罗斯《公司理财》(第11版)章节题库(第14章 有效资本市场和行为挑战)【圣才出品】
罗斯《公司理财》(第11版)考研真题(选择题)【圣才出品】
一、选择题1．外部融资需要量与下列哪个因素没有明显关系（）。
[中央财经大学2019研] A．销售的增长B．销售净利率C．股利支付率D．负债利率【答案】A【解析】外部融资是指企业向其外部筹集资金，如发行股票、债券，向银行申请贷款等，它一般都要发生筹资费用。
A项，销售的增长并不能直接带来盈利的增加，还要看销售价格与销售成本的大小，其不直接影响外部融资的需要量。
B项，销售净利率又称销售净利润率，是净利润占销售收入的百分比。
销售净利率越高，公司盈利越多，可由公司内部产生现金，这意味着外部融资的需求较少。
C项，股利支付率也称股息发放率，是指净收益中股利所占的比重，股利支付率越高，净收益中用来再投资的资金就越少，公司需要依靠更多的外部筹集来满足资金需要。
D项，负债利率越高，采用外部融资所需要支付的成本就越高，进而会影响公司的外部融资需要量。
2．一家公司有负的净营运资本（net working capital），那么这家公司（）。
[中山大学2018研]A．流动负债比流动资产多B．已陷入破产C．手上没有现金D．需要卖出一些存货来纠正这个问题【答案】A【解析】根据公式：净营运资本＝流动资产－流动负债，净营运资本为负说明流动负债大于流动资产。
3．剩余股利政策的理论依据是（）。
[南京航空航天大学2017研]A．信号理论B．MM理论C．税差理论D．“一鸟在手”理论【答案】B【解析】剩余股利政策是企业在有良好的投资机会时，根据目标资本结构测算出必须的权益资本与既有权益资本的差额，首先将税后利润满足权益资本需要，而后将剩余部分作为股利发放的政策。
剩余股利政策的理论依据是MM理论股利无关论。
该理论认为，在完全资本市场中，股份公司的股利政策与公司普通股每股市价无关，公司派发股利的高低不会对股东的财富产生实质性的影响，公司决策者不必考虑公司的股利分配方式，公司的股利政策将随公司投资、融资方案的制定而确定。
因此，在完全资本市场的条件下，股利完全取决于投资项目需用盈余后的剩余，投资者对于盈利的留存或发放股利毫无偏好。
罗斯《公司理财》(第11版)章节题库(第12章 看待风险与收益的另一种观点：套利定价理论)【圣才出品
第12章看待风险与收益的另一种观点：套利定价理论一、选择题下列哪个不是CAPM 的假设？（）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：()()()()123123K F F F F F KR R R R βR R βR R βR R β=+-+-+-++- 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。
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（由相关系数描述）。
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。
罗斯《公司理财》(第11版)笔记和课后习题答案详解
精研学习>网>>>免费试用百分之20资料全国547所院校视频及题库全收集考研全套>视频资料>课后答案>历年真题>全收集本书是罗斯的《公司理财》（第11版）（机械工业出版社）的学习辅导书。
本书遵循该教材的章目编排，包括8篇，共分31章，每章由两部分组成：第一部分为复习笔记；第二部分为课（章）后习题详解。
本书具有以下几个方面的特点：（1）浓缩内容精华，整理名校笔记。
本书每章的复习笔记对本章的重难点进行了整理，并参考了国内名校名师讲授罗斯的《公司理财》的课堂笔记，因此，本书的内容几乎浓缩了经典教材的知识精华。
（2）精选考研真题，强化知识考点。
部分考研涉及到的重点章节，选择经典真题，并对相关重要知识点进行了延伸和归纳。
（3）解析课后习题，提供详尽答案。
国内外教材一般没有提供课（章）后习题答案或者答案很简单，本书参考国外教材的英文答案和相关资料对每章的习题进行了详细的分析。
（4）补充相关要点，强化专业知识。
一般来说，国外英文教材的中译本不太符合中国学生的思维习惯，有些语言的表述不清或条理性不强而给学习带来了不便，因此，对每章复习笔记的一些重要知识点和一些习题的解答，我们在不违背原书原意的基础上结合其他相关经典教材进行了必要的整理和分析。
本书提供电子书及打印版，方便对照复习。
第1篇概论第1章公司理财导论1.1复习笔记1.2课后习题详解第2章会计报表与现金流量2.1复习笔记2.2课后习题详解第3章财务报表分析与长期计划3.1复习笔记3.2课后习题详解第2篇估值与资本预算第4章折现现金流量估价4.1复习笔记4.2课后习题详解第5章净现值和投资评价的其他方法5.1复习笔记5.2课后习题详解第6章投资决策6.1复习笔记6.2课后习题详解第7章风险分析、实物期权和资本预算7.1复习笔记7.2课后习题详解第8章利率和债券估值8.1复习笔记8.2课后习题详解第9章股票估值9.1复习笔记9.2课后习题详解第3篇风险第10章收益和风险：从市场历史得到的经验10.1复习笔记10.2课后习题详解第11章收益和风险：资本资产定价模型11.1复习笔记11.2课后习题详解第12章看待风险与收益的另一种观点：套利定价理论12.1复习笔记12.2课后习题详解第13章风险、资本成本和估值13.1复习笔记13.2课后习题详解第4篇资本结构与股利政策第14章有效资本市场和行为挑战14.1复习笔记14.2课后习题详解第15章长期融资：简介15.1复习笔记15.2课后习题详解第16章资本结构：基本概念16.1复习笔记16.2课后习题详解第17章资本结构：债务运用的限制17.1复习笔记17.2课后习题详解第18章杠杆企业的估价与资本预算18.1复习笔记18.2课后习题详解第19章股利政策和其他支付政策19.1复习笔记19.2课后习题详解第5篇长期融资第20章资本筹集20.1复习笔记20.2课后习题详解第21章租赁21.1复习笔记21.2课后习题详解第6篇期权、期货与公司理财第22章期权与公司理财22.1复习笔记22.2课后习题详解第23章期权与公司理财：推广与应用23.1复习笔记23.2课后习题详解第24章认股权证和可转换债券24.1复习笔记24.2课后习题详解第25章衍生品和套期保值风险25.1复习笔记25.2课后习题详解第7篇短期财务第26章短期财务与计划26.1复习笔记26.2课后习题详解第27章现金管理27.1复习笔记27.2课后习题详解第28章信用和存货管理28.1复习笔记28.2课后习题详解第8篇理财专题第29章收购与兼并29.1复习笔记29.2课后习题详解第30章财务困境30.1复习笔记30.2课后习题详解第31章跨国公司财务31.1复习笔记31.2课后习题详解。
罗斯《公司理财》(第11版)章节题库(第16章 资本结构：基本概念)【圣才出品】
第16章资本结构：基本概念一、概念题项目融资答：项目融资是指为项目投资而筹集资金的活动。
它不仅是投资决策的先决条件，而且是项目拟订和投产前分析的先决条件。
项目融资的目的与特定的项目联系在一起，是为特定项目建设筹集所需的资金。
融资所得资金只用于项目融资的借款，项目融资借款本息能否收回只与项目的盈利性有关，与拥有该项目的企业无关。
在项目评估中，研究项目融资须确定融资的可能性，分析融资数量是否符合项目计划要求，还要考虑融资成本。
项目融资的方式主要有以下两种：①无追索权的项目融资，也称为纯粹的项目融资，在这种融资方式下，贷款的还本付息完全依靠项目的经营效益。
同时，贷款银行为保障自身的利益必须从该项目拥有的资产取得物权担保。
如果该项目由于种种原因未能建成或经营失败，其资产或受益不足以清偿全部的贷款时，贷款银行无权向该项目的主办人追索。
②有追索权的项目融资，除了以贷款项目的经营收益作为还款来源和取得物权担保外，贷款银行还要求有项目实体以外的第三方提供担保。
贷款行有权向第三方担保人追索。
但担保人承担债务的责任，以他们各自提供的担保金额为限，所以称为有限追索权的项目融资。
二、简答题1．何谓资本结构？合理安排公司资本结构有何财务意义？答：（1）资本结构是指企业各种资本的价值构成及其比例关系。
在企业筹资管理活动中，资本结构有广义和狭义之分。
广义的资本结构是指企业全部资本价值的构成及其比例关系。
它不仅包括长期资本，还包括短期资本，主要是短期债权资本。
狭义的资本结构是指企业各种长期资本价值的构成及其比例关系，尤其是指长期的股权资本与债权资本的构成及其比例关系。
在狭义资本结构下，短期债权资本系作为营运资本来管理。
资本结构可以从不同角度来认识，于是形成各种资本结构种类，主要有资本的属性结构和资本的期限结构两种。
资本的属性结构是指企业不同属性资本的价值构成及其比例关系；资本的期限结构是指不同期限资本的价值构成及其比例关系。
（2）企业的资本结构决策问题，主要是资本的属性结构的决策问题，即债权资本的比例安排问题。
公司理财罗斯课后习题答案修订稿
公司理财罗斯课后习题答案集团文件发布号：（9816-UATWW-MWUB-WUNN-INNUL-DQQTY-第一章1.在所有权形式的公司中,股东是公司的所有者。
股东选举公司的董事会,董事会任命该公司的管理层。
企业的所有权和控制权分离的组织形式是导致的代理关系存在的主要原因。
管理者可能追求自身或别人的利益最大化,而不是股东的利益最大化。
在这种环境下,他们可能因为目标不一致而存在代理问题。
2.非营利公司经常追求社会或政治任务等各种目标。
非营利公司财务管理的目标是获取并有效使用资金以最大限度地实现组织的社会使命。
3.这句话是不正确的。
管理者实施财务管理的目标就是最大化现有股票的每股价值，当前的股票价值反映了短期和长期的风险、时间以及未来现金流量。
4.有两种结论。
一种极端,在市场经济中所有的东西都被定价。
因此所有目标都有一个最优水平，包括避免不道德或非法的行为，股票价值最大化。
另一种极端,我们可以认为这是非经济现象,最好的处理方式是通过政治手段。
一个经典的思考问题给出了这种争论的答案:公司估计提高某种产品安全性的成本是30美元万。
然而,该公司认为提高产品的安全性只会节省20美元万。
请问公司应该怎么做呢”5.财务管理的目标都是相同的,但实现目标的最好方式可能是不同的,因为不同的国家有不同的社会、政治环境和经济制度。
6.管理层的目标是最大化股东现有股票的每股价值。
如果管理层认为能提高公司利润，使股价超过35美元,那么他们应该展开对恶意收购的斗争。
如果管理层认为该投标人或其它未知的投标人将支付超过每股35美元的价格收购公司,那么他们也应该展开斗争。
然而,如果管理层不能增加企业的价值,并且没有其他更高的投标价格,那么管理层不是在为股东的最大化权益行事。
现在的管理层经常在公司面临这些恶意收购的情况时迷失自己的方向。
7.其他国家的代理问题并不严重,主要取决于其他国家的私人投资者占比重较小。
较少的私人投资者能减少不同的企业目标。
罗斯《公司理财》(第11版)笔记和课后习题详解
读书笔记模板
01 思维导图
03 读书笔记 05 作者介绍
目录
02 内容摘要 04 目录分析 06 精彩摘录
思维导图
本书关键字分析思维导图
习题
笔记
经典 书
第章
风险
预算
笔记
教材
习题 复习
收益
第版
笔记
市场
习题
定价
资本
期权
内容摘要
内容摘要
本书是罗斯的《公司理财》（第11版）（机械工业出版社）的学习辅导电子书。本书遵循该教材的章目编排， 包括8篇，共分31章，每章由两部分组成：第一部分为复习笔记；第二部分为课（章）后习题详解。本书具有以 下几个方面的特点：（1）浓缩内容精华，整理名校笔记。本书每章的复习笔记对本章的重难点进行了整理，并参 考了国内名校名师讲授罗斯的《公司理财》的课堂笔记，因此，本书的内容几乎浓缩了经典教材的知识精华。（2） 选编考研真题，强化知识考点。部分考研涉及到的重点章节，选编经典真题，并对相关重要知识点进行了延伸和 归纳。（3）解析课后习题，提供详尽答案。国内外教材一般没有提供课（章）后习题答案或者答案很简单，本书 参考国外教材的英文答案和相关资料对每章的习题进行了详细的分析。（4）补充相关要点，强化专业知识。一般 来说，国外英文教材的中译本不太符合中国学生的思维习惯，有些语言的表述不清或条理性不强而给学习带来了 不便，因此，对每章复习笔记的一些重要知识点和一些习题的解答，我们在不违背原书原意的基础上结合其他相 关经典教材进行了必要的整理和分析。
12.1复习笔记 12.2课后习题详解
第13章风险、资本成本和估值
13.1复习笔记 13.2课后习题详解
罗斯《公司理财》（第11版）考研真题（简答题）【圣才出品】
罗斯《公司理财》（第11版）考研真题（简答题）【圣才出品】四、简答题1．达⽣公司决定发⾏债券进⾏融资，但考虑到当前利率较⾼，未来市场利率可能下调，因此董事会认为公司应该发⾏可赎回债券。
预期利率下降是否是发⾏可赎回债券的充⾜理由，为什么？[中央财经⼤学2019研]答：可赎回债券是指发⾏公司可以按照发⾏时规定的条款，依⼀定的条件和价格在公司认为合适的时间提前赎回的债券。
⼀般来讲，债券的赎回价格要⾼于债券⾯值，⾼出的部分称为“赎回溢价”，赎回溢价可按不同的⽅式确定。
可赎回债券关于提前赎回债券的规定是对债券发⾏公司有利的，但同时却有可能损害债权⼈的利益。
⽐如，若公司发⾏债券后市场利率降低，公司可利⽤债券的可赎回性，采⽤换债的⽅法提前赎回利息较⾼的债券，⽽代之以利息较低的债券。
⽽如果市场利率在债券发⾏后进⼀步上升，发⾏公司可以不提前赎回债券，继续享受低利息的好处。
这样，利息变动风险将完全由债权⼈承担。
因此，预期利率下降可以作为发⾏可赎回债权的理由，但并不是充分理由。
市场上实际利率的⾛向还需要考虑各个⽅⾯因素的影响，⽽且可赎回条款通常在债券发⾏⼏年之后才开始⽣效。
当前利率较⾼，未来利率可能因为经济波动或者是政策因素的影响，继续保持较⾼的⽔平，也可能因为宏观经济调整，实际利率有所下降，不同的改变对可赎回债券的提前赎回产⽣不同的影响。
2．为什么说经营杠杆⼤的公司要适度的进⾏债务筹资？[南京航空航天⼤学2017研]答：（1）经营杠杆经营杠杆，⼜称营业杠杆或营运杠杆，反映销售和息税前盈利的杠杆关系。
指在企业⽣产经营中由于存在固定成本⽽使利润变动率⼤于产销量变动率的规律。
为了对经营杠杆进⾏量化，企业财务管理和管理会计中把利润变动率相当于产销量（或销售收⼊）变动率的倍数称之为经营杠杆系数、经营杠杆率，并⽤公式加以表⽰：经营杠杆系数＝息税前利润变动率/产销业务量变动率。
⼀般来说，在其他因素不变的情况下，固定成本越⾼，经营杠杆系数越⼤，经营风险越⼤。
罗斯公司理财第九版第十四章课后答案对应版
第十四章：有效资本市场和行为学挑战1. To create value, firms should accept financing proposals with positive net present values. Firms can create valuable financing opportunities in three ways: 1) Fool investors. A firm can issue a complex security to receive more than the fair market value. Financial managers attempt to package securities to receive the greatest value. 2) Reduce costs or increase subsidies. A firm can package securities to reduce taxes. Such a security will increase the value of the firm. In addition, financing techniques involve many costs, such as accountants, lawyers, and investment bankers. Packaging securities in a way to reduce these costs will also increase the value of the firm. 3) Create a new security. A previously unsatisfied investor may pay extra for a specialized security catering to his or her needs. Corporations gain from developing unique securities by issuing these securities at premium prices.2. The three forms of the efficient markets hypothesis are: 1) Weak form. Market prices reflect information contained in historical prices. Investors are unable to earn abnormal returns using historical prices to predict future price movements. 2) Semi-strong form. In addition to historical data, market prices reflect all publicly-available information. Investors with insider, or private information, are able to earn abnormal returns. 3) Strong form. Market prices reflect all information, public or private. Investors are unable to earn abnormal returns using insider information or historical prices to predict future price movements.3. a. False. Market efficiency implies that prices reflect all available information, but it does not imply certain knowledge. Many pieces of information that are available and reflected in prices are fairly uncertain. Efficiency of markets does not eliminate that uncertainty and therefore does not imply perfect forecasting ability.b. True. Market efficiency exists when prices reflect all available information. To be efficient in the weak form, the market must incorporate all historical data into prices. Under thesemi-strong form of the hypothesis, the market incorporates all publicly-available information in addition to the historical data. In strong form efficient markets, prices reflect all publicly and privately available information.c. False. Market efficiency implies that market participants are rational. Rational people will immediately act upon new information and will bid prices up or down to reflect that information.d. False. In efficient markets, prices reflect all available information. Thus, prices will fluctuate whenever new information becomes available.e. True. Competition among investors results in the rapid transmission of new market information. In efficient markets, prices immediately reflect new information as investors bid the stock price up or down.4. On average, the only return that is earned is the required return—investors buy assets with returns in excess of the required return (positive NPV), bidding up the price and thus causing the return to fall to the required return (zero NPV); investors sell assets with returns less than the required return (negative NPV), driving the price lower and thus causing the return to rise to the required