公司理财 习题库 Chap020

公司理财 习题库 Chap020
公司理财 习题库 Chap020

CHAPTER 20

Cash and Liquidity Management I. DEFINITIONS

SPECULATIVE MOTIVE

a 1. The need to hold cash to take advantage of additional investment opportunities is

called the _____ motive.

a. speculative

b. precautionary

c. transaction

d. float

e. compensating balances

PRECAUTIONARY MOTIVE

b 2. The need to hold cash as a safety margin to act as a financial reserve is called the

_____ motive.

a. speculative

b. precautionary

c. transaction

d. float

e. compensating balances

TRANSACTION MOTIVE

c 3. The nee

d to hold cash to satisfy th

e ongoing disbursement and collection activities o

f a

firm as part of its daily operations is called the _____ motive.

a. speculative

b. precautionary

c. transaction

d. float

e. compensating balances

LEDGER BALANCE

d 4. Th

e balance o

f cash shown by a firm on its boo ks at any one time is the firm’s:

a. tax balance.

b. ready balance.

c. speculative cash.

d. ledger balanc

e.

e. available balance.

AVAILABLE BALANCE

e 5. The balance o

f cash in a firm’s bank account that can be spent is the firm’s:

a. tax balance.

b. book value.

c. float.

d. ledger balanc

e.

e. available balance.

CHAPTER 20

FLOAT

c 6. The difference between a firm’s ledger balance an

d its availabl

e balance is called the

firm’s:

a. tax balance.

b. market value of cash.

c. float.

d. book balanc

e.

e. collected balance.

LOCKBOXES

b 7. _____ are special post office boxes often set up by a firm to expedite the receipt and

processing of its accounts receivables payments.

a. Float managers

b. Lockboxes

c. Open accounts

d. Open boxes

e. List-on-demand boxes

CASH CONCENTRATION

a 8. The practice of and procedures for moving cash from multiple banks into a firm’s

centralized bank account is known as:

a. cash concentration.

b. strategic cash disbursement.

c. transfer flotation.

d. payables management.

e. float management.

ZERO-BALANCE ACCOUNT

d 9. A disbursement account for which th

e firm maintains no balance, transferring in funds

from a master account only when needed to cover demands for payment, is called a

_____ account.

a. lockbox

b. cleanup

c. compensating balance

d. zero-balance

e. revolving

CONTROLLED DISBURSEMENT ACCOUNT

e 10. An account where the firm transfers in funds, usually from a master account, in an

amount sufficient to cover demands for payment, is called a _____ account.

a. lockbox

b. cleanup

c. compensating balance

d. revolving

e. controlled disbursement

CHAPTER 20 APPENDIX: TARGET CASH BALANCE

a 11. The firm’s desired cash level as determined by the tradeoff between carrying costs a nd

shortage costs is called its:

a. target cash balance.

b. adjustment costs.

c. variable costs.

d. total costs.

e. compensating balance.

APPENDIX: ADJUSTMENT COSTS

b 12. The costs of holding too little cash are called _____ costs.

a. carrying

b. adjustment

c. maintenance

d. variable

e. total

II. CONCEPTS

MOTIVES FOR LIQUIDITY

b13. Which one of the following statements is correct concerning a motive for maintaining liquidity?

a. Firms should maintain compensating balances just in case they encounter an

emergency situation.

b. Firms need to hold cash as a buffer between inflowing and outflowing transactions.

c. International firms have a transactional motive to hold cash in case favorable exchange

rates become available.

d. Firms need to hold cash for precautionary motives especially since money market

accounts are not very liquid.

e. The increasing use of electronic funds transfers is increasing the transactional motive

to hold cash.

DISBURSEMENTS FLOAT

d 14. Disbursement float:

I. is created by checks which have been deposited into a firm’s bank account but which

have not yet cleared.

II. is sometimes used by firms to fund short-term investments even though such use is ethically questionable.

III. is created by any transaction which decreases a firm’s book balance but not its available cash balance.

IV. is virtually eliminated when payments are made electronically.

a. I and III only

b. II and IV only

c. I, II, and IV only

d. II, III, and IV only

e. I, II, III, and IV

CHAPTER 20

COLLECTION FLOAT

e 15. Collection float:

a. is more desirable to firms than disbursement float.

b. is fully eliminated by the installation of a lockbox system.

c. exists when a firm’s available balance exceeds its book balance.

d. increases for a firm when its customers opt to pay their bills electronically.

e. can increase the investment income of a firm if the firm can eliminate such float. NET FLOAT

d 16. Net float:

I. is the sum of the total collection and disbursements float.

II. that is positive is preferred by firms over net float that is negative.

III. that is positive is called net collection float.

IV. is the difference between a firm’s ledger balance and its available balance.

a. I and II only

b. III and IV only

c. I, II, and III only

d. I, II, and IV only

e. II, III, and IV only

ETHICAL ISSUE

d 17. Check kiting:

a. is ethical.

b. occurs when you write checks against the collection float of your firm.

c. is widely practiced by most corporations.

d. is the exploitation of disbursement float through the use of checks.

e. is increasing due to recent improvements in the banking system.

COLLECTION TIME

d 18. Collection time:

a. is equal to mail time plus the processing delay minus the availability delay.

b. increases when payments are made electronically.

c. increases when customers’ bills are sent electronically.

d. is decreased when customers pay at the point of sale rather than when they are billed.

e. is independent of the business nature of a firm.

COLLECTION TIME

c 19. Which of the following will decrease the total collection time for a firm?

I. implementing a lockbox system

II. billing customers electronically

III. establishing preauthorized payment arrangements

IV. accepting debit card transactions

a. I and III only

b. II and IV only

c. I, III, and IV only

d. II, III, and IV only

e. I, II, III, and IV

CHAPTER 20 COLLECTION TIME

e 20. Which o

f the followin

g should help reduce the total collection time for your firm?

I. collecting your firm’s mail earlier in th e morning and delivering it directly to the

people who process these payments

II. adding additional staff in the mornings for mail and payment processing

III. providing a discount for customers who pay electronically

IV. establishing preauthorized payments for fixed payments from customers

a. I and II only

b. III and IV only

c. II, III, and IV only

d. I, II, and IV only

e. I, II, III, and IV

LOCKBOXES

b 21. A lockbox system:

a. entails the use of a bank which is centrally located to collect payments on a nationwide

basis.

b. deposits customer checks prior to recording customer payments to their respective

receivable accounts.

c. is used to reduce the disbursement float of a firm.

d. is efficient irregardless of the locations selected for lockbox destinations.

e. entails the posting of customer payments to their receivables account followed by a

deposit of the funds received.

