罗斯《公司理财》(第9版)配套题库【名校考研真题(讲解)+课后习题+章节题库+模拟试题】[第④册]

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罗斯《公司理财》第9版笔记和课后习题(含考研真题)详解[视频详解](风险、资本成本和资本预算)【圣才

罗斯《公司理财》第9版笔记和课后习题（含考研真题）详解[视频详解]第13章风险、资本成本和资本预算[视频讲解]13.1复习笔记运用净现值法，按无风险利率对现金流量折现，可以准确评价无风险现金流量。

然而，现实中的绝大多数未来现金流是有风险的，这就要求有一种能对有风险现金流进行折现的方法。

确定风险项目净现值所用的折现率可根据资本资产定价模型CAPM（或套利模型APT）来计算。

如果某无负债企业要评价一个有风险项目，可以运用证券市场线SML来确定项目所要求的收益率r s，r s也称为权益资本成本。

当企业既有债务融资又有权益融资时，所用的折现率应是项目的综合资本成本，即债务资本成本和权益资本成本的加权平均。

联系企业的风险贴现率与资本市场要求的收益率的原理在于如下一个简单资本预算原则：企业多余的现金，可以立即派发股利，投资者收到股利自己进行投资，也可以用于投资项目产生未来的现金流发放股利。

从股东利益出发，股东会在自己投资和企业投资中选择期望收益率较高的一个。

只有当项目的期望收益率大于风险水平相当的金融资产的期望收益率时，项目才可行。

因此项目的折现率应该等于同样风险水平的金融资产的期望收益率。

这也说明了资本市场价格信号作用。

1．权益资本成本从企业的角度来看，权益资本成本就是其期望收益率，若用CAPM模型，股票的期望收益率为：其中，R F是无风险利率，是市场组合的期望收益率与无风险利率之差，也称为期望超额市场收益率或市场风险溢价。

要估计企业权益资本成本，需要知道以下三个变量：①无风险利率；②市场风险溢价；③公司的贝塔系数。

根据权益资本成本计算企业项目的贴现率需要有两个重要假设：①新项目的贝塔风险与企业风险相同；②企业无债务融资。

2．贝塔的估计估算公司贝塔值的基本方法是利用T个观测值按照如下公式估计：估算贝塔值可能存在以下问题：①贝塔可能随时间的推移而发生变化；②样本容量可能太小；③贝塔受财务杠杆和经营风险变化的影响。

罗斯《公司理财》第9版笔记和课后习题(含考研真题)详解[视频详解](折现现金流量估价)【圣才出品】

罗斯《公司理财》第9版笔记和课后习题（含考研真题）详解[视频详解]第4章折现现金流量估价[视频讲解]4.1复习笔记当前的1美元与未来的1美元的价值是不同的，因为当前1美元用于投资，在未来可以得到更多，而且未来的1美元具有不确定性。

这种区别正是“货币的时间价值”。

货币的时间价值概念是金融投资和融资的基石之一，资本预算、项目决策、融资管理和兼并等领域均有涉及。

因此有必要理解和掌握相关的现值、终值、年金和永续年金的概念和计算公式。

1．现值与净现值现值是未来资金在当前的价值，是把未来的现金流按照一定的贴现率贴现到当前的价值。

以单期为例，一期后的现金流的现值：其中，C1是一期后的现金流，r是适当贴现率。

在多期的情况下，求解PV的公式可写为：其中，C T是在T期的现金流，r是适当贴现率。

净现值的计算公式为：NPV=-成本+PV。

也就是说，净现值NPV是这项投资未来现金流的现值减去成本的现值所得的结果。

一种定量的财务决策方法是净现值分析法。

产生N期现金流的投资项目的净现值为：NPV=其中，-C0是初始现金流，由于它代表了一笔投资，即现金流出，因而是负值。

2．终值一笔投资在多期以后终值的一般计算公式可以写为：FV=C0×（1+r）T其中，C0是期初投资的金额，r是利息率，T是资金投资持续的期数。

一项投资每年按复利计息m次的年末终值为：其中：C0是投资者的初始投资；r是名义年利率。

当m趋近于无限大时，则是连续复利计息，这时T年后的终值可以表示为：C0×e rT。

连续复利在高级金融中有广泛的应用。

3．名义利率和实际利率名义年利率是不考虑年内复利计息的，不同的银行或金融机构有不同的称谓，比较通用的是年百分比利率（APR）；实际利率（EAR）是指在年内考虑复利计息的，然后折算成一年的利率。

名义利率和实际利率之间的差别在于名义利率只有给出计息间隔期下才有意义。

4．年金年金是指一系列稳定有规律的，持续一段固定时期的现金收付活动，即在一定期间内，每隔相同时期（一年、半年或一季等）收入或支出相等金额的款项。

罗斯《公司理财》(第9版)课后习题(第1~3章)【圣才出品】

罗斯《公司理财》（第9版）课后习题第1章公司理财导论一、概念题1．资本预算（capital budgeting）答：资本预算是指综合反映投资资金来源与运用的预算，是为了获得未来产生现金流量的长期资产而现在投资支出的预算。

资本预算决策也称为长期投资决策，它是公司创造价值的主要方法。

资本预算决策一般指固定资产投资决策，耗资大，周期长，长期影响公司的产销能力和财务状况，决策正确与否影响公司的生存与发展。

完整的资本预算过程包括：寻找增长机会，制定长期投资战略，预测投资项目的现金流，分析评估投资项目，控制投资项目的执行情况。

资本预算可通过不同的资本预算方法来解决，如回收期法、净现值法和内部收益率法等。

2．货币市场（money markets）答：货币市场指期限不超过一年的资金借贷和短期有价证券交易的金融市场，亦称“短期金融市场”或“短期资金市场”，包括同业拆借市场、银行短期存贷市场、票据市场、短期证券市场、大额可转让存单市场、回购协议市场等。

其参加者为各种政府机构、各种银行和非银行金融机构及公司等。

货币市场具有四个基本特征：①融资期限短，一般在一年以内，最短的只有半天，主要用于满足短期资金周转的需要；②流动性强，金融工具可以在市场上随时兑现，交易对象主要是期限短、流动性强、风险小的信用工具，如票据、存单等，这些工具变现能力强，近似于货币，可称为“准货币”，故称货币市场；③安全性高，由于货币市场上的交易大多采用即期交易，即成交后马上结清，通常不存在因成交与结算日之间时间相对过长而引起价格巨大波动的现象，对投资者来说，收益具有较大保障；④政策性明显，货币市场由货币当局直接参加，是中央银行同商业银行及其他金融机构的资金连接的主渠道，是国家利用货币政策工具调节全国金融活动的杠杆支点。

