4公司理财期末考试复习题
公司理财期末复习题
公司理财期末复习题CORPORRATE FINANCEEXAM PAPERI. True(T) or False(F). Please fill in the bracket with T or F.(Chap1) ( )1. Agency problem is Conflict of interest between principal and agent(4Chap) ( ) 2. Assuming positive cash flows and interest rates, As you increase the length of time involved , the future value decreases and the present value increases(26Chap) ( )3. Net working capital equals current assets less current liabilities.(4Chap) ( ) 4. With an annuity due the payments occur at the end of each period.(8Chap) . ( ) 5. Municipal bonds offer income tax advantages to individuals.(9Chap ) ( ) 6.The voting procedure where you must own 50% plus one of the outstanding shares of stock to guarantee that you will win a seat on the board of directors is called cumulative voting(15Chap) ( )7. Debt is an ownership interest in the firm(16Chap) ( ) 8. Under MM’s model with corporate taxes, the benefits of debt financing stem solely from the tax deductibility of interest payments.(15Chap) ( )9. The use of personal borrowing to change the overall amount of financial leverage to which an individual is exposed is called homemade leverage.(8 Chap) ( ) 10. A bond with a face value of $1,000 that sells for$1,000 in the market is called a premium bond.(9 C) ( ) 11. A form of equity which receives preferential treatment inthe payment of dividends is called common stock.（16Chap) ( ) 12. The tax savings of the firm derived from the deductibility of interest expense is called the. interest tax shield stem solely from the tax deductibility of interest payments.(20C)( ) 13. A rights offering is an issue of preferred stock to existing stockholders. (26C) ( )14. The cash cycle is the difference between the operating cycle and the accounts receivable periods (20C) ( ) 15. The underwriter makes money on the spread between the price paid to the issuer and the price received from investors when the stock is sold.(26C)( )16.A restrictive short-term finance policy would maintain a low ratio of current assets to sales.II. Simple Choice Questions4. ChapANNUITY1. An annuity stream of cash flow payments is a set of:a. level cash flows occurring each time period for a fixed lengthof time.b. level cash flows occurring each time period forever.c. increasing cash flows occurring each time period for a fixedlength of time.d. increasing cash flows occurring each time period forever.e. arbitrary cash flows occurring each time period for no more than10 years.ANNUAL PERCENTAGE RATE2. Which one of the following statements concerning theannual percentage rate iscorrect?a. The annual percentage rate considers interest on interest.b. The rate of interest you actually pay on a loan is called the annual percentage rate.c. The effective annual rate is lower than the annual percentage rate when an interest rate i s compounded quarterly.d. The interest rate expressed as if it were compounded twice per year is called theannual percentage ratee. The annual percentage rate equals the effective annual rate when the rate on anaccount is designated as simple interest.(chap.4) DISCOUNT BONDS3. A bond with a face value of $1,000 that sells for less than $1,000 in the market iscalled a _____ bond.a. parb. discountc. premiumd. zero coupone. floating rateDifficulty level: EasyCap. 4CASH FLOWS4. Discounting cash flows involvesa. discounting only those cash flows that occur at least 10 years in the future.b. estimating only the cash flows that occur in the first 4 years of a project.c. multiplying expected future cash flows by the cost of capital.d. discounting all expected future cash flows to reflect the time value of money.e. taking the cash discount offered on trade merchandise.Cap. 8 COUPON RATE5. The annual coupon of a bond divided by its face value is called the bond’s:a. coupon.b. face value.c. maturity.d. yield to maturity.e. coupon rate.ZERO COUPON BONDS6. A bond that makes no coupon payments and is initially priced at a deep discount iscalled a _____ bond.a. Treasuryb. municipalc. floating-rated. junke. zero couponDISCOUNT BONDS7. A bond with a face value of $1,000 that sells for less than $1,000 in the market iscalled a _____ bond.a. parb. discountc. premiumd. zero coupone. floating rateMUNICIPAL BONDS8. Municipal bonds:a. offer income tax advantages to individuals.b. generally pay a higher rate of return than corporate bonds.c. are those bonds issued only by local municipalities, such as a city or a borough.d. are rarely callable.e. pay interest that is always exempt from both federal and state income taxes.Cap.8FACE VALUE.9 Face value isa. always higher than current price.b. always lower than current price.c. the same as the current price.d. the coupon amount.e. None of the above.Chap 9 STRAIGHT VOTING10. The voting procedure where you must own 50% plus one of theoutstanding shares of stock to guarantee that you will win a seaton the board of directors is called _____ voting.a. democraticb. cumulativec. straightd. deferrede. ProxyCap.9DIVIDEND GROWTH MODEL11. The stock valuation model that determines the current stock price by dividing thenext annual dividend amount by the excess the discount rate less the dividendgrowth rate is called the _____ model.a. zero growthb. dividend growthc. capital pricingd. earnings capitalizatione. discounted dividend(Chap13) 12. Operating leverage increases as _______ costs rise and variable costs fall.a. Financialb. Taxc. Interestd. Fixede. IncomeMM PROPOSITION I, NO TAX(Chap16) 13. The proposition that the value of a levered firm is equal to the value of an unlevered firm is known as:a. MM Proposition I with no tax.b. MM Proposition II with no tax.c. MM Proposition I with tax.d. MM Proposition II with tax.e. static theory proposition.