公司理财第七章
公司理财精要第七章题库
公司理财精要第七章题库公司理财精要第七章题库Chapter 07 - Equity Markets and Stock ValuationChapter 07Equity Markets and Stock ValuationMultiple Choice Questions1. What is the name given to the model that computes the present value of a stock by dividing next year's annual dividend amount by the difference between the discount rate and the rate of change in the annual dividend amount?A. Stock pricing modelB. Equity pricing modelC. Capital gain modelD. Dividend growth modelE. Present value model2. The dividend yield is defined as:A. the current annual cash dividend divided by the current market price per share.B. the current annual cash dividend divided by the current book value per share.C. next year's expected cash dividend divided by the current market price per share.D. next year's expected cash dividend divided by the current book value per share.E. next year's expected cash dividend divided by next year's expected market price per share.3. The capital gains yield equals which one of the following?A. Total yieldB. Current discount rateC. Market rate of returnD. Dividend yieldE. Dividend growth rate4. Which one of the following types of securities has no priority ina bankruptcy proceeding? A. Convertible bondB. Senior debtC. Common stockD. Preferred stockE. Straight bond7-1Chapter 07 - Equity Markets and Stock Valuation5. Mary owns 100 shares of stock. Each share entitles her to onevote per open seat on the board of directors. Assume there are 3 open seats in the current election and Mary casts all 300 of her votes for a single candidate. What is the term used to describe this type of voting?A. ProxyB. AggregateC. CumulativeD. StraightE. Condensed6. There are two open seats on the board of directors. If two separate votes occur to elect the new directors, the firm is using a type of voting that is best described as _____ voting. A. simultaneousB. straightC. proxyD. cumulativeE. sequential7. Kate could not attend the last shareholders meeting and thus she granted the authority to vote on her behalf to the managers of the firm. Which one of the following terms is used to describe the method by which Kate's shares were voted?A. StraightB. CumulativeC. Consent-formD. ProxyE. In absentia8. Dividends are best defined as:A. cash payments to shareholders.B. cash payments to either bondholders or shareholders.C. cash or stock payments to shareholders.D. cash or stock payments to either bondholders or shareholders.E. distributions of stock to current shareholders.7-2Chapter 07 - Equity Markets and Stock Valuation9. Which one of the following generally pays a fixed dividend, receives first priority individend payment, and maintains the right to a dividend payment, even if that payment isdeferred?A. Cumulative commonB. Noncumulative commonC. Noncumulative preferredD. Cumulative preferredE. Senior common10. Newly issued securities are sold to investors in which oneof the following markets?A. ProxyB. Stated valueC. InsideD. SecondaryE. Primary11. What is the market called that allows shareholders to resell their shares to other investors?A. PrimaryB. ProxyC. SecondaryD. InsideE. Initial12. An agent who buys and sells securities from inventory is called a: A. floor trader.B. dealer.C. commission broker.D. broker.E. floor broker.7-3Chapter 07 - Equity Markets and Stock Valuation13. A broker is an agent who:A. trades on the floor of an exchange for himself or herself.B. buys and sells from inventory.C. offers new securities for sale to dealers only.D. who is ready to buy or sell at any time.E. brings buyers and sellers together.14. Any person who owns a license to trade on the NYSE is called a:A. dealer.C. specialist.D. member.E. proxy.15. A person who executes customer orders to buy and sell securities on the floor of the NYSEis called a:A. floor trader.B. specialist.C. runner.D. commission broker.E. market maker.16. A specialist is a(n):A. employee who executes orders to buy and sell for clients of hisor her brokerage firm.B. individual who trades on the floor of an exchange for his or her personal account.C. NYSE member who functions as a dealer for a limited number of securities.D. broker who buys and sells securities from a market maker.E. trader who only deals with primary