return (zero NPV).5. The market is not weak form efficient.6. Yes, historical information is also public information; weak form efficiency is a subset of semi-strong form efficiency.7. Ignoring trading costs, on average, such investors merely earn what the market offers; thetrades all have zero NPV. If trading costs exist, then these investors lose by the amount of the costs.8. Unlike gambling, the stock market is a positive sum game; everybody can win. Also, speculators provide liquidity to markets and thus help to promote efficiency.9. The EMH only says, within the bounds of increasingly strong assumptions about the information processing of investors, that assets are fairly priced. An implication of this is that, on average, the typical market participant cannot earn excessive profits from a particular trading strategy. However, that does not mean that a few particular investors cannot outperform the market over a particular investment horizon. Certain investors who do well for a period of time get a lot of attention from the financial press, but the scores of investors who do not do well over the same period of time generally get considerably less attention from the financial press.10. a. If the market is not weak form efficient, then this information could be acted on and a profit earned from following the price trend. Under (2), (3), and (4), this information is fully impounded in the current price and no abnormal profit opportunity exists.b. Under (2), if the market is not semi-strong form efficient, then this information could be used to buy the stock ―cheap‖before the rest of the market discovers the financial statement anomaly. Since (2) is stronger than (1), both imply that a profit opportunity exists; under (3) and (4), this information is fully impounded in the current price and no profit opportunity exists.c. Under (3), if the market is not strong form efficient, then this information could be used as a profitable trading strategy, by noting the buying activity of the insiders as a signal that the stock is underpriced or that good news is imminent. Since (1) and (2) are weaker than (3), all three imply that a profit opportunity exists. Note that this assumes the individual who sees the insider trading is the only one who sees the trading. If the information about the trades made by company management is public information, it will be discounted in the stock price and no profit opportunity exists. Under (4), this information does not signal any profit opportunity for traders; any pertinent information the manager-insiders may have is fully reflected in the current share price.11. A technical analyst would argue that the market is not efficient. Since a technical analyst examines past prices, the market cannot be weak form efficient for technical analysis to work. If the market is not weak form efficient, it cannot be efficient under stronger assumptions about the information available.12. Investor sentiment captures the mood of the investing public. If investors are bearish in general, it may be that the market is headed down in the future since investors are less likely to invest. If the sentiment is bullish, it would be taken as a positive signal to the market. To use investor sentiment in technical analysis, you would probably want to construct a ratio such as a bulls/bears ratio. To use the ratio, simply compare the historical ratio to the market to determine if a certain level on the ratio indicates a market upturn or downturn. Of course, there is a group of investors called contrarians who view the market signals as reversed. That is, if the number of bearish investors reaches a certain level, the market will head up. For a contrarian, these signals are reversed.13. Taken at face value, this fact suggests that markets have become more efficient. The increasing ease with which information is available over the Internet lends strength to thisconclusion. On the other hand, during this particular period, large-capitalization growth stocks were the top performers. Value-weighted indexes such as the S&P 500 are naturally concentrated in such stocks, thus making them especially hard to beat during this period. So, it may be that the dismal record compiled by the pros is just a matter of bad luck or benchmark error.14. It is likely the market has a better estimate of the stock price, assuming it is semistrong form efficient. However, semistrong form efficiency only states that you cannot easily profit from publicly available information. If financial statements are not available, the market can still price stocks based upon the available public information, limited though it may be. Therefore, it may have been as difficult to examine the limited public information and make an extra return.15. a. Aerotech‘s stock price should rise immediately after the announcement of the positive news.b. Only scenario (ii) indicates market efficiency. In that case, the price of the stock rises immediately to the level that reflects the new information, eliminating all possibility of abnormal returns. In the other two scenarios, there are periods of time during which an investor could trade on the information and earn abnormal returns.16. False. The stock price would have adjusted before the founder‘s death only if investors had perfect forecasting ability. The 12.5 percent increase in the stock price aft er the founder‘s death indicates that either the market did not anticipate the death or that the market had anticipated it imperfectly. However, the market reacted immediately to the new information, implying efficiency. It is interesting that the stock price rose after the announcement of the founder‘s death. This price behavior indicates that the market felt he was a liability to the firm.17. The announcement should not deter investors from buying UPC‘s stock. If the market is semi-strong form efficient, the stock price will have already reflected the present value of the payments that UPC must make. The expected return after the announcement should still be equal to the expected return before the announcement. UPC‘s current stockholders bear the burden of the loss, since the stock price falls on the announcement. After the announcement, the expected return moves back to its original level.18. The market is often considered to be relatively efficient up to the semi-strong form. If so, no systematic profit can be made by trading on publicly-available information. Although illegal, the lead engineer of the device can profit from purchasing the firm‘s stock before the news release on the implementation of the new technology. The price should immediately and fully adjust to the new information in the article. Thus, no abnormal return can be expected from purchasing after the publication of the article.19. Under the semi-strong form of market efficiency, the stock price should stay the same. The accounting system changes are publicly available information. Investors would identify no changes in either the firm‘s current or its future cash flows. Thus, the stock price will not change after the announcement of increased earnings.20. Because the number of subscribers has increased dramatically, the time it takes for information in the newsletter to be reflected in prices has shortened. With shorter adjustment periods, it becomes impossible to earn abnormal returns with the information provided by Durkin. If Durkin is using only publicly-available information in its newsletter, its ability topick stocks is inconsistent with the efficient markets hypothesis. Under the semi-strong form of market efficiency, all publicly-available information should be reflected in stock prices. The use of private information for trading purposes is illegal.21. You should not agree with your broker. The performance ratings of the small manufacturing firms were published and became public information. Prices should adjust immediately to the information, thus preventing future abnormal returns.22. Stock prices should immediately and fully rise to reflect the announcement. Thus, one cannot expect abnormal returns following the announcement.23. a. No. Earnings information is in the public domain and reflected in the current stock price.b. Possibly. If the rumors were publicly disseminated, the prices would have already adjusted for the possibility of a merger. If the rumor is information that you received from an insider, you could earn excess returns, although trading on that information is illegal.c. No. The information is already public, and thus, already reflected in the stock price.24. Serial correlation occurs when the current value of a variable is related to the future value of the variable. If the market is efficient, the information about the serial correlation in the macroeconomic variable and its relationship to net earnings should already be reflected in the stock price. In other words, although there is serial correlation in the variable, there will not be serial correlation in stock returns. Therefore, knowledge of the correlation in the macroeconomic variable will not lead to abnormal returns for investors.25. The statement is false because every investor has a different risk preference. Although the expected return from every well-diversified portfolio is the same after adjusting for risk, investors still need to choose funds that are consistent with their particular risk level.26. The share price will decrease immediately to reflect the new information. At the time of the announcement, the price of the stock should immediately decrease to reflect the negative information.27. In an efficient market, the cumulative abnormal return (CAR) for Prospectors would rise substantially at the announcement of a new discovery. The CAR falls slightly on any day when no discovery is announced. There is a small positive probability that there will be a discovery on any given day. If there is no discovery on a particular day, the price should fall slightly because the good event did not occur. The substantial price increases on the rare days of discovery should balance the small declines on the other days, leaving CARs that are horizontal over time.28. Behavioral finance attempts to explain both the 1987 stock market crash and the Internet bubble by changes in investor sentiment and psychology. These changes can lead to non-random price behavior.。
