罗斯公司理财题库全集

Chapter 17

Capital Structure: Limits to the Use of Debt Multiple Choice Questions

1. The explicit costs, such as the legal expenses, associated with corporate default are classified as _____ costs.

A. flotation

B. beta conversion

C. direct bankruptcy

D. indirect bankruptcy

E. unlevered

2. The costs of avoiding a bankruptcy filing by a financially distressed firm are classified as _____ costs.

A. flotation

B. direct bankruptcy

C. indirect bankruptcy

D. financial solvency

E. capital structure

3. The explicit and implicit costs associated with corporate default are referred to as the _____ costs of a firm.

A. flotation

B. default beta

C. direct bankruptcy

D. indirect bankruptcy

E. financial distress

4. Indirect costs of financial distress:

A. effectively limit the amount of equity a firm issues.

B. serve as an incentive to increase the financial leverage of a firm.

C. include direct costs such as legal and accounting fees.

D. tend to increase as the debt-equity ratio decreases.

E. include the costs incurred by a firm as it tries to avoid seeking bankruptcy protection.

5. The legal proceeding for liquidating or reorganizing a firm operating in default is called a:

A. tender offer.

B. bankruptcy.

C. merger.

D. takeover.

E. proxy fight.

6. The value of a firm is maximized when the:

A. cost of equity is maximized.

B. tax rate is zero.

C. levered cost of capital is maximized.

D. weighted average cost of capital is minimized.

E. debt-equity ratio is minimized.

7. The optimal capital structure has been achieved when the:

A. debt-equity ratio is equal to 1.

B. weight of equity is equal to the weight of debt.

C. cost of equity is maximized given a pre-tax cost of debt.

D. debt-equity ratio is such that the cost of debt exceeds the cost of equity.

E. debt-equity ratio selected results in the lowest possible weighed average cost of capital.

8. In a world with taxes and financial distress, when a firm is operating with the optimal capital structure:

I. the debt-equity ratio will also be optimal.

II. the weighted average cost of capital will be at its minimal point.

III. the required return on assets will be at its maximum point.

IV. the increased benefit from additional debt is equal to the increased bankruptcy costs of that debt.

A. I and IV only

B. II and III only

C. I and II only

D. II, III, and IV only

E. I, II, and IV only

9. The optimal capital structure will tend to include more debt for firms with:

A. the highest depreciation deductions.

B. the lowest marginal tax rate.

C. substantial tax shields from other sources.

D. lower probability of financial distress.

E. less taxable income.

10. The optimal capital structure of a firm _____ the marketed claims and _____ the nonmarketed claims against the cash flows of the firm.

A. minimizes; minimizes

B. minimizes; maximizes

C. maximizes; minimizes

D. maximizes; maximizes

E. equates; (leave blank)

11. The optimal capital structure:

A. will be the same for all firms in the same industry.

B. will remain constant over time unless the firm makes an acquisition.

C. of a firm will vary over time as taxes and market conditions change.

D. places more emphasis on the operations of a firm rather than the financing of a firm.

E. is unaffected by changes in the financial markets.

12. The basic lesson of MM theory is that the value of a firm is dependent upon the:

A. capital structure of the firm.

B. total cash flows of the firm.

C. percentage of a firm to which the bondholders have a claim.

D. tax claim placed on the firm by the government.

E. size of the stockholders claims on the firm.

13. Corporations in the U.S. tend to:

A. minimize taxes.

B. underutilize debt.

C. rely less on equity financing than they should.

D. have extremely high debt-equity ratios.

E. rely more heavily on bonds than stocks as the major source of financing.

14. In general, the capital structures used by U.S. firms:

A. tend to overweigh debt in relation to equity.

B. are easily explained in terms of earnings volatility.

C. are easily explained by analyzing the types of assets owned by the various firms.

D. tend to be those which maximize the use of the firm's available tax shelters.

E. vary significantly across industries.

15. The MM theory with taxes implies that firms should issue maximum debt. In practice, this is not true because:

A. debt is more risky than equity.

B. bankruptcy is a disadvantage to debt.

C. firms will incur large agency costs of short term debt by issuing long term debt.

D. Both A and B.

E. Both B and C.

16. Although the use of debt provides tax benefits to the firm, debt also puts pressure on the firm to:

A. meet interest and principal payments which, if not met, can put the company into financial distress.

B. make dividend payments which if not met can put the company into financial distress.

C. meet both interest and dividend payments which when met increase the firm cash flow.

D. meet increased tax payments thereby increasing firm value.

E. None of the above.

17. Given realistic estimates of the probability and cost of bankruptcy, the future costs of a possible bankruptcy are borne by:

A. all investors in the firm.

B. debtholders only because if default occurs interest and principal payments are not made.

C. shareholders because debtholders will pay less for the debt providing less cash for the shareholders.

D. management because if the firm defaults they will lose their jobs.

E. None of the above.

18. Conflicts of interest between stockholders and bondholders are known as:

A. trustee costs.

B. financial distress costs.

C. dealer costs.

D. agency costs.

E. underwriting costs.

19. One of the indirect costs of bankruptcy is the incentive for managers to take large risks. When following this strategy:

A. the firm will rank all projects and take the project which results in the highest expected value of the firm.

B. bondholders expropriate value from stockholders by selecting high risk projects.

C. stockholders expropriate value from bondholders by selecting high risk projects.

D. the firm will always take the low risk project.

E. Both A and B.

20. One of the indirect costs to bankruptcy is the incentive toward underinvestment. Following this strategy may result in:

A. the firm always choosing projects with the positive NPVs.

B. the firm turning down positive NPV projects that it would clearly accept in an all equity firm.

C. stockholders contributing the full amount of the investment, but both stockholders and bondholders sharing in the benefits of the project.

D. Both A and C.

E. Both B and C.

21. Which of the following is true?

A. A firm with low anticipated profit will likely take on a high level of debt.

B. A successful firm will probably take on zero debt.

C. Rational firms raise debt levels when profits are expected to decline.

D. Rational investors are likely to infer a higher firm value from a zero debt level.

E. Investors will generally view an increase in debt as a positive sign for the firm's value.

22. Studies have found that firms with high proportions of intangible assets are likely to use ____________ debt compared with firms with low proportions of intangible assets.

A. more

B. the same amount of

C. less

D. either more or the same amount of

E. any amount of debt

23. What three factors are important to consider in determining a target debt to equity ratio?

A. Taxes, asset types, and pecking order and financial slack

B. Asset types, uncertainty of operating income, and pecking order and financial slack

C. Taxes, financial slack and pecking order, and uncertainty of operating income

D. Taxes, asset types, and uncertainty of operating income

E. None of the above.

24. An exchange may offer:

A. allow customers a 30 day money-back guarantee on the firm's product.

B. allow customers a 90 day warranty on the firm's product from defects.

C. allow bondholders to exchange some debt for stock.

D. allow stockholders to exchange some of their stock for debt.

E. Both C and D.

25. Which of the following is not empirically true when formulating capital structure policy?

A. Some firms use no debt.

B. Most corporations have low debt-asset ratios.

C. There are no differences in the capital-structure of different industries.

D. Debt levels across industries vary widely.

E. Debt ratios in most countries are considerably less than 100%.

26. When shareholders pursue selfish strategies such as taking large risks or paying excessive dividends, these will result in:

A. no action by debtholders since these are equity holder concerns.

B. positive agency costs, as bondholders impose various restrictions and covenants which will diminish firm value.

C. investments of the same risk class that the firm is in.

D. undertaking scale enhancing projects.

E. lower agency costs, as shareholders have more control over the firm's assets.

27. Indirect costs of bankruptcy are born principally by:

A. bondholders.

B. stockholders.

C. managers.

D. the federal government.

E. the firm's suppliers.

28. The value of a firm in financial distress is diminished if the firm:

A. is declared bankrupt and proceeds to be liquidated.

B. is declared insolvent and undergoes financial reorganization.

C. is a partnership.

D. Both A and C.

E. Both A and B.

29. Covenants restricting the use of leasing and additional borrowings primarily protect:

A. the equityholders from added risk of default.

B. the debtholders from the added risk of dilution of their claims.

C. the debtholders from the transfer of assets.

D. the management from having to pay agency costs.

E. None of the above.

30. If a firm issues debt but writes protective and restrictive covenants into the loan contract, then the firm's debt may be issued at a _____ interest rate compared with otherwise similar debt.

