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.
5. Financial restructuring can occur as:
A. a private workout.
B. an employee buy-out.
C. a bankruptcy reorganization.
D. Both A and C.
E. Both B and C.
6. Financial distress can involve which of the following:
A. asset restructuring.
B. financial restructuring.
C. liquidation.
D. All of the above.
E. None of the above.
7. APR, as it relates to financial distress, means the rules of:
A. absolute profitability.
B. arbitration priority.
C. absolute priority.
D. arbitration profitability.
E. automatic profitability.
8. The difference between liquidation and reorganization is:
A. reorganization terminates all operations of the firm and liquidation only terminates
non-profitable operations.
B. liquidation terminates only profitable operations and reorganization terminates only
non-profitable operations.
C. liquidation terminates all operations and reorganization maintains the option of the firm as a going concern.
D. liquidation only deals with current assets and reorganization only consolidates debt.
E. None of the above.
9. A firm that has a series of negative earnings, sales declines and workforce reductions is likely headed to:
A. acquisition of another firm.
B. a merger.
C. financial distress.
D. new financing.
E. None of the above.
10. Some of the various events which typically occur around the period of financial distress for
a firm are:
A. continued increase in earnings.
B. steady growth.
C. dividend reductions.
D. Both A and B.
E. Both A and C.
11. Bankruptcy reorganizations are used by management to:
A. forestall the inevitable liquidation in all cases.
B. provide time to turn the business around.
C. allow the courts time to set up an administrative structure.
D. All of the above.
E. None of the above.
12. A firm has several options available to it in times of financial distress. The firm may:
A. reduce capital and R & D spending.
B. raise new funds by selling securities or major assets.
C. file for bankruptcy.
D. negotiate with lenders.
E. All of the above statements are true.
13. Most firms in financial distress do not fail and cease to exist. Many firms can actually benefit from distress by:
A. forcing a firm to reevaluate their core operations.
B. realigning their capital structure to reduce interest costs.
C. entering Chapter 11 and liquidating the firm.
D. Both A and B.
E. Both A and C.
14. Whether bankruptcy is entered voluntarily or involuntarily the major difference between Chapter 7 and Chapter 11 is:
A. that liquidation occurs in Chapter 11 but reorganization is the objective under Chapter 7.
B. that there is no priority of claims under Chapter 11.
C. that liquidation occurs in Chapter 7 but reorganization is the objective under chapter 11.
D. no lawyers fees are necessary under Chapter 7.
E. None of the above.
15. If a firm has a stock based insolvency in both book and market value terms and liquidates:
A. the payoff will not be 100% to all investors.
B. the unsecured creditors are likely to get less than full value.
C. the equityholders typically should receive nothing.
D. All of the above.
E. None of the above.
16. A firm in financial distress that reorganizes:
A. continues to run the business as a going concern.
B. must have acceptance of the plan by the creditors.
C. may distribute new securities to creditors and shareholders.
D. All of the above.
E. None of the above.
17. A corporation is adjudged bankrupt under Chapter 7. When do the shareholders receive any payment?
A. After the trustee liquidates the assets and pays the administrative expenses, the shareholders are paid before the creditors.
B. After the trustee liquidates the assets, the administrative expenses and secured creditors are paid, then the unsecured creditors, and then the shareholders divide any remainder.
C. After the trustee liquidates the assets, the shareholders are paid, next the administrative expenses, the secured creditors, and then the unsecured creditors divide any remainder.
D. After the trustee liquidates the assets the shareholders are paid first because they are the owners of the firm and have the principal stake.
E. None of the above.
18. What is the absolute priority rule of the following claims once a corporation is determined to be bankrupt?
A. administrative expenses, wages claims, government tax claims, debtholder and then equityholder claims
B. administrative expenses, wages claims, government tax claims, equityholder and then debtholder claims
C. wage claims, administrative expenses, debtholder claims, government tax claims and equityholder claims
D. wage claims, administrative expenses, debtholder claims, equityholder claims and government tax claims
E. None of the above
19. The absolute priority rule:
A. is set to ensure senior claims are paid first.
B. is the priority rule in liquidations.
C. distributes proceeds of secured assets sales to the secured creditors first and the remainder to the unsecured.
D. All of the above.
E. None of the above.
20. Many corporations choose Chapter 11 bankruptcy proceedings voluntarily because the management can:
A. take up to 120 days to file a reorganization plan.
B. continue to run the business.
C. reorganize if the required fractions of creditors approve of the plan and it is confirmed when the reorganization takes place.