(20 Chap) 14. Which one is not the cost of New Issuesa. Spread or underwriting discountb Indirect expensesc. Abnormal returnsd. Underpricinge. dividendsf. Green Shoe Option(16 Chap) CAPITAL STRUCTURE DEFINITION15. The firm's capital structure refers to:a. the way a firm invests its assets.b. the amount of capital in the firm.c. the amount of dividends a firm pays.d. the mix of debt and equity used to finance the firm's assets.e. how much cash the firm holds.(8 Chap) MUNICIPAL BONDS16. Municipal bonds:a. offer income tax advantages to individuals.b. generally pay a higher rate of return than corporate bonds.c. are those bonds issued only by local municipalities, such as a city or a borough.d. are rarely callable.e. pay interest that is always exempt from both federal and state income taxes.(Chap9) DIVIDEND GROWTH MODEL18. The dividend growth model:I. assumes that dividends increase at a constant rate forever.II. can be used to compute a stock price at any point of time.III. states that the market price of a stock is only affected by the amount of the dividend.IV. considers capital gains but ignores the dividend yield.a. I onlyb. II onlyc. III and IV onlyd. I and II onlye. I, II, and III only(C9) DIVIDENDS19. Payments made by a corporation to its shareholders, in the form of either cash,stock or payments in kind, are called:a. retained earnings.b. net income.c. dividends.d. redistributions.e. infused equity.Chap.1320. The most important factors, cyclicality of revenues, operating leverage, and financial leverage, are determined ______ of a firm (stock).a. Discount bondsb. Interest ratec. Dividend Discount Modeld. Betae. Perpetuity(Chap. 15) 21. Concerning the main difference between debt and equity, which statement is false.Debt EquityYes NoA. Repayment is an obligation ofthe firmB. Grants ownership of the firm No YesC. Provides a tax shield No YesYes NoD. Liquidation will result if notpaid(Chap.20-1p.646) 22. Debt offerings are much more common than equity offerings and typically much larger as well. Which statement are not correct reasonA. A company‘s internally generated cash flow provides a source of equity financing.B. For a profitable company, outside equity may never be needed.C. Large companies have the greatest access to public debt marketsD. Small companies tend to borrow more from public lendersE. To maintain a debt-equity ratio, a company must issue new bonds when the currentbonds mature.(Chap. 26) 23. Which statement is not the characteristics of a firm with a long operating cycle:A. Firm tend to keep inventory on hand,B. With relatively long receivables periods. Thus, such andC. they allow customers to purchase on credit andD. Customers take a relatively short time to pay.E. With relatively long inventory periods(Chap.16) MM PROPOSITION I24. 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(Chap16) UNLEVERED COST OF CAPITAL5. The unlevered cost of capital is:a. the cost of capital for a firm with no equity in its capital structure.b. the cost of capital for a firm with no debt in its capital structure.c. the interest tax shield times pretax net income.d. the cost of preferred stock for a firm with equal parts debt and common stock in its capitalstructure.e. equal to the profit margin for a firm with some debt in its capital structure.III. Fill in the blanks with the words given (2*10 marks)( Chap 4 )( )1.The interest rate expressed as if it were compounded once per year is called the _________ annual rate.(Cap. 8) ( )2. The annual coupon of a bond divided by its face value is called the bond’s _______ rate.(20Chap) ( )3. ____________must make their “best effort” to sell the __________ at an agreed-upon offering price.(13Chap)( ) 4. Beta is determined by the ______________ leverage, financial leverage and cyclicality of a firm's ______________.( )5. The company bears the ________ of the _______ not being sold.( )6. The offer may be pulled if there is not enough _______ at the offer price.(15Chap) ( ) 7. During the bankruptcy the ________ are paid after ____________. As a result of this, the risks and benefits associated with owning debt and equity are different.( )8. The company does not get the _______, and they have still incurred substantial flotation __________.