公司理财原版题库Chap010

Chapter 10

Return and Risk: The Capital-Assets-Pricing Model Multiple Choice Questions

1. When a security is added to a portfolio the appropriate return and risk contributions are

A) the expected return of the asset and its standard deviation.

B) the expected return and the variance.

C) the expected return and the beta.

D) the historical return and the beta.

E) these both can not be measured.

Answer: C Difficulty: Medium Page: 255

2. When stocks with the same expected return are combined into a portfolio

A) the expected return of the portfolio is less than the weighted average expected return of the

stocks.

B) the expected return of the portfolio is greater than the weighted average expected return of the

stocks.

C) the expected return of the portfolio is equal to the weighted average expected return of the

stocks.

D) there is no relationship between the expected return of the portfolio and the expected return of

the stocks.

E) None of the above.

Answer: C Difficulty: Easy Page: 261

3. Covariance measures the interrelationship between two securities in terms of

A) both expected return and direction of return movement.

B) both size and direction of return movement.

C) the standard deviation of returns.

D) both expected return and size of return movements.

E) the correlations of returns.

Answer: B Difficulty: Medium Page: 258-259

Use the following to answer questions 4-5:

GenLabs has been a hot stock the last few years, but is risky. The expected returns for GenLabs are highly dependent on the state of the economy as follows:

State of Economy Probability GenLabs Returns

Depression .05 -50%

Recession .10 -15

Mild Slowdown .20 5

Normal .30 15%

Broad Expansion .20 25

Strong Expansion .15 40

4. The expected return on GenLabs is:

A) 3.3%

B) 8.5%

C) 12.5%

D) 20.5%

E) None of the above.

Answer: C Difficulty: Medium Page: 256

Rationale:

E(r) = .05(-.5) + .10(-.15) + .2(.05) + .3(.15) + .2(.25) + .15(.40) = .125 = 12.5%

5. The variance of GenLabs returns is

A) .0207

B) .0428

C) .0643

D) .0733

E) None of the above.

Answer: B Difficulty: Medium Page: 256-257

Rationale:

.05(-.50 - .125)2 + .1(-.15 - .125)2 + .2(.05 - .125)2 + .3(.15 - .125)2 + .2(.25 - .125)2 + .15(.40 - .125)2 = .0428

6. The standard deviation of GenLabs returns is

A) .0845

B) .2069

C) .3065

D) .3358

E) None of the above.

Answer: B Difficulty: Medium Page: 256-257

Rationale:

.05(-.50 - .125)2 + .1(-.15 - .125)2 + .2(.05 - .125)2 + .3(.15 - .125)2 + .2(.25 - .125)2 + .15(.40 - .125)2 = .0428

(.0428) = .2069

7. The correlation between two stocks

A) can take in positive values.

B) can take on negative values.

C) cannot be greater than 1.

D) cannot be less than -1.

E) All of the above.

Answer: E Difficulty: Medium Page: 260-261

8. If the correlation between two stocks is –1, the returns

A) generally move in the same direction.

B) move perfectly opposite one another.

C) are unrelated to one another as it is < 0.

D) have standard deviations of equal size but opposite signs.

E) None of the above.

Answer: B Difficulty: Medium Page: 260

9. Stock A has an expected return of 20%, and stock B has an expected return of 4%. However, the

risk of stock A as measured by its variance is 3 times that of stock B. If the two stocks are

combined equally in a portfolio, what would be the portfolio's expected return?

A) 4%

B) 12%

C) 20%

D) Greater than 20%

E) Need more information to answer.

Answer: B Difficulty: Medium Page: 262

Rationale:

Rp = 20(.5) + 4(.5) = 12%

Use the following to answer questions 10-14:

Idaho Slopes (IS) and Dakota Steppes (DS) are both seasonal businesses. IS is a downhill skiing facility, while DS is a tour company that specializes in walking tours and camping. The equally likely returns on each company over the next year is expected to be:

Economy Idaho Slopes Dakota Steppes

Strong Downturn -10% 2%

Mild Downturn - 4% 7%

Slow Growth 4% 6%

Moderate Growth 12% 4%

Strong Growth 20% 4%

10. The mean expected returns of Idaho Slopes and Dakota Steppes are

A) 4.0%; 6.0%

B) 4.4%; 4.6%

C) 5.5%; 5.8%

D) 10.0%; 6.0%

E) None of the above

Answer: B Difficulty: Medium Page: 256

Rationale:

IS = (-10%-4%+4%+12%+20%)/5 = 4.4%

DS = (2%+7%+6%+4%+4%)/5 = 4.6%

11. The variances of Idaho Slopes and Dakota Steppes are

A) .0145; .00038

B) .011584; .000304

C) .006454; .000154

D) .0008068; .000193

E) None of the above

Answer: B Difficulty: Hard Page: 256-257

Rationale:

2IS = .2 = 0.011584

2DS = .2 = .000304

12. The covariance between the Idaho Slopes and Dakota Steppes returns is

A) .00187

B) .00240

C) .00028

D) .000056

E) None of the above

Answer: C Difficulty: Hard Page: 258-259

Rationale:

ISDS = = .00028

13. If Idaho Slopes and Dakota Steppes are combined in a portfolio with 50% invested in each, the

expected return and risk would be?

