公司理财第九版中文答案
中央财经大学公司理财中文版第九版第二章答案
第2章会计报表与现金流1.是非题：所有的资产在付出某种代价的情况下都具有流动性。
请解释。
答：正确。
所有资产都可以以某种价格转换为现金。
然而，当我们提到流动性资产的时候，一个附加的假设变得很重要，这个假设是资产可以以市场价值或接近市场价值的价格转换成现金。
2.为什么标准的利润表上列示的收入和成本不代表当期实际的现金流入和现金流出？答：财务会计里面的确认原则和匹配原则要求将收入和产生收入相关的费用在收入过程实际完成的时候就记录下来，而不必等到收到现金或支付账单的时候。
我们要注意到这种方式并不必然是正确的，主要取决于会计师的选择。
3.在会计现金流量表上，最后一栏表示什么？这个数字对于分析一家公司有何用处？答：最后一栏的数据显示了资产负债表上现金余额的变化。
既然如此，它对于分析一个公司来说并不是一个有用的数据。
4.财务现金流量表与会计现金流量表有何不同？哪个对于公司分析者更有用？答：主要的不同在于对利息费用的处理，会计现金流量表将利息视为经营现金流，而财务现金流量将其视为融资现金流。
会计现金流量的逻辑是，既然利息列支在利润表上，而利润表显示的是一定时期企业的经营状况，因此利息也就是经营性的现金流。
而事实上，利息是一种融资费用，是公司选择债务融资还是股权融资的结果，我们将在以后的章节中有更为详细的讲解。
相比两种现金流量表，财务现金流量表以其正确对待利息费用而成为分析公司业绩的更恰当的方法。
5.按照会计规定，一家公司的负债有可能超过资产，所有者权益为负，这种情况在市场价值上有没有可能发生？为什么？答：市场的价值不可能为负。
假设有一股股票，价格为负的20美元，这意味着如果你买入100股，你不仅得到了股票，而且还得到了一1200美元的现金支票，那么你会想买入多少股呢？更一般的情形是，根据公司破产和个人破产法，个人或公司的净资产不能为负，这意味着从市场价值的角度看，负债不可能超过资产。
6.为什么说在一个特定的期间资产的现金流量为负不一定不好？答：例如，对于一个正在迅速扩的成功企业来说，它的资本性支出将会很大，这可能会导致出现负的现金流。
(公司理财)公司理财中文版第九版第三章答案
第三章财务报表分析与长期财务规划1.由于不同行业的公司在财务比率上存在很大的差异，财务比率本身提供的信息有限，分析公司的财务比率有两种基本方法：时间趋势分析法和同类公司分析。
为什么这些方法会有用呢？每种方法能够告诉你哪些关于公司财务健康状况的信息？答：时间趋势分析描绘了公司财务状况随时间而变化的图景。
通过公司本身的跨期比较分析，财务经理可以评价公司的经营、融资或投资活动的某些方面是否已经发生了变化。
同类公司比较分析涉及到将某一特定公司的财务比率和经营绩效与同一行业或业务相同的其他公司进行比较。
通过同类公司比较分析，财务经理可以评价公司的经营、融资或投资活动的某些方面是否越出常规，从而为调整这些比率采取恰当的行动提供指南，如果这种调整合适的话。
两种方法都从财务的视角研究一个公司究竟有什么不同，但两种方法都不能告诉我们这种不同是积极正面的还是消极负面的。
例如，假设一个公司的流动比率是随时间而提高，这可能意味着该公司在过去一直面临流动性问题，一直在纠正这些问题；或者它也可能意味着该公司已经在管理流动资产和负债方面变得更低效。
同类公司比较分析中也存在类似的争论。
一个公司的流动比率低于同类公司，也许是它在管理流动资产和负债方面更具效率，也可能是它面临流动性问题。
没有哪种方法告诉我们某个比率是好还是坏。
两种方法只是表明有些东西存在差异，并告诉我们去哪里寻找。
2.所谓的“同店销售”是像沃尔玛和希尔斯之类的十分分散的公司的一项重要指标，顾名思义，分析同店销售就是比较同样的店铺或餐馆在两个不同的时间点上的销售额。
为什么公司总是关注同店销售而不是总销售？答：如果一家公司通过开设新店来不断增长，那么可以推测其总收入将上升。
比较两个不同时点的总销售额可能会误导。
同店销售方法只看在特定时期开设的店铺的销售额控制了这一误差。
3.为什么多数长期财务计划都从销售预测开始？或者说，为什么未来销售额是关键？答：理由是，最终，消费是商业背后的驱动力。
公司理财 课后答案 第九版
CHAPTER 8INTEREST RATES AND BOND VALUATION1.The price of a pure discount (zero coupon) bond is the present value of the par. Remember, even though there are no coupon payments, the periods are semiannual to stay consistent with coupon bond payments. So, the price of the bond for each YTM is:a. P = $1,000/(1 + .05/2)20 = $610.27b. P = $1,000/(1 + .10/2)20 = $376.89c. P = $1,000/(1 + .15/2)20 = $235.412.The price of any bond is the PV of the interest payment, plus the PV of the par value. Notice this problem assumes a semiannual coupon. The price of the bond at each YTM will be:a.P = $35({1 – [1/(1 + .035)]50 } / .035) + $1,000[1 / (1 + .035)50]P = $1,000.00When the YTM and the coupon rate are equal, the bond will sell at par.b.P = $35({1 – [1/(1 + .045)]50 } / .045) + $1,000[1 / (1 + .045)50]P = $802.38When the YTM is greater than the coupon rate, the bond will sell at a discount.c.P = $35({1 – [1/(1 + .025)]50 } / .025) + $1,000[1 / (1 + .025)50]P = $1,283.62When the YTM is less than the coupon rate, the bond will sell at a premium.We would like to introduce shorthand notation here. Rather than write (or type, as the case may be) the entire equation for the PV of a lump sum, or the PVA equation, it is common to abbreviate the equations as:PVIF R,t = 1 / (1 + r)twhich stands for Present Value Interest FactorPVIFA R,t= ({1 – [1/(1 + r)]t } / r )which stands for Present Value Interest Factor of an AnnuityThese abbreviations are short hand notation for the equations in which the interest rate and the number of periods are substituted into the equation and solved. We will use this shorthand notation in the remainder of the solutions key.3.Here we are finding the YTM of a semiannual coupon bond. The bond price equation is:P = $1,050 = $39(PVIFA R%,20) + $1,000(PVIF R%,20)Since we cannot solve the equation directly for R, using a spreadsheet, a financialcalculator, or trial and error, we find:R = 3.547%Since the coupon payments are semiannual, this is the semiannual interest rate. TheYTM is the APR of the bond, so:YTM = 2 3.547% = 7.09%4.Here we need to find the coupon rate of the bond. All we need to do is to set up the bondpricing equation and solve for the coupon payment as follows:P = $1,175 = C(PVIFA3.8%,27) + $1,000(PVIF3.8%,27)Solving for the coupon payment, we get:C = $48.48Since this is the semiannual payment, the annual coupon payment is:2 × $48.48 = $96.96And the coupon rate is the annual coupon payment