对外经贸大学公司理财试卷
贸大金融硕士真题及《公司财务》资本预算习题
2016贸大金融硕士真题及《公司财务》资本预算习题2016贸大金融硕士真题一、名词解释：1.三元悖论2.布雷顿森林体系3.流动性陷阱4.套利5.净资产收益率二、计算：1.（1）分别计算人民币兑美元和欧元汇率变动率〈08年-15年〉（2）套算欧元兑美元汇率变动率，欧元相比美元是升值还是贬值？2.已知公司固定股利且永续不变，公司股价已知，风险溢价已知，Rf 已知（1）求公司贝塔值？（CAPM）和股利？（2）公司预期收益和市场组合收益率协方差变为原来二倍，求公司现在股价？三、简答：1.特里芬难题的含义及其影响？2.凯恩斯货币需求理论和弗里德曼货币需求理论的差异？3.简述利率风险结构？4.什么是系统性风险和非系统性风险？5.公司理财研究的三个主要问题？四、论述：1.什么是稳定的货币政策？在经济新常态下稳定的货币政策有神马作用？2.（1）商业银行资产管理理论的内容？（2）商业银行应如何加强资产管理？3.公司股利政策受哪些因素影响？《公司财务》资本预算习题(一)1、为什么说净现值法是最重要的传统资本预算方法?2、在计算年现金净流量时，为什么需要在净利润基础上将年折旧额加回?3、为什么回收期法会使得投资者偏好短期投资项目?尽管该方法在理论上是不健全的，但为什么投资者仍旧钟爱它?4、什么是互斥方案?在进行互斥方案决策时，为什么净现值法是最不易犯错的资本预算方法?5、请解释资本预算中使用情景分析的理由?“考金融，选凯程”！凯程2014年外经贸金融硕士保录班录取6人,保录班全部录取,专业课考点全部命中,这6人中,2个人是二本学生,3个人是一本学生,1个是三本学生,顺利录取到了外经贸金融硕士项目,外经贸金融硕士分金融学院和国际贸易学院,各招50人,其中国贸院难度比金融学院难度小.同学们在报考的时候注意这个问题.6、为什么说决策树分析法是传统资本预算中的动态分析法?7、某项目需投资100万元，预计今后3年每年税前现金流入为50万元，公司承担30%的所得税率，公司要求收益率为10%，不考虑通胀因素。
《公司理财》期末试卷A(含答案)
页脚 .XXXX 学 院2015 /2016 学年第 2学期考试试卷( A )卷课程名称： 公司理财 适用专业／年级：2014级会计电算化本卷共 5 页，考试方式： 闭卷 ，考试时间： 90 分钟一、单项选择题 （本题共12小题，每题2分，共24分）1. 以下企业组织形式当中创立最容易维持经营固定成本最低的是（ ） 。
A.个人独资企业 B.合伙制企业 C.有限责任公司 D.股份2.公司的目标不包括以下（ ）。
A.生存目标 B.发展目标 C.盈利目标 D.收购目标3.资产负债率主要是反映企业的（ ）指标。
A.盈利能力 B.长期偿债能力 C.发展能力 D.营运能力4.企业的财务报告不包括（ ）。
A.现金流量表B.财务状况说明书C.利润分配表D.比较百分比会计报表 5.资产负债表不提供（ ）等信息。
A.资产结构B.负债水平C.经营成果D.资金来源情况6.某校准备设立永久性奖学金，每年计划颁发36000元资金，若年复利率为12%，该校现在应向银行存入（ ）元本金。
A ．450000 B ．300000 C ．350000 D ．3600007.债券投资中，债券发行人无法按期支付利息或本金的风险称为（ ） A.违约风险 B.利息率风险 C.购买力风险 D.流动性风险专业班级： 姓 名： 学 号：密 封 线装 订 线8.某人将10000元存入银行，银行的年利率为10%，按复利计算。
则5年后此人可从银行取出（）元。
A.17716B.15386C.16105D.146419.股票投资的特点是（）A.股票投资的风险较小B.股票投资属于权益性投资C.股票投资的收益比较稳定D.股票投资的变现能力较差10.下列各项年金中，只有现值没有终值的年金是（）A.普通年金B.即付年金C.永续年金D.先付年金11. 在公司理财市场环境风险分析当中无法通过分散投资来消除的风险是（）A.系统风险B.非系统风险C.绝对风险D.财务风险12.流动比率的计算公式是（）A.流动负债/流动资产B.流动资产/流动负债C.流动资产/总资产D.流动资产/负债总额二、多项选择题（本题共6小题，每题3分，共18分）1.公司企业的优点包括（）。
对外经济贸易大学2009—2010学年+公司理财期末考试复习要点及往年试题
对外经济贸易大学2009—2010学年公司理财期末考试复习要点及往年试题对外经济贸易大学2009—2010学年第一学期《公司理财》期末考试题型与复习题要求掌握的主要内容一、掌握课件每讲后面的重要概念二、会做课件后的习题三、掌握各公式是如何运用的，记住公式会计算，特别是经营杠杆和财务杠杆要求对计算出的结果给予正确的解释。
四、掌握风险的概念，会计算期望值、标准差和变异系数，掌握使用这三者对风险判断的标准。
五、了解财务报表分析的重要性，掌握常用的比率分析法，会计算各种财务比率。
六、会编制现金流量表，并会用资本预算的决策标准判断项目是否可行。
七、最佳资本预算是融资与投资的结合，要求掌握计算边际资本成本表，根据内含报酬率排序，决定哪些项目可行。
八、从资本结构开始后主要掌握基本概念,第八、九、十讲,，没有计算题，考基本概念，类似期中作业。
模拟试题注:1、本试题仅作模拟试题用，可能没有涵盖全部内容，主要是让同学们了解大致题的范围，希望同学们还是要脚踏实地复习，根据复习要求全面复习。
最后考试题型或许有变化，但对于计算题，要回答选择题，仍然需要一步一步计算才能选择正确。
2、在正式考试时，仍然需要认真审题，看似相似的题也可能有不同，认真审题非常重要，根据题目要求做才能保证考试顺利。
预祝同学们考试顺利,1一、单项选择题 ,每小题2分,1、下列哪个恒等式是不成立的, CA. 资产=负债+股东权益B. 资产-负债=股东权益C. 资产+负债=股东权益D. 资产-股东权益=负债 2、从税收角度考虑，以下哪项是可抵扣所得税的费用, AA. 利息费用B. 股利支付C. A和BD. 以上都不对 3、现金流量表的信息来自于 CA. 损益表B. 资产负债表C. 资产负债表和损益表D. 以上都不对 4、以下哪项会发生资本利得/损失，从而对公司纳税有影响, CA.买入资产B.出售资产C.资产的市场价值增加D.资产的账面价值增加 5、沉没成本是增量成本。
个人理财(对外经济贸易大学)智慧树知到课后章节答案2023年下对外经济贸易大学
个人理财（对外经济贸易大学）智慧树知到课后章节答案2023年下对外经济贸易大学对外经济贸易大学第一章测试1.有关理财规划的叙述，下列叙述何者正确?A:理财规划是一辈子只要做一次的全生涯规划 B:理财规划可以保证每样理财目标都可以达成 C:理财规划是针对有钱人设计的财富管理方法 D:理财规划是一个由现况实现梦想的方法与流程答案:理财规划是一个由现况实现梦想的方法与流程2.2018年我国银保监会正式颁布了《商业银行理财业务监督管理办法》，（）是指是指商业银行接受投资者委托，按照与投资者事先约定的投资策略、风险承担和收益分配方式，对受托的投资者财产进行投资和管理的金融服务。
A:个人理财业务 B:综合理财业务 C:理财计划 D:私人银行业务答案:个人理财业务3.将客户划分为富裕客户、大众富裕客户及大众客户的划分标准是（）。
A:以客户收入为标准 B:以客户的需求为标准 C:以客户的生命周期为标准D: 以对银行利润贡献度为标准答案: 以对银行利润贡献度为标准4.以下会对个人理财业务的发展产生影响的因素有（）A:互联网普及应用 B:医疗制度改革深入 C:人口老龄化 D:物价水平持续大幅上升答案:互联网普及应用;医疗制度改革深入;人口老龄化;物价水平持续大幅上升5.在下列各项中属于客户财务信息的有（）。
A:财务结构安排 B:客户的社会地位 C:客户的年龄 D:客户的投资偏好 E:收支情况答案:财务结构安排;收支情况6.分析理财客户的风险特征是应当从哪几方面入手?A:客户的实际风险承受能力 B: 客户的风险偏好 C:客户的风险认知度 D: 客户的年龄 E:客户的受教育程度答案:客户的实际风险承受能力; 客户的风险偏好;客户的风险认知度7.个人理财规划是管理一个人的理财事务的过程，对还是错？A:错 B:对答案:对8.投资规划主要功能是财富保值增值。
