罗斯公司理财题库全集

Chapter 19 Dividends and Other Payouts Answer Key

Multiple Choice Questions

1. Payments made out of a firm's earnings to its owners in the form of cash or stock are called:

A. dividends.

B. distributions.

C. share repurchases.

D. payments-in-kind.

E. stock splits.

Difficulty level: Easy

Topic: DIVIDENDS

Type: DEFINITIONS

2. Payments made by a firm to its owners from sources other than current or accumulated earnings are called:

A. dividends.

B. distributions.

C. share repurchases.

D. payments-in-kind.

E. stock splits.

Difficulty level: Easy

Topic: DISTRIBUTIONS

Type: DEFINITIONS

3. A cash payment made by a firm to its owners in the normal course of business is called a:

A. share repurchase.

B. liquidating dividend.

C. regular cash dividend.

D. special dividend.

E. extra cash dividend.

Difficulty level: Easy

Topic: REGULAR CASH DIVIDENDS

Type: DEFINITIONS

4. A cash payment made by a firm to its owners when some of the firm's assets are sold off is called a:

A. liquidating dividend.

B. regular cash dividend.

C. special dividend.

D. extra cash dividend.

E. share repurchase.

Difficulty level: Easy

Topic: LIQUIDATING DIVIDENDS

Type: DEFINITIONS

5. The date on which the board of directors passes a resolution authorizing payment of a dividend to the shareholders is the _____ date.

A. ex-rights

B. ex-dividend

C. record

D. payment

E. declaration

Difficulty level: Easy

Topic: DECLARATION DATE

Type: DEFINITIONS

6. The date before which a new purchaser of stock is entitled to receive a declared dividend, but on or after which she does not receive the dividend, is called the _____ date.

A. ex-rights

B. ex-dividend

C. record

D. payment

E. declaration

Difficulty level: Easy

Topic: EX-DIVIDEND DATE

Type: DEFINITIONS

7. The date by which a stockholder must be registered on the firm's roll as having share ownership in order to receive a declared dividend is called the:

A. ex-rights date.

B. ex-dividend date.

C. date of record.

D. date of payment.

E. declaration date.

Difficulty level: Easy

Topic: DATE OF RECORD

Type: DEFINITIONS

8. The date on which the firm mails out its declared dividends is called the:

A. ex-rights date.

B. ex-dividend date.

C. date of record.

D. date of payment.

E. declaration date.

Difficulty level: Easy

Topic: DATE OF PAYMENT

Type: DEFINITIONS

9. The ability of shareholders to undo the dividend policy of the firm and create an alternative dividend payment policy via reinvesting dividends or selling shares of stock is called (a):

A. perfect foresight model.

B. MM Proposition I.

C. capital structure irrelevancy.

D. homemade leverage.

E. homemade dividends.

Difficulty level: Medium

Topic: HOMEMADE DIVIDENDS

Type: DEFINITIONS

10. The market's reaction to the announcement of a change in the firm's dividend payout is likely the:

A. information content effect.

B. clientele effect.

C. efficient markets hypothesis.

D. MM Proposition I.

E. MM Proposition II.

Difficulty level: Medium

Topic: INFORMATION CONTENT EFFECT

Type: DEFINITIONS

11. The observed empirical fact that stocks attract particular investors based on the firm's dividend policy and the resulting tax impact on investors is called the:

A. information content effect.

B. clientele effect.

C. efficient markets hypothesis.

D. MM Proposition I.

E. MM Proposition II.

Difficulty level: Easy Topic: CLIENTELE EFFECT Type: DEFINITIONS

12. A _____ is an alternative method to cash dividends which is used to pay out a firm's earnings to shareholders.

A. merger

B. acquisition

C. payment-in-kind

D. stock split

E. share repurchase

Difficulty level: Easy

Topic: SHARE REPURCHASE

Type: DEFINITIONS

13. A payment made by a firm to its owners in the form of new shares of stock is called a _____ dividend.

A. stock

B. normal

C. special

D. extra

E. liquidating

Difficulty level: Easy

Topic: STOCK DIVIDENDS

Type: DEFINITIONS

14. An increase in a firm's number of shares outstanding without any change in owners' equity is called a:

A. special dividend.

B. stock split.

C. share repurchase.

D. tender offer.

E. liquidating dividend.

Difficulty level: Easy

Topic: STOCK SPLITS

Type: DEFINITIONS

15. The difference between the highest and lowest prices at which a stock has traded is called its:

A. average price.

B. bid-ask spread.

C. trading range.

D. opening price.

E. closing price.

Difficulty level: Easy

Topic: TRADING RANGE

Type: DEFINITIONS

16. In a reverse stock split:

A. the number of shares outstanding increases and owners' equity decreases.

B. the firm buys back existing shares of stock on the open market.

C. the firm sells new shares of stock on the open market.

D. the number of shares outstanding decreases but owners' equity is unchanged.

E. shareholders make a cash payment to the firm.

Difficulty level: Easy

Topic: REVERSE SPLITS

Type: DEFINITIONS

17. The last date on which you can purchase shares of stock and still receive the dividend is the date _____ business day(s) prior to the date of record.

A. zero

B. one

C. three

D. five

E. seven

Difficulty level: Easy

Topic: DIVIDEND PAYMENTS

Type: CONCEPTS

18. Leslie purchased 100 shares of GT, Inc. stock on Wednesday, June 7th. Marti purchased 100 shares of GT, Inc. stock on Thursday, July 8th. GT declared a dividend on June 20th to shareholders of record on July 12th and payable on August 1st. Which one of the following statements concerning the dividend paid on August 1st is correct given this information?

A. Neither Leslie nor Marti are entitled to the dividend.

B. Leslie is entitled to the dividend but Marti is not.

C. Marti is entitled to the dividend but Leslie is not.

D. Both Marti and Leslie are entitled to the dividend.

E. Both Marti and Leslie are entitled to one-half of the dividend amount. Difficulty level: Medium

Topic: DIVIDEND PAYMENTS

Type: CONCEPTS

19. All else equal, the market value of a stock will tend to decrease by roughly the amount of the dividend on the:

A. dividend declaration date.

B. ex-dividend date.

C. date of record.

D. date of payment.

E. day after the date of payment.

Difficulty level: Medium

Topic: DIVIDEND PAYMENTS

Type: CONCEPTS

20. Which one of the following is an argument in favor of a low dividend policy?

A. the tax on capital gains is deferred until the gain is realized

B. few, if any, positive net present value projects are available to the firm

C. a preponderance of stockholders have minimal taxable income

D. a majority of stockholders have other investment opportunities that offer higher rewards with similar risk characteristics