LOCKBOXES

a 22. Lockboxes:

a. should be geographically located close to a firm’s primary customers.

b. should be located in remote locations to increase the net disbursement float.

c. that are electronic are less efficient than traditional lockboxes.

d. tend to be negative net present value projects for firms with a large number of

sizeable transactions.

e. tend to also be used as concentration accounts.

CASH CONCENTRATION

a 23. Cash concentration accounts:

a. tend to increase the funds available for short-term investing.

b. tend to increase the complexity of a firm’s cash management.

c. that utilize wire transfers are the cheapest to maintain from a cost point of view.

d. receive checks directly from all of a firm’s customers.

e. are all zero-balance accounts.

CHAPTER 20

CASH CONCENTRATION

e 24. Which one o

f the followin

g statements is correct?

a. Funds received via an automated clearinghouse transfer is available that day.

b. A depository transfer check is the most costly means of transferring funds into a cash

concentration account.

c. The means selected to transfer funds is dependent upon both the size and the number

of checks received at a collection point.

d. Concentration accounts are used to transfer funds to lockbox locations as needed.

e. The most expedient means of transferring funds into a concentration account is a wire

transfer.

CASH CONCENTRATION

d 25. A cash concentration account:

I. is frequently used to fund the purchase of repurchase agreements.

II. could be used to cover a compensating balance requirement.

III. is oftentimes used to transfer funds into zero-balance or controlled disbursements accounts.

IV. is managed by the credit manager of a firm.

a. I and III only

b. II and IV only

c. II and III only

d. I, II, and III only

e. I, II, III, and IV

CASH CONCENTRATION

c 26. The main purpose of a cash concentration account is to:

a. decrease collection float.

b. decrease disbursement float.

c. consolidate funds.

d. replace a lockbox system.

e. cover compensating balance requirements.

CASH CONCENTRATION

b 27. Which one of the following statements is correct?

a. Cash concentration accounts apply only to firms with geographically diversified

manufacturing facilities.

b. Cash concentration accounts should improve the efficiency of a firm’s cash

management.

c. A firm with a lock-box system does not need a concentration account.

d. Firms generally need multiple concentration accounts.

e. Concentration accounts are not needed when a firm’s disbursements are all done

electronically.

ZERO-BALANCE ACCOUNTS

c 28. A zero balance account:

a. is used to cover the compensating balance requirement of a line of credit agreement.

b. is only used to deposit funds received at local lockboxes.

c. is funded on an as-needed basis only.

d. is limited to handling payroll disbursements.

e. requires a compensating balance.

CHAPTER 20 ZERO-BALANCE ACCOUNTS

c 29. Which one of the following statements is correct concerning zero-balance accounts?

a. Each zero-balance account is offset by a compensating balance account.

b. Zero-balance accounts are used for depositing incoming funds.

c. A master account must be used in conjunction with a zero-balance account.

d. Zero-balance accounts are used solely in conjunction with a lockbox system.

e. Zero-balance accounts are still required to maintain a minimal balance. MANAGEMENT OF CASH SURPLUS/DEFICIT

c 30. Which one of the following statements is correct?

a. Short-term assets that trade in the money market account mature in two years or less.

b. Banks forbid the transference of excess funds from a checking account into an

investment account on a daily basis.

c. Firms sometimes create a temporary cash surplus because they are saving funds for a

major expenditure.

d. Cyclical firms increase their long-term financing such that they continually have a cash

surplus.

e. Corporations are not permitted to use money market mutual funds but can use bank

money market accounts.

MANAGEMENT OF CASH SURPLUS/DEFICIT

e 31. Which two o

f the followin

g are the primary reasons why firms have cas

h surpluses?

I. cyclical activities

II. desire to invest funds

III. excessive short-term financing

IV. financing of planned expenditures

a. I and III only

b. II and IV only

c. I and II only

d. III and IV only

e. I and IV only

SHORT-TERM SECURITIES

c 32. Which one of the following statements is correct?

a. Short-term securities are more interest rate sensitive than long-term securities.

b. The rate of return earned on short-term securities tends to exceed that earned on long-

term securities.

c. U.S. Treasury bills are well suited for short-term investments.

d. The income earned on U.S. Treasury bills is exempt from all taxation.

e. Short-term investments tend to have high levels of default risk.

SHORT-TERM SECURITIES

a 33. Municipal bonds:

a. are less marketable than U.S. Treasury bills.

b. produce income which is taxed at the federal level.

c. generally carry a higher coupon rate than corporate bonds.

d. are also referred to as commercial paper.

e. are issued by the federal government.

CHAPTER 20

SHORT-TERM SECURITIES

d 34. Which of th

e following are characteristics o

f money market securities?

I. long-term maturities

II. low default risk

III. highly marketable

IV. very liquid

a. I and III only

b. II and III only

c. I and IV only

d. II, III, and IV only

e. I, II, III, and IV

SHORT-TERM SECURITIES

e 35. A jumbo CD:

a. is issued by the federal government.

b. generally matures between 2 and 5 years.

c. is a loan of $100,000 or more to a state.

d. with a 6-month maturity is generally illiquid.

e. is a short-term loan to a commercial bank.

SHORT-TERM SECURITIES

b 36. Assume that your firm buys a U.S. Treasury bill today with the understanding that the

seller will buy it back tomorrow at a slightly higher price. This investment is known as

a:

a. commercial paper transaction.

b. repurchase agreement.

c. private certificate of deposit.

d. revenue anticipation not

e.

e. jumbo CD.

SHORT-TERM SECURITIES

d 37. A money market preferred stock:

a. has a fixed dividend.

b. is sold only with the agreement that it will be repurchased by the seller within the

week.

c. is a special form of commercial paper.

d. provides tax advantaged income to corporations.

e. has its interest rate reset daily.

APPENDIX: TARGET CASH BALANCE

c 38. The target cash balance can be define

d as th

e point where the:

a. opportunity costs of holding cash are equal to zero.

b. opportunity costs of holding cash are maximized.

c. opportunity costs of holding cash are equal to the trading costs.

d. trading costs are equal to zero.

e. trading costs are maximized.