罗斯《公司理财》英文习题答案DOCchap014
公司理财习题答案第十四章Chapter 14: Long-Term Financing: An Introduction14.1 a. C om m on Stock A ccountPar V alue$135,430$267,715 shares ==b. Net capital from the sale of shares = Common Stock + Capital SurplusNet capital = $135,430 + $203,145 = $338,575Therefore, the average price is $338,575 / 67,715 = $5 per shareAlternate solution:Average price = Par value + Average capital surplus= $2 + $203,145 / 67,715= $5 per sharec. Book value = Assets - Liabilities = Equity= Common stock + Capital surplus + Retained earnings= $2,708,600Therefore, book value per share is $2,708,600 / 67,715= $40.14.2 a. Common stock = (Shares outstanding ) x (Par value)= 500 x $1= $500Total = $150,500b.Common stock (1500 shares outstanding, $1 par) $1,500Capital surplus* 79,000Retained earnings 100,000Total $180,500* Capital Surplus = Old surplus + Surplus on sale= $50,000 + ($30 - $1) x 1,000=$79,00014.3 a. Shareholders’ equityCommon stock ($5 par value; authorized 500,000shares; issued and outstanding 325,000 shares)$1,625,000 Capital in excess of par* 195,000Retained earnings** 3,794,600Total $5,614,600*Capital surplus = 12% of Common Stock= (0.12) ($1,625,000)= $195,000**Retained earnings = Old retained earnings + Net income - Dividends= $3,545,000 + $260,000 - ($260,000)(0.04)= 3,794,600b. Shareholders’ equity$1,750,000Common stock ($5 par value; authorized 500,000shares; issued and outstanding 350,000 shares)Capital in excess of par* 170,000Retained earnings 3,794,600Total $5,714,600*Capital surplus is reduced by the below par sale, i.e. $195,000 - ($1)(25,000) =$170,00014.4 a. Under straight voting, one share equals one vote. Thus, to ensure the election of onedirector you must hold a majority of the shares. Since two million shares areoutstanding, you must hold more than 1,000,000 shares to have a majority of votes.b. Cumulative voting is often more easily understood through a story. Remember thatyour goal is to elect one board member of the seven who will be chosen today.Suppose the firm has 28 shares outstanding. You own 4 of the shares and one otherperson owns the remaining 24 shares. Under cumulative voting, the total number ofvotes equals the number of shares times the number of directors being elected,(28)(7) = 196. Therefore, you have 28 votes and the other stockholder has 168 votes.Also, suppose the other shareholder does not wish to have your favorite candidateon the board. If that is true, the best you can do to try to ensure electing onemember is to place all of your votes on your favorite candidate. To keep yourcandidate off the board, the other shareholder must have enough votes to elect allseven members who will be chosen. If the other shareholder splits her votes evenlyacross her seven favorite candidates, then eight people, your one favorite and herseven favorites, will all have the same number of votes. There will be a tie! If shedoes not split her votes evenly (for example 29 28 28 28 28 28 27) then yourcandidate will win a seat. To avoid a tie and assure your candidate of victory, youmust have 29 votes which means you must own more than 4 shares.Notice what happened. If seven board members will be elected and you want to becertain that one of your favorite candidates will win, you must have more than one-eighth of the shares. That is, the percentage of the shares you must have to win ismore than1.(The num ber of m em bers being elected The num ber you w ant to select)Also notice that the number of shares you need does not change if more than oneperson owns the remaining shares. If several people owned the remaining 168shares they could form a coalition and vote together.Thus, in the Unicorn election, you will need more than 1/(7+1) = 12.5% of theshares to elect one board member. You will need more than (2,000,000) (0.125) =250,000 shares.Cumulative voting can be viewed more rigorously. Use the facts from the Unicornelection. Under cumulative voting, the total number of votes equals the number of公司理财习题答案第十四章shares times the number of directors being elected, 2,000,000 x 7 = 14,000,000. Let x be the number of shares you need. The number of shares necessary is7x14,000,0007x7x250,000.>-==>> You will need more than 250,000 shares.14.5 She can be certain to have one of her candidate friends be elected under the cumulativevoting rule. The lowest percentage of shares she needs to own to elect at least one out of 6candidates is higher than 1/7 = 14.3%. Her current ownership of 17.3% is more thanenough to ensure one seat. If the voting rule is staggered as described in the question, shewould need to own more than 1/4=25% of the shares to elect one out of the three candidatesfor certain. In this case, she will not have enough shares.14.6 a. You currently own 120 shares or 28.57% of the outstanding shares. You need to control 1/3 of the votes, which requires 140 shares. You need just over 20 additionalshares to elect yourself to the board.b. You need just over 25% of the shares, which is 250,000 shares. At $5 a share it willcost you $2,500,000 to guarantee yourself a seat on the board.14.7 The differences between preferred stock and debt are:a. The dividends of preferred stock cannot be deducted as interest expenses whendetermining taxable corporate income. From the individual investor’s point of view,preferred dividends are ordinary income for tax purposes. From corporate investors,80% of the amount they receive as dividends from preferred stock are exempt fromincome taxes.b. In liquidation, the seniority of preferred stock follows that of the debt and leads thatof the common stock.c. There is no legal obligation for firms to pay out preferred dividends as opposed tothe obligated payment of interest on bonds. Therefore, firms cannot be forced intodefault if a preferred stock dividend is not paid in a given year. Preferred dividendscan be cumulative or non-cumulative, and they can also be deferred indefinitely.14.8 Some firms can benefit from issuing preferred stock. The reasons can be:a. Public utilities can pass the tax disadvantage of issuing preferred stock on to theircustomers, so there is substantial amount of straight preferred stock issued byutilities.b. Firms reporting losses to the IRS already don’t have positive income for taxdeduction, so they are not affected by the tax disadvantage of dividend vs. interestpayment. They may be willing to issue preferred stock.c. Firms that issue preferred stock can avoid the threat of bankruptcy that exists withdebt financing because preferred dividends are not legal obligation as interestpayment on corporate debt.14.9 a. The return on non-convertible preferred stock is lower than the return on corporatebond for two reasons:i. Corporate investors receive 80% tax deductibility on dividends if they hold thestock. Therefore, they are willing to pay more for the stock; that lowers its return.ii. Issuing corporations are willing and able to offer higher returns on debt since theinterest on the debt reduces their tax liabilities. Preferred dividends are paid outof net income, hence they provide no tax shield.b. Corporate investors are the primary holders of preferred stock since, unlikeindividual investors, they can deduct 80% of the dividend when computing their taxliability. Therefore, they are willing to accept the lower return which the stockgenerates.14.10 The following table summarizes the main difference between debt and equity.Debt EquityRepayment is an obligation of the firm Yes NoGrants ownership of the firm No YesProvides a tax shield Yes NoLiquidation will result if not paid Yes NoCompanies often issue hybrid securities because of the potential tax shield and thebankruptcy advantage. If the IRS accepts the security as debt, the firm can use it as a tax shield. If the security maintains the bankruptcy and ownership advantages of equity, the firm has the best of both worlds.14.11 The trends in long-term financing in the United States were presented in the text. If CableCompany follows the trends, it will probably use 80% internal financing, net income of the project plus depreciation less dividends, and 20% external financing, long term debt and equity.。
(完整版)公司理财-罗斯课后习题答案
(完整版)公司理财-罗斯课后习题答案-CAL-FENGHAI-(2020YEAR-YICAI)_JINGBIAN第一章1.在所有权形式的公司中,股东是公司的所有者。
股东选举公司的董事会,董事会任命该公司的管理层。
企业的所有权和控制权分离的组织形式是导致的代理关系存在的主要原因。
管理者可能追求自身或别人的利益最大化,而不是股东的利益最大化。
在这种环境下,他们可能因为目标不一致而存在代理问题。
2.非营利公司经常追求社会或政治任务等各种目标。
非营利公司财务管理的目标是获取并有效使用资金以最大限度地实现组织的社会使命。
3.这句话是不正确的。
管理者实施财务管理的目标就是最大化现有股票的每股价值，当前的股票价值反映了短期和长期的风险、时间以及未来现金流量。
4.有两种结论。
一种极端,在市场经济中所有的东西都被定价。
因此所有目标都有一个最优水平，包括避免不道德或非法的行为，股票价值最大化。
另一种极端,我们可以认为这是非经济现象,最好的处理方式是通过政治手段。