货币市场的交易主体是短期资金的供需者。

需求者是为了获得现实的支付手段，调节资金的流动性并保持必要的支付能力，供应者提供的资金也大多是短期临时闲置性的资金。

Cha07 罗斯公司理财第九版原版书课后习题

to abandon, and timing options.4. Decision trees represent an approach for valuing projects with these hidden, or real, options.Concept Questions1. Forecasting Risk What is forecasting risk? In general, would the degree of forecasting risk begreater for a new product or a cost-cutting proposal? Why?2. Sensitivity Analysis and Scenario Analysis What is the essential difference betweensensitivity analysis and scenario analysis?3. Marginal Cash Flows A coworker claims that looking at all this marginal this and incrementalthat is just a bunch of nonsense, and states, “Listen, if our average revenue doesn’t exceed our average cost, then we will have a negative cash flow, and we will go broke!” How do you respond?4. Break-Even Point As a shareholder of a firm that is contemplating a new project, would yoube more concerned with the accounting break-even point, the cash break-even point (the point at which operating cash flow is zero), or the financial break-even point? Why?5. Break-Even Point Assume a firm is considering a new project that requires an initialinvestment and has equal sales and costs over its life. Will the project reach the accounting, cash, or financial break-even point first? Which will it reach next? Last? Will this order always apply?6. Real Options Why does traditional NPV analysis tend to underestimate the true value of acapital budgeting project?7. Real Options The Mango Republic has just liberalized its markets and is now permittingforeign investors. Tesla Manufacturing has analyzed starting a project in the country and has determined that the project has a negative NPV. Why might the company go ahead with the project? What type of option is most likely to add value to this project?8. Sensitivity Analysis and Breakeven How does sensitivity analysis interact with break-evenanalysis?9. Option to Wait An option can often have more than one source of value. Consider a loggingcompany. The company can log the timber today or wait another year (or more) to log the timber.What advantages would waiting one year potentially have?10. Project Analysis You are discussing a project analysis with a coworker. The project involvesreal options, such as expanding the project if successful, or abandoning the project if it fails. Your coworker makes the following statement: “This analysis is ridiculous. We looked at expanding or abandoning the project in two years, but there are many other options we should consider. For example, we could expand in one year, and expand further in two years. Or we could expand in one year, and abandon the project in two years. There are too many options for us to examine.Because of this, anything this analysis would give us is worthless.” How would you evaluate this statement? Considering that with any capital budgeting project there are an infinite number of real options, when do you stop the option analysis on an individual project?Questions and Problems: connect™BASIC (Questions 1–10)1. Sensitivity Analysis and Break-Even Point We are evaluating a project that costs$724,000, has an eight-year life, and has no salvage value. Assume that depreciation is straight-line to zero over the life of the project. Sales are projected at 75,000 units per year. Price per unit is $39, variable cost per unit is $23, and fixed costs are $850,000 per year. The tax rate is 35 percent, and we require a 15 percent return on this project.1. Calculate the accounting break-even point.2. Calculate the base-case cash flow and NPV. What is the sensitivity of NPV to changes inthe sales figure? Explain what your answer tells you about a 500-unit decrease in projected sales.3. What is the sensitivity of OCF to changes in the variable cost figure? Explain what youranswer tells you about a $1 decrease in estimated variable costs.2. Scenario Analysis In the previous problem, suppose the projections given for price, quantity,variable costs, and fixed costs are all accurate to within ±10 percent. Calculate the best-case and worst-case NPV figures.3. Calculating Breakeven In each of the following cases, find the unknown variable. Ignoretaxes.4. Financial Breakeven L.J.’s Toys Inc. just purchased a $250,000 machine to produce toy cars.The machine will be fully depreciated by the straight-line method over its five-year economic life.Each toy sells for $25. The variable cost per toy is $6, and the firm incurs fixed costs of $360,000 each year. The corporate tax rate for the company is 34 percent. The appropriate discount rate is12 percent. What is the financial break-even point for the project?5. Option to Wait Your company is deciding whether to invest in a new machine. The newmachine will increase cash flow by $340,000 per year. You believe the technology used in the machine has a 10-year life; in other words, no matter when you purchase the machine, it will be obsolete 10 years from today. The machine is currently priced at $1,800,000. The cost of the machine will decline by $130,000 per year until it reaches $1,150,000, where it will remain. If your required return is 12 percent, should you purchase the machine? If so, when should you purchase it?6. Decision Trees Ang Electronics, Inc., has developed a new DVDR. If the DVDR is successful,the present value of the payoff (when the product is brought to market) is $22 million. If the DVDR fails, the present value of the payoff is $9 million. If the product goes directly to market, there is a50 percent chance of success. Alternatively, Ang can delay the launch by one year and spend $1.5million to test market the DVDR. Test marketing would allow the firm to improve the product and increase the probability of success to 80 percent. The appropriate discount rate is 11 percent.Should the firm conduct test marketing?7. Decision Trees The manager for a growing firm is considering the launch of a new product. Ifthe product goes directly to market, there is a 50 percent chance of success. For $135,000 the manager can conduct a focus group that will increase the product’s chance of success to 65 percent. Alternatively, the manager has the option to pay a consulting firm $400,000 to research the market and refine the product. The consulting firm successfully launches new products 85 percent of the time. If the firm successfully launches the product, the payoff will be $1.5 million. If the product is a failure, the NPV is zero. Which action will result in the highest expected payoff to the firm?8. Decision Trees B&B has a new baby powder ready to market. If the firm goes directly to themarket with the product, there is only a 55 percent chance of success. However, the firm can conduct customer segment research, which will take a year and cost $1.8 million. By going through research, B&B will be able to better target potential customers and will increase the probability of success to 70 percent. If successful, the baby powder will bring a present value profit (at time of initial selling) of $28 million. If unsuccessful, the present value payoff is only $4 million. Should the firm conduct customer segment research or go directly to market? The appropriate discount rate is15 percent.9. Financial Break-Even Analysis You are considering investing in a company that cultivatesabalone for sale to local restaurants. Use the following information:The discount rate for the company is 15 percent, the initial investment in equipment is $360,000, and the project’s economic life is seven years. Assume the equipment is depreciated on a straight-line basis over the project’s life.1. What is the accounting break-even level for the project?2. What is the financial break-even level for the project?10. Financial Breakeven Niko has purchased a brand new machine to produce its High Flight lineof shoes. The machine has an economic life of five years. The depreciation schedule for the machine is straight-line with no salvage value. The machine costs $390,000. The sales price per pair of shoes is $60, while the variable cost is $14. $185,000 of fixed costs per year are attributed to the machine. Assume that the corporate tax rate is 34 percent and the appropriate discount rate is 8 percent. What is the financial break-even point?INTERMEDIATE (Questions 11–25)11. Break-Even Intuition Consider a project with a required return of R percent that costs $I andwill last for N years. The project uses straight-line depreciation to zero over the N-year life; there are neither salvage value nor net working capital requirements.1. At the accounting break-even level of output, what is the IRR of this project? The paybackperiod? The NPV?2. At the cash break-even level of output, what is the IRR of this project? The paybackperiod? The NPV?3. At the financial break-even level of output, what is the IRR of this project? The paybackperiod? The NPV?12. Sensitivity Analysis Consider a four-year project with the following information: Initial fixedasset investment = $380,000; straight-line depreciation to zero over the four-year life; zero salvage value; price = $54; variable costs = $42; fixed costs = $185,000; quantity sold = 90,000 units; tax rate = 34 percent. How sensitive is OCF to changes in quantity sold?13. Project Analysis You are considering a new product launch. The project will cost $960,000,have a four-year life, and have no salvage value; depreciation is straight-line to zero. Sales are projected at 240 units per year; price per unit will be $25,000; variable cost per unit will be $19,500; and fixed costs will be $830,000 per year. The required return on the project is 15 percent, and the relevant tax rate is 35 percent.1. Based on your experience, you think the unit sales, variable cost, and fixed costprojections given here are probably accurate to within ±10 percent. What are the upper and lower bounds for these projections? What is the base-case NPV? What are the best-case and worst-case scenarios?2. Evaluate the sensitivity of your base-case NPV to changes in fixed costs.3. What is the accounting break-even level of output for this project?14. Project Analysis McGilla Golf has decided to sell a new line of golf clubs. The clubs will sell for$750 per set and have a variable cost of $390 per set. The company has spent $150,000 for a marketing study that determined the company will sell 55,000 sets per year for seven years. The marketing study also determined that the company will lose sales of 12,000 sets of its high-priced clubs. The high-priced clubs sell at $1,100 and have variable costs of $620. The company will also increase sales of its cheap clubs by 15,000 sets. The cheap clubs sell for $400 and have variable costs of $210 per set. The fixed costs each year will be $8,100,000. The company has also spent $1,000,000 on research and development for the new clubs. The plant and equipment required will cost $18,900,000 and will be depreciated on a straight-line basis. The new clubs will also require an increase in net working capital of $1,400,000 that will be returned at the end of the project. The tax rate is 40 percent, and the cost of capital is 14 percent. Calculate the payback period, the NPV, and the IRR.15. Scenario Analysis In the previous problem, you feel that the values are accurate to withinonly ±10 percent. What are the best-case and worst-case NPVs? (Hint: The price and variable costs for the two existing sets of clubs are known with certainty; only the sales gained or lost are uncertain.)16. Sensitivity Analysis McGilla Golf would like to know the sensitivity of NPV to changes in theprice of the new clubs and the quantity of new clubs sold. What is the sensitivity of the NPV to each of these variables?17. Abandonment Value We are examining a new project. We expect to sell 9,000 units per yearat $50 net cash flow apiece for the next 10 years. In other words, the annual operating cash flow is projected to be $50 × 9,000 = $450,000. The relevant discount rate is 16 percent, and the initial investment required is $1,900,000.1. What is the base-case NPV?2. After the first year, the project can be dismantled and sold for $1,300,000. If expectedsales are revised based on the first year’s performance, when would it make sense to abandon the investment? In other words, at what level of expected sales would it make sense to abandon the project?3. Explain how the $1,300,000 abandonment value can be viewed as the opportunity cost ofkeeping the project in one year.18. Abandonment In the previous problem, suppose you think it is likely that expected sales willbe revised upward to 11,000 units if the first year is a success and revised downward to 4,000 units if the first year is not a success.1. If success and failure are equally likely, what is the NPV of the project? Consider thepossibility of abandonment in answering.2. What is the value of the option to abandon?19. Abandonment and Expansion In the previous problem, suppose the scale of the project canbe doubled in one year in the sense that twice as many units can be produced and sold. Naturally, expansion would be desirable only if the project were a success. This implies that if the project is a success, projected sales after expansion will be 22,000. Again assuming that success and failure are equally likely, what is the NPV of the project? Note that abandonment is still an option if the project is a failure. What is the value of the option to expand?20. Break-Even Analysis Your buddy comes to you with a sure-fire way to make some quickmoney and help pay off your student loans. His idea is to sell T-shirts with the words “I get” on them. “You get it?” He says, “You see all those bumper stickers and T-shirts that say ‘got milk’ or ‘got surf.’ So this says, ‘I get.’ It’s funny! All we have to do is buy a used silk screen press for $3,200 and we are in business!” Assume there are no fixed costs, and you depreciate the $3,200 in the first period. Taxes are 30 percent.1. What is the accounting break-even point if each shirt costs $7 to make and you can sellthem for $10 apiece?Now assume one year has passed and you have sold 5,000 shirts! You find out that the Dairy Farmers of America have copyrighted the “got milk” slogan and are requiring you to pay $12,000 to continue operations. You expect this craze will last for another three years and that your discount rate is 12 percent.2. What is the financial break-even point for your enterprise now?21. Decision Trees Young screenwriter Carl Draper has just finished his first script. It has action,drama, and humor, and he thinks it will be a blockbuster. He takes the script to every motion picture studio in town and tries to sell it but to no avail. Finally, ACME studios offers to buy the script for either (a) $12,000 or (b) 1 percent of the movie’s profits. There are two decisions the studio will have to make. First is to decide if the script is good or bad, and second if the movie is good or bad. First, there is a 90 percent chance that the script is bad. If it is bad, the studio does nothing more and throws the script out. If the script is good, they will shoot the movie. After the movie is shot, the studio will review it, and there is a 70 percent chance that the movie is bad. If the movie is bad, the movie will not be promoted and will not turn a profit. If the movie is good, the studio will promote heavily; the average profit for this type of movie is $20 million. Carl rejects the $12,000 and says he wants the 1 percent of profits. Was this a good decision by Carl?22. Option to Wait Hickock Mining is evaluating when to open a gold mine. The mine has 60,000ounces of gold left that can be mined, and mining operations will produce 7,500 ounces per year.The required return on the gold mine is 12 percent, and it will cost $14 million to open the mine.When the mine is opened, the company will sign a contract that will guarantee the price of gold for the remaining life of the mine. If the mine is opened today, each ounce of gold will generate an aftertax cash flow of $450 per ounce. If the company waits one year, there is a 60 percent probability that the contract price will generate an aftertax cash flow of $500 per ounce and a 40 percent probability that the aftertax cash flow will be $410 per ounce. What is the value of the option to wait?23. Abandonment Decisions Allied Products, Inc., is considering a new product launch. The firmexpects to have an annual operating cash flow of $22 million for the next 10 years. Allied Products uses a discount rate of 19 percent for new product launches. The initial investment is $84 million.Assume that the project has no salvage value at the end of its economic life.1. What is the NPV of the new product?2. After the first year, the project can be dismantled and sold for $30 million. If theestimates of remaining cash flows are revised based on the first year’s experience, at what level of expected cash flows does it make sense to abandon the project?24. Expansion Decisions Applied Nanotech is thinking about introducing a new surface cleaningmachine. The marketing department has come up with the estimate that Applied Nanotech can sell15 units per year at $410,000 net cash flow per unit for the next five years. The engineeringdepartment has come up with the estimate that developing the machine will take a $17 million initial investment. The finance department has estimated that a 25 percent discount rate should beused.1. What is the base-case NPV?2. If unsuccessful, after the first year the project can be dismantled and will have an aftertaxsalvage value of $11 million. Also, after the first year, expected cash flows will be revised up to 20 units per year or to 0 units, with equal probability. What is the revised NPV?25. Scenario Analysis You are the financial analyst for a tennis racket manufacturer. Thecompany is considering using a graphitelike material in its tennis rackets. The company has estimated the information in the following table about the market for a racket with the new material. The company expects to sell the racket for six years. The equipment required for the project has no salvage value. The required return for projects of this type is 13 percent, and the company has a 40 percent tax rate. Should you recommend the project?CHALLENGE (Questions 26–30)26. Scenario Analysis Consider a project to supply Detroit with 55,000 tons of machine screwsannually for automobile production. You will need an initial $1,700,000 investment in threading equipment to get the project started; the project will last for five years. The accounting department estimates that annual fixed costs will be $520,000 and that variable costs should be $220 per ton;accounting will depreciate the initial fixed asset investment straight-line to zero over the five-year project life. It also estimates a salvage value of $300,000 after dismantling costs. The marketing department estimates that the automakers will let the contract at a selling price of $245 per ton.The engineering department estimates you will need an initial net working capital investment of $600,000. You require a 13 percent return and face a marginal tax rate of 38 percent on this project.1. What is the estimated OCF for this project? The NPV? Should you pursue this project?2. Suppose you believe that the accounting department’s initial cost and salvage valueprojections are accurate only to within ±15 percent; the marketing department’s price estimate is accurate only to within ±10 percent; and the engineering department’s net working capital estimate is accurate only to within ±5 percent. What is your worst-case scenario for this project? Your best-case scenario? Do you still want to pursue the project? 27. Sensitivity Analysis In Problem 26, suppose you’re confident about your own projections, butyou’re a little unsure about Detroit’s actual machine screw requirements. What is the sensitivity of the project OCF to changes in the quantity supplied? What about the sensitivity of NPV to changes in quantity supplied? Given the sensitivity number you calculated, is there some minimum level of output below which you wouldn’t want to operate? Why?28. Abandonment Decisions Consider the following project for Hand Clapper, Inc. The companyis considering a four-year project to manufacture clap-command garage door openers. This project requires an initial investment of $10 million that will be depreciated straight-line to zero over the project’s life. An initial investment in net working capital of $1.3 million is required to support spare parts inventory; this cost is fully recoverable whenever the project ends. The company believes it can generate $7.35 million in pretax revenues with $2.4 million in total pretax operating costs. The tax rate is 38 percent, and the discount rate is 16 percent. The market value of the equipment over the life of the project is as follows:Lumber is sold by the company for its “pond value.” Pond value is the amount a mill will pay for a log delivered to the mill location. The price paid for logs delivered to a mill is quoted in dollars per thousands of board feet (MBF), and the price depends on the grade of the logs. The forest Bunyan Lumber is evaluating was planted by the company 20 years ago and is made up entirely of Douglas fir trees. The table here shows the current price per MBF for the three grades of timber the company feels will come from the stand:Steve believes that the pond value of lumber will increase at the inflation rate. The company is planning to thin the forest today, and it expects to realize a positive cash flow of $1,000 per acre from thinning. The thinning is done to increase the growth rate of the remaining trees, and it is always done 20 years following a planting.The major decision the company faces is when to log the forest. When the company logs the forest, it will immediately replant saplings, which will allow for a future harvest. The longer the forest is allowed to grow, the larger the harvest becomes per acre. Additionally, an older forest has a higher grade of timber. Steve has compiled the following table with the expected harvest per acre in thousands of board feet, along with the breakdown of the timber grades:The company expects to lose 5 percent of the timber it cuts due to defects and breakage.The forest will be clear-cut when the company harvests the timber. This method of harvesting allows for faster growth of replanted trees. All of the harvesting, processing, replanting, and transportation are to be handled by subcontractors hired by Bunyan Lumber. The cost of the logging is expected to be $140 per MBF. A road system has to be constructed and is expected to cost $50 per MBF on average. Sales preparation and administrative costs, excluding office overhead costs, are expected to be $18 per MBF.As soon as the harvesting is complete, the company will reforest the land. Reforesting costs include the following:All costs are expected to increase at the inflation rate.Assume all cash flows occur at the year of harvest. For example, if the company begins harvesting the timber 20 years from today, the cash flow from the harvest will be received 20 years from today. When the company logs the land, it will immediately replant the land with new saplings. The harvest period chosen will be repeated for the foreseeable future. The company’s nominal required return is 10 percent, and the inflation rate is expected to be 3.7 percent per year. Bunyan Lumber has a 35 percent tax rate.Clear-cutting is a controversial method of forest management. To obtain the necessary permits, Bunyan Lumber has agreed to contribute to a conservation fund every time it harvests the lumber. If the company harvested the forest today, the required contribution would be $250,000. The company has agreed that the required contribution will grow by 3.2 percent per year. When should the company harvest the forest?。

