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.

5. Companies use tombstone advertisements in the financial press to:

A. announce the death of the company.

B. announce the failure of a financial strategy.

C. announce the availability of a new issue of a corporate security.

D. notify the public of foreclosure.

E. None of the above.

6. The first public equity issue made by a company is a(n):

A. initial private offering.

B. initial public offering.

C. secondary offering.

D. seasoned new issue.

E. None of the above.

7. The first public equity issue that is made by a company is referred to as:

A. a rights issue.

B. a general cash offer.

C. an initial public offering.

D. an unseasoned issue.

E. Both C and D.

8. A new public equity issue from a company with equity previously outstanding is called a(n):

A. initial public offering.

B. seasoned equity issue.

C. unseasoned equity issue.

D. private placement.

E. syndicate.

9. The green shoe option is used to:

A. cover oversubscription.

B. cover excess demand.

C. provide additional reward to the investment bankers for a risky issue.

D. provide additional reward to the issuing firm for a risky issue.

E. Both A and B.

10. Dilution refers to:

A. the increase in stock value due to wider ownership of stock.

B. the loss in existing shareholder's equity.

C. the loss in new shareholder's equity.

D. the loss in all shareholder's equity, both existing shareholders and new shareholders.

E. None of the above.

11. During the SEC waiting period the potential issuing company can issue a preliminary prospectus which contains:

A. exactly the same information as the final prospectus except an indication of SEC approval.

B. all the information as the final prospectus including red writing stating it is a red herring.

C. very limited financial information and red writing stating it is preliminary.

D. only a description of what the funds are to be used for.

E. information very similar to the final prospectus without a price nor with SEC approval.

12. A company must file a registration statement with the SEC providing various financial and company history information. The registration statement does not need to be filed if:

A. the issue is less than $50 million.

B. the loan matures within 9 months.

C. the issue is less than $5.0 million.

D. Both A and B.

E. Both B and C.

13. Regulation A security issues are exempt from full SEC registration filing and use only a brief offering statement if:

A. the issue is for less than $5,000,000.

B. insiders sell no more than $1,500,000 of stock.

C. insiders sell no more than 100,000,000 shares.

D. Both A and C.

E. Both A and B.

14. Potential investors learn of the information concerning the firm and its new issue from the:

A. pre-underwriting negotiating meeting.

B. red herring.

C. letter of commitment.

D. emails from their former finance professor.

E. rights offering.

15. A registration statement is effective on the 20th day after filing unless:

A. the SEC is backlogged with statements.

B. a tombstone ad is issued indicating its demise.

C. a letter of comment suggesting changes is issued by the SEC.

D. a syndicate can be formed sooner.

E. None of the above.

16. Investment banks perform which of the following services for corporate issuers:

A. formulating the method used to issue the securities.

B. pricing the new securities.

C. selling the new securities.

D. All of the above.

E. None of the above.

17. A group of investment bankers who pool their efforts to underwrite a security are known as a(n):

A. amalgamate.

B. conglomerate.

C. green shoe group.

D. klatch.

E. syndicate.

18. A firm commitment arrangement with an investment banker occurs when:

A. the syndicate is in place to handle the issue.

B. the spread between the buying and selling price is less than one percent.

C. the issue is solidly accepted in the market evidenced by a large price increase.

D. when the investment banker buys the securities for less than the offering price and accepts the risk of not being able to sell them.

E. when the investment banker sells as much of the security as the market can bear without a price decrease.

19. Which of the following is not normally an example of the services offered by investment bankers?

A. Aiding in the sale of securities

B. Facilitating mergers

C. Acting as brokers to both individuals and institutional clients

D. Offering checking accounts to corporations

E. Both C and D

20. In a best efforts offering the investment banker makes their money primarily by:

A. earning the spread between the buying and offering price.

B. earning a commission on each share sold.

C. earning the discount between the buying and offering price.

D. charging a flat fee for all services.

E. None of the above.

21. Under the _____ method, the underwriter buys the securities for less than the offering price and accepts the risk of not selling the issue, while under the _____ method, the underwriter does not purchase the shares but merely acts as an agent.

