptual questions about the problem, either as apart of the problem or without any reference to the problem. For example, "If funds are generatedby reducing assets, and if those funds are used to retire common stock, will the effect on EPSand/or ROE be affected by whether or not the stock sells above, at, or below book value?"7-12 a. Sources and Uses of Funds Analysis:Lloyd Lumber CompanyBalance Sheets (millions of dollars)Jan. 1 Dec. 31 Source UseCash $ 7 $ 15 $ 8Marketable securities 0 11 11Net receivables 30 22 $ 8Inventories 53 75 22Gross fixed assets $ 75 $125 50 Less: depreciation ( 25) ( 35) 10Net fixed assets $ 50 $ 90Total assets $140 $213Accounts payable $ 18 $ 15 3 Notes payable 3 15 12Other current liabilities 15 7 8 Long-term debt 8 24 16 Common stock 29 57 28 Retained earnings 67 95 28 Total liabilitiesand equity $140 $213 $102 $102b. Lloyd Lumber CompanyStatement of Cash Flows, 2002(millions of dollars)Operating Activities:Net income $ 33Other additions (sources of cash):Depreciation $ 10Decrease in accounts receivable 8Subtractions (uses of cash):Increase in inventories ($22)Decrease in accounts payable (3)Decrease in other current liabilities (8)Net cash flow from operations $ 18Long-term Investing Activities:Acquisition of fixed assets ($ 50)Financing Activities:Increase in notes payable $ 12Sale of long-term debt 16Sale of common stock 28Payment of dividends ( 5)Net cash flow from financing $ 51Net increase in cash and marketablesecurities $ 19Cash and marketable securities atbeginning of year 7Cash and marketable securities atend of year $ 26c. Investments were made in plant and inventories. Funds were also utilized to reduce accounts payable and other current liabilities and to increase the cash and marketable securities accounts. Most funds were obtained by increasing long-term debt, selling common stock, and retaining earnings. The remainder was obtained from increasing notes payable and reducing receivables. A quick check of the ratios shows that the company's credit has not deteriorated--the current and quick ratios have increased, and the debt ratio has gone down slightly. Ratio analysis and the sources and uses statement both indicate a healthy situation.7-13 a. Dollars are in millions.Income CashStatement FlowsSales revenues $12.0 $12.0Costs, except depreciation* (9.0) (9.0)Depreciation (1.5) ---Total operating costs (10.5) ( 9.0) (Cash costs)Earnings before taxes $ 1.5 $ 3.0 (Pre-tax CF)Taxes (40%) ( 0.6) ( 0.6) (Cash taxes)Net income (NI) $ 0.9Add back depreciation 1.5Net cash flow = NI + DEP $ 2.4 $ 2.4* Costs, except depreciation = 0.75 $12.0 = $9.0b. Depreciation doubles.Income CashStatement FlowsSales revenues $12.0 $12.0Costs, except depreciation (9.0) (9.0)Depreciation (3.0) ---Total operating costs (12.0) ( 9.0) (Cash costs)Earnings before taxes $ 0.0 $ 3.0 (Pre-tax CF)Taxes (40%) ( 0.0) ( 0.0) (Cash taxes)Net income (NI) $ 0.0Add back depreciation 3.0Net cash flow = NI + DEP $ 3.0 $ 3.0c. Depreciation halves.Income CashStatement FlowsSales revenues $12.00 $12.00Costs, except depreciation (9.00) (9.00)Depreciation (0.75) ---Total operating costs ( 9.75) ( 9.00) (Cash costs)Earnings before taxes $ 2.25 $ 3.00 (Pre-tax CF)Taxes (40%) ( 0.90) ( 0.90) (Cash taxes)Net income (NI) $ 1.35Add back depreciation 0.75Net cash flow = NI + DEP $ 2.10 $ 2.10d. The after-tax cash flows are greater if Congress increases the allowance for depreciation, so you should prefer greater depreciation.7-14 The solution is given in the Instructor's Manual, Solutions to Integrative Problems. 