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

3. The best fit line of a pairwise plot of the returns of the security against the market index returns is called the:

A. Security Market Line.

B. Capital Market Line.

C. characteristic line.

D. risk line.

E. None of the above.

Difficulty level: Medium

Topic: CHARACTERISTIC LINE

Type: DEFINITIONS

4. The use of debt is called:

A. operating leverage.

B. production leverage.

C. financial leverage.

D. total asset turnover risk.

E. business risk.

Difficulty level: Medium

Topic: USE OF DEBT

Type: DEFINITIONS

5. The weighted average cost of capital for a firm is the:

A. discount rate which the firm should apply to all of the projects it undertakes.

B. overall rate which the firm must earn on its existing assets to maintain the value of its stock.

C. rate the firm should expect to pay on its next bond issue.

D. maximum rate which the firm should require on any projects it undertakes.

E. rate of return that the firm's preferred stockholders should expect to earn over the long term. Difficulty level: Medium

Topic: WEIGHTED AVERAGE COST OF CAPITAL

Type: DEFINITIONS

6. The WACC is used to _______ the expected cash flows when the firm has ____________.

A. discount; debt and equity in the capital structure

B. discount; short term financing on the balance sheet

C. increase; debt and equity in the capital structure

D. decrease; short term financing on the balance sheet

E. None of the above.

Difficulty level: Medium

Topic: WACC

Type: CONCEPTS

7. Using the CAPM to calculate the cost of capital for a risky project assumes that:

A. using the firm's beta is the same measure of risk as the project.

B. the firm is all-equity financed.

C. the financial risk is equal to business risk.

D. Both A and B.

E. Both A and C.

Difficulty level: Medium

Topic: CAPM

Type: CONCEPTS

8. The use of WACC to select investments is acceptable when the:

A. correlation of all new projects are equal.

B. NPV is positive when discounted by the WAC

C.

C. risk of the projects are equal to the risk of the firm.

D. firm is well diversified and the unsystematic risk is negligible.

E. None of the above.

Difficulty level: Easy

Topic: WACC

Type: CONCEPTS

9. If the risk of an investment project is different than the firm's risk then:

A. you must adjust the discount rate for the project based on the firm's risk.

B. you must adjust the discount rate for the project based on the project risk.

C. you must exercise risk aversion and use the market rate.

D. an average rate across prior projects is acceptable because estimates contain errors.

E. one must have the actual data to determine any differences in the calculations. Difficulty level: Easy

Topic: DISCOUNT RATE

Type: CONCEPTS

10. If the project beta and IRR coordinates plot above the SML the project should be:

A. accepted.

B. rejected.

C. It is impossible to tell.

D. It will depend on the NPV.

E. None of the above.

Difficulty level: Medium

Topic: SECURITY MARKET LINE

Type: CONCEPTS

11. The beta of a security provides an:

A. estimate of the market risk premium.

B. estimate of the slope of the Capital Market Line.

C. estimate of the slope of the Security Market Line.

D. estimate of the systematic risk of the security.

E. None of the above.

Difficulty level: Easy

Topic: BETA

Type: CONCEPTS

12. Regression analysis can be used to estimate:

A. beta.

B. the risk-free rate.

C. standard deviation.

D. variance.

E. expected return.

Difficulty level: Easy

Topic: BETA ESTIMATION

Type: CONCEPTS

13. Beta measures depend highly on the:

A. direction of the market variance.

B. overall cycle of the market.

C. variance of the market and asset, but not their co-movement.

D. covariance of the security with the market and how they are correlated.

E. All of the above.

Difficulty level: Medium

Topic: BETA

Type: CONCEPTS

14. The formula for calculating beta is given by the dividing the ___________ of the stock with the market portfolio by the ___________ of the market portfolio.