E. corporate tax rates exceed personal tax rates Difficulty level: Medium

Topic: FACTORS FOR LOW DIVIDENDS

Type: CONCEPTS

21. The fact that flotation costs can be significant is justification for:

A. a firm to issue larger dividends than its closest competitors.

B. a firm to maintain a constant dividend policy even if it frequently has to issue new shares of stock to do so.

C. maintaining a constant dividend policy even when profits decline significantly.

D. maintaining a high dividend policy.

E. maintaining a low dividend policy and rarely issuing extra dividends. Difficulty level: Medium

Topic: FACTORS FOR LOW DIVIDENDS

Type: CONCEPTS

22. Which of the following may tend to keep dividends low?

I. a state law restricting dividends in excess of retained earnings

II. a term contained in bond indenture agreements

III. the desire to maintain constant dividends over time

IV. flotation costs

A. II and III only

B. I and IV only

C. II, III, and IV only

D. I, II, and III only

E. I, II, III, and IV

Difficulty level: Medium

Topic: FACTORS FOR LOW DIVIDENDS

Type: CONCEPTS

23. Ignoring capital gains as an alternative, the tax law changes in 2003 tend to favor a:

A. lower dividend policy.

B. constant dividend policy.

C. zero-dividend policy.

D. higher dividend policy.

E. restrictive dividend policy.

Difficulty level: Easy

Topic: FACTORS FOR HIGH DIVIDENDS Type: CONCEPTS

24. Which of the following are factors that favor a high dividend policy?

I. stockholders desire for current income

II. tendency for higher stock prices for high dividend paying firms

III. investor dislike of uncertainty

IV. high percentage of tax-exempt institutional stockholders

A. I and III only

B. II and IV only

C. I, III, and IV only

D. II, III, and IV only

E. I, II, III, and IV

Difficulty level: Medium

Topic: FACTORS FOR HIGH DIVIDENDS

Type: CONCEPTS

25. An investor is more likely to prefer a high dividend payout if a firm:

A. has high flotation costs.

B. has few, if any, positive net present value projects.

C. has lower tax rates than the investor.

D. has a stock price that is increasing rapidly.

E. offers high capital gains which are taxed at a favorable rate.

Difficulty level: Easy

Topic: FACTORS FOR HIGH DIVIDENDS

Type: CONCEPTS

26. The information content of a dividend increase generally signals that:

A. the firm has a one-time surplus of cash.

B. the firm has few, if any, net present value projects to pursue.

C. management believes that the future earnings of the firm will be strong.

D. the firm has more cash than it needs due to sales declines.

E. future dividends will be lower.

Difficulty level: Medium

Topic: INFORMATION CONTENT Type: CONCEPTS

27. Of the following factors, which one is considered to be the primary factor affecting a firm's dividend decision?

A. personal taxes of company stockholders

B. consistent dividend policy

C. attracting retail investors

D. attracting institutional investors

E. sustainable changes in earnings

Difficulty level: Medium

Topic: DIVIDEND SURVEY RESULTS

Type: CONCEPTS

28. Financial managers:

A. are reluctant to cut dividends.

B. tend to ignore past dividend policies.

C. tend to prefer cutting dividends every time quarterly earnings decline.

D. prefer cutting dividends over incurring flotation costs.

E. place little emphasis on dividend policy consistency.

Difficulty level: Easy

Topic: DIVIDEND SURVEY RESULTS

Type: CONCEPTS

29. If you ignore taxes and transaction costs, a stock repurchase will:

I. reduce the total assets of a firm.

II. increase the earnings per share.

III. reduce the PE ratio more than an equivalent stock dividend.

IV. reduce the total equity of a firm.

A. I and III only

B. II and IV only

C. I, II, and IV only

D. I, III, and IV only

E. I, II, III, and IV

Difficulty level: Medium Topic: STOCK REPURCHASE Type: CONCEPTS

30. From a tax-paying investor's point of view, a stock repurchase:

A. is equivalent to a cash dividend.

B. is more desirable than a cash dividend.

C. has the same tax effects as a cash dividend.

D. is more highly taxed than a cash dividend.

E. creates a tax liability even if the investor does not sell any of the shares he owns.

Difficulty level: Medium

Topic: STOCK REPURCHASE

Type: CONCEPTS

31. All else equal, a stock dividend will _____ the number of shares outstanding and _____ the value per share.

A. increase; increase

B. increase; decrease

C. not change; increase

D. decrease; increase

E. decrease; decrease

Difficulty level: Easy

Topic: STOCK DIVIDENDS

Type: CONCEPTS

32. A small stock dividend is defined as a stock dividend of less than

_____%.

A. 10 to 15

B. 15 to 20

C. 20 to 25

D. 25 to 30

E. 30 to 35

Difficulty level: Easy

Topic: STOCK DIVIDENDS

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

罗斯《公司理财》第9版笔记和课后习题（含考研真题）详解[视频详解] 第13章风险、资本成本和资本预算[视频讲解] 13.1复习笔记 运用净现值法，按无风险利率对现金流量折现，可以准确评价无风险现金流量。然而，现实中的绝大多数未来现金流是有风险的，这就要求有一种能对有风险现金流进行折现的方法。确定风险项目净现值所用的折现率可根据资本资产定价模型CAPM（或套利模型APT）来计算。如果某无负债企业要评价一个有风险项目，可以运用证券市场线SML来确定项目所要求的收益率r s，r s也称为权益资本成本。 当企业既有债务融资又有权益融资时，所用的折现率应是项目的综合资本成本，即债务资本成本和权益资本成本的加权平均。 联系企业的风险贴现率与资本市场要求的收益率的原理在于如下一个简单资本预算原则：企业多余的现金，可以立即派发股利，投资者收到股利自己进行投资，也可以用于投资项目产生未来的现金流发放股利。从股东利益出发，股东会在自己投资和企业投资中选择期望收益率较高的一个。只有当项目的期望收益率大于风险水平相当的金融资产的期望收益率时，项目才可行。因此项目的折现率应该等于同样风险水平的金融资产的期望收益率。这也说明了资本市场价格信号作用。 1．权益资本成本 从企业的角度来看，权益资本成本就是其期望收益率，若用CAPM模型，股票的期望收益率为：