D. All of the above.
E. None of the above.
21. Which of the following statements about private workouts of financial distress is NOT true?
A. Senior debt is usually replaced with junior debt.
B. Debt is usually replaced with equity.
C. Private workouts account for about three quarters of all reorganizations.
D. Top management is often dismissed or takes pay reductions.
E. None of the above.
22. Successful private workouts are better for firms than formal bankruptcy because:
A. direct costs are considerably lower in private workouts.
B. private workout firms can issue new debt senior to all prior debt.
C. stock price increases are greater for private workouts than for firms emerging from formal bankruptcy.
D. Both A and B.
E. Both A and C.
23. Equityholders may prefer a formal bankruptcy filing because:
A. the firm can issue debtor in possession debt.
B. the firm can delay pre-bankruptcy interest payments.
C. the lack of information about the length and magnitude of the cash flow problem favors equityholders.
D. All of the above.
E. None of the above.
24. Prepackaged bankruptcies are:
A. described as a combination of a private workout and a liquidation.
B. the easiest way to transfer wealth to the shareholders.
C. described as a combination of a completed private workout and the formal bankruptcy filing.
D. All of the above.
E. None of the above.
25. In a prepackaged bankruptcy the firm:
A. and creditors agree to a private reorganization outside formal bankruptcy.
B. must reach agreement privately with most of the creditors.
C. will have difficulty when there are thousands of reluctant trade creditors.
D. All of the above.
E. None of the above.
26. Financial distress may be more expensive if the:
A. information about the permanency of the shortfall is limited.
B. firm has many different types of creditors and other investors.
C. firm has never entered into bankruptcy before.
D. Both A and B.
E. Both B and C.
27. The net payoff to creditors in formal bankruptcy may be low in present value terms because:
A. the financial structure may be complicated with several groups and types of creditors.
B. indirect costs of bankruptcy may have been costly in lost revenues and poor maintenance.
C. administrative costs are high and increase with the complexity and length of time in the formal bankruptcy process.
D. All of the above.
E. None of the above.
28. Firms deal with financial distress by:
A. selling major assets.
B. merging with another firm.
C. issuing new securities.
D. exchanging debt for equity.
E. All of the above.
29. Perhaps equally, if not more damaging are the indirect costs of financial distress. Some examples of indirect costs are:
A. loss of current customers.
B. loss of business reputation.
C. management consumed in survival and not on a strategic direction.
D. All of the above.
E. Both A and B.
30. Credit scoring models are used by lenders to:
A. determine the borrowers capacity to pay.
B. aid in the prediction of default or bankruptcy.
C. determine the optimal debt equity ratio.
D. Both A and B.
E. Both A and C.
31. Altman develop the Z-score model for publicly traded manufacturing firms. Using financial statement data and multiple discriminant analysis, he found that:
A. in actual use, a Z-score greater than 2.99 meant bankruptcy within one year.
B. in actual use, a Z-score greater than 1.81 implied a 90% chance of bankruptcy within one year.
C. in actual use, a Z-score of less than 1.81 would predict bankruptcy within one year.
D. in actual use, a Z-score less than 2.99 meant non-bankruptcy within one year.
E. None of the above.
32. The key intuition of a Z-score model like Altman's is that:
A. only publicly traded firms can be evaluated.
B. one will be just as well off by guessing on default rates.
C. all corporations will default at least once.
D. financial profiles of bankrupt and non-bankrupt firms are very different one year before bankruptcy.
E. privately traded firms have better financial information which are disclosed to lenders and need not rely on any efficient market notions.
33. Approximately ____ of all firms going through a Chapter 11 bankruptcy successfully reorganize.
A. 0%
B. 15%
C. 25%
D. 50%
E. 85%
34. Altman's Z-score predicts the:
A. percentage of payout to equityholders in liquidations.
B. percentage of payout to equityholders in reorganization.
C. likelihood of a private workout.
D. likelihood of bankruptcy of a firm within one year.
E. None of the above.
35. Very small firms (i.e. firms with assets less than $100,000) are more likely to:
A. file for strategic bankruptcy.
B. file for bankruptcy protection earlier than large firms.
C. reorganize than liquidate compared to large firms.
D. liquidate than reorganize compared to large firms.
E. None of the above.
36. A large negative equity position will lead a firm to be more likely to try to:
A. not file bankruptcy.
B. liquidate.
C. reorganize.
D. consolidate.
E. None of the above.
Magic Mobile Homes is to be liquidated. All creditors, both secured and unsecured, are owed $2 million. Administrative costs of liquidation and wage payments are expected to be $500,000.
A sale of assets is expected to bring $1.8 million after taxes. Secured creditors have a mortgage lien for $1,200,000 on the factory which will be liquidated for $900,000 out of the sale proceeds. The corporate tax rate is 34%.
37. How much and what percentage of their claim will the unsecured creditors receive, in total?
A. $100,000; 12.50%.
B. $290,909; 36.36%.
C. $300,000; 37.50%.
D. $600,000; 75.00%.
E. Not enough information to answer
38. How much and what percentage of their claim will the secured creditors receive, in total?
A. $900,000; 75%
B. $981,818; 81.82%
C. $1,009,091; 84.1%
D. $1,200,000; 100%
E. Not enough information to answer.
The management of Magic Mobile Homes has proposed to reorganize the firm. The proposal is based on a going-concern value of $2 million. The proposed financial structure is $750,000 in new mortgage debt, $250,000 in subordinated debt and $1,000,000 in new equity. All creditors, both secured and unsecured, are owed $2.5 million dollars. Secured creditors have a mortgage lien for $1,500,000 on the factory. The corporate tax rate is 34%.
39. How much should the secured creditors receive?
A. $1,000,000
B. $1,250,000
C. $1,333,333
D. $1,500,000
E. None of the above.
40. How much should the unsecured creditors receive?
A. $500,000
B. $667,000
C. $750,000
D. $1,000,000
E. None of the above.
41. What will the equityholders receive if they had 5 million shares with a par value of $0.50 each?
A. $0
B. $35,714
C. $583,333
D. $1,000,000
E. None of the above.
The management of Schroeder Books has proposed to reorganize the company. The proposal is based on a going-concern value of $2.3 million. The proposed financial structure is $500,000 in new mortgage debt, $300,000 in subordinated debt and $1,500,000 in new equity. All creditors, both secured and unsecured, are owed $3 million dollars. Secured creditors have a mortgage lien for $2,000,000 on the book bindery. The corporate tax rate is 34%.