对还是错？A:对 B:错答案:对9.理财价值观是指理财目标排序。
对还是错？A:对 B:错答案:对10.根据生命周期理论，个人理财规划就是要平衡一生财务收支，对还是错？A:对 B:错答案:对第二章测试1.以下属于客户非财务信息的是（）A:工资薪金 B:风险管理信息 C:社会保障情况 D: 投资偏好答案: 投资偏好2.在与客户的交流沟通中，一般不建议理财规划师采用（）方式进行提问。
公司金融(对外经济贸易大学)智慧树知到课后章节答案2023年下对外经济贸易大学
公司金融（对外经济贸易大学）智慧树知到课后章节答案2023年下对外经济贸易大学对外经济贸易大学第一章测试1.以下哪个选项是被定义为对公司长期投资的管理（）答案:资本预算2.发行额外股份的决定与以下哪个选项最相关？（）答案:资本结构的相关决定3.以下哪个选项表示现金流出企业？（1）. 证券发行（2）. 支付股利（3）. 新的贷款收益（4）. 支付税款（2）和（4）4.由两人或以上的个人成立公司，并且成立人对公司所有的债务承担无限责任，这种企业组织形式被称为：（）答案:普通合伙制企业5.以下哪个选项是正确的（）答案:独资企业和合伙制企业都是按照个人所得的征税标准征税第二章测试1.今天你在你的本地银行的存款账户中存入了100美元。
以下哪个选项表示你的这项投资从现在开始，一年之后的价值？（）答案:终值2.terry正在计算一项他下一年将要收到的奖金的现值。
这一计算的过程称为（）折现3.这个下午，你往退休存款账户中存入1000美元。
这一账户能够获得的利息以6%的利率复合增长。
在你退休之前的40年里，你将不会取出任何本金或利息。
以下哪个选项是正确的？（）答案:这项投资的现值是10004.在9.25%的年化利率下，时限23年，复利计算，6200美金的投资的终值是多少？（）答案:47433.475.你从奶奶那儿收到了3000现金作为礼物。
你决定将这笔钱存入银行，从而能够在50年后为你的孙子发送礼物。
在8.5%的利率条件下，你最终可以得到的金额，比8%的利率条件下多多少？（）答案:36554.11第三章测试1. Mary买了一份债券，每年她可以获得60美元的利息收入。
这60美元对应的公司金融的概念是什么？答案:利息2.发行人可以自主决定是否提前进行偿还的债券称之为：答案:可赎回债券3.债券的市场售价大于其票面价值。
那么这种债券有以下哪些特点？（1）折价债券（2）溢价债券（3）到期收益率大于票面利率（4）到期收益率小于票面利率答案:（2）和（4）4.以下哪个选项是正确的答案:其他条件保持不变，仅仅缩短债券的期限，零息债券的市场价格将上升5.Green Roof Inns正准备发行债券，拟定的利率是6%，半年付一次息，面值1000美元。
对外经济贸易大学《公司理财》期末考试题型与复习题
对外经济贸易大学《公司理财》期末考试题型与复习题要求掌握的主要内容一、掌握课件每讲后面的重要概念二、会做课件后的习题三、掌握各公式是如何运用的，记住公式会计算，特别是经营杠杆和财务杠杆要求对计算出的结果给予正确的解释。
四、掌握风险的概念，会计算期望值、标准差和变异系数，掌握使用这三者对风险判断的标准。
五、了解财务报表分析的重要性，掌握常用的比率分析法，会计算各种财务比率。
六、会编制现金流量表，并会用资本预算的决策标准判断项目是否可行。
七、最佳资本预算是融资与投资的结合，要求掌握计算边际资本成本表，根据内含报酬率排序，决定哪些项目可行。
八、从资本结构开始后主要掌握基本概念（第八、九、十讲），没有计算题，考基本概念，类似期中作业。
模拟试题注：1、本试题仅作模拟试题用，可能没有涵盖全部内容，主要是让同学们了解大致题的范围，希望同学们还是要脚踏实地复习，根据复习要求全面复习。
最后考试题型或许有变化，但对于计算题，要回答选择题，仍然需要一步一步计算才能选择正确。
2、在正式考试时，仍然需要认真审题，看似相似的题也可能有不同，认真审题非常重要，根据题目要求做才能保证考试顺利。
预祝同学们考试顺利！一、单项选择题（每小题2分）1、下列哪个恒等式是不成立的？ CA. 资产=负债+股东权益B. 资产-负债=股东权益C. 资产+负债=股东权益D. 资产-股东权益=负债2、从税收角度考虑，以下哪项是可抵扣所得税的费用？ AA. 利息费用B. 股利支付C. A和BD. 以上都不对3、现金流量表的信息来自于 CA. 损益表B. 资产负债表C. 资产负债表和损益表D. 以上都不对4、以下哪项会发生资本利得/损失，从而对公司纳税有影响？ CA.买入资产B.出售资产C.资产的市场价值增加D.资产的账面价值增加5、沉没成本是增量成本。
BA. 正确B. 不对6、期限越短，债券的利率风险就越大。
BA. 正确B. 不对7、零息债券按折价出售。
公司理财期末试题及答案(英文版)
EXAM PAPER 1I. True(T) or False(F). Please fill in the bracket with T or F. (15%)1. In financial management, the more appropriate goal of the firm is maximization of shareholderwealth. ( )2. The component cost of preferred stock must be adjusted for taxes which the stockholdersmust pay on the dividends. ( )3. If an investment project has a profitability index of 1.15, the project’s internal rate of returnexceeds its net present value. ( )4. With an annuity due the payments occur at the end of each period. ( )5. If the firm decides to impose a capital constraint on investment projects, the appropriatedecision criterion is to select the set of projects with the highest NPV subject to the capital constraint. ( )6. Business risk refers to the relative dispersion in the firm’s EBIT. ( )7. Net working capital equals current assets less current liabilities. ( )8. Under MM’s model with corporate taxes, the benefits of debt financing stem solely from the taxdeductibility of interest payments. ( )9. Investors can only expect to receive a return for incurring unsystematic risk. ( )10. The Security Market Line is a risk-return trade-off for combinations of the market portfolio andthe riskless asset. ( )II. Multiple Choice (15%)1. Dorset Ltd wishes to calculate its weighted average cost of capital for use in investmentappraisal. The company is financed by 150 million $1 ordinary shares, which have a current market value of $2, and $100 million 12 per cent irredeemable debentures, which are currently quoted at $150 per $100 nominal value. The cost of ordinary share capital is 11 per cent and the rate of corporation tax is 25 per cent.What is the weighted average cost of capital for Dorset Ltd? (To one decimal place)A. 9·0 per centB. 