公司财务原理与资本运作(公司金融) 部分课后试题及答案(原书第10版)

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Chap3财务管理,公司金融,罗斯第十版解答

讨论：市账比小于1意味着一个好的投资吗？或许意味着低估，但也意味着市场对公司的未来发展活力呈负面看法。
计算市场价值I
• 市场价格= 87.65 美元/股 • 流通股数= 190.9 百万股million • 市盈率PE= 每股股价/每股盈余=87.65
/ 3.61 = 24.28 倍 • 市账比=每股市场价值/每股账面价值
3-2
章节概要
• 现金流量和财务报表：进一步观察 • 标准财务报表 • 比率分析 • 杜邦恒等式 • 利用财务报表信息
3-3
• 市盈率=股票价格/每股收益
点击Sample B/S可回到资产负债表示例。在资产负债表示例页面点击绿色小箭头可回到此页。
来源与使用
• 来源
· 现金流入-当我们卖出某些东西时会产生 · 资产账户价值的增加 (Sample B/S)
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计算流动比率
• 流动比率= 流动资产 / 流动负债
· 2,256 / 1,995 = 1.13 倍
• 速动比率= (流动资产 – 存货) / 流动负债
· (2,256 – 301) / 1,995 = .98倍
• 现金比率= 现金 /流动负债
· 696 / 1,995 = .35 倍
• 净营运资本与总资产之比=净营运资本/总资产
• 同比资产负债表（表3-5）
· 将所有项目表示为总资产的百分比
• 同比利润表（表3-6）
· 将所有项目表示为销售收入的百分比
• 标准化财务报表使得财务信息更容易被比较，尤其是在公司成长的过程中。
• 也可用来比较不同规模的公司，尤其是当这些公司处பைடு நூலகம்同一行业时。
3-8
实际生活中的财务报表可能并不像本章的那么直接易懂。

公司财务原理与资本运作(公司金融) 部分课后答案(原书第10版)

公司金融作业题说明：公司财务原理（原书第10版）+第22章（原书第12版）第4章24．DCF 和自由现金流混合肥料科学公司（CSI ）从事的是将波士顿的城市污水转化为肥料的任务。

业务本身盈利不高，但是为了把CSI 留在这个行业中，城市委员会（MDC ）同意支付任何必要的补贴，是CSI 的账面股权收益率能够达到10%。

预期年末CSI 将支付每股4美元的股利，再投资比例为40%，增长率为4%。

a ．假设CSI 继续保持目前的增长趋势，以100美元的价格购买公司股票，预期长期收益率是多少？100美元中有多少是增长机会的现值的贡献？b ．现在MDC 宣布了一项计划，需要CSI 处理剑桥市的城市污水。

因此，CSI 要在未来五年中逐步扩建工厂。

这就意味着在未来的五年中，CSI 必须要将80%的盈利进行再投资。

从第六年开始，它将能够恢复60%的股利支付率。

MDC 的计划一宣布，以及随后对CSI 的影响公布后，CSI 的股价将是多少？24.a. Here we can apply the standard growing perpetuity formula with DIV 1 = $4, g = 0.04 and P 0 = $100:8.0%.080.040$100$4g P DIV r 01==+=+=The $4 dividend is 60 percent of earnings. Thus:EPS 1 = 4/0.6 = $6.67Also:PVGO rEPS P 10+=PVGO 0.08$6.67$100+=PVGO = $16.63b.DIV 1 will decrease to: 0.20 ⨯ 6.67 = $1.33However, by plowing back 80 percent of earnings, CSI will grow by 8 percent per year for five years. Thus:Year 1 2 3 4 5 6 7, 8 . . . DIV t 1.33 1.44 1.55 1.68 1.81 5.88 Continued growth at EPS t6.677.207.788.409.079.804 percentNote that DIV 6 increases sharply as the firm switches back to a 60 percent payout policy. Forecasted stock price in year 5 is:$147.0400.085.88g r DIV P 65=-=-=Therefore, CSI’s stock price will increase to:$106.211.081471.811.081.681.081.551.081.441.081.33P 54320=+++++=第9章6．可分散风险很多投资项目都有可分散风险。