42. How much should the secured creditors receive?
A. $1,500,000
B. $2,000,000
C. $2,300,000
D. $3,000,000
E. None of the above.
43. How much should the unsecured creditors receive?
A. $300,000
B. $500,000
C. $1,000,000
D. $2,300,000
E. None of the above.
44. What will the equityholders receive if they had 5 million shares with a par value of $0.50 each?
A. $0
B. $35,714
C. $583,333
D. $1,000,000
E. None of the above.
Essay Questions
45. The Steel Pony Company, a maker of all-terrain recreational vehicles, is having financial difficulties due to high interest payments. The estimated "going concern" value of Steel Pony is $4.0 million. The senior debt claim is on all fixed assets. The balance sheet of the firm is as shown:
If Steel Pony decides to file for formal bankruptcy and expects to sell the firm for the "going concern" value and pay administrative fees which amount to 5% of the total going concern value, determine the distribution of the proceeds under the rules of absolute priority.
46. The Here Today Corporation has applied to your bank for a loan. You have their financial statements and the revised Z-score model of:
Z = 6.56 (Net Working Capital/Total Assets) + 3.26 (Accumulated Retained Earnings/Total Assets) + 1.05 (EBIT/Total Assets) + 6.72 (Book Value of Equity/Total Liabilities) where:
Z < 1.23 predicts bankruptcy. A Z score between 1.23 and 2.90 indicates gray area. A Z score greater than 2.90 indicates no bankruptcy. From the financial statements you gathered net working capital of $237,500; accumulated retained earnings of $120,000; book value of equity of $950,000; total assets of $4,750,000; EBIT of $261,250; and total liabilities of $3,800,000. Should the bank lend to Here Today?
47. When choosing between liquidation and reorganization, what are some of the empirical factors that lead a firm toward one choice or the other?
Chapter 30 Financial Distress Answer Key
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.
Difficulty level: Easy
Topic: FINANCIAL DISTRESS
Type: DEFINITIONS
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.
Difficulty level: Easy
Topic: INSOLVENCY
Type: DEFINITIONS
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.
Difficulty level: Easy
Topic: STOCK-BASED INSOLVENCY
Type: DEFINITIONS
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.
Difficulty level: Easy
Topic: FLOW-BASED INSOLVENCY
Type: DEFINITIONS
5. Financial restructuring can occur as:
A. a private workout.
B. an employee buy-out.
C. a bankruptcy reorganization.
D. Both A and C.
E. Both B and C.
Difficulty level: Medium
Topic: FINANCIAL RESTRUCTURING
Type: DEFINITIONS
6. Financial distress can involve which of the following:
A. asset restructuring.
B. financial restructuring.
C. liquidation.
D. All of the above.
E. None of the above.
Difficulty level: Easy
Topic: FINANCIAL DISTRESS
Type: DEFINITIONS
7. APR, as it relates to financial distress, means the rules of:
A. absolute profitability.
B. arbitration priority.
C. absolute priority.
D. arbitration profitability.
E. automatic profitability.
Difficulty level: Medium
Topic: RULES OF ABSOLUTE PRIORITY
Type: DEFINITIONS
8. The difference between liquidation and reorganization is:
A. reorganization terminates all operations of the firm and liquidation only terminates
non-profitable operations.
B. liquidation terminates only profitable operations and reorganization terminates only
non-profitable operations.
C. liquidation terminates all operations and reorganization maintains the option of the firm as a going concern.
D. liquidation only deals with current assets and reorganization only consolidates debt.
E. None of the above.
Difficulty level: Medium
Topic: REORGANIZATION AND LIQUIDATION
Type: DEFINITIONS
9. A firm that has a series of negative earnings, sales declines and workforce reductions is likely headed to:
A. acquisition of another firm.
B. a merger.
C. financial distress.
D. new financing.
E. None of the above.
Difficulty level: Medium
Topic: FINANCIAL DISTRESS
Type: CONCEPTS
10. Some of the various events which typically occur around the period of financial distress for
a firm are:
A. continued increase in earnings.
B. steady growth.
C. dividend reductions.
D. Both A and B.
E. Both A and C.
Difficulty level: Easy
Topic: FINANCIAL DISTRESS
Type: CONCEPTS
11. Bankruptcy reorganizations are used by management to:
A. forestall the inevitable liquidation in all cases.
B. provide time to turn the business around.
C. allow the courts time to set up an administrative structure.
D. All of the above.
E. None of the above.
Difficulty level: Easy
Topic: REORGANIZATION
Type: CONCEPTS
12. A firm has several options available to it in times of financial distress. The firm may:
A. reduce capital and R & D spending.
B. raise new funds by selling securities or major assets.
C. file for bankruptcy.
D. negotiate with lenders.
E. All of the above statements are true.
Difficulty level: Medium
Topic: FINANCIAL DISTRESS
Type: CONCEPTS
13. Most firms in financial distress do not fail and cease to exist. Many firms can actually benefit from distress by:
A. forcing a firm to reevaluate their core operations.
B. realigning their capital structure to reduce interest costs.
C. entering Chapter 11 and liquidating the firm.
D. Both A and B.
E. Both A and C.
Difficulty level: Easy
Topic: FINANCIAL DISTRESS
Type: CONCEPTS
14. Whether bankruptcy is entered voluntarily or involuntarily the major difference between Chapter 7 and Chapter 11 is:
A. that liquidation occurs in Chapter 11 but reorganization is the objective under Chapter 7.
B. that there is no priority of claims under Chapter 11.
C. that liquidation occurs in Chapter 7 but reorganization is the objective under chapter 11.
D. no lawyers fees are necessary under Chapter 7.
E. None of the above.
Difficulty level: Easy
Topic: LIQUIDATION OR REORGANIZATION
Type: CONCEPTS
15. If a firm has a stock based insolvency in both book and market value terms and liquidates:
A. the payoff will not be 100% to all investors.
B. the unsecured creditors are likely to get less than full value.
C. the equityholders typically should receive nothing.
D. All of the above.
E. None of the above.
Difficulty level: Easy
Topic: STOCK BASED INSOLENCY
Type: CONCEPTS
16. A firm in financial distress that reorganizes:
A. continues to run the business as a going concern.
B. must have acceptance of the plan by the creditors.
C. may distribute new securities to creditors and shareholders.
D. All of the above.
E. None of the above.
Difficulty level: Easy
Topic: REORGANIZATION
Type: CONCEPTS
17. A corporation is adjudged bankrupt under Chapter 7. When do the shareholders receive any payment?
A. After the trustee liquidates the assets and pays the administrative expenses, the shareholders are paid before the creditors.
B. After the trustee liquidates the assets, the administrative expenses and secured creditors are paid, then the unsecured creditors, and then the shareholders divide any remainder.
C. After the trustee liquidates the assets, the shareholders are paid, next the administrative expenses, the secured creditors, and then the unsecured creditors divide any remainder.
D. After the trustee liquidates the assets the shareholders are paid first because they are the owners of the firm and have the principal stake.
E. None of the above.
Difficulty level: Easy
Topic: LIQUIDATION
Type: CONCEPTS
18. What is the absolute priority rule of the following claims once a corporation is determined to be bankrupt?
A. administrative expenses, wages claims, government tax claims, debtholder and then equityholder claims
B. administrative expenses, wages claims, government tax claims, equityholder and then debtholder claims
C. wage claims, administrative expenses, debtholder claims, government tax claims and equityholder claims
D. wage claims, administrative expenses, debtholder claims, equityholder claims and government tax claims
E. None of the above
Difficulty level: Medium
Topic: RULES OF ABSOLUTE PRIORITY
Type: CONCEPTS
19. The absolute priority rule:
A. is set to ensure senior claims are paid first.
B. is the priority rule in liquidations.
C. distributes proceeds of secured assets sales to the secured creditors first and the remainder to the unsecured.
D. All of the above.
E. None of the above.
Difficulty level: Easy
Topic: RULES OF ABSOLUTE PRIORITY
Type: CONCEPTS
20. Many corporations choose Chapter 11 bankruptcy proceedings voluntarily because the management can:
A. take up to 120 days to file a reorganization plan.
B. continue to run the business.
C. reorganize if the required fractions of creditors approve of the plan and it is confirmed when the reorganization takes place.
D. All of the above.
E. None of the above.
Difficulty level: Easy
Topic: REORGANIZATION
Type: CONCEPTS
罗斯《公司理财》第9版笔记和课后习题(含考研真题)详解[视频详解](风险、资本成本和资本预算)【圣才
罗斯《公司理财》第9版笔记和课后习题（含考研真题）详解[视频详解] 第13章风险、资本成本和资本预算[视频讲解] 13.1复习笔记 运用净现值法，按无风险利率对现金流量折现，可以准确评价无风险现金流量。然而，现实中的绝大多数未来现金流是有风险的，这就要求有一种能对有风险现金流进行折现的方法。确定风险项目净现值所用的折现率可根据资本资产定价模型CAPM（或套利模型APT）来计算。如果某无负债企业要评价一个有风险项目，可以运用证券市场线SML来确定项目所要求的收益率r s，r s也称为权益资本成本。 当企业既有债务融资又有权益融资时，所用的折现率应是项目的综合资本成本，即债务资本成本和权益资本成本的加权平均。 联系企业的风险贴现率与资本市场要求的收益率的原理在于如下一个简单资本预算原则：企业多余的现金，可以立即派发股利，投资者收到股利自己进行投资，也可以用于投资项目产生未来的现金流发放股利。从股东利益出发，股东会在自己投资和企业投资中选择期望收益率较高的一个。只有当项目的期望收益率大于风险水平相当的金融资产的期望收益率时，项目才可行。因此项目的折现率应该等于同样风险水平的金融资产的期望收益率。这也说明了资本市场价格信号作用。 1．权益资本成本 从企业的角度来看，权益资本成本就是其期望收益率，若用CAPM模型，股票的期望收益率为：
其中，R F是无风险利率，是市场组合的期望收益率与无风险利率之差，也称为期望超额市场收益率或市场风险溢价。 要估计企业权益资本成本，需要知道以下三个变量：①无风险利率；②市场风险溢价； ③公司的贝塔系数。 根据权益资本成本计算企业项目的贴现率需要有两个重要假设：①新项目的贝塔风险与企业风险相同；②企业无债务融资。 2．贝塔的估计 估算公司贝塔值的基本方法是利用T个观测值按照如下公式估计： 估算贝塔值可能存在以下问题：①贝塔可能随时间的推移而发生变化；②样本容量可能太小；③贝塔受财务杠杆和经营风险变化的影响。 可以通过如下途径解决上述问题：①第1个和第2个问题可通过采用更加复杂的统计技术加以解决；②根据财务风险和经营风险的变化对贝塔作相应的调整，有助于解决第3个问题；③注意同行业类似企业的平均β估计值。 根据企业自身历史数据来估算企业贝塔系数是一种常用方法，也有人认为运用整个行业的贝塔系数可以更好地估算企业的贝塔系数。有时两者计算的结果差异很大。总的来说，可以遵循下列原则：如果认为企业的经营与所在行业其他企业的经营十分类似，用行业贝塔降低估计误差。如果认为企业的经营与行业内其他企业的经营有着根本性差别，则应选择企业的贝塔。 3．贝塔的确定 前面介绍的回归分析方法估算贝塔并未阐明贝塔是由哪些因素决定的。主要存在以下三个因素：收入的周期性、经营杠杆和财务杠杆。
罗斯公司理财题库全集
Chapter 20 Issuing Securities to the Public Multiple Choice Questions 1. An equity issue sold directly to the public is called: A. a rights offer. B. a general cash offer. C. a restricted placement. D. a fully funded sales. E. a standard call issue. 2. An equity issue sold to the firm's existing stockholders is called: A. a rights offer. B. a general cash offer. C. a private placement. D. an underpriced issue. E. an investment banker's issue. 3. Management's first step in any issue of securities to the public is: A. to file a registration form with the SEC. B. to distribute copies of the preliminary prospectus. C. to distribute copies of the final prospectus. D. to obtain approval from the board of directors. E. to prepare the tombstone advertisement. 4. A rights offering is: A. the issuing of options on shares to the general public to acquire stock. B. the issuing of an option directly to the existing shareholders to acquire stock. C. the issuing of proxies which are used by shareholders to exercise their voting rights. D. strictly a public market claim on the company which can be traded on an exchange. E. the awarding of special perquisites to management.