A) 4.5%; 0%

B) 4.5%; 5.48%

C) 5.0%; 0%

D) 5.625%; 37.2%

E) 8.0%; 8.2%

Answer: B Difficulty: Hard Page: 261-262

Rationale:

Rp = .5(.044) + .5(.046) = .045 = 4.5%

p = .5 = .05477 = 5.48%

14. The correlation between stocks A and B is the

A) covariance between A and B divided by the standard deviation of A times the standard

deviation of B.

B) standard deviation A divided by the standard deviation of B.

C) standard deviation of B divided by the covariance between A and B.

D) variance of A plus the variance of B dividend by the covariance.

E) None of the above.

Answer: A Difficulty: Medium Page: 260

15. A portfolio is entirely invested into Buzz's Bauxite Boring Equity, which is expected to return 16%,

and Zum's Inc. bonds, which are expected to return 8%. Sixty percent of the funds are invested in Buzz's and the rest in Zum's. What is the expected return on the portfolio?

A) 6.4%

B) 9.6%

C) 12.8%

D) 24.2%

E) Need additional information.

Answer: C Difficulty: Medium Page: 262

Rationale:

R p = .60(R Buzz)+.40(R Zum) = .60(16%) + .40(8%) = 12.8%

16. You have plotted the data for two securities over time on the same graph, ie., the month return of

each security for the last 5 years. If the pattern of the movements of the two securities rose and fell as the other did, these two securities would have

A) no correlation at all.

B) a weak negative correlation.

C) a strong negative correlation.

D) a strong positive correlation.

E) one can not get any idea of the correlation from a graph.

Answer: D Difficulty: Easy Page: 260

17. If the covariance of stock 1 with stock 2 is -.0065, then what is the covariance of stock 2 with stock

1?

A) -.0065

B) +.0065

C) greater than +.0065

D) less than -.0065

E) Need additional information.

Answer: A Difficulty: Medium Page: 258-259

18. If you have a portfolio of two risky stocks which turns out to have no diversification benefit. The

reason you have no diversification is the returns

A) are too small.

B) move perfectly opposite of one another.

C) are too large to offset.

D) move perfectly with one another.

E) are completely unrelated to one another.

Answer: D Difficulty: Easy Page: 264

19. A portfolio will usually contain

A) one riskless asset.

B) one risky asset.

C) two or more assets.

D) no assets.

E) None of the above.

Answer: C Difficulty: Easy Page: 261

20. The variance of Stock A is .004, the variance of the market is .007 and the covariance between the

two is .0026. What is the correlation coefficient?

A) .9285

B) .8542

C) .5010

D) .4913

E) .3510

Answer: D Difficulty: Medium Page: 260

Rationale:

Standard deviation of B = .06325, Standard deviation of the market = .08366

CORR = COV/(SDA)(SDM) = .0026/(.06325)(.08366) = .4913

21. If the correlation between two stocks is +1, then a portfolio combining these two stocks will have a

variance that is

A) less than the weighted average of the two individual variances.

B) greater than the weighted average of the two individual variances.

C) equal to the weighted average of the two individual variances.

D) less than or equal to average variance of the two weighted variances, depending on other

information.

E) None of the above.

Answer: C Difficulty: Medium Page: 264

22. The opportunity set of portfolios is

A) all possible return combinations of those securities.

B) all possible risk combinations of those securities.

C) all possible risk-return combinations of those securities.

D) the best or highest risk-return combination.

E) the lowest risk-return combination.

Answer: C Difficulty: Medium Page: 267

23. A portfolio has 50% of its funds invested in Security One and 50% of its funds invested in Security

Two. Security One has a standard deviation of 6. Security Two has a standard deviation of 12. The securities have a coefficient of correlation of .5. Which of the following values is closest to

portfolio variance?

A) .0027

B) .0063

C) .0095

D) .0104

E) One must have covariance to calculate expected value.

Answer: B Difficulty: Medium Page: 262

Rationale: Var. = .52(.06)2 + .52(.12)2 + 2(.5)(.5)(.5)(6)(12) = .0009 + .0036 + .0018 = .0063

24. A portfolio has 25% of its funds invested in Security C and 75% of its funds invested in Security D.

Security C has an expected return of 8% and a standard deviation of 6. Security D has an expected return of 10% and a standard deviation of 10. The securities have a coefficient of correlation of .6.

Which of the following values is closest to portfolio return and variance?

A) .090; .0081

B) .095; .001675

C) .095; .0072

D) .100; .00849

E) Cannot calculate without the number of covariance terms.

Answer: C Difficulty: Medium Page: 261-262

Rationale:

E(R) = .25(.08) + .75(.10) = .095 = 9.5%

Variance = .252(.06)2 + .752(.10)2 + 2(.25)(.75)(.06)(.60)(.10) = .0072

25. When many assets are included in a portfolio or index the risk of the portfolio or index will be

A) greater than the risk of the securities because the correlations are greater than 1.

B) equal to the risk of the securities because the correlations are equal to 1.

C) less than the risk of the securities because the correlations are usually less than 1.

D) unaffected by the risk of securities because their correlations are less than 1.

E) None of the above.

Answer: C Difficulty: Medium Page: 264

26. The efficient set of portfolios

A) contains the portfolio combinations with the highest return for a given level of risk.

B) contains the portfolio combinations with the lowest risk for a given level of return.

C) is the lowest overall risk portfolio.

D) Both A and B

E) Both A and C.

Answer: D Difficulty: Medium Page: 267

27. Diversification can effectively reduce risk. Once a portfolio is diversified the type of risk

remaining is

A) individual security risk.

