罗斯公司理财题库全集

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.

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.

5. The unlevered cost of capital is:

A. the cost of capital for a firm with no equity in its capital structure.

B. the cost of capital for a firm with no debt in its capital structure.

C. the interest tax shield times pretax net income.

D. the cost of preferred stock for a firm with equal parts debt and common stock in its capital structure.

E. equal to the profit margin for a firm with some debt in its capital structure.

6. The cost of capital for a firm, rWACC, in a zero tax environment is:

A. equal to the expected earnings divided by market value of the unlevered firm.

B. equal to the rate of return for that business risk class.

C. equal to the overall rate of return required on the levered firm.

D. is constant regardless of the amount of leverage.

E. All of the above.

7. The difference between a market value balance sheet and a book value balance sheet is that a market value balance sheet:

A. places assets on the right hand side.

B. places liabilities on the left hand side.

C. does not equate the right hand with the left hand side.

D. lists items in terms of market values, not historical costs.

E. uses the market rate of return.

8. The firm's capital structure refers to:

A. the way a firm invests its assets.

B. the amount of capital in the firm.

C. the amount of dividends a firm pays.

D. the mix of debt and equity used to finance the firm's assets.

E. how much cash the firm holds.

9. A general rule for managers to follow is to set the firm's capital structure such that:

A. the firm's value is minimized.

B. the firm's value is maximized.

C. the firm's bondholders are made well off.

D. the firms suppliers of raw materials are satisfied.

E. the firms dividend payout is maximized.

10. A levered firm is a company that has:

A. Accounts Payable as the only liability on the balance sheet.

B. some debt in the capital structure.

C. all equity in the capital structure.

D. All of the above.

E. None of the above.

11. A manager should attempt to maximize the value of the firm by:

A. changing the capital structure if and only if the value of the firm increases.

B. changing the capital structure if and only if the value of the firm increases to the benefit of inside management.

C. changing the capital structure if and only if the value of the firm increases only to the benefits of the debtholders.

D. changing the capital structure if and only if the value of the firm increases although it decreases the stockholders' value.

E. changing the capital structure if and only if the value of the firm increases and stockholder wealth is constant.

12. The effect of financial leverage depends on the operating earnings of the company. Which of the following is not true?

A. Below the indifference or break-even point in EBIT the non-levered structure is superior.

B. Financial leverage increases the slope of the EPS line.

C. Above the indifference or break-even point the increase in EPS for all equity structures is less than debt-equity structures.

D. Above the indifference or break-even point the increase in EPS for all equity structures is greater than debt-equity structures.

E. The rate of return on operating assets is unaffected by leverage.

13. The Modigliani-Miller Proposition I without taxes states:

A. a firm cannot change the total value of its outstanding securities by changing its capital structure proportions.

B. when new projects are added to the firm the firm value is the sum of the old value plus the new.

C. managers can make correct corporate decisions that will satisfy all shareholders if they select projects that maximize value.

D. the determination of value must consider the timing and risk of the cash flows.

E. None of the above.

14. MM Proposition I without taxes is used to illustrate:

A. the value of an unlevered firm equals that of a levered firm.

B. that one capital structure is as good as another.

C. leverage does not affect the value of the firm.

D. capital structure changes have no effect on stockholders' welfare.

E. All of the above.

15. A key assumption of MM's Proposition I without taxes is:

A. that financial leverage increases risk.

B. that individuals can borrow on their own account at rates less than the firm.

C. that individuals must be able to borrow on their own account at rates equal to the firm.

D. managers are acting to maximize the value of the firm.

E. All of the above.

16. In an EPS-EBI graphical relationship, the slope of the debt ray is steeper than the equity ray. The debt ray has a lower intercept because:

A. more shares are outstanding for the same level of EBI.

B. the break-even point is higher with debt.

C. a fixed interest charge must be paid even at low earnings.

D. the amount of interest per share has only a positive effect on the intercept.

E. the higher the interest rate the greater the slope.

17. In an EPS-EBI graphical relationship, the debt ray and equity ray cross. At this point the equity and debt are:

A. equivalent with respect to EPS but above and below this point equity is always superior.

B. at breakeven in EPS but above this point debt increases EPS via leverage and decreases EPS below this point.

C. equal but away from breakeven equity is better as fewer shares are outstanding.

D. at breakeven and MM Proposition II states that debt is the better choice.

E. at breakeven and debt is the better choice below breakeven because small payments can be made.

18. When comparing levered vs. unlevered capital structures, leverage works to increase EPS for high levels of EBIT because:

A. interest payments on the debt vary with EBIT levels.

B. interest payments on the debt stay fixed, leaving less income to be distributed over less shares.

C. interest payments on the debt stay fixed, leaving more income to be distributed over less shares.

D. interest payments on the debt stay fixed, leaving less income to be distributed over more shares.

E. interest payments on the debt stay fixed, leaving more income to be distributed over more shares.

19. Financial leverage impacts the performance of the firm by:

A. maintaining the same level of volatility of the firm's EBIT.

B. decreasing the volatility of the firm's EBIT.

C. decreasing the volatility of the firm's net income.

D. increasing the volatility of the firm's net income.

E. None of the above.

20. The increase in risk to equityholders when financial leverage is introduced is evidenced by:

A. higher EPS as EBIT increases.

B. a higher variability of EPS with debt than all equity.

C. increased use of homemade leverage.

D. equivalence value between levered and unlevered firms in the presence of taxes.

E. None of the above.

21. The reason that MM Proposition I does not hold in the presence of corporate taxation is because:

A. levered firms pay less taxes compared with identical unlevered firms.

B. bondholders require higher rates of return compared with stockholders.

C. earnings per share are no longer relevant with taxes.

D. dividends are no longer relevant with taxes.

E. All of the above.

22. MM Proposition I with corporate taxes states that:

A. capital structure can affect firm value.

B. by raising the debt-to-equity ratio, the firm can lower its taxes and thereby increase its total value.

C. firm value is maximized at an all debt capital structure.

D. All of the above.

E. None of the above.

23. The change in firm value in the presence of corporate taxes only is:

A. positive as equityholders face a lower effective tax rate.

B. positive as equityholders gain the tax shield on the debt interest.

C. negative because of the increased risk of default and fewer shares outstanding.

D. negative because of a reduction of equity outstanding.

E. None of the above.

24. A firm should select the capital structure which:

A. produces the highest cost of capital.

B. maximizes the value of the firm.

C. minimizes taxes.

D. is fully unlevered.

E. has no debt.

25. In a world of no corporate taxes if the use of leverage does not change the value of the levered firm relative to the unlevered firm is known as:

A. MM Proposition III that the cost of stock is less than the cost of debt.

B. MM Proposition I that leverage is invariant to market value.

C. MM Proposition II that the cost of equity is always constant.

D. MM Proposition I that the market value of the firm is invariant to the capital structure.

E. MM Proposition III that there is no risk associated with leverage in a no tax world.

26. Bryan invested in Bryco, Inc. stock when the firm was financed solely with equity. The firm is now utilizing debt in its capital structure. To unlever his position, Bryan needs to:

A. borrow some money and purchase additional shares of Bryco stock.

B. maintain his current position as the debt of the firm did not affect his personal leverage position.

C. sell some shares of Bryco stock and hold the proceeds in cash.

D. sell some shares of Bryco stock and loan it out such that he creates a personal debt-equity ratio equal to that of the firm.

E. create a personal debt-equity ratio that is equal to exactly 50% of the debt-equity ratio of the firm.

27. The capital structure chosen by a firm doesn't really matter because of:

A. taxes.

B. the interest tax shield.

C. the relationship between dividends and earnings per share.

D. the effects of leverage on the cost of equity.

E. homemade leverage.

28. MM Proposition I with no tax supports the argument that:

A. business risk determines the return on assets.

B. the cost of equity rises as leverage rises.

C. it is completely irrelevant how a firm arranges its finances.

D. a firm should borrow money to the point where the tax benefit from debt is equal to the cost of the increased probability of financial distress.