公司金融课后习题答案

公司金融课后习题答案公司金融课后习题答案作为一门重要的商科课程，公司金融涉及到企业的资金筹集、投资决策和财务管理等方面。

通过学习公司金融，我们可以了解到企业如何在市场中运作，以及如何进行财务规划和管理。

在学习过程中，课后习题是巩固知识和提高应用能力的重要一环。

下面是一些公司金融课后习题的答案，希望能对你的学习有所帮助。

1. 什么是资本预算决策？它在企业中的作用是什么？答：资本预算决策是指企业在投资决策中，对于是否进行某项投资项目的决策过程。

它涉及到对于投资项目的收益、成本、风险等方面进行评估和比较，以确定是否值得进行投资。

资本预算决策在企业中具有重要的作用，它可以帮助企业合理配置资金资源，提高资本利用效率，促进企业的发展和增长。

2. 什么是财务杠杆效应？它对企业的影响是什么？答：财务杠杆效应是指企业利用借债融资来增加投资回报率的一种现象。

当企业借债融资时，由于债务的成本通常低于股权的成本，因此可以通过增加债务比例来降低企业的加权平均资本成本，从而提高投资回报率。

财务杠杆效应对企业的影响是双重的。

一方面，它可以增加企业的盈利能力和股东权益，提高企业的价值；另一方面，它也会增加企业的财务风险，使企业更加敏感于市场波动。

3. 什么是现金流量表？它在财务分析中的作用是什么？答：现金流量表是一份记录企业现金流入和流出的财务报表。

它通过分析企业的经营活动、投资活动和筹资活动等方面的现金流量，可以帮助企业了解到现金的来源和去向，以及企业的现金流动情况。

现金流量表在财务分析中起着重要的作用，它可以帮助评估企业的偿债能力、盈利能力和经营能力，并提供决策的依据。

4. 什么是资本结构？企业应该如何选择适合自己的资本结构？答：资本结构是指企业在资金筹集过程中，不同资本来源的比例和结构。

它涉及到企业债务和股权的比例、利率、偿还期限等方面的决策。

选择适合自己的资本结构是企业的重要决策之一。

一般来说，企业应该根据自身的经营特点、行业环境和市场状况等因素来选择资本结构。

公司财务原理 10 答案

公司财务原理 10 答案1. 财务原理之一是盈亏平衡，即公司的收入必须超过支出，才能实现盈利。

这意味着企业需要控制成本，提高销售收入，以确保企业的盈利能力。

2. 另一个财务原理是时间价值的概念。

根据这个原理，资金的价值随着时间的推移而变化。

因此，对于企业来说，现金的收入通常比未来的收入更有价值。

这也是为什么公司通常会更倾向于尽快收回应收账款，而不愿意等待更长的时间来收回款项。

3. 利润是衡量企业经营成果的重要指标，是财务原理的核心之一。

企业的利润是指公司在特定时期内实际获得的净收入。

利润的计算方法可以通过减去企业的总成本（包括固定成本和可变成本）从而得到。

4. 现金流量管理也是财务原理的重要方面。

现金流量是指企业在特定时期内的现金收入和现金支出。

对于企业来说，保持稳定的现金流量对于维持业务运营和满足债务支付需求至关重要。

5. 财务杠杆是指企业通过使用借入的资本来增加投资回报的能力。

财务杠杆可以通过负债资金获得，这意味着企业利用借入的资金来扩大业务，并通过增加收入来实现更高的利润。

6. 与财务杠杆相对应的概念是财务风险。

财务风险是指企业在经济衰退或其他不利事件发生时面临的风险。

高负债比率和不稳定的现金流量都会增加企业的财务风险。

7. 在财务原理中，成本与效益分析也是重要的概念。

成本效益分析是通过比较实施某项决策的成本与获得的效益，来评估决策的经济合理性。

这有助于企业做出合适的决策，并确保资源的有效利用。

8. 企业应该遵循会计准则和报告要求，以确保财务信息的准确性和透明度。

会计准则规定了在财务报表中记录和披露财务信息的标准。

通过遵循这些准则，企业可以向投资者、股东和其他利益相关者提供可靠的财务信息。

9. 税收管理也是公司财务原理的重要方面。

企业需要遵守国家和地方税法，并根据规定时间内向税务部门申报和缴纳税款。

税收管理对企业的财务状况和可持续发展至关重要。

10. 风险管理是财务原理中不可忽视的一部分。

公司财务,第十版,课后答案

公司财务,第十版,课后答案CHAPTER 2FINANCIAL STATEMENTS AND CASH FLOWAnswers to Concepts Review and Critical Thinking Questions1.True. Every asset can be converted to cash at some price. However, when we are referring to a liquidasset, the added assumption that the asset can be quickly converted to cash at or near market value is important.2.The recognition and matching principles in financial accounting call for revenues, and the costsassociated with producing those revenues, to be “booked” when the revenue pro cess is essentially complete, not necessarily when the cash is collected or bills are paid. Note that this way is not necessarily correct; it’s the way accountants have chosen to do it.3.The bottom line number shows the change in the cash balance on the balance sheet. As such, it is nota useful number for analyzing a company.4. The major difference is the treatment of interest expense. The accounting statement of cash flowstreats interest as an operating cash flow, while the financial cash flows treat interest as a financing cash flow. The logic of the accounting statement of cash flows is that since interest appears on the income statement, which shows the operations for the period, it is an operating cash flow. In reality, interest is a financing e xpense, which results from the company’s choice of debt and equity. We will have more to say about this in a later chapter. When comparing the two cash flow statements, the financial statement of cash flows is a more appropriate measureof the company’s pe rformance because of its treatment of interest.5.Market values can never be negative. Imagine a share of stock selling for –$20. This would meanthat if you placed an order for 100 shares, you would get the stock along with a check for $2,000.How many shares do you want to buy? More generally, because of corporate and individual bankruptcy laws, net worth for a person or a corporation cannot be negative, implying that liabilities cannot exceed assets in market value.6.For a successful company that is rapidly expanding, for example, capital outlays will be large,possibly leading to negative cash flow from assets. In general, what matters is whether the money is spent wisely, not whether cash flow from assets is positive or negative.7.It’s probably not a good sign for an established company to have negative cash flow from operations,but it would be fairly ordinary for a start-up, so it depends.8.For example, if a company were to become more efficient in inventory management, the amount ofinventory needed would decline. The same might be true if the company becomes better at collecting its receivables. In general, anything that leads to a decline in ending NWC relative to beginning would have this effect. Negative net capital spending would mean more long-lived assets were liquidated than purchased.9.If a company raises more money from selling stock than it pays in dividends in a particular period,its cash flow to stockholders will be negative. If a company borrows more than it pays in interest and