罗斯《公司理财》第9版英文原书课后部分章节答案

罗斯《公司理财》第9版精要版英文原书课后部分章节答案详细»1 / 17 CH5 11，13，18，19，20 11. To find the PV of a lump sum, we use: PV = FV / (1 + r) t PV = $1,000,000 / (1.10) 80 = $488.19 13. To answer this question, we can use either the FV or the PV formula. Both will give the same answer since they are the inverse of each other. We will use the FV formula, that is: FV = PV(1 + r) t Solving for r, we get: r = (FV / PV) 1 / t –1 r = ($1,260,000 / $150) 1/112 – 1 = .0840 or 8.40% To find the FV of the first prize, we use: FV = PV(1 + r) t FV = $1,260,000(1.0840) 33 = $18,056,409.94 18. To find the FV of a lump sum, we use: FV = PV(1 + r) t FV = $4,000(1.11) 45 = $438,120.97 FV = $4,000(1.11) 35 = $154,299.40 Better start early! 19. We need to find the FV of a lump sum. However, the money will only be invested for six years, so the number of periods is six. FV = PV(1 + r) t FV = $20,000(1.084)6 = $32,449.33 20. To answer this question, we can use either the FV or the PV formula. Both will give the same answer since they are the inverse of each other. We will use the FV formula, that is: FV = PV(1 + r) t Solving for t, we get: t = ln(FV / PV) / ln(1 + r) t = ln($75,000 / $10,000) / ln(1.11) = 19.31 So, the money must be invested for 19.31 years. However, you will not receive the money for another two years. From now, you’ll wait: 2 years + 19.31 years = 21.31 years CH6 16，24，27，42，58 16. For this problem, we simply need to find the FV of a lump sum using the equation: FV = PV(1 + r) t 2 / 17 It is important to note that compounding occurs semiannually. To account for this, we will divide the interest rate by two (the number of compounding periods in a year), and multiply the number of periods by two. Doing so, we get: FV = $2,100[1 + (.084/2)] 34 = $8,505.93 24. This problem requires us to find the FV A. The equation to find the FV A is: FV A = C{[(1 + r) t – 1] / r} FV A = $300[{[1 + (.10/12) ] 360 – 1} / (.10/12)] = $678,146.38 27. The cash flows are annual and the compounding period is quarterly, so we need to calculate the EAR to make the interest rate comparable with the timing of the cash flows. Using the equation for the EAR, we get: EAR = [1 + (APR / m)] m – 1 EAR = [1 + (.11/4)] 4 – 1 = .1146 or 11.46% And now we use the EAR to find the PV of each cash flow as a lump sum and add them together: PV = $725 / 1.1146 + $980 / 1.1146 2 + $1,360 / 1.1146 4 = $2,320.36 42. The amount of principal paid on the loan is the PV of the monthly payments you make. So, the present value of the $1,150 monthly payments is: PV A = $1,150[(1 – {1 / [1 + (.0635/12)]} 360 ) / (.0635/12)] = $184,817.42 The monthly payments of $1,150 will amount to a principal payment of $184,817.42. The amount of principal you will still owe is: $240,000 – 184,817.42 = $55,182.58 This remaining principal amount will increase at the interest rate on the loan until the end of the loan period. So the balloon payment in 30 years, which is the FV of the remaining principal will be: Balloon payment = $55,182.58[1 + (.0635/12)] 360 = $368,936.54 58. To answer this question, we should find the PV of both options, and compare them. Since we are purchasing the car, the lowest PV is the best option. The PV of the leasing is simply the PV of the lease payments, plus the $99. The interest rate we would use for the leasing option is the same as the interest rate of the loan. The PV of leasing is: PV = $99 + $450{1 –[1 / (1 + .07/12) 12(3) ]} / (.07/12) = $14,672.91 The PV of purchasing the car is the current price of the car minus the PV of the resale price. The PV of the resale price is: PV = $23,000 / [1 + (.07/12)] 12(3) = $18,654.82 The PV of the decision to purchase is: $32,000 – 18,654.82 = $13,345.18 3 / 17 In this case, it is cheaper to buy the car than leasing it since the PV of the purchase cash flows is lower. To find the breakeven resale price, we need to find the resale price that makes the PV of the two options the same. In other words, the PV of the decision to buy should be: $32,000 – PV of resale price = $14,672.91 PV of resale price = $17,327.09 The resale price that would make the PV of the lease versus buy decision is the FV ofthis value, so: Breakeven resale price = $17,327.09[1 + (.07/12)] 12(3) = $21,363.01 CH7 3，18，21，22，31 3. The price of any bond is the PV of the interest payment, plus the PV of the par value. Notice this problem assumes an annual coupon. The price of the bond will be: P = $75({1 – [1/(1 + .0875)] 10 } / .0875) + $1,000[1 / (1 + .0875) 10 ] = $918.89 We would like to introduce shorthand notation here. Rather than write (or type, as the case may be) the entire equation for the PV of a lump sum, or the PV A equation, it is common to abbreviate the equations as: PVIF R,t = 1 / (1 + r) t which stands for Present V alue Interest Factor PVIFA R,t = ({1 – [1/(1 + r)] t } / r ) which stands for Present V alue Interest Factor of an Annuity These abbreviations are short hand notation for the equations in which the interest rate and the number of periods are substituted into the equation and solved. We will use this shorthand notation in remainder of the solutions key. 18. The bond price equation for this bond is: P 0 = $1,068 = $46(PVIFA R%,18 ) + $1,000(PVIF R%,18 ) Using a spreadsheet, financial calculator, or trial and error we find: R = 4.06% This is thesemiannual interest rate, so the YTM is: YTM = 2 4.06% = 8.12% The current yield is:Current yield = Annual coupon payment / Price = $92 / $1,068 = .0861 or 8.61% The effective annual yield is the same as the EAR, so using the EAR equation from the previous chapter: Effective annual yield = (1 + 0.0406) 2 – 1 = .0829 or 8.29% 20. Accrued interest is the coupon payment for the period times the fraction of the period that has passed since the last coupon payment. Since we have a semiannual coupon bond, the coupon payment per six months is one-half of the annual coupon payment. There are four months until the next coupon payment, so two months have passed since the last coupon payment. The accrued interest for the bond is: Accrued interest = $74/2 × 2/6 = $12.33 And we calculate the clean price as: 4 / 17 Clean price = Dirty price –Accrued interest = $968 –12.33 = $955.67 21. Accrued interest is the coupon payment for the period times the fraction of the period that has passed since the last coupon payment. Since we have a semiannual coupon bond, the coupon payment per six months is one-half of the annual coupon payment. There are two months until the next coupon payment, so four months have passed since the last coupon payment. The accrued interest for the bond is: Accrued interest = $68/2 × 4/6 = $22.67 And we calculate the dirty price as: Dirty price = Clean price + Accrued interest = $1,073 + 22.67 = $1,095.67 22. To find the number of years to maturity for the bond, we need to find the price of the bond. Since we already have the coupon rate, we can use the bond price equation, and solve for the number of years to maturity. We are given the current yield of the bond, so we can calculate the price as: Current yield = .0755 = $80/P 0 P 0 = $80/.0755 = $1,059.60 Now that we have the price of the bond, the bond price equation is: P = $1,059.60 = $80[(1 – (1/1.072) t ) / .072 ] + $1,000/1.072 t We can solve this equation for t as follows: $1,059.60(1.072) t = $1,111.11(1.072) t –1,111.11 + 1,000 111.11 = 51.51(1.072) t2.1570 = 1.072 t t = log 2.1570 / log 1.072 = 11.06 11 years The bond has 11 years to maturity.31. The price of any bond (or financial instrument) is the PV of the future cash flows. Even though Bond M makes different coupons payments, to find the price of the bond, we just find the PV of the cash flows. The PV of the cash flows for Bond M is: P M = $1,100(PVIFA 3.5%,16 )(PVIF 3.5%,12 ) + $1,400(PVIFA3.5%,12 )(PVIF 3.5%,28 ) + $20,000(PVIF 3.5%,40 ) P M = $19,018.78 Notice that for the coupon payments of $1,400, we found the PV A for the coupon payments, and then discounted the lump sum back to today. Bond N is a zero coupon bond with a $20,000 par value, therefore, the price of the bond is the PV of the par, or: P N = $20,000(PVIF3.5%,40 ) = $5,051.45 CH8 4，18，20，22，244. Using the constant growth model, we find the price of the stock today is: P 0 = D 1 / (R – g) = $3.04 / (.11 – .038) = $42.22 5 / 17 18. The price of a share of preferred stock is the dividend payment divided by the required return. We know the dividend payment in Year 20, so we can find the price of the stock in Y ear 19, one year before the first dividend payment. Doing so, we get: P 19 = $20.00 / .064 P 19 = $312.50 The price of the stock today is the PV of the stock price in the future, so the price today will be: P 0 = $312.50 / (1.064) 19 P 0 = $96.15 20. We can use the two-stage dividend growth model for this problem, which is: P 0 = [D 0 (1 + g 1 )/(R – g 1 )]{1 – [(1 + g 1 )/(1 + R)] T }+ [(1 + g 1 )/(1 + R)] T [D 0 (1 + g 2 )/(R –g 2 )] P0 = [$1.25(1.28)/(.13 –.28)][1 –(1.28/1.13) 8 ] + [(1.28)/(1.13)] 8 [$1.25(1.06)/(.13 – .06)] P 0 = $69.55 22. We are asked to find the dividend yield and capital gains yield for each of the stocks. All of the stocks have a 15 percent required return, which is the sum of the dividend yield and the capital gains yield. To find the components of the total return, we need to find the stock price for each stock. Using this stock price and the dividend, we can calculate the dividend yield. The capital gains yield for the stock will be the total return (required return) minus the dividend yield. W: P 0 = D 0 (1 + g) / (R – g) = $4.50(1.10)/(.19 – .10) = $55.00 Dividend yield = D 1 /P 0 = $4.50(1.10)/$55.00 = .09 or 9% Capital gains yield = .19 – .09 = .10 or 10% X: P 0 = D 0 (1 + g) / (R – g) = $4.50/(.19 – 0) = $23.68 Dividend yield = D 1 /P 0 = $4.50/$23.68 = .19 or 19% Capital gains yield = .19 – .19 = 0% Y: P 0 = D 0 (1 + g) / (R – g) = $4.50(1 – .05)/(.19 + .05) = $17.81 Dividend yield = D 1 /P 0 = $4.50(0.95)/$17.81 = .24 or 24% Capital gains yield = .19 – .24 = –.05 or –5% Z: P 2 = D 2 (1 + g) / (R – g) = D 0 (1 + g 1 ) 2 (1 +g 2 )/(R – g 2 ) = $4.50(1.20) 2 (1.12)/(.19 – .12) = $103.68 P 0 = $4.50 (1.20) / (1.19) + $4.50(1.20) 2 / (1.19) 2 + $103.68 / (1.19) 2 = $82.33 Dividend yield = D 1 /P 0 = $4.50(1.20)/$82.33 = .066 or 6.6% Capital gains yield = .19 – .066 = .124 or 12.4% In all cases, the required return is 19%, but the return is distributed differently between current income and capital gains. High growth stocks have an appreciable capital gains component but a relatively small current income yield; conversely, mature, negative-growth stocks provide a high current income but also price depreciation over time. 24. Here we have a stock with supernormal growth, but the dividend growth changes every year for the first four years. We can find the price of the stock in Y ear 3 since the dividend growth rate is constant after the third dividend. The price of the stock in Y ear 3 will be the dividend in Y ear 4, divided by the required return minus the constant dividend growth rate. So, the price in Y ear 3 will be: 6 / 17 P3 = $2.45(1.20)(1.15)(1.10)(1.05) / (.11 – .05) = $65.08 The price of the stock today will be the PV of the first three dividends, plus the PV of the stock price in Y ear 3, so: P 0 = $2.45(1.20)/(1.11) + $2.45(1.20)(1.15)/1.11 2 + $2.45(1.20)(1.15)(1.10)/1.11 3 + $65.08/1.11 3 P 0 = $55.70 CH9 3，4，6，9，15 3. Project A has cash flows of $19,000 in Y ear 1, so the cash flows are short by $21,000 of recapturing the initial investment, so the payback for Project A is: Payback = 1 + ($21,000 / $25,000) = 1.84 years Project B has cash flows of: Cash flows = $14,000 + 17,000 + 24,000 = $55,000 during this first three years. The cash flows are still short by $5,000 of recapturing the initial investment, so the payback for Project B is: B: Payback = 3 + ($5,000 / $270,000) = 3.019 years Using the payback criterion and a cutoff of 3 years, accept project A and reject project B. 4. When we use discounted payback, we need to find the value of all cash flows today. The value today of the project cash flows for the first four years is: V alue today of Y ear 1 cash flow = $4,200/1.14 = $3,684.21 V alue today of Y ear 2 cash flow = $5,300/1.14 2 = $4,078.18 V alue today of Y ear 3 cash flow = $6,100/1.14 3 = $4,117.33 V alue today of Y ear 4 cash flow = $7,400/1.14 4 = $4,381.39 To findthe discounted payback, we use these values to find the payback period. The discounted first year cash flow is $3,684.21, so the discounted payback for a $7,000 initial cost is: Discounted payback = 1 + ($7,000 – 3,684.21)/$4,078.18 = 1.81 years For an initial cost of $10,000, the discounted payback is: Discounted payback = 2 + ($10,000 –3,684.21 –4,078.18)/$4,117.33 = 2.54 years Notice the calculation of discounted payback. We know the payback period is between two and three years, so we subtract the discounted values of the Y ear 1 and Y ear 2 cash flows from the initial cost. This is the numerator, which is the discounted amount we still need to make to recover our initial investment. We divide this amount by the discounted amount we will earn in Y ear 3 to get the fractional portion of the discounted payback. If the initial cost is $13,000, the discounted payback is: Discounted payback = 3 + ($13,000 – 3,684.21 – 4,078.18 – 4,117.33) / $4,381.39 = 3.26 years 7 / 17 6. Our definition of AAR is the average net income divided by the average book value. The average net income for this project is: A verage net income = ($1,938,200 + 2,201,600 + 1,876,000 + 1,329,500) / 4 = $1,836,325 And the average book value is: A verage book value = ($15,000,000 + 0) / 2 = $7,500,000 So, the AAR for this project is: AAR = A verage net income / A verage book value = $1,836,325 / $7,500,000 = .2448 or 24.48% 9. The NPV of a project is the PV of the outflows minus the PV of the inflows. Since the cash inflows are an annuity, the equation for the NPV of this project at an 8 percent required return is: NPV = –$138,000 + $28,500(PVIFA 8%, 9 ) = $40,036.31 At an 8 percent required return, the NPV is positive, so we would accept the project. The equation for the NPV of the project at a 20 percent required return is: NPV = –$138,000 + $28,500(PVIFA 20%, 9 ) = –$23,117.45 At a 20 percent required return, the NPV is negative, so we would reject the project. We would be indifferent to the project if the required return was equal to the IRR of the project, since at that required return the NPV is zero. The IRR of the project is: 0 = –$138,000 + $28,500(PVIFA IRR, 9 ) IRR = 14.59% 15. The profitability index is defined as the PV of the cash inflows divided by the PV of the cash outflows. The equation for the profitability index at a required return of 10 percent is: PI = [$7,300/1.1 + $6,900/1.1 2 + $5,700/1.1 3 ] / $14,000 = 1.187 The equation for the profitability index at a required return of 15 percent is: PI = [$7,300/1.15 + $6,900/1.15 2 + $5,700/1.15 3 ] / $14,000 = 1.094 The equation for the profitability index at a required return of 22 percent is: PI = [$7,300/1.22 + $6,900/1.22 2 + $5,700/1.22 3 ] / $14,000 = 0.983 8 / 17 We would accept the project if the required return were 10 percent or 15 percent since the PI is greater than one. We would reject the project if the required return were 22 percent since the PI。