9·3 per centC. 10·4 per centD. 11·4 per cent2. Cheshire Ltd has developed a revolutionary form of tyre gauge at a cost of $300,000 to date.To produce the tyre gauge, a new machine will be acquired immediately at a cost of $750,000.The machine will be sold at the end of the five years for $350,000 and will be depreciated over its life using the straight-line method.The tyre gauge has an expected life of five years and estimated future profits from the product are: Years1 2 3 4 5$000 $000 $000 $000 $000Estimated profit 80 160 240 140 130What is the payback period for the new tyre gauge? (To the nearest month)A. 3 years 2 monthsB. 4 years 2 monthsC. 4 years 3 monthsD. 4 years 11 months3. Cumbria Ltd has $1 ordinary shares in issue that have a current market value of $3. Thedividend expected for next year is $0·40 and future dividends are expected to grow at the rate of 5 per cent per annum. The rate of corporation tax is 20 per cent and the dividend Growth model is used to calculate the cost of ordinary shares.What is the cost of ordinary shares to the business?A. 6·1%B. 15·7%C. 18·3%D. 19·0%4. Calcite Ltd used the NPV and IRR methods of investment appraisal to evaluate a project thathas an initial cash outlay followed by annual net cash inflows over its life. After the evaluationhad been undertaken, it was discovered that the cost of capital had been incorrectly calculated and that the correct cost of capital figure was in fact higher than that used.What will be the effect on the NPV and IRR figures of correcting for this error?Effect onNPV IRRA. Decrease DecreaseB. Decrease No changeC. Increase IncreaseD. Increase No Change5. A business evaluates an investment project that has an initial outlay followed by annual netcash inflows of $10 million throughout its infinite life. The evaluation of the inflows produced a present value of $50 million and a profitability (present value) index of 2·0.What is the internal rate of return and initial outlay of this project?IRR Initial outlay% $mA. 20 25B. 20 100C. 40 25D. 10 1006. Quartz Ltd pays an annual dividend of 30 cent per share to shareholders, which is expected tocontinue in perpetuity. The average rate of return for the market is 9% and the company has a beta coefficient of 1·5. The risk-free rate of return is 4%.What is the expected rate of return for the shareholders of the company and the predicted value of the shares in the company?Expected rate Predictedof return value(%) (cent)A. 23·5 705B. 17·5 171C. 16·5 182D. 11·5 2617. Tourmaline Ltd pays its major credit supplier 40 days after receiving the goods and receives nosettlement discount. The supplier has recently offered the company revised credit terms of 3/10, net 40.If Tourmaline Ltd refuses the settlement discount and pays in full after 40 days, what is the approximate, implied, interest cost that is incurred by the company per year?A. 10·3%B. 27·4%C. 28·2%D. 37·6%8. Carrickfergus Ltd wishes to forecast its financial performance and position for the forthcomingyear. The forecast model used by the company incorporates the following relationships: Sales: total assets employed 2·5:1Current