一个经典的思考问题给出了这种争论的答案:公司估计提高某种产品安全性的成本是30美元万。
然而,该公司认为提高产品的安全性只会节省20美元万。
请问公司应该怎么做呢?”5.财务管理的目标都是相同的,但实现目标的最好方式可能是不同的,因为不同的国家有不同的社会、政治环境和经济制度。
6.管理层的目标是最大化股东现有股票的每股价值。
如果管理层认为能提高公司利润，使股价超过35美元,那么他们应该展开对恶意收购的斗争。
如果管理层认为该投标人或其它未知的投标人将支付超过每股35美元的价格收购公司,那么他们也应该展开斗争。
然而,如果管理层不能增加企业的价值,并且没有其他更高的投标价格,那么管理层不是在为股东的最大化权益行事。
现在的管理层经常在公司面临这些恶意收购的情况时迷失自己的方向。
7.其他国家的代理问题并不严重,主要取决于其他国家的私人投资者占比重较小。
较少的私人投资者能减少不同的企业目标。
罗斯公司理财题库全集
Chapter 14Efficient Capital Markets and Behavioral Challenges Multiple Choice Questions1. An efficient capital market is one in which:A. brokerage commissions are zero.B. taxes are irrelevant.C. securities always offer a positive rate of return to investors.D. security prices are guaranteed by the U.S. Securities and Exchange Commission to be fair.E. security prices reflect available information.2. The notion that actual capital markets, such as the NYSE, are fairly priced is called the:A. Efficient Markets Hypothesis (EMH).B. Law of One Price.C. Open Markets Theorem.D. Laissez-Faire Axiom.E. Monopoly Pricing Theorem.3. The hypothesis that market prices reflect all available information of every kind is called_____ form efficiency.A. openB. strongC. semistrongD. weakE. stable4. The hypothesis that market prices reflect all publicly available information is called _____ form efficiency.A. openB. strongC. semistrongD. weakE. stable5. The hypothesis that market prices reflect all historical information is called _____ form efficiency.A. openB. strongC. semistrongD. weakE. stable6. In an efficient market, the price of a security will:A. always rise immediately upon the release of new information with no further price adjustments related to that information.B. react to new information over a two-day period after which time no further price adjustments related to that information will occur.C. rise sharply when new information is first released and then decline to a new stable level by the following day.D. react immediately to new information with no further price adjustments related to that information.E. be slow to react for the first few hours after new information is released allowing time for that information to be reviewed and analyzed.7. If the financial markets are efficient, then investors should expect their investments in those markets to:A. earn extraordinary returns on a routine basis.B. generally have positive net present values.C. generally have zero net present values.D. produce arbitrage opportunities on a routine basis.E. produce negative returns on a routine basis.8. Which one of the following statements is correct concerning market efficiency?A. Real asset markets are more efficient than financial markets.B. If a market is efficient, arbitrage opportunities should be common.C. In an efficient market, some market participants will have an advantage over others.D. A firm will generally receive a fair price when it sells shares of stock.E. New information will gradually be reflected in a stock's price to avoid any sudden change in the price of the stock.9. According to the efficient market hypothesis, financial markets fluctuate daily because they:A. are inefficient.B. slowly react to new information.C. are continually reacting to new information.D. offer tremendous arbitrage opportunities.E. only reflect historical information.10. Insider trading does not offer any advantages if the financial markets are:A. weak form efficient.B. semiweak form efficient.C. semistrong form efficient.D. strong form efficient.E. inefficient.11. According to theory, studying historical prices in order to identify mispriced stocks will not work in markets that are _____ efficient.I. weak formII. semistrong formIII. strong formA. I onlyB. II onlyC. I and II onlyD. II and III onlyE. I, II, and III12. Which of the following tend to reinforce the argument that the financial markets are efficient?I. Information spreads rapidly in today's world.II. There is tremendous competition in the financial markets.III. Market prices continually fluctuate.IV. Market prices react suddenly to unexpected news announcements.A. I and III onlyB. II and IV onlyC. I, II, and III onlyD. II, III, and IV onlyE. I, II, III, and IV13. If you excel in analyzing the future outlook of firms, you would prefer that the financial markets be ____ form efficient so that you can have an advantage in the marketplace.A. weakB. semiweakC. semistrongD. strongE. perfect14. Your best friend works in the finance office of the Delta Corporation. You are aware that this friend trades Delta stock based on information he overhears in the office. You know that this information is not known to the general public. Your friend continually brags to you about the profits he earns trading Delta stock. Based on this information, you would tend to argue that the financial markets are at best _____ form efficient.A. weakB. semiweakC. semistrongD. strongE. perfect15. The U.S. Securities and Exchange Commission periodically charges individuals for insider trading and claims those individuals have made unfair profits. Based on this fact, you would tend to argue that the financial markets are at best _____ form efficient.A. weakB. semiweakC. semistrongD. strongE. perfect16. Individuals that continually monitor the financial markets seeking mispriced securities:A. tend to make substantial profits on a daily basis.B. tend to make the markets more efficient.C. are never able to find a security that is temporarily mispriced.D. are always quite successful using only well-known public information as their basis of evaluation.E. are always quite successful using only historical price information as their basis of evaluation.17. Efficient capital markets are financial markets:A. in which current market prices reflect available information.B. in which current market prices reflect the present value of securities.C. in which there is no excess profit from using available information.D. All of the above.E. None of the above.18. If the efficient market hypothesis holds, investors should expect:A. to earn only a normal return.B. to receive a fair price for their securities.C. to always be able to pick stocks that will outperform the market averages.D. Both A and B.E. Both B and C.19. Financial managers can create value through financing decisions that:A. reduce costs or increase subsidies.B. increase the product prices.C. create a new security.D. Both A and B.E. Both A and C.20. In an efficient market when a firm makes an announcement of a new product or product enhancement with superior technology providing positive NPV, the price of the stock will:A. rise gradually over the next few days.B. decline gradually over the next few days.C. rise on the same day to the new price.D. stay at the same price, with no net effect.E. drop on the same day to the new price.21. An investor discovers that for a certain group of stocks, large positive price changes are always followed by large negative price changes. This finding is a violation of the:A. moderate form of the efficient market hypothesis.B. semistrong form of the efficient market hypothesis.C. strong form of the efficient market hypothesis.D. weak form of the efficient market hypothesis.E. None of the above.22. Which of the following would be indicative of inefficient markets?A. Overreaction and reversionB. Delayed responseC. Immediate and accurate responseD. Both A and B.E. Both A and C.23. When the stock price follows a random walk, the price today is said to be equal to the prior period price plus the expected return for the period with any remaining difference to the actual return due to:A. a predictable amount based on the past prices.B. a component based on new information unrelated to past prices.C. the security's risk.D. the risk free rate.E. None of the above.24. Which form of the efficient market hypothesis implies that security prices reflect only information contained in past prices?A. Weak formB. Semistrong formC. Strong formD. Hard formE. Past form25. If the weak form of efficient markets holds, then:A. technical analysis is useless.B. stock prices reflect all information contained in past prices.C. stock prices follow a random walk.D. All of the above.E. None of the above.26. Under the concept of an efficient market, a random walk in stock prices means that:A. there is no driving force behind price changes.B. technical analysts can predict future price movements to earn excess returns.C. the unexplained portion of price change in one period is unrelated to the unexplained portion of price change in any other period.D. the unexplained portion of price change in one period that can not be explained by expected return can only be explained by the unexplained portion of price change in a prior period.E. None of the above.27. A semistrong form efficient market is distinct from a weak form efficient market by:A. incorporating only random movements in the price.B. incorporating all publicly available information in the price.C. incorporating inside information in the price.D. All of the above.E. None of the above.28. If a market is strong form efficient, it also implies that:A. semistrong form efficiency holds.B. weak form efficiency holds.C. one cannot earn abnormal returns with inside information.D. Both A and C.E. A, B and C.29. An investor discovers that predictions about weather patterns published years in advance and found in the Farmer's Almanac are amazingly accurate. In fact, these predictions enable the investor to predict the health of the farm economy and