7-17 Computer-Related Problema. The revised data and ratios are shown below:INPUT DATA: KEY OUTPUT:2000 Cary IndustryCash $ 84,527 Quick 1.2 1.0A/R 395,000 Current 3.0 2.7Inventories 700,000 Inv. turn. 6.1 5.8Land and bldg 238,000 DSO 33 32Machinery 132,000 F.A.turn. 8.3 13.0Other F.A. 150,000 T.A.turn. 2.5 2.6ROA 10.5% 9.1% Accts & Notes Pay. $ 275,000 ROE 19.9% 18.2%Accruals 120,000 TD/TA 47.0% 50.0%Long-term debt 404,290 PM 4.2% 3.5%Common stock 575,000 EPS $7.78 n.a.Retained earnings 325,237 Stock Price $46.68 n.a.__________P/E ratio 6.0 6.0Total assets $1,699,527 M/B 1.19 n.a.Total claims $1,699,527Income statementSales $4,290,000Cost of G.S. 3,450,000Adm. & sales exp. 248,775Depreciation 159,000Misc. 134,000Net income $ 178,935P/E ratio 6No. of shares 23,000Cash dividend $ 0.95Under these new conditions, Cary Corporation looks much better. Its turnover ratiosare still low, but its ROA and ROE are above the industry average, its estimated P/Eratio is better, and its stock price is anticipated to double. There is still room forimprovement, but the company is in much better shape.b. The financial statements and ratios for the scenario in which the cost of goods solddecreases by an additional $125,000 are shown on the next page. As you can see, the profit ratios are quite high and the stock price has risen to $66.24.INPUT DATA: KEY OUTPUT:2000 Cary IndustryCash $ 159,527 Quick 1.4 1.0A/R 395,000 Current 3.2 2.7Inventories 700,000 Inv. turn. 4.8 5.8Land and bldg 238,000 DSO 33 32Machinery 132,000 F.A.turn. 8.3 13.0Other F.A. 150,000 T.A.turn. 2.4 2.6ROA 14.3% 9.1% Accts & Notes Pay. $ 275,000 ROE 26.0% 18.2%Accruals 120,000 TD/TA 45.0% 50.0%Long-term debt 404,290 PM 5.9% 3.5%Common stock 575,000 EPS $11.04 n.a.Retained earnings 400,237 Stock Price $66.24 n.a.__________P/E ratio 6.0 6.0Total assets $1,774,527 M/B 1.56 n.a.Total claims $1,774,527Income statementSales $4,290,000Cost of G.S. 3,325,000Adm. & sales exp. 248,775Depreciation 159,000Misc. 134,000__________Net income $ 253,935P/E ratio 6No. of shares 23,000Cash dividend $ 0.95c. The financial statements and ratios for the scenario in which the cost of goods soldincreases by $125,000 over the revised estimate are shown on the next page. As you can see, profits would decline sharply. The ROE would drop to 12.6%, EPS wouldfall to $4.52, the stock price would drop to $27.11, and the M/B ratio would be only0.76.INPUT DATA: KEY OUTPUT:2000 Cary IndustryCash $ 9,527 Quick 1.0 1.0A/R 395,000 Current 2.8 2.7Inventories 700,000 Inv. turn. 5.1 5.8Land and bldg 238,000 DSO 33 32Machinery 132,000 F.A.turn. 8.3 13.0Other F.A. 150,000 T.A.turn. 2.6 2.6ROA 6.4% 9.1%Accts & Notes Pay. $ 275,000 ROE 12.6% 18.2%Accruals 120,000 TD/TA 49.2% 50.0%Long-term debt 404,290 PM 2.4% 3.5%Common stock 575,000 EPS $4.52 n.a.Retained earnings 250,237 Stock Price $27.11 n.a.__________P/E ratio 6.0 6.0Total assets $1,624,527 M/B 0.76 n.a.Total claims $1,624,527Income statementSales $4,290,000Cost of G.S. 3,575,000Adm. & sales exp. 248,775Depreciation 159,000Misc. 134,000__________Net income $ 103,935P/E ratio 6No. of shares 23,000Cash dividend $ 0.95d. Computer models allow us to analyze quickly the impact of operating and financialdecisions on the firm's overall performance. A firm can analyze its financial ratios under different scenarios to see what might happen if a decision, such as the purchase of a new asset, did not produce the expected results. This gives the managers some idea about what might happen under the best and worst cases and helps them to make better decisions.。

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