assets: current liabilities 1·8:1Quick assets: current liabilities 1·2:1Fixed assets: current assets 1·0:1If sales for the forthcoming year are expected to be $800,000, what is the forecast closing stock figure?A. $53,333B. $71,111C. $85,926D. $96,000.9. The Modigliani and Miller (no taxes) proposition concerning capital gearing states that, as thelevel of capital gearing increases from zero,A. the cost of equity capital will remain unchangedB. the weighted average cost of capital will decreaseC. the value of the business will remain unchangedD. the cost of loan capital will increase.10. A study of the shares of companies listed on a particular stock market found that:(i) share prices were independent of past share price movements and followed a random path. (ii) some investors used the published accounts of the companies to analyse performance and, by doing so, made abnormal gains over many years.Which of the following would be consistent with these findings?A. The stock market is inefficientB. The stock market is efficient in the weak formC. The stock market is efficient in the semi-strong formD. The stock market is efficient in the strong form11. The economic order quantity (EOQ) for stocks can be calculated by using an equation of theform:)/2(ZXY EOQ=What is Z in the above equation?A. Cost of placing an orderB. Annual demand for the item of stockC. Cost of holding one unit of stock for one yearD. The lead time between placing an order and receiving the goods12. Which of the following is associated with the problem of “overtrading”?A. Higher-than-normal earnings per shareB. Higher-than-normal sales to capital employed ratioC. Lower-than-normal gearing ratioD. Lower-than-normal stock turnover ratio13. Investors have an expected rate of return of 8% from ordinary shares in Algol Ltd, which have abeta of 1·2. The expected returns to the market are 7%.What will be the expected rate of return from ordinary shares in Rigel Ltd, which have a beta of 1.8?A. 9·0%B. 10·5%C. 11·0%D. 12·6%.14. Chrysotile Ltd has ordinary shares with a par value of $0·50 in issue. The company generatedearnings per share of 45c for the financial year that has just ended. The dividend cover ratio is 2·5 times and the gross dividend yield is 2% (Ignore taxation).What is the price/earnings ratio of the company?A. 2·8 timesB. 5·0 timesC. 20·0 timesD. 40·0 times15. Ethical behavior is important because it:A. builds customer loyaltyB. builds a good reputationC. avoids fines and legal expensesD. all of the aboveIII. Solving the following problems. (60 marks)1. Brambling (Electronics) Ltd is a research-led business that specialises in the development of surveillance equipment. The company has recently developed a new form of camera with a powerful fibre-optic lens and is currently considering whether or not to produce the camera. The Board of Directors will soon meet to make a final decision and has the following information available to help it decide:(i) The cost of developing the camera has been $1,400,000 to date and the company iscommitted to spending a further $350,000 within the next two months.(ii) The company has spare production capacity and can produce the camera using machinery that will cost $4,700,000 and which will be purchased immediately. It isexpected to be sold at the end of four years for $800,000.