divided by par value, so:Coupon rate = $96.96 / $1,000 = .09696 or 9.70%5.The price of any bond is the PV of the interest payment, plus the PV of the par value.The fact that the bond is denominated in euros is irrelevant. Notice this problem assumes an annual coupon. The price of the bond will be:P = €84({1 – [1/(1 + .076)]15 } / .076) + €1,000[1 / (1 + .076)15]P = €1,070.186.Here we are finding the YTM of an annual coupon bond. The fact that the bond is denominated in yen is irrelevant. The bond price equation is:P = ¥87,000 = ¥5,400(PVIFA R%,21) + ¥100,000(PVIF R%,21)Since we cannot solve the equation directly for R, using a spreadsheet, a financial calculator, or trial and error, we find:R = 6.56%Since the coupon payments are annual, this is the yield to maturity.7.The approximate relationship between nominal interest rates (R), real interest rates (r),and inflation (h) is:R = r + hApproximate r = .05 –.039 =.011 or 1.10%The Fisher equation, which shows the exact relationship between nominal interest rates, real interest rates, and inflation is:(1 + R) = (1 + r)(1 + h)(1 + .05) = (1 + r)(1 + .039)Exact r = [(1 + .05) / (1 + .039)] – 1 = .0106 or 1.06%8.The Fisher equation, which shows the exact relationship between nominal interest rates,real interest rates, and inflation, is:(1 + R) = (1 + r)(1 + h)R = (1 + .025)(1 + .047) – 1 = .0732 or 7.32%9. The Fisher equation, which shows the exact relationship between nominal interest rates,real interest rates, and inflation, is:(1 + R) = (1 + r)(1 + h)h = [(1 + .17) / (1 + .11)] – 1 = .0541 or 5.41%10.The Fisher equation, which shows the exact relationship between nominal interest rates,real interest rates, and inflation, is:(1 + R) = (1 + r)(1 + h)r = [(1 + .141) / (1.068)] – 1 = .0684 or 6.84%11.The coupon rate, located in the first column of the quote is 6.125%. The bid price is:Bid price = 119:19 = 119 19/32 = 119.59375% $1,000 = $1,195.9375The previous day’s ask price is found by:Previous day’s asked price = Today’s asked price – Change = 119 21/32 – (–17/32) = 120 6/32The previous day’s price in dollars was:Previous day’s dollar price = 120.1875% $1,000 = $1,201.87512.This is a premium bond because it sells for more than 100% of face value. The current yield is:Current yield = Annual coupon payment / Asked price = $75/$1,347.1875 = .0557 or 5.57%The YTM is located under the “Asked yield” column, so the YTM is 4.4817%.The bid-ask spread is the difference between the bid price and the ask price, so:Bid-Ask spread = 134:23 – 134:22 = 1/32Intermediate13. Here we are finding the YTM of semiannual coupon bonds for various maturity lengths.The bond price equation is:P = C(PVIFA R%,t) + $1,000(PVIF R%,t)Miller Corporation bond:P0 = $45(PVIFA3.5%,26) + $1,000(PVIF3.5%,26) = $1,168.90P1 = $45(PVIFA3.5%,24) + $1,000(PVIF3.5%,24) = $1,160.58P3 = $45(PVIFA3.5%,20) + $1,000(PVIF3.5%,20) = $1,142.12P8 = $45(PVIFA3.5%,10) + $1,000(PVIF3.5%,10) = $1,083.17P12= $45(PVIFA3.5%,2) +$1,000(PVIF3.5%,2) = $1,019.00P13= $1,000Modigliani Company bond:P0 = $35(PVIFA4.5%,26) + $1,000(PVIF4.5%,26) = $848.53P1 = $35(PVIFA4.5%,24) + $1,000(PVIF4.5%,24) = $855.05P3 = $35(PVIFA4.5%,20) + $1,000(PVIF4.5%,20) = $869.92P8 = $35(PVIFA4.5%,10) + $1,000(PVIF4.5%,10) = $920.87P12= $35(PVIFA4.5%,2) +$1,000(PVIF4.5%,2) = $981.27P13= $1,000All else held equal, the premium over par value for a premium bond declines as maturity approaches, and the discount from par value for a discount bond declines as maturity approaches. This is called “pull to par.” In both cases, the largest percentage price changes occur at the shortest maturity lengths.Also, notice that the price of each bond when no time is left to maturity is the par value, even though the purchaser would receive the par value plus the coupon payment immediately. This is because we calculate the clean price of the bond.14.Any bond that sells at par has a YTM equal to the coupon rate. Both bonds sell at par, sothe initial YTM on both bonds is the coupon rate, 8 percent. If the YTM suddenly rises to 10 percent:P Laurel= $40(PVIFA5%,4) + $1,000(PVIF5%,4) = $964.54P Hardy= $40(PVIFA5%,30) + $1,000(PVIF5%,30) = $846.28The percentage change in price is calculated as:Percentage change in price = (New