其中，R F是无风险利率，是市场组合的期望收益率与无风险利率之差，也称为期望超额市场收益率或市场风险溢价。 要估计企业权益资本成本，需要知道以下三个变量：①无风险利率；②市场风险溢价； ③公司的贝塔系数。 根据权益资本成本计算企业项目的贴现率需要有两个重要假设：①新项目的贝塔风险与企业风险相同；②企业无债务融资。 2．贝塔的估计 估算公司贝塔值的基本方法是利用T个观测值按照如下公式估计： 估算贝塔值可能存在以下问题：①贝塔可能随时间的推移而发生变化；②样本容量可能太小；③贝塔受财务杠杆和经营风险变化的影响。 可以通过如下途径解决上述问题：①第1个和第2个问题可通过采用更加复杂的统计技术加以解决；②根据财务风险和经营风险的变化对贝塔作相应的调整，有助于解决第3个问题；③注意同行业类似企业的平均β估计值。 根据企业自身历史数据来估算企业贝塔系数是一种常用方法，也有人认为运用整个行业的贝塔系数可以更好地估算企业的贝塔系数。有时两者计算的结果差异很大。总的来说，可以遵循下列原则：如果认为企业的经营与所在行业其他企业的经营十分类似，用行业贝塔降低估计误差。如果认为企业的经营与行业内其他企业的经营有着根本性差别，则应选择企业的贝塔。 3．贝塔的确定 前面介绍的回归分析方法估算贝塔并未阐明贝塔是由哪些因素决定的。主要存在以下三个因素：收入的周期性、经营杠杆和财务杠杆。

罗斯公司理财题库全集

Chapter 20 Issuing Securities to the Public Multiple Choice Questions 1. An equity issue sold directly to the public is called: A. a rights offer. B. a general cash offer. C. a restricted placement. D. a fully funded sales. E. a standard call issue. 2. An equity issue sold to the firm's existing stockholders is called: A. a rights offer. B. a general cash offer. C. a private placement. D. an underpriced issue. E. an investment banker's issue. 3. Management's first step in any issue of securities to the public is: A. to file a registration form with the SEC. B. to distribute copies of the preliminary prospectus. C. to distribute copies of the final prospectus. D. to obtain approval from the board of directors. E. to prepare the tombstone advertisement. 4. A rights offering is: A. the issuing of options on shares to the general public to acquire stock. B. the issuing of an option directly to the existing shareholders to acquire stock. C. the issuing of proxies which are used by shareholders to exercise their voting rights. D. strictly a public market claim on the company which can be traded on an exchange. E. the awarding of special perquisites to management.

公司理财-罗斯课后习题答案

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。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层实施有效的监督机制。 { 8.大型金融机构成为股票的主要持有者可能减少美国公司的代理问题，形成更有效率的公司控制权市场。但也不一定能。如果共同基金或者退休基金的管理层并不关心的投资者的利益，代理问题可能仍然存在,甚至有可能增加基金和投资者之间的代理问题。（3）就像市场需求其他劳动力一样，市场也需求首席执行官，首席执行官的薪酬是由市

罗斯公司理财题库全集

Chapter 13 Risk, Cost of Capital, and Capital Budgeting Answer Key Multiple Choice Questions 1. The weighted average of the firm's costs of equity, preferred stock, and after tax debt is the: A. reward to risk ratio for the firm. B. expected capital gains yield for the stock. C. expected capital gains yield for the firm. D. portfolio beta for the firm. E. weighted average cost of capital (WACC). Difficulty level: Easy Topic: WACC Type: DEFINITIONS 2. If the CAPM is used to estimate the cost of equity capital, the expected excess market return is equal to the: A. return on the stock minus the risk-free rate. B. difference between the return on the market and the risk-free rate. C. beta times the market risk premium. D. beta times the risk-free rate. E. market rate of return. Difficulty level: Easy Topic: CAPM Type: DEFINITIONS

公司理财罗斯课后习题答案

公司理财罗斯课后习题 答案 集团标准化工作小组 [Q8QX9QT-X8QQB8Q8-NQ8QJ8-M8QMN]