(完整版)公司理财-罗斯课后习题答案
第一章 1.在所有权形式的公司中,股东是公司的所有者。股东选举公司的董事会,董事会任命该公司的管理层。企业的所有权和控制权分离的组织形式是导致的代理关系存在的主要原因。管理者可能追求自身或别人的利益最大化,而不是股东的利益最大化。在这种环境下,他们可能因为目标不一致而存在代理问题。 2.非营利公司经常追求社会或政治任务等各种目标。非营利公司财务管理的目标是获取并有效使用资金以最大限度地实现组织的社会使命。 3.这句话是不正确的。管理者实施财务管理的目标就是最大化现有股票的每股价值，当前的股票价值反映了短期和长期的风险、时间以及未来现金流量。 4.有两种结论。一种极端,在市场经济中所有的东西都被定价。因此所有目标都有一个最优水平，包括避免不道德或非法的行为，股票价值最大化。另一种极端,我们可以认为这是非经济现象,最好的处理方式是通过政治手段。一个经典的思考问题给出了这种争论的答案:公司估计提高某种产品安全性的成本是30美元万。然而,该公司认为提高产品的安全性只会节省20美元万。请问公司应该怎么做呢?” 5.财务管理的目标都是相同的,但实现目标的最好方式可能是不同的,因为不同的国家有不同的社会、政治环境和经济制度。 6.管理层的目标是最大化股东现有股票的每股价值。如果管理层认为能提高公司利润，使股价超过35美元,那么他们应该展开对恶意收购的斗争。如果管理层认为该投标人或其它未知的投标人将支付超过每股35美元的价格收购公司,那么他们也应该展开斗争。然而,如果管理层不能增加企业的价值,并且没有其他更高的投标价格,那么管理层不是在为股东的最大化权益行事。现在的管理层经常在公司面临这些恶意收购的情况时迷失自己的方向。 7.其他国家的代理问题并不严重,主要取决于其他国家的私人投资者占比重较小。较少的私人投资者能减少不同的企业目标。高比重的机构所有权导致高学历的股东和管理层讨论决策风险项目。此外,机构投资者比私人投资者可以根据自己的资源和经验更好地对管理层实施有效的监督机制。 8.大型金融机构成为股票的主要持有者可能减少美国公司的代理问题，形成更有效率的公司控制权市场。但也不一定能。如果共同基金或者退休基金的管理层并不关心的投资者的利益，代理问题可能仍然存在,甚至有可能增加基金和投资者之间的代理问题。 （3）就像市场需求其他劳动力一样，市场也需求首席执行官，首席执行官的薪酬是由市场决定的。这同样适用于运动员和演员。首席执行官薪酬大幅度增长的一个主要原因是
罗斯公司理财题库全集
Chapter 30 Financial Distress Multiple Choice Questions 1. Financial distress can be best described by which of the following situations in which the firm is forced to take corrective action? A. Cash payments are delayed to creditors. B. The market value of the stock declines by 10%. C. The firm's operating cash flow is insufficient to pay current obligations. D. Cash distributions are eliminated because the board of directors considers the surplus account to be low. E. None of the above. 2. Insolvency can be defined as: A. not having cash. B. being illiquid. C. an inability to pay one's debts. D. an inability to increase one's debts. E. the present value of payments being less than assets. 3. Stock-based insolvency is a: A. income statement measurement. B. balance sheet measurement. C. a book value measurement only. D. Both A and C. E. Both B and C. 4. Flow-based insolvency is: A. a balance sheet measurement. B. a negative equity position. C. when operating cash flow is insufficient to meet current obligations. D. inability to pay one's debts. E. Both C and D.