offerings.7-4Chapter 07 - Equity Markets and Stock Valuation17. An individual who executes buy and sell orders on the floor ofan exchange for a fee iscalled a:A. floor broker.B. specialist.D. proxy.E. flow specialist.18. The electronic system that transmits buy and sell ordersdirectly to a specialist on the floorof the NYSE is called:A. NASDAQ.B. SuperDOT.C. TICKER.D. ECN.E. ORDFLOW.19. The owner of a trading license who trades on the floor of the NYSE for his or her personalaccount is called a(n):A. specialist.B. independent broker.C. floor trader.D. stand-alone agent.E. dealer.20. The stream of customer instructions to buy and sell securities is called the:A. order flow.B. market maker.C. execution stream.D. operations flow.E. buyer's stream.7-5Chapter 07 - Equity Markets and Stock Valuation21. The specific location on the floor of an exchange where a particular security is traded iscalled a:A. box office.B. figure 6.C. specialist's post.D. trading booth.E. seat.22. Inside quotes are defined as the:A. bid and asked prices presented by NYSE specialists.B. last bid and asked price offered prior to the market close.C. lowest asked and highest bid offers.D. daily opening bid and asked quotes.E. last traded bid and asked prices.23. Which one of the following is a web site that enables Lester to sell his shares of ABC stockdirectly to Marti?A. SuperDOTB. POSTC. ECND. SEATE. eNET24. Which one of the following will increase the current value of a stock?A. Decrease in the dividend growth rateB. Increase in the required returnC. Increase in the market rate of returnD. Decrease in the expected dividend for next yearE. Increase inthe capital gains yield7-6Chapter 07 - Equity Markets and Stock Valuation25. The price of a stock at year 4 can be expressed as:A. D / (R + G). 045B. D ， (1 + R). 05C. D ， (1 + R). 1D. D/(R-g). 4E. D/(R-g). 526. Delfino's expects to pay an annual dividend of $1.50 per share next year. What is the anticipated dividend for year 5 if the firm increases its dividend by 2 percent annually? 1A. $1.50 ，(1.02) 2B. $1.50 ， (1.02) 3C. $1.50 ， (1.02) 4D. $1.50 ， (1.02) 5E. $1.50 ，(1.02)27. The required return on a stock is equal to which one of the following if the dividend on the stock decreases by 1 percent per year?A. (P/D)-g 01B. (D/P)/g 10C. Dividend yield + capital gains yieldD. Dividend yield - capital gains yieldE. Dividend yield ， capital gains yield28. Donuts Delite just paid an annual dividend of $1.10 a share. The firm expects to increase this dividend by 8 percent per year the following 3 years and then decrease the dividend growth to 2 percent annually thereafter. Which one of the following is the correct computation of the dividend for year 7?A. ($1.10) (1.08 ， 3) (1.02 ， 4)B. ($1.10) (1.08 ， 3) (1.02 ， 3) 34C. ($1.10) (1.08) (1.02) 33D. ($1.10) (1.08) (1.02) 32E. ($1.10) (1.08) (1.02)7-7Chapter 07 - Equity Markets and Stock Valuation29. Aardvark, Inc. pays a constant annual dividend. At the end of trading on Wednesday, the price of its stock was $28. At the end of trading on the following day, the stock price was $27. As a result of the decline in the stock's price, the dividend yield _____ while the capital gains yield _____.A. remained constant; remained constantB. increased; remained constantC. increased; increasedD. decreased; remained constantE. decreased; decreased30. Which one of the following must equal zero if a firm paysa constant annual dividend? A. Dividend yieldB. Capital gains yieldC. Total returnD. Market value per shareE. Book value per share31. The dividend growth model can be used to value the stock of firms which pay which type of dividends?I. constant annual dividendII. annual dividend with a constant increasing rate of growth III. annual dividend with a constant decreasing rate of growth IV. zero dividendA. I onlyB. II onlyC. II and III onlyD. I, II, and III onlyE. I, II, III, and IV7-8Chapter 07 - Equity Markets and Stock Valuation32. Kate owns a stock with a market price of $31 per share. This stock pays a constant annual dividend of $0.60 per share. If the price of the stock suddenly increases to $36 a share, you would expect the:I. dividend yield to increase.II. dividend yield to decrease.III. capital gains yield to increase.IV. capital