A. variance; covariance

B. covariance; variance

C. standard deviation; variance

D. expected return; variance

E. expected return; covariance

Difficulty level: Medium

Topic: BETA

Type: CONCEPTS

15. The slope of the characteristic line is the estimated:

A. intercept.

B. beta.

C. unsystematic risk.

D. market variance.

E. market risk premium.

Difficulty level: Medium

Topic: BETA AND CHARACTERISTIC LINE

Type: CONCEPTS

16. Companies that have highly cyclical sales will have a:

A. low beta if sales are highly dependent on the market cycle.

B. high beta if sales are highly dependent on the market cycle.

C. high beta if sales are independent of the market cycle.

D. All of the above.

E. None of the above.

Difficulty level: Medium

Topic: CYCLICAL BUSINESS AND BETA

Type: CONCEPTS

17. Betas may vary substantially across an industry. The decision to use the industry or firm beta to estimate the cost of capital depends on:

A. how small the estimation errors are of all betas across industries.

B. how similar the firm's operations are to the operations of all other firms in the industry.

C. whether the company is a leader or follower.

D. the size of the company's public float.

E. None of the above.

Difficulty level: Medium

Topic: INDUSTRY OR FIRM BETA

Type: CONCEPTS

18. Beta is useful in the calculation of the:

A. company's variance.

B. company's discount rate.

C. company's standard deviation.

D. unsystematic risk.

E. company's market rate.

Difficulty level: Medium

Topic: BETA

Type: CONCEPTS

19. For a multi-product firm, if a project's beta is different from that of the overall firm, then the:

A. CAPM can no longer be used.

B. project should be discounted using the overall firm's beta.

C. project should be discounted at a rate commensurate with its own beta.

D. project should be discounted at the market rate.

E. project should be discounted at the T-bill rate.

Difficulty level: Medium

Topic: PROJECT AND FIRM BETA

Type: CONCEPTS

20. The problem of using the overall firm's beta in discounting projects of different risk is the:

A. firm would accept too many high-risk projects.

B. firm would reject too many low risk projects.

C. firm would reject too many high-risk projects.

D. firm would accept too many low risk projects.

E. Both A and B.

Difficulty level: Medium

Topic: FIRM'S BETA

Type: CONCEPTS

21. The asset beta of a levered firm is generally:

A. equal to the equity beta.

B. different from the equity beta.

C. different from the debt beta.

D. the simple average of the equity beta and debt beta.

E. Both B and C.

Difficulty level: Medium

Topic: ASSET BETA

Type: CONCEPTS

22. Comparing two otherwise equal firms, the beta of the common stock of a levered firm is ____________ than the beta of the common stock of an unlevered firm.

A. equal to

B. significantly less

C. slightly less

D. greater

E. None of the above.

Difficulty level: Medium

Topic: LEVERED VS. UNLEVERED BETA

Type: CONCEPTS

23. The beta of a firm is determined by which of the following firm characteristics?

A. Cycles in revenues

B. Operating leverage

C. Financial leverage

D. All of the above.

E. None of the above.

Difficulty level: Medium

Topic: DETERMINANTS OF BETA

Type: CONCEPTS

24. The beta of a firm is more likely to be high under what two conditions?

A. High cyclical business activity and low operating leverage

B. High cyclical business activity and high operating leverage

C. Low cyclical business activity and low financial leverage

D. Low cyclical business activity and low operating leverage

E. None of the above.

Difficulty level: Medium

Topic: FACTORS AFFECTING BETA

Type: CONCEPTS

25. A firm with cyclical earnings is characterized by:

A. revenue patterns that vary with the business cycle.

B. high levels of debt in its capital structure.

C. high fixed costs.

D. high price per unit.

E. low contribution margins.

Difficulty level: Medium

Topic: CYCLICAL EARNINGS

Type: CONCEPTS

26. A firm with high operating leverage has:

A. low fixed costs in its production process.

B. high variable costs in its production process.

C. high fixed costs in its production process.

D. high price per unit.

E. low price per unit.

Difficulty level: Medium

Topic: OPERATING LEVERAGE

Type: CONCEPTS

27. If a firm has low fixed costs relative to all other firms in the same industry, a large change in sales volume (either up or down) would have:

A. a smaller change in EBIT for the firm versus the other firms.

B. no effect in any way on the firms as volume does not effect fixed costs.

C. a decreasing effect on the cyclical nature of the business.

D. a larger change in EBIT for the firm versus the other firms.

E. None of the above.

Difficulty level: Medium

Topic: OPERATING LEVERAGE

Type: CONCEPTS

28. A firm with high operating leverage is characterized by __________ while one with high financial leverage is characterized by __________.