principal, its cash flowto creditors will be negative.10.The adjustments discussed were purely accounting changes; they had no cash flow or market valueconsequences unless the new accounting information caused stockholders to revalue the derivatives. Solutions to Questions and ProblemsNOTE: All end-of-chapter problems were solved using a spreadsheet. Many problems require multiple steps. Due to space and readability constraints, when these intermediate steps are included in this solutions manual, rounding may appear to have occurred. However, the final answer for each problem is found without rounding during any step in the problem.Basic1.To find owners’ equity, we must construct a balance sheet as follows:Balance SheetCA $ 5,700 CL $ 4,400NFA 27,000 LTD 12,900OE ??TA $32,700 TL & OE $32,700We know that total liabilities and owners’ equity (TL & OE) must equal total assets of $32,700. We also know that TL & OE is equal to current liabilities plus long-term debt plus owner’s equity, so owner’s equity is:O E = $32,700 –12,900 – 4,400 = $15,400N WC = CA – CL = $5,700 – 4,400 = $1,3002. The income statement for the company is:Income StatementSales $387,000Costs 175,000Depreciation 40,000EBIT $172,000Interest 21,000EBT $151,000Taxes 52,850Net income $ 98,150One equation for net income is:Net income = Dividends + Addition to retained earningsRearranging, we get:Addition to retained earnings = Net income – DividendsAddition to retained earnings = $98,150 – 30,000Addition to retained earnings = $68,1503.To find the book value of current assets, we use: NWC = CA – CL. Rearranging to solve for currentassets, we get:CA = NWC + CL = $800,000 + 2,400,000 = $3,200,000The market value of current assets and net fixed assets is given, so:Book value CA = $3,200,000 Market value CA = $2,600,000 Book value NFA = $5,200,000 Market value NFA = $6,500,000 Book value assets = $8,400,000 Market value assets = $9,100,0004.Taxes = 0.15($50,000) + 0.25($25,000) + 0.34($25,000) + 0.39($273,000 – 100,000)Taxes = $89,720The average tax rate is the total tax paid divided by net income, so:Average tax rate = $89,720 / $273,000Average tax rate = 32.86%The marginal tax rate is the tax rate on the next $1 ofearnings, so the marginal tax rate = 39%.5.To calculate OCF, we first need the income statement:Income StatementSales $18,700Costs 10,300Depreciation 1,900EBIT $6,500Interest 1,250Taxable income $5,250Taxes 2,100Net income $3,150OCF = EBIT + Depreciation – TaxesOCF = $6,500 + 1,900 – 2,100OCF = $6,300/doc/a95a227710a6f524cdbf8525.ht ml capital spending = NFA end– NFA beg + Depreciation Net capital spending = $1,690,000 – 1,420,000 + 145,000Net capital spending = $415,0007.The long-term debt account will increase by $35 million, the amount of the new long-term debt issue.Since the company sold 10 million new shares of stock with a $1 par value, the common stock account will increase by $10 million. The capital surplus account will increase by $48 million, the value of the new stock sold above its par value. Since the company had a net income of $9 million, and paid $2 million in dividends, the addition to retained earnings was $7 million, which will increase the accumulated retained earnings account. So, the new long-term debt and stockholders’ equity portion of the balance sheet will be:Long-term debt $ 100,000,000Total long-term debt $ 100,000,000Shareholders equityPreferred stock $ 4,000,000Common stock ($1 par value) 25,000,000Accumulated retained earnings 142,000,000Capital surplus 93,000,000Total equity $ 264,000,000Total Liabilities & Equity $ 364,000,0008.Cash flow to creditors = Interest paid – Net new borrowingCash flow to creditors = $127,000 – (LTD end– LTD beg)Cash flow to creditors = $127,000 – ($1,520,000 – 1,450,000) Cash flow to creditors = $127,000 – 70,000Cash flow to creditors = $57,0009. Cash flow to stockholders = Dividends paid –Net new equityCash flow to stockholders = $275,000 –[(Common end + APIS end) – (Common beg + APIS beg)]Cash flow to stockholders = $275,000 –[($525,000 + 3,700,000) – ($490,000 + 3,400,000)]Cash flow to stockholders = $275,000 –($4,225,000 –3,890,000)Cash flow to stockholders = –$60,000Note, APIS is the additional paid-in surplus.10. Cash flow from assets = Cash flow to creditors + Cash flow to stockholders= $57,000 – 60,000= –$3,000Cash flow from assets = OCF – Change in NWC – Net capital spending–$3,000 = OCF – (–$87,000) – 945,000OCF = $855,000Operating cash flow = –$3,000 – 87,000 + 945,000Operating cash flow = $855,000Intermediate11. a.The accounting statement of cash flows explains the change in cash during the year. Theaccounting statement of cash flows will be:Statement of cash flowsOperationsNet income $95Depreciation 90Changes in other current assets (5)Accounts payable 10Total cash flow from operations $190Investing