A. best efforts; firm commitment

B. firm commitment; best efforts

C. general cash offer; best efforts

D. competitive offer; negotiated offer

E. seasoned; unseasoned

22. Professor Jay Ritter found best-efforts offerings are:

A. reserved for the premier customers because they deserve 'best-efforts'.

B. used most often with seasoned equity issues.

C. used with small IPO issues.

D. attractive because of price stability.

E. None of the above.

23. Empirical evidence suggests that new equity issues are generally:

A. priced efficiently by the market.

B. overpriced by investor excitement concerning a new issue.

C. overpriced resulting from SEC regulation.

D. underpriced, in part, to counteract the winner's curse.

E. underpriced resulting from SEC regulation.

24. The diagonal listing of investment bankers on tombstone advertisements reflects their ____ relative to the other investment bankers listed below.

A. prestige

B. ability to manage selling syndicates

C. role as a firm commitment buyer

D. role as a best efforts seller

E. None of the above

25. The reputational capital of investment bankers is based on their roles as intermediaries with more in-depth knowledge of the issuer. Investment bankers maintain their reputation by:

A. certifying the issue.

B. monitoring the issuing firm's management and performance.

C. pricing issues fairly.

D. All of the above.

E. None of the above.

26. The key difference between a negotiated offer and a competitive offer is that:

A. the underwriters can not set the spread in a negotiated bid but can in a competitive offer.

B. the issuing firm can offer its securities to the highest bidder in a competitive bid but in a negotiated bid only one investment banker is used.

C. the issuing firm works the underwriter for the best spread in a negotiated bid which will be less than that available in a competitive offer.

D. the underwriter will not do a full investigation in a negotiated bid because the company is at their mercy, while in a competitive bid the underwriter must be extra diligent.

E. None of the above.

27. The offering price is set to make an issue attractive to the market and provide a good price to the issuer. Which of the following is/are true?

A. Empirical studies by Ritter have shown that the average firm commitments have had a

17.8% underpricing on the first day of trading.

B. Empirical studies have shown that best efforts sales have underpricing on the first day of trading.

C. Some issues which rose dramatically on the first day of trading were viewed as successfully priced by the underwriter because it helped build a long-term investment base.

D. All of the above.

E. None of the above.

28. Empirical evidence suggests that upon announcement of a new equity issue, current stock prices generally:

A. drop, perhaps because the new issue reflects management's view that common stock is currently overvalued.

B. remain about the same since an efficient market anticipates a new equity issue.

C. increase, perhaps because the issues are associated with positive NPV projects.

D. increase, because the market supply is always less than demand.

E. increase, because underwriters exercise their green shoe option.

29. Underpricing can possibly be explained by:

A. oversubscription of an issue.

B. strong demand by investors.

C. undersubscription of an issue.

D. Both B and C.

E. Both A and B.

30. Debt capacity is often given as a reason for the value of the stock falling when equity is issued. The reason for this is:

A. the high issue costs of a debt offering must be paid by the shareholders.

B. the priority position of the equity is lowered.

C. management has information that the probability of default has risen, limiting the debt capacity and causing the firm to raise equity capital.

D. All of the above.

E. None of the above

31. A study by Lee, Lockhead, Ritter, and Zhao that examined the underwriting discount and other direct costs of going public with a debt or equity offering, found:

A. the direct expenses are higher for equity than debt offerings.

B. substantial economies of scale are prevalent.

C. underpricing, on average, is similar in magnitude to total direct expenses.

D. All of the above.

E. None of the above.

32. The six components that make up the total costs of new issues are:

A. the spread; other direct expenses such as filing fees; indirect expenses such as management time; economies of scale; abnormal returns and the Green Shoe option.