gains yield to decrease.A. I onlyB. II onlyC. III onlyD. I and III onlyE. II and IV only33. Computing the present value of a growing perpetuity is most similar to computing the current value of which one of the following?A. Non-dividend-paying stockB. Stock with a constant dividendC. Stock with irregular dividendsD. Stock with a constant growth dividendE. Stock with growing dividends for a limited period of time34. Jensen Shipping has four open seats on its board of directors. How many shares will a shareholder need to control to ensure that his or her candidate is elected to the board given the fact that the firm uses straight voting? Assume one share equals one vote. A. 20 percent of the shares plus one voteB. 25 percent of the shares plus one voteC. 1/3 of the shares plus one voteD. 50 percent of the shares plus one voteE. 51 percent of the shares plus one vote7-9Chapter 07 - Equity Markets and Stock Valuation35. Gleason, Inc. elects its board of directors on a staggered basis using cumulative voting. This implies that:A. if there are two open seats, then the candidate with the highest number of votes and the candidate with the lowest number of votes willbe selected.B. the candidates for the open seats are voted for in individual elections.C. all open positions are filled with one round of voting, assuming there are no tie votes.D. shareholders can accumulate their votes over multiple years and cast all those votes in one election.E. the firm's entire board of directors is elected annually in one combined election.36. Which one of the following statements is correct?A. From a legal perspective, preferred stock is a form of corporate equity.B. All classes of stock must have equal voting rights per share.C. Common shareholders elect the corporate directors while the preferred shareholders vote on mergers and acquisitions.D. Dividends are tax-free income for individual investors.E. Shareholders prefer noncumulative dividends over cumulative dividends.37. Which one of the following statements is correct?A. Both preferred stock and corporate bonds can be callable.B. Both preferred stock and corporate bonds have a statedliquidation value of $1,000 each. C. Interest payments to bondholders as well as dividend payments to preferredshareholders are tax deductible expenses for the issuing firm.D. Bondholders generally receive a fixed payment while preferred shareholders receive a variable payment.E. Preferred shareholders receive preferential treatment over bondholders in a liquidation.38. If shareholders are granted a preemptive right they will:A. be given the choice of receiving dividends either in cash or in additional shares of stock.B. be paid dividends prior to the preferred shareholders during the preemptive period.C. be entitled to two votes per share of stock.D. be able to choose the timing and amount of any future dividends.E. have priority in the purchase of any newly issued shares.7-10Chapter 07 - Equity Markets and Stock Valuation39. On which one of the following dates do dividends become aliability of the issuer foraccounting purposes?A. First day of the fiscal year in which the dividend is expected to be paidB. Twelve months prior to the expected dividend payment dateC. On the declaration dateD. On the date of recordE. On the date of payment40. Dividends are which one of the following?A. Payable at the discretion of a firm's presidentB. Treated as a tax-deductible expense to the paying firmC. Paidout of aftertax profitsD. Paid to holders of record as of the declaration dateE. Only partially taxable to high-income individual shareholders41. You have agreed to pay a five percent commission to your best friend if he can locate abuyer for your car. This arrangement is most similar to the compensation arrangement forwhich one of these individuals who is involved with the stock market?A. SpecialistB. Floor traderC. Market makerD. Commission brokerE. Dealer42. To be a member of the NYSE, you must:A. be a primary dealer.B. buy a seat.C. own a trading license.D. be registered as a floor trader.E. be a specialist.7-11Chapter 07 - Equity Markets and Stock Valuation43. Which one of the following players on the floor of the NYSE is obligated to maintain a fair,orderly