therefore certain security prices. This finding is a violation of the:A. moderate form of the efficient market hypothesis.B. semistrong form of the efficient market hypothesis.C. strong form of the efficient market hypothesis.D. weak form of the efficient market hypothesis.E. None of the above.30. A lawyer works for a firm that advises corporate firms planning to sue other corporations for antitrust damages. He finds that he can "beat the market" by short-selling the stock of the firm that will be sued. This finding is a violation of the:A. moderate form of the efficient market hypothesis.B. semistrong form of the efficient market hypothesis.C. strong form of the efficient market hypothesis.D. weak form of the efficient market hypothesis.E. None of the above.31. An investor discovers that stock prices change drastically as a result of certain events. This finding is a violation of the:A. moderate form of the efficient market hypothesis.B. semistrong form of the efficient market hypothesis.C. strong form of the efficient market hypothesis.D. weak form of the efficient market hypothesis.E. None of the above.32. The semistrong form of the efficient market hypothesis states that:A. all information is reflected in the price of securities.B. security prices reflect all publicly available information.C. future prices are predictable.D. Both A and C.E. None of the above.33. The market price of a stock moves or fluctuates daily. This fluctuation is:A. inconsistent with the semistrong efficient market hypothesis because prices should be stable.B. inconsistent with the weak form efficient market hypothesis because all past information should be priced in.C. consistent with the semistrong form of the efficient market hypothesis because as new information arrives daily prices will adjust to it.D. consistent with the strong form because prices are controlled by insiders.E. None of the above.34. An investor who picks a portfolio by throwing darts at the financial pages:A. believes that efficient markets will protect the portfolio from harm as all information is priced.B. believes that riskier portfolios earn the same as less risky portfolios.C. does so because stock prices do not matter; only cash flow generated matters.D. Both A and C.E. Both B and C.35. Suppose that firms with unexpectedly high earnings earn abnormally high returns for several months after the announcement. This would be evidence of:A. efficient markets in the weak form.B. inefficient markets in the weak form.C. efficient markets in the semistrong form.D. inefficient markets in the semistrong form.E. inefficient markets in the strong form.36. Which of the following is not true about serial correlation?A. It measures the correlation between the current return on a security and the current return on another security.B. It involves only one security.C. Positive serial correlation indicates a tendency for continuation.D. Negative serial correlation indicates a tendency toward reversal.E. Significant positive or negative serial correlation coefficients are indicative of market inefficiency in the weak form.37. Which of the following is true?A. A random walk for stock price changes is inconsistent with observed patterns in price changes.B. If the stock market follows a random walk, price changes should be highly correlated.C. If the stock market is weak form efficient, then stock prices follow a random walk.D. All of the above.E. Both B and C.38. Event studies attempt to measure:A. the influence of information released to the market on returns in days surrounding its announcement.B. if the market is at least semistrong form efficient.C. whether there is a significant reaction to public announcements.D. All of the above.E. None of the above.39. The abnormal return in an event study is described as:A. the return earned on the day of announcement for the stock.B. the excess return earned on the day of announcement for the stock.C. the total return earned for the investment holding period.D. All of the above.E. None of the above.40. Evidence on stock prices finds that the sudden death of a chief executive officer causes stock prices to fall and the sudden death of an active founding chief executive officer causes stock price to rise. This contrary evidence happens because:A. markets are inefficient and unsure of the real value of the events.B. death is inevitable and market prices are random.C. things simply happen.D. the value of the founding executive was a negative to the firm.E. None of the above.41. Studies of the performance of professionally managed mutual funds find that these funds:A. do not outperform a market index. Assuming mutual fund managers rely primarily on public information, this finding refutes the semistrong form of the efficient market hypothesis.B. do not outperform a market index. Assuming mutual fund managers rely primarily on public information, this finding supports the semistrong form of the efficient market hypothesis.C. outperform a market index. Assuming mutual fund managers rely primarily on public information, this finding refutes the semistrong form of the efficient market hypothesis.D. outperform a market index. Assuming mutual fund managers rely primarily on public information, this finding supports the semistrong form of the efficient market hypothesis.E. Both C and D.42. Which of the following statements is true?A. In efficient markets, a stock's price should change with the arrival of new information.B. Average stock returns are higher in January than other months.C. Studies by Fama and French and others find that returns of high book to market stocks are much higher than low book to market value stocks to be consistent with the efficient market hypothesis.D. All of the above.E. None of the above.43. Which of the following is true?A. Most empirical evidence is consistent with strong form efficiency.B. Most empirical evidence is inconsistent with weak form efficiency.C. Strong form market efficiency is not supported by the empirical evidence.D. Both A and C.E. Both B and C.44. In examining the issue of whether the choice of accounting methods affects stock prices, studies have found that:A. accounting depreciation methods can significantly affect stock prices.B. switching depreciation methods can significantly affect stock prices.C. accounting changes that increase accounting earnings also increases stock prices.D. accounting changes can affect stock prices if the company were either to withhold information or provide incorrect information.E. All of the above.45. Market efficiency says:A. prices may not reflect underlying value.B. a good financial manager can time stock sales.C. managers may profitablly speculate in foreign currency.D. managers cannot boost stock prices through creative accounting.E. None of the above.46. The abnormal returns for initial public offerings over longer time periods seem to call market efficiency into question because:A. the average returns at announcement are large and positive while the long-term results are much lower than the returns for seasoned equity offerings.B. the average returns at announcement are small and negative while the long-term results are much lower than the returns for seasoned equity offerings.C. the average returns at announcement are zero while the long-term results are much higher than the returns for seasoned equity offerings.D. the average returns at announcement are large and positive while the long-term results are much higher than the returns for seasoned equity offerings.E. the average returns at announcement are insignificant while the long-term results are much lower than the returns for seasoned equity offerings.47. An example of financially irrational behavior is:A. gambling in Las Vegas.B. when a firm announces an increase in earnings and the stock price enjoys three days of large abnormal returns.C. when a firm announces an increase in earnings and the stock price enjoys an immediate surge in value which is captured in one day.D. Both A and B.E. Both A and C.48. Ritter's study of Initial Public Offerings (IPOs) showed that the post offering stock performance was:A. less than the control group by about 2% in the five years following the IPO.B. incorrectly priced at issuance because over the next five years the abnormal returns were greater than zero on average.C. immaterial to the pricing of the IPO because future market performance is unknown at issuance.D. equal across IPOs, irrespective of risk or which year they were issued.E. All of the above.49. If the securities market is efficient, an investor need only throw darts at the stock pages to pick securities and be just as well off.A. This is true because there are no differences in risk and return.B. This is true because in an efficient stock market prices do not fluctuate.C. This is false because professional portfolio managers prefer to generate commissions by active trading.D. This is false because investors may not hold a desirable risk-return combination in their portfolio.E. This is false because the markets are controlled by the institutional investors.50. Financial managers must be cognizant of market efficiency because:A. manipulating earnings by accounting changes does not fool the market.B. timing security sales is futile because without private information the current price reflects all known information.C. there is limited price pressure from any large sale of stock depressing prices only momentarily before recovering to prior