罗斯公司理财题库全集
Chapter 13 Risk, Cost of Capital, and Capital Budgeting Answer Key Multiple Choice Questions 1. The weighted average of the firm's costs of equity, preferred stock, and after tax debt is the: A. reward to risk ratio for the firm. B. expected capital gains yield for the stock. C. expected capital gains yield for the firm. D. portfolio beta for the firm. E. weighted average cost of capital (WACC). Difficulty level: Easy Topic: WACC Type: DEFINITIONS 2. If the CAPM is used to estimate the cost of equity capital, the expected excess market return is equal to the: A. return on the stock minus the risk-free rate. B. difference between the return on the market and the risk-free rate. C. beta times the market risk premium. D. beta times the risk-free rate. E. market rate of return. Difficulty level: Easy Topic: CAPM Type: DEFINITIONS
公司理财罗斯课后习题答案
公司理财罗斯课后习题 答案 集团标准化工作小组 [Q8QX9QT-X8QQB8Q8-NQ8QJ8-M8QMN]
第一章 1.在所有权形式的公司中,股东是公司的所有者。股东选举公司的董事会,董事会任命该公司的管理层。企业的所有权和控制权分离的组织形式是导致的代理关系存在的主要原因。管理者可能追求自身或别人的利益最大化,而不是股东的利益最大化。在这种环境下,他们可能因为目标不一致而存在代理问题。 2.非营利公司经常追求社会或政治任务等各种目标。非营利公司财务管理的目标是获取并有效使用资金以最大限度地实现组织的社会使命。 3.这句话是不正确的。管理者实施财务管理的目标就是最大化现有股票的每股价值，当前的股票价值反映了短期和长期的风险、时间以及未来现金流量。 4.有两种结论。一种极端,在市场经济中所有的东西都被定价。因此所有目标都有一个最优水平，包括避免不道德或非法的行为，股票价值最大化。另一种极端,我们可以认为这是非经济现象,最好的处理方式是通过政治手段。一个经典的思考问题给出了这种争论的答案:公司估计提高某种产品安全性的成本是30美元万。然而,该公司认为提高产品的安全性只会节省20美元万。请问公司应该怎么做呢” 5.财务管理的目标都是相同的,但实现目标的最好方式可能是不同的,因为不同的国家有不同的社会、政治环境和经济制度。 6.管理层的目标是最大化股东现有股票的每股价值。如果管理层认为能提高公司利润，使股价超过35美元,那么他们应该展开对恶意收购的斗争。如果管理层认为该投标人或其它未知的投标人将支付超过每股35美元的价格收购公司,那么他们也应该展开斗争。然而,如果管理层不能增加企业的价值,并且没有其他更高的投标价格,那么管理层不是在为股东的最大化权益行事。现在的管理层经常在公司面临这些恶意收购的情况时迷失自己的方向。 7.其他国家的代理问题并不严重,主要取决于其他国家的私人投资者占比重较小。较少的私人投资者能减少不同的企业目标。高比重的机构所有权导致高学历的股东和管理层讨论决策风险项目。此外,机构投资者比私人投资者可以根据自己的资源和经验更好地对管理层实施有效的监督机制。 8.大型金融机构成为股票的主要持有者可能减少美国公司的代理问题，形成更有效率的公司控制权市场。但也不一定能。如果共同基金或者退休基金的管理层并不关心的投资者的利益，代理问题可能仍然存在,甚至有可能增加基金和投资者之间的代理问题。
罗斯公司理财题库cha16
Chapter 16 Capital Structure: Basic Concepts Multiple Choice Questions 1. The use of personal borrowing to change the overall amount of financial leverage to which an individual is exposed is called: A. homemade leverage. B. dividend recapture. C. the weighted average cost of capital. D. private debt placement. E. personal offset. 2. The proposition that the value of the firm is independent of its capital structure is called: A. the capital asset pricing model. B. MM Proposition I. C. MM Proposition II. D. the law of one price. E. the efficient markets hypothesis. 3. The proposition that the cost of equity is a positive linear function of capital structure is called: A. the capital asset pricing model. B. MM Proposition I. C. MM Proposition II. D. the law of one price. E. the efficient markets hypothesis. 4. The tax savings of the firm derived from the deductibility of interest expense is called the: A. interest tax shield. B. depreciable basis. C. financing umbrella. D. current yield. E. tax-loss carry forward savings.
英文版罗斯公司理财习题答案Chap013
CHAPTER 13 CORPORATE FINANCING DECISIONS AND EFFICIENT CAPITAL MARKETS Answers to Concepts Review and Critical Thinking Questions 1.To create value, firms should accept financing proposals with positive net present values. Firms can create valuable financing opportunities in three ways: 1) Fool investors. A firm can issue a complex security to receive more than the fair market value. Financial managers attempt to package securities to receive the greatest value. 2) Reduce costs or increase subsidies. A firm can package securities to reduce taxes. Such a security will increase the value of the firm. In addition, financing techniques involve many costs, such as accountants, lawyers, and investment bankers. Packaging securities in a way to reduce these costs will also increase the value of the firm. 3) Create a new security. A previously unsatisfied investor may pay extra for a specialized security catering to his or her needs. Corporations gain from developing unique securities by issuing these securities at premium prices. 2.The three forms of the efficient markets hypothesis are: 1) Weak form. Market prices reflect information contained in historical prices. Investors are unable to earn abnormal returns using historical prices to predict future price movements. 2) Semi-strong form. In addition to historical data, market prices reflect all publicly-available information. Investors with insider, or private information, are able to earn abnormal returns. 3) Strong form. Market prices reflect all information, public or private. Investors are unable to earn abnormal returns using insider information or historical prices to predict future price movements. 3. a.False. Market efficiency implies that prices reflect all available information, but it does not imply certain knowledge. Many pieces of information that are available and reflected in prices are fairly uncertain. Efficiency of markets does not eliminate that uncertainty and therefore does not imply perfect forecasting ability. b.True. Market efficiency exists when prices reflect all available information. To be efficient in the weak form, the market must incorporate all historical data into prices. Under the semi- strong form of the hypothesis, the market incorporates all publicly-available information in addition to the historical data. In strong form efficient markets, prices reflect all publicly and privately available information. c.False. Market efficiency implies that market participants are rational. Rational people will immediately act upon new information and will bid prices up or down to reflect that information. d. Fals e. In efficient markets, prices reflect all available information. Thus, prices will fluctuate whenever new information becomes available. e.True. Competition among investors results in the rapid transmission of new market information. In efficient markets, prices immediately reflect new information as investors bid the stock price up or down.