( )9. This type of __________ is not as common as it used to be.(16Chap)LEVERAGE ( )10. The use of personal borrowing to change the overall amount of financial leverage to which an individual is exposed is called __________ leverage.(Cap.9)DIVIDEND GROWTH MODEL( ) 11. The stock valuation model that determines the current stock price by dividing the next annual dividend amount by the excess the __________ rate lessthe dividend growth rate is called the ___________ model.The words given:(1)securities, (2)effective, (3) issue, (4)Underwriter, (5) risk,(6)capital, (7)coupon, (8) cost, (9)underwriting, (10)interest (11)revenues,(12)homemade, (13)debtholder,(14)operating,(15)equityholder,(16)dividend growth, (17) discountIV. CALCULATIONSChap4PRESENT VALUE OF A PERPETUITY1. Your aunt, in her will, left you the sum of $5,000 a year forever withpayments starting immediately. However, the news is better. She has specified that the amount should grow at 5% per year to maintain purchasing power. Given an interest rate of 12%, what is the PV of the inheritance?SIMPLE & COMPOUND INTEREST2. If you have a choice to earn simple interest on $10,000 for three years at 8% orannually compound interest at 7.5% for three years whichone will pay more and byhow much?FUTURE VALUE – SINGLE SUM3. Bradley Snapp has deposited $7,000 in a guaranteed investment account with apromised rate of 6% compounded annually. He plans to leave it there for 4 fullyears when he will make a down payment on a car after graduation. How much ofa down payment will he be able to make?ORDINARY ANNUITY AND PRESENT VALUE4. Todd is able to pay $160 a month for five years for a car. If the interest rate is 4.9percent, how much can T odd afford to borrow to buy a car?ANNUITY DUE INTEREST RATE5. Your mother helped you start saving $25 a month beginning on your 10th birthday.She always made you make your deposit on the first day of each month just to“start the month out right”. Today, you turn 21 and have $4,482.66 in yo ur account.What is your rate of return on your savings?PERPETUITY PRESENT VALUE6. A 9% preferred stock pays an annual dividend of $4.50. What is one share of thisstock worth today?Cap. 8PRICE OF COUPON BOND7. Gugenheim, Inc. offers a 7 % coupon bond with annual payments. The yield tomaturity is 5.85 % and the maturity date is 9 years. What is the market price of a$1,000 face value bond?Cap.9STOCK VALUE – CONSTANT GROWTH8. Angelina’s made two announcements concerning their common stock today. First, the company announced that their next annual dividend has been set at $2.16 a share. Secondly, the company announced that all future dividends will increase by 4% annually. What is the maximum amount you should pay to purchase a share of Angelina’s stock if your goal is to earn a 10% rate of return?Cap. 9STOCK VALUE - CONSTANT GROWTH9. Majestic Homes stock traditionally provides an 8% rate of return. The companyjust paid a $2 a year dividend which is expected to increase by 5% per year. If you are planning on buying 1,000 shares of this stock next year, how much should you expect to pay per share if the market rate of return for this type of security is 9% at the time of your purchase?(Chap8) PRICE OF COUPON BOND10. Wine and Roses, Inc. offers a 7 % coupon bond with semiannual payments and ayield to maturity of 7.73 %. The bonds mature in 9 years. What is the market priceof a $1,000 face value bond?(Chap.13)12. Ashika Corporation has a target capital structure of 60 percent common stock and 40 percent debt. Its cost of equity is12 percent, and the cost of debt is 8 percent. The relevant taxis 35 percent.What is Ashika’s WACC ?(Chap13) 13.Caculating Cost of EquityThe Dybvig Corporation's common stock has a beta of 1.15. If the risk-free rate is 4.5 percent and the expected return on the market is 11 percent, what is Dybvig's cost of equity capital?(16ChaP)MM PROPOSITION II, NO TAX14. Your firm has a debt-equity ratio of .75. Your pre-tax cost of debt is 8.5% and your required return on assets is 15%. What is your cost of equity if you ignore taxes?(Chap16)MM PROPOSITION I, WITH TAX15. The Winter Wear Company has expected earnings before interest and taxes of $2,100, an unlevered cost of capital of 14% and a tax rate of 34%. The company also has $2,800 of debt that carries a 7% coupon. The debt is selling at par value. What is the value of this firm?Cap. 20. IPO Underpricing16. The W. Co. and the G. Co. have both announced IPOs at $60 pershare. One of these is undervalued by $10, and the other is overvalued by $6 , but you have no way of knowing which is which.You plan on buying 1,000shares of each issue. If an issue is underpriced , it will be rationed , and only half your order will be filled. If you could get 1,000 shares in woods and 1,000 sharesin Garcia, what would your profit be ? What profit do youactually expect? What principle have you illustrated?(Chap26) 17. Calculating Cash Collections The following is the sales budget forShleifer,Inc ,for the first quarter of 2010January February MarchSales budget $173 000 $184 000 $205 000Credit sales are collected as follows：65 percent in the month of the sale.20 percent in the month after the sale.15 percent in the second month after the sale.The accounts receivable balance at the end of the previous quarter was $79800（$57200 of which were uncollected December Sales）A，Computer the sales for November.B，Computer the sales for DecemberC，Computer the cash collection from sales for each month from January through March。