levels.D. All of the above.E. None of the above.51. Event studies have been used to examine:A. IPOs, SEOs, and other equity issuances.B. changes in earnings.C. mergers and acquisitions.D. most financial events.E. All of the above.52. If the market is weak form efficient:A. semistrong form efficiency holds.B. strong form efficiency must hold.C. semistrong form efficiency may hold.D. markets are not weak form efficient.E. None of the above.53. In order to create value from capital budgeting decisions, the firm is likely to:A. locate an unsatisfied demand for a particular product or service.B. create a barrier to make it more difficult for other firms to compete.C. produce products or services at a lower cost than the competition.D. A and C.E. A, B, and C.54. Valuable financing opportunities can be created by:A. fooling investors.B. reducing costs or increasing subsidies.C. the creation of a new security.D. A and B.E. A, B, and C.55. The following time period(s) is/are consistent with the bubble theory:A. the stock market crash of 1929.B. the stock market crash of 1972.C. the stock market crash of 1987.D. A and C.E. A, B, and C.56. In the five years after the offering, ___ underperform matched control groups.A. initial public offeringsB. seasoned equity offeringsC. bond offeringsD. A and BE. A, B, and C57. In the three years prior to a forced departure of management, stock prices, adjusted for market performance, on average will:A. decline about 20%.B. decline about 40%.C. decline about 60%.D. remain stable.E. increase about 20%.Essay Questions58. Define the three forms of market efficiency.59. Explain why it is that in an efficient market, investments have an expected NPV of zero.60. Do you think the lessons from capital market history will hold for each year in the future? That is, as an example, if you buy small stocks will your investment always outperformU.S. Treasury bonds?61. Suppose your cousin invests in the stock market and doubles her money in a single year while the market, on average, earned a return of only about 15%. Is your cousin's performance a violation of market efficiency?62. Why should a financial decision maker such as a corporate treasurer or CFO be concerned with market efficiency?Chapter 14 Efficient Capital Markets and Behavioral Challenges Answer KeyMultiple Choice Questions1. An efficient capital market is one in which:A. brokerage commissions are zero.B. taxes are irrelevant.C. securities always offer a positive rate of return to investors.D. security prices are guaranteed by the U.S. Securities and Exchange Commission to be fair.E. security prices reflect available information.Difficulty level: EasyTopic: EFFICIENT CAPITAL MARKETType: DEFINITIONS2. The notion that actual capital markets, such as the NYSE, are fairly priced is called the:A. Efficient Markets Hypothesis (EMH).B. Law of One Price.C. Open Markets Theorem.D. Laissez-Faire Axiom.E. Monopoly Pricing Theorem.Difficulty level: EasyTopic: EFFICIENT MARKETS HYPOTHESISType: DEFINITIONS3. The hypothesis that market prices reflect all available information of every kind is called _____ form efficiency.A. openB. strongC. semistrongD. weakE. stableDifficulty level: EasyTopic: STRONG FORM EFFICIENCYType: DEFINITIONS4. The hypothesis that market prices reflect all publicly available information is called _____ form efficiency.A. openB. strongC. semistrongD. weakE. stableDifficulty level: EasyTopic: SEMI STRONG FORM EFFICIENCYType: DEFINITIONS5. The hypothesis that market prices reflect all historical information is called _____ form efficiency.A. openB. strongC. semistrongD. weakE. stableDifficulty level: EasyTopic: WEAK FORM EFFICIENCYType: DEFINITIONS6. In an efficient market, the price of a security will:A. always rise immediately upon the release of new information with no further price adjustments related to that information.B. react to new information over a two-day period after which time no further price adjustments related to that information will occur.C. rise sharply when new information is first released and then decline to a new stable level by the following day.D. react immediately to new information with no further price adjustments related to that information.E. be slow to react for the first few hours after new information is released allowing time for that information to be reviewed and analyzed.Difficulty level: MediumTopic: MARKET EFFICIENCYType: CONCEPTS7. If the financial markets are efficient, then investors should expect their investments in those markets to:A. earn extraordinary returns on a routine basis.B. generally have positive net present values.C. generally have zero net present values.D. produce arbitrage opportunities on a routine basis.E. produce negative returns on a routine basis.Difficulty level: MediumTopic: MARKET EFFICIENCYType: CONCEPTS8. Which one of the following statements is correct concerning market efficiency?A. Real asset markets are more efficient than financial markets.B. If a market is efficient, arbitrage opportunities should be common.C. In an efficient market, some market participants will have an advantage over others.D. A firm will generally receive a fair price when it sells shares of stock.E. New information will gradually be reflected in a stock's price to avoid any sudden change in the price of the stock.Difficulty level: MediumTopic: MARKET EFFICIENCYType: CONCEPTS9. According to the efficient market hypothesis, financial markets fluctuate daily because they:A. are inefficient.B. slowly react to new information.C. are continually reacting to new information.D. offer tremendous arbitrage opportunities.E. only reflect historical information.Difficulty level: MediumTopic: MARKET EFFICIENCYType: CONCEPTS10. Insider trading does not offer any advantages if the financial markets are:A. weak form efficient.B. semiweak form efficient.C. semistrong form efficient.D. strong form efficient.E. inefficient.Difficulty level: EasyTopic: MARKET EFFICIENCYType: CONCEPTS11. According to theory, studying historical prices in order to identify mispriced stocks will not work in markets that are _____ efficient.I. weak formII. semistrong formIII. strong formA. I onlyB. II onlyC. I and II onlyD. II and III onlyE. I, II, and IIIDifficulty level: MediumTopic: MARKET EFFICIENCYType: CONCEPTS12. Which of the following tend to reinforce the argument that the financial markets are efficient?I. Information spreads rapidly in today's world.II. There is tremendous competition in the financial markets.III. Market prices continually fluctuate.IV. Market prices react suddenly to unexpected news announcements.A. I and III onlyB. II and IV onlyC. I, II, and III onlyD. II, III, and IV onlyE. I, II, III, and IVDifficulty level: MediumTopic: MARKET EFFICIENCYType: CONCEPTS13. If you excel in analyzing the future outlook of firms, you would prefer that the financial markets be ____ form efficient so that you can have an advantage in the marketplace.A. weakB. semiweakC. semistrongD. strongE. perfectDifficulty level: EasyTopic: MARKET EFFICIENCYType: CONCEPTS14. Your best friend works in the finance office of the Delta Corporation. You are aware that this friend trades Delta stock based on information he overhears in the office. You know that this information is not known to the general public. Your friend continually brags to you about the profits he earns trading Delta stock. Based on this information, you would tend to argue that the financial markets are at best _____ form efficient.A. weakB. semiweakC. semistrongD. strongE. perfectDifficulty level: MediumTopic: MARKET EFFICIENCYType: CONCEPTS15. The U.S. Securities and Exchange Commission periodically charges individuals for insider trading and claims those individuals have made unfair profits. Based on this fact, you would tend to argue that the financial markets are at best _____ form efficient.A. weakB. semiweakC. semistrongD. strongE. perfectDifficulty level: MediumTopic: MARKET EFFICIENCYType: CONCEPTS16. Individuals that continually monitor the financial markets seeking mispriced securities:A. tend to make substantial profits on a daily basis.B. tend to make the markets more efficient.C. are never able to find a security that is temporarily mispriced.D. are always quite successful using only well-known public information as their basis of evaluation.E. are always quite successful using only historical price information as their basis of evaluation.Difficulty level: MediumTopic: MARKET EFFICIENCYType: CONCEPTS。
罗斯《公司理财》(第11版)章节题库(第13章 风险、资本成本和估值)【圣才出品】
第13章风险、资本成本和估值一、概念题经营杠杆与财务杠杆答：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：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：普通股每股利润＝（净利润－优先股股利）/普通股股数。
即：EPS＝[（EBIT－I）×（1－T）－d]/N，其中：I、T、d和N不变，EBIT的较小变动会导致EPS较大的变动。
每股利润的变动主要取决于息税前利润的变动，由于减项利息、优先股股息都不变，所以息税前利润较小变动，就会引起每股收益很大的变动。
因此，只要在企业的筹资方式中有固定财务支出的债务和优先股，就会存在财务杠杆效应。
而财务杠杆由于存在固定的利息和优先股股息，使得每股利润的变动幅度超过息税前利润变动幅度的程度。
衡量这一程度的指标是财务杠杆系数，即普通股每股利润的变动率相当于息税前利润变动率的倍数。
其公式为：财务杠杆系数＝普通股每股利润变动率/息税前利润变动率。
二、计算题1．根据以下数据计算公司权益成本和加权平均成本。
无负债的公司资产的β：1.9负债和股票价值比：0.4国库券利率：4%市场风险溢价：9%债券到期收益率：6%公司所得税税率：25%答：（1）将无负债的β值转换为有负债的股东权益β值：β权益＝β资产[1＋（1－t C ）B/S]＝1.9×[1＋（1－25%）×0.4]＝2.47公司的权益成本为：R S ＝R F ＋β权益×（R M －R F ）＝4%＋2.47×9%＝26.23%（2）权益成本R S 为26.23%，因此加权平均成本为：()()10.4126.23%6%125%20%10.410.4WACC S B C S B R R R t S B S B ⎛⎫⎛⎫⎛⎫⎛⎫=⨯+⨯⨯-=⨯+⨯⨯-= ⎪ ⎪ ⎪ ⎪++++⎝⎭⎝⎭⎝⎭⎝⎭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%。
公司理财-罗斯课后习题答案.pdf
案:公司估计提高某种产品安全性的成本是 30 美元万。然而,该公司认为提高产品的安全
性只会节省 20 美元万。请问公司应该怎么做呢?”