market for a limited number of securities? A. SpecialistB. Floor traderC. $2 brokerD. Commission brokerE. Floor broker44. The NYSE:A. presently conducts all of its trading through SuperDOT.B. is a dealer market.C. is in the business of attracting order flow.D. is solely a primary market.E. is based on a multiple market maker system.45. Which one of the following parties on the NYSE floor post bid and asked prices?A. Floor tradersB. SpecialistsC. Floor brokersD. Commission brokersE. Fee brokers46. Many of the smaller sell orders sent to the floor of the NYSE are:A. handled by the floor traders.B. purchased by the commission brokers.C. electronically transmitted to the specialists.D. executed on an ECN.E. executed in the primary market.7-12Chapter 07 - Equity Markets and Stock Valuation47. If a trade is made "in the crowd", the trade has occurred:A. between a broker and a specialist.B. between two brokers.C. electronically on NASDAQ.D. on SuperDOT.E. on an ECN.48. The more actively traded large companies that are listed on NASDAQ are traded in whichone of the NASDAQ markets?A. NationalB. CapitalC. RegionalD. Global SelectE. Global49. Which one of the following features applies to NASDAQ but not the NYSE?A. Trading in the crowdB. Multiple market maker systemC. SuperDotD. Broker marketE. Physical trading floor50. Companies can list their stock on which one of the following without having to meet listingrequirements or filing financial statements with the SEC? A. NASDAQ Capital MarketB. Over-the-Counter Bulletin BoardC. Pink sheetsD. NASDAQ Global MarketE. NYSE7-13Chapter 07 - Equity Markets and Stock Valuation51. Keller Metals common stock is selling for $36 a share and has a dividend yield of 3.2 percent. What is the dividend amount?A. $0.32B. $1.15C. $3.49D. $11.25E. $11.5252. The Glass Ceiling paid an annual dividend of $2.20 per sharelast year. Management just announced that future dividends will increase by 2.8 percent annually. What is the amount of the expected dividend in year 5?A. $2.39B. $2.41C. $2.46D. $2.53E. $2.5853. The Pancake House pays a constant annual dividend of $1.25 per share. How much are you willing to pay for one share if you require a 15 percent rate of return? A. $7.86B. $8.33C. $10.87D. $11.04E. $11.3854. Shoreline Foods pays a constant annual dividend of $1.60a share and currently sells for $28.50 a share. What is the rate of return?A. 4.56 percentB. 5.39 percentC. 5.61 percentD. 6.63 percentE. 6.91 percent7-14Chapter 07 - Equity Markets and Stock Valuation55. The common stock of Green Garden Flowers is selling for$24 a share. The company pays a constant annual dividend and has a totalreturn of 3.8 percent. What is the amount of the dividend?A. $0.38B. $0.76C. $0.91。
公司理财精要Chap007
One Period Example
• • • • • D1 = $2 dividend expected in one year R = 20% P1 = $14 CF1 = $2 + $14 = $16 Compute the PV of the expected cash flows
( 2 14) P0 $13.33 1.20
– The company pays dividends – You sell your shares, either to another investor in the market or back to the company
• As with bonds, the price of the stock is the present value of these expected cash flows
150 100 50 0 0 0.05 0.1 Growth Rate
7-19
0.15
0.2
Stock Price Sensitivity to Required Return, R
250 200
D1 = $2; g = 5%
Stock Price
150 100 50 0 0 0.05 0.1 0.15 Growth Rate
7-11
Estimating Dividends
Special Cases
• Constant dividend/Zero Growth
– Firm will pay a constant dividend forever – Like preferred stock – Price is computed using the perpetuity formula
罗斯《公司理财》笔记整理
罗斯《公司理财》笔记整理第一章导论1. 公司目标：为所有者创造价值，公司价值在于其产生现金流能力。
2. 财务管理的目标：最大化现有股票的每股现值。
3. 公司理财可以看做对一下几个问题进行研究：1. 资本预算：公司应该投资什么样的长期资产。
2. 资本结构：公司如何筹集所需要的资金。
3. 净运营资本管理：如何管理短期经营活动产生的现金流。
4. 公司制度的优点：有限责任，易于转让所有权，永续经营。
缺点：公司税对股东的双重课税。
第二章会计报表与现金流量资产= 负债+ 所有者权益（非现金项目有折旧、递延税款）EBIT（经营性净利润）= 净销售额- 产品成本- 折旧EBITDA = EBIT + 折旧及摊销现金流量总额CF(A) = 经营性现金流量- 资本性支出- 净运营资本增加额= CF(B) + CF(S) 经营性现金流量OCF = 息税前利润+ 折旧- 税资本性输出= 固定资产增加额+ 折旧净运营资本= 流动资产- 流动负债第三章财务报表分析与财务模型1. 短期偿债能力指标（流动性指标）流动比率= 流动资产/流动负债（一般情况大于一）速动比率= (流动资产- 存货)/流动负债（酸性实验比率）现金比率= 现金/流动负债流动性比率是短期债权人关心的，越高越好；但对公司而言，高流动性比率意味着流动性好，或者现金等短期资产运用效率低下。