A. significantly higher

B. slightly higher

C. equal

D. lower

E. Either A or B

31. When graphing firm value against debt levels, the debt level that maximizes the value of the firm is the level where:

A. the increase in the present value of distress costs from an additional dollar of debt is greater than the increase in the present value of the debt tax shield.

B. the increase in the present value of distress costs from an additional dollar of debt is equal to the increase in the present value of the debt tax shield.

C. the increase in the present value of distress costs from an additional dollar of debt is less than the increase of the present value of the debt tax shield.

D. distress costs as well as debt tax shields are zero.

E. distress costs as well as debt tax shields are maximized.

32. When firms issue more debt, the tax shield on debt _____, the agency costs on debt (i.e., costs of financial distress) _____, and the agency costs on equity _____.

A. increases; increase; increase

B. decreases; decrease; decrease

C. increases; increase; decrease

D. decreases; decrease; increase

E. increases; decrease; decrease

33. The free cash flow hypothesis states:

A. that firms with greater free cash flow will pay more in dividends reducing the risk of financial distress.

B. that firms with greater free cash flow should issue new equity to force managers to minimize wasting resources and to work harder.

C. that issuing debt requires interest and principal payments reducing the potential of management to waste resources.

D. Both A and C.

E. Both B and C.

34. Issuing debt instead of new equity in a closely held firm more likely:

A. causes the owner-manager to work less hard and shirk their duties as they have less capital at risk.

B. causes the owner-manager to consume more perquisites because the cost is passed to the debtholders.

C. causes both more shirking and perquisite consumption since the government provides a tax shield on debt.

D. causes agency costs to fall as owner-managers do not need to worry about other shareholders.

E. causes the owner-manager to reduce shirking and perquisite consumption as the excess cash flow must be used to meet debt payments.

35. The pecking order states how financing should be raised. In order to avoid asymmetric information problems and misinterpretation of whether management is sending a signal on security overvaluation, the firm's first rule is to:

A. finance with internally generated funds.

B. always issue debt then the market won't know when management thinks the security is overvalued.

C. issue new equity first.

D. issue debt first.

E. None of the above.

36. Growth opportunities _______ the _____ of debt financing.

A. increase; advantage

B. decrease; advantage

C. decrease; disadvantage

D. Both A and C

E. None of the above

37. Which of the following industries would tend to have the highest leverage?

A. Drugs

B. Computer

C. Paper

D. Electronics

E. Biological products

38. The introduction of personal taxes may reveal a disadvantage to the use of debt if the:

A. personal tax rate on the distribution of income to stockholders is less than the personal tax rate on interest income.

B. personal tax rate on the distribution of income to stockholders is greater than the personal tax rate on interest income.

C. personal tax rate on the distribution of income to stockholders is equal to the personal tax rate on interest income.

D. personal tax rate on interest income is zero.

E. None of the above.

39. In Miller's model, when the quantity [(1 - Tc)(1 - Ts) = (1 - Tb)], then:

A. the firm should hold no debt.

B. the value of the levered firm is greater than the value of the unlevered firm.

C. the tax shield on debt is exactly offset by higher personal taxes paid on interest income.

D. the tax shield on debt is exactly offset by higher levels of dividends.

E. the tax shield on debt is exactly offset by higher capital gains.

40. In a Miller equilibrium, what type of investments do high tax bracket investors tend to hold?

A. Bonds

B. Stocks

C. Debentures

D. Both stocks and bonds.

E. Neither stocks nor bonds.

41. The TrunkLine Company will earn $60 in one year if it does well. The debtholders are promised payments of $35 in one year if the firm does well. If the firm does poorly, expected earnings in one year will be $30 and the repayment will be $20 because of the dead weight cost of bankruptcy. The probability of the firm performing poorly or well is 50%. If bondholders are fully aware of these costs what will they pay for the debt? The interest rate on the bonds is 10%.