E. financial risk is determined by the debt-equity ratio.

29. The proposition that the value of a levered firm is equal to the value of an unlevered firm is known as:

A. MM Proposition I with no tax.

B. MM Proposition II with no tax.

C. MM Proposition I with tax.

D. MM Proposition II with tax.

E. static theory proposition.

30. The concept of homemade leverage is most associated with:

A. MM Proposition I with no tax.

B. MM Proposition II with no tax.

C. MM Proposition I with tax.

D. MM Proposition II with tax.

E. static theory proposition.

31. Which of the following statements are correct in relation to MM Proposition II with no taxes?

I. The required return on assets is equal to the weighted average cost of capital.

II. Financial risk is determined by the debt-equity ratio.

III. Financial risk determines the return on assets.

IV. The cost of equity declines when the amount of leverage used by a firm rises.

A. I and III only

B. II and IV only

C. I and II only

D. III and IV only

E. I and IV only

32. MM Proposition I with taxes supports the theory that:

A. there is a positive linear relationship between the amount of debt in a levered firm and its value.

B. the value of a firm is inversely related to the amount of leverage used by the firm.

C. the value of an unlevered firm is equal to the value of a levered firm plus the value of the interest tax shield.

D. a firm's cost of capital is the same regardless of the mix of debt and equity used by the firm.

E. a firm's weighted average cost of capital increases as the debt-equity ratio of the firm rises.

33. MM Proposition I with taxes is based on the concept that:

A. the optimal capital structure is the one that is totally financed with equity.

B. the capital structure of the firm does not matter because investors can use homemade leverage.

C. the firm is better off with debt based on the weighted average cost of capital.

D. the value of the firm increases as total debt increases because of the interest tax shield.

E. the cost of equity increases as the debt-equity ratio of a firm increases.

34. MM Proposition II with taxes:

A. has the same general implications as MM Proposition II without taxes.

B. reveals how the interest tax shield relates to the value of a firm.

C. supports the argument that business risk is determined by the capital structure employed by a firm.

D. supports the argument that the cost of equity decreases as the debt-equity ratio increases.

E. reaches the final conclusion that the capital structure decision is irrelevant to the value of a firm.

35. MM Proposition II is the proposition that:

A. supports the argument that the capital structure of a firm is irrelevant to the value of the firm.

B. the cost of equity depends on the return on debt, the debt-equity ratio and the tax rate.

C. a firm's cost of equity capital is a positive linear function of the firm's capital structure.

D. the cost of equity is equivalent to the required return on the total assets of a firm.

E. supports the argument that the size of the pie does not depend on how the pie is sliced.

36. The interest tax shield has no value for a firm when:

I. the tax rate is equal to zero.

II. the debt-equity ratio is exactly equal to 1.

III. the firm is unlevered.

IV. a firm elects 100% equity as its capital structure.

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, and IV only

37. The interest tax shield is a key reason why:

A. the required rate of return on assets rises when debt is added to the capital structure.

B. the value of an unlevered firm is equal to the value of a levered firm.

C. the net cost of debt to a firm is generally less than the cost of equity.

D. the cost of debt is equal to the cost of equity for a levered firm.

E. firms prefer equity financing over debt financing.

38. Which of the following will tend to diminish the benefit of the interest tax shield given a progressive tax rate structure?

I. a reduction in tax rates

II. a large tax loss carryforward

III. a large depreciation tax deduction

IV. a sizeable increase in taxable income

A. I and II only

B. I and III only

C. II and III only

D. I, II, and III only

E. I, II, III, and IV

39. Thompson & Thomson is an all equity firm that has 500,000 shares of stock outstanding. The company is in the process of borrowing $8 million at 9% interest to repurchase 200,000 shares of the outstanding stock. What is the value of this firm if you ignore taxes?