A. low fixed cost of production; low fixed financial costs

B. high variable cost of production; high variable financial costs

C. high fixed costs of production; high fixed financial costs

D. low costs of production; high fixed financial costs

E. high fixed costs of production; low variable financial costs

Difficulty level: Medium

Topic: OPERATING AND FINANCIAL LEVERAGE

Type: CONCEPTS

29. Firms whose revenues are strongly cyclical and whose operating leverage is high are likely to have:

A. low betas.

B. high betas.

C. zero betas.

D. negative betas.

E. None of the above.

Difficulty level: Medium

Topic: DETERMINANTS OF BETA

Type: CONCEPTS

30. An industry is likely to have a low beta if the:

A. stream of revenues is stable and less volatile than the market.

B. economy is in a recession.

C. market for its goods is unaffected by the market cycle.

D. Both A and B.

E. Both A and C.

Difficulty level: Medium

Topic: DETERMINANTS OF BETA

Type: CONCEPTS

31. For the levered firm the equity beta is __________ the asset beta.

A. greater than

B. less than

C. equal to

D. sometimes greater than and sometimes less than

E. None of the above.

Difficulty level: Medium

Topic: ASSET AND EQUITY BETAS

Type: CONCEPTS

32. All else equal, a more liquid stock will have a lower ________.

A. beta

B. market premium

C. cost of capital

D. Both A and B.

E. Both A and C.

Difficulty level: Challenge

Topic: LIQUIDITY

Type: CONCEPTS

33. Two stock market based costs of liquidity that affects the cost of capital are the:

A. bid-ask spread and the specialist spread.

B. market impact cost and the brokerage costs.

C. investor opportunity cost and the brokerage costs.

D. bid-ask spread and the market impact costs.

E. None of the above.

Difficulty level: Medium

Topic: LIQUIDITY

Type: CONCEPTS

34. When a specialist is caught in the middle of a trade between informed and uniformed traders, which effectively eliminates the spread or causes a loss, is subject to:

A. market impact costs.

B. adverse selection.

C. broker's quotation bias.

D. increasing the number of uninformed traders.

E. None of the above.

Difficulty level: Challenge

Topic: ADVERSE SELECTION

Type: CONCEPTS

35. All else equal, new shareholders will ____ the capital gains of existing shareholders.

A. dilute

B. hold constant

C. increase

D. All of the above

E. It is impossible to tell.

Difficulty level: Medium

Topic: CAPITAL GAINS

Type: CONCEPTS

36. The following are methods to estimate the market risk premium:

A. use historical data to estimate future risk premium.

B. use the dividend discount model to estimate risk premium.

C. use the bond valuation model to estimate growth in bond prices with different costs of capital.

D. A and B.

E. A and C.

Difficulty level: Medium

Topic: MARKET RISK PREMIUM

Type: CONCEPTS

37. Beta is the slope of the:

A. efficient frontier.

B. market portfolio.

C. security market line.

D. characteristic line.

E. None of the above.

Difficulty level: Medium

Topic: BETA

Type: CONCEPTS

38. Two stocks that have the same beta ____ have the same correlation because _______:

A. may; because correlation measures the sensitivity of the S&P to the market portfolio.

B. will; because correlation measures the tightness of fit around the regression line.

C. may not; because correlation measures the tightness of fit around the regression line.

D. may not; because correlation measures the sensitivity to change.

E. None of the above.

Difficulty level: Medium

Topic: BETA AND CORRELATION

Type: CONCEPTS

39. When using the cost of debt, the relevant number is the:

A. pre-tax cost of debt since most corporations pay taxes at the same tax rate.

B. pre-tax cost of debt since it is the actual rate the firm is paying bondholders.

C. post-tax cost of debt since dividends are tax deductible.

D. post-tax cost of debt since interest is tax deductible.

E. None of the above.

Difficulty level: Medium

Topic: COST OF DEBT

Type: CONCEPTS

40. Jack's Construction Co. has 80,000 bonds outstanding that are selling at par value. Bonds with similar characteristics are yielding 8.5%. The company also has 4 million shares of common stock outstanding. The stock has a beta of 1.1 and sells for $40 a share. The U.S. Treasury bill is yielding 4% and the market risk premium is 8%. Jack's tax rate is 35%. What is Jack's weighted average cost of capital?

A. 7.10%

B. 7.39%

C. 10.38%

D. 10.65%

E. 11.37%

R e = .04 + (1.1 ? .08) = .128

Debt: 80,000 ? $1,000 = $80m

Common: 4m ? $40 = $160m

Total = $80m + $160m = $240m

Difficulty level: Medium

Topic: WEIGHTED AVERAGE COST OF CAPITAL

Type: PROBLEMS

41. Peter's Audio Shop has a cost of debt of 7%, a cost of equity of 11%, and a cost of preferred stock of 8%. The firm has 104,000 shares of common stock outstanding at a market price of $20 a share. There are 40,000 shares of preferred stock outstanding at a market price of $34 a share. The bond issue has a total face value of $500,000 and sells at 102% of face value. The tax rate is 34%. What is the weighted average cost of capital for Peter's Audio Shop?

A. 6.14%

B. 6.54%

C. 8.60%

D. 9.14%

E. 9.45%

Debt: $500,000 ? 1.02 = $.51m

Preferred: 40,000 ? $34 = $1.36m

Common: 104,000 ? $20 = $2.08m

Total = $.51m + $1.36m + $2.08m = $3.95m

Difficulty level: Medium

Topic: WEIGHTED AVERAGE COST OF CAPITAL

Type: PROBLEMS

42. Phil's Carvings, Inc. wants to have a weighted average cost of capital of 9%. The firm has an after-tax cost of debt of 5% and a cost of equity of 11%. What debt-equity ratio is needed for the firm to achieve its targeted weighted average cost of capital?

A. .33

B. .40

C. .50

D. .60

E. .67

.09 = [W e? .11] + [(1 - W e) ? .05) = .11W e + .05 - .05W e; .04 = .06W e; W e = 66.67%; W d = 1 - W e = 100% - 66.67% = 33.33%; Debt - equity ratio = 33.33% ÷ 66.67% = .50

Difficulty level: Medium

Topic: WEIGHTED AVERAGE COST OF CAPITAL

Type: PROBLEMS

43. Jake's Sound Systems has 210,000 shares of common stock outstanding at a market price of $36 a share. Last month, Jake's paid an annual dividend in the amount of $1.593 per share. The dividend growth rate is 4%. Jake's also has 6,000 bonds outstanding with a face value of $1,000 per bond. The bonds carry a 7% coupon, pay interest annually, and mature in 4.89 years. The bonds are selling at 99% of face value. The company's tax rate is 34%. What is Jake's weighted average cost of capital?

A. 5.3%

B. 5.8%

C. 6.3%

D. 6.9%

E. 7.2%

Debt: 6,000 ? $1,000 ? .99 = $5.94m

Common: 210,000 ? $36 = $7.56m

Total = $5.94m + $7.56m = $13.50m

R e = [($1.593 ? 1.04) ÷ $36] + .04 = .08602

Difficulty level: Medium

Topic: WEIGHTED AVERAGE COST OF CAPITAL

Type: PROBLEMS

44. The Consolidated Transfer Co. is an all-equity financed firm. The beta is .75, the market risk premium is 8% and the risk-free rate is 4%. What is the expected return of Consolidated?