CHAPTER 20 APPENDIX: BAT MODEL

b 39. Which of the following statements are correct concerning the BAT model?

I. This model is used to determine the optimal debt-equity ratio for a firm.

II. One advantage of the BAT model is that it assumes that a firm has a constant cash outflow every day.

III. The BAT model is a complex model designed to estimate the cash flows of a firm.

IV. One disadvantage of the BAT model is the fact that it assumes all cash outflows are known with certainty.

a. I only

b. IV only

c. II and III only

d. I and II only

e. III and IV only

APPENDIX: BAT MODEL

e 40. Which o

f the followin

g are needed to determine the optimal strategy using the BAT

model?

I. the amount of cash needed for transactions over a period of time

II. management’s desired lower level of cash

III. the opportunity cost of holding cash

IV. the fixed cost of a securities trade

a. II only

b. I and III only

c. II and IV only

d. III and IV only

e. I, III, and IV only

APPENDIX: BAT MODEL

b 41. The BAT model is used to:

a. maximize the benefits of leverage.

b. determine the optimal cash position of a firm.

c. eliminate all daily cash surpluses.

d. analyze the cash balance given fluctuating cash inflows and outflows.

e. maximize the opportunity costs of holding cash.

APPENDIX: MILLER-ORR MODEL

e 42. The Miller-Orr model assumes that:

a. all cash flows are constant.

b. all cash flows are known with certainty.

c. the average change in the daily cash flows is positive and continually increasing.

d. management sets the upper cash limit.

e. all cash flows fluctuate randomly.

CHAPTER 20

APPENDIX: MILLER-ORR MODEL

e 43. The Miller-Orr model:

a. is more simplistic than the BAT model.

b. analyzes cash balances within both an upper limit and a lower limit as set by

management.

c. bases the optimal level of cash solely on the opportunity costs of holding cash.

d. supports the argument that the target cash balance declines as order costs increas

e.

e. is based on cash flows that randomly fluctuate.

APPENDIX: TARGET CASH BALANCE

d 44. Which of th

e following statements is (are) correct?

I. A firm has a greater likelihood of needing an unexpected loan when its cash flows are

relatively constant over time.

II. The cost of borrowing and the cost of selling securities affect the target cash balance of a firm.

III. Management’s desire to maintain a low cash balance affects their need to borrow money.

IV. The target cash balance decreases as the interest rate rises.

a. II and III only

b. II and IV only

c. I, II, and IV only

d. II, III, and IV only

e. I, II, III, and IV

III. PROBLEMS

DISBURSEMENT FLOAT

e 45. You have a ledger balance o

f $1,500. You have $2,500 in uncollected deposits and

$4,300 in outstanding checks. What is the amount of your disbursement float?

a. -$300

b. $0

c. $1,000

d. $2,800

e. $4,300

DISBURSEMENT FLOAT

e 46. On an average day, your firm writes 20 checks with an average amount o

f $430. These

checks clear your bank in an average of 4 days. What is the average amount of your

disbursement float?

a. $1,720

b. $2,150

c. $8,600

d. $17,200

e. $34,400

CHAPTER 20 COLLECTION FLOAT

c 47. Your firm receives 30 checks from customers on an average day. These checks, on

average, are worth $45 each and clear the bank in 5 days. In addition, your firm mails

out 20 checks a day with an average amount of $42. These checks clear your bank in 4

days. What is the average amount of the collection float?

a. $3,360

b. $3,390

c. $6,750

d. $7,240

e. $10,110

COLLECTION FLOAT

b 48. When you reconciled your checkbook, you had an adjusted bank balance of $2,650.

You had 6 checks outstanding with a total value of $4,100 and 2 outstanding deposits

worth $1,200 each. What is the amount of your collection float?

a. $1,200

b. $2,400

c. $6,500

d. $24,600

e. $27,000

NET FLOAT

d 49. Your firm has an availabl

e balance o

f $1,380 and a ledger balance of $1,210. The

deposit of $560 that was made today is not yet included in the bank’s balance. There

are also 5 checks outstanding with a total value of $730. What is the net float?

a. net collection float of $170

b. net collection float of $340

c. net float of $0

d. net disbursement float of $170

e. net disbursement float of $340

NET FLOAT

a 50. A firm has $23,630 in outstanding checks that have not cleared the bank. The firm also

has $31,000 in deposits that have been recorded by the firm but not by the bank. The

current available balance is $14,710. What is the status of the net float?

a. net collection float of $7,370

b. net collection float of $22,080

c. net collection float of $31,000

d. net disbursement float of $7,370

e. net disbursement float of $22,080

CHAPTER 20

AVERAGE DAILY FLOAT

a 51. Your firm generally receives 4 checks a month. The check amounts and the collection

delay for each check is shown below. Given this information what is the amount of the

average daily float? Assume a 30-day month.

Item Number Item Amount Delay

1 $2,500 4

2 $8,700 3

3 $6,000 2

4 $9,500 6

a. $3,503.33

b. $4,450.00

c. $6,675.00

d. $7,006.67

e. $9,500.00

AVERAGE DAILY FLOAT

b 52. Your firm generally receives 3 checks a month. A month is defined as a 30-day period.

The check amounts and the collection delay for each check are shown below. Given

this information, what is the amount of the average daily float?

Item Number Item Amount Delay

1 $8,700 2

2 $1,200 6

3 $5,500 5

a. $1,333.33

b. $1,736.67

c. $2,188.89

d. $5,133.33

e. $6,673.33

AVERAGE DAILY FLOAT

c 53. Your firm generally receives 3 checks a month. The check amounts an

d th

e collection

delay for each check are shown below. Given this information, what is the amount of

the average daily float? Assume that a month has 30 days.

Item Number Item Amount Delay

1 $12,700 3

2 $ 8,200 4

3 $ 4,500 5

a. $705.56

b. $934.00

c. $3,113.33

d. $7,783.33

e. $8,466.67

CHAPTER 20 AVERAGE DAILY FLOAT

a 54. Your firm generally receives 4 checks a month. The check amounts and the collection

delay for each check are shown below. Given this information, what is the amount of

the average daily float? Assume that a month has 30 days.

Item Number Item Amount Delay

1 $1,200 3

2 $ 800 4

3 $1,000 5

4 $1,100 2

a. $466.67

b. $1,000.00

c. $1,025.00

d. $2,666.67

e. $4,666.67

AVERAGE DAILY RECEIPTS

a 55. Your firm deals strictly with three customers. The average amount that each customer

pays per month along with the collection delay associated with each payment is shown

below. Given this information, what is the amount of the average daily receipts?