B) riskless security risk.

C) risk related to the market portfolio.

D) total standard deviations.

E) None of the above.

Answer: C Difficulty: Easy Page: 274

28. For a highly diversified equally weighted portfolio with a large number of securities, the portfolio

variance is

A) the average covariance.

B) the average expected value.

C) the average variance.

D) the weighted average expected value.

E) the weighted average variance.

Answer: A Difficulty: Medium Page: 273-274

29. A well-diversified portfolio has negligible

A) expected return.

B) systematic risk.

C) unsystematic risk.

D) variance.

E) Both C and D.

Answer: C Difficulty: Easy Page: 274

30. The CML is the pricing relationship between

A) efficient portfolios and beta.

B) the risk-free asset and standard deviation of the portfolio return.

C) the optimal portfolio and the standard deviation of portfolio return.

D) beta and the standard deviation of portfolio return.

E) None of the above.

Answer: C Difficulty: Medium Page: 279

31. The SML is the equilibrium pricing relationship for

A) efficient portfolios.

B) single securities.

C) inefficient portfolios.

D) All of the above.

E) None of the above.

Answer: D Difficulty: Easy Page: 285-286

32. A typical investor is assumed to be

A) a fair gambler.

B) a gambler.

C) a single security holder.

D) risk averse.

E) risk neutral.

Answer: D Difficulty: Medium Page: 275

33. You've owned a share of stock for 6 years. It returned 5% in 3 of those years and -5% in the other

3. What was the variance?

A) 0

B) .0015

C) .0030

D) .0150

E) .0400

Answer: C Difficulty: Medium Page: 256-257

Rationale:

VAR= {(5-0)2 + (5-0)2 +(5-0)2 + (5-0)2 +(5-0)2 + (5-0)2/5 - 30

34. The total number of variance and covariance terms in portfolio is N2. How many of these would be

(including non-unique) covariance's?

A) N

B) N2

C) N2 - N

D) N2 - N/2

E) None of the above.

Answer: C Difficulty: Medium Page: 272

35. Total risk can be divided into

A) standard deviation and variance.

B) standard deviation and covariance.

C) portfolio risk and beta.

D) systematic risk and unsystematic risk.

E) portfolio risk and covariance.

Answer: D Difficulty: Easy Page: 274

36. Beta measures

A) the ability to diversify risk.

B) how an asset covaries with the market.

C) the actual return on an asset.

D) the standard of the assets' returns.

E) All of the above.

Answer: B Difficulty: Medium Page: 283

37. The dominant portfolio with the lowest possible risk measures is

A) the efficient frontier.

B) the minimum variance portfolio.

C) the upper tail of the efficient set.

D) the tangency portfolio.

E) None of the above.

Answer: B Difficulty: Medium Page: 266

38. The measure of beta associates most closely with

A) idiosyncratic risk.

B) risk-free return.

C) systematic risk.

D) unexpected risk.

E) unsystematic risk.

Answer: C Difficulty: Easy Page: 269

39. An efficient set of portfolios is

A) the complete opportunity set.

B) the portion of the opportunity set below the minimum variance portfolio.

C) only the minimum variance portfolio.

D) the dominant portion of the opportunity set.

E) only the maximum return portfolio.

Answer: D Difficulty: Medium Page: 270

40. A stock with a beta of zero would be expected to have a rate of return equal to

A) the risk-free rate.

B) the market rate.

C) the prime rate.

D) the average AAA bond.

E) None of the above.

Answer: A Difficulty: Medium Page: 285

41. The combination of the efficient set of portfolios with a riskless lending and borrowing rate results

in

A) the capital market line which shows that all investors will only invest in the riskless asset.

B) the capital market line which shows that all investors will invest in a combination of the

riskless asset and the tangency portfolio.

C) the security market line which shows that all investors will invest in the riskless asset only.

D) the security market line which shows that all investors will invest in a combination of the

riskless asset and the tangency portfolio.

E) None of the above.

Answer: B Difficulty: Medium Page: 278

42. According to the CAPM

A) the expected return on a security is negatively and non-linearly related to the security's beta.

B) the expected return on a security is negatively and linearly related to the security's beta.

C) the expected return on a security is positively and linearly related to the security's variance.

D) the expected return on a security is positively and non-linearly related to the security's beta.

E) the expected return on a security is positively and linearly related to the security's beta.

Answer: E Difficulty: Easy Page: 282

43. The diversification effect of a portfolio of two stocks

A) increases as the correlation between the stocks declines.

B) increases as the correlation between the stocks rises.

C) decreases as the correlation between the stocks rises.

D) Both A and C.

E) None of the above.

Answer: A Difficulty: Medium Page: 266

44. The elements along the diagonal of the Variance / Covariance matrix are

A) covariances.

B) security weights.

C) security selections.

D) variances.

E) None of the above.

Answer: D Difficulty: Medium Page: 272

45. The elements in the off-diagonal positions of the Variance / Covariance matrix are

A) covariances.

B) security selections.

C) variances.

D) security weights.

E) None of the above.

Answer: A Difficulty: Medium Page: 272

46. The separation principle states that an investor will

A) choose any efficient portfolio and invest some amount in the riskless asset to generate the

expected return.

B) choose an efficient portfolio based on individual risk tolerance or utility.

C) never choose to invest in the riskless asset because the expected return on the riskless asset is

lower over time.

D) invest only in the riskless asset and tangency portfolio choosing the weights based on

individual risk tolerance.