对于一家拥有强大借款能力的公司，看似较低的流动性比率可能并非坏的信号2. 长期偿债能力指标（财务杠杆指标）负债比率= (总资产- 总权益)/总资产or (长期负债+ 流动负债)/总资产权益乘数= 总资产/总权益= 1 + 负债权益比利息倍数= EBIT/利息现金对利息的保障倍数(Cash coverage radio) = EBITDA/利息3. 资产管理或资金周转指标存货周转率= 产品销售成本/存货存货周转天数= 365天/存货周转率应收账款周转率= （赊）销售额/应收账款总资产周转率= 销售额/总资产= 1/资本密集度4. 盈利性指标销售利润率= 净利润/销售额资产收益率ROA = 净利润/总资产权益收益率ROE = 净利润/总权益5. 市场价值度量指标市盈率= 每股价格/每股收益EPS 其中EPS = 净利润/发行股票数市值面值比= 每股市场价值/每股账面价值企业价值EV = 公司市值+ 有息负债市值- 现金EV乘数= EV/EBITDA6. 杜邦恒等式ROE = 销售利润率（经营效率）x总资产周转率（资产运用效率）x权益乘数（财杠）ROA = 销售利润率x总资产周转率7. 销售百分比法假设项目随销售额变动而成比例变动，目的在于提出一个生成预测财务报表的快速实用方法。
公司理财习题7-8
第七章练习题及解答一、单项选择题1．在企业有盈利情况下，下列有关外部融资需求表述正确的是（）。
A.销售增加必然引起外部融资需求的增加B.销售净利率提高会引起外部融资需求的增加C．股利支付率提高会引起外部融资需求的增加D．资产周转率提高必然引起外部融资需求的增加2.从发行公司的角度看，股票包销的优点有（）。
A．可获得部分溢价收入 B．降低发行费用C．可获一定租金 D．不承担发行风险3.从公司理财的角度看，与长期借款筹资相比较，普通股筹资的优点是（）。
A．筹资速度快 B、筹资风险小 C．筹资成本小 D．筹资弹性大4.从筹资的角度，下列筹资方式中资本成本最高的是（）。
A．债券 B．长期借款 C．融资租赁 D．普通股5.以下哪一种说法是不正确的（）。
A.权益资本是一种永久性资金，负债资本是一种有限期资金B．权益资本是企业财务实力的象征C．负债比率越高，财务风险越大D．债权人要求的报酬率比股东要求的报酬率高些6．如果一个企业的负债比率很高，则下列哪种说法正确（）。
A．企业的经济效益差 B．企业的经营风险大C．企业的财务风险大 D．企业的融资渠道少7.当市场利率高于债券票面利率时，该债券将（）发行。
A.溢价B.折价C.平价D.无法确定单项选择题参考答案：1. C 2．D 3. B 4．D 5.D 6．C 7. B二、多项选择题1．企业所需要的外部融资量取决于（）。
A．销售的增长 B．股利支付率C．销售净利率 D．可供动用金融资产2.负债融资与股票融资相比，其缺点是（）。
A．资本成本较高 B．具有使用上的时间性C．形成企业固定负担 D．财务风险较大3．企业筹资必须遵循哪些原则（）。
A．效益性原则 B．及时性原则C．合理性原则 D．优化资金结构原则4．吸收直接投资中的出资方式，主要有（）。
A．以现金出资 B．以实物出资C．以工业产权出资 D．以土地使用权出资5．企业筹资的目的主要有（）。
A.创建企业B.企业扩张C.偿还债务D. 调整资本结构6.以下属于筹资方式的是（）。
公司理财课程课程讲解第7章
示例1
• 设某公司全部资产均由股东权益形成，发行在外普 通股200000股，2001年底公司总2003年)，两年 后将清算关闭。公司的权益报酬率为20%。 2002 年底，公司计划投资600000元，该项投资2003年 当年即可收回全部投资并产生20%的投资回报。
利润分配与公司价值
影响公司利润分配政策的一个核心问题是：在其 他因素不变的前提下，利润分配是否会影响公司 的价值？
DIV1 E1 (1 b) P k g k ROE b
现金股利的核心问题
• 从市场形象上看，保持适度的现金股利分 配额有利于保持股东对企业的满意程度和 企业的市场形象，但现金股利分配额过高， 也会使投资者对企业的长远发展前景产生 怀疑。因此，如何确定可分配利润中用于 现金股利分配和企业留存收益间的比例， 是股份公司利润分配决策的核心所在。
MM关于股利政策与公司价值无关的证明
• 设公司的资金来源全部为权益资本，NOIt 为t期公司净收益，DIVt为t期现金股利发放 额，It为公司t期投资额，Nt为公司t期发行在 外的股票数量，St为t期公司股东权益总值， Pt为t期公司股票价格，R为贴现率，有：
DIVt 1 N t P 1 t St 1 R 即t期公司股票的价值等于其t+1期的股利分
2003年税后净利润（元） 减：分配给新股东的现金 (a) 初始投资（元）
600 000
920 000 0
300 000
920 000 -300 000 -60 000 5 160 000 25.80
(b) 税后利润（初始投资的20%，元） 0 2003年底老股东可得到的现金（元） 5 520 000 27.60
公司理财课件 第七章
Corporate Finance
NPV法则的优点
调整了现金流的时间性 考虑了现金流的风险 项目价值具有可加性
《公司理财》第七章
Corporate Finance
调整了现金流的时间性
两个互相排斥的投资项目A和B，初始投资都为
100万元，资本成本也相同，都为10%，当现金
维修现有资产或减少成本——确定 性决策
现有业务的扩张——具有一定风险 投资于新产品或新行业——风险大
《公司理财》第七章
Corporate Finance
投资项目的分类
（3）按现金流类型分类
常规型： (-, +, … , + ) 现金流符号只变化一次
非常规型: (-, +, …, +, -) 现金流符号变化两次或以上
的推广与应用 第三节 资本配置与公司战略
《公司理财》第七章
Corporate Finance
投资决策的过程
明确目标——问题 确定备选方案 评价 选择方案 实施
《公司理财》第七章
Corporate Finance
第一节 常见投资决策评价方法
一、净现值原则 二、其他投资评价方法
《公司理财》第七章
《公司理财》第七章
Corporate Finance
二、其他投资评价方法
《公司理财》第七章
Corporate Finance
非贴现指标
1、投资回收期 Payback Period, PP： 收回投资所需的时间 优点 简单 风险小
《公司理财》第七章
Corporate Finance
计算
《公司理财》第七章
Corporate Finance
公司理财第七章
第三节 股票投资
一、股票投资的目的
1.以获取投资收益为目的 2. 以战略控制为目的
案例分析：“买壳”与“借壳”
二、股票投资的优缺点
优点
投资收益高 购买力风险较低 拥有一定的经营管理 权
缺点
本金安全性低 股价不稳定，受众 多因素影响
收益不稳定
三、股票投资的策略
（一）基本分析
宏观经济分析
宏观分析：经济增长速度和结构、投资和消费、经 济周期、物价、利率和汇率、货币政策和财政政策等
其中，b的表达式即为β 系数的计算公式。
第七章 证券投资管理
1 第一节 证券投资概述 2 第二节 债券投资 3 第三节 股票投资 4 第四节 证券投资组合
前言
企业投资于股票、债券等金融资产，其主要目的在于 能有效利用闲置资金以获得投资收益。
为了保证理财目标的实现，企业应科学地进行证券投 资管理，在风险与收益间进行有效权衡，作出正确的投资 决策。
（一）知识目标
•了解证券投资的风险与收益； •熟悉债券投资和股票投资的决策类型； •了解证券投资组合策略。
（二）技能目标
•能够计算不同证券的到期收益率； •能够衡量证券投资组合的风险。
第一节 证券投资概述
一、证券投资的类型
（一）按证券发 行的主体划分 1 政府证券
2 政府机构证券
（三）按证券所代 表的权利性质划分 1 股票投资
1000（P / F，R，5）100（P / A，R，5）950 0
当R=10%时，10000.6209 1003.7908 950 49.98
当R=12%时， 10000.56741003.6048950 22.12
用插补法进行计算：
R 49.9489（.98202.12）（12% 10%）10% 11.39%
公司理财-chapter-7课件
• More examples of mutually exclusive projects
• Capital rationing
• A last look
公司理财-chapter-7
3
• Net present value (NPV): present value of cash flows minus investment
1. The rate of return or internal rate of return (IRR) is the discount rate at which NPV equals
zero
2. The rate or return rule will give the same answer as the NPV rule as long as the NPV of a project declines smoothly as the discount rate increase
公司理财-chapter-7
16
Payback period: 投资回收期 Internal rate of return (IRR): 内含报酬率
公司理财-chapter-7
17
Content
• Net present value
• Other investment criteria
• More examples of mutually exclusive projects
exceeds the opportunity cost of capital
IRR = 12.96%
公司理财-chapter-7
13
• Some pitfalls with the internal rate of return rule
罗斯—公司理财第七版中文PPT—第七章
折旧按成本加速回收制度( Accelerated Cost Recovery System，ACRS，具体折旧比例如 右边所示） 本例中基础成本为$100,000 第4年的折旧费用= $100,000×(.1152) = $11,520.