Assume that every month has 30 days.

Customer Check Amount Collection Delay

A $42,000 3 days

B $19,000 5 days

C $31,000 2 days

a. $3,066.67

b. $4,600.00

c. $6,666.67

d. $9,200.00

e. $9,433.33

AVERAGE DAILY RECEIPTS

b 56. Your firm deals strictly with four customers. The average amount that each customer

pays per month along with the collection delay associated with each payment is shown

below. Given this information, what is the amount of the average daily receipts?

Assume that every month has 30 days.

Customer Check Amount Collection Delay

A $3,000 2 days

B $2,000 4 days

C $9,000 3 days

D $6,000 5 days

a. $500.00

b. $666.67

c. $1,428.57

d. $5,000.00

e. $6,666.67

CHAPTER 20

AVERAGE DAILY RECEIPTS

c 57. Your firm deals strictly with three customers. The average amount that each customer

pays per month along with the collection delay associated with each payment is shown

below. Given this information, what is the amount of the average daily receipts?

Assume that every month has 30 days.

Customer Check Amount Collection Delay

A $22,000 2 days

B $18,000 6 days

C $ 9,000 3 days

a. $233.33

b. $466.67

c. $1,633.33

d. $4,454.55

e. $5,966.67

WEIGHTED AVERAGE DELAY

d 58. Your firm deals strictly with thre

e customers. The average amount that each customer

pays per month along with the collection delay associated with each payment is shown

below. Given this information, what is the weighted average delay? Assume that every

month has 30 days.

Customer Check Amount Collection Delay

A $42,000 3 days

B $19,000 5 days

C $31,000 2 days

a. 2.33 days

b. 2.67 days

c. 2.87 days

d. 3.08 days

e. 3.24 days

WEIGHTED AVERAGE DELAY

e 59. Your firm deals strictly with four customers. The average amount that each customer

pays per month along with the collection delay associated with each payment is shown

below. Given this information, what is the weighted average delay? Assume that every

month has 30 days.

Customer Check Amount Collection Delay

A $3,000 2 days

B $2,000 4 days

C $9,000 3 days

D $6,000 5 days

a. 3.01 days

b. 3.27 days

c. 3.32 days

d. 3.50 days

e. 3.55 days

CHAPTER 20 WEIGHTED AVERAGE DELAY

d 60. Your firm deals strictly with thre

e customers. The average amount that each customer

pays per month along with the collection delay associated with each payment is shown

below. Given this information, what is the weighted average delay? Assume that every

month has 30 days.

Customer Check Amount Collection Delay

A $22,000 2 days

B $18,000 6 days

C $ 9,000 3 days

a. 3.11 days

b. 3.43 days

c. 3.59 days

d. 3.65 days

e. 3.80 days

COST OF FLOAT

e 61. On an average day, your firm receives $1,500 in checks from customers. These checks

clear the bank in an average of 3.5 days. The applicable daily interest rate is .025

percent. What is the present value of the float? Assume each month has 30 days.

a. $131.25

b. $252.50

c. $321.43

d. $3,214.29

e. $5,250.00

COST OF FLOAT

e 62. On an average day, your firm receives $1,500 in checks from customers. These checks

clear the bank in an average of 3.5 days. The applicable daily interest rate is .025

percent. What is the maximum amount your firm should pay to completely eliminate

the collection float? Assume each month has 30 days.

a. $252.50

b $1,125.00

c. $2,550.00

d. $3,214.29

e. $5,250.00

MAXIMUM DAILY FEE

d 63. On an averag

e day, your firm receives $6,400 in checks from customers. These checks

clear the bank in an average of 3 days. The applicable daily interest rate is .03 percent.

What is the highest daily fee your firm should pay to completely eliminate the

collection float? Assume each month has 30 days.

a. $1.92

b. $3.84

c. $4.24

d. $5.76

e. $5.99

CHAPTER 20

MAXIMUM DAILY FEE

e 64. On an average day, your firm receives $19,200 in checks from customers. These

checks clear the bank in an average of 2 days. The applicable daily interest rate is .02

percent. What is the highest daily fee your firm should pay to completely eliminate the

collection float? Assume each month has 30 days.

a. $1.92

b. $3.84

c. $4.67

d. $6.33

e. $7.68

COLLECTION TIME

c 65. Your average customer is locate

d 3 mailing days away from your firm. In addition, it

takes 4 days for your funds to be available for use once you have made your bank

deposit. You have determined that your total collection time is 11 days. How long on

average is it taking your firm to process the payments from your customers?

a. 2 days

b. 3 days

c. 4 days

d. 7 days

e. 8 days

COLLECTION TIME

c 66. It takes your firm 2 days to prepare an

d mail out th

e monthly statements to your

customers. On average, the mail time between your firm and your customers is 3.5

days. It takes your firm an average of 2.5 days to process customer payments once they

are received. Customer checks take an average of 2 days to clear the bank. What is

your total collection time?

a. 4.5 days

b. 7.0 days

c. 8.0 days

d. 10.0 days

e. 13.5 days

COLLECTION TIME

d 67. Currently, your firm requires 2 days to process th

e checks which customers mail in to

pay for their credit purchases. The average mail time associated with these payments is

4 days and the check clearing time is 3 days. If your firm adopts a lockbox system, the

mail time will be cut in half. In addition, if employees are reassigned, checks could be

processed in 1 day. How long will your collection time be if both the lockbox system

and the job reassignments are implemented?

a. 3 days

b. 4 days

c. 5 days

d. 6 days

e. 7 days

CHAPTER 20 LOCKBOX DAILY SAVINGS

e 68. You are considering implementing a lockbox system for your firm. The system is

expected to reduce the collection time by 2 days. On an average day, your firm

receives 460 checks with an average value of $350 each. The daily interest rate on

Treasury bills is .01 percent. The bank charge per check would be $.20. What is the

anticipated amount of the daily savings if this system is implemented?

a. $16.10

b. $24.15

c. $27.50

d. $29.10

e. $32.20

LOCKBOX DAILY SAVINGS

d 69. Th

e Baker Co. receives an average o

f 230 checks a day. The average amount per check

is $1,150. The firm is considering a lockbox system which it anticipates will reduce the

average collection time by 3 days. The daily interest rate on Treasury bills is .008

percent. What is the amount of the expected daily savings of the lockbox system?