activitiesAcquisition of fixed assets $(110)Total cash flow from investing activities $(110)Financing activitiesProceeds of long-term debt $5Dividends (75)Total cash flow from financing activities ($70)Change in cash (on balance sheet) $10b.Change in NWC = NWC end– NWC beg= (CA end– CL end) – (CA beg– CL beg)= [($65 + 170) – 125] – [($55 + 165) – 115)= $110 – 105= $5c.To find the cash flow generated by the firm’s assets, we need the operating cash flow, and thecapital spending. So, calculating each of these, we find:Operating cash flowNet income $95Depreciation 90Operating cash flow $185Note that we can calculate OCF in this manner since there are no taxes.Capital spendingEnding fixed assets $390Beginning fixed assets (370)Depreciation 90Capital spending $110Now we can calculate the cash flow generated by the firm’s assets, which is:Cash flow from assetsOperating cash flow $185Capital spending (110)Change in NWC (5)Cash flow from assets $ 7012.With the information provided, the cash flows from the firm are the capital spending and the changein net working capital, so:Cash flows from the firmCapital spending $(21,000)Additions to NWC (1,900)Cash flows from the firm $(22,900)And the cash flows to the investors of the firm are:Cash flows to investors of the firmSale of long-term debt (17,000)Sale of common stock (4,000)Dividends paid 14,500Cash flows to investors of the firm $(6,500)13. a. The interest expense for the company is the amount of debt times the interest rate on the debt.So, the income statement for the company is:Income StatementSales $1,060,000Cost of goods sold 525,000Selling costs 215,000Depreciation 130,000EBIT $190,000Interest 56,000Taxable income $134,000Taxes 46,900Net income $ 87,100b. And the operating cash flow is:OCF = EBIT + Depreciation – TaxesOCF = $190,000 + 130,000 – 46,900OCF = $273,10014.To find the OCF, we first calculate net income.Income StatementSales $185,000Costs 98,000Depreciation 16,500Other expenses 6,700EBIT $63,800Interest 9,000Taxable income $54,800Taxes 19,180Net income $35,620Dividends $9,500Additions to RE $26,120a.OCF = EBIT + Depreciation – TaxesOCF = $63,800 + 16,500 – 19,180OCF = $61,120b.CFC = Interest – Net new LTDCFC = $9,000 – (–$7,100)CFC = $16,100Note that the net new long-term debt is negative because the company repaid part of its long-term debt.c.CFS = Dividends – Net new equityCFS = $9,500 – 7,550CFS = $1,950d.We know that CFA = CFC + CFS, so:CFA = $16,100 + 1,950 = $18,050CFA is also equal to OCF – Net capital spending – Change in NWC. We already know OCF.Net capital spending is equal to:Net capital spending = Increase in NFA + DepreciationNet capital spending = $26,100 + 16,500Net capital spending = $42,600Now we can use:CFA = OCF – Net capital spending – Change in NWC$18,050 = $61,120 – 42,600 – Change in NWC.Solving for the change in NWC gives $470, meaning the company increased its NWC by $470.15.The solution to this question works the income statement backwards. Starting at the bottom:Net income = Dividends + Addition to ret. earningsNet income = $1,570 + 4,900Net income = $6,470Now, looking at the income statement:EBT –(EBT × Tax rate) = Net incomeRecognize that EBT × tax rate is simply the calculation for taxes. Solving this for EBT yields:EBT = NI / (1– Tax rate)EBT = $6,470 / (1 – .35)EBT = $9,953.85Now we can calculate:EBIT = EBT + InterestEBIT = $9,953.85 + 1,840EBIT = $11,793.85The last step is to use:EBIT = Sales – Costs – Depreciation$11,793.85 = $41,000 – 26,400 – DepreciationDepreciation = $2,806.1516.The market value of shareholders’ equity cannot be negative. A negative market value in this casewould imply that the company would pay you to own the stock. The market value of shareholders’ equity can be stated as: Shareholders’ equity = Max [(TA – TL), 0]. So, if TA is $12,400, equity is equal to $1,500, and if TA is $9,600, equity is equal to $0. We should note here that while the market value of equity cannot be negative, the book value of share holders’ equity can be negative. 17. a. Taxes Growth = 0.15($50,000) + 0.25($25,000) + 0.34($86,000 – 75,000) = $17,490Taxes Income = 0.15($50,000) + 0.25($25,000) + 0.34($25,000) + 0.39($235,000)+ 0.34($8,600,000 – 335,000)= $2,924,000b. Each firm has a marginal tax rate of 34% on the next $10,000 of taxable income, despite theirdifferent average tax rates, so both firms will pay an additional $3,400 in taxes.18.Income StatementSales $630,000COGS 470,000A&S expenses 95,000Depreciation 140,000EBIT ($75,000)Interest 70,000Taxable income ($145,000)Taxes (35%) 0/doc/a95a227710a6f524cdbf8525.ht ml income ($145,000)b.OCF = EBIT + Depreciation – TaxesOCF = ($75,000) + 140,000 – 0OCF = $65,000/doc/a95a227710a6f524cdbf8525.ht ml income was negative because of the tax deductibility of depreciation and interest expense.However, the