罗斯公司理财第9版ch01配套练习题及答案

8. Which of the following is not considered one of the basic questions of corporate finance? A) What long-lived assets should the firm invest? B) How much inventory should the firm hold? C) How can the firm raise cash for required capital expenditures? D) How should the short-term operating cash flows be managed? E) All of the above. Answer: B Difficulty: Medium Page: 4
3. The balance sheet is made up of what five key components? A) Fixed assets, current liabilities, long term debt, tangible current assets and shareholders equity B) Intangible fixed assets, current liabilities, long-term debt, net income and current assets C) Fixed assets, long-term debt, current assets, current liabilities and shareholders equity D) Current assets, fixed assets, long term debt, shareholders equity and retained earnings E) None of the above. Answer: C Difficulty: Medium Page: 3

罗斯《公司理财》第9版笔记和课后习题（含考研真题）详解-第8篇理财专题【圣才出品】

罗斯《公司理财》第9版笔记和课后习题（含考研真题）详解-第8篇理财专题【圣才出品】第8篇理财专题第29章收购、兼并与剥离29.1 复习笔记企业间的并购是一项充满不确定性的投资活动。

在并购决策中必须运用的基本法则是：当一家企业能够为并购企业的股东带来正的净现值时才会被并购。

因此确定目标企业的净现值显得尤为重要。

并购具有以下几个特点：并购活动产生的收益被称作协同效应；并购活动涉及复杂的会计、税收和法律因素；并购是股东可行使的一种重要控制机制；并购分析通常以计算并购双方的总价值为中心；并购有时涉及非善意交易。

1．收购的基本形式收购是指一个公司（收购方）用现金、债券或股票购买另一家公司的部分或全部资产或股权，从而获得对该公司的控制权的经济活动。

收购的对象一般有两种：股权和资产。

企业可以运用以下三种基本法律程序进行收购，即：①吸收合并或新设合并；②收购股票；③收购资产。

吸收合并是指一家企业被另一家企业吸收，兼并企业保持其名称和身份，并且收购被兼并企业的全部资产和负债的收购形式。

吸收合并的目标企业不再作为一个独立经营实体而存在。

新设合并是指兼并企业和被兼并企业终止各自的法人形式，共同组成一家新的企业。

收购股票是指用现金、股票或其他证券购买目标企业具有表决权的股票。

2．并购的分类兼并通常是指一个公司以现金、证券或其他形式购买取得其他公司的产权，使其他公司丧失法人资格或改变法人实体，并取得对这些企业决策控制权的经济行为。

兼并和收购虽然有很多不同，但也存在不少相似之处：①兼并与收购的基本动因相似。

要么为扩大企业的市场占有率；要么为扩大企业生产规模，实现规模经营；要么为拓宽企业经营范围，实现分散经营或综合化经营。

总之，企业兼并或收购都是增强企业实力的外部扩张策略或途径。

②企业兼并与收购都以企业产权交易为对象，都是企业资本营运的基本方式。

正是由于两者有很多相似之处，现实中，两者通常统称为“并购”。

按照并购双方的业务性质可以分为：（1）横向并购。

罗斯《公司理财》(第9版)配套题库【章节题库-租赁】

第21章租赁一、概念题1．融资租赁（中央财大2011金融硕士；中央财大2005研、2009研；北京理工大学2006研）答：融资租赁又称为财务租赁或资本租赁，是出租方将与租赁资产有关的全部风险与报酬都转移给承租方的一种租赁。

通常由出租方融资为承租方提供所需设备，具有融资、融物双重职能的租赁交易性质，它主要涉及出租方、承租方和供货方三方当事人，并由两个或两个以上合同所构成，出租方根据承租方的要求和选择，与供货方订立购买合同并支付货款，与承租方订立租赁合同，将购买的设备出租给承租方使用，租期通常不低于两年。

在租赁期间，由承租方按合同规定，分期向出租方交付租金。

租赁设备的所有权属于出租方，承租方在租赁期内对该设备享有使用权并承担修理费用。

租赁期满时，设备可由承租方按合同规定留购、续租或退回出租方。

融资租赁有如下特点：①融资租赁属于完全转让租赁。

租赁期与资产的经济寿命相当或至少达到资产经济寿命的75％以上，出租方通过一次租赁即可收回全部投资。

②租赁资产的维修保养一般由承租方负责，折旧也由承租方计提，如由出租方负责，则需另拟协议以规定。

③除非双方一致同意，否则出租方不得单方面提前终止租赁合同。

④租赁期满后，承租方具有以充分低于市场价值的价格或象征性价格购买租赁资产的优先权，从而获得该项资产的所有权。

融资租赁本质上与长期负债筹资颇为相似。

从现金流动特点上看，融资租赁是在租赁期初租入资产，以后每年支付一定数量的租金，租赁期满后再发生一笔小额支出，从而获得租赁资产的所有权。

而长期负债活动则是在期初借入一笔资金购买资产，然后再逐年支付利息，到期再偿还本金。

两者的现金流动模式是极其相似的，因而，融资租赁是重要的融资方式之一，其本质上是通过融物的形式达到融资的目的。

2．经营租赁（武大2000研）答：经营租赁又称营业租赁或服务租赁，是指除融资租赁以外的其他租赁。

经营租赁是由出租人向承租企业提供租赁设备，并提供设备维修保养和人员培训等服务性业务。

罗斯《公司理财》第9版笔记和课后习题（含考研真题）详解[视频详解]（股票估值）【圣才出品】

罗斯《公司理财》第9版笔记和课后习题（含考研真题）详解[视频详解]（股票估值）【圣才出品】罗斯《公司理财》第9版笔记和课后习题（含考研真题）详解[视频详解]第9章股票估值9.1复习笔记1．不同类型股票的估值（1）零增长股利股利不变时，一股股票的价格由下式给出：在这里假定Div1=Div2=…=Div。