英文版罗斯公司理财习题答案Chap020
CHAPTER 20 INTERNATIONAL CORPORATE FINANCE Answers to Concepts Review and Critical Thinking Questions 1. a. The dollar is selling at a premium because it is more expensive in the forward market than in the spot market (SFr 1.53 versus SFr 1.50). b.The franc is expected to depreciate relative to the dollar because it will take more francs to buy one dollar in the future than it does today. c.Inflation in Switzerland is higher than in the United States, as are nominal interest rates. 2.The exchange rate will increase, as it will take progressively more pesos to purchase a dollar. This is the relative PPP relationship. 3.a.The Australian dollar is expected to weaken relative to the dollar, because it will take more A$ in the future to buy one dollar than it does today. b.The inflation rate in Australia is higher. c.Nominal interest rates in Australia are higher; relative real rates in the two countries are the same. 4. A Yankee bond is most accurately described by d. 5. No. For example, if a cou ntry’s currency strengthens, imports bee cheaper (good), but its exports bee more expensive for others to buy (bad). The reverse is true for currency depreciation. 6.Additional advantages include being closer to the final consumer and, thereby, saving on transportation, significantly lower wages, and less exposure to exchange rate risk. Disadvantages include political risk and costs of supervising distant operations. 7. One key thing to remember is that dividend payments are made in the home currency. More generally, it may be that the owners of the multinational are primarily domestic and are ultimately concerned about their wealth denominated in their home currency because, unlike a multinational, they are not internationally diversified.
罗斯公司理财题库全
Chapter 21 Leasing Multiple Choice Questions 1.In a lease arrangement, the owner of the asset is: A.the lesser. B.the lessee. C.the lessor. D.the leaser. E.None of the above. 2.In a lease arrangement, the user of the asset is: A.the lesser. B.the lessee. C.the lessor. D.the leaser. E.None of the above. 3.Which of the following would not be a characteristic of a financial lease? A.They are not usually fully amortized. B.They usually do not have maintenance necessary for the leased assets. C.They usually do not include a cancellation option. D.The lessee usually has the right to renew the lease at expiration. E.All of the above are characteristics of financial leases.
4.An independent leasing company supplies ___________ leases versus the manufacturer who supplies ________________ leases. A.leveraged; direct B.sales and leaseback; sales-type C.capital; sales-type D.direct; sales-type E.None of the above
罗斯公司理财答案第六版(英文)
Chapter 2: Accounting Statements and Cash Flow 2.1 Assets Current assets Cash $ 4,000 Accounts receivable 8,000 Total current assets $ 12,000 Fixed assets Machinery $ 34,000 Patents 82,000 Total fixed assets $116,000 Total assets $128,000 Liabilities and equity Current liabilities Accounts payable $ 6,000 Taxes payable 2,000 Total current liabilities $ 8,000 Long-term liabilities Bonds payable $7,000 Stockholders equity Common stock ($100 par) $ 88,000 Capital surplus 19,000 Retained earnings 6,000 Total stockholders equity $113,000 Total liabilities and equity $128,000 2.2 One year ago Today Long-term debt $50,000,000 $50,000,000 Preferred stock 30,000,000 30,000,000 Common stock 100,000,000 110,000,000 Retained earnings 20,000,000 22,000,000 Total $200,000,000 $212,000,000 2.3 Income Statement $500,000 Less: Cost of goods sold $200,000 Administrative expenses 100,000 300,000 Earnings before interest and taxes $200,000 Less: Interest expense 50,000 Earnings before Taxes $150,000 Taxes 51,000 Net income $99,000
英文版罗斯公司理财习题答案
CHAPTER 8 MAKING CAPITAL INVESTMENT DECISIONS Answers to Concepts Review and Critical Thinking Questions 1. In this context, an opportunity cost refers to the value of an asset or other input that will be used in a project. The relevant cost is what the asset or input is actually worth today, not, for example, what it cost to acquire. 2. a.Yes, the reduction in the sales of the company’s other products, referred to as erosion, and should be treated as an incremental cash flow. These lost sales are included because they are a cost (a revenue reduction) that the firm must bear if it chooses to produce the new product. b. Yes, expenditures on plant and equipment should be treated as incremental cash flows. These are costs of the new product line. However, if these expenditures have already occurred, they are sunk costs and are not included as incremental cash flows. c. No, the research and development costs should not be treated as incremental cash flows. The costs of research and development undertaken on the product during the past 3 years are sunk costs and should not be included in the evaluation of the project. Decisions made and costs incurred in the past cannot be changed. They should not affect the decision to accept or reject the project. d. Yes, the annual depreciation expense should be treated as an incremental cash flow. Depreciation expense must be taken into account when calculating the cash flows related to a given project. While depreciation is not a cash expense that directly affects c ash flow, it decreases a firm’s net
罗斯公司理财题库全集
Chapter 26 Short-Term Finance and Planning Multiple Choice Questions 1.The length of time between the acquisition of inventory and the collection of cash from receivables is called the: A.operating cycle. B.inventory period. C.accounts receivable period. D.accounts payable period. E.cash cycle. 2.The length of time between the acquisition of inventory and its sale is called the: A.operating cycle. B.inventory period. C.accounts receivable period. D.accounts payable period. E.cash cycle. 3.The length of time between the sale of inventory and the collection of cash from receivables is called the: A.operating cycle. B.inventory period. C.accounts receivable period. D.accounts payable period. E.cash cycle.