5.财务管理的目标都是相同的,但实现目标的最好方式可能是不同的,因为不同的国家有不
同的社会、政治环境和经济制度。
有效使用资金以最大限度地实现组织的社会使命。
3.这句话是不正确的。管理者实施财务管理的目标就是最大化现有股票的每股价值，当前
的股票价值反映了短期和长期的风险、时间以及未来现金流量。
4.有两种结论。一种极端,在市场经济中所有的东西都被定价。因此所有目标都有一个最优
水平，包括避免不道德或非法的行为，股票价值最大化。另一种极端,我们可以认为这是
股东的最大化权益行事。现在的管理层经常在公司面临这些恶意收购的情况时迷失自己
的方向。
7.其他国家的代理问题并不严重,主要取决于其他国家的私人投资者占比重较小。较少的私
人投资者能减少不同的企业目标。高比重的机构所有权导致高学历的股东和管理层讨论
决策风险项目。此外,机构投资者比私人投资者可以根据自己的资源和经验更好地对管理
明公司财务有什么异样,但两种方法都没有说明差异是好的还是坏的。例如,假设公司的
流动比率增大，这可能意味着公司改善了过去流动性存在的问题,也可能意味着公司对资
产的管理效率下降。同类公司分析也可能出现问题。公司的流动比率低于同类公司可能
表明其资产管理更有效率,也可能公司面对流动性问题。两种分析方法都没有说明比率的
8.例如,如果一个公司的库存管理变得更有效率,一定数量的存货需要将会下降。如果该公司
可以提高应收帐款回收率，同样可以降低存货需求。一般来说,任何导致期末的 NWC 相
公司理财罗斯中文版14
第14章期权与公司理财◆本章复习与自测题14.1 看涨期权的价值Nantucket公司的股票目前以每股25美元的价格出售。
1年后，股票价格将要么是20美元，要么是30美元。
1年后到期的国库券支付10%的利息。
执行价格为20美元的看涨期权的价值是多少？执行价格为26美元的呢？14.2 可转换债券Old Cycle公司（OCC）是《古代钢铁》（Ancient Iron）杂志出版商，它发行的可转换债券目前在市场上的售价为950美元。
如果持有者选择转换，则每1张债券可以交换100股股票。
债券的利息为7%，逐年支付，债券将在10年后到期。
OCC的债务属于BBB级。
这个级别的债务的标价收益率为12%。
OCC的股票正以每股7美元的价格交易。
债券的转换比率是多少？转换价格呢？转换溢价呢？债券的底线价值是多少？它的期权价值是多少？◆本章复习与自测题解答14.1 执行价格为20美元时，期权不可能出现虚值（如果股票价格为20美元，它将实现实值）。
我们可以通过将20美元的现值投资于国库券并购买包含1股的看涨期权来复制股票的价值。
购买国库券将花费20美元/1.1 = 18.18美元。
如果股票最终的价格为20美元，看涨期权的价值将为0，而国库券将值20美元。
如果股票最终的价格为30美元，国库券仍然能偿付20美元，而期权的价值将为30美元-20美元= 10美元，所以组合的价值将为30美元。
因为这个国库券和看涨期权的组合实际上复制了股票的回报，所以它的价值必须是20美元，否则就有套利的可能。
利用本章中的符号，我们可以这样计算看涨期权的价值：S 0= C+ E/(1 + Rf)25美元= C+ 18.18美元C= 6.82美元当执行价格为26美元时，我们从按较低的股票价格的现值投资于国库券着手。
它保证我们在股票价格为20美元时能有20美元。
如果股票价格是30美元，那么期权的价值为30美元-26美元= 4美元。
我们从国库券中获得20美元，所以我们需要从期权中获得10美元以便与股票相配比。
罗斯公司理财第11版笔记和课后习题详解
罗斯《公司理财》（第11版）笔记和课后习题详解，益星学习网提供全套资料第一部分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中的构成（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》教材精讲(有效资本市场和行为学挑战)【圣才出品】
第14章有效资本市场和行为学挑战14.1 本章要点股票市场上的价格是否反映了公司股票的内在价值或真实价值？这是进行金融活动不可回避的基本问题，与此相关的理论即为有效市场理论。
资本市场是否有效，涉及到公司金融行为对企业价值的影响，因此是公司财务行为特别是融资行为分析的基础。
关于资本市场是否有效，有很多现实的例子。
以美国纳斯达克股票市场为例，纳斯达克股票市场在20世纪90年代后期几近疯狂，1996～1999年每年分别获利约23%、14%、35%和62%。
而2000年纳斯达克损失了将近40%的市值，接下来2001年又损失了另外30%的市值。
ISDEX，一个与互联网相关的股票指数，从1996年的100点上升到2000年2月份的1100点，获利大约1000%，然后到2000年5月，它就像自由落体一样掉到600点。
首次公开发行（IPO）市场能证明科技股泡沫。
在IP0市场中，超长的首次收益并不多。
但是，在1999～2000年，大额收益却比较常见。
例如，VA Linux的股票在首日交易中上涨了698%。
同期，总共有194支IP0股票在首日实现了超过100%的涨幅，然而，这在过去的24年中只有39家公司实现了这一点。
围绕20世纪90年代后期的股票市场是否真的存在泡沫的辩论产生了许多争议。
本章将讨论这些对立的想法，介绍双方的证据，然后分析其对财务经理的意义。
本章各部分要点如下：1．融资决策能否创造价值在投资市场上，寻找到净现值为正项目的可能性较大，但是在融资的资本市场上，这类机会却很少。
一般来说，企业在三种情况下，能够从融资中获益：（1）愚弄投资者；（2）降低成本或提高补贴；（3）创造一种新的证券。
2．有效资本市场的描述有效资本市场是指一个股票价格能够充分反映可用信息的资本市场。
有效市场对投资者和公司的重要性。
首先，因为信息立刻反映在价格里，投资者应该只能预期获得正常的收益率。
等到信息披露后才认识到信息的价值并不能给投资者带来任何好处。
罗斯《公司理财》(第11版)笔记和课后习题详解
罗斯《公司理财》（第11版）笔记和课后习题详解来源微♥公号精研学习网第1篇概论第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中的构成（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11版)笔记和课后习题详解-第12~15章【圣才出品】
第12章看待风险与收益的另一种观点：套利定价理论12.1 复习笔记美国金融经济学家罗斯于1976年首先提出套利定价理论（Arbitrage Pricing Theory，APT），APT建立在比资本资产定价模型更少且更合理的假设之上，而其导出的均衡模型与资本资产定价模型有很多相似之处。
当市场上收益与风险不匹配，使投资者能构造一个产生安全利润的零投资证券组合时，套利机会就出现了。
套利是指利用一个或多个市场上存在的各种价格差异，在不冒任何风险或冒很小风险的情况下赚取大于零的收益的行为，套利行为需要同时进行等量证券的买卖，以便从其价格关系的差异中获取利润。
套利作为一种广泛使用的投资策略，最具有代表性的是以较高的价格出售证券同时以较低价格购入相同的证券。
1．系统性风险与贝塔系数单只股票的风险可以分为系统性风险和非系统性风险。
非系统性风险可以通过投资组合的多元化投资来消除，但系统性风险却难以消除。
因此只有单只证券的系统性风险才是值得关注的。
同时系统性风险的最优度量标准是贝塔系数。
CAPM公式表明单只证券的期望收益率与贝塔系数是线性相关关系。
贝塔系数可以用于衡量单只股票收益对某一系统性风险的反应程度，也可以度量市场组合的收益对某一特定风险的反应程度。
贝塔系数的大小描述了系统性风险对单只证券或证券组合收益的影响有多大。
股票收益的定义式是：=+=++R R U R mε其中，R是下个月的实际总收益；R＿是实际总收益中期望收益部分；U表示实际总收益中的非期望收益部分；m 表示收益的系统性风险，有时又称作“市场风险”，在不同程度上m 影响着市场上所有资产的价格；ε表示收益的非系统性风险。
2．因素模型可以用一个或一些因素代表系统风险，应用β系数可以衡量股票收益对系统风险的反应程度。
因此可以推出另一种资产定价模型——因素模型。
该模型认为各种证券的收益率均受某个或某几个共同因素影响。
各种证券收益率之所以相关主要是因为它们都会对这些共同的因素起反应。
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第14章有效资本市场和行为挑战
一、概念题
半强式有效市场