E) All of the above.

Answer: D Difficulty: Medium

47. The beta of a security is calculated by

A) dividing the covariance of the security with the market by the variance of the market.

B) dividing the correlation of the security with the market by the variance of the market.

C) dividing the variance of the market by the covariance of the security with the market.

D) dividing the variance of the market by the correlation of the security with the market.

E) None of the above.

Answer: A Difficulty: Medium Page: 283

48. If investors possess homogeneous expectations over all assets in the market portfolio, when riskless

lending and borrowing is allowed, the market portfolio is defined to

A) be the same portfolio of risky assets chosen by all investors.

B) have the securities weighted by their market value proportions.

C) be a diversified portfolio.

D) All of the above.

E) None of the above.

Answer: D Difficulty: Medium Page: 280

49. A portfolio contains two assets. The first asset comprises 40% of the portfolio and has a beta of 1.2.

The other asset has a beta of 1.5. The portfolio beta is

A) 1.35

B) 1.38

C) 1.42

D) 1.50

E) 1.55

Answer: B Difficulty: Medium Page: 287

Rationale:

βp = .4(1.2)+.6(1.5)=1.38

50. A portfolio contains four assets. Asset 1 has a beta of .8 and comprises 30% of the portfolio. Asset

2 has a beta of 1.1 and comprises 30% of the portfolio. Asset

3 has a beta of 1.5 and comprises 20%

of the portfolio. Asset 4 has a beta of 1.6 and comprises the remaining 20% of the portfolio. If the riskless rate is expected to be 3% and the market risk premium is 6%, what is the beta of the

portfolio?

A) 0.80

B) 1.10

C) 1.19

D) 1.25

E) 1.40

Answer: C Difficulty: Hard Page: 287

Rationale:

βp = .3(.8)+.3(1.1)+.2(1.5)+.2(1.6)=1.19

51. The characteristic line is graphically depicted as

A) the plot of the relationship between beta and expected return.

B) the plot of the returns of the security against the beta.

C) the plot of the security returns against the market index returns.

D) the plot of the beta against the market index returns.

E) None of the above.

Answer: C Difficulty: Medium Page: 281-282

52. Recent research by Fama and French calls into questions the CAPM because they find

A) average security returns are negatively related to the firm P/E and M/B ratios.

B) P/E and M/B are only two of several factors explaining average returns.

C) a weak relationship between average returns and beta for 1941 to 1990 and no relationship

from 1963 to 1990.

D) Both A and C.

E) Both B and C.

Answer: D Difficulty: Hard Page: 295

53. Further study to evaluate the Fama-French results and the CAPM are needed because

A) P/E and M/B may be two of a large set of factors which were found due to hindsight bias.

B) A positive relationship is found over the period 1927 to 1990 indicating more than 50 years of

data are necessary for proper CAPM testing.

C) Annual data based estimates of beta show positive relationships to average returns, while

monthly betas do not.

D) All of the above.

E) None of the above.

Answer: D Difficulty: Hard Page: 295-296

Essay Questions

54. Given the following data:

Year Returns – Ink, Inc. Returns – S & P 500 1 10% 15% 2 0% -2% 3 -5% -2% 4 15 10% 5 5% 0%

Calculate the covariance between Ink and the S&P 500.

Difficulty: Hard Page: 258-259 Answer:

R I I

R

R I - I

R R SP SP R R SP –SP R

.10 .05 .05 .15 .042

.108 .00 .05 -.05 -.02 .042 -.062 -.05 .05 -.10 -.02 .042 -.062 .15 .05 .10 .10 .042 .058 .05

.05

.00 .00 .0421

-.042

(R I - I R ) x (R SP –SP R )

.05 x.108 .0054 -.05 x -.062 .0031 -.10 x -.062 .0062 .10 x .058 .0058

0 x -.402

.0205/5=.0041

55. A portfolio is made up of 75% of stock 1, and 25% of stock 2. Stock 1 has a variance of .08, and

stock 2 has a variance of .035. The covariance between the stocks is -.001. Calculate both the variance and the standard deviation of the portfolio. Difficulty: Medium Page: 262 Answer: σ2 = (.75)2(.08) + (.25)2(.035) + 2(.25)(.75)(-.001) = .0468 σ = .2163

56. Illustrate and explain the impact of adding securities to a portfolio assuming the securities are of

average correlation with each other. Difficulty: Medium Page: 274

Answer:

As N increases, portfolio risk decreases. As N gets large, portfolio risk approaches the market risk.

For details please refer to the text Figure 10.7 page 274.

57. Given the following information on 3 stocks:

Stock A Stock B Stock C T-Bills Market Port

Exp. Return .19 .15 .09 .07 .18

Variance .0200 .1196 .0205 .0000 .0064

Covariance with

Mkt Portfolio .007 .0045 .0013 .0000 .0064

Using the CAPM, calculate the expected return for Stock's A, B, and C. Which stocks would you recommend purchasing?

Difficulty: Hard Page: 285-287

Answer:

B A = .0070/.0064 = 1.094; ra = .07 + (.18-.07)1.094 = .1903

B B = .0045/.0064 = 0.703; rb = .07 + (.18-.07)0.703 = .1473

B C = .0013/.0064 = 0.203; rc = .07 + (.18-.07)0.203 = .0.923

Indifferent on A as .1903 = .19.

Would buy B as .15 > .1473.

Would not buy C as .09 < .0923.