B. the discount; other direct expenses such as filing fees; indirect expenses such as management time; due diligence costs; abnormal returns and the Green Shoe option.

C. the spread; other direct expenses such as filing fees; indirect expenses such as management time; abnormal returns; underpricing and the Green Shoe option.

D. the spread; other direct expenses such as filing fees; economies of scale; due diligence costs; abnormal returns and underpricing.

E. None of the above.

33. In comparison to debt issuance expenses, the total direct costs of equity issues are:

A. considerably less.

B. about the same.

C. meaningless.

D. considerably greater.

E. None of the above.

34. To determine the value of a rights offering, the stockholder needs to know the following two pieces of information in addition to the current stock price:

A. the subscription price and the number of rights needed to acquire a new share.

B. the amount of new equity to be raised and the number of rights needed to acquire a new share.

C. the amount of new equity to be raised and standby fee.

D. the detachment date and the subscription price.

E. None of the above.

35. Assuming everything else is constant, when a stock goes ex-rights its price should:

A. decrease since the stockholder is losing an option.

B. increase since the corporation no longer has the right to force the stockholder to convert.

C. remain the same since an efficient market would anticipate this change.

D. move up or down depending on whether a small investor wanted to exercise his/his rights.

E. None of the above.

36. If a shareholder or investor wants to acquire new stock under a rights plant they must:

A. acquire new stock in the market to get a controlling fraction of shares to be eligible for rights.

B. simply pay a registration fee and turn in the subscription price.

C. acquire the correct rights per share desired, then turn the rights and the total subscription price into the subscription agent.

D. acquire the correct rights and wait for the company to send you the stock.

E. call their broker and sell some CBOE options to make any money.

37. Which of the following statements is true?

A. The subscription price is generally above the old stock price.

B. The subscription price is generally above the ex-rights price.

C. The subscription price is generally below the old stock price.

D. Both A and B.

E. Both B and C.

38. A shareholder who has rights is:

A. always better off to exercise the rights.

B. always better off to sell the rights into the market.

C. able to exercise their rights or sell them.

D. never in the same ownership position again with rights.

E. None of the above.

39. A standby underwriting arrangement provides the:

A. company with methods to cancel the offering.

B. company with an alternate investment banker if there is conflict between the issuer and the agent.

C. investment banker with an oversubscription privilege to ensure profits are earned.

D. company with an alternative avenue of sale to ensure success of the rights offering.

E. investment bankers with an added syndication for the rights offering.

40. Professor Clifford W. Smith, in evaluating issuance costs from underwritten issues, rights issues with standby underwriting, and a pure rights issues, found that 90% of the issues are underwritten, which was the most expensive method. This is done because:

A. investment bankers know more than CFOs and they may buy the issue at an agreed upon price and disburse the funds sooner.

B. investment bankers can increase the price received by increasing confidence in the issue, and they will buy the issue at an agreed upon price and disburse the cash sooner.

C. investment bankers provide other services including price counseling, increasing public confidence, and providing funds to the issuer sooner.

D. investment bankers know how to price the issue, and would not need to set as low as a price as the subscription price and provide price counseling.

E. None of the above.

41. Corporations use the shelf registration method of security sales because:

A. preregistered securities can be quickly brought to market.

B. the main registration process is eliminated for up to two years.

C. their stock is below investment grade.

D. Both A and B.

E. Both B and C.

42. In terms of costs of issuing equity, Professor Clifford W. Smith finds that the ranking of methods, from cheapest to most expensive, is:

A. rights issue with standby underwriting, equity issue with underwriting, pure rights issue.

B. pure rights issue, rights issue with standby underwriting, equity issue with underwriting.

C. pure rights issue, preferred stock and debt issue with underwriting for an IPO, rights issue with standby underwriting.