actual cash flow from operations was positive because depreciation is a non-cash expense and interest is a financing expense, not an operating expense.19. A firm can still pay out dividends if net income is negative; it just has to be sure there is sufficientcash flow to make the dividend payments.Change in NWC = Net capital spending = Net new equity = 0. (Given)Cash flow from assets = OCF – Change in NWC – Net capitalspendingCash flow from assets = $65,000 – 0 – 0 = $65,000Cash flow to stockholders = Dividends – Net new equityCash flow to stockholders = $34,000 – 0 = $34,000Cash flow to creditors = Cash flow from assets – Cash flow to stockholdersCash flow to creditors = $65,000 – 34,000Cash flow to creditors = $31,000Cash flow to creditors is also:Cash flow to creditors = Interest – Net new LTDSo:Net new LTD = Interest – Cash flow to creditorsNet new LTD = $70,000 – 31,000Net new LTD = $39,00020. a.The income statement is:Income StatementSales $19,900Cost of good sold 14,200Depreciation 2,700EBIT $ 3,000Interest 670Taxable income $ 2,330Taxes 932Net income $1,398b.OCF = EBIT + Depreciation – TaxesOCF = $3,000 + 2,700 – 932OCF = $4,768c.Change in NWC = NWC end– NWC beg= (CA end– CL end) – (CA beg– CL beg)= ($5,135 – 2,535) – ($4,420 – 2,470)= $2,600 – 1,950 = $650Net capital spending = NFA end– NFA beg + Depreciation = $16,770 – 15,340 + 2,700= $4,130CFA = OCF – Change in NWC – Net capital spending= $4,768 – 650 – 4,130= –$12The cash flow from assets can be positive or negative, since it represents whether the firm raised funds or distributed funds on a net basis. In this problem, even though net income and OCF are positive, the firm invested heavily in both fixed assets and net working capital; it had to raise a net $12 in funds from its stockholders and creditors to make these investments.d.Cash flow to creditors = Interest – Net new LTD= $670 – 0= $670Cash flow to stockholders = Cash flow from assets – Cash flow to creditors= –$12 – 670= –$682We can also calculate the cash flow to stockholders as:Cash flow to stockholders = Dividends – Net new equitySolving for net new equity, we get:Net new equity = $650 – (–682)= $1,332The firm had positive earnings in an accounting sense (NI > 0) and had positive cash flow from operations. The firm invested $650 in new net working capital and $4,130 in new fixed assets.The firm had to raise $12 from its stakeholders to support this new investment. It accomplished this by raising $1,332 in theform of new equity. After paying out $650 of this in the form of dividends to shareholders and $670 in the form of interest to creditors, $12 was left to meet the firm’s cash flow needs for investment.21. a.Total assets 2011 = $936 + 4,176 = $5,112Total liabilities 2011 = $382 + 2,160 = $2,542Owners’ equity 2011 = $5,112 – 2,542 = $2,570Total assets 2012 = $1,015 + 4,896 = $5,911Total liabilities 2012 = $416 + 2,477 = $2,893Owners’ equity 2012 = $5,911 – 2,893 = $3,018b.NWC 2011 = CA11 – CL11 = $936 – 382 = $554NWC 2012 = CA12 – CL12 = $1,015 – 416 = $599Change in NWC = NWC12 – NWC11 = $599 – 554 = $45c.We can calculate net capital spending as:Net capital spending = Net fixed assets 2012 –Net fixed assets 2011 + DepreciationNet capital spending = $4,896 – 4,176 + 1,150Net capital spending = $1,870So, the company had a net capital spending cash flow of $1,870. We also know that net capital spending is:Net capital spending = Fixed assets bought –Fixed assets sold$1,870 = $2,160 – Fixed assets soldFixed assets sold = $2,160 – 1,870 = $290To calculate the cash flow from assets, we must first calculate the operating cash flow. The operating cash flow is calculated as follows (you can also prepare a traditional income statement): EBIT = Sales – Costs – DepreciationEBIT = $12,380 – 5,776 – 1,150EBIT = $5,454EBT = EBIT – InterestEBT = $5,454 – 314EBT = $5,140Taxes = EBT ? .40Taxes = $5,140 ? .40Taxes = $2,056OCF = EBIT + Depreciation – TaxesOCF = $5,454 + 1,150 – 2,056OCF = $4,548Cash flow from assets = OCF – Change in NWC – Net capital spending.Cash flow from assets = $4,548 – 45 – 1,870Cash flow from assets = $2,633/doc/a95a227710a6f524cdbf8525.ht ml new borrowing = LTD12 – LTD11Net new borrowing = $2,477 – 2,160Net new borrowing = $317Cash flow to creditors = Interest – Net new LTDCash flow to creditors = $314 – 317Cash flow to creditors = –$3Net new borrowing = $317 = Debt issued – Debt retiredDebt retired = $432 – 317 = $11522.Balance sheet as of Dec. 31, 2011Cash $4,109 Accounts payable $4,316 Accounts receivable 5,439 Notes payable 794 Inventory 9,670 Current liabilities $5,110 Current assets $19,218Long-term debt $13,460 Net fixed assets $34,455 Owners' equity 35,103 Total assets $53,673 Total liab. & equity $53,673 Balance sheet as of Dec. 31, 2012Cash $5,203 Accounts payable $4,185Accounts