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。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层实施有效的监督机制。 8.大型金融机构成为股票的主要持有者可能减少美国公司的代理问题，形成更有效率的公司控制权市场。但也不一定能。如果共同基金或者退休基金的管理层并不关心的投资者的利益，代理问题可能仍然存在,甚至有可能增加基金和投资者之间的代理问题。

罗斯公司理财答案第六版(英文)

Chapter 2: Accounting Statements and Cash Flow 2.1 Assets Current assets Cash $ 4,000 Accounts receivable 8,000 Total current assets $ 12,000 Fixed assets Machinery $ 34,000 Patents 82,000 Total fixed assets $116,000 Total assets $128,000 Liabilities and equity Current liabilities Accounts payable $ 6,000 Taxes payable 2,000 Total current liabilities $ 8,000 Long-term liabilities Bonds payable $7,000 Stockholders equity Common stock ($100 par) $ 88,000 Capital surplus 19,000 Retained earnings 6,000 Total stockholders equity $113,000 Total liabilities and equity $128,000 2.2 One year ago Today Long-term debt $50,000,000 $50,000,000 Preferred stock 30,000,000 30,000,000 Common stock 100,000,000 110,000,000 Retained earnings 20,000,000 22,000,000 Total $200,000,000 $212,000,000 2.3 Income Statement $500,000 Less: Cost of goods sold $200,000 Administrative expenses 100,000 300,000 Earnings before interest and taxes $200,000 Less: Interest expense 50,000 Earnings before Taxes $150,000 Taxes 51,000 Net income $99,000

罗斯公司理财题库全

Chapter 21 Leasing Multiple Choice Questions 1.In a lease arrangement, the owner of the asset is: A.the lesser. B.the lessee. C.the lessor. D.the leaser. E.None of the above. 2.In a lease arrangement, the user of the asset is: A.the lesser. B.the lessee. C.the lessor. D.the leaser. E.None of the above. 3.Which of the following would not be a characteristic of a financial lease? A.They are not usually fully amortized. B.They usually do not have maintenance necessary for the leased assets. C.They usually do not include a cancellation option. D.The lessee usually has the right to renew the lease at expiration. E.All of the above are characteristics of financial leases.

4.An independent leasing company supplies ___________ leases versus the manufacturer who supplies ________________ leases. A.leveraged; direct B.sales and leaseback; sales-type C.capital; sales-type D.direct; sales-type E.None of the above

罗斯公司理财试题库全集

Chapter 16 Capital Structure: Basic Concepts Multiple Choice Questions 1. The use of personal borrowing to change the overall amount of financial leverage to which an individual is exposed is called: A. homemade leverage. B. dividend recapture. C. the weighted average cost of capital. D. private debt placement. E. personal offset. 2. The proposition that the value of the firm is independent of its capital structure is called: A. the capital asset pricing model. B. MM Proposition I. C. MM Proposition II. D. the law of one price. E. the efficient markets hypothesis. 3. The proposition that the cost of equity is a positive linear function of capital structure is called: A. the capital asset pricing model. B. MM Proposition I. C. MM Proposition II. D. the law of one price. E. the efficient markets hypothesis.

罗斯公司理财题库全集

Chapter 26 Short-Term Finance and Planning Multiple Choice Questions 1.The length of time between the acquisition of inventory and the collection of cash from receivables is called the: A.operating cycle. B.inventory period. C.accounts receivable period. D.accounts payable period. E.cash cycle. 2.The length of time between the acquisition of inventory and its sale is called the: A.operating cycle. B.inventory period. C.accounts receivable period. D.accounts payable period. E.cash cycle. 3.The length of time between the sale of inventory and the collection of cash from receivables is called the: A.operating cycle. B.inventory period. C.accounts receivable period. D.accounts payable period. E.cash cycle.

罗斯公司理财第九版课后习题答案中文版

申明：转载自第一章 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。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层实施有效的监督机制。 8.大型金融机构成为股票的主要持有者可能减少美国公司的代理问题，形成更有效率的公司控制权市场。但也不一定能。如果共同基金或者退休基金的管理层并不关心的投资者的利益，代理问题可能仍然存在,甚至有可能增加基金和投资者之间的代理问题。 9.就像市场需求其他劳动力一样，市场也需求首席执行官，首席执行官的薪酬是由市场决定的。这同样适用于运动员和演员。首席执行官薪酬大幅度增长的一个主要原因是现在越来越多的公司实行股票报酬，这样的改革是为了更好的协调股东和管理者的利益。这些报酬有时被认为仅仅对股票价格上涨的回报,而不是对管理能力的奖励。或许在将来,高管薪酬仅用来奖励特别的能力,即,股票价格的上涨增加了超过一般的市场。 10.最大化现在公司股票的价格和最大化未来股票价格是一样的。股票的价值取决于公司未来所有的现金流量。从另一方面来看,支付大量的现金股利给股东,股票的预期价格将会上升。 第二章 1.正确。所有的资产都可以以某种价格转换为现金。但是提及流动资产,假定该资产转换为现金时可达到或接近其市场价值是很重要的。