• 通货膨胀是经济生活中的一个重要事实，而且在资本预 算中必须考虑。 • 考虑利率和通货膨胀之间的关系，即所谓的费雪关系 (Fisher relationship)： (1 + 名义利率) = (1 + 实际利率) × (1 + 通货膨胀率) • 如果通货膨胀率不高，此式经常写为近似式： 实际利率 ≅ 名义利率 – 通货膨胀率 • 虽然在美国的名义利率一直在随通货膨胀波动，但与名 义利率相比，实际利率的方差大多数时间里要小得多。 • 在资本预算中考虑通货膨胀的时候，所比较的对象必须 是用实际利率贴现的实际现金流量或用名义利率贴现的 名义现金流量。
$39.80 $54.19 $66.86 $59.87 $224.66 NPV = −$260 + + + + + 2 3 4 (1.10) (1.10) (1.10) (1.10) (1.10)5 NPV = $51,588.05
Dr. Xiao Ming USTB
17
7.3 通货膨胀和资本预算
13
鲍德温公司现金流量计算表(续)
(单位：千元) (所有现金流量均发生在年末)
第0年 利润： (8)销售收入 (9)经营成本
第1年
第2年 第Leabharlann 年第4年第5年 129.90 87.84
公司理财(第5版)第7章 资本预算与公司投资决策
– “独立”是指是否选择该项目不取决于其他项目。若进行一项投 资就不能进行另一项投资,或者正相反,那么这两项投资就是互斥的 。
– “常规”是指一个项目有初始现金流出量后,在未来各期都有现金 流入量,即投资后预期未来各年的现金流量都为正值。
• 在遇到非常规项目时,使用内部收益率法就很难做出决策 了。
• 显然,净现值越大的项目,为公司创造的价值越大;净现值为 负的项目,不仅不能创造价值,反而会消耗公司的财富;净现 值为零的项目,既没有为公司创造财富,也没有消耗公司财 富。
• 净现值法的运用程序可分为以下步骤:
– (1)估算出投资方案的预期现金流量;
– (2)估计项目的风险,确定资本成本;
– (3)计算出项目的净现值,净现值大于零则可接受该方案,净现值小 于零则拒绝该方案。
–
3+(100/200)=3.5(年)
• 该生产线的回收期大于3年,因此应该放弃。
[例7—2]
• 东兴公司现有两个备选方案。方案一:投资购建一条新的生产线;方案 二:投资改造现有的生产线。假设两个方案的初始投资都是1 000万元, 两个方案投产后预计产生的现金流量如表7-2所示。如果东兴公司希 望在3年内收回初始投资,那么应该选择哪一个方案?
五、会计收益率法
• 会计收益率(accounting rate of return,ARR)是指投资项目 年平均净收益与该项目年平均投资额的比率。
• 其计算公式为：
会计收益率
年平均净收益 年平均投资额
100 %
• 式中，年平均净收益可按项目投产后各年净收益总和简单 平均计算；年平均投资总额是指固定资产投资账面价值的 平均数。
公司理财英文版第七章
7-10
Example 7.1
• Find present values based on the payment period
– – – – How many coupon payments are there? What is the semiannual coupon payment? What is the semiannual yield? B = 70[1 – 1/(1.08)14] / .08 + 1,000 / (1.08)14 = 917.56 – Or PMT = 70; N = 14; I/Y = 8; FV = 1,000; CPT PV = -917.56
– – – – Is the YTM more or less than 10%? What is the semiannual coupon payment? How many periods are there? N = 40; PV = -1,197.93; PMT = 50; FV = 1,000; CPT I/Y = 4% (Is this the YTM?) – YTM = 4%*2 = 8%
– Why? Higher coupon rate causes value above par – Price above par value, called a premium bond
7-9
The Bond Pricing Equation
1 1 (1 r) t Bond Value C r FV t (1 r)
• Bond Value = PV of coupons + PV of par • Bond Value = PV of annuity + PV of lump sum • As interest rates increase, present values decrease • So, as interest rates increase, bond prices decrease and vice versa
公司理财第七章 资本资产定价模型
离差平方
0.0016 0.0000 0.0012
两种资产组合的方差为：
2 σ P = (wB σ B )2 + (wS σ S )2 + 2(wB σ B )(wS σ S )ρBS
BS 为债券与股票收益的相关系数
7-18
组合
收益率 股票 债券
-7% 12% 28% 11.00% 0.0205 14.31% 17% 7% -3% 7.00% 0.0067 8.16%
那么将面临的就是非系统性风险。
7-28
总体风险
总体风险 =系统风险＋非系统风险
用收益标准差来代表总体风险
充分分散化的投资组合的非系统风险非常小，
其总体风险约等于系统风险。
7-29
无风险资产的最优投资组合
收益
100% stocks
rf
100% bonds
在股票与债券之外，再考虑一个无风险的短期国债。
经济状况 衰退 正常 繁荣 期望收益 方差
标准差
组合
5.0% 9.5% 12.5% 9.0% 0.0010 3.08%
离差平方
0.0016 0.0000 0.0012
分散化降低了风险，两种资产各 50％ 的组合 比单独持有某个资产的风险要小。
7-19
11.4 两种资产组合的有效集
投资股票的比例
0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50.00% 55% 60% 65% 70% 75% 80% 85% 90% 95% 100%
两种资产组合的有效集
投资股票的比例
0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50.00% 55% 60% 65% 70% 75% 80% 85% 90% 95% 100%
金融学考研复习 公司理财习题(7)
金融学考研复习公司理财习题(7)第七章风险分析、实物期权和资本预算1．预测风险什么是预测风险?一般情况下，对于新产品或降低成本建议来说，预测风险的程度是否会比较高?为什么?2．敏感性分析和场景分析敏感性分析和场景分析的本质区别是什么?3．边际现金流一个同事说盯着边际现金流和增加现金流根本没有意义，并提出“听着，如果我们的平均收入不超过我们的平均成本，那么我们将面临负的现金流，并濒临破产。
”你怎么回应?4．盈亏平衡点作为企业的股东，你打算投资新项目，你会更关注会计盈亏平衡点，现金盈亏平衡点（经营现金流为0点时），还是财务盈亏平衡点?为什么?5．盈亏平衡点假设企业正在考虑一个新项目，需要初始投资，在项目期限中销售额与成本相等。