A. 7%

B. 8%

C. 9%

D. 10%

E. 13%

.04 + 0.75(.08) = .10 = 10%

Difficulty level: Easy

Topic: CAPM

Type: PROBLEMS

45. Assuming the CAPM or one-factor model holds, what is the cost of equity for a firm if the firm's equity has a beta of 1.2, the risk-free rate of return is 2%, the expected return on the market is 9%, and the return to the company's debt is 7%?

A. 10.4%

B. 10.8%

C. 12.8%

D. 14.4%

E. None of the above.

Rs = Rf + β(Rm - Rf) = .02 + 1.2(.09 - .02) = .104 = 10.4%

Difficulty level: Medium

Topic: CAPM

Type: PROBLEMS

46. The cost of equity for Ryan Corporation is 8.4%. If the expected return on the market is 10% and the risk-free rate is 5%, then the equity beta is ___.

A. 0.48

B. 0.68

C. 1.25

D. 1.68

E. Impossible to calculate with information given.

Rs = Rf + β (Rm - Rf); .084 = .05 + β (.10 - .05); β = .68

Difficulty level: Medium

Topic: EQUITY BETA

Type: PROBLEMS

47. Suppose that the Simmons Corporation's common stock has a beta of 1.6. If the risk-free rate is 5% and the market risk premium is 4%, the expected return on Simmons' common stock is:

A. 4.0%.

B. 5.0%.

C. 5.6%.

D. 10.6%.

E. 11.4%.

Rs = Rf + β(Rm - Rf) = .05 + 1.6(.04) = .114 = 11.4%

Difficulty level: Easy

Topic: CAPM

Type: PROBLEMS

48. Suppose the Barges Corporation's common stock has an expected return of 12%. Assume that the risk-free rate is 5%, and the market risk premium is 6%. If no unsystematic influence affected Barges' return, the beta for Barges is ______.

A. 1.00

B. 1.17

C. 1.20

D. 2.50

E. It is impossible to calculate with the information given.

Rs = Rf + β(Rm - Rf); .12 = .05 + β(.06); β = .07/.06 = 1.17

Difficulty level: Medium

Topic: CALCULATING BETA

Type: PROBLEMS

49. Slippery Slope Roof Contracting has an equity beta of 1.2, capital structure with 2/3 debt, and a zero tax rate. What is its asset beta?

A. 0.40

B. 0.72

C. 1.20

D. 1.80

E. None of the above

βA = (E/(D + E.) βE = (1/3)(1.2) = .40

Difficulty level: Medium

Topic: ASSET BETA

Type: PROBLEMS

50. The Template Corporation has an equity beta of 1.2 and a debt beta of .8. The firm's market value debt to equity ratio is .6. Template has a zero tax rate. What is the asset beta?

A. 0.70

B. 0.72

C. 0.96

D. 1.04

E. 1.05

.8(.6/1.6) + 1.2(1/1.6) = 1.05

Difficulty level: Medium

Topic: ASSET BETA

Type: PROBLEMS

51. The NuPress Valet Co. has an improved version of its hotel stand. The investment cost is expected to be $72 million and will return $13.5 million for 5 years in net cash flows. The ratio of debt to equity is 1 to 1. The cost of equity is 13%, the cost of debt is 9%, and the tax rate is 34%. The appropriate discount rate, assuming average risk, is:

A. 8.65%

B. 9%

C. 9.47%

D. 10.5%

E. 13%

WACC = .09(1 - .34)(.5) + .13(.5) = .0297 + .065 = .0947 = 9.47%

Difficulty level: Easy

Topic: WACC

Type: PROBLEMS

Essay Questions

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.