(iii) Total fixed costs identified with the production of the camera are $1,725,000 per year.This includes a depreciation charge in respect of the machinery of $975,000 per yearand a charge allocated to represent a fair share of the fixed costs of the business as awhole of $250,000 per year.(iv) The cameras are expected to sell for $10,000 each and the marketing department believes that the business can sell 800 cameras per year over the next four years.(v) The variable costs of production are $7,000 per camera.(vi) If the business decides not to produce the camera it can sell the patents immediately for $1,300,000.The company has a cost of capital of 12%.Ignore taxation.Required:(a) Calculate the net present value of producing and selling the new camera versus thealternative of selling the patent. (6 marks)(b) Carry out a separate sensitivity analysis to show by how much the following factorswould have to change before the proposal to produce and sell the new camera has an NPV of zero:(i) the initial outlay on the machinery;(ii) the discount rate;(iii) the residual value of the machinery;(iv) the annual net operating cash flows. (11 marks)(c) Briefly evaluate your findings in (a) and (b) above. (3 marks)(20 marks)2.Grebe Ltd operates a chain of cellular telephone stores in the UK. An abbreviated profit and loss account and balance sheet of the business for the year that has just ended is as follows: Abbreviated profit and loss account for the year ended 31 May 2003$000SalesOperating profit for the year Debenture interest payable 6,450 800 160Net profit before taxation Corporation tax (20%)Net profit after taxation Dividends proposed Retained profit for the year 640 128 512 256 256Abbreviated balance sheet as at 31 May 2003$000$000 Fixed assets at written down valuesCurrent assetsLess Creditors: amounts falling due within one yearLess Creditors: amounts falling due after more than one yearCapital and reserves$0·50 Ordinary sharesRetained profit 1,8001,1003,5007004,2002,0002,2006001,6002,200The company is expecting a surge in sales following advances in cellular telephone technology that should translate into additional operating profits of $180,000 per year for the foreseeable future. However, the company will need to invest $1,200,000 immediately in expanding the asset base of the business if it is to achieve these additional profits.The business has approached a large supplier that already has an equity investment in the business to see whether it would be prepared to provide further funds for the business. The supplier has indicated it would be willing to provide the necessary funds by either:(i) an issue of $0·50 ordinary shares at a premium of $1·50 per share, or(ii) an issue of $1,200,000 10% debentures at par.The Board of Directors of Grebe Ltd has already announced that it will maintain the same dividend payout ratio in future years as in the past and that this policy will be unaffected by the form of finance raised.Required:(a) For each of the financing options, calculate the forecast earnings per share for theforthcoming year;(10 marks)(b) Calculate the level of operating profit at which the earnings per share will be the sameunder each financing option. (10 marks)(20 marks)3. Bartok Ltd produces a single product. Financial data concerning the product is as follows:$ $Selling price per unit 20Variable cost per unit 17Fixed costs per unit 2 19Net profit 1At present, total credit sales for the product are $1·2m and the average collection period is one month. In order to stimulate sales for the product, the company is considering liberalising