罗斯公司理财题库全集

Chapter 19 Dividends and Other Payouts Answer Key Multiple Choice Questions 1. Payments made out of a firm's earnings to its owners in the form of cash or stock are called: A. dividends. B. distributions. C. share repurchases. D. payments-in-kind. E. stock splits. Difficulty level: Easy Topic: DIVIDENDS Type: DEFINITIONS 2. Payments made by a firm to its owners from sources other than current or accumulated earnings are called: A. dividends. B. distributions. C. share repurchases. D. payments-in-kind. E. stock splits. Difficulty level: Easy Topic: DISTRIBUTIONS Type: DEFINITIONS

3. A cash payment made by a firm to its owners in the normal course of business is called a: A. share repurchase. B. liquidating dividend. C. regular cash dividend. D. special dividend. E. extra cash dividend. Difficulty level: Easy Topic: REGULAR CASH DIVIDENDS Type: DEFINITIONS 4. A cash payment made by a firm to its owners when some of the firm's assets are sold off is called a: A. liquidating dividend. B. regular cash dividend. C. special dividend. D. extra cash dividend. E. share repurchase. Difficulty level: Easy Topic: LIQUIDATING DIVIDENDS Type: DEFINITIONS 5. The date on which the board of directors passes a resolution authorizing payment of a dividend to the shareholders is the _____ date. A. ex-rights B. ex-dividend C. record D. payment E. declaration Difficulty level: Easy Topic: DECLARATION DATE

罗斯-公司理财-英文练习题-附带答案-第九章

CHAPTER 9 Risk Analysis, Real Options, and Capital Budgeting Multiple Choice Questions: I. DEFINITIONS SCENARIO ANALYSIS b 1. An analysis of what happens to the estimate of the net present value when you examine a number of different likely situations is called _____ analysis. a. forecasting b. scenario c. sensitivity d. simulation e. break-even Difficulty level: Easy SENSITIVITY ANALYSIS c 2. An analysis of what happens to the estimate of net present value when only one variable is change d is called _____ analysis. a. forecasting b. scenario c. sensitivity d. simulation e. break-even Difficulty level: Easy SIMULATION ANALYSIS d 3. An analysis which combines scenario analysis with sensitivity analysis is called _____ analysis. a. forecasting b. scenario c. sensitivity d. simulation e. break-even Difficulty level: Easy BREAK-EVEN ANALYSIS e 4. An analysis o f the relationship between the sales volume and various measures of profitability is called _____ analysis. a. forecasting b. scenario c. sensitivity d. simulation e. break-even Difficulty level: Easy VARIABLE COSTS a 5. Variable costs: a. change in direct relationship to the quantity of output produced. b. are constant in the short-run regardless of the quantity of output produced. c. reflect the change in a variable when one more unit of output is produce d.

最新公司理财-罗斯课后习题答案

公司理财-罗斯课后习 题答案

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。

罗斯公司理财题库全集

C h a p t e r1 6 Capital Structure: Basic Concepts Multiple Choice Questions ?

1.?The use of personal borrowing to change the overall amount of financial leverage to which an individual is exposed is called:? A.?homemade leverage. B.?dividend recapture. C.?the weighted average cost of capital. D.?private debt placement. E.?personal offset. 2.?The proposition that the value of the firm is independent of its capital structure is called:? A.?the capital asset pricing model. B.?MM Proposition I. C.?MM Proposition II. D.?the law of one price. E.?the efficient markets hypothesis. 3.?The proposition that the cost of equity is a positive linear function of capital structure is called:? A.?the capital asset pricing model. B.?MM Proposition I. C.?MM Proposition II. D.?the law of one price. E.?the efficient markets hypothesis. 4.?The tax savings of the firm derived from the deductibility of interest expense is called the:? A.?interest tax shield. B.?depreciable basis.