A. $20.0 million

B. $20.8 million

C. $21.0 million

D. $21.2 million

E. $21.3 million

40. Uptown Interior Designs is an all equity firm that has 40,000 shares of stock outstanding. The company has decided to borrow $1 million to buy out the shares of a deceased stockholder who holds 2,500 shares. What is the total value of this firm if you ignore taxes?

A. $15.5 million

B. $15.6 million

C. $16.0 million

D. $16.8 million

E. $17.2 million

41. You own 25% of Unique Vacations, Inc. You have decided to retire and want to sell your shares in this closely held, all equity firm. The other shareholders have agreed to have the firm borrow $1.5 million to purchase your 1,000 shares of stock. What is the total value of this firm today if you ignore taxes?

A. $4.8 million

B. $5.1 million

C. $5.4 million

D. $5.7 million

E. $6.0 million

42. Your firm has a debt-equity ratio of .75. Your pre-tax cost of debt is 8.5% and your required return on assets is 15%. What is your cost of equity if you ignore taxes?

A. 11.25%

B. 12.21%

C. 16.67%

D. 19.88%

E. 21.38%

43. Bigelow, Inc. has a cost of equity of 13.56% and a pre-tax cost of debt of 7%. The required return on the assets is 11%. What is the firm's debt-equity ratio based on MM Proposition II with no taxes?

A. .60

B. .64

C. .72

D. .75

E. .80

44. The Backwoods Lumber Co. has a debt-equity ratio of .80. The firm's required return on assets is 12% and its cost of equity is 15.68%. What is the pre-tax cost of debt based on MM Proposition II with no taxes?

A. 6.76%

B. 7.00%

C. 7.25%

D. 7.40%

E. 7.50%

45. The Winter Wear Company has expected earnings before interest and taxes of $2,100, an unlevered cost of capital of 14% and a tax rate of 34%. The company also has $2,800 of debt that carries a 7% coupon. The debt is selling at par value. What is the value of this firm?

A. $9,900

B. $10,852

C. $11,748

D. $12,054

E. $12,700

46. Gail's Dance Studio is currently an all equity firm that has 80,000 shares of stock outstanding with a market price of $42 a share. The current cost of equity is 12% and the tax rate is 34%. Gail is considering adding $1 million of debt with a coupon rate of 8% to her capital structure. The debt will be sold at par value. What is the levered value of the equity?

A. $2.4 million

B. $2.7 million

C. $3.3 million

D. $3.7 million

E. $3.9 million

47. The Montana Hills Co. has expected earnings before interest and taxes of $8,100, an unlevered cost of capital of 11%, and debt with both a book and face value of $12,000. The debt has an annual 8% coupon. The tax rate is 34%. What is the value of the firm?

A. $48,600

B. $50,000

C. $52,680

D. $56,667

E. $60,600

48. Scott's Leisure Time Sports is an unlevered firm with an after-tax net income of $86,000. The unlevered cost of capital is 10% and the tax rate is 34%. What is the value of this firm?

A. $567,600

B. $781,818

C. $860,000

D. $946,000

E. $1,152,400

49. An unlevered firm has a cost of capital of 14% and earnings before interest and taxes of $150,000. A levered firm with the same operations and assets has both a book value and a face value of debt of $700,000 with a 7% annual coupon. The applicable tax rate is 35%. What is the value of the levered firm?

A. $696,429

B. $907,679

C. $941,429

D. $1,184,929

E. $1,396,429

50. The Spartan Co. has an unlevered cost of capital of 11%, a cost of debt of 8%, and a tax rate of 35%. What is the target debt-equity ratio if the targeted cost of equity is 12%?

A. .44

B. .49

C. .51

D. .56

E. .62

51. Hey Guys!, Inc. has debt with both a face and a market value of $3,000. This debt has a coupon rate of 7% and pays interest annually. The expected earnings before interest and taxes is $1,200, the tax rate is 34%, and the unlevered cost of capital is 12%. What is the firm's cost of equity?