企业理财期末试题及答案
企业理财期末试题及答案一、选择题1. 企业理财的主要目标是：A. 实现最大利润B. 提高现金流C. 降低成本D. 扩大市场份额答案：A. 实现最大利润2. 下列哪种方式不属于长期融资形式？A. 发行债券B. 股权融资C. 资产出售D. 长期贷款答案：C. 资产出售3. 以下哪项不属于短期投资的特点？A. 高流动性B. 高风险C. 低回报率D. 短期持有答案：B. 高风险4. 现金管理的主要目标是：A. 降低库存成本B. 优化资金结构C. 最大程度地利用现金D. 提高资本回报率答案：C. 最大程度地利用现金5. 企业负债结构的优化指的是：A. 提高负债比例B. 确保短期债务偿还C. 提高长期负债比例D. 维持合理的负债结构答案：D. 维持合理的负债结构二、判断题判断以下说法的正误，并简要说明理由。
1. 企业理财只涉及财务部门，其他部门不需要参与。
答案：错误。
企业理财需要各部门的合作和参与，包括生产部门、销售部门等，只有整个企业的协同努力才能实现理财目标。
2. 长期融资相较于短期融资，利率更低。
答案：正确。
长期融资相对风险较低，借款期限长，借款方便，因此通常可以获得较低的利率。
3. 资产负债表是企业理财的重要工具之一，记录了企业在特定时点的资产、负债和所有者权益等情况。
答案：正确。
资产负债表是企业财务状况的快照，通过分析资产负债表可以了解企业的偿债能力、流动性、资本结构等重要指标，对企业理财决策起到重要的参考作用。
4. 现金流量表反映了企业特定时期内的现金流入与流出情况。
答案：正确。
现金流量表反映了企业在特定时期内的经营、投资和筹资活动所产生的现金流入与流出情况，对分析企业的现金流量状况至关重要。
5. 企业应该尽量减少库存，以降低库存成本。
答案：正确。
过高的库存会导致资金占用、仓储成本增加等问题，因此企业应该通过供应链管理、生产计划等方式尽量减少库存，以降低库存成本。
三、简答题请用简答的方式回答以下问题。
《公司理财》复习题
精心整理《公司理财》复习题（）一、单项选择题：15分二、多项选择题：10分三、填空题15分四、名词解说：15分五、简答题：15分六、计算题：30分第一章公司理财概括一、单项选择题公司理财产生于B世纪早期世纪末期世纪早期世纪末期2.在筹资理财阶段，公司理财的要点内容是 BA.有效运用资本B.怎样想法筹集到所需资本C.研究投资组合D.国际融资3.把怎样有效地运用资本作为公司理财要点内容的理财阶段是 BA.筹资理财阶段B.内部控制理财阶段C.投资理财阶段D.国际理财阶段4.过去被西方经济学家和公司家作为公司的经营目标和理财目标的是AA.利润最大化B.资本利润率最大化C.每股利润最大化D.股东财产最大化现代公司理财的目标是C赢利能力最大化B.偿债能力最大化C.股东财产最大化D.利润最大化对股份有限公司而言，能够代表股东财产的是A股票市价B.每股利润C.每股股利D.每股净财产资本运动的起点和终点都是AA.钱币资本B.固定资本C.商品资本D.生产资本8.因为生产经营不停地进行而惹起资本不停地循环称为CA.资本的分派B.资本的投入C.资本周转D.资本的耗资二、多项选择题公司理财产生到现在经历的阶段有ABCDA.筹资理财阶段B.内部控制理财阶段C.投资理财阶段D.国际理财阶段E.抽资转向理财阶段2.以利润最大化作为公司理财目标的缺点有ABCDEA.不可以正确反应所赢利润额同投入资本额的关系B.没有考虑利润发生的时间C.会致使公司理财决策者的短期行为D.没有考虑钱币的时间价值没有考虑到经营风险问题常有的财产最大化目标模式有ABCD股东财产最大化B.公司财产最大化C.公司总价值最大化一般股每股价钱最大化E.一般股每股净财产最大化公司的财务活动包含ABCDE资本的筹集B.资本的运用C.资本的耗资D.资本的回收E.资本的分派公司理财的内容主要有ABE筹资决策B.投资决策C.成本决策D.价钱决策E.股利分派决策精心整理精心整理三、填空题简单地讲，公司理财就是公司怎样（聚财、用财、生财）。
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。
公司理财期末考试复习题
公司理财期末考试复习题Company number【1089WT-1898YT-1W8CB-9UUT-92108】公司理财复习题一、说明1.考试题型：计算题2道题、简述题5道题、论述题3道题。
2.考试地点：教学楼610教室。
3.考试时间：2012年1月7日上午8：30－11：00。
4.考试形式：闭卷。
二、计算题：(本题20分)（一）、见《财务会计学》第277页表12-1资产负债表和第282页表12-5利润表。
注意：考试时，可能存在数据的变化。
1.资产负债率 = 负债总额/资产总额×100%代入数据：资产负债率 = 3090362 / 7833717 × 100% = %。
2.流动比率 = 流动资产 / 流动负债 = 2/1（较为合理数值）代入数据：流动比率 = 2538117 / 1849462 =3.速动比率 = （流动资产–存货） / 流动负债 = 1/1代入数据：速动比率 = （2538117-518710） / 1849462 =4.应收周转率 = 赊销收入净额 / 应收账款的平均余额说明：①赊销余额假设为50万,考试时可能会变换此数值。
②应收账款的平均余额 = （应收账款年初数+应收账款期末数）÷2代入数据：应收周转率= 50万/(392000+492940)÷2 = 50万/442470=5.存货周转率 = 销售成本 / 存货平均余额说明：①销售成本假设40万，考试时可能会变换次数值。
②存货平均余额=（存货年初数+存货期末数）÷2代入数据：存货周转率=40万/(348200+518710)÷2=40万/433455 =6.总资产收益率=（净利润+利息费用）/总资产平均余额×100%说明：①总资产平均余额 = （资产年初数+资产期末数）÷2②总资产指表格中的资产总计。
代入数据：总资产收益率=（143700+56500）/(8160100+7833717) ÷2= 200200 / = %7.所有者权益报酬率 = 净利润 / 所有者权益余额× 100%代入数据：所有者权益报酬率 = 143700 / 4743355 = %（二）、某企业共有长期资金15000万元，其中发行长期债券为3000万元，票面利率为6%，筹资费率3%，按面值发行；发行普通股12000万元，发行价格6元，筹资费率4%，第一年股利为每股元，预计每年增长率为5%。
公司理财期末复习题
CORPORRATE FINANCEEXAM PAPERI. True(T) or False(F). Please fill in the bracket with T or F.(Chap1) ( )1. Agency problem is Conflict of interest between principal and agent(4Chap) ( ) 2. Assuming positive cash flows and interest rates, As you increase the length of time involved , the future value decreases and the present value increases(26Chap) ( )3. Net working capital equals current assets less current liabilities.(4Chap) ( ) 4. With an annuity due the payments occur at the end of each period.(8Chap) . ( ) 5. Municipal bonds offer income tax advantages to individuals.(9Chap ) ( ) 6.The voting procedure where you must own 50% plus one of the outstanding shares of stock to guarantee that you will win a seat on the board of directors is called cumulative voting(15Chap) ( )7. Debt is an ownership interest in the firm(16Chap) ( ) 8. Under MM’s model with corporate taxes, the benefits of debt financing stem solely from the tax deductibility of interest payments.(15Chap) ( )9. The use of personal borrowing to change the overall amount of financial leverage to which an individual is exposed is called homemade leverage.(8 Chap) ( ) 10. A bond with a face value of $1,000 that sells for$1,000 in the market is called a premium bond.(9 C) ( ) 11. A form of equity which receives preferential treatment inthe payment of dividends is called common stock.（16Chap) ( ) 12. The tax savings of the firm derived from the deductibility of interest expense is called the. interest tax shield stem solely from the tax deductibility of interest payments.