58. Returns for the IC Company and for the S&P 500 Index over the previous 4-year period are given

below:

Year IC Co. S & P 500

1 30% 17%

2 0% 20%

3 -8% 7%

4 0% 5%

What are the average returns on IC and on the S&P 500 index? If you had invested $1.00 in IC, how much would you have had after 4 years? What is the correlation between the returns on IC and the S&P?

Difficulty: Medium Page: 259

Answer:

Average return is 22/4 = 5.5% for IC and 49/4 = 12.25% for the S&P.

After 4 years $1.00 in IC grows to $1.00(1.30)(.92) = 1.196 = $1.20.

For n=4

σIC = 14.52, σSP = 6.38, σIC,SP = 46.125, determining ( r IC,SP ) =0.498

For n-1 = 3

σIC = 16.76 σSP = 7.37 σIC,SP = 61.50 determining (r IC,SP ) =. 498

59. Draw and explain the relationship between the opportunity set for a two asset portfolio when the

correlation is: [Choose from -1, -.5, 0, +.5, and +1] Difficulty: Hard Page: 267-268 Answer: ? Opportunity set is made up of a portfolio of two asset combinations with weights from (0,100) to (100,0). ? Upper point--maximum return portfolio, 100% in highest return sec. ? Inflection point--minimum variance portfolio ? See diagram, pg. 267

MRP

Std. Deviation

Rp

Opportunity Set

Between the MVP (Minimum Variance Portfolio) and

the MRP (Maximum Return Portfolio) is the efficient set of portfolios.

60. The diagram below represents an opportunity set for a two asset combination. Indicate the correct

efficient set with labels; explain why it is so. Difficulty: Hard Page: 267-268 Answer: ? Efficient set is portion of opportunity set that dominates. ? Provides maximum return for given risk or converse.

MRP

Std. Deviation

Rp

Opportunity Set

A is on the efficient frontier with the best return to risk combination. Portfolios

on the frontier dominate all other portfolios. A dominates both B and C. B has a higher standard deviation for the same return while C has a lower return for the same standard deviation.

A

B

C

X

X

公司理财原版题库Chap010

Chapter 10 Return and Risk: The Capital-Assets-Pricing Model Multiple Choice Questions 1. When a security is added to a portfolio the appropriate return and risk contributions are A) the expected return of the asset and its standard deviation. B) the expected return and the variance. C) the expected return and the beta. D) the historical return and the beta. E) these both can not be measured. Answer: C Difficulty: Medium Page: 255 2. When stocks with the same expected return are combined into a portfolio A) the expected return of the portfolio is less than the weighted average expected return of the stocks. B) the expected return of the portfolio is greater than the weighted average expected return of the stocks. C) the expected return of the portfolio is equal to the weighted average expected return of the stocks. D) there is no relationship between the expected return of the portfolio and the expected return of the stocks. E) None of the above. Answer: C Difficulty: Easy Page: 261 3. Covariance measures the interrelationship between two securities in terms of A) both expected return and direction of return movement. B) both size and direction of return movement. C) the standard deviation of returns. D) both expected return and size of return movements. E) the correlations of returns. Answer: B Difficulty: Medium Page: 258-259 Use the following to answer questions 4-5: GenLabs has been a hot stock the last few years, but is risky. The expected returns for GenLabs are highly dependent on the state of the economy as follows: State of Economy Probability GenLabs Returns Depression .05 -50% Recession .10 -15 Mild Slowdown .20 5 Normal .30 15% Broad Expansion .20 25 Strong Expansion .15 40

(公司理财)公司理财中文版第九版第三章答案

第三章财务报表分析与长期财务规划 1.由于不同行业的公司在财务比率上存在很大的差异，财务比率本身提供的信息有限，分析公司的财务比率有两种基本方法：时间趋势分析法和同类公司分析。为什么这些方法会有用呢？每种方法能够告诉你哪些关于公司财务健康状况的信息？ 答：时间趋势分析描绘了公司财务状况随时间而变化的图景。通过公司本身的跨期比较分析，财务经理可以评价公司的经营、融资或投资活动的某些方面是否已经发生了变化。同类公司比较分析涉及到将某一特定公司的财务比率和经营绩效与同一行业或业务相同的其他公司进行比较。通过同类公司比较分析，财务经理可以评价公司的经营、融资或投资活动的某些方面是否越出常规，从而为调整这些比率采取恰当的行动提供指南，如果这种调整合适的话。两种方法都从财务的视角研究一个公司究竟有什么不同，但两种方法都不能告诉我们这种不同是积极正面的还是消极负面的。例如，假设一个公司的流动比率是随时间而提高，这可能意味着该公司在过去一直面临流动性问题，一直在纠正这些问题；或者它也可能意味着该公司已经在管理流动资产和负债方面变得更低效。同类公司比较分析中也存在类似的争论。一个公司的流动比率低于同类公司，也许是它在管理流动资产和负债方面更具效率，也可能是它面临流动性问题。没有哪种方法告诉我们某个比率是好还是坏。两种方法只是表明有些东西存在差异，并告诉我们去哪里寻找。 2.所谓的“同店销售”是像沃尔玛和希尔斯之类的十分分散的公司的