receivable 6,127 Notes payable 746Inventory 9,938 Current liabilities $4,931Current assets $21,268Long-term debt $16,050 Net fixed assets $35,277 Owners' equity 35,564Total assets Total liab. & equity2011 Income Statement 2012 Income Statement Sales $7,835.00Sales $8,409.00 COGS 2,696.00COGS 3,060.00 Other expenses 639.00Other expenses 534.00 Depreciation 1,125.00Depreciation 1,126.00 EBIT $3,375.00EBIT $3,689.00 Interest 525.00Interest 603.00 EBT $2,850.00EBT $3,086.00 Taxes 969.00Taxes 1,049.24 Net income $1,881.00Net income $2,036.76 Dividends $956.00Dividends $1,051.00 Additions to RE 925.00Additions to RE 985.76 23.OCF = EBIT + Depreciation –TaxesOCF = $3,689 + 1,126 – 1,049.24OCF = $3,765.76Change in NWC = NWC end– NWC beg = (CA – CL) end– (CA – CL) begChange in NWC = ($21,268 – 4,931) – ($19,218 – 5,110)Change in NWC = $2,229Net capital spending = NFA end– NFA beg+ DepreciationNet capital spending = $35,277 – 34,455 + 1,126Net capital spending = $1,948Cash flow from assets = OCF – Change in NWC – Net capital spendingCash flow from assets = $3,765.76 – 2,229 – 1,948Cash flow from assets = –$411.24Cash flow to creditors = Interest – Net new LTDNet new LTD = LTD end– LTD begCash flow to creditors = $603 – ($16,050 – 13,460)Cash flow to creditors = –$1,987Net new equity = Common stock end– Common stock beg Common stock + Retained earnings = Total owners’ equity Net new equity = (OE – RE) end– (OE – RE) begNet new equity = OE end– OE beg + RE beg– RE endRE end= RE beg+ Additions to RENet new equity = OE end–OE beg+ RE beg–(RE beg + Additions to RE)= OE end– OE beg– Additions to RENet new equity = $35,564 – 35,103 – 985.76 = –$524.76Cash flow to stockholders = Dividends – Net new equityCash flow to stockholders = $1,051– (–$524.76)Cash flow to stockholders = $1,575.76As a check, cash flow from assets is –$411.24Cash flow from assets = Cash flow from creditors + Cash flow to stockholdersCash flow from assets = –$1,987 + 1,575.76Cash flow from assets = –$411.24Challenge24.We will begin by calculating the operating cash flow. First, we need the EBIT, which can becalculated as:EBIT = Net income + Current taxes + Deferred taxes + InterestEBIT = $173 + 98 + 19 + 48EBIT = $338Now we can calculate the operating cash flow as:Operating cash flowEarnings before interest and taxes $338Depreciation 94Current taxes (98)Operating cash flow $334The cash flow from assets is found in the investing activities portion of the accounting statement of cash flows, so: Cash flow from assetsAcquisition of fixed assets $215Sale of fixed assets (23)Capital spending $192The net working capital cash flows are all found in the operations cash flow section of the accounting statement of cash flows. However, instead of calculating the net working capital cash flows as the change in net working capital, we must calculate each item individually. Doing so, we find:Net working capital cash flowCash $14Accounts receivable 18Inventories (22)Accounts payable (17)Accrued expenses 9Notes payable (6)Other (3)NWC cash flow ($7)Except for the interest expense and notes payable, the cash flow to creditors is found in the financing activities of the accounting statement of cash flows. The interest expense from the income statement is given, so:Cash flow to creditorsInterest $48Retirement of debt 162Debt service $210Proceeds from sale of long-term debt (116)Total $94And we can find the cash flow to stockholders in the financing section of the accounting statement of cash flows. The cash flow to stockholders was:Cash flow to stockholdersDividends $ 86Repurchase of stock 13Cash to stockholders $ 99Proceeds from new stock issue (44)Total $ 55/doc/a95a227710a6f524cdbf8525.ht ml capital spending = NFA end– NFA beg + Depreciation = (NFA end– NFA beg) + (Depreciation + AD beg) – AD beg = (NFA end– NFA beg)+ AD end– AD beg= (NFA end + AD end) – (NFA beg + AD beg) = FA end– FA beg26. a.The tax bubble causes average tax rates to catch up to marginal tax rates, thus eliminating thetax advantage of low marginal rates for high income corporations.b.Assuming a taxable income of $335,000, the taxes will be:Taxes = 0.15($50K) + 0.25($25K) + 0.34($25K) + 0.39($235K) = $113.9KAverage tax rate = $113.9K / $335K = 34%The marginal tax rate on the next dollar of income is 34 percent.For corporate taxable income levels of $335K to $10M,average tax rates are equal to marginal tax rates.Taxes = 0.34($10M) + 0.35($5M) + 0.38($3.333M) = $6,416,667Average tax rate = $6,416,667 / $18,333,334 = 35%The marginal tax rate on the next dollar of income is 35 percent. For corporate taxable income levels over $18,333,334, average tax rates are again equal to marginal tax rates.c.Taxes = 0.34($200K) = $68K = 0.15($50K) + 0.25($25K) +0.34($25K) + X($100K);X($100K) = $68K – 22.25K = $45.75KX = $45.75K / $100KX = 45.75%。