(20C)( ) 13. A rights offering is an issue of preferred stock to existing stockholders. (26C) ( )14. The cash cycle is the difference between the operating cycle and the accounts receivable periods(20C) ( ) 15. The underwriter makes money on the spread between the price paid to the issuer and the price received from investors when the stock is sold.(26C)( )16.A restrictive short-term finance policy would maintain a low ratio of current assets to sales.II. Simple Choice Questions4. ChapANNUITY1. An annuity stream of cash flow payments is a set of:a. level cash flows occurring each time period for a fixed lengthof time.b. level cash flows occurring each time period forever.c. increasing cash flows occurring each time period for a fixedlength of time.d. increasing cash flows occurring each time period forever.e. arbitrary cash flows occurring each time period for no more than10 years.ANNUAL PERCENTAGE RATE2. Which one of the following statements concerning the annual percentage rate iscorrect?a. The annual percentage rate considers interest on interest.b. The rate of interest you actually pay on a loan is called the annual percentage rate.c. The effective annual rate is lower than the annual percentage rate when an interest rate i s compounded quarterly.d. The interest rate expressed as if it were compounded twice per year is called theannual percentage ratee. The annual percentage rate equals the effective annual rate when the rate on anaccount is designated as simple interest.(chap.4) DISCOUNT BONDS3. A bond with a face value of $1,000 that sells for less than $1,000 in the market iscalled a _____ bond.a. parb. discountc. premiumd. zero coupone. floating rateDifficulty level: EasyCap. 4CASH FLOWS4. Discounting cash flows involvesa. discounting only those cash flows that occur at least 10 years in the future.b. estimating only the cash flows that occur in the first 4 years of a project.c. multiplying expected future cash flows by the cost of capital.d. discounting all expected future cash flows to reflect the time value of money.e. taking the cash discount offered on trade merchandise.Cap. 8 COUPON RATE5. The annual coupon of a bond divided by its face value is called the bond’s:a. coupon.b. face value.c. maturity.d. yield to maturity.e. coupon rate.ZERO COUPON BONDS6. A bond that makes no coupon payments and is initially priced at a deep discount iscalled a _____ bond.a. Treasuryb. municipalc. floating-rated. junke. zero couponDISCOUNT BONDS7. A bond with a face value of $1,000 that sells for less than $1,000 in the market iscalled a _____ bond.a. parb. discountc. premiumd. zero coupone. floating rateMUNICIPAL BONDS8. Municipal bonds:a. offer income tax advantages to individuals.b. generally pay a higher rate of return than corporate bonds.c. are those bonds issued only by local municipalities, such as a city or a borough.d. are rarely callable.e. pay interest that is always exempt from both federal and state income taxes.Cap.8FACE VALUE.9 Face value isa. always higher than current price.b. always lower than current price.c. the same as the current price.d. the coupon amount.e. None of the above.Chap 9 STRAIGHT VOTING10. The voting procedure where you must own 50% plus one of theoutstanding shares of stock to guarantee that you will win a seaton the board of directors is called _____ voting.a. democraticb. cumulativec. straightd. deferrede. ProxyCap.9DIVIDEND GROWTH MODEL11. The stock valuation model that determines the current stock price by dividing thenext annual dividend amount by the excess the discount rate less the dividendgrowth rate is called the _____ model.a. zero growthb. dividend growthc. capital pricingd. earnings capitalizatione. discounted dividend(Chap13) 12. Operating leverage increases as _______ costs rise and variable costs fall.a. Financialb. Taxc. Interestd. Fixede. IncomeMM PROPOSITION I, NO TAX(Chap16) 13. The proposition that the value of a levered firm is equal to the value of an unlevered firm is known as:a. MM Proposition I with no tax.b. MM Proposition II with no tax.c. MM Proposition I with tax.d. MM Proposition II with tax.e. static theory proposition.(20 Chap) 14. Which one is not the cost of New Issuesa. Spread or underwriting discountb Indirect expensesc. Abnormal returnsd. Underpricinge. dividendsf. Green Shoe Option(16 Chap) CAPITAL STRUCTURE DEFINITION15. The firm's capital structure refers to:a. the way a firm invests its assets.b. the amount of capital in the firm.c. the amount of dividends a firm pays.d. the mix of debt and equity used to finance the firm's assets.e. how much cash the firm holds.(8 Chap) MUNICIPAL BONDS16. Municipal bonds:a. offer income tax advantages to individuals.b. generally pay a higher rate of return than corporate bonds.c. are those bonds issued only by local municipalities, such as a city or a borough.d. are rarely callable.e. pay interest that is always exempt from both federal and state income taxes.