一项重要指标，顾名思义，分析同店销售就是比较同样的店铺或餐馆在两个不同的时间点上的销售额。为什么公司总是关注同店销售而不是总销售？ 答：如果一家公司通过开设新店来不断增长，那么可以推测其总收入将上升。比较两个不同时点的总销售额可能会误导。同店销售方法只看在特定时期开设的店铺的销售额控制了这一误差。 3.为什么多数长期财务计划都从销售预测开始？或者说，为什么未来销售额是关键？ 答：理由是，最终，消费是商业背后的驱动力。一个企业的资产、雇员，事实上，几乎企业经营和融资的所有方面都是直接或间接地支持销售。换种说法，一个企业对资本资产、雇员、存货以及融资的未来需求都由它的未来销售所决定。 4.本章利用Rosengarten公司说明EFN的计算，Rosengarten的ROE 约为7.3%，利润再投资率约为67%，如果你为Rosengarten计算可持续增长率，会发现它只有 5.14%，而我们在计算EFN时所使用的增长率为25%，这可能吗？（提示：有可能。如何实现？） 答：可持续增长公式的两个假设是，公司并不想出售新的股票，以及财务政策是固定的。如果公司增加外部股权，或提高其债务权益比率，它的增长速度可以比可持续增长率更高。当然，如果公司改变其股利政策，提高留成比例，或其总资产周转率提高，它的增长速度也可以快于它的销售净利率提高的速度。 5. Broslofski公司每年都维持一个正的留存比率，并保持负债权益比

公司理财(英文版)题库2说课讲解

公司理财(英文版)题 库2

CHAPTER 2 Financial Statements & Cash Flow Multiple Choice Questions: I. DEFINITIONS BALANCE SHEET b 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 CURRENT ASSETS c 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 LONG-TERM DEBT b 3. The long-term debts of a firm are liabilities: a. that come due within the next 12 months. b. that do not come due for at least 12 months. c. owed to the firm’s suppliers. d. owed to the firm’s shareholde rs. e. the firm expects to incur within the next 12 months. Difficulty level: Easy NET WORKING CAPITAL e 4. Net working capital is defined as: a. total liabilities minus shareholders’ equity. b. current liabilities minus shareholders’ equity. c. fixed assets minus long-term liabilities. d. total assets minus total liabilities. e. current assets minus current liabilities. Difficulty level: Easy LIQUID ASSETS d 5. A(n) ____ asset is on e which can be quickly converted into cash without significant loss in value.

公司理财(英文版)题库2

CHAPTER 2 Financial Statements & Cash Flow Multiple Choice Questions: I. DEFINITIONS BALANCE SHEET b 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 CURRENT ASSETS c 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 LONG-TERM DEBT b 3. The long-term debts of a firm are liabilities: a. that come due within the next 12 months. b. that do not come due for at least 12 months. c. owed to the firm’s suppliers. d. owed to the firm’s shareholders. e. the firm expects to incur within the next 12 months. Difficulty level: Easy NET WORKING CAPITAL e 4. Net working capital is defined as: a. total liabilities minus shareholders’ equity. b. current liabilities minus shareholders’ equity. c. fixed assets minus long-term liabilities. d. total assets minus total liabilities. e. current assets minus current liabilities. Difficulty level: Easy LIQUID ASSETS d 5. A(n) ____ asset is on e which can be quickly converted into cash without significant loss in value.

公司理财第九版中文答案

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。

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.

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.

公司理财罗斯中文版17

第17章 财务杠杆和资本结构政策 ◆本章复习与自测题 17.1 EBIT和EPS 假设BDJ公司已经决定进行一项资本重组，它涉及到将现有的8 000万美元债务增加到12 500万美元。债务的利率是9%，并且预期不会改变。公司目前有1 000万股流通在外，每股价格是45美元。如果预期重组可以提高ROE，那么，BDJ的管理当局必定预期EBIT至少达到什么水平？解答时不考虑税。 17.2 MM第二定理（无税） Habitat公司的WACC是16%，债务成本是13%。如果Habitat的债务权益率是2，它的权益资本成本是多少？解答时不考虑税。 17.3 MM第一定理（有公司税） Gypco公司预期永远都有每年10 000美元的EBIT。Gypco可以以7%的利率借款。假设Gypco目前没有债务，它的权益成本是17%。如果公司的税率是35%，公司的价值是多少？如果Gypco借入15 000美元，并用它来回购股票，公司的价值是多少？ ◆本章复习与自测题解答 17.1 要解答这个问题，我们可以计算临界EBIT。在超过这一点的任何EBIT上，提高财务杠杆都将提高EPS。在原有 的资本结构下，利息费用是8 000万美元×0.09 = 720万美元。因为有1 000万股股票，因此，不考虑税，EPS为：（EBIT-720万美元)/1 000万。 在新的资本结构下，利息费用是：12 500万美元×0.09 = 1 125万美元。并且，债务增加了4 500万美元。这个金额足够买回4 500万美元/45 = 100万股股票，剩下900万股流通在外。因此，EPS是：（EBIT -1 125万美元)/900万。 既然我们知道如何计算这两种情况下的EPS。我们假定它们彼此相等，求出临界EBIT： (EBIT -720万美元)/1 000万= (EBIT-1 125万美元)/900万 (EBIT -720万美元) = 1.11×(EBIT-1 125万美元) EBIT = 4 770万美元 可以验证，在两种情况下，当EBIT是4 770万美元时，EPS都是4.05美元。 17.2 根据MM第二定理（无税），权益成本是： R E = R A + (R A -R D )×(D/E）= 16% + (16% -13%)×2 = 22% 17.3 在没有公司税的情况下，Gypco的WACC是17%。这也是不利用杠杆的公司的资本成本。税后现金流量是：10 000美元×(1-0.35) = 6 500美元，因此，价值就是：V U = 6 500美元/0.17 = 38 235美元。 发行债务之后，Gypco的价值将是原来的38 235美元加上税盾的现值T C ×D，也就是0.35×15 000美元= 5 250美元。因