A. $25.00

B. $27.50

C. $29.55

D. $32.50

E. $35.00

42. The TrunkLine Company debtholders are promised payments of $35 if the firm does well, but will receive only $20 if the firm does poorly. Bondholders are willing to pay $25. The promised return to the bondholders is approximately:

A. 2.9%

B. 16.9%

C. 27.3%

D. 40.0%

E. 100%

43. An investment is available that pays a tax-free 6%. The corporate tax rate is 30%. Ignoring risk, what is the pre-tax return on taxable bonds?

A. 4.20%

B. 6.00%

C. 7.67%

D. 8.57%

E. None of the above.

44. Your firm has a debt-equity ratio of .60. Your cost of equity is 11% and your after-tax cost of debt is 7%. What will your cost of equity be if the target capital structure becomes a 50/50 mix of debt and equity?

A. 9.50%

B. 10.50%

C. 11.00%

D. 11.25%

E. 12.00%

45. The Aggie Company has EBIT of $50,000 and market value debt of $100,000 outstanding with a 9% coupon rate. The cost of equity for an all equity firm would be 14%. Aggie has a 35% corporate tax rate. Investors face a 20% tax rate on debt receipts and a 15% rate on equity. Determine the value of Aggie.

A. $120,000

B. $162,948

C. $258,537

D. $263,080

E. $332,143

46. Given the following information, leverage will add how much value to the unlevered firm per dollar of debt?

Corporate tax rate: 34%

Personal tax rate on income from bonds: 30%

Personal tax rate on income from stocks: 30%

A. $-0.050

B. $0.006

C. $0.246

D. $0.340

E. $0.660

47. Given the following information, leverage will add how much value to the unlevered firm per dollar of debt?

Corporate tax rate: 34%

Personal tax rate on income from bonds: 20%

Personal tax rate on income from stocks: 0%

A. $0.175

B. $0.472

C. $0.528

D. $0.825

E. None of the above

48. Given the following information, leverage will add how much value to the unlevered firm per dollar of debt?

Corporate tax rate: 34%

Personal tax rate on income from bonds: 50%

Personal tax rate on income from stocks: 10%

A. $-0.050

B. $-0.188

C. $0.188

D. $0.633

E. None of the above

49. Given the following information, leverage will add how much value to the unlevered firm per dollar of debt?

Corporate tax rate: 34%

Personal tax rate on income from bonds: 10%

Personal tax rate on income from stocks: 50%

A. $-0.050

B. $-0.188

C. $0.367

D. $0.633

E. None of the above

50. The Aggie Company has EBIT of $70,000 and market value debt of $100,000 outstanding with a 9% coupon rate. The cost of equity for an all equity firm would be 14%. Aggie has a 35% corporate tax rate. Investors face a 20% tax rate on debt receipts and a 15% rate on equity. Determine the value of Aggie.

A. $120,000

B. $162,948

C. $258,537

D. $263,080

E. $355,938

51. Suppose a Miller equilibrium exists with a corporate tax rate of 30% and a personal tax rate on income from bonds of 35%. What is the personal tax rate on income from stocks?

A. 0.0%

B. 7.1%

C. 10.05%

D. 45.5%

E. None of the above

52. Given the following information, leverage will add how much value to the unlevered firm per dollar of debt?

Corporate tax rate: 40%

Personal tax rate on income from bonds: 20%

Personal tax rate on income from stocks: 30%

A. $-0.475

B. $0.475

C. $0.525

D. $0.633

E. None of the above

53. Given the following information, leverage will add how much value to the unlevered firm per dollar of debt?

Corporate tax rate: 34%

Personal tax rate on income from bonds: 20%

Personal tax rate on income from stocks: 50%

A. $-0.050

B. $-0.188

C. $0.367

D. $0.588

E. None of the above

54. Given the following information, leverage will add how much value to the unlevered firm per dollar of debt?

Corporate tax rate: 34%

Personal tax rate on income from bonds: 20%

Personal tax rate on income from stocks: 30%

A. $-0.050

B. $0.006

C. $0.246

D. $0.340

E. $0.423

55. Given the following information, leverage will add how much value to the unlevered firm per dollar of debt?

Corporate tax rate: 30%

Personal tax rate on income from bonds: 20%

Personal tax rate on income from stocks: 0%

A. $0.125

B. $0.472

C. $0.528

D. $0.825

E. None of the above

56. Holly Berry Incorporated will earn $40 in one year if it does well. The debtholders are promised payments of $25 in one year if the firm does well. If the firm does poorly, expected earnings in one year will be $20 and the repayment will be $15 because of the dead weight cost of bankruptcy. The probability of the firm performing poorly or well is 50%. If bondholders are fully aware of these costs what will they pay for the debt? The interest rate on the bonds is 8%.