(完整版)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

罗斯公司理财题库全集

Chapter 30 Financial Distress Multiple Choice Questions 1. Financial distress can be best described by which of the following situations in which the firm is forced to take corrective action? A. Cash payments are delayed to creditors. B. The market value of the stock declines by 10%. C. The firm's operating cash flow is insufficient to pay current obligations. D. Cash distributions are eliminated because the board of directors considers the surplus account to be low. E. None of the above. 2. Insolvency can be defined as: A. not having cash. B. being illiquid. C. an inability to pay one's debts. D. an inability to increase one's debts. E. the present value of payments being less than assets. 3. Stock-based insolvency is a: A. income statement measurement. B. balance sheet measurement. C. a book value measurement only. D. Both A and C. E. Both B and C. 4. Flow-based insolvency is: A. a balance sheet measurement. B. a negative equity position. C. when operating cash flow is insufficient to meet current obligations. D. inability to pay one's debts. E. Both C and D.

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。

罗斯公司理财题库cha16

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. 4. The tax savings of the firm derived from the deductibility of interest expense is called the: A. interest tax shield. B. depreciable basis. C. financing umbrella. D. current yield. E. tax-loss carry forward savings.

英文版罗斯公司理财习题答案Chap013

CHAPTER 13 CORPORATE FINANCING DECISIONS AND EFFICIENT CAPITAL MARKETS Answers to Concepts Review and Critical Thinking Questions 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 the semi- 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. Fals e. 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.

英文版罗斯公司理财习题答案Chap020

CHAPTER 20 INTERNATIONAL CORPORATE FINANCE Answers to Concepts Review and Critical Thinking Questions 1. a. The dollar is selling at a premium because it is more expensive in the forward market than in the spot market (SFr 1.53 versus SFr 1.50). b.The franc is expected to depreciate relative to the dollar because it will take more francs to buy one dollar in the future than it does today. c.Inflation in Switzerland is higher than in the United States, as are nominal interest rates. 2.The exchange rate will increase, as it will take progressively more pesos to purchase a dollar. This is the relative PPP relationship. 3.a.The Australian dollar is expected to weaken relative to the dollar, because it will take more A$ in the future to buy one dollar than it does today. b.The inflation rate in Australia is higher. c.Nominal interest rates in Australia are higher; relative real rates in the two countries are the same. 4. A Yankee bond is most accurately described by d. 5. No. For example, if a cou ntry’s currency strengthens, imports bee cheaper (good), but its exports bee more expensive for others to buy (bad). The reverse is true for currency depreciation. 6.Additional advantages include being closer to the final consumer and, thereby, saving on transportation, significantly lower wages, and less exposure to exchange rate risk. Disadvantages include political risk and costs of supervising distant operations. 7. One key thing to remember is that dividend payments are made in the home currency. More generally, it may be that the owners of the multinational are primarily domestic and are ultimately concerned about their wealth denominated in their home currency because, unlike a multinational, they are not internationally diversified.

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

英文版罗斯公司理财习题答案

CHAPTER 8 MAKING CAPITAL INVESTMENT DECISIONS Answers to Concepts Review and Critical Thinking Questions 1. In this context, an opportunity cost refers to the value of an asset or other input that will be used in a project. The relevant cost is what the asset or input is actually worth today, not, for example, what it cost to acquire. 2. a.Yes, the reduction in the sales of the company’s other products, referred to as erosion, and should be treated as an incremental cash flow. These lost sales are included because they are a cost (a revenue reduction) that the firm must bear if it chooses to produce the new product. b. Yes, expenditures on plant and equipment should be treated as incremental cash flows. These are costs of the new product line. However, if these expenditures have already occurred, they are sunk costs and are not included as incremental cash flows. c. No, the research and development costs should not be treated as incremental cash flows. The costs of research and development undertaken on the product during the past 3 years are sunk costs and should not be included in the evaluation of the project. Decisions made and costs incurred in the past cannot be changed. They should not affect the decision to accept or reject the project. d. Yes, the annual depreciation expense should be treated as an incremental cash flow. Depreciation expense must be taken into account when calculating the cash flows related to a given project. While depreciation is not a cash expense that directly affects c ash flow, it decreases a firm’s net

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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.