its credit policy so as to allow an average collection period of 1 1/2 months. This change of policy will allow the company to break into the US market where, currently, it has no presence. As a result of this breakthrough, sales will increase by 25%. However, there would be an additional investment required in stocks of $150,000 and an increase in trade creditors of $50,000.The company requires a 25% rate of return on its investments.Ignore taxation.Required:(a) Evaluate the proposal to increase the average collection period for debtorsassuming:(i) all customers take advantage of the longer credit period (8 marks)(ii) only new customers take advantage of the longer credit period. (8 marks)(b) Identify and discuss the main factors which influence the credit terms granted tocustomers by a company. (4 marks)(20 marks)ANSWERS FOR EXAM PAPER 1I. (10%, 1 mark each)1. T2. F3. F4. F5. T6. T7. T8. T9. F 10. FII. (30%, two marks each)1. B2. A3. C4. B5. C6. D7. D8. A9. C 10. B 11. C 12. B 13. C 14. C 15. DIII. (60%, 20marks each)1. (a) Annual operating cash flows can be calculated as follows:$m $m Sales (800 x $10,000) LessVariable costs (800 x $7,000) Fixed costs5·6 0·58·0 6·1 1·9(2 marks)Cash flows relating to the project are as follows:Year0 $m1 $m 2$m 3 $m 4 $m Machinery Opportunity cost Annual cash flows(4·7) (1·3) (6·0)1·9 1·91·9 1·91·9 1·90.8 1·9 2·7(2 marks)The net present value of the project is:$m $m $m $m $mCash flows Discount rate (12%) Present valueNPV (6·0)1·0(6·0)0·291·90·891·691·90·801·521·90·711·352·70·641·73(2maks)(b) (i) The increase required in the initial outlay on machinery before the project becomes nolonger profitable will be $0·29m. The machinery is already expressed in present value terms and so this figure is the same as the net present value of the project. This figure is 6·2% higher than the initial cost figure stated. (2 marks)(ii) If the discount rate is increased to 14%, the NPV of the project is:$m $m $m $m $mCash flows Discount rate (14%) Present valueNPV (6·0)1·0(6·0)0·011·90·881·671·90·771·461·90·681·292·70·591·59Thus, the project will become unprofitable at approximately 14% cost of capital.This represents a 16·7% increase in the cost of capital. (3 marks)(iii) The decrease in the residual value of the equipment (R) that will make the project no longer profitable is calculated as follows:(R x discount factor at the end of four years) – NPV of the project = 0This can be rearranged as follows:(R x discount factor at the end of four years) = NPV of the projectR x 0.64 = $0·29 mR = $0·29m/0·64= $0·45mThis represents a 43·8% decrease in the estimated residual value. (3marks)(iv) The decrease in annual net operating cash flows (C) to make the project no longer profitable is calculated as follows:(C x annuity factor for a four-year period) – NPV = 0This can be rearranged as follows:(C x annuity factor for a four-year period) = NPV C x 3·04 = $0·29m C = $0·29m/3·04 C = $0·095mThis represents a decrease of 5·0% on the estimated annual net operating cash flows. (3marks)(c) The net present value calculations in (a) above indicate that the project will increaseshareholder wealth if it is accepted. The sensitivity calculations in (b) above show by how much each of the key variables will have to change before the project becomes no longer profitable. It can be seen that the most sensitive factor is the annual net operating cash flows followed by the initial cost of the machinery, the discount rate and