a. $4.68

b. $6.35

c. $46.82

d. $63.48

e. $77.78

LOCKBOX DAILY COST

a 70. The Baker Co. receives an average of 230 checks a day. The average amount per check

is $1,150. The firm is considering a lockbox system which it anticipates will reduce the

average collection time by 3 days. The bank charges $.25 a check for this service. The

daily interest rate on Treasury bills is .008 percent. What is the average daily cost of

the lockbox system?

a. $57.50

b. $63.48

c. $77.78

d. $115.00

e. $172.50

LOCKBOX DAILY COST

b 71. You are considering implementing a lockbox system for your firm. The system is

expected to reduce the collection time by 2 days. On an average day, your firm

receives 460 checks with an average value of $350 each. The daily interest rate on

Treasury bills is .01 percent. The bank charge per check would be $.20. What is the

anticipated daily cost of the lockbox system?

a. $16.10

b. $92.00

c. $108.10

d. $123.60

e. $161.00

CHAPTER 20

LOCKBOX NET PRESENT VALUE

e 72. You are considering implementing a lockbox system for your firm. The system is

expected to reduce the collection time by 3 days. On an average day, your firm

receives 1,280 checks with an average value of $690 each. The daily interest rate on

Treasury bills is .01 percent. The bank charge per check would be $.20. What is the net

present value of this lockbox arrangement?

a. $52,992

b. $69,000

c. $78,888

d. $88,320

e. $89,600

LOCKBOX NET PRESENT VALUE

c 73. Charlie Co. receives an average of 175 checks a day. The average amount per check

is $2,100. The firm is considering a lockbox system which it anticipates will reduce the

average collection time by 2 days. The bank charges $.25 a check for this service. The

daily interest rate on Treasury bills is .01 percent. What is the net present value of this

lockbox arrangement?

a. $183,750

b. $185,588

c. $297,500

d. $312,500

e. $327,878

APPENDIX: BAT MODEL

e 74. Your firm needs $135,000 a week to pay bills. The standard deviation o

f the weekly

disbursements is $12,000. The firm has established a lower cash balance limit of

$60,000. The applicable interest rate is 5 percent and the fixed cost of transferring

funds is $45. What is the optimal initial cash balance?

a. $34,104

b. $49,006

c. $56,205

d. $68,208

e. $112,410

APPENDIX: BAT MODEL

c 75. Your firm needs $135,000 a week to pay bills. The standar

d deviation of th

e weekly

disbursements is $12,000. The firm has established a lower cash balance limit of

$60,000. The applicable interest rate is 5 percent and the fixed cost of transferring

funds is $45. What is the optimal average cash balance?

a. $41,398

b. $49,006

c. $56,205

d. $68,208

e. $112,410

CHAPTER 20 APPENDIX: BAT MODEL

a 76. Your firm needs $135,000 a week to pay bills. The standard deviation of the weekly

disbursements is $12,000. The firm has established a lower cash balance limit of

$60,000. The applicable interest rate is 5 percent and the fixed cost of transferring

funds is $45. What is the opportunity cost of holding cash?

a. $2,810

b. $3,091

c. $3,372

d. $4,215

e. $5,620

APPENDIX: BAT MODEL

d 77. Your firm spends $110,000 a week to pay bills and maintains a lower cash balance

limit of $50,000. The standard deviation of your disbursements is $15,000. The

applicable interest rate is 5 percent and the fixed cost of transferring funds is $50.

What is your optimal initial cash balance based on the BAT model?

a. $53,479

b. $55,829

c. $83,229

d. $106,958

e. $111,658

APPENDIX: BAT MODEL

c 78. Your firm spends $110,000 a week to pay bills an

d maintain a lower cash balanc

e limit

of $50,000. The standard deviation of your disbursements is $15,000. The applicable

interest rate is 5 percent and the fixed cost of transferring funds is $50. What is your

opportunity cost of holding cash based on the BAT model?

a. $2,309

b. $2,578

c. $2,674

d. $2,691

e. $2,709

APPENDIX: BAT MODEL

c 79. Your firm spends $110,000 a week to pay bills an

d maintain a lower cash balanc

e limit

of $50,000. The standard deviation of your disbursements is $15,000. The applicable

interest rate is 5 percent and the fixed cost of transferring funds is $50. What is your

total cost of holding cash based on the BAT model?

a. $2,674

b. $2,719

c. $5,348

d. $5,538

e. $5,509

CHAPTER 20

APPENDIX: BAT MODEL

b 80. Your firm spends $110,000 a week to pay bills and maintain a lower cash balance limit

of $50,000. The standard deviation of your disbursements is $15,000. The applicable

interest rate is 5 percent and the fixed cost of transferring funds is $50. What is your

optimal average cash balance based on the BAT model?

a. $52,667

b. $53,479

c. $53,618

d. $53,998

e. $54,007

APPENDIX: MILLER-ORR MODEL

d 81. Your firm spends $82,000 a week to pay bills and maintains a lower cash balanc

e limit

of $40,000. The standard deviation of the disbursements is $8,000. The applicable

weekly interest rate is .07 percent and the fixed cost of transferring funds is $55. What

is your cash balance target based on the Miller-Orr model?

a. $40,778

b. $42,667

c. $46,067

d. $55,564

e. $61,712

APPENDIX: MILLER-ORR MODEL

a 82. Your firm spends $82,000 a week to pay bills and maintain a lower cash balance limit

of $40,000. The standard deviation of the disbursements is $8,000. The applicable

weekly interest rate is .07 percent and the fixed cost of transferring funds is $55. What

is your optimal upper cash limit based on the Miller-Orr model?

a. $86,693

b. $87,119

c. $87,238

d. $88,009

e. $88,236

APPENDIX: MILLER-ORR MODEL

d 83. Your firm spends $82,000 a week to pay bills and maintain a lower cash balanc

e limit

of $40,000. The standard deviation of the disbursements is $8,000. The applicable

weekly interest rate is .07 percent and the fixed cost of transferring funds is $55. What

is your optimal average cash balance based on the Miller-Orr model?