A. $18.52

B. $30.00

C. $32.55

D. $35.75

E. $37.04

57. Holly Berry Incorporated debtholders are promised payments of $25 if the firm does well, but will receive only $20 if the firm does poorly. Bondholders are willing to pay $15. The promised return to the bondholders is approximately:

A. 5.65%

B. 45.65%

C. 50.00%

D. 66.67%

E. 100.00%

58. An investment is available that pays a tax-free 7%. The corporate tax rate is 40%. Ignoring risk, what is the pre-tax return on taxable bonds?

A. 4.20%

B. 7.00%

C. 7.47%

D. 11.67%

E. None of the above

Essay Questions

59. What are the advantages of a prepackaged bankruptcy for a firm? What are the disadvantages?

60. Is there an easily identifiable debt-equity ratio that will maximize the value of a firm? Why or why not?

61. Describe some of the sources of business risk and financial risk. Do financial decision makers have the ability to "trade off" one type of risk for the other?

62. The Do-All-Right Marketing Research firm has promised payments to its bondholders that total $100. The company believes that there is a 85% chance that the cash flow will be sufficient to meet these claims. However, there is a 15% chance that cash flows will fall short, in which case total earnings are expected to be $65. If the bonds sell in the market for $84, what is an estimate of the bankruptcy costs for Do-All-Right? Assume a cost of debt of 10%.

63. Establishing a capital structure for a firm is not simple. Although financial theory guides the process, there is no simple formula. List and explain four main items that one should consider in determining the capital structure.

Wigdor Manufacturing is currently all equity financed, has an EBIT of $2 million, and is in the 34% tax bracket. Louis, the company's founder, is the lone shareholder.

64. If the firm were to convert $4 million of equity into debt at a cost of 10%, what would be the total cash flow to Louis if he holds all the debt? Compare this to Louis' total cash flow if the firm remains unlevered.

65. Assume that all earnings are paid out as dividends. Now consider the fact that Louis must pay personal tax on the firm's cash flow. Louis pays taxes on interest at a rate of 33%, but pays taxes on dividends at a rate of 28%. Calculate the total cash flow to Louis after he pays personal taxes.

66. Consider an economy in which there are three groups of investors and no others.

There are no personal taxes on income from stocks. An investment is available that pays a

tax-free 4%. The corporate tax rate is 50%. Total corporate income before earnings and taxes (EBIT) is $224 million forever. What is the maximum debt-to-equity ratio for the economy as a whole?

67. The All-Mine Corporation is deciding whether to invest in a new project. The project would have to be financed by equity, the cost is $2,000 and will return $2,500 or 25% in one year. The discount rate for both bonds and stock is 15% and the tax rate is zero. The predicted cash flows are $4,500 in a good economy, $3,000 in an average economy and $1,000 in a poor economy. Each economic outcome is equally likely and the promised debt repayment is $3,000. Should the company take the project? What is the value of firm and its components before and after the project addition?