finally the residual value of the machinery. The annual net operating cash flows will require only a five per cent decrease before the project ceases to be profitable. (3marks)2 (a) Forecast profit and loss account for the year ended 31 May 2004Shares $000Debentures$000 Profit before interest and taxation Debenture interest payable Profit before taxation Corporation tax (20%) Profit after taxation DividendRetained profit for the year Forecast earnings per share980 160 820 164 656 328 328$656,000/1,800,000=36·4c (5marks)980 280 700 140 560 280 280$560,000/1,200,000 46·7c (5marks)(b) The level of operating profit, or profit before interest and taxation (PBIT), at which earnings per share under each method are equal (PBIT = x) is calculated as follows:Shares Debentures(x – B/E PBIT)(1 – tax rate) (x – B/E PBIT)(1 – tax rate)––––––––––––––––––––––– = –––––––––––––––––––––––No. of shares No. of sharesThe level of PBIT at which earnings per share are equal is:(x – $0·16m)(1 – 0·20) (x – $0·28m)(1 – 0·20)–––––––––––––––––––– = –––––––––––––––––––– (3 marks)1·8m 1·2m(0·8 x – $0·128m) (0·8 x – $0·224m)––––––––––––––––– = ––––––––––––––––1·8m 1·2m0·96m x – $0·1536m = 1·44m x – $0·4032m0·48m x = $0·2496mx = $0·52m (2 marks)3. (a) (i) The contribution per unit is $3 (i.e. $20 - $17). A 25% increase in sales will lead to anincrease of sales revenue of $0·3m or 15,000 units (i.e. $0·3m/$20). Hence the increase in contribution and profit will be:15,000 x $3 = $45,000 (4marks)The additional investment required will be:$Increase in stocksIncrease in debtors [($1·5m/12 ) x 11/2m] - [(1·2m/12) x 1m)]Increase in creditorsNet increase in working capitalReturn on investment 150,00087,500237,50050,000187,500= 45,000 x 100% 187,500= 24·0 %(6 marks)(ii) The additional investment required will be:$Increase in stocksIncrease in debtors [($0·3m/12) x 11/2]Increase in creditorsNet increase in working capital Return on investment 150,00037,500187,50050,000137,500= 45,000 x 100% 137,500= 32·7 %(6 marks)Thus, it is if new customers only take advantage of the longer credit period that the proposed change in policy will meet the profit requirements of the company.(b) The main factors that influence the credit terms granted to customers are: Management policies/Market strength /Order size and frequency /Profitability /Resources of the business /Resources of the customer/Industry norms, etc.(4 marks)。
对外经贸大学公司理财试卷
对外经济贸易大学《公司理财》期末考试试卷(参考答案完美版)学号：姓名：成绩：案例1：（50分）Ragan Thermal Systems公司9年前由Carrington和Genevieve Ragan两兄妹创建。
公司生产和安装商务用的采暖通风与空调系统（HV AC）。
Ragan公司因拥有能提高系统能源适用效率的私人技术，正处于高速增长阶段。
目前，公司由两兄妹平等地共同拥有。
他们之间的最初协议是每人拥有50，000股公司股票，如果某一方要出股票，那么这些股票必须按某一折扣价提供给对方。
尽管此时两兄妹不打算出售股票，但他们希望对手中股票的注：EPS：每股盈利，DPS：每股股利，Stock Price：每股价格，ROE：权益资本回报率，R：必要报酬率Expert hld的EPS为负，原因在于去年会计冲销，如果不进行冲销，那么该公司的EPS为2.34美元。
去年，Ragan公司的EPS为4.32美元，并且向两兄妹各支付了54000美元。
目前，公司的ROE为25%。
两兄妹相信，公司的必要报酬率为20%。
根据公司增长率计算公式，公司增长率g = ROE × b，其中b为再投资比率。
1.假设公司会保持目前的增长率，那么公司股票的每股价值是多少？2.为了验证他们的计算，两兄妹雇了Josh Schlessman为顾问。
Josh研究发现，Ragan公司的技术优势只能再持续5年，然后，公司的增长率将降为行业平均水平。
另外，Josh认为，公司所使用的必要报酬率太高，他认为使用行业的平均必要报酬率更合适。