(Chap9) DIVIDEND GROWTH MODEL18. The dividend growth model:I. assumes that dividends increase at a constant rate forever.II. can be used to compute a stock price at any point of time.III. states that the market price of a stock is only affected by the amount of the dividend.IV. considers capital gains but ignores the dividend yield.a. I onlyb. II onlyc. III and IV onlyd. I and II onlye. I, II, and III only(C9) DIVIDENDS19. Payments made by a corporation to its shareholders, in the form of either cash,stock or payments in kind, are called:a. retained earnings.b. net income.c. dividends.d. redistributions.e. infused equity.Chap.1320. The most important factors, cyclicality of revenues, operating leverage, and financial leverage, are determined ______ of a firm (stock).a. Discount bondsb. Interest ratec. Dividend Discount Modeld. Betae. Perpetuity(Chap. 15) 21. Concerning the main difference between debt and equity, which statement is false.Debt EquityYes NoA. Repayment is an obligation ofthe firmB. Grants ownership of the firm No YesC. Provides a tax shield No YesYes NoD. Liquidation will result if notpaid(Chap.20-1p.646) 22. Debt offerings are much more common than equity offerings and typically much larger as well. Which statement are not correct reasonA. A company‘s internally generated cash flow provides a source of equity financing.B. For a profitable company, outside equity may never be needed.C. Large companies have the greatest access to public debt marketsD. Small companies tend to borrow more from public lendersE. To maintain a debt-equity ratio, a company must issue new bonds when the current bondsmature.(Chap. 26) 23. Which statement is not the characteristics of a firm with a long operating cycle:A. Firm tend to keep inventory on hand,B. With relatively long receivables periods. Thus, such andC. they allow customers to purchase on credit andD. Customers take a relatively short time to pay.E. With relatively long inventory periods(Chap.16) MM PROPOSITION I24. 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(Chap16) UNLEVERED COST OF CAPITAL5. The unlevered cost of capital is:a. the cost of capital for a firm with no equity in its capital structure.b. the cost of capital for a firm with no debt in its capital structure.c. the interest tax shield times pretax net income.d. the cost of preferred stock for a firm with equal parts debt and common stock in its capital structure.e. equal to the profit margin for a firm with some debt in its capital structure.III. Fill in the blanks with the words given (2*10 marks)( Chap 4 )( )1.The interest rate expressed as if it were compounded once per year is called the _________ annual rate.(Cap. 8) ( )2. The annual coupon of a bond divided by its face value is called the bond’s _______ rate.(20Chap) ( )3. ____________must make their “best effort” to sell the __________ at an agreed-upon offering price.(13Chap)( ) 4. Beta is determined by the ______________ leverage, financial leverage and cyclicality of a firm's ______________.( )5. The company bears the ________ of the _______ not being sold.( )6. The offer may be pulled if there is not enough _______ at the offer price.(15Chap) ( ) 7. During the bankruptcy the ________ are paid after ____________. As a result of this, the risks and benefits associated with owning debt and equity are different.( )8. The company does not get the _______, and they have still incurred substantial flotation __________.( )9. This type of __________ is not as common as it used to be.(16Chap)LEVERAGE ( )10. The use of personal borrowing to change the overall amount of financial leverage to which an individual is exposed is called __________ leverage.(Cap.9)DIVIDEND GROWTH MODEL( ) 11. The stock valuation model that determines the current stock price by dividing the next annual dividend amount by the excess the __________ rate lessthe dividend growth rate is called the ___________ model.The words given:(1)securities, (2)effective, (3) issue, (4)Underwriter, (5) risk,(6)capital, (7)coupon, (8) cost, (9)underwriting, (10)interest(11)revenues,(12)homemade, (13)debtholder,(14)operating,(15)equityholder,(16)dividend growth, (17) discountIV. CALCULATIONSChap4PRESENT VALUE OF A PERPETUITY1. Your aunt, in her will, left you the sum of $5,000 a year forever withpayments starting immediately. However, the news is better. She has specified that the amount should grow at 5% per year to maintain purchasing power. Given an interest rate of 12%, what is the PV of the inheritance?SIMPLE & COMPOUND INTEREST2. If you have a choice to earn simple interest on $10,000 for three years at 8% orannually compound interest at 7.5% for three years which one will pay more and byhow much?FUTURE VALUE – SINGLE SUM3. Bradley Snapp has deposited $7,000 in a guaranteed investment account with apromised rate of 6% compounded annually. He plans to leave it there for 4 fullyears when he will make a down payment on a car after graduation. How much ofa down payment will he be able to make?ORDINARY ANNUITY AND PRESENT VALUE4. Todd is able to pay $160 a month for five years for a car. If the interest rate is 4.9percent, how much can Todd afford to borrow