罗斯公司理财第六章投资决策课后习题答案

1.阐述一下机会成本的定义 答：某项资产用于某个新项目，则会丧失了其他方式所能带来的潜在收入，这些丧失被认作机会成本 2.在计算投资项目的NPV时，下边哪个可以被看成是增量现金流？ （1）新的产品所带来的公司的其他产品的销售的下滑 （2）只有新的项目被接受，才会开始投入建造的机器和厂房 （3）过去的3年发生的和新项目相关的研发费用 （4）新项目每年的折旧费用 （5）公司发放的股利 （6）新项目结束时，销售厂房和机器设备的收入 （7）如果新项目被接受，那么需要支付的新雇佣员工的薪水和医疗保险费用 答：这里的增量的现金流量可以为负数，而且查看一个项目的增量现金流量主要应该看这些现金流量是否专属于这个项目但也有例外如侵蚀效应、沉没成本和折旧 （1）是副效应中的侵蚀效应当算入增量现金流只不过它是负数而已；（2）固定资产的投资当然应担算入增量现金流它也为负数；（3）过去三年的新项目相关的研发费用属于沉没不能算作当前评估项目的增量现金流；（4）折旧费用本来不会直接的带来项目的增量现金流，但是它抵减了税款，间接的提供了增量现金流故应当算作项目的增量现金流； （5）公司的发放的股利应为不属于这个项目的专属现金流量，故不能算作项目的增量现金流量；（6）应当算作项目的增量现金流量，因为它专属于这个项目（7）项目的员工的工资因为专属于这个项目故应当算作该项目的增量现金流量 3.你的公司现在生产和销售钢制的高尔夫球杆。公司董事会建议你考虑生产钛合金和石墨 制的高尔夫球杆，下列哪一项不会产生增量现金流。（1）自有土地可以被用来建设新厂房，但是新项目如果不被接受，该土地将以市场价700000美元出售；（2）如果钛合金和石墨制的高尔夫球杆被接受，则钢制的高尔夫球杆的销售额可能会下降300000美元； （3）去年用在石墨高尔夫球杆上的研发费用为200000 答：对于（1）属于机会成本应当算入项目的增量现金流（2）属于副效应中的侵蚀效应应当算入项目的增量现金流；（3）属于沉没成本，不应当算入项目的增量现金流 4.如果可以选择，你更愿意接受直线折旧法还是改进的加速成本折旧法？为什么 答：应该更加偏向于加速成本折旧法，因为它在前期产生了更多的折旧额，抵减了更多的税款（从货币的时间价值上来说） 5.我们在前面套路资本预算的时候，我们假设投资项目的营运资本都能够回收。这是一个 在实践中可以接受的假设吗？如果不可以将会出现什么情况 答：这只是一个理想化的假设，在实践中不能被接受，在生产规模不变的情况下总会有不能回收的应收账款或者应收票据，存货总有没有售完的，在此两种的情况下营运资本都不能完成回收，但是如果流动负债的额度大于应收账款和应收票据和存货占用资金的总额的话，又可以完成回收营运资本（这种情况比较少见） 6.说实话这道题翻译得很不好，参考了一下英文原版的答案，我发现这道题应该是这样的 “我们把项目看成一个mini的小公司，我们做资本预算时只会看这个公司的盈利能力如何也就是现金流入和现金流出怎么样，而不会去管它的资本结构是怎样的” 答：这个经理的说法在公司层面上是可以接受的，不管的项目的资金来源是权益融资还是债务融资，它应经客观存在了属于沉没成本（我是这么理解的），根据独立性原则，一个项目的评价是和资本费用无关的 7.当两个项目或多个项目是互斥项目且具有不同的生命周期时使用EAC，因为两个项目具 有不同生命周期，单纯的使用NPV方法可能会存在误导性，比如书上124页关于体育设

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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