A. 13.25%

B. 13.89%

C. 13.92%

D. 14.14%

E. 14.25%

52. Anderson's Furniture Outlet has an unlevered cost of capital of 10%, a tax rate of 34%, and expected earnings before interest and taxes of $1,600. The company has $3,000 in bonds outstanding that have an 8% coupon and pay interest annually. The bonds are selling at par value. What is the cost of equity?

A. 8.67%

B. 9.34%

C. 9.72%

D. 9.99%

E. 10.46%

53. Walter's Distributors has a cost of equity of 13.84% and an unlevered cost of capital of 12%. The company has $5,000 in debt that is selling at par value. The levered value of the firm is $12,000 and the tax rate is 34%. What is the pre-tax cost of debt?

A. 7.92%

B. 8.10%

C. 8.16%

D. 8.84%

E. 9.00%

54. Rosita's has a cost of equity of 13.8% and a pre-tax cost of debt of 8.5%. The debt-equity ratio is .60 and the tax rate is .34. What is Rosita's unlevered cost of capital?

A. 8.83%

B. 12.30%

C. 13.97%

D. 14.08%

E. 14.60%

55. Your firm has a pre-tax cost of debt of 7% and an unlevered cost of capital of 13%. Your tax rate is 35% and your cost of equity is 15.26%. What is your debt-equity ratio?

A. .43

B. .49

C. .51

D. .54

E. .58

56. Wild Flowers Express has a debt-equity ratio of .60. The pre-tax cost of debt is 9% while the unlevered cost of capital is 14%. What is the cost of equity if the tax rate is 34%?

A. 7.52%

B. 8.78%

C. 15.98%

D. 16.83%

E. 17.30%

57. Your firm has a $250,000 bond issue outstanding. These bonds have a 7% coupon, pay interest semiannually, and have a current market price equal to 103% of face value. What is the amount of the annual interest tax shield given a tax rate of 35%?

A. $6,125

B. $6,309

C. $9,500

D. $17,500

E. $18,025

58. Bertha's Boutique has 2,000 bonds outstanding with a face value of $1,000 each and a coupon rate of 9%. The interest is paid semi-annually. What is the amount of the annual interest tax shield if the tax rate is 34%?

A. $58,500

B. $60,100

C. $60,750

D. $61,200

E. $62,250

59. Juanita's Steak House has $12,000 of debt outstanding that is selling at par and has a coupon rate of 8%. The tax rate is 34%. What is the present value of the tax shield?

A. $2,823

B. $2,887

C. $4,080

D. $4,500

E. $4,633

60. A firm has debt of $5,000, equity of $16,000, a leveraged value of $8,900, a cost of debt of 8%, a cost of equity of 12%, and a tax rate of 34%. What is the firm's weighted average cost of capital?

A. 7.29%

B. 7.94%

C. 8.87%

D. 10.40%

E. 11.05%

61. A firm has zero debt in its capital structure. Its overall cost of capital is 10%. The firm is considering a new capital structure with 60% debt. The interest rate on the debt would be 8%. Assuming there are no taxes or other imperfections, its cost of equity capital with the new capital structure would be _____.

A. 9%

B. 10%

C. 13%

D. 14%

E. None of the above.

62. A firm has a debt-to-equity ratio of .60. Its cost of debt is 8%. Its overall cost of capital is 12%. What is its cost of equity if there are no taxes or other imperfections?

A. 10.0%

B. 13.5%

C. 14.4%

D. 18.0%

E. None of the above.

63. A firm has a debt-to-equity ratio of 1. Its cost of equity is 16%, and its cost of debt is 8%. If there are no taxes or other imperfections, what would be its cost of equity if the debt-to-equity ratio were 0?

A. 8%

B. 10%

C. 12%

D. 14%

E. 16%

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

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

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