68. Define and describe the direct and indirect costs of bankruptcy. Give three examples of each.

69. What is the pecking order theory and what are the implications that arise from this theory?

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

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

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

罗斯公司理财题库全集

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

(完整版)公司理财-罗斯课后习题答案

第一章 1.在所有权形式的公司中,股东是公司的所有者。股东选举公司的董事会,董事会任命该公司的管理层。企业的所有权和控制权分离的组织形式是导致的代理关系存在的主要原因。管理者可能追求自身或别人的利益最大化,而不是股东的利益最大化。在这种环境下,他们可能因为目标不一致而存在代理问题。 2.非营利公司经常追求社会或政治任务等各种目标。非营利公司财务管理的目标是获取并有效使用资金以最大限度地实现组织的社会使命。 3.这句话是不正确的。管理者实施财务管理的目标就是最大化现有股票的每股价值，当前的股票价值反映了短期和长期的风险、时间以及未来现金流量。 4.有两种结论。一种极端,在市场经济中所有的东西都被定价。因此所有目标都有一个最优水平，包括避免不道德或非法的行为，股票价值最大化。另一种极端,我们可以认为这是非经济现象,最好的处理方式是通过政治手段。一个经典的思考问题给出了这种争论的答案:公司估计提高某种产品安全性的成本是30美元万。然而,该公司认为提高产品的安全性只会节省20美元万。请问公司应该怎么做呢?” 5.财务管理的目标都是相同的,但实现目标的最好方式可能是不同的,因为不同的国家有不同的社会、政治环境和经济制度。 6.管理层的目标是最大化股东现有股票的每股价值。如果管理层认为能提高公司利润，使股价超过35美元,那么他们应该展开对恶意收购的斗争。如果管理层认为该投标人或其它未知的投标人将支付超过每股35美元的价格收购公司,那么他们也应该展开斗争。然而,如果管理层不能增加企业的价值,并且没有其他更高的投标价格,那么管理层不是在为股东的最大化权益行事。现在的管理层经常在公司面临这些恶意收购的情况时迷失自己的方向。 7.其他国家的代理问题并不严重,主要取决于其他国家的私人投资者占比重较小。较少的私人投资者能减少不同的企业目标。高比重的机构所有权导致高学历的股东和管理层讨论决策风险项目。此外,机构投资者比私人投资者可以根据自己的资源和经验更好地对管理层实施有效的监督机制。 8.大型金融机构成为股票的主要持有者可能减少美国公司的代理问题，形成更有效率的公司控制权市场。但也不一定能。如果共同基金或者退休基金的管理层并不关心的投资者的利益，代理问题可能仍然存在,甚至有可能增加基金和投资者之间的代理问题。 （3）就像市场需求其他劳动力一样，市场也需求首席执行官，首席执行官的薪酬是由市场决定的。这同样适用于运动员和演员。首席执行官薪酬大幅度增长的一个主要原因是

罗斯公司理财题库全集

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

罗斯公司理财题库全集

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

公司理财罗斯课后习题答案

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

第一章 1.在所有权形式的公司中,股东是公司的所有者。股东选举公司的董事会,董事会任命该公司的管理层。企业的所有权和控制权分离的组织形式是导致的代理关系存在的主要原因。管理者可能追求自身或别人的利益最大化,而不是股东的利益最大化。在这种环境下,他们可能因为目标不一致而存在代理问题。 2.非营利公司经常追求社会或政治任务等各种目标。非营利公司财务管理的目标是获取并有效使用资金以最大限度地实现组织的社会使命。 3.这句话是不正确的。管理者实施财务管理的目标就是最大化现有股票的每股价值，当前的股票价值反映了短期和长期的风险、时间以及未来现金流量。 4.有两种结论。一种极端,在市场经济中所有的东西都被定价。因此所有目标都有一个最优水平，包括避免不道德或非法的行为，股票价值最大化。另一种极端,我们可以认为这是非经济现象,最好的处理方式是通过政治手段。一个经典的思考问题给出了这种争论的答案:公司估计提高某种产品安全性的成本是30美元万。然而,该公司认为提高产品的安全性只会节省20美元万。请问公司应该怎么做呢” 5.财务管理的目标都是相同的,但实现目标的最好方式可能是不同的,因为不同的国家有不同的社会、政治环境和经济制度。 6.管理层的目标是最大化股东现有股票的每股价值。如果管理层认为能提高公司利润，使股价超过35美元,那么他们应该展开对恶意收购的斗争。如果管理层认为该投标人或其它未知的投标人将支付超过每股35美元的价格收购公司,那么他们也应该展开斗争。然而,如果管理层不能增加企业的价值,并且没有其他更高的投标价格,那么管理层不是在为股东的最大化权益行事。现在的管理层经常在公司面临这些恶意收购的情况时迷失自己的方向。 7.其他国家的代理问题并不严重,主要取决于其他国家的私人投资者占比重较小。较少的私人投资者能减少不同的企业目标。高比重的机构所有权导致高学历的股东和管理层讨论决策风险项目。此外,机构投资者比私人投资者可以根据自己的资源和经验更好地对管理层实施有效的监督机制。 8.大型金融机构成为股票的主要持有者可能减少美国公司的代理问题，形成更有效率的公司控制权市场。但也不一定能。如果共同基金或者退休基金的管理层并不关心的投资者的利益，代理问题可能仍然存在,甚至有可能增加基金和投资者之间的代理问题。