项目首先会到达会计的、现金的、还是财务中哪个盈亏平衡点?其次会到达哪个?最后到达哪个?这个顺序是否一直适应?6．实物期权为什么传统的NPV分析法趋向于低估项目资本预算的真实价值?7．实物期权Mango共和政体正在进行市场自由化，并且同意外商投资。
Tesla制造企业分析了在这个国家投资项目会得到负的净现值。
为什么这家企业会继续投资项目?什么形式的期权更可能使项目增值?8．敏感性分析和盈亏平衡敏感性分析与盈亏平衡分析如何相互作用?9．等待期权一个期权通常会有多个价值来源。
例如，伐木搬运企业可以现在伐木运输，也可以等上一年或更多年份再搬运木材，它等待一年的潜在优势是什么？10．项目分析你与同事在讨论一个项目分析。
项目包括实物期权，如果项目成功就继续拓展，而如果失败则选择放弃。
你的同事做了以下陈述：“这个分析很荒谬。
我们在2年内观察项目是拓展还是放弃，但是其实还应有更多的期权需要我们考虑。
如可以拓展1年，也可以拓展2年。
或者我们可以拓展1年，第二年放弃。
太多的选择需要我们去检验，正因为如此，这个分析给我们的结论没有价值。
”你对这段话怎么看?考虑一个项目的资本预算存在无数种实物期权，你何时会对单个项目停止进行期权分析呢?11．敏感性分析与盈亏平衡点我们正评估一个项目，该项目成本为724000美元，存续期限为8年，残值为0。
公司理财第七章
4.33%
实际贷款利率 100 6% 6.67% 100 (1 10%)
• (三）优先股资本成本
▲ 优先股是介于债券和普通股之间的一种混合证券。
▲ 特点：股息定期支付，但股息用税后利润支付，不能获得因税赋节 余而产生的收益。
▲ 计算公式:
rp
Dp P0 (1
f
)
例3：某公司发行一批优先股，面值100元，发行价格为120元，筹资费率3%，每 年股利率14%。计算这批优先股的资本成本。
所采用的折现率即为普通股的资本成本。
▲ 理论公式：
P0 (1
f
)
D1 (1 rS )
D2 (1 rS )2
Dt (1 rS )t
D (1 rS )
★ 零增长股
rs
D1 P0 (1
f
)
★ 固定增长股 （增长率g ）
rs
D1 P0 (1
f
)
g
【例4】假设BBC公司流通在外的普通股股数为650 万股，每股面值10元, 目前每股市场价格11.625元，去年股利支付额为每股0.2125元，预计以后 每年按15%增长，筹资费率为发行价格的6%。
• （四）普通股资本成本
从理论上说，普通股成本可以被看作是为保持公司 普通股市价不变，公司必须为股权投资者创造的最低收益 率。
普通股成本的确定方法有三种： 1. 现金流量法折现法 2. 资本资产定价模型 3. 债券收益加风险溢价法
• 1. 现金流量法折现法
▲ 股票价格等于预期收益资本化的现值，其中折算现值
缺点：风险溢价较难确定，如果风险溢价长期保持不变或变化是在一 个较稳定的范围内，那么，平均的历史风险溢价就可以用于估算现在和 未来的风险溢价。
公司理财-第7章.ppt
. .
Irwin/McGraw-Hill
© the McGraw-Hill Companies, Inion
• 债券：发行者（债务人）为了筹集债务资本所发行
Corporate Corporate Corporate Corporate Finance Finance Finance Finance
Irwin/McGraw-Hill © the McGraw-Hill Companies, Inc., 1999
纯贴现债券
Fifth Edition
• 纯贴现债券：到期日只按面值支付本金 • 计算纯贴现债券所需的信息:
Corporate Corporate Corporate Corporate Finance Finance Finance Finance
第七章 利率和债券估价
Fifth Edition
• • • • • • • •
5.1 5.2 5.3 5.4 5.5 5.6 5.7 5.8
债券与债券估价 债券的其他特点 债券评级 一些不同类型的债券 债券市场 通货膨胀和利率 债券收益率的决定因素 概要与总结
Corporate Corporate Corporate Corporate Finance Finance Finance Finance
债券等级依赖于: • 公司违约的可能性 • 公司违约时所能提供给债权人的保护
. .
Irwin/McGraw-Hill
© the McGraw-Hill Companies, Inc., 1999
一些不同类型的债券
Fifth Edition
• 政府债券
Corporate Corporate Corporate Corporate Finance Finance Finance Finance
第七章 基本观念：杠杆分析 《公司理财》 PPT课件
反之,业务量减少会使单 位固定成本升高,从而减 少单位产品利润,并使利 润下降率大于业务量下
降率。
7.1 经营杠杆分析
7.1.2 经营杠杆的计量
➢ 概念：经营杠杆对不同公司的作用程度是不同的,因此,需
要根据各公司的实际情况对其经营杠杆进行计量。为此,理 财实务中要计算经营杠杆系数,即息税前利润变动率相对于 业务量(或销售额)变动率的倍数,也称为经营杠杆率。
会大幅度上升
公司经济效益差时,每股利 润会大幅度下降,使公司出 现复合风险,即公司风险
➢ 概念：复合杠杆,是指由杆共同作用,导致产销量稍有 变动就会使每股盈余产生更大变动的现象。
➢ 分析：如前所述,经营杠杆直接影响息税前利润,财务杠杆
直接影响税后利润或每股收益,所以经营杠杆又称第一阶段 杠杆,财务杠杆又称第二阶段杠杆,两种杠杆叠加产生复合杠 杆作用,使产销量变动直接与每股盈余相联系,直观地提供销 售与利润关系的信息,是一个非常重要的指标。
7.2 财务杠杆分析
7.2.2 财务杠杆的计量
➢ 概念：理财实务中要计算财务杠杆系数,即普通股每股利润
变动率相对于息税前利润变动率的倍数,也称为财务杠杆率。
➢ 公式：
1)经营杠杆系数的理 论计算公式
2)经营杠杆系数的实 务计算公式
7.2 财务杠杆分析
7.2.3 财务杠杆和财务风险的关系
➢ 概念：财务风险又称筹资风险,是指由于举债而给公司财务
7.3 复合杠杆分析
7.3.2 复合杠杆的计量
➢ 复合杠杆对不同公司的作用程度是不同的,因此需要根 据各公司的实际情况对复合杠杆进行计量。
1)复合杠杆系数的理 论计算公式
2)经营杠杆系数的实 务计算公式
7.3 复合杠杆分析
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7-3
Bond Definitions
• • • • • • Bond Par value (face value) Coupon rate Coupon payment Maturity date Yield or Yield to maturity
7-4
Present Value of Cash Flows as Rates Change
• N = 5; I/Y = 11; PMT = 100; FV = 1,000 • CPT PV = -963.04
7-6
Valuing a Premium Bond with Annual Coupons
• Suppose you are reviewing a bond that has a 10% annual coupon and a face value of $1000. There are 20 years to maturity, and the yield to maturity is 8%. What is the price of this bond?