price – Original price) / Original price∆P Laurel% = ($964.54 – 1,000) / $1,000 = –0.0355 or –3.55%∆P Hardy% = ($846.28 – 1,000) / $1,000 = –0.1537 or –15.37%If the YTM suddenly falls to 6 percent:P Laurel= $40(PVIFA3%,4) + $1,000(PVIF3%,4) = $1,037.17P Hardy= $40(PVIFA3%,30) + $1,000(PVIF3%,30) = $1,196.00∆P Laurel% = ($1,037.17 – 1,000) / $1,000 = +0.0372 or 3.72%∆P Hardy% = ($1,196.002 – 1,000) / $1,000 = +0.1960 or 19.60%All else the same, the longer the maturity of a bond, the greater is its price sensitivity to changes in interest rates. Notice also that for the same interest rate change, the gain froma decline in interest rates is larger than the loss from the same magnitude change. For aplain vanilla bond, this is always true.15.Initially, at a YTM of 10 percent, the prices of the two bonds are:P Faulk= $30(PVIFA5%,16) + $1,000(PVIF5%,16) = $783.24P Gonas= $70(PVIFA5%,16) + $1,000(PVIF5%,16) = $1,216.76If the YTM rises from 10 percent to 12 percent:P Faulk= $30(PVIFA6%,16) + $1,000(PVIF6%,16) = $696.82P Gonas= $70(PVIFA6%,16) + $1,000(PVIF6%,16) = $1,101.06The percentage change in price is calculated as:Percentage change in price = (New price – Original price) / Original price∆P Faulk% = ($696.82 – 783.24) / $783.24 = –0.1103 or –11.03%∆P Gonas% = ($1,101.06 – 1,216.76) / $1,216.76 = –0.0951 or –9.51% If the YTM declines from 10 percent to 8 percent:P Faulk= $30(PVIFA4%,16) + $1,000(PVIF4%,16) = $883.48P Gonas= $70(PVIFA4%,16) + $1,000(PVIF4%,16) = $1,349.57∆P Faulk% = ($883.48 – 783.24) / $783.24 = +0.1280 or 12.80%∆P Gonas% = ($1,349.57 – 1,216.76) / $1,216.76 = +0.1092 or 10.92% All else the same, the lower the coupon rate on a bond, the greater is its price sensitivity to changes in interest rates.16.The bond price equation for this bond is:P0 = $960 = $37(PVIFA R%,18) + $1,000(PVIF R%,18)Using a spreadsheet, financial calculator, or trial and error we find:R = 4.016%This is the semiannual interest rate, so the YTM is:YTM = 2 ⨯ 4.016% = 8.03%The current yield is:Current yield = Annual coupon payment / Price = $74 / $960 = .0771 or 7.71%The effective annual yield is the same as the EAR, so using the EAR equation from the previous chapter:Effective annual yield = (1 + 0.04016)2– 1 = .0819 or 8.19%17.The company should set the coupon rate on its new bonds equal to the required return.The required return can be observed in the market by finding the YTM on outstanding bonds of the company. So, the YTM on the bonds currently sold in the market is:P = $1,063 = $50(PVIFA R%,40) + $1,000(PVIF R%,40)Using a spreadsheet, financial calculator, or trial and error we find:R = 4.650%This is the semiannual interest rate, so the YTM is:YTM = 2 ⨯ 4.650% = 9.30%18. Accrued interest is the coupon payment for the period times the fraction of the periodthat has passed since the last coupon payment. Since we have a semiannual coupon bond, the coupon payment per six months is one-half of the annual coupon payment. There are two months until the next coupon payment, so four months have passed since the last coupon payment. The accrued interest for the bond is:Accrued interest = $84/2 × 4/6 = $28And we calculate the clean price as:Clean price = Dirty price – Accrued interest = $1,090 – 28 = $1,06219. Accrued interest is the coupon payment for the period times the fraction of the periodthat has passed since the last coupon payment. Since we have a semiannual coupon bond, the coupon payment per six months is one-half of the annual coupon payment. There are four months until the next coupon payment, so two months have passed since the last coupon payment. The accrued interest for the bond is:Accrued interest = $72/2 × 2/6 = $12.00And we calculate the dirty price as:Dirty price = Clean price + Accrued interest = $904 + 12 = $916.0020.To find the number of years to maturity for the bond, we need to find the price of thebond. Since we already have the coupon rate, we can use the bond price equation, and solve for the number of years to maturity. We are given the current yield of the bond, so we can calculate the price as:Current yield = .0842 = $90/P0P0 = $90/.0842 = $1,068.88Now that we have the price of the bond, the bond price equation is:P = $1,068.88 = $90{[(1 – (1/1.0781)t ] / .0781} + $1,000/1.0781tWe can solve this equation for t as follows:$1,068.88 (1.0781)t = $1,152.37 (1.0781)t– 1,152.37 + 1,000152.37 = 83.49(1.0781)t1.8251 = 1.0781tt = log 1.8251 / log 1.0781 = 8.0004 ≈ 8 yearsThe bond has 8 years to maturity.21.The bond has 10 years to maturity, so the bond price equation is:P = $871.55 = $41.25(PVIFA R%,20) + $1,000(PVIF R%,20)Using a spreadsheet, financial calculator, or trial and error we find:R = 5.171%This is the semiannual interest rate, so the YTM is:YTM = 2 5.171% = 10.34%The current yield is the annual coupon payment divided by the bond price, so:Current yield = $82.50 / $871.55 = .0947 or 9.47%22.We found the maturity of a bond in Problem 20. However, in this case, the maturity isindeterminate. A bond selling at par can have any length of maturity. In other words, when we solve the bond pricing equation as we did in Problem 20, the number of periods can be any positive number.Challenge23.To find the capital gains yield and the current yield, we need to find the price of the bond.The current price of Bond P and the price of Bond P in one year is:P: P0 = $90(PVIFA7%,5) + $1,000(PVIF7%,5) = $1,082.00P1 = $90(PVIFA7%,4) + $1,000(PVIF7%,4) = $1,067.74Current yield = $90 / $1,082.00 = .0832 or 8.32%The capital gains yield is:Capital gains yield = (New price – Original price) / Original priceCapital gains yield = ($1,067.74 – 1,082.00) / $1,082.00 = –0.0132 or –1.32% The current price of Bond D and the price of Bond D in one year is:D: P0 = $50(PVIFA7%,5) + $1,000(PVIF7%,5) = $918.00P1 = $50(PVIFA7%,4) + $1,000(PVIF7%,4) = $932.26Current yield = $50 / $918.00 = 0.0545 or 5.45%Capital gains yield = ($932.26 – 918.00) / $918.00 = 0.0155 or 1.55% All else held constant, premium bonds pay a high current income while having price depreciation as maturity nears; discount bonds pay a lower current income but have price appreciation as maturity nears. For either bond, the total return is still 7%, but this return is distributed differently between current income and capital gains.24.a. The rate of return you expect to earn if you purchase a bond and hold it until maturity is the YTM. The bond price equation for this bond is:P0 = $1,140 = $90(PVIFA R%,10) + $1,000(PVIF R%,10)Using a spreadsheet, financial calculator, or trial and error we find:R = YTM = 7.01%b. To find our HPY, we need to find the price of the bond in two years. The price ofthe bond in two years, at the new interest rate, will be:P2 = $90(PVIFA6.01%,8) + $1,000(PVIF6.01%,8) = $1,185.87To calculate the HPY, we need to find the interest rate that equates the price wepaid for the bond with the cash flows we received. The cash flows we receivedwere $90 each year for two years, and the price of the bond when we sold it. Theequation to find our HPY is:P0 = $1,140 = $90(PVIFA R%,2) + $1,185.87(PVIF R%,2)Solving for R, we get:R = HPY = 9.81%The realized HPY is greater than the expected YTM when the bond was boughtbecause interest rates dropped by 1 percent; bond prices rise when yields fall.25.The price of any bond (or financial instrument) is the PV of the future cash flows. Eventhough Bond M makes different coupons payments, to find the price of the bond, we just find the PV of the cash flows. The PV of the cash flows for Bond M is:P M = $800(PVIFA4%,16)(PVIF4%,12) + $1,000(PVIFA4%,12)(PVIF4%,28) +$20,000(PVIF4%,40)P M = $13,117.88Notice that for the coupon payments of $800, we found the PVA for the coupon payments, and then discounted the lump sum back to today.Bond N is a zero coupon bond with a $20,000 par value; therefore, the price of the bond is the PV of the par, or:P N = $20,000(PVIF4%,40) = $4,165.7826.To find the present value, we need to find the real weekly interest rate. To find the realreturn, we need to use the effective annual rates in the Fisher equation. So, we find the real EAR is:(1 + R) = (1 + r)(1 + h)1 + .107 = (1 + r)(1 + .035)r = .0696 or 6.96%Now, to find the weekly interest rate, we need to find the APR. Using the equation for discrete compounding:EAR = [1 + (APR / m)]m– 1We can solve for the APR. Doing so, we get:APR = m[(1 + EAR)1/m– 1]APR = 52[(1 + .0696)1/52– 1]APR = .0673 or 6.73%So, the weekly interest rate is:Weekly rate = APR / 52Weekly rate = .0673 / 52Weekly rate = .0013 or 0.13%Now we can find the present value of the cost of the roses. The real cash flows are an ordinary annuity, discounted at the real interest rate. So, the present value of the cost of the roses is:PVA = C({1 – [1/(1 + r)]t } / r)PVA = $8({1 – [1/(1 + .0013)]30(52)} / .0013)PVA = $5,359.6427.To answer this question, we need to find the monthly interest rate, which is the APRdivided by 12. We also must be careful to use the real interest rate. The Fisher equation uses the effective annual rate, so, the real effective annual interest rates, and the monthly interest rates for each account are:Stock account:(1 + R) = (1 + r)(1 + h)1 + .12 = (1 + r)(1 + .04)r = .0769 or 7.69%APR = m[(1 + EAR)1/m– 1]APR = 12[(1 + .0769)1/12– 1]APR = .0743 or 7.43%Monthly rate = APR / 12Monthly rate = .0743 / 12Monthly rate = .0062 or 0.62%Bond account:(1 + R) = (1 + r)(1 + h)1 + .07 = (1 + r)(1 + .04)r = .0288 or 2.88%APR = m[(1 + EAR)1/m– 1]APR = 12[(1 + .0288)1/12– 1]APR = .0285 or 2.85%Monthly rate = APR / 12Monthly rate = .0285 / 12Monthly rate = .0024 or 0.24%Now we can find the future value of the retirement account in real terms. The future value of each account will be:Stock account:FVA = C {(1 + r )t– 1] / r}FVA = $800{[(1 + .0062)360 – 1] / .0062]}FVA = $1,063,761.75Bond account:FVA = C {(1 + r )t– 1] / r}FVA = $400{[(1 + .0024)360 – 1] / .0024]}FVA = $227,089.04The total future value of the retirement account will be the sum of the two accounts, or: Account value = $1,063,761.75 + 227,089.04Account value = $1,290,850.79Now we need to find the monthly interest rate in retirement. We can use the same procedure that we used to find the monthly interest rates for the stock and bond accounts, so:(1 + R) = (1 + r)(1 + h)1 + .08 = (1 + r)(1 + .04)r = .0385 or 3.85%APR = m[(1 + EAR)1/m– 1]APR = 12[(1 + .0385)1/12– 1]APR = .0378 or 3.78%Monthly rate = APR / 12Monthly rate = .0378 / 12Monthly rate = .0031 or 0.31%Now we can find the real monthly withdrawal in retirement. Using the present value of an annuity equation and solving for the payment, we find:PVA = C({1 – [1/(1 + r)]t } / r )$1,290,850.79 = C({1 – [1/(1 + .0031)]300 } / .0031)C = $6,657.74This is the real dollar amount of the monthly withdrawals. The nominal monthly withdrawals will increase by the inflation rate each month. To find the nominal dollar amount of the last withdrawal, we can increase the real dollar withdrawal by the inflation rate. We can increase the real withdrawal by the effective annual inflation rate since we are only interested in the nominal amount of the last withdrawal. So, the last withdrawal in nominal terms will be: FV = PV(1 + r)tFV = $6,657.74(1 + .04)(30 + 25)FV = $57,565.3028.In this problem, we need to calculate the future value of the annual savings after the fiveyears of operations. The savings are the revenues minus the costs, or:Savings = Revenue – CostsSince the annual fee and the number of members are increasing, we need to calculate the effective growth rate for revenues, which is:Effective growth rate = (1 + .06)(1 + .03) – 1Effective growth rate = .0918 or 9.18%The revenue for the current year is the number of members times the annual fee, or:Current revenue = 500($500)Current revenue = $250,000The revenue will grow at 9.18 percent, and the costs will grow at 2 percent, so the savings each year for the next five years will be:Year Revenue Costs Savings1 $ 272,950.00 $ 76,500.00 $ 196,450.002 298,006.81 78,030.00 219,976.813 325,363.84 79,590.60 245,773.244 355,232.24 81,182.41 274,049.825 387,842.55 82,806.06 305,036.49Now we can find the value of each year’s savi ngs using the future value of a lump sum equation, so:FV = PV(1 + r)tYear Future Value1 $196,450.00(1 + .09)4 = $277,305.212 $219,976.81(1 + .09)3 = 284,876.353 $245,773.24(1 + .09)2 = 292,003.184 $274,049.82(1 + .09)1 = 298,714.315 305,036.49Total future value of savings = $1,457,935.54He will spend $500,000 on a luxury boat, so the value of his account will be:Value of account = $1,457,935.54 – 500,000Value of account = $957,935.54Now we can use the present value of an annuity equation to find the payment. Doing so, we find:PVA = C({1 – [1/(1 + r)]t } / r )$957,935.54 = C({1 – [1/(1 + .09)]25 } / .09)C = $97,523.83CHAPTER 91.We need to find the required return of the stock. Using the constant growth model, wecan solve the equation for R. Doing so, we find:R = (D1 / P0) + g = ($2.85 / $58) + .06 = .1091 or 10.91%2.The dividend yield is the dividend next year divided by the current price, so the dividendyield is:Dividend yield = D1 / P0 = $2.85 / $58 = .0491 or 4.91%The capital gains yield, or percentage increase in the stock price, is the same as the dividend growth rate, so:Capital gains yield = 6%3.We know the stock has a required return of 13 percent, and the dividend and capitalgains yield are equal, so:Dividend yield = 1/2(.13) = .065 = Capital gains yieldNow we know both the dividend yield and capital gains yield. The dividend is simply the stock price times the dividend yield, so:D1 = .065($64) = $4.16This is the dividend next year. The question asks for the dividend this year. Using the relationship between the dividend this year and the dividend next year:D1 = D0(1 + g)We can solve for the dividend that was just paid:$4.16 = D0 (1 + .065)D0 = $4.16 / 1.065 = $3.914.The price of a share of preferred stock is the dividend divided by the required return.This is the same equation as the constant growth model, with a dividend growth rate of zero percent. Remember that most preferred stock pays a fixed dividend, so the growth rate is zero. Using this equation, we find the price per share of the preferred stock is:R = D/P0 = $6.40/$103 = .0621 or 6.21%5.This stock has a constant growth rate of dividends, but the required return changes twice.To find the value of the stock today, we will begin by finding the price of the stock at Year 6, when both the dividend growth rate and the required return are stable forever.The price of the stock in Year 6 will be the dividend in Year 7, divided by the required return minus the growth rate in dividends. So:P6 = D6(1 + g) / (R–g) = D0(1 + g)7/ (R–g) = $2.75(1.06)7/ (.11 – .06) = $82.70Now we can find the price of the stock in Year 3. We need to find the price here since the required return changes at that time. The price of the stock in Year 3 is the PV of the dividends in Years 4, 5, and 6, plus the PV of the stock price in Year 6. The price of the stock in Year 3 is:P3= $2.75(1.06)4/ 1.14 + $2.75(1.06)5/ 1.142 + $2.75(1.06)6/ 1.143 + $82.70 / 1.143 P3= $64.33Finally, we can find the price of the stock today. The price today will be the PV of the dividends in Years 1, 2, and 3, plus the PV of the stock in Year 3. The price of the stock today is:P0= $2.75(1.06) / 1.16 + $2.75(1.06)2/ (1.16)2+ $2.75(1.06)3/ (1.16)3+ $64.33 /(1.16)3P0= $48.126.The price of a stock is the PV of the future dividends. This stock is paying five dividends,so the price of the stock is the PV of these dividends using the required return. The price of the stock is:P0 = $13 / 1.11 + $16 / 1.112 + $19 / 1.113 + $22 / 1.114 + $25 / 1.115 = $67.927.Here we need to find the dividend next year for a stock experiencing differential growth.We know the stock price, the dividend growth rates, and the required return, but not the dividend. First, we need to realize that the dividend in Year 3 is the current dividend times the FVIF. The dividend in Year 3 will be:D3 = D0(1.30)3And the dividend in Year 4 will be the dividend in Year 3 times one plus the growth rate, or:D4 = D0(1.30)3(1.18)The stock begins constant growth after the 4th dividend is paid, so we can find the price of the stock in Year 4 as the dividend in Year 5, divided by the required return minus the growth rate. The equation for the price of the stock in Year 4 is:P4= D4(1 + g) / (R– g)Now we can substitute the previous dividend in Year 4 into this equation as follows:P4 = D0(1 + g1)3(1 + g2) (1 + g3) / (R–g3)P4= D0(1.30)3(1.18) (1.08) / (.13 – .08) = 56.00D0When we solve this equation, we find that the stock price in Year 4 is 56.00 times as large as the dividend today. Now we need to find the equation for the stock price today.The stock price today is the PV of the dividends in Years 1, 2, 3, and 4, plus the PV of the Year 4 price. So:P0= D0(1.30)/1.13 + D0(1.30)2/1.132+ D0(1.30)3/1.133+ D0(1.30)3(1.18)/1.134+56.00D0/1.134We can factor out D0 in the equation, and combine the last two