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 来自公众号精研学习网 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。 【例1.1】公司财务经理的责任是增加（）。[清华大学2014金融硕士] A．公司规模 B．公司增长速度 C．经理人的能力 D．股东权益价值 【答案】D查看答案

罗斯公司理财题库全集567470001

Chapter 20 Issuing Securities to the Public Multiple Choice Questions 1. An equity issue sold directly to the public is called: A. a rights offer. B. a gen eral cash offer. C. a restricted placeme nt. D. a fully fun ded sales. E. a sta ndard call issue. 2. An equity issue sold to the firm's existing stockholders is called: A. a rights offer. B. a gen eral cash offer. C. a private placeme nt. D. an un derpriced issue. E. an in vestme nt ban ker's issue. 3. Man ageme nt's first step in any issue of securities to the public is: A. to file a registration form with the SEC. B. to distribute copies of the prelim inary prospectus. C. to distribute copies of the final prospectus. D. to obta in approval from the board of directors. E. to prepare the tombst one advertiseme nt. 4. A rights offeri ng is: A. the issu ing of opti ons on shares to the gen eral public to acquire stock. B. the issu ing of an optio n directly to the existi ng shareholders to acquire stock. C. the issu ing of proxies which are used by shareholders to exercise their vot ing rights. D. strictly a public market claim on the compa ny which can be traded on an excha nge. E. the award ing of special perquisites to man ageme nt.

罗斯公司理财Chap002全英文试题库及答案

Chapter 02 Financial Statements and Cash Flow Answer Key Multiple Choice Questions 1.The financial statement showing a firm's accounting value on a particular date is the: A.income statement. B.balance sheet. C.statement of cash flows. D.tax reconciliation statement. E.shareholders' equity sheet. Difficulty level: Easy Topic: BALANCE SHEET Type: DEFINITIONS 2.A current asset is: A.an item currently owned by the firm. B.an item that the firm expects to own within the next year. C.an item currently owned by the firm that will convert to cash within the next 12 months. D.the amount of cash on hand the firm currently shows on its balance sheet. E.the market value of all items currently owned by the firm. Difficulty level: Easy Topic: CURRENT ASSETS Type: DEFINITIONS

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

罗斯《公司理财》（第9版）配套题库【名校考研真题（视频讲解）＋课后习题＋章节题库＋模拟试题】 目录 第一部分名校考研真题[视频讲解] 一、单选题 二、判断题 三、概念题 四、简答题 五、计算题 六、论述题 第二部分课后习题 第1篇价值 第1章公司理财导论 第2章会计报表与现金流量 第3章财务报表分析与长期计划 第2篇估值与资本预算 第4章折现现金流量估价 第5章净现值和投资评价的其他方法 第6章投资决策 第7章风险分析、实物期权和资本预算 第8章利率和债券估值

第9章股票估值 第3篇风险 第10章风险与收益：市场历史的启示第11章收益和风险：资本资产定价模型第12章套利定价理论 第13章风险、资本成本和资本预算 第4篇资本结构与股利政策 第14章有效资本市场和行为学挑战 第15章长期融资：简介 第16章资本结构：基本概念 第17章资本结构：债务运用的制约因素第18章杠杆企业的估价与资本预算 第19章股利政策和其他支付政策 第5篇长期融资 第20章公众股的发行 第21章租赁 第6篇期权、期货与公司理财 第22章期权与公司理财 第23章期权和公司理财：推广与应用第24章认股权证和可转换债券 第25章衍生品和套期保值风险 第7篇短期财务

第26章短期财务与计划 第27章现金管理 第28章信用和库存管理 第8篇理财专题 第29章收购、兼并与剥离 第30章财务困境 第31章跨国公司财务 第三部分章节题库 第1篇价值 第1章公司理财导论 第2章会计报表与现金流量 第3章财务报表分析与长期计划 第2篇估值与资本预算 第4章折现现金流量估价 第5章净现值和投资评价的其他方法 第6章投资决策 第7章风险分析、实物期权和资本预算 第8章利率和债券估值 第9章股票估值 第3篇风险 第10章风险与收益：市场历史的启示 第11章收益和风险：资本资产定价模型