罗斯公司理财第六章投资决策课后习题答案
1.阐述一下机会成本的定义 答：某项资产用于某个新项目，则会丧失了其他方式所能带来的潜在收入，这些丧失被认作机会成本 2.在计算投资项目的NPV时，下边哪个可以被看成是增量现金流？ （1）新的产品所带来的公司的其他产品的销售的下滑 （2）只有新的项目被接受，才会开始投入建造的机器和厂房 （3）过去的3年发生的和新项目相关的研发费用 （4）新项目每年的折旧费用 （5）公司发放的股利 （6）新项目结束时，销售厂房和机器设备的收入 （7）如果新项目被接受，那么需要支付的新雇佣员工的薪水和医疗保险费用 答：这里的增量的现金流量可以为负数，而且查看一个项目的增量现金流量主要应该看这些现金流量是否专属于这个项目但也有例外如侵蚀效应、沉没成本和折旧 （1）是副效应中的侵蚀效应当算入增量现金流只不过它是负数而已；（2）固定资产的投资当然应担算入增量现金流它也为负数；（3）过去三年的新项目相关的研发费用属于沉没不能算作当前评估项目的增量现金流；（4）折旧费用本来不会直接的带来项目的增量现金流，但是它抵减了税款，间接的提供了增量现金流故应当算作项目的增量现金流； （5）公司的发放的股利应为不属于这个项目的专属现金流量，故不能算作项目的增量现金流量；（6）应当算作项目的增量现金流量，因为它专属于这个项目（7）项目的员工的工资因为专属于这个项目故应当算作该项目的增量现金流量 3.你的公司现在生产和销售钢制的高尔夫球杆。公司董事会建议你考虑生产钛合金和石墨 制的高尔夫球杆，下列哪一项不会产生增量现金流。（1）自有土地可以被用来建设新厂房，但是新项目如果不被接受，该土地将以市场价700000美元出售；（2）如果钛合金和石墨制的高尔夫球杆被接受，则钢制的高尔夫球杆的销售额可能会下降300000美元； （3）去年用在石墨高尔夫球杆上的研发费用为200000 答：对于（1）属于机会成本应当算入项目的增量现金流（2）属于副效应中的侵蚀效应应当算入项目的增量现金流；（3）属于沉没成本，不应当算入项目的增量现金流 4.如果可以选择，你更愿意接受直线折旧法还是改进的加速成本折旧法？为什么 答：应该更加偏向于加速成本折旧法，因为它在前期产生了更多的折旧额，抵减了更多的税款（从货币的时间价值上来说） 5.我们在前面套路资本预算的时候，我们假设投资项目的营运资本都能够回收。这是一个 在实践中可以接受的假设吗？如果不可以将会出现什么情况 答：这只是一个理想化的假设，在实践中不能被接受，在生产规模不变的情况下总会有不能回收的应收账款或者应收票据，存货总有没有售完的，在此两种的情况下营运资本都不能完成回收，但是如果流动负债的额度大于应收账款和应收票据和存货占用资金的总额的话，又可以完成回收营运资本（这种情况比较少见） 6.说实话这道题翻译得很不好，参考了一下英文原版的答案，我发现这道题应该是这样的 “我们把项目看成一个mini的小公司，我们做资本预算时只会看这个公司的盈利能力如何也就是现金流入和现金流出怎么样，而不会去管它的资本结构是怎样的” 答：这个经理的说法在公司层面上是可以接受的，不管的项目的资金来源是权益融资还是债务融资，它应经客观存在了属于沉没成本（我是这么理解的），根据独立性原则，一个项目的评价是和资本费用无关的 7.当两个项目或多个项目是互斥项目且具有不同的生命周期时使用EAC，因为两个项目具 有不同生命周期，单纯的使用NPV方法可能会存在误导性，比如书上124页关于体育设
罗斯公司理财题库全集
Chapter 19 Dividends and Other Payouts Answer Key Multiple Choice Questions 1. Payments made out of a firm's earnings to its owners in the form of cash or stock are called: A. dividends. B. distributions. C. share repurchases. D. payments-in-kind. E. stock splits. Difficulty level: Easy Topic: DIVIDENDS Type: DEFINITIONS 2. Payments made by a firm to its owners from sources other than current or accumulated earnings are called: A. dividends. B. distributions. C. share repurchases. D. payments-in-kind. E. stock splits. Difficulty level: Easy Topic: DISTRIBUTIONS Type: DEFINITIONS
3. A cash payment made by a firm to its owners in the normal course of business is called a: A. share repurchase. B. liquidating dividend. C. regular cash dividend. D. special dividend. E. extra cash dividend. Difficulty level: Easy Topic: REGULAR CASH DIVIDENDS Type: DEFINITIONS 4. A cash payment made by a firm to its owners when some of the firm's assets are sold off is called a: A. liquidating dividend. B. regular cash dividend. C. special dividend. D. extra cash dividend. E. share repurchase. Difficulty level: Easy Topic: LIQUIDATING DIVIDENDS Type: DEFINITIONS 5. The date on which the board of directors passes a resolution authorizing payment of a dividend to the shareholders is the _____ date. A. ex-rights B. ex-dividend C. record D. payment E. declaration Difficulty level: Easy Topic: DECLARATION DATE