terms. Doing so, we get: P0 = $65.00 = D0{1.30/1.13 + 1.302/1.132 + 1.303/1.133 + [(1.30)3(1.18) + 56.00] / 1.134} Reducing the equation even further by solving all of the terms in the braces, we get:$65 = $39.86D0D0 = $65.00 / $39.86 = $1.63This is the dividend today, so the projected dividend for the next year will be:D1 = $1.63(1.30) = $2.128.The price of a share of preferred stock is the dividend payment divided by the requiredreturn. We know the dividend payment in Year 5, so we can find the price of the stock in Year 4, one year before the first dividend payment. Doing so, we get:P4 = $7.00 / .06 = $116.67The price of the stock today is the PV of the stock price in the future, so the price today will be:P0 = $116.67 / (1.06)4 = $92.419.To find the number of shares owned, we can divide the amount invested by the stockprice. The share price of any financial asset is the present value of the cash flows, so, tofind the price of the stock we need to find the cash flows. The cash flows are the two dividend payments plus the sale price. We also need to find the aftertax dividends since the assumption is all dividends are taxed at the same rate for all investors. The aftertax dividends are the dividends times one minus the tax rate, so:Year 1 aftertax dividend = $1.50(1 – .28)Year 1 aftertax dividend = $1.08Year 2 aftertax dividend = $2.25(1 – .28)Year 2 aftertax dividend = $1.62We can now discount all cash flows from the stock at the required return. Doing so, we find the price of the stock is:P = $1.08/1.15 + $1.62/(1.15)2 + $60/(1+.15)3P = $41.62The number of shares owned is the total investment divided by the stock price, which is: Shares owned = $100,000 / $41.62Shares owned = 2,402.9810.The required return of a stock consists of two components, the capital gains yield and thedividend yield. In the constant dividend growth model (growing perpetuity equation), the capital gains yield is the same as the dividend growth rate, or algebraically:R = D1/P0 + gWe can find the dividend growth rate by the growth rate equation, or:g = ROE ×bg = .16 × .80g = .1280 or 12.80%This is also the growth rate in dividends. To find the current dividend, we can use the information provided about the net income, shares outstanding, and payout ratio. The total dividends paid is the net income times the payout ratio. To find the dividend per share, we can divide the total dividends paid by the number of shares outstanding. So: Dividend per share = (Net income × Payout ratio) / Shares outstandingDividend per share = ($10,000,000 × .20) / 2,000,000Dividend per share = $1.00Now we can use the initial equation for the required return. We must remember that the equation uses the dividend in one year, so:R = D1/P0 + gR = $1(1 + .1280)/$85 + .1280R = .1413 or 14.13%11. a.If the company does not make any new investments, the stock price will be thepresent value of the constant perpetual dividends. In this case, all earnings are paiddividends, so, applying the perpetuity equation, we get:P = Dividend / RP = $8.25 / .12P = $68.75。
公司理财中文版第九版第三章答案
公司理财中文版第九版第三章答案第三章财务报表分析与长期财务规划1.由于不同行业的公司在财务比率上存在很大的差异，财务比率本身提供的信息有限，分析公司的财务比率有两种基本方法：时间趋势分析法和同类公司分析。
为什么这些方法会有用呢？每种方法能够告诉你哪些关于公司财务健康状况的信息？答：时间趋势分析描绘了公司财务状况随时间而变化的图景。
通过公司本身的跨期比较分析，财务经理可以评价公司的经营、融资或投资活动的某些方面是否已经发生了变化。
同类公司比较分析涉及到将某一特定公司的财务比率和经营绩效与同一行业或业务相同的其他公司进行比较。
通过同类公司比较分析，财务经理可以评价公司的经营、融资或投资活动的某些方面是否越出常规，从而为调整这些比率采取恰当的行动提供指南，如果这种调整合适的话。
两种方法都从财务的视角研究一个公司究竟有什么不同，但两种方法都不能告诉我们这种不同是积极正面的还是消极负面的。
例如，假设一个公司的流动比率是随时间而提高，这可能意味着该公司在过去一直面临流动性问题，一直在纠正这些问题；或者它也可能意味着该公司已经在管理流动资产和负债方面变得更低效。
同类公司比较分析中也存在类似的争论。
一个公司的流动比率低于同类公司，也许是它在管理流动资产和负债方面更具效率，也可能是它面临流动性问题。
没有哪种方法告诉我们某个比率是好还是坏。
两种方法只是表明有些东西存在差异，并告诉我们去哪里寻找。
2.所谓的“同店销售”是像沃尔玛和希尔斯之类的十分分散的公司的一项重要指标，顾名思义，分析同店销售就是比较同样的店铺或餐馆在两个不同的时间点上的销售额。
为什么公司总是关注同店销售而不是总销售？答：如果一家公司通过开设新店来不断增长，那么可以推测其总收入将上升。
比较两个不同时点的总销售额可能会误导。
同店销售方法只看在特定时期开设的店铺的销售额控制了这一误差。
3.为什么多数长期财务计划都从销售预测开始？或者说，为什么未来销售额是关键？答：理由是，最终，消费是商业背后的驱动力。
罗斯《公司理财》(第9版)课后习题(第1~3章)【圣才出品】
罗斯《公司理财》（第9版）课后习题第1章公司理财导论一、概念题1．资本预算（capital budgeting）答：资本预算是指综合反映投资资金来源与运用的预算，是为了获得未来产生现金流量的长期资产而现在投资支出的预算。
资本预算决策也称为长期投资决策，它是公司创造价值的主要方法。
资本预算决策一般指固定资产投资决策，耗资大，周期长，长期影响公司的产销能力和财务状况，决策正确与否影响公司的生存与发展。
完整的资本预算过程包括：寻找增长机会，制定长期投资战略，预测投资项目的现金流，分析评估投资项目，控制投资项目的执行情况。
资本预算可通过不同的资本预算方法来解决，如回收期法、净现值法和内部收益率法等。