– Why? Higher coupon rate causes value above par – Price above par value, called a premium bond
7-9
The Bond Pricing Equation
1 1 (1 r) t Bond Value C r FV t (1 r)
7-10
Example 7.1
• Find present values based on the payment period
– – – – How many coupon payments are there? What is the semiannual coupon payment? What is the semiannual yield? B = 70[1 – 1/(1.08)14] / .08 + 1,000 / (1.08)14 = 917.56 – Or PMT = 70; N = 14; I/Y = 8; FV = 1,000; CPT PV = -917.56
– Using the formula:
• B = PV of annuity + PV of lump sum • B = 100[1 – 1/(1.08)20] / .08 + 1000 / (1.08)20 • B = 981.81 + 214.55 = 1196.36
– Using the calculator:
– – – – Is the YTM more or less than 10%? What is the semiannual coupon payment? How many periods are there? N = 40; PV = -1,197.93; PMT = 50; FV = 1,000; CPT I/Y = 4% (Is this the YTM?) – YTM = 4%*2 = 8%
– Why? The discount provides yield above coupon rate – Price below par value, called a discount bond
• If YTM < coupon rate, then par value <ቤተ መጻሕፍቲ ባይዱbond price
7-16
Table 7.1
7-17
Current Yield vs. Yield to Maturity
• Current Yield = annual coupon / price • Yield to maturity = current yield + capital gains yield • Example: 10% coupon bond, with semiannual coupons, face value of 1,000, 20 years to maturity, $1,197.93 price
– Using the formula:
• B = PV of annuity + PV of lump sum • B = 100[1 – 1/(1.11)5] / .11 + 1,000 / (1.11)5 • B = 369.59 + 593.45 = 963.04
– Using the calculator:
7-5
Valuing a Discount Bond with Annual Coupons
• Consider a bond with a coupon rate of 10% and annual coupons. The par value is $1,000, and the bond has 5 years to maturity. The yield to maturity is 11%. What is the value of the bond?
Chapter 7 Interest Rates and Bond Valuation
McGraw-
Copyright © 2010 by The McGraw-Hill Companies, Inc. All rights
Key Concepts and Skills
• Know the important bond features and bond types • Understand bond values and why they fluctuate • Understand bond ratings and what they mean • Understand the impact of inflation on interest rates • Understand the term structure of interest rates and the determinants of bond yields
7-11
Interest Rate Risk
• Price Risk
– Change in price due to changes in interest rates – Long-term bonds have more price risk than short-term bonds – Low coupon rate bonds have more price risk than high coupon rate bonds
• Bond Value = PV of coupons + PV of par • Bond Value = PV of annuity + PV of lump sum • As interest rates increase, present values decrease • So, as interest rates increase, bond prices decrease and vice versa
7-2
Chapter Outline
• • • • • • • Bonds and Bond Valuation More about Bond Features Bond Ratings Some Different Types of Bonds Bond Markets Inflation and Interest Rates Determinants of Bond Yields
– Current yield = 100 / 1,197.93 = .0835 = 8.35% – Price in one year, assuming no change in YTM = 1,193.68 – Capital gain yield = (1,193.68 – 1,197.93) / 1,197.93 = -.0035 = -.35% – YTM = 8.35 - .35 = 8%, which is the same YTM computed earlier
7-14
YTM with Annual Coupons
• Consider a bond with a 10% annual coupon rate, 15 years to maturity and a par value of $1,000. The current price is $928.09.
1200 1100 1000 900 800 700 600 0% 2% 4% 6% 8% 10% 12% 14%
Yield-to-maturity (YTM)
7-8
Bond Prices: Relationship Between Coupon and Yield
• If YTM = coupon rate, then par value = bond price • If YTM > coupon rate, then par value > bond price
– Will the yield be more or less than 10%? – N = 15; PV = -928.09; FV = 1,000; PMT = 100 – CPT I/Y = 11%
7-15
YTM with Semiannual Coupons
• Suppose a bond with a 10% coupon rate and semiannual coupons, has a face value of $1,000, 20 years to maturity and is selling for $1,197.93.
7-18
Bond Pricing Theorems