to buy a car?ANNUITY DUE INTEREST RATE5. Your mother helped you start saving $25 a month beginning on your 10th birthday.She always made you make your deposit on the first day of each month just to“start the month out right”. Today, you turn 21 and have $4,482.66 in yo ur account.What is your rate of return on your savings?PERPETUITY PRESENT VALUE6. A 9% preferred stock pays an annual dividend of $4.50. What is one share of thisstock worth today?Cap. 8PRICE OF COUPON BOND7. Gugenheim, Inc. offers a 7 % coupon bond with annual payments. The yield tomaturity is 5.85 % and the maturity date is 9 years. What is the market price of a$1,000 face value bond?Cap.9STOCK VALUE – CONSTANT GROWTH8. Angelina’s made two announcements concerning their common stock today. First, the company announced that their next annual dividend has been set at $2.16 a share. Secondly, the company announced that all future dividends will increase by 4% annually. What is the maximum amount you should pay to purchase a share of Angelina’s stock if your goal is to earn a 10% rate of return?Cap. 9STOCK VALUE - CONSTANT GROWTH9. Majestic Homes stock traditionally provides an 8% rate of return. The companyjust paid a $2 a year dividend which is expected to increase by 5% per year. If you are planning on buying 1,000 shares of this stock next year, how much should you expect to pay per share if the market rate of return for this type of security is 9%at the time of your purchase?(Chap8) PRICE OF COUPON BOND10. Wine and Roses, Inc. offers a 7 % coupon bond with semiannual payments and ayield to maturity of 7.73 %. The bonds mature in 9 years. What is the market priceof a $1,000 face value bond?(Chap.13)12. Ashika Corporation has a target capital structure of 60 percent common stock and 40 percent debt. Its cost of equity is12 percent, and the cost of debt is 8 percent. The relevant taxis 35 percent.What is Ashika’s WACC ?(Chap13) 13.Caculating Cost of EquityThe Dybvig Corporation's common stock has a beta of 1.15. If the risk-free rate is 4.5 percent and the expected return on the market is 11 percent, what is Dybvig's cost of equity capital?(16ChaP)MM PROPOSITION II, NO TAX14. Your firm has a debt-equity ratio of .75. Your pre-tax cost of debt is 8.5% and your required return on assets is 15%. What is your cost of equity if you ignore taxes?(Chap16)MM PROPOSITION I, WITH TAX15. The Winter Wear Company has expected earnings before interest and taxes of $2,100, an unlevered cost of capital of 14% and a tax rate of 34%. The company also has $2,800 of debt that carries a 7% coupon. The debt is selling at par value. What is the value of this firm?Cap. 20. IPO Underpricing16. The W. Co. and the G. Co. have both announced IPOs at $60 pershare. One of these is undervalued by $10, and the other isovervalued by $6 , but you have no way of knowing which is which.You plan on buying 1,000shares of each issue. If an issue isunderpriced , it will be rationed , and only half your order willbe filled. If you could get 1,000 shares in woods and 1,000 sharesin Garcia, what would your profit be ? What profit do youactually expect? What principle have you illustrated?(Chap26) 17. Calculating Cash Collections The following is the sales budget forShleifer,Inc ,for the first quarter of 2010Credit sales are collected as follows：65 percent in the month of the sale.20 percent in the month after the sale.15 percent in the second month after the sale.The accounts receivable balance at the end of the previous quarter was $79800（$57200 of which were uncollected December Sales）A，Computer the sales for November.B，Computer the sales for DecemberC，Computer the cash collection from sales for each month from January through March。
公司理财期末考试复习
公司理财期末考试复习金融10-1 乐云201005001608第1章公司理财导论1、公司治理（笔记）1）并购交易2）职业经理人市场3）投资者法律保护4）政治与金融；政治的质量5）文化与金融6）金融分析师7）发达的中介机构8）新闻媒体第4章折现现金流量估价1、复利:FV=（1+）2、永续年金：PV= 永续增长年金：PV=年金：PV=［1-］FV= [(1+r）-1］增长年金:PV=［1—（)]第5章净现值和投资评价的其他方法1）净现值法则:接受净现值大于0的项目,拒绝净现值为负的项目2）回收期法(适用于小型企业）优点：决策过程简单缺点:回收期决策标准确定的主观臆断、无视回收期后的现金流量、忽略了货币时间价值。
3）内部收益法(适用条件:未来现金流是正值）例：NPV=—100+ (NPV取0时,R=？）若内部收益率大于折现率，项目可以接受;若内部收益率小于折现率，项目不可以接受。
缺点：内部收养法忽略了“规模问题"4）盈利指数法盈利指数(PI)=初始投资所带来的的后续现金流量的现值/初始投资若PI〉1，则可行。
5)平均会计回收法AAR=平均净收益/平均投资的账目价值优点：会计信息通常是可得到的容易测算缺点:忽略了时间价值，依赖账面价值。
第6章投资决策（老师没有讲）1、实际利率=1+名义利率/1+通货膨胀—1第7章风险分析、实物期权和资本预算1、敏感性分析1）计算NPV,需知条件：期初成本、未来现金流、贴现率2）敏感分析法提供了在不同假设下的NPV，从而有利于经理更好地察觉项目的风险。
3）敏感分析法只在同一时间修正一个变量，而在现实中，许多变量很有可能是联合变动的。
2、场景分析法1）在不同场景下项目的表现。
2)操作性不强3、盈亏平衡法1）计算出项目盈亏平衡时所应实现的销售量2）帮助经理了解项目在亏损前做出错误的预测的危害性3）适用于工业4、实物期权1)拓展期权2)放弃期权3)择机期权5、决策树是对项目中的隐含期权和实物期权进行评估的方法。
《公司理财》期末复习大纲以及模拟题CDOC《公司财务管
《公司理财》期末复习大纲以及模拟题CDOC 《公司财务管2005—2006学年第一学期«公司理财»期末考试题型与复习题要求把握的要紧内容一、把握课件每讲后面的重要概念 二、会做课件后的习题三、把握各公式是如何运用的，记住公式会运算，专门是经营杠杆和财务杠杆要求对运算出的结果给予正确的说明。
四、把握风险的概念，会运算期望值、标准差和变异系数，把握使用这三者对风险判定的标准。
五、了解财务报表分析的重要性，把握常用的比率分析法，会运算各种财务比率。
六、会编制现金流量表，并会用资本预算的决策标准判定项目是否可行。
七、最正确资本预确实是融资与投资的结合，要求把握运算边际资本成本表，依照内含酬劳率排序，决定哪些项目可行。
八、从资本结构开始后要紧把握差不多概念〔第八、九、十讲〕，没有运算题，考差不多概念，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，要紧是让同学们了解大致题的范畴，期望同学们依旧要脚踏实地复习，依照复习要求全面复习。