（2）固定增长率股利如果股利以恒定的速率增长，那么一股股票的价格就为：式中，g是增长率；Div是第一期期末的股利。

（3）变动增长率股利2．股利折现模型中的参数估计（1）对增长率g的估计有效估计增长率的方法是：g=留存收益比率×留存收益收益率（ROE）只要公司保持其股利支付率不变，g就可以表示公司的股利增长率以及盈利增长率。

（2）对折现率R的估计对于折现率R的估计为：R=Div/P0+g该式表明总收益率R由两部分组成。

其中，第一部分被称为股利收益率，是预期的现金股利与当前的价格之比。

3．增长机会每股股价可以写做：该式表明，每股股价可以看做两部分的加和。

第一部分（EPS/R）是当公司满足于现状，而将其盈利全部发放给投资者时的价值；第二部分是当公司将盈利留存并用于投资新项目时的新增价值。

当公司投资于正NPVGO的增长机会时，公司价值增加。

反之，当公司选择负NPVGO 的投资机会时，公司价值降低。

但是，不管项目的NPV是正的还是负的，盈利和股利都是增长的。

不应该折现利润来获得每股价格，因为有部分盈利被用于再投资了。

只有股利被分到股东手中，也只有股利可以加以折现以获得股票价格。

4．市盈率即股票的市盈率是三个因素的函数：（1）增长机会。

拥有强劲增长机会的公司具有高市盈率。

（2）风险。

低风险股票具有高市盈率。

（3）会计方法。

采用保守会计方法的公司具有高市盈率。

5．股票市场交易商：持有一项存货，然后准备在任何时点进行买卖。

经纪人：将买者和卖者撮合在一起，但并不持有存货。

9.2课后习题详解一、概念题1．股利支付率（payout ratio）答：股利支付率一般指公司发放给普通股股东的现金股利占总利润的比例。

罗斯《公司理财》(第9版)配套题库【课后习题-收购、兼并与剥离】

第29章收购、兼并与剥离一、概念题1．熊式收购（bear hug）答：熊式收购是指收购方采取高溢价的敌意收购方式，即使在遭到目标公司董事会的抵制时，也能够得到目标公司一些股东的支持。

在企业收购中，一家企业获得对另一家企业的控制权，前者称为“收购公司”，后者称为“目标公司”。

收购公司首先致函目标公司的董事们，向他们表达收购的意愿，并要求他们对报价迅速作出决定。

如果董事们不同意这个收购，收购公司就可以直接通过要约收购的方式向目标公司的股东们提出收购要求。

2．资产锁定（lockup）答：资产锁定是公司赋予善意收购人（如白衣骑士）的一项选择权，当目标企业在面临敌意收购时，善意收购人可以以一个固定的价格购买目标企业的股票或部分资产（比如皇冠宝石），这只是善意收购人的权利。

由于恶意收购者在收购后，可能失去目标企业的优良资产，资产锁定降低了企业对于收购者的吸引力。

3．投标者（bidder）答：投标者是指计划接管有关企业而向其发出要约，要求用现金或证券换取该企业的股票或资产的企业。

如果该要约被接受，目标企业将会放弃对其股票或资产的控制权，将控制权转移给投标者以换取相应的报酬（如投标者的股票、债务或现金）。

4．吸收合并（merger）答：吸收合并是指一家企业被另一家企业吸收，兼并企业保持其名称和身份，并且收购被兼并企业的全部资产和负债的收购形式。

吸收合并的目标企业不再作为一个独立经营实体而存在。

5．新设合并（consolidation）答：新设合并是指兼并企业和被兼并企业终止各自的法人形式，共同组成一家新的企业。

6．毒丸计划（poison pill）答：毒丸计划包括“负债毒丸计划”和“人员毒丸计划”两种。

其中，“负债毒丸计划”是指目标企业在受到收购威胁的情况下大量增加自身负债，降低企业被收购的吸引力。

例如，发行债券并约定在企业股权发生大规模转移时，债券持有人可要求立刻兑付，从而使收购企业在收购后立即面临巨额现金支出的危险，从而降低了收购企业的收购兴趣。

罗斯《公司理财》第9版笔记和课后习题(含考研真题)详解[视频详解](跨国公司财务)【圣才出品】

罗斯《公司理财》第9版笔记和课后习题（含考研真题）详解[视频详解]第31章跨国公司财务31.1复习笔记随着经济全球化的发展，跨国公司越来越多。

跨国公司经营必须考虑各种因素，其中包括外币汇率、各国不同的利率、国外经营所用的复杂会计方法、外国税率和外国政府的干涉等等。

公司财务的基本原理仍然适用于跨国公司。

外汇问题是跨国财务中最重要、最复杂的难题。

当跨国公司进行资本预算决策或融资决策时，外汇市场能为其提供信息和机会。

外汇、利率和通货膨胀三者的相互关系构成了汇率基本理论。

即：购买力平价理论、利率平价理论和预期理论。

跨国公司融资决策通常有以下三种基本途径：将本国货币用于国外经营业务、向投资所在国借贷和向第三国借贷。

三种途径各有优缺点。

1．有关专业术语（1）美国存托凭证（ADR）。

美国存托凭证是指在美国发行的一种代表外国股权的证券。

外国公司运用以美元发行的ADR实现外国股票在美国上市交易，来吸引更多的潜在的美国投资者群体。

这些ADR通常由投资银行持有并为其做市，它以两种形式存在：一是在交易所挂牌交易的ADR，称为公司保荐形式；另一种是非保荐形式。

这两种形式的ADR均可由个人投资和买卖。

ADR解决了美国与国外证券交易制度、惯例、语言、外汇管理等不尽相同所造成的交易上的困难，是外国公司在美国市场上筹资的重要金融工具，同时也是美国投资者最广泛接受的外国证券形式。

（2）交叉汇率。

交叉汇率是指两种货币之间（通常都不是美元）通过第三种货币联系起来的汇率。

美元是决定交叉汇率的中介货币。

例如，如果投资者想卖出日元买进瑞士法郎，他可能先卖出日元买入美元，随后又卖出美元买入瑞士法郎。

所以，虽然该交易只涉及日元与瑞士法郎，但是美元汇率起到了基准作用。

（3）欧洲货币单位。

欧洲货币单位是指1979年设计的由10种欧洲货币组成的一揽子货币，它是欧洲货币体系（EMS）的货币单位。

根据章程，EMS成员国每五年或者当出现某种货币权重发生25％或以上的变动时，都要重新估算一次ECU的组成。

罗斯《公司理财》第9版笔记和课后习题(含考研真题)详解[视频详解](风险分析、实物期权和资本预算)【

罗斯《公司理财》第9版笔记和课后习题（含考研真题）详解[视频详解]第7章风险分析、实物期权和资本预算7.1复习笔记从某种意义上来说，公司的战略分析可以看作“寻找净现值为正值的投资项目”的过程。

分析正NPV来源的过程通常被称作公司的战略分析。

在实际操作中，可以使用决策树、场景分析、敏感性分析和盈亏平衡分析等分析工具来评估不确定性对项目增量现金流量的影响。

1．敏感性分析和场景分析（1）敏感性分析。

敏感性分析是指它在确定性分析的基础上，进一步分析不确定性因素对投资项目的最终经济效果指标的影响及影响程度。

敏感性因素一般可选择主要参数（如销售收入、经营成本、生产能力、初始投资、寿命期、建设期、达产期等）进行分析。

若某参数的小幅度变化能导致经济效果指标的较大变化，则称此参数为敏感性因素，反之则称其为非敏感性因素。

（2）场景分析。

敏感性分析只是孤立地处理每个变量的变化，而实际上不同变量之间很有可能是相互联系的。

场景分析经常被用来消除敏感性分析所存在问题的影响。

所谓的场景分析简单来说就是考察一些可能出现的不同场景，其中每个场景都综合了各种变量的影响。

2．盈亏平衡分析盈亏平衡分析是指根据成本、销售收入、利润等因素之间的函数关系，确定企业实现盈亏平衡时所需达到的销售量，它是敏感性分析方法的有效补充。

盈亏平衡分析包括会计利润和净现值的盈亏平衡点分析。

两者的计算公式如下：现值的盈亏平衡点=其中EAC代表约当平均成本，T C代表公司所得税税率。

3．蒙特卡罗模拟蒙特卡罗模拟是指在投资测算基本财务模型的基础上，考虑风险变量因素的动态变化（即不确定性），将风险变量（或子变量）原有的静态取值通过随机抽样实现动态取值，得到可以计算动态经济评价指标的模拟试验。