Principles of Corporate Finance 10th Edition homework answers公司财务原理第十版答案1

1 1 PV C t r r (1 r) 1 1 $2,000,000 C 15 0.08 0.08 (1.08) 1 1 $233,659 C $2,000,000 0.08 0.08 (1.08)15
NPV $370,000 $200,000 $420,000 $30,000 1.05 (1.05)2
at 10% NPV $370,000
$200,000 420,000 -$4,710.74 1.10 (1.10)2 $200,000 420,000 $35,028.36 1.15 (1.15)2
1 1 PV $1 billion $10.203 billion (0.077)(20 ) 0.077 0.077 e
This result is greater than the answer in Part (c) because the endowment is now earning interest during the entire year.
at 5%
NPV $370,000
35000 30000 25000 坐标轴标题 20000 15000 10000 5000 0 -5000 -10000 5% 10% 坐标轴标题 15% 系列2
25.
a. b. c. d.
PV = $1 billion/0.08 = $12.5 billion PV = $1 billion/(0.08 – 0.04) = $25.0 billion
(Let NPV=0, we can find that r=9.30%)
40000 30000 20000 坐标轴标题 10000 0 -10000 -20000 -30000 -40000 坐标轴标题 5% 10% 15% 系列2

公司金融习题及答案

公司财务模拟试题1.MAC 公司现有留存收益500万元，公司对外发行普通股的每股市价为40元，当前的每股收益3.2元，预计以后每股收益年增长率为8%，股利支付率为25%保持不变。

要求：（1）计算预计第一年年末将发放的每股股利；（2）计算留存收益率的资本成本。

（1）预计第1年年末将发放的每股股利：每股股利=3.2×（1+8%）×25%=0.864（元）（2）留存收益的资本成本（r e ）：%16.10%8400.864e =+=r 2.某公司目前的资本来源状况如下：债务资本的主要项目是公司债券，该债券的票面利率为8%，每年付息一次，10年后到期，每张债券面值1000元，当前市价964元，共发行100万张；股权资本的主要项目是普通股，流通在外的普通股共10000万股，每股面值1元，市价28.5元，β系数1.5。

当前的无风险收益率4.5%，预期市场风险溢价为5%。

公司的所得税税率为25%。

要求：（1）分别计算债务和股权的资本成本；（2）以市场价值为标准，计算加权平均资本成本。

（1）债券资本成本（r b ）：10101)1(0001)1(%)251(%80001964b t t b r r +++-⨯⨯=∑=即：)10,(0001)10,(%)251(%80001964b b r PVIF r PVIFA ⨯+⨯-⨯⨯= 采用插值法逐步测试解得：r b =6.50%股权资本成本（r s ）：r s =4.5%+1.5×5%=12% （2）%250001028.5100964100964=⨯+⨯⨯=债券市场价值权数%750001028.51009640001028.5=⨯+⨯⨯=股票市场价值权数加权平均资本成本=6.50%×25% +12%×75%=10.62%3.某企业产权比率为0.6,税前债券成本为15.15%,权益成本为20%,所得税率为34%,该企业加权平均资本成本为（）产权比例的概念产权比率又叫债务股权比率，是负债总额与股东权益总额之比率。

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业务本身盈利不高，但是为了把CSI 留在这个行业中，城市委员会（MDC ）同意支付任何必要的补贴，是CSI 的账面股权收益率能够达到10%。

预期年末CSI 将支付每股4美元的股利，再投资比例为40%，增长率为4%。

因此，CSI 要在未来五年中逐步扩建工厂。

这就意味着在未来的五年中，CSI 必须要将80%的盈利进行再投资。

从第六年开始，它将能够恢复60%的股利支付率。

MDC 的计划一宣布，以及随后对CSI 的影响公布后，CSI 的股价将是多少？24.a. Here we can apply the standard growing perpetuity formula with DIV 1 = $4, g = 0.04 and P 0 = $100:8.0%.080.040$100$4g P DIV r 01==+=+=The $4 dividend is 60 percent of earnings. Thus:EPS 1 = 4/0.6 = $6.67Also:PVGO rEPS P 10+=PVGO 0.08$6.67$100+=PVGO = $16.63b.DIV 1 will decrease to: 0.20 ⨯ 6.67 = $1.33However, by plowing back 80 percent of earnings, CSI will grow by 8 percent per year for five years. Thus: Year 1 2 3 4 5 6 7, 8 . . . DIV t1.33 1.44 1.55 1.68 1.81 5.88 Continued growth at EPS t6.677.207.788.409.079.804 percentNote that DIV 6 increases sharply as the firm switches back to a 60 percent payout policy. Forecasted stock price in year 5 is:$147.0400.085.88g r DIV P 65=-=-=Therefore, CSI’s stock price will increase to:$106.211.081471.811.081.681.081.551.081.441.081.33P 54320=+++++=第9章6．可分散风险很多投资项目都有可分散风险。

“可分散”在这里的含义是什么？项目的估值应该如何考虑可分散风险？应该完全忽略可分散风险吗？6.可分散风险是指与公司、行业或投资相关的风险。

这是一个固有的风险也称为非系统性风险。

投资者可以通过不同的投资来分散这种风险风险较小的证券。

许多投资项目都暴露在多种风险之下，意味着投资的风险项目可以减少。

项目价值评估的目的并没有充分考虑可分散的风险。

它不应该完全被企业忽视，因为它是一个影响项目的风险。

它没有被记录下来计算一个项目所需的回报率或资本成本。

换句话说，如果风险是分散的，项目的资本成本不会改变。

而计算所需的收益率，考虑系统的风险度量，即beta 。

9．判断正误 a ．公司资本成本对所有项目来说，都是正确的贴现率，因为有些项目的高风险可以被其他项目的低风险所抵消。

（False ）b ．较迟发生的现金流比近期发生的现金流风险高，因此，长期项目需要更高的风险调整贴现率。

(False)c ．与快速收益项目相比，在贴现率中加入修正因素低估长期项目。

(True)11．资本成本奥克弗洛基房地产公司的普通股总市值为6百万美元，其负债总价值为4百万美元。

公司财务主管估计，目前股票贝塔为1.5，预期市场风险溢价为4%(6%?)，国库券利率为4%。

假设为简化起见，奥克弗洛基的负债无风险，公司不需要纳税。

a ．公司股票要求的收益率是多少？b ．估计公司资本成本c ．公司当前业务拓展项目的贴现率是多少？d ．假设公司想进行多样化，生产玫瑰色眼镜，无负债光学制造商的贝塔为1.2。