D. equity issue with underwriting, rights issue with standby underwriting, pure rights issue.

E. equity issue with underwriting, pure rights issue, rights issue with standby underwriting.

43. Arguments to explain why most equity issues are underwritten versus sold through a rights offering are:

A. underwriters buy at an agreed upon price and bear some risk of selling the issue.

B. cash proceeds are available sooner in underwriting and the issue is available to a wider market.

C. investment bankers can provide market advice and certify the issue for potential investors.

D. All of the above.

E. None of the above.

44. Corporations are allowed to use the shelf registration method if they:

A. are rated investment grade and have aggregate market stock value of more than $150 million.

B. have not violated the 1934 Securities Act in the past 12 months.

C. have not defaulted on its debt in the past 3 years.

D. All of the above.

E. None of the above.

45. Arguments against the use of the shelf-registration are:

A. only technology and manufacturing-based firms can use it.

B. less current information available to investors might raise the cost of debt.

C. possible market overhang from future issues depressing price.

D. Both A and C.

E. Both B and C.

46. The market for venture capital refers to the:

A. private financial marketplace for servicing small, young firms.

B. bond markets.

C. market for selling rights to individuals who already own shares.

D. market for selling equity securities for firms with equity already outstanding.

E. None of the above.

47. Rule 144A provides the framework for the issuance of private securities to qualified institutional investors. To buy private securities, institutional investors:

A. must be willing to hold a less liquid security and manage a fund.

B. must be willing to make a market in the security and be a primary market dealer.

C. must be a limited partner in the issue and willing to reduce the illiquidity of the security.

D. must be willing to hold a less liquid security and have $100 million under management.

E. None of the above.

48. Venture capitalists provide financing for new firms from the seed and start-up stage all the way to mezzanine and bridge financing. In exchange for financing, entrepreneurs give:

A. a high interest rate debt instrument and control.

B. an equity position and usually board of director positions.

C. up the right to have an initial public offering.

D. control to a court appointed trustee.

E. the venture capitalists jobs as CEOs and CFOs.

49. An IPO of a firm formerly financed by venture capital is carried out for what primary purposes?

A. Insiders can sell their shares or cash out

B. Generate cash to pay down bank indebtedness

C. To establish a market value for the equity and provide funds for operations

D. All of the above.

E. None of the above.

50. Which of the following is not one of the four main functions that underwriters provide?

A. Risk bearing

B. Marketing

C. Auditing the financial statements

D. Certification

E. Monitoring

51. Types of dilution include:

A. dilution of percentage ownership

B. dilution of market share

C. dilution of book value and earnings per share

D. A and C

E. All of the above

52. The Wordsmith Corporation has 10,000 shares outstanding at $30 each. They expect to raise $150,000 by a rights offering with a subscription price of $25. How many rights must you turn in to get a new share?

A. 0.60

B. 1.20

C. 1.67

D. 2.00

E. Insufficient data to determine

53. Assuming everything else is constant, if a stock's old price is $25 and the ex-rights or new stock price is $19, then the value of the right is:

A. $-6.

B. $6.

C. impossible to determine without the subscription price.

D. impossible to determine without the number of rights needed to buy one share.

54. The LaPorte Corporation has a new rights offering that allows you to buy one share of stock with 3 rights and $20 per share. The stock is now selling ex-rights for $26. The price rights-on is:

A. $22.00

B. $24.00

C. $26.00

D. $28.00

E. impossible to determine without the cum-rights price.

55. Regional Power wants to raise $10 million in new equity. The subscription price is $20. There are currently 3 million shares outstanding, each with 1 right. How many rights are needed to purchase 1 share?

A. 1

B. 3

C. 5

D. 6

E. 8

56. The Overland Corporation intends to issue 50,000 new shares to raise funds for expansion of current plant facilities. The current share price is $40 and there are 500,000 shares outstanding. The number of rights needed to buy a share of stock should be:

A. 1

B. 10

C. 40

D. 400

E. indeterminate without the subscription price.

57. The Schroeder Corporation has 20,000 shares outstanding at $20 each. They expect to raise $200,000 by a rights offering with a subscription price of $25. How many rights must you turn in to get a new share?