2．货币市场（money markets）答：货币市场指期限不超过一年的资金借贷和短期有价证券交易的金融市场，亦称“短期金融市场”或“短期资金市场”，包括同业拆借市场、银行短期存贷市场、票据市场、短期证券市场、大额可转让存单市场、回购协议市场等。
其参加者为各种政府机构、各种银行和非银行金融机构及公司等。
货币市场具有四个基本特征：①融资期限短，一般在一年以内，最短的只有半天，主要用于满足短期资金周转的需要；②流动性强，金融工具可以在市场上随时兑现，交易对象主要是期限短、流动性强、风险小的信用工具，如票据、存单等，这些工具变现能力强，近似于货币，可称为“准货币”，故称货币市场；③安全性高，由于货币市场上的交易大多采用即期交易，即成交后马上结清，通常不存在因成交与结算日之间时间相对过长而引起价格巨大波动的现象，对投资者来说，收益具有较大保障；④政策性明显，货币市场由货币当局直接参加，是中央银行同商业银行及其他金融机构的资金连接的主渠道，是国家利用货币政策工具调节全国金融活动的杠杆支点。
货币市场的交易主体是短期资金的供需者。
需求者是为了获得现实的支付手段，调节资金的流动性并保持必要的支付能力，供应者提供的资金也大多是短期临时闲置性的资金。
公司理财第九版 中文答案 这个是word可以自己修改
公司理财第九版中文答案这个是word可以自己修改第1章企业融资简介概念问题的答案1。
在企业的所有制形式，股东是公司的所有者。
的股东选出该法团的董事，谁又将委任公司的管理层。
是什么原因造成这种分离，所有权控制在企业的组织形式存在的代理问题。
管理可能在其自己或别人的最佳利益行事，而不是股东。
如果这样的事件发生时，他们可能会最大化的股权，该公司的股价目标相矛盾。
2。
这些组织经常追求社会或政治任务，所以许多不同的目标，是可以想象的。
一个经常被援引的目标是收入最小化，也就是说，提供力所能及的提供商品和服务，在尽可能低的社会成本。
一个更好的办法可能是观察，即使是一个不以营利为目的的企业拥有股权。
因此，一个答案是，在适当的目标是价值最大化的股权。
3。
据推测，目前的股票价值反映风险，所有未来现金流量的时间和幅度，短期和长期的。
如果这是正确的，那么陈述是错误的。
4。
参数可以两种方式。
在一个极端，我们可以认为，在市场经济中，所有这些东西的价格。
因此，有一个最佳的水平，例如，道德和/或非法行为，以及股票估值的框架明确包括这些。
在另一个极端，我们可以说，这些都是非经济现象，并通过政治进程是最好的处理。
一个经典的（高度相关）的思想说明了这一点辩论的问题是这样的：“估计，一个企业之一，其产品的成本，提高了安全额为3,000万元。
不过，该公司认为，提高了产品的安全性，不仅节省了2000万美元的产品责任索赔。
企业应该做些什么？“5。
我们的目标将是相同的，但最好的行动实现这一目标的过程中可能会有所不同，因为不同的社会，政治和经济机构。
6。
管理的目标应该是最大限度地提高现有股东的股价。
如果管理层认为它可以提高公司的盈利能力，从而使股票价格将超过$ 35，那么他们应该争取从外面公司的报价。
如果管理层认为该投标人或其他身份不明的投标人将实际支付超过每股35美元收购该公司，那么他们还是应该打的报价。
但是，如果目前的管理不能增加公司价值超越的买入价，并没有其他出价更高的，当时的管理层不采取行动，战斗要约股东的利益。
中央财经大学公司理财中文版第九版第二章答案
第2 章会计报表与现金流1. 是非题：所有的资产在付出某种代价的情况下都具有流动性。
请解释。
答：正确。
所有资产都可以以某种价格转换为现金。
然而，当我们提到流动性资产的时候，一个附加的假设变得很重要，这个假设是资产可以以市场价值或接近市场价值的价格转换成现金。
2. 为什么标准的利润表上列示的收入和成本不代表当期实际的现金流入和现金流出？答：财务会计里面的确认原则和匹配原则要求将收入和产生收入相关的费用在收入过程实际完成的时候就记录下来，而不必等到收到现金或支付账单的时候。
我们要注意到这种方式并不必然是正确的，主要取决于会计师的选择。
3. 在会计现金流量表上，最后一栏表示什么？这个数字对于分析一家公司有何用处？答：最后一栏的数据显示了资产负债表上现金余额的变化。
既然如此，它对于分析一个公司来说并不是一个有用的数据。
4. 财务现金流量表与会计现金流量表有何不同？哪个对于公司分析者更有用？答：主要的不同在于对利息费用的处理，会计现金流量表将利息视为经营现金流，而财务现金流量将其视为融资现金流。
会计现金流量的逻辑是，既然利息列支在利润表上，而利润表显示的是一定时期内企业的经营状况，因此利息也就是经营性的现金流。
而事实上，利息是一种融资费用，是公司选择债务融资还是股权融资的结果，我们将在以后的章节中有更为详细的讲解。
相比两种现金流量表，财务现金流量表以其正确对待利息费用而成为分析公司业绩的更恰当的方法。
5. 按照会计规定，一家公司的负债有可能超过资产，所有者权益为负，这种情况在市场价值上有没有可能发生？为什么？答：市场的价值不可能为负。
假设有一股股票，价格为负的20 美元，这意味着如果你买入100股，你不仅得到了股票，而且还得到了一张1200美元的现金支票，那么你会想买入多少股呢？更一般的情形是，根据公司破产和个人破产法，个人或公司的净资产不能为负，这意味着从市场价值的角度看，负债不可能超过资产。
6. 为什么说在一个特定的期间内资产的现金流量为负不一定不好？答：例如，对于一个正在迅速扩张的成功企业来说，它的资本性支出将会很大，这可能会导致出现负的现金流。
第九版-公司理财-罗斯-中文答案-第五章汇编
1、如果项目带来的是常规的现金流，而且其回收期短于该项目的生命周期，还不能准备判断其净现值的正负。
仍需要其采用的折现率和其内部收益率IRR 做对比。
当折现率小于IRRA时，净现值为正值，当折现率大于IRRA时，净现值为负值，两者相等时，净现值为零。
如果一个项目的折现回收期短于该项目的生命周期，则净现值一定为正值。
2、项目有常规的现金流，且NPV为正值，则各期流入的现金流折现总和一定大于期初项目资金流出。
而各期流入的现金流总和肯定大于折现总和，所以该项目的回收期一定短于其生命周期。
同时折现回收期是用和净现值同样的NPV计算出来的，所以折现回收期也一定短于其生命周期。
同样净现值为正值，说明初始投资所带来的后续现金流的现值大于初始投资，所以盈利指数PI一定大于1。
如果使用内部收益率折现各期现金流量时，净现值为零。
而以折现率折现各期现金流量时，净现值为正，说明折现率小于内部收益率。
3、a 回收期是指投资引起的现金流入累计到与投资相等所需要的时间。
它代表收回投资所需要的年限。
回收年限越短，方案越有利。
其缺陷就是忽略了回收期内现金流量的时间序列，也忽略了回收期以后的现金支付，同时对于回收期的选择也存在主观臆断。
选择一个具体的回收期决策标准，当项目的回收期小于标准的就可行，大于标准的则拒绝。
b 平均会计收益率是指为扣除所得税和折旧之后的项目平均收益除以整个项目期限内的平均账面投资额。
其缺陷是使用账面收益而非现金流量，忽略了折旧对现金流量的影响，忽视了净收益的时间分布对项目经济价值的影响。
当项目的平均会计收益率小于目标平均会计收益率时，则拒绝项目，反之接受。
c 内部收益率就是令项目净现值为0的折现率。
其缺点是对于特殊项目无法用一般原则进行判断，并且有些项目可能会出现多个收益率的现象。
同时对于互斥项目容易忽视其规模问题和时间序列问题。
一般原则是当折现率小于IRR时，接受该项目，反之则拒绝。
d 盈利指数是初始投资所带来的后续现金流的现值和初始投资的比值。
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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。
9.就像市场需求其他劳动力一样，市场也需求首席执行官，首席执行官的薪酬是由市场决定的。
这同样适用于运动员和演员。
首席执行官薪酬大幅度增长的一个主要原因是现在越来越多的公司实行股票报酬，这样的改革是为了更好的协调股东和管理者的利益。
这些报酬有时被认为仅仅对股票价格上涨的回报,而不是对管理能力的奖励。
或许在将来,高管薪酬仅用来奖励特别的能力,即,股票价格的上涨增加了超过一般的市场。
10.最大化现在公司股票的价格和最大化未来股票价格是一样的。
股票的价值取决于公司未来所有的现金流量。
从另一方面来看,支付大量的现金股利给股东,股票的预期价格将会上升。
第二章
1.正确。
所有的资产都可以以某种价格转换为现金。
但是提及流动资产,假定该资产转换为现金时可达到或接近其市场价值是很重要的。
2.按公认会计原则中配比准则的要求，收入应与费用相配比，这样，在收入发生或应计的时候，即使没有现金流量，也要在利润表上报告。
注意,这种方式是不正确的;但是会计必须这么做。
3.现金流量表最后一栏数字表明了现金流量的变化。
这个数字对于分析一家公司并没有太大的作用。
4.两种现金流量主要的区别在于利息费用的处理。
会计现金流量将利息作为营运现金流量,而财务现金流量将利息作为财务现金流量。
会计现金流量的逻辑是，利息在利润表的营运阶段出现，因此利息是营运现金流量。
事实上,利息是财务费用,这是公司对负债和权益的选择的结果。
比较这两种现金流量，财务现金流量更适合衡量公司业绩。
5.市场价值不可能为负。
想象某种股票价格为- 20美元。
这就意味着如果你订购100股的股票,你会损失两万美元的支票。
你会想要买多少这种股票?根据企业和个人破产法,个人或公司的净值不能为负,这意味着负债不能超过资产的市场价值。
6.比如，作为一家成功并且飞速发展的公司，资本支出是巨大的,可能导致负的资产现金流量。
一般来说,最重要的问题是资本使用是否恰当,而不是资产的现金流量是正还是负。
7.对于已建立的公司出现负的经营性现金流量可能不是好的表象,但对于刚起步的公司这种现象是很正常的。