估计奥克弗洛基新项目的要求收益率。

11. a.r equity = r f + β ⨯ (r m – r f ) = 0.04 + (1.5 ⨯ 0.06) = 0.13 = 13%b. ⎪⎭⎫ ⎝⎛⨯+⎪⎭⎫ ⎝⎛⨯=+=0.13$10million $6million 0.04$10million $4million r V E r V D r equity debt assetsrassets = 0.094 = 9.4%c. 资金成本取决于被评估项目的风险。

如果项目的风险类似于公司其他资产的风险，那么合适的回报率就是公司的资本成本。

在这里，适当的贴现率是9.4%。

d.r equity = r f + β ⨯ (r m – r f ) = 0.04 + (1.2 ⨯ 0.06) = 0.112 = 11.2%⎪⎭⎫ ⎝⎛⨯+⎪⎭⎫ ⎝⎛⨯=+=0.112$10million $6million 0.04$10million $4million r V E r V D r equity debt assetsr assets = 0.0832 = 8.32%16．资产贝塔什么类型的公司需要估计行业资产贝塔？如何估计？描述具体步骤。

从事投资组合的金融分析师或投资者可能会使用行业betas 。

为了计算行业beta ，我们将构建一系列行业投资组合，并评估该组合产生的回报与历史市场走势之间的关系。

第10章14．敏感性分析Rustic Welt 公司正在考虑用更现代的设备取代老式贴边机。

新设备的成本9百万美元（已有老设备无残值）。

新机器的好处是预期会使单位生产成本从8美元降为4美元。

但是，如下表所示，在未来的销售量、新机器的性能方面存在某些不确定性：（P213）假设贴现率为12%，公司不需要纳税。

对设备更换决策进行敏感性分析。

14.If Rustic replaces now rather than in one year, several things happen: i. It incurs the equivalent annual cost of the $9 million capital investment. ii. It reduces manufacturing costs.For example, for the “Expected” case, analyzing “Sales” we have (all dollar figures in millions):i.The economic life of the new machine is expected to be 10 years, so the equivalentannual cost of the new machine is:$9/5.6502 = $1.59ii.The reduction in manufacturing costs is:0.5 $4 = $2.00Thus, the equivalent annual cost savings is:–$1.59 + $2.00 = $0.41Continuing the analysis for the other cases, we find:Equivalent Annual Cost Savings (Millions)Pessimistic Expected OptimisticSales 0.01 0.41 1.21 Manufacturing Cost -0.59 0.41 0.91Economic Life 0.03 0.41 0.60第11章1．经济租金判断正误-HJ(P238 利润超出资本成本的部分就是经济租金)a．赚取到资本机会成本的公司，也在获取经济租金F(一个赚取资本的机会成本的公司正在赚取经济租金。

这种说法是错误的。

经济租金是指超过资本成本的利润。

这就意味着，额外的资本成本和高于资本的机会成本是众所周知的。

) b．投资正NPV项目的公司预期得到经济租金T(经济租金是指超过资本成本的利润。

一个积极的净现值收益风险可以在未来获得更多的利润。

这将带来额外的利润，被称为经济租金。

)c．财务经理应该尽力确定公司能够获得经济租金的领域，因为在这个领域才有可能发现NPV为正的项目T(财务经理应该设法确定他们的公司可以赚取经济租金的领域，因为很可能会发现正的npv项目。

这句话是正确的。

经济租金是指超过资本成本的利润。

能够赚取经济租金的风险投资肯定会导致正净现值的情况。

额外的利润是经济租金，只有积极的净现值投资才有可能。

)d．经济租金是经营性资本设备的等价年度成本F(经济租金是相当于营运资本设备的年成本。

这个声明是错误的。

经济租金是指超过资本成本的利润。

经济租金与运营资本设备成本无关。

)10．经济租金由于购买了一项关键专利，你公司现在是北美独家生产barkelgassers（BG）的厂家。

购买每年生产200 000BG的生产设备，需要立即发生资本支出25百万美元。

每单位BG的生产成本估计为65美元。

BG市场经理非常自信，所有200 000单位的BG都能够以每单位100美元的价格售出，直到5年后专利到期。

之后，市场经理没有给出关于销售价格的线索。

BG项目的NPV是多少？假设实际资本成本为9%。

为了简单起见，还有以下假设：制造BG的技术不变。

资本成本和生产成本的实际价值不变。

●竞争对手了解这项技术，专利一到期，就能够马上进入，也就是第六年●如果你公司立即投资，12个月后将满负荷生产，即第一年●没有税●BG生产设备将使用12年，使用期结束时无残值。

合理假设在第六年对手进入市场后，会迅速的让价格降低到经济租金为0，且资本成本9%为行业普遍的资本成本。

那么，从第六年开始，NPV为0.因题目中未提供通胀数据，方便起见，假设通胀通胀为0那么，也就是说，第1至第4年相对于9%资本成本的超额收益，减去建设周期周期中的资本成本，就是项目NPV第1至第4年超额收益为 200000 * （100 - 35）- 25000000 * 9% = 1075000折现到投资时刻=1075000/((1+9%)^2) +1075000/((1+9%)^3)+ 1075000/((1+9%)^4)+ 1075000/((1+9%)^5) = 3195137建设周期中资金成本 = 25000000 * 9% = 2250000折现到投资时刻 = 2250000 / (1+9%) = 2064220那么，项目 NPV = 3195137– 2064220 = 1130917第12章-HJ9．激励假设工厂和部门经理的报酬只有固定工资，没有其他激励或奖金。

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