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

罗斯公司理财Chap004全英文题库及答案

Chapter 04 Discounted Cash Flow Valuation Answer Key Multiple Choice Questions 1. An annuity stream of cash flow payments is a set of: A.level cash flows occurring each time period for a fixed length of time. B. level cash flows occurring each time period forever. C. increasing cash flows occurring each time period for a fixed length of time. D. increasing cash flows occurring each time period forever. E. arbitrary cash flows occurring each time period for no more than 10 years. Difficulty level: Easy Topic: ANNUITY Type: DEFINITIONS

2. Annuities where the payments occur at the end of each time period are called _____, whereas _____ refer to annuity streams with payments occurring at the beginning of each time period. A. ordinary annuities; early annuities B. late annuities; straight annuities C. straight annuities; late annuities D. annuities due; ordinary annuities E.ordinary annuities; annuities due Difficulty level: Easy Topic: ANNUITIES DUE Type: DEFINITIONS

完整word版公司理财英文版题库8

CHAPTER 8 Making Capital Investment Decisions I. DEFINITIONS INCREMENTAL CASH FLOWS a 1. The changes in a firm's future cash flows that are a direct consequence of accepting a project are called _____ cash flows. a. incremental b. stand-alone c. after-tax d. net present value e. erosion Difficulty level: Easy EQUIVALENT ANNUAL COST e 2. The annual annuity stream o f payments with the same present value as a project's costs is called the project's _____ cost. a. incremental b. sunk c. opportunity d. erosion e. equivalent annual Difficulty level: Easy SUNK COSTS c 3. A cost that has already been paid, or the liability to pay has already been incurred, is a(n): a. salvage value expense. b. net working capital expense. c. sunk cost. d. opportunity cost. e. erosion cost. Difficulty level: Easy OPPORTUNITY COSTS d 4. Th e most valuable investment given up i f an alternative investment is chosen is a(n): a. salvage value expense. b. net working capital expense.

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.

陈雨露《公司理财》配套题库-章节题库(财务报表分析)【圣才出品】

第二章财务报表分析 一、单选题 1．假定甲公司向乙公司赊销产品，并持有丙公司的债券和丁公司的股票，且向戊公司支付公司债利息。在不考虑其他条件的情况下，从甲公司的角度看，下列各项中属于本企业与债权人之间财务关系的是（）。（南京大学2011金融硕士） A．甲公司与乙公司之间的关系 B．甲公司与丙公司之间的关系 C．甲公司与丁公两之间的关系 D．甲公司与戊公司之间的关系 【答案】D 【解析】甲公司与乙公司是商业信用关系；甲公司为丙公司的债权人；甲公司是丁公司的股东；戊公司是甲公司的债权人。 2．杜邦财务分析体系的核心指标是（）。（浙江财经学院2011金融硕士） A．总资产报酬率 B．可持续增长率 C．ROE D．销售利润率 【答案】C 【解析】杜邦分析体系是对企业的综合经营理财及经济效益进行的系统分析评价，其恒

等式为：ROE=销售利润率×总资产周转率×权益乘数。可以看到净资产收益率（ROE）反映所有者投入资金的获利能力，反映企业筹资、投资、资产运营等活动的效率，是一个综合性最强的财务比率，所以净资产收益率是杜邦分析体系的核心指标。 3．影响企业短期偿债能力的最根本原因是（）。（浙江财经学院2011金融硕士）A．企业的资产结构 B．企业的融资结构 C．企业的权益结构 D．企业的经营业绩 【答案】D 【解析】短期偿债能力比率是一组旨在提供企业流动性信息的财务比率，有时也被称为流动性指标。它们主要关心企业短期内在不引起不适当压力的情况下支付账单的能力，因此，这些指标关注企业的流动资产和流动负债，但短期偿债能力比率的大小会因行业类型而不同，影响企业短期偿债能力的最根本原因还是企业的经营业绩。 4．市盈率是投资者用来衡量上市公司盈利能力的重要指标，关于市盈率的说法不正确的是（）。（浙江工商大学2011金融硕士） A．市盈率反映投资者对每股盈余所愿意支付的价格 B．市盈率越高表明人们对该股票的评价越高，所以进行股票投资时应该选择市盈率最高的股票 C．当每股盈余很小时，市盈率不说明任何问题 D．如果上市公司操纵利润，市盈率指标也就失去了意义