A. 1.25

B. 1.50

C. 2.00

D. 2.50

E. Insufficient data to determine

58. Assuming everything else is constant, if a stock's old price is $40 and the ex-rights or new stock price is $32, then the value of the right is:

A. $-8.

B. $8.

C. impossible to determine without the subscription price.

D. impossible to determine without the number of rights needed to buy one share.

59. The Holly Corporation has a new rights offering that allows you to buy one share of stock with 4 rights and $25 per share. The stock is now selling ex-rights for $30. The price rights-on is:

A. $21.00

B. $25.00

C. $30.00

D. $31.25

E. impossible to determine without the cum-rights price.

60. Bradley Power wants to raise $40 million in new equity. The subscription price is $25. There are currently 5 million shares outstanding, each with 1 right. How many rights are needed to purchase 1 share?

A. 1.000

B. 3.000

C. 3.125

D. 4.525

E. 6.525

61. The Shields Corporation intends to issue 100,000 new shares to raise funds for expansion of current plant facilities. The current share price is $20 and there are 500,000 shares outstanding. The number of rights needed to buy a share of stock should be:

A. 1

B. 5

C. 20

D. 50

E. indeterminate without the subscription price.

62. For a particular stock the old stock price is $20, the ex-rights price is $15, and the number of rights needed to buy a new share is 2. Assuming everything else constant, the subscription price is ______ .

A. $5

B. $13

C. $17

D. $18

E. $20

Essay Questions

The Holyoke Corporation has 120,000 shares outstanding with a current market price of $8.10 per share. The company needs to raise an additional $36,000 to finance new expenditures, and has decided on a rights issue. The issue will allow current stockholders to purchase one additional share for 20 rights at a subscription price of $6 per share.

63. Calculate the ex-rights price that would make a new stockholder indifferent between buying shares at the old stock price and exercising the rights or buying the shares ex-rights.

64. If the ex-rights price were set at $7.90, would you as a potential new stockholder choose to buy shares ex-rights or buy shares at the old price and exercise your rights?

65. Suppose that the company was also considering structuring the rights issue to allow for an additional share to be purchased for 10 rights at a subscription price of $3. Prove that a stockholder with 100 shares would be indifferent between purchasing a new share for 10 rights at $3 or purchasing a new share for 20 rights at $6.

66. Explain the advantages of a shelf-registration to an issuer. How can timeliness of disclosure and a potential market overhang work against a shelf-registration?

67. The evidence on IPO sales is varied from issue to issue, but there are three common themes; underpricing, underperformance, and the reasons for going public. Explain these three themes.

68. The Direct Interactive Publishing Company is planning to raise $200 million dollars in new capital. There are currently 50 million shares outstanding with an estimated market price of $60 each. The corporate officers are debating whether to use a rights offering (with or without a standby underwriting) or have the issue fully underwritten. The company is currently listed on a regional exchange and plans to list on a national exchange after the security issue. List and explain three advantages/disadvantages of each method.

69. Discuss what a Dutch auction is and how it works.

70. Lamar Inc. is attempting to raise $5,000,000 in new equity with a rights offering. The subscription price will be $40 per share. The stock currently sells for $50 per share and there are 250,000 shares outstanding. How many rights are needed to buy a new share?

71. Lamar Inc. is attempting to raise $5,000,000 in new equity with a rights offering. The subscription price for the 125,000 new shares will be $40 per share. The stock currently sells for $50 per share and there are 250,000 shares outstanding. What will the price per share be if all rights are exercised?

Chapter 20 Issuing Securities to the Public Answer Key

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.

Difficulty level: Easy

Topic: EQUITY ISSUE

Type: DEFINITIONS

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.

Difficulty level: Easy

Topic: RIGHTS OFFER

Type: DEFINITIONS

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.

Difficulty level: Easy

Topic: SECURITY ISSUANCE

Type: DEFINITIONS

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

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