罗斯公司理财题库cha16

Chapter 16 Capital Structure: Basic Concepts Multiple Choice Questions 1. The use of personal borrowing to change the overall amount of financial leverage to which an individual is exposed is called: A. homemade leverage. B. dividend recapture. C. the weighted average cost of capital. D. private debt placement. E. personal offset. 2. The proposition that the value of the firm is independent of its capital structure is called: A. the capital asset pricing model. B. MM Proposition I. C. MM Proposition II. D. the law of one price. E. the efficient markets hypothesis. 3. The proposition that the cost of equity is a positive linear function of capital structure is called: A. the capital asset pricing model. B. MM Proposition I. C. MM Proposition II. D. the law of one price. E. the efficient markets hypothesis. 4. The tax savings of the firm derived from the deductibility of interest expense is called the: A. interest tax shield. B. depreciable basis. C. financing umbrella. D. current yield. E. tax-loss carry forward savings.

英文版罗斯公司理财习题答案Chap013

CHAPTER 13 CORPORATE FINANCING DECISIONS AND EFFICIENT CAPITAL MARKETS Answers to Concepts Review and Critical Thinking Questions 1.To create value, firms should accept financing proposals with positive net present values. Firms can create valuable financing opportunities in three ways: 1) Fool investors. A firm can issue a complex security to receive more than the fair market value. Financial managers attempt to package securities to receive the greatest value. 2) Reduce costs or increase subsidies. A firm can package securities to reduce taxes. Such a security will increase the value of the firm. In addition, financing techniques involve many costs, such as accountants, lawyers, and investment bankers. Packaging securities in a way to reduce these costs will also increase the value of the firm. 3) Create a new security. A previously unsatisfied investor may pay extra for a specialized security catering to his or her needs. Corporations gain from developing unique securities by issuing these securities at premium prices. 2.The three forms of the efficient markets hypothesis are: 1) Weak form. Market prices reflect information contained in historical prices. Investors are unable to earn abnormal returns using historical prices to predict future price movements. 2) Semi-strong form. In addition to historical data, market prices reflect all publicly-available information. Investors with insider, or private information, are able to earn abnormal returns. 3) Strong form. Market prices reflect all information, public or private. Investors are unable to earn abnormal returns using insider information or historical prices to predict future price movements. 3. a.False. Market efficiency implies that prices reflect all available information, but it does not imply certain knowledge. Many pieces of information that are available and reflected in prices are fairly uncertain. Efficiency of markets does not eliminate that uncertainty and therefore does not imply perfect forecasting ability. b.True. Market efficiency exists when prices reflect all available information. To be efficient in the weak form, the market must incorporate all historical data into prices. Under the semi- strong form of the hypothesis, the market incorporates all publicly-available information in addition to the historical data. In strong form efficient markets, prices reflect all publicly and privately available information. c.False. Market efficiency implies that market participants are rational. Rational people will immediately act upon new information and will bid prices up or down to reflect that information. d. Fals e. In efficient markets, prices reflect all available information. Thus, prices will fluctuate whenever new information becomes available. e.True. Competition among investors results in the rapid transmission of new market information. In efficient markets, prices immediately reflect new information as investors bid the stock price up or down.

英文版罗斯公司理财习题答案Chap020

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

罗斯公司理财题库全

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

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

罗斯公司理财答案第六版(英文)

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

英文版罗斯公司理财习题答案

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

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

罗斯公司理财第六章投资决策课后习题答案

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

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

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