a. $59,062

b. $59,361

c. $60,008

d. $60,752

e. $61,404

江苏《07524公司理财》自学考试大纲汇总

江苏《07524公司理财》自学考试大纲:课程性质 与课程目标 江苏省高等教育自学考试大纲07524 公司理财 南京大学编 江苏省高等教育自学考试委员会办公室 Ⅰ课程性质与课程目标 一、课程性质与特点 《公司理财》是经济管理类专业必修课。它是为培养适应市场经济发展需要的、应用型的投资理财专业人才服务的。本课程是关于企业进行筹资、投资、资本营运和价值评估和管理的一门专业课程。本课程要求理论联系实际,要求学生掌握公司理财的基本概念、基本理论和方法,能利用所掌握的理论知识解决实践问题,并能对理财理论、方法进一步发展与完善。 二、课程考核目标 通过本课程的学习,使学生在明确企业理财目标、内容的前提下,根据不同的金融市场环境和条件,运用货币时间价值理论,结合企业生产经营的实际情况和存在的实际问题,进行理性的筹资和投资。在不断降低企业资本成本的前提下,为企业及时、足额筹措所需的自有资金和借入资本,及时、适当调整企业的投资战略和投资结构,控制和降低企业的投资风险,提高企业的投资回报率。 三、与相关课程的联系与区别 本课程与会计学、金融学等课程联系较紧密,是综合性和实践性较强的课程。 四、课程的重点和难点 从公司理财的基本相关知识点入手,在掌握公司财务领域中最重要的理论概念的基础上,重点考核考生对公司筹资、投资决策、收益分配、资金管理等公司理财决策过程的理解情况。侧重于考核公司理财基础知识的同时,考核考生是否全面、系统的掌握筹资、投资、收益分析、资金管理等公司理财决策理论,难点是资产估价、收益与风险、资本结构与股权股利政策等内容。针对这些重难点,希望考生尽可能的结合教材案例,理论联系实际来理解掌握。 Ⅱ考核目标 本大纲的考核目标,按识记、理解和应用三层次规定应考者应该达到的能力层次要求,各能力层次的含义是: 识记:要求考生能够知道有关的名词、概念、原理和知识的含义,并能够正确认识和表达。例如:筹资方式的含义等。 理解:要求考生能够在识记的基础上,全面地把握基本原理和基本知识,掌握有关原理、概念的区别和联系,并能够根据考核的不同要求,做出正确的解释、说明和论述。例如:理解资金成本的内涵,能够解释资金成本在企业筹资、投资决策管理中的应用,能够说明不同筹资方式资金成本的表现形式。 应用:要求考生能够在理解的基础上,运用课程规定的有关知识分析和解决应用的问题。如计算、分析等。例如:关于银行借款、债券筹资、普通股票筹资的成本以及加权平均资金成本,能够正确运用相关计算公式,对计算结果进行相关分析。

《公司理财》习题及答案

项目一财务管理总体认知 一、单项选择题 1.下列各项企业财务管理目标中,能够同时考虑资金的时间价值和投资风险因素的是( D )。 A.产值最大化 B.利润最大化 C.每股收益最大化 D.企业价值最大化 2.企业筹资活动的最终结果是( D )。 A.银行借款 B.发行债券 C.发行股票 D.资金流入 7.相对于每股收益最大化目标而言,企业价值最大化目标的不足之处是( D )。 A.没有考虑资金的时间价值 B.没有考虑投资的风险价值 C.不能反映企业潜在的获利能力 D.某些情况下确定比较困难 9.下列法律法规同时影响企业筹资、投资和收益分配的是( A )。 A.公司法 B.金融法 C.税法 D.企业财务通则 10.在市场经济条件下,财务管理的核心是( B )。 A.财务预测 B.财务决策 C.财务控制 D.财务分析 二、多项选择题 2.企业财务管理的基本内容包括( ACD )。 A. 筹资决策 B.技术决策 C.投资决策 D.盈利分配决策 3.财务管理的环境包括( ABCD )。 A.技术环境 B.经济环境 C.金融环境 D.法律环境 4.以下项目中属于“利润最大化”目标存在的问题有( ABCD )。 A.没有考虑利润实现时间和资金时间价值 B.没有考虑风险问题 C.没有反映创造的利润与投入的资本之间的关系 D.可能导致企业短期财务决策倾向,影响企业长远发展

5.以股东财富最大化作为财务管理目标存在的问题有( ABC )。 A.通常只适用于上市公司 B.股价不能完全准确反映企业财务管理状况 C.对其他相关者的利益重视不够 D.没有考虑风险因素 6.下列财务管理的目标当中,考虑了风险因素的有( BCD )。 A.利润最大化 B.股东财富最大化 C.企业价值最大化 D.相关者利益最大化 7.在分配活动中,企业财务管理的核心任务是( BC )。 A. 确定筹资结构 B. 确定分配规模 C.确定分配方式 D. 确定投资方向 8.利润最大化目标和每股利润最大化目标存在的共同缺陷有( ABD )。 A.没有考虑货币时间价值 B.没有考虑风险因素 C.没有考虑利润与资本的关系 D. 容易导致短期行为 11.下列属于货币市场工具的有( BD )。 A.股票 B.短期国库券 C.债券 D.回购协议 项目二财务管理价值观念培养 一、单项选择题 2.一定时期内每期期初等额收付的系列款项是( A )。 A.即付年金 B.永续年金 C.递延年金 D.普通年金 4.年内复利m次时,其名义利率r与实际利率i之间的关系是( A )。 A.i=(1+r/m)m-1 B. i=(1+r/m)-1 C.i=(1+r/m)-m -1 D. i=l-(1+r/m)-m 5.甲某拟存入一笔资金以备3年后使用。假定银行3年期存款年利率为5%,甲某3年后需用的资金总额为34 500元,则在单利计息情况下,目前需存入的资金为( A )元。 A.30 000 B.29 803.04 C.32 857.14 D.31 500 6.如果某人5年后想拥有50 000元,在年利率为5%、单利计息的情况下,他现在必