答：半强式有效市场，指所有公开的可用信息假定都被反映在证券价格中，不仅包括证券价格序列信息，还包括公司财务报告信息、经济状况的通告资料和其他公开可用的有关公司价值的信息，也包括公布的宏观经济形势和政策方面的信息。
半强式有效的市场并不意味着所有的市场参与者都能马上接受并且理解所有公开有用的信息，事实上只有机构投资者和职业分析家才可能对新的信息做出迅速的反应。
二、简答题
1．某美国上市公司的大量销售收入来自美国政府的采购，该公司宣布将在1月15日每股发放0.40美元现金股利。
（1）假设今天是除息日，该公司股票昨天的收盘价为每股70.56美元，今天的开盘价为每股70.32美元。
假设市场是半强有效的，怎样解释这一现象？请简要说明。
（2）由于美国政府定购合同的减少，该公司需要进行的投资减少，导致公司有大量的现金盈余，这已是公开信息。
现公司决定发放10亿美元的额外现金股利。
在公司宣布这一消息后，公司股票的市场总值上升了3亿美元。
怎样在半强有效市场的框架下解释这一现象？
答：首先明确半强式有效市场的含义：在半强式有效市场的情况下，证券价格反映了所有公开有用的信息，其中包括与现在和过去证券价格有关的信息。
如果用这些信息来预测未来的证券价格，进行交易，投资者也不会得到超额收益，因为证券的现价已在这些信息的作
用下得到充分的反映，只有那些利用内幕信息者才能获得非正常的回报。
因此，只有加强对内幕信息的管束，杜绝内幕交易，才能符合“公开、公正、公平”原则的有效市场要求。
（1）公司除息日前一天的股价是70.56元，因为市场是半强式的，所以公司宣布发放每股0.40元现金股利的消息为公开消息，那么在除息日的股价开盘价应为：70.56－0.40＝70.16元；但由于在除息日股价会下调，所以人们会有一个错觉；认为股票变得价格低而值得买，因此有“炒除息”的说法。
一些投资者会在股票除息当日买入该股，然后等股价反弹再卖出套现获利。
这样除息当日该股票的需求增大，股价会因此而上升，即题中所说不是70.16元而是70.32元。
（2）由于在半强式有效市场中，证券价格反映了所有公开有用的消息，公司因为投资减少而出现大量现金盈余的消息也是公开的，所以投资者会认为公司会将多余的现金盈余或是用于投资到其他新项目中，或是用来分配给股东。
当公司决定发放10亿美元的额外现金股利，会向投资者传递以下信息：①公司发放额外现金股利，说明公司经营状况良好，现金流量充足，盈利能力较强；②公司有大量的现金可供支付股利说明公司的保留的现金流量足以偿付短期或长期债务，偿债能力有保障；③由于政府定购合同的减少，公司需要进行的投资减少，如果短期内公司找不到更好的投资项目，公司就可能在未来还会发放更多的现金股利，增加股东的收益；第四，公司发放现金股利同时也向投资者表示，公司对目前的经营状况充满信心，对未来的发展十分看好，甚至已经有了很好的投资计划，完全有能力在未来获得更多的投资收益，并且由于内部消息的不公开化，也会使投资者认为公司可能有更好的投资机会而未公布的可能性。
所以，投资者对公司未来良好的预期，会使公司的股票市值上升。
2．简述有效市场理论对企业融资的决策意义。
答：（1）资本市场是指证券买卖的市场，有效市场理论是指在证券市场上，一切消息
都是公开的，每个投资者都能无条件的获得这些消息，并且市场消息一旦公开，就会立即反映在市场价格上，即要有公开性和适时性原则。
一般来说，公开性原则在证券市场上基本能满足，但是适时性原则一般会差一点。
（2）有效市场理论要求理财和融资时重视市场对于企业的估价。
资本市场是企业的一面镜子，又是企业行为的校正器。
股价可以综合反映企业的业绩，弄虚作假、人为的改变会计方法对于提高企业的价值没有丝毫的用处。
市场对于公司的评价降低的时候，管理者应该分析公司的行为是否出了问题并且加以改进，而不应该设法欺骗市场。
（3）有效市场理论要求在理财和融资的时候慎用金融工具，如果市场是有效的，购买或者出售金融工具交易的净现值就为零。
公司作为资本市场上融资的一方，不要妄图通过融资取得正的净现值，而应当依靠生产经营提高股东财富。
公司的生产经营性带来的竞争，是在少数公司之间展开的，竞争不充分。
一个公司因为拥有专利权、较好的专利技术、较好的商誉和较大的市场份额等相对优势，可以在某些直接投资中取得正的净现值。
（4）资本市场和商品市场不同，其竞争程度高、交易规模大、交易费用低、资产具有同质性，使其有效性比商品市场高得多，所有要融资的公司都在寻找资本成本低的资金来源。
机会均等的竞争，使财务交易基本上是公平的，在资本市场上，仅仅能获得和投资风险相当的报酬，也就是与资本成本相同的报酬，不会增加股东财富。
（5）综上所述，有效市场理论对于企业融资的决策意义在于：企业在融资的时候应该慎用金融工具，在资本市场上获得超额的报酬，靠的是能力而不是运气，有些经理人高估自己，以为可以获得被市场低估的金融资产，结果付出了惨痛的代价。
三、论述题
结合我国资本市场实际，谈谈你对资本市场有效性假说的理解。
答：有效市场理论由美国芝加哥大学财务教授尤金·法玛在20世纪60年代提出，又称有效市场假说。
该假说认为，在一个有效的资本市场中，证券的价格应该立即对相关信息做出反映，即有利的信息会立即导致证券价格上升，而不利的信息则会使其价格立即下降。
因此，任何时刻的证券价格都已经充分地反映了当时所能得到的一切相关信息。
在有效市场上，证券价格在任何时候都是证券内在价值的最佳评估。
（1）资本市场有效性假说的内容
有效市场理论的主要内容有三点：①证券价格迅速反映了未预期的信息。
在一个竞争性的证券市场上，当某一证券的供应与需求处于平衡状态时，该证券的价格将达到均衡点；证券价格的变动是由证券的供求关系决定的，而证券供求关系的调整又是由于市场新的信息引起的。
②随机游走假设。
即不同时期证券价格的变动是相互独立的，每次价格的上升或者下降与前一次的价格变化没有关系。
证券价格是市场对各种信息做出反映的结果，由于政治、经济等各方面信息随意进入市场，因而证券价格是随机变动的。
③投资者无法获得超额利润。
超额利润是指在承担一定风险的条件下比预期收益更多的盈利。
有效的证券市场对信息有很快的反映速度，投资者在得到某一信息时，该信息的作用已经反映在证券价格上了，所以不存在投资者利用信息在市场上获得超额利润的机会。
（2）资本市场有效性的假说前提
有效市场成立的充分条件：①在证券交易中，不存在交易成本、政府税收和交易的其他障碍；②市场信息的交流是高效率的。
证券交易各方都可以无需代价取得所有对投资者有用的信息；③证券价格不受个别人和个别机构交易的影响，即市场参与者是价格的接受者；④所有的投资者都是理性地追求个人效用最大化的市场参与者。
上述条件严格成立时，市场一定是有效的。
（3）有效资本市场的分类
根据可获得的有关信息的分类不同，可将市场效率划分为弱式有效、半强式有效和强式有效三种类型：
①弱式有效市场，指证券价格被假设完全反映包括它本身在内的过去历史的证券价格资料。
其主要特点在于证券的现行价格充分反映了历史上一系列交易价格和交易量中所隐含的信息，证券价格的变动表现为随机游走过程，从而投资者不可能通过分析以往价格获得超额利润。
也就是说，使用当前及历史价格对未来作出预测是徒劳的。
要想获得超额利润，必须寻求历史价格信息以外的信息。
②半强式有效市场，指有公开的可用信息假定都被反映在证券价格中，不仅包括证券价格序列信息，还包括公司财务报告信息、经济状况的通告资料和其他公开可用的有关公司价值的信息，公布的宏观经济形势和政策方面的信息。
半强式有效的市场并不意味着所有的市场参与者都能马上接受并且理解所有公开有用的信息，事实上只有机构投资者和职业分析家才可能对新的信息做出迅速的反映。
③强式有效市场，指所有相关信息（包括内部信息和公开信息）都在证券价格中反映出来，即证券价格除了包含历史价格信息和所有公开信息外，还包含了所谓的内幕信息。
在强式有效市场上，每一位交易者都掌握了有关证券产品的所有信息，而且每一位交易者所占有的信息都是一样的，每一位交易者对该证券产品的价值判断都是一致的，并且都能将自己的投资方案不折不扣地付诸实施。
对于强式有效证券市场来说，不存在因证券发行者和投资者的非理性所产生的供求失衡而导致的证券产品价格波动，证券的价格反映了所有即时信息，投资者即使掌握内幕信息也无法获得额外盈利，任何专业投资者的边际市场价值为零。
（4）有效资本市场的实证结果
根据国内外的实证研究，一些发达国家的资本市场是半强式有效或者弱式有效的，我国的实证研究则发现我国的资本市场是弱式无效的。
资本市场是否遵循有效资本市场假说与资
本市场本身的建设有很大关系。
有效资本市场假说存在一系列的假设条件，这些假设条件在发达的资本市场上可能近似成立，所以资本市场的有效性也较强。
对于我国资本市场来说，很多制度性的建设还不完善，很多方面根本无法满足有效资本市场假说的假设条件，整体资本市场也就表现出弱式无效了。