公司理财罗斯中文版14

第14章 期权与公司理财 ◆本章复习与自测题 14.1 看涨期权的价值 Nantucket公司的股票目前以每股25美元的价格出售。1年后，股票价格将要么是20美元，要么是30美元。1年后到期的国库券支付10%的利息。执行价格为20美元的看涨期权的价值是多少？执行价格为26美元的呢？ 14.2 可转换债券 Old Cycle公司（OCC）是《古代钢铁》（Ancient Iron）杂志出版商，它发行的可转换债券目前在市场上的售价为950美元。如果持有者选择转换，则每1张债券可以交换100股股票。 债券的利息为7%，逐年支付，债券将在10年后到期。OCC的债务属于BBB级。这个级别的债务的标价收益率为12%。 OCC的股票正以每股7美元的价格交易。 债券的转换比率是多少？转换价格呢？转换溢价呢？债券的底线价值是多少？它的期权价值是多少？ ◆本章复习与自测题解答 14.1 执行价格为20美元时，期权不可能出现虚值（如果股票价格为20美元，它将实现实值）。我们可以通过将20美元 的现值投资于国库券并购买包含1股的看涨期权来复制股票的价值。购买国库券将花费20美元/1.1 = 18.18美元。 如果股票最终的价格为20美元，看涨期权的价值将为0，而国库券将值20美元。如果股票最终的价格为30美元，国库券仍然能偿付20美元，而期权的价值将为30美元-20美元= 10美元，所以组合的价值将为30美元。因为这个国库券和看涨期权的组合实际上复制了股票的回报，所以它的价值必须是20美元，否则就有套利的可能。利用本章中的符号，我们可以这样计算看涨期权的价值： S 0= C + E/(1 + R f ) 25美元= C + 18.18美元 C = 6.82美元 当执行价格为26美元时，我们从按较低的股票价格的现值投资于国库券着手。它保证我们在股票价格为20美元时能有20美元。如果股票价格是30美元，那么期权的价值为30美元-26美元= 4美元。我们从国库券中获得20美元，所以我们需要从期权中获得10美元以便与股票相配比。因为在这种情况下每包含1股的期权的价值是4美元，我们需要购买包含10美元/4美元= 2.5股的看涨期权。请注意可能的股票价格之间的差额（?S）是10美元，可能的期权价格之间的差额（?C）是4美元，因此?S/?C= 2.5。 为了完成计算，我们注意到要防止套利，20美元的现值加上包含2.5股的期权的价值必须是20美元，因此： 25美元= 2.5×C +20美元/1.1 C = 6.82美元/2.5 = 2.73美元

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.

第九版-公司理财-罗斯-中文答案-第五章汇编

1、如果项目带来的是常规的现金流，而且其回收期短于该项目的生命周期，还 不能准备判断其净现值的正负。仍需要其采用的折现率和其内部收益率IRR 做对比。当折现率小于IRRA时，净现值为正值，当折现率大于IRRA时，净现值为负值，两者相等时，净现值为零。如果一个项目的折现回收期短于该项目的生命周期，则净现值一定为正值。 2、项目有常规的现金流，且NPV为正值，则各期流入的现金流折现总和一定大 于期初项目资金流出。而各期流入的现金流总和肯定大于折现总和，所以该项目的回收期一定短于其生命周期。同时折现回收期是用和净现值同样的NPV计算出来的，所以折现回收期也一定短于其生命周期。同样净现值为正值，说明初始投资所带来的后续现金流的现值大于初始投资，所以盈利指数PI一定大于1。如果使用内部收益率折现各期现金流量时，净现值为零。而以折现率折现各期现金流量时，净现值为正，说明折现率小于内部收益率。 3、a 回收期是指投资引起的现金流入累计到与投资相等所需要的时间。它代 表收回投资所需要的年限。回收年限越短，方案越有利。其缺陷就是忽略了回收期内现金流量的时间序列，也忽略了回收期以后的现金支付，同时对于回收期的选择也存在主观臆断。选择一个具体的回收期决策标准，当项目的回收期小于标准的就可行，大于标准的则拒绝。 b 平均会计收益率是指为扣除所得税和折旧之后的项目平均收益除以整个 项目期限内的平均账面投资额。其缺陷是使用账面收益而非现金流量，忽略了折旧对现金流量的影响，忽视了净收益的时间分布对项目经济价值的影响。 当项目的平均会计收益率小于目标平均会计收益率时，则拒绝项目，反之接受。 c 内部收益率就是令项目净现值为0的折现率。其缺点是对于特殊项目无法 用一般原则进行判断，并且有些项目可能会出现多个收益率的现象。同时对于互斥项目容易忽视其规模问题和时间序列问题。一般原则是当折现率小于IRR时，接受该项目，反之则拒绝。 d 盈利指数是初始投资所带来的后续现金流的现值和初始投资的比值。缺陷 是如果初始投资之后在资金使用上还有限制，则盈利指数就会失效。同时在互斥项目上，其也忽视了项目在规模上的差异。若项目的PI大于1，则项目可以接受，反之，则应该拒绝。 e 净现值就是项目各期的现金流量的现值的代数和。净现值法主要具有三个 特点：第一，净现值使用了现金流量。第二，净现值包含了项目的全部现金流量。第三，净现值对现金流量进行了合理的折现。当项目的净现值为正时，接受该项目，当项目的净现值为负的时候，拒绝该项目。 4、对于一个具有永续现金流的项目来说： 回收期：T=I/C 内部收益率：IRR=C/I 则T*IRR=1，即回收期和内部收益率互为倒数。 对于拥有相对固定现金流的长期项目而言，内部收益率越高，则回收期越短。 5、原因有很多，最主要的两个是运输成本以及汇率的原因。在美国制造生产可 以接近于产品销售地，极大的节省了运输成本。同样运输时间的缩短也减少了商品的存货。跟某些可能的制造生产地来说，选择美国可能可以一定程度上减少高额的劳动力成本。还有一个重要因素是汇率，在美国制造生产所付出的生产成本用美元计算，在美国的销售收入同样用美元计算，这样可以避免汇率的波动对公司净利润的影响。