罗斯公司理财重点知识整理

第一章导论 1. 公司目标:为所有者创造价值公司价值在于其产生现金流能力。 2. 财务管理的目标:最大化现有股票的每股现值。 3. 公司理财可以看做对一下几个问题进行研究: 1. 资本预算:公司应该投资什么样的长期资产。 2. 资本结构:公司如何筹集所需要的资金。 3. 净运营资本管理:如何管理短期经营活动产生的现金流。 4. 公司制度的优点:有限责任,易于转让所有权,永续经营。缺点:公司税对股东的双重课税。 第二章会计报表与现金流量 资产 = 负债 + 所有者权益(非现金项目有折旧、递延税款) EBIT(经营性净利润) = 净销售额 - 产品成本 - 折旧EBITDA = EBIT + 折旧及摊销 现金流量总额CF(A) = 经营性现金流量 - 资本性支出 - 净运营资本增加额 = CF(B) + CF(S) 经营性现金流量OCF = 息税前利润 + 折旧 - 税 资本性输出 = 固定资产增加额 + 折旧 净运营资本 = 流动资产 - 流动负债 第三章财务报表分析与财务模型 1. 短期偿债能力指标(流动性指标) 流动比率 = 流动资产/流动负债(一般情况大于一) 速动比率 = (流动资产 - 存货)/流动负债(酸性实验比率) 现金比率 = 现金/流动负债 流动性比率是短期债权人关心的,越高越好;但对公司而言,高流动性比率意味着流动性好,或者现金等短期资产运用效率低下。对于一家拥有强大借款能力的公司,看似较低的流动性比率可能并非坏的信号 2. 长期偿债能力指标(财务杠杆指标) 负债比率 = (总资产 - 总权益)/总资产 or (长期负债 + 流动负债)/总资产 权益乘数 = 总资产/总权益 = 1 + 负债权益比 利息倍数 = EBIT/利息 现金对利息的保障倍数(Cash coverage radio) = EBITDA/利息 3. 资产管理或资金周转指标 存货周转率 = 产品销售成本/存货存货周转天数= 365天/存货周转率 应收账款周转率 = (赊)销售额/应收账款 总资产周转率 = 销售额/总资产 = 1/资本密集度 4. 盈利性指标 销售利润率 = 净利润/销售额 资产收益率ROA = 净利润/总资产 权益收益率ROE = 净利润/总权益 5. 市场价值度量指标 市盈率 = 每股价格/每股收益EPS 其中EPS = 净利润/发行股票数 市值面值比 = 每股市场价值/每股账面价值 企业价值EV = 公司市值 + 有息负债市值 - 现金EV乘数 = EV/EBITDA 6. 杜邦恒等式 ROE = 销售利润率(经营效率)x总资产周转率(资产运用效率)x权益乘数(财杠) ROA = 销售利润率x总资产周转率 7. 销售百分比法 假设项目随销售额变动而成比例变动,目的在于提出一个生成预测财务报表的快速实用方法。是根据资金各个项目与销售收入总额的依存关系,按照计划销售额的增长情况预测需要相应追加多少资金的方法。 d = 股利支付率 = 现金股利/净利润(b + d = 1) b = 留存比率 = 留存收益增加额/净利润 T = 资本密集率 L = 权益负债比 PM = 净利润率 外部融资需要量EFN(对应不同增长率) = ?销售额 销售额 ×(资产?自发增长负债) ?PM×预计销售额×(1?d) 8. 融资政策与增长 内部增长率:在没有任何外部融资的情况下公司能实 现的最大增长率ROA×b 1?ROA×b 可持续增长率:不改变财务杠杆的情况下,仅利用内 部股权融资所..率ROE×b 1?ROE×b 即无外部股权融资且L不变 P×b×(L+1) T?P×b×(L+1) 可持续增长率取决于一下四个因素: 1. 销售利润率:其增加提高公司内部生成资金能力,提高可持续增长率。 2. 股利政策:降低股利支付率即提高留存比,增加内部股权资金,提高..。 3. 融资政策:提高权益负债比即提高财务杠杆,获得额外债务融资,提高..。 4. 总资产周转率:提高即使每单位资产带来更多销售额,同时降低新资产的需求.. 结论:若不打算出售新权益,且上述四因素不变,该

公司理财课后习题答案

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6 单选题 (5.0分) 以下哪种不是财务分析方法? A. 比较分析 B. 对比分析 C. 趋势百分比分析 D. 财务比例分析 7 单选题 (5.0分) 以下哪个不是价值的构成? A. 现金流量 B. 现值 C. 期限 D. 折现率 8 单选题 (5.0分) 比率分析的目的是为了? A. 了解项目之间的关系 B. 了解金融发展变化 C. 分析资金流动趋势 D. 分析金融风险 9 单选题 (5.0分) 影响公司价值的主要因素是? A. 市场 B. 政策 C. 信息 D. 时间 10 单选题 (5.0分) 以下哪种是内部融资方式? A. 留存收益 B. 股票 C. 债券 D. 借款 11 单选题 (5.0分)

什么是营运资本? A. 流动资产-流动负债 B. 流动资产+流动负债 C. 流动资产*流动负债 D. 流动资产/流动负债 12 单选题 (5.0分) PMT所代表的含义是? A. 现值 B. 终值 C. 年金 D. 利率 13 单选题 (5.0分) 金融市场的作用是什么? A. 资金的筹措与投放 B. 分散风险 C. 降低交易成本 D. 以上都是 14 单选题 (5.0分) 以下哪项不是财务管理的内容? A. 筹资 B. 融资 C. 信贷 D. 营运资本管理 15 单选题 (5.0分) 微观金融的研究对象是什么? A. 机构财政 B. 账目管理 C. 股市投资 D. 公司理财 16 单选题 (5.0分) 计划经济时代企业的资金来源是?

{财务管理公司理财}公司理财知识点总结

{财务管理公司理财}公司理财知识点总结

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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.

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【思考与练习题】部分习题参考答案 第3章 6. 该公司资产负债表为 XX公司资产负债表XX年12月31日资产期末余额负债及所有者权益期末余额 流动资产流动负债 现金及其等400 应付账款600 价物800 应交税金200 应收账款1200 流动负债合计800 流动资产合计非流动负债 非流动资产3400 应付债券700 固定资产8200 非流动负债合计700 无形资产11600 所有者权益 非流动资产合计实收资本8800 股本溢价1900 留存收益600 所有者权益合计11300 资产总计12800 资产及所有者权益合计12800 7. 公司2007年的净现金流为-25万元。 8. 各比例如下: 4. (1)1628.89 元;(2)1967.15 元;(3)2653.30 元 5. 现在要投入金额为38.55万元。 6. 8年末银行存款总值为6794.89元(前4年可作为年金处理)。 7. (1)1259.71 元;(2)1265.32 元;(3)1270.24 元;(4)1271.25 元;(5)其他条件不变的情况下,同一利息期间计息频率越高,终值越大;至琏续计算利息时达到最大值。 8. (1)每年存入银行4347.26元;(2)本年存入17824.65元。 9. 基本原理是如果净现值大于零,则可以购买;如果小于零,则不应购买。 NPV=-8718.22,小于零,故不应该购买。 第5章 8. (1)该证券的期望收益率=0.15 X 8%+0.30X 7%+0.40X 10%+0.15X 15%=9.55%