利用风险评估模型，可以模拟计算经济指标的N 个值，用来反映经济指标的变化规律，并对此规律加以评价。

4．实物期权实物期权是指标的物为非证券资产的期权。

相对于“金融期权”，实物期权具有以下四个特性：（1）非交易性。

罗斯《公司理财》第9版笔记和课后习题(含考研真题)详解[视频详解](公司理财导论)【圣才出品】

罗斯《公司理财》第9版笔记和课后习题（含考研真题）详解[视频详解]第1章公司理财导论[视频讲解]1.1复习笔记公司的首要目标——股东财富最大化决定了公司理财的目标。

公司理财研究的是稀缺资金如何在企业和市场内进行有效配置，它是在股份有限公司已成为现代企业制度最主要组织形式的时代背景下，就公司经营过程中的资金运动进行预测、组织、协调、分析和控制的一种决策与管理活动。

从决策角度来讲，公司理财的决策内容包括投资决策、筹资决策、股利决策和净流动资金决策；从管理角度来讲，公司理财的管理职能主要是指对资金筹集和资金投放的管理。

公司理财的基本内容包括：投资决策（资本预算）、融资决策（资本结构）、短期财务管理（营运资本）。

1．资产负债表资产负债表是总括反映企业某一特定日期财务状况的会计报表，它是根据资产、负债和所有者权益之间的相互关系，按照一定的分类标准和一定的顺序，把企业一定日期的资产、负债和所有者权益各项目予以适当排列，并对日常工作中形成的大量数据进行高度浓缩整理后编制而成的。

资产负债表可以反映资本预算、资本支出、资本结构以及经营中的现金流量管理等方面的内容。

2．资本结构资本结构是指企业各种资本的构成及其比例关系，它有广义和狭义之分。

广义资本结构，亦称财务结构，指企业全部资本的构成，既包括长期资本，也包括短期资本（主要指短期债务资本）。

狭义资本结构，主要指企业长期资本的构成，而不包括短期资本。

通常人们将资本结构表示为债务资本与权益资本的比例关系（D/E）或债务资本在总资本的构成（D/A）。

准确地讲，企业的资本结构应定义为有偿负债与所有者权益的比例。

资本结构是由企业采用各种筹资方式筹集资本形成的。

筹资方式的选择及组合决定着企业资本结构及其变化。

资本结构是企业筹资决策的核心问题。

企业应综合考虑影响资本结构的因素，运用适当方法优化资本结构，从而实现最佳资本结构。

资本结构优化有利于降低资本成本，获取财务杠杆利益。

3．财务经理财务经理是公司管理团队中的重要成员，其主要职责是通过资本预算、融资和资产流动性管理为公司创造价值。

罗斯《公司理财》(第9版)配套题库【章节题库-套利定价理论】

第12章套利定价理论一、单选题下列哪个不是CAPM的假设？（）（中央财大2011金融硕士）A．投资者风险厌恶，且其投资行为是使其终期财富的期望效用最大B．投资者是价格承受者，即投资者的投资行为不会影响市场上资产的价格运动C．资产收益率满足多因子模型D．资本市场上存在无风险资产，且投资者可以无风险利率无限借贷【答案】C【解析】套利定价理论（APT）假设资产收益率满足多因子模型。

套利定价模型的优点之一是它能够处理多个因素，而资本资产定价模型就忽略了这一点。

根据套利定价的多因素模型，收益与风险的关系可以表示为：式中，β1代表关于第一个因素的贝塔系数，β2代表关于第二个因素的贝塔系数，依此类推。

二、简答题1．请解释什么是证券组合的系统性风险和非系统性风险，并图示证券组合包含证券的数量与证券组合系统性风险和非系统性风险间的关系。

（对外经贸大学2004研）答：（1）系统风险亦称“不可分散风险”或“市场风险”，与非系统风险相对，指由于某些因素给市场上所有的证券都带来经济损失的可能性，如经济衰退、通货膨胀和需求变化给投资带来的风险。

这种风险影响到所有证券，不可能通过证券组合分散掉。

即使投资者持有的是收益水平及变动情况相当分散的证券组合，也将遭受这种风险。

对于投资者来说，这种风险是无法消除的。

系统风险的大小取决于两个方面，一是每一资产的总风险的大小，二是这一资产的收益变化与资产组合中其他资产收益变化的相关关系（由相关关系描述）。

在总风险一定的前提下，一项资产与市场资产组合收益变化的相关关系越强，系统风险越大，相关关系越弱，系统风险越小。

非系统风险，亦称“可分散风险”或“特别风险”，是指那些通过资产组合就可以消除掉的风险，是公司特有风险，例如某些因素对个别证券造成经济损失的可能性。

这种风险可通过证券持有的多样化来抵消，因此，非系统风险是通过多样化投资可被分散的风险。

多样化投资之所以可以分散风险，是因为在市场经济条件下，投资的收益现值是随着收益风险和收益折现率的变化而变化的。

罗斯《公司理财》第9版笔记和课后习题(含考研真题)详解-第3篇风险【圣才出品】

第3篇风险第10章风险与收益：市场历史的启示10.1 复习笔记投资获得的现金流要按照适当贴现率贴现。

贴现率必须要与现金流的风险相匹配，无风险的现金流用无风险利率贴现，风险越大，贴现率越高。

而资本市场正是准确衡量风险以及适当贴现率的地方。

长期均衡下的资本市场能够很好地为各种资产定价，以使得资产的收益与风险相匹配。

本章开始讨论确定风险型投资项目的贴现率。

以便为资本市场理论作铺垫，本章将介绍单个资产的收益、收益率和风险的概念及衡量方法。

在以后会扩展到资产组合的收益和风险，研究收益和风险的关系。

1．收益投资于股票的收益分为股利和资本利得。

股利是从公司获得的利润分配；而资本利得是买卖股价变动的差额损益。

股票收益率等于股票收益除以期初价格，其中股票收益等于到期支付的股利与期初和期末价格变化之和。

2．持有期收益率设R t表示第t年的收益率，则从第一年到第t年的持有期收益率为：（1+R1）×（1+R2）×…×（1+R t）×…（1+R T）-1 3．收益统计和风险溢价计算平均收益率，首先将所有的收益率相加，然后除以收益率的个数（T）。

用公式可以表示为：风险溢价等于风险收益与无风险收益之差。

4．风险统计收益率的分析可以确认收益水平的高低，但对收益风险的评价需要借助方差和标准差来做出判断。

方差和标准差是度量变动程度或离散程度的指标。

标准差是方差的平方根。

通常用Var 或σ2表示方差，用SD或σ表示标准差。

一般情况下，两种收益率相同的证券，方差（或标准差）越大，说明收益的变动幅度越大，风险越大；方差（或标准差）越小，说明收益的变动幅度越小，风险越小。

5．算术平均数和几何平均数几何平均数是计算某一特定时期按复利计算的每年平均收益率；算术平均数计算的是某一特定期间按年份计算的每年平均收益率。

10.2 课后习题详解一、概念题1．平均数（均值）[average（mean）]答：平均数是指同类现象的总体内各单位所达到的一般水平或某一数量标志值的代表水平，即总体标志总量除以总体单位总数之商数。

罗斯公司理财精要版9光盘各章习题

====Word行业资料分享--可编辑版本--双击可删====附录B各章习题及部分习题答案APPENDIX B目录Contents第一部分公司理财概览第三部分未来现金流量估价第1章公司理财导论3 第5章估价导论：货币的时间价值39 概念复习和重要的思考题 4 本章复习与自测题40微型案例麦吉糕点公司 5 本章复习与自测题解答40第2章财务报表、税和现金流量6 概念复习和重要的思考题40 本章复习与自测题7 思考和练习题41本章复习与自测题解答7 第6章贴现现金流量估价43概念复习和重要的思考题8 本章复习与自测题44思考和练习题9 本章复习与自测题解答44微型案例Sunset Boards公司的现金流量和概念复习和重要的思考题46财务报表13 思考和练习题4652第二部分财务报表与长期财务计划微型案例读MBA的决策第7章利率和债券估价54第3章利用财务报表17 本章复习与自测题55本章复习与自测题18 本章复习与自测题解答55本章复习与自测题解答19 概念复习和重要的思考题55概念复习和重要的思考题20 思考和练习题56思考和练习题21 微型案例基于债券发行的S&S飞机公司的微型案例针对S&S飞机公司的财务比率扩张计划59分析24 第8章股票估价60第4章长期财务计划与增长27 本章复习与自测题61本章复习与自测题28 本章复习与自测题解答61本章复习与自测题解答28 概念复习和重要的思考题61概念复习和重要的思考题29 思考和练习题62思考和练习题30 微型案例Ragan公司的股票估价64微型案例S&S飞机公司的比率与财务计划35III第四部分资本预算第9章净现值与其他投资准绳69 第六部分资本成本与长期财务政策第14章资本成本111本章复习与自测题70 本章复习与自测题112本章复习与自测题解答概念复习和重要的思考题7071本章复习与自测题解答概念复习和重要的思考题112112思考和练习题73 思考和练习题113第10章资本性投资决策77 第15章筹集资本117 本章复习与自测题78 本章复习与自测题118本章复习与自测题解答概念复习和重要的思考题7880本章复习与自测题解答概念复习和重要的思考题118118思考和练习题80 思考和练习题120微型案例贝壳共和电子公司（一）85 微型案例S&S飞机公司的上市121 第11章项目分析与评估86 第16章财务杠杆和资本结构政策123 本章复习与自测题87 本章复习与自测题124本章复习与自测题解答概念复习和重要的思考题8787本章复习与自测题解答概念复习和重要的思考题124124思考和练习题88 思考和练习题125微型案例贝壳共和电子公司（二）第五部分风险与报酬第12章资本市场历史的一些启示95 91 微型案例斯蒂芬森房地产公司的资本重组127第17章股利和股利政策129概念复习和重要的思考题130本章复习与自测题96 思考和练习题130本章复习与自测题解答概念复习和重要的思考题思考和练习题97 9696微型案例电子计时公司133第七部分短期财务计划与管理微型案例S&S飞机公司的职位99 第18章短期财务与计划137第13章报酬、风险与证券市场线101 本章复习与自测题138 本章复习与自测题102 本章复习与自测题解答138本章复习与自测题解答概念复习和重要的思考题102103概念复习和重要的思考题139思考和练习题140思考和练习题104 微型案例Piepkorn制造公司的营运成本管微型案例高露洁棕榄公司的值108 理145IV第19章现金和流动性管理147本章复习与自测题148本章复习与自测题解答148概念复习和重要的思考题148思考和练习题149微型案例Webb公司的现金管理150 第20章信用和存货管理151本章复习与自测题152本章复习与自测题解答152概念复习和重要的思考题152思考和练习题153微型案例豪利特实业公司的信用政策155第八部分公司理财专题第21章国际公司理财159本章复习与自测题160本章复习与自测题解答160概念复习和重要的思考题160思考和练习题161微型案例S&S飞机公司的国际化经营163 部分习题答案165PART 1第一部分公司理财概览====Word行业资料分享--可编辑版本--双击可删====第1章公司理财导论CHAPTER 14附录概念复习和重要的思考题1.财务管理决策过程财务管理决策有哪三种类型？就每一种类型，举出一个相关的企业交易实例。