在Josh 的假设下，公司的股票价格应该是多少？解题提示：股价P0 = D1 / (R – g)答案1、增长率g =ROE*Retention ratio=0.25*(4.32-54000/50000)/4.32=0.1875 股价P =D1/(R-g)=D0(1+g)/(R-g)=1.08*(1+0.1875)/(0.2-0.1875)=102.6答案3、Industry Payout Ratio=(0.16+0.52+0.54)/(0.82+1.32+2.34)=0.2723 Industry Retention Ratio=1-0.2723=0.7277Industry ROE=0.13行业平均增长率Industry g (gi)=0.7277*0.13=0.0946D1 =D0(1+g) =1.08*(1+0.1875)=1.2825 折现P1= D1/1+0.1167=1.1485 D2 =D0(1+g)^2 =1.08*(1+0.1875)^2 折现P2=D2/(1+0.1167)^2=1.2213D3 =D0(1+g)^3 =1.08*(1+0.1875)^3 折现P3=D3/(1+0.1167)^3=1.2987D4 =D0(1+g)^4 =1.08*(1+0.1875)^4 折现P4=D4/(1+0.1167)^4=1.3811D5 =D0(1+g)^2 =1.08*(1+0.1875)^5 折现P5=D5/(1+0.1167)^5=1.4686D6 =D5(1+gi) = D5(1+0.0946) = 2.7916Value in year 5 = D6/Ri-gi = D6/(0.1167-0.0946) =126.30折现PV5 =126.30/(1+0.1167)^5 = 72.73每股价值PV= P1+P2+P3+P4+P5+PV5 = 79.25案例2：（50分）Cheek产品公司（CPI）在53年前由Joe Cheek创建，其最初销售如薯片和快餐。
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对外经济贸易大学
《公司理财》期末考试试卷(参考答案完美版)
学号：姓名：成绩：
案例1：（50分）Ragan Thermal Systems公司9年前由Carrington和Genevieve Ragan两兄妹创建。
公司生产和安装商务用的采暖通风与空调系统（HV AC）。
Ragan公司因拥有能提高系统能源适用效率的私人技术，正处于高速增长阶段。
目前，公司由两兄妹平等地共同拥有。
他们之间的最初协议是每人拥有50，000股公司股票，如果某一方要出股票，那么这些股票必须按某一折扣价提供给对方。
尽管此时两兄妹不打算出售股票，但他们希望对手中股票的
注：EPS：每股盈利，DPS：每股股利，Stock Price：每股价格，ROE：权益资本回报率，R：必要报酬率
Expert hld的EPS为负，原因在于去年会计冲销，如果不进行冲销，那么该公司的EPS为2.34美元。
去年，Ragan公司的EPS为4.32美元，并且向两兄妹各支付了54000美元。
目前，公司的ROE为25%。
两兄妹相信，公司的必要报酬率为20%。
根据公司增长率计算公式，公司增长率g = ROE × b，其中b为再投资比率。
1.假设公司会保持目前的增长率，那么公司股票的每股价值是多少？
2.为了验证他们的计算，两兄妹雇了Josh Schlessman为顾问。
Josh研究发现，Ragan公司
的技术优势只能再持续5年，然后，公司的增长率将降为行业平均水平。
另外，Josh认为，公司所使用的必要报酬率太高，他认为使用行业的平均必要报酬率更合适。
在Josh 的假设下，公司的股票价格应该是多少？
解题提示：股价P0 = D1 / (R – g)
答案1、
增长率g =ROE*Retention ratio=0.25*(4.32-54000/50000)/4.32=0.1875 股价P =D1/(R-g)=D0(1+g)/(R-g)=1.08*(1+0.1875)/(0.2-0.1875)=102.6
答案3、
Industry Payout Ratio=(0.16+0.52+0.54)/(0.82+1.32+2.34)=0.2723 Industry Retention Ratio=1-0.2723=0.7277
Industry ROE=0.13
行业平均增长率Industry g (gi)=0.7277*0.13=0.0946
D1 =D0(1+g) =1.08*(1+0.1875)=1.2825 折现P1= D1/1+0.1167=1.1485 D2 =D0(1+g)^2 =1.08*(1+0.1875)^2 折现P2
=D2/(1+0.1167)^2=1.2213
D3 =D0(1+g)^3 =1.08*(1+0.1875)^3 折现P3
=D3/(1+0.1167)^3=1.2987
D4 =D0(1+g)^4 =1.08*(1+0.1875)^4 折现P4
=D4/(1+0.1167)^4=1.3811
D5 =D0(1+g)^2 =1.08*(1+0.1875)^5 折现P5
=D5/(1+0.1167)^5=1.4686
D6 =D5(1+gi) = D5(1+0.0946) = 2.7916
Value in year 5 = D6/Ri-gi = D6/(0.1167-0.0946) =126.30
折现PV5 =126.30/(1+0.1167)^5 = 72.73
每股价值PV= P1+P2+P3+P4+P5+PV5 = 79.25
案例2：（50分）Cheek产品公司（CPI）在53年前由Joe Cheek创建，其最初销售如薯片和快餐。
经过收购，该公司已经成长为一家大集团公司，在快餐业，家庭防护系统行业，化妆品行业和塑料行业均有规模较大的分公司。
另外，集团还有很多规模较小的分公司。
最近几年，公司表现不佳，但公司的管理层似乎没有什么上进心来寻找机会以提高企业经营业绩和股票价格。
Meg Whalen是一个专门寻找潜在收购目标的分析师，她相信Cheek需要作出两个大的改变：
第一，她认为公司如果出售一些分公司，并集中力量于其核心竞争力—快餐与家庭防护系统上，公司将变得更好。
第二，目前公司全部由权益进行融资，由于公司的现金流相当稳定，Meg认为公司的负债权益比至少应为0.25.她相信这些改变将显著增加股东财富，但她同事相信，现在的董事会和管理层不会采取必要行动。
因此，Meg认为该公司是一个进行杠杆收购的好目标。
杠杆收购（LBO）是上市或非上市公司的一小部分权益投资者通过举债对公司进行的收购。
收购方用经营或出售资产所得现金清巨额债务本金和利息。
收购方一般希望在3-7年内通过公开发行股票或者被其他公司反收购来套现。
只有当企业在前面几年能够获得足够现金偿还债务，并且到期有人愿意购买该公司时，收购才算成功。
Meg已经向其合作者Ben Feller和Brenton Flynn建议这个潜在的LBO对象。
Meg提供的有关公司现金流的预测如下：单位：百万美元
在第五年末，Meg估计现金流的增长率为每年3.5%。
资本支出用于对新项目的投资和对所耗尽的设备进行更新。
另外，公司将销售一些分公司，从而获得一定的现金流。
尽管公司将销售一些分公司，但其总销售额将会因为剩余分公司的集中投入而增加。
通过对公司财务和其他预计的情境进行分析，Ben和Brenton觉得在5年后可以把公司出售或重新上市。
他们同样知道，需要借相当多的一笔钱来进行收购。
如果真的进行杠杆收购，
该公司目前的必要报酬率为14%。
由于较高的负债率，在未来5年内，负债的到期收益率为12.5%。
他们相信，5年后重新用债务进行融资时，新的到期收益率将为8%。
Cheek目前在外发行股数为1.04亿股，每股价格53美元，公司税率40%，如果Meg，Ben 和Brenton决定进行LBO，他们对该股最多应提供多少报价？
解题提示：
Step 1: Calculating the present value of unlevered cash flows for the first five years.
Step 2: Calculating the present value of the unlevered cash flows beyond the first five years. Step 3: Calculating the present value of interest tax shields for the first five years.
Step 4: Calculating the present value of interest tax shields beyond the first five years.
可能用到的公式：
R S = R0 + (B/S)(R0– R B)(1 – t C)
R WACC = [B / (B + S)](1 – t C)R B + [S / (B + S)]R S
V L = V U + t C B。