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公司理财复习重点

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1、公司理财是在一定整体目标下,组织企业财务活动,协调财务关系的一项经济管理工作。 2、公司理财目标又称财务管理的目标,是公司理财活动所希望实现的结果,是评价公司理财活动是否合理的基本标准。基本特点:多元性、层次性、相对稳定性以产值最大化为目标主要缺点:只讲产值,不讲效益、只求数量,不求质量、只抓生产,不抓销售、只重投入,不重挖潜以利润最大化为目标主要缺点:没有考虑资金的时间价值、没能有效地考虑风险问题、没有考虑投入资本的问题、容易导致短期行为以股东财富最大化为目标主要优点反映了时间价值、考虑了风险因素、反映了资本与收益之间的关系主要缺点:股票价格受多种因素的影响,并非都是公司所能控制的。 以企业价值最大化为目标也即相关者利益最大化,除了股东外,还要考虑债权人、员工、供应商等利益。 3、筹资管理的目标:在满足生产经营需要的情况下,不断降低资金成本和财务风险。 投资管理的目标:认真进行投资项目的可行性研究,力求提高投资报酬,降低投资风险。 营运资金管理的目标:合理使用资金,加速资金周转,不断提高资金的利用效果。 利润分配管理的目标:采取各种措施,努力提高企业利润水平,合理分配企业利润4、财务管理的环境又称理财环境,是指对企业财务活动和财务管理产生影响作用的企业外部条件的总和。

5、资金时间价值:是指在购买力不变及没有风险的情况下,随着时间推移资金发生的增值。 6、复利就是不仅本金要计算利息,本金所生的利息在下期也要加入本金一起计算利息,即通常所说的“利滚利”。 复利终值是指若干期以后包括本金和利息在内的未来价值,又称本利和。 复利现值是指以后年份收入或支出资金的现在价值。由终值求现值叫作贴现。 7、报表使用者:政府管理部门、企业投资者、企业债权人、企业管理人员、审计师 财务报告是指公司对外提供的反映公司某一特定日期财务状况和某一会计期间经营成果、现金流量的文件。 8、流动负债是指企业可以在一年或者超过一年的一个经营周期偿还的债务,包括短期借款、应付票据、应付帐款、预收帐款、应付工资、应付福利费等项目。 非流动负债是指偿还期限在一年或者超过一年的一个经营周期以上的债务,包括长期借款、应付债券、长期应付款和其他长期负债等项目。 10、企业筹资指企业根据其生产经营、对外投资和调整资本结构等需要,经济有效地筹措和集中资金的活动。 筹资渠道指企业筹集资金的源泉。政府资金、银行资金、非银行金融机构资金、其他法人资金、个人资金、企业内部资金、国外和港澳台资金 筹资方式指企业筹集资金所采取的具体形式和工具。吸收投入资本、发行股票、长期

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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。

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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

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提纯率=再投资率=留存收益增加额/净利润=1-股利支付率 资本密集率=资产总额/销售收入 4.内部增长率=(ROAXb)/(1-ROAXb) 可持续增长率=ROE/(1-ROEXb):企业在保持固定的债务权益率同时没有任何外部权益筹资的情况下所能达到的最大的增长率。是企业在不增加财务杠杆时所能保持的最大的增长率。(如果实际增长率超过可持续增长率,管理层要考虑的问题就是从哪里筹集资金来支持增长。如果可持续增长率始终超过实际增长率,银行家最好准备讨论投资产品,因为管理层的问题是怎样处理所有的这些富余的现金。) 5.增长率的决定因素 利润率、股利政策(提纯率)、筹资政策(财务杠杆)、总资产周转率 6.如果企业不希望发售新权益,而且它的利润率、股利政策、筹资政策和总资产周转率(资 本密集率)是固定的,那么就只会有一个可能得增长率 7.如果销售收入的增长率超过了可持续增长率,企业就必须提高利润率,提高总资产周转 率,加大财务杠杆,提高提纯率或者发售新股。 第六章. 1.贷款的种类:纯折价贷款、纯利息贷款、分期偿还贷款 纯折价贷款:国库券(即求现值即可) 纯利息贷款:借款人必须逐期支付利息,然后在未来的某时点偿还全部本金。 如:三年期,利率为10%的1000美元纯利息贷款,第一年第二年要支付1000X0.1的利息,第三年末要支付1100元。 分期偿还贷款:每期偿还利息加上一个固定的金额。其中每期支付的利息是递减的,而且相等总付款额情况下的总利息费用较高。 第7章 1.市场对某一债券所要求的利率叫做该债券的到期收益率。 2.如果债券低于或高于面值的价格出售,则为折价债券或溢价债券。 折价:票面利率为8%,市场利率(到期收益率)为10% 溢价:票面利率为8%,市场利率为6%(投资者愿意多支付价款以获得额外的票年利息) 3.债券的价值=票面利息的现值+面值的现值(与利率呈相反变动) 4.利率风险:债券的利率风险的大小取决于该债券的价格对利率变动的敏感性。其他条件相同,到期期限越长,利率风险越大;其他条件相同,票面利率越低,利率风险越大。 5.债券的当期收益率是债券的年利息除以它的价格。折价债券中,当期收益率小于到期收益率,因为没有考虑你从债券折价中获取的利得。溢价相反。 6.公司发行的证券:权益性证券和债务证券。 7.权益代表一种所有权关系,而且是一种剩余索取权,对权益的支付在负债持有人后。拥有债务和拥有权益的风险和利率不一样。 8.债务性证券通常分为票据、信用债券和债券。长期债务的两种主要形式是公开发行和私下募集 9.债务和权益的差别: 1.债务并不代表公司的所有权的一部分。债权人通常不具有投票权。 2.公司对债务支付的利息属于经营成本,因此可以再税前列支,派发给股东的股利则不能抵税。 3.未偿还的债务是公司的负债。如果公司没有偿还,债权人对公司的资产就有合法的索取权。这种行为可能导致两种可能的破产:清算和重组。 4.债券合约是公司和债券人之间的书面协议,有时也叫做信用证书,里面列示了债券的各种

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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.

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