罗斯公司理财(第9版)题库(视频讲解)+课后习题+模拟试题】

B．C+D，剩下的钱投资于证券市场 C．D+E，剩下的钱投资于证券市场 D．D+F
【答案】D 查看答案【解析】所谓现值指数法又称盈利指数法，是指未来收益的现值总额和初始投资现值总额之比，其实质是每一元初始投资所能获取的未来收益的现值额，盈利指数可以表示为：
当资金不足以支付所有净现值为正的项目时，就需要进行资本配置。在资本配置时就应该优先考虑盈利指数大的项目。D 项，现值指数为：
，为最大。
13 下面对资本资产定价模型的描述中错误的是（）。[中央财经大学 2012 金融硕士] A．单个证券的期望收益率由两部分组成，无风险利率以及风险溢价 B．风险溢价的大小取决于β值的大小 C．β越大，单个证券的风险越高，得到的风险补偿也越高
D．β度量的是单个证券的全部风险，包括系统性风险和非系统性风险【答案】D 查看答案【解析】根据 CAPM 模型，股票的期望收益率为： RS=RF+β×（RM-RF）上式表明：单个证券的期望收益率由两部分组成，一是资金的时间价值，即无风险利率；二是投资者因承担系统风险而得到的风险报酬，即风险溢价。其中风险溢价的大小取决于β值的大小，是用来度量系统风险的，β越大，单个证券的风险越高，得到的风险补偿也越高。
Байду номын сангаас
第 8 篇理财专题第 29 章收购、兼并与剥离第 30 章财务困境第 31 章跨国公司财务
第四部分模拟试题罗斯《公司理财》配套模拟试题及详解（一）罗斯《公司理财》配套模拟试题及详解（二）
内容简介
本书是罗斯《公司理财》（第 9 版）教材的配套题库，主要包括以下内容：
第一部分为名校考研真题【视频讲解】。本部分按选择题、判断题、概念题、简答题、计算题、论述题等题型，对近年来众多名校考研涉及到罗斯《公司理财》的真题进行详细解析。方便考生熟悉考点，掌握答题方法。部分考研真题提供高清视频讲解，圣才名师从考查知识点、试题难度、相关考点等方面进行全方位的讲解。

罗斯《公司理财》(第9版)笔记和课后习题(含考研真题)详解[视频讲解]

罗斯《公司理财》（第9版）笔记和课后习题详解第1章公司理财导论1.1复习笔记公司的首要目标——股东财富最大化决定了公司理财的目标。

公司理财的基本内容包括：投资决策（资本预算）、融资决策（资本结构）、短期财务管理（营运资本）。

资产负债表可以反映资本预算、资本支出、资本结构以及经营中的现金流量管理等方面的内容。

2．资本结构资本结构是指企业各种资本的构成及其比例关系，它有广义和狭义之分。

广义资本结构，亦称财务结构，指企业全部资本的构成，既包括长期资本，也包括短期资本（主要指短期债务资本）。

狭义资本结构，主要指企业长期资本的构成，而不包括短期资本。

通常人们将资本结构表示为债务资本与权益资本的比例关系（D/E）或债务资本在总资本的构成（D/A）。

准确地讲，企业的资本结构应定义为有偿负债与所有者权益的比例。

资本结构是由企业采用各种筹资方式筹集资本形成的。

筹资方式的选择及组合决定着企业资本结构及其变化。

资本结构是企业筹资决策的核心问题。

企业应综合考虑影响资本结构的因素，运用适当方法优化资本结构，从而实现最佳资本结构。

资本结构优化有利于降低资本成本，获取财务杠杆利益。

3．财务经理财务经理是公司管理团队中的重要成员，其主要职责是通过资本预算、融资和资产流动性管理为公司创造价值。

罗斯《公司理财》(第9版)章节题库(第13~19章)【圣才出品】

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圣才电子书十万种考研考证电子书、题库视频学习平台

解：公司的税后债务资本成本为：9%×（1-33%）=6.03% 公司的加权平均资本成本为：6.03%×35%+15%×65%=11.86%
经营杠杆系数＝息税前利润变动率/产销业务量变动率经营杠杆是用来衡量经营风险的。在其他因素不变的情况下，固定的生产经营成本的存在导致企业经营杠杆作用，而且固定成本越高，经营杠杆系数越大，经营风险越大。如果固定成本为零，经营杠杆系数等于 1。（2）财务杠杆，即由于债务存在而导致普通股股东权益变动大于息税前利润变动的杠杆效应。衡量普通股股东的获利能力一般是用普通股的每股利润。由于债务利息的存在，普通股每股利润的变动会超过息税前利润变动的幅度，这就是财务杠杆效应。财务杠杆反映的是每股利润变动要大于息税前利润变动。其计算公式为：
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圣才电子书十万种考研考证电子书、题库视频学习平台

3．经营杠杆与财务杠杆（华中科大 2001 研；财政所 2000 研；南开大学 1999 研）答：（1）经营杠杆，即由于固定成本的存在而导致息税前利润变动大于产销业务量变动的杠杆效应。经营杠杆作用的衡量指标即经营杠杆系数。经营杠杆系数是指息税前利润变动率相当于产销业务量变动率的倍数。其公式为：
S
S
B
×RS+
S
B B
×RB×（1-tC）=
1
1 0.4
×26.23%+
1
0.4 0.4
×6%×
（1-25%）=20%
2．假设某公司债务资本成本为 9％，所得税率为 33％，权益成本为 15％。公司计划按照以下资本结构筹集资金：35％的债务和 65％的股权，计算该公司的加权平均资本成本。（东北财大 2006 研）

罗斯《公司理财》（第9版）配套题库【课后习题-资本结构：债务运用的制约因素】

罗斯《公司理财》（第9版）配套题库【课后习题-资本结构：债务运用的制约因素】第17章资本结构：债务运用的制约因素一、概念题1．代理成本（agency costs）答：代理成本指委托人基于委托代理关系所产生的，因代理人（经营者、雇员等）怠工、不负责任、偏离股东目标和以种种手段从公司获取财富等而发生的各种成本的总称。

在本章中，代理成本是指债权人为保护自身利益，防止公司股东财富最大化的利己策略，对企业经营做出种种限制或提高利率，由此使企业增加的费用或机会成本。

所有权和控制权的分离是产生代理问题和代理成本的根本原因。

实证分析表明，代理关系产生的经济基础是公司股东向经营者（代理人）授予经营管理权，虽然这样做可降低公司的经营成本，因为由众多的股东直接参与公司决策、经营管理、生产控制的成本是惊人的。

但是代理关系的确立又必然招致代理成本。

代理成本的存在会影响公司经营效率，甚至可能威胁公司的生存。

代理成本可划分为三部分：委托人的监督成本、代理人的担保成本和剩余损失。

2．转换发行（exchange offers）答：转换发行是资本结构变更的一种形式，指以债券或优先股交换普通股，或相反，以普通股交换比优先股更高的要求权，从而达到调整杠杆率、调整资本风险的目的的资本结构变更形式。

如果公司认为其财务杠杆率过高，那么公司可以增发部分普通股，用以换回部分债券或优先股，以降低公司的财务负担。

但这种做法容易造成股权分散。

反之，若公司认为有必要通过提高财务杠杆率来提高股东权益的收益率水平，则可以增发债券或优先股，以换回部分流通在外的普通股。

3．市场索取权（marketed claims）答：市场索取权指可以在金融市场上买卖交易的财产索取权利，包括股东和债权人对公司财产的索取权。

谈到公司价值时，一般仅指市场性索取权的价值V M，而不包括非市场性索取权的价值V N。

市场性索取权的价值V M，通常会随资本结构的变化而变化，尤其是随负债权益比的变化而变化。