最后考试题型或许有变化，但关于运算题，要回答选择题，仍旧需要一步一步运算才能选择正确。
2、在正式考试时，仍旧需要认真审题，看似相似的题也可能有不同，认真审题专门重要，依照题目要求做才能保证考试顺利。
预祝同学们考试顺利！一、模拟试题，每题2分，正式考试时只有50题，均采纳这种题型一、单项选择题 〔每题2分〕 1. 零息债券按折价出售。
A. 正确B. 不对2. 股东的收益率是股利收益率和资本收益率的和。
A. 正确B. 不对3. 11．财务经理的行为是围绕公司目标进行的，同时代表着股东的利益。
因此，财务经理在投资、筹资及利润分配中应尽可能地围绕着以下目标进行。
Ａ．利润最大化 Ｂ．效益最大化 Ｃ．股票价格最大化 Ｄ．以上都行 4. 12．在企业经营中，道德问题是专门重要的，这是因为不道德的行为会导致Ａ．中断或终止以后的机会 Ｂ．使公众失去信心 Ｃ．使企业利润下降 Ｄ．以上全对5. 14. 每期末支付￥1，每期利率为r ，其年金现值为：A.nr )1(+ B.n r )1(1+ C.rr n 1)1(-+ D.nn r r r )1(1)1(+-+ 6. 据最新统计资料说明，我国居民手中的金融资产越来越多，这说明了居民手中持有的金融资产是Ａ．现金 Ｂ．股票 Ｃ．债券 Ｄ．以上都对 7. 公司里的代理问题是由代理关系产生的，代理成本在一定程度上Ａ．减少了代理问题 Ｂ．增大了代理问题Ｃ．对代理问题的解决没有用Ｄ．以上全不对8.在企业经营中，道德问题是专门重要的，这是因为不道德的行为会导致Ａ．中断或终止以后的机会Ｂ．使公众失去信心Ｃ．使企业利润下降Ｄ．以上全对9.β系数是度量A. 系统性风险B. 可分散风险C. 企业特定风险D. 以上均不对10.股票收益来自于A利率和到期收益率 B 息票率和资本收益率C股利收益率和到期收益率 D股利收益率和资本收益率11.一旦预算差不多通过，在预算期间经理Ａ．就不应该改变预算报告Ｂ．依照实际情形改变预算报告Ｃ．以上全对Ｄ．以上全不对12.公司总裁在考虑同意和拒绝投资项目时，Ａ．不应该考虑项目的规模Ｂ．应该考虑项目的规模Ｃ．考虑ＮＰＶ是否大于０Ｄ．考虑 B 和 C13.在净现金流量分析时，以下哪个因素不应该考虑Ａ．沉没成本Ｂ．相关因素Ｃ．机会成本Ｄ．营运资本的回收14.假设Ａ项目的ＮＰＶ是２,０００元，同时它的ＩＲＲ是15％。
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1 / 12 公司理财复习题 一、说明 1.考试题型：计算题2道题、简述题5道题、论述题3道题。 2.考试地点：教学楼610教室。 3.考试时间：20XX年1月7日上午8：30－11：00。 4.考试形式：闭卷。
二、计算题：(本题20分) （一）、见《财务会计学》第277页表12-1资产负债表和第282页表12-5利润表。 注意：考试时，可能存在数据的变化。 1.资产负债率 = 负债总额/资产总额×100% 代入数据： 资产负债率 = 3090362 / 7833717 × 100% = 39.45%。
2.流动比率 = 流动资产 / 流动负债 = 2/1（较为合理数值） 代入数据： 流动比率 = 2538117 / 1849462 = 1.37
3.速动比率 = （流动资产 – 存货） / 流动负债 = 1/1 代入数据： 速动比率 = （2538117-518710） / 1849462 = 1.09
4.应收周转率 = 赊销收入净额 / 应收账款的平均余额 说明： ①赊销余额假设为50万,考试时可能会变换此数值。 ②应收账款的平均余额 = （应收账款年初数+应收账款期末数）÷2 代入数据： 2 / 12
应收周转率= 50万/(392000+492940)÷2 = 50万/442470=1.13 5.存货周转率 = 销售成本 / 存货平均余额 说明： ①销售成本假设40万，考试时可能会变换次数值。 ②存货平均余额=（存货年初数+存货期末数）÷2 代入数据： 存货周转率=40万/(348200+518710)÷2=40万/433455 = 0.92
6.总资产收益率=（净利润+利息费用）/总资产平均余额×100% 说明： ①总资产平均余额 = （资产年初数+资产期末数）÷2 ②总资产指表格中的资产总计。 代入数据： 总资产收益率=（143700+56500）/(8160100+7833717) ÷2 = 200200 / 7996908.50 = 2.50%
7.所有者权益报酬率 = 净利润 / 所有者权益余额 × 100% 代入数据： 所有者权益报酬率 = 143700 / 4743355 = 3.03% （二）、某企业共有长期资金15000万元，其中发行长期债券为3000万元，票面利率为6%，筹资费率3%，按面值发行；发行普通股12000万元，发行价格6元，筹资费率4%，第一年股利为每股0.42元，预计每年增长率为5%。企业所得税为30%。根据以上资料，计算该企业长期资金的个别资本成本和加权平均资本成本（即综合资金成本）？并说明该企业降低资本成本的可能性和途径？ 注意：考试时，可能存在数据的变化，复习时，可参考《财务管理学》第186页至198页例题。 解： 1.债券资本成本率=年使用成本（利息、红利）/（筹资额-筹资费用） 3 / 12
代入数值： 债券资本成本率=3000万×6%（1-30%）/3000万×（1-3%） = 126万/2910万×100% = 4.33%
2.普通股资本成本率=股利/（发行价格-发行费用）+固定增长率 代入数值： 普通股资本成本率=0.42/6×（1-4%）+5% =0.42/5.76+5% =12.29%
3.综合资本成本率=个别资本成本率×个别长期资本的比例+个别资本成本率×个别长期资本的比例 + ……… 代入数值： 债券资本的比例=3000万/15000万=0.2 普通股资本的比例=12000万/15000万=0.8 债券资本成本率=4.33% 普通股资本成本率=12.29% 综合资本成本率=4.33%×0.2+12.29%×0.8 =10.70%
三、简述题：（只列答题提纲，每题8分） （一）、会计核算的基本前提？课本《财务会计学》第8页-10页。 答：会记核算应包含以下基本前提： 1、会计主体。 会计主体是指会记为之服务的特定单位。要展开会计工作，首先应明确会记主体。 2、持续经营。 持续经营是指作为会计主体的企业，其经营活动将按照既定的目标持续下去，在可以预见的将来，不会面临破产、进行清算。 3、会记期间。 4 / 12
会记期间通常为一年，称为会记年度。 4、货币计量。 会记提供信息要以货币为主要计量尺度。 5、权责发生制。 权责发生制也称为应计制，它要求对会计主体在一定期间内发生的各项业务，凡符合收入确认标准的本期收入，不论其款项是否收到均应作为本期收入处理。
（二）、企业会计准则对会计信息的质量提出哪些要求？课本《财务会计学》第18页-21页。 答：一般认为，会计信息的质量要求主要包括以下内容： 1、客观性。 2、相关性。 3、明晰性。 4、可比性。 5、实质重于形式。 6、重要性。 7、谨慎性。 8、及时性。
（三）、权责发生制的内涵与意义？课本《财务会计学》第10页。 答： 内涵：权责发生制也称为应计制，它要求对会计主体在一定期间内发生的各项业务，凡符合收入确认标准的本期收入，不论其款项是否收到均应作为本期收入处理；凡符合费用确认标准的款项。不论其款项是否付出，均应作为本期费用处理。 意义：权责发生制能够较真实地反映企业的财务状况和经营成果。
（四）、实质重于形式原则的内涵和意义？课本《财务会计学》第20页。
答：
内涵：实质重于形式是指企业应当按照交易或事项的经济实质进行会计确认、计量和报告，而不应仅以交易或事项的法律形式为依据。 意义：有时候交易或事项的法律形式并不能真实反映其实质内容，因此，为了真实反映企业的财务状况和经营成果，就不能仅仅根据交易或事项的外在表现形式来进行会计确认、计量和报告。而应反映其经济实质。 5 / 12
（五）、谨慎原则的内涵和意义？课本《财务会计学》第20页。 答： 内涵：谨慎性也称为稳健性，是指企业对交易或事项进行会计确认、计量和报告应当保持应有的谨慎，不应高估资产或者收益，低估负债或者费用。 意义：在对某一会计事项有多种不同的处理方法可供选择时，应尽可能选择一种不导致高估资产或收入的做法，以免损害企业的财务实力。防止企业信息使用者对企业的财务状况和经营成果持盲目乐观的态度。
四、论述题：注意：第1、6、9题考试的面大些，可重点复习。 1.财务管理目标的选择和意义？《财务管理学》第9页至11页。
答：财务管理目标是企业理财活动所希望实现的结果，是评价企业财务活动是否合理的基本标准。为完善财务管理，我们必须结合企业自身的财务管理环境和企业公司治理结构，进行财务管理目标的选择。 （一）、以利润最大化为目标 利润最大化是西方微观经济学的理论基础。西方经济学家以往都是以利润最大化这一标准来分析和评价企业的行为和业绩。因为，从会记角度来看，利润是股东价值的来源，也是企业财富增长的来源。 目前，我国在大多情况下评判企业的业绩还是以利润为基础。但在长期的实践中，利润最大化暴露了许多缺点： 1、利润最大化没有考虑利润实现的时间，没有考虑项目收益的时间价值。 2、利润最大化没能有效地考虑风险问题。 3、利润最大化没有考虑利润和投入资本的关系。 4、利润最大化是基于历史的角度，反映的是企业过去某一期间的盈利水平，不能反映企业未来的盈利能力。 5、利润最大化往往会使企业财务决策带有短期行为的倾向。 6、利润是企业经营成果的会记度量，而对同一经济问题的会记处理方法的多样性和灵活性可以使利润并不反映企业的真实情况。 综上可见，利润最大化目标只是对经济效益浅层次的认识，存在一定的片面性。所以，现代财务管理理论认为，利润最大化并不是财务管理的最有目标。 6 / 12
（二）、以股东财富最大化为目标 股东财富最大化是指通过财务上的合理运营，为股东创造最多的财富。 1、在股份公司中，股东财富由其所拥有的股票数量和股票市场价格两个方面来确定。因此，在一定的股票数量时，股价最高时，股东财务也达到最大。 2、股东财富的表现形式是在未来获得更多的净现金流量， 股票价格也是股东未来所获现金股利和出售股票所获销售收入的现值。因此，与利润最大化相比，股东财富最大化目标具有较大优点： 1）股东财富最大化目标考虑了现金流量的时间价值和风险因素。 2）股东财富最大化在一定程度上能够克服企业在追求利润上的短期行为。 3）股东财务最大化反映了资本和收益的关系。 4）股东财富最大化目标也是判断企业财务决策是否正确的标准。 3、将股东财富最大化进行一定的约束之后，股东财富最大化可以成为财务管理的最佳目标。约束条件是： 1）利益相关者的利益受到 了完全的保护以免受股东的盘剥。 2）没有社会成本。 （三）、财务管理目标选择的意义 1、明确财务管理的目标，是搞好财务工作的首要前提。 2、财务管理目标直接反映理财环境的变化，是财务管理理论体系中的基本要素和行为导向，是财务管理实践中进行财务决策的出发点和归宿。 3、财务管理目标制约财务运行的基本特征和发展方向，是财务运行的一种驱动力。不同的财务管理目标会产生不同的财务管理运行机制，科学设置财务管理目标，对优化理财行为，实现财务管理的良性循环，具有重大意义。（本题完）
2.货币时间价值的本质和意义？《财务管理学》第25页至28页。
答： （一）、货币时间价值的本质 1、关于时间价值的概念和成因，国外传统的定义是：即使在没有任何风险和没有通胀的条件下，今天的1元钱的价值也大于1年以后1元钱的价值。股东投资1元钱，就是失去了当时使用或消费这1元钱的机会或权利，按时间计算的