公司理财罗斯英文原书第九版第十二章
Cha04 罗斯公司理财第九版原版书课后习题
The present value of the four new outlets is only $954,316.78. The outlets are worth less than they cost. The Trojan Pizza Company should not make the investment because the NPV is –$45,683.22. If the Trojan Pizza Company requires a 15 percent rate of return, the new outlets are not a good investment.SPREADSHEET APPLICATIONSHow to Calculate Present Values with Multiple Future Cash Flows Using a SpreadsheetWe can set up a basic spreadsheet to calculate the present values of the individual cash flows as follows. Notice that we have simply calculated the present values one at a time and added them up:Summary and Conclusions1. Two basic concepts, future value and present value, were introduced in the beginning of thischapter. With a 10 percent interest rate, an investor with $1 today can generate a future value of $1.10 in a year, $1.21 [=$1 × (1.10)2] in two years, and so on. Conversely, present value analysis places a current value on a future cash flow. With the same 10 percent interest rate, a dollar to be received in one year has a present value of $.909 (=$1/1.10) in year 0. A dollar to be received in two years has a present value of $.826 [=$1/(1.10)2].2. We commonly express an interest rate as, say, 12 percent per year. However, we can speak ofthe interest rate as 3 percent per quarter. Although the stated annual interest rate remains 12 percent (=3 percent × 4), the effective annual interest rate is 12.55 percent [=(1.03)4 – 1]. In other words, the compounding process increases the future value of an investment. The limiting case is continuous compounding, where funds are assumed to be reinvested every infinitesimal instant.3. A basic quantitative technique for financial decision making is net present value analysis. Thenet present value formula for an investment that generates cash flows (C i) in future periods is:The formula assumes that the cash flow at date 0 is the initial investment (a cash outflow).4. Frequently, the actual calculation of present value is long and tedious. The computation of thepresent value of a long-term mortgage with monthly payments is a good example of this. We presented four simplifying formulas:5. We stressed a few practical considerations in the application of these formulas:1. The numerator in each of the formulas, C, is the cash flow to be received one full periodhence.2. Cash flows are generally irregular in practice. To avoid unwieldy problems, assumptions tocreate more regular cash flows are made both in this textbook and in the real world.3. A number of present value problems involve annuities (or perpetuities) beginning a fewperiods hence. Students should practice combining the annuity (or perpetuity) formula withthe discounting formula to solve these problems.4. Annuities and perpetuities may have periods of every two or every n years, rather thanonce a year. The annuity and perpetuity formulas can easily handle such circumstances.5. We frequently encounter problems where the present value of one annuity must beequated with the present value of another annuity.Concept Questions1. Compounding and Period As you increase the length of time involved, what happens tofuture values? What happens to present values?2. Interest Rates What happens to the future value of an annuity if you increase the rate r?What happens to the present value?3. Present Value Suppose two athletes sign 10-year contracts for $80 million. In one case, we’retold that the $80 million will be paid in 10 equal installments. In the other case, we’re told that the $80 million will be paid in 10 installments, but the installments will increase by 5 percent per year.Who got the better deal?4. APR and EAR Should lending laws be changed to require lenders to report EARs instead ofAPRs? Why or why not?5. Time Value On subsidized Stafford loans, a common source of financial aid for collegestudents, interest does not begin to accrue until repayment begins. Who receives a bigger subsidy,a freshman or a senior? Explain.Use the following information to answer the next five questions:Toyota Motor Credit Corporation (TMCC), a subsidiary of Toyota Motor Corporation, offered some securities for sale to the public on March 28, 2008. Under the terms of the deal, TMCC promised to repay the owner of one of these securities $100,000 on March 28, 2038, but investors would receive nothing until then. Investors paid TMCC $24,099 for each of these securities; so they gave up $24,099 on March 28, 2008, for the promise of a $100,000 payment 30 years later.6. Time Value of Money Why would TMCC be willing to accept such a small amount today($24,099) in exchange for a promise to repay about four times that amount ($100,000) in the future?7. Call Provisions TMCC has the right to buy back the securities on the anniversary date at aprice established when the securities were issued (this feature is a term of this particular deal).What impact does this feature have on the desirability of this security as an investment?8. Time Value of Money Would you be willing to pay $24,099 today in exchange for $100,000 in30 years? What would be the key considerations in answering yes or no? Would your answerdepend on who is making the promise to repay?9. Investment Comparison Suppose that when TMCC offered the security for $24,099 the U.S.Treasury had offered an essentially identical security. Do you think it would have had a higher or lower price? Why?10. Length of Investment The TMCC security is bought and sold on the New York StockExchange. If you looked at the price today, do you think the price would exceed the $24,099 original price? Why? If you looked in the year 2019, do you think the price would be higher or lower than today’s price? Why?Questions and Problems: connect™BASIC (Questions 1–20)1. Simple Interest versus Compound Interest First City Bank pays 9 percent simple intereston its savings account balances, whereas Second City Bank pays 9 percent interest compounded annually. If you made a $5,000 deposit in each bank, how much more money would you earn from your Second City Bank account at the end of 10 years?2. Calculating Future Values Compute the future value of $1,000 compounded annually for1. 10 years at 6 percent.2. 10 years at 9 percent.3. 20 years at 6 percent.4. Why is the interest earned in part (c) not twice the amount earned in part (a)?3. Calculating Present Values For each of the following, compute the present value:4. Calculating Interest Rates Solve for the unknown interest rate in each of the following:5. Calculating the Number of Periods Solve for the unknown number of years in each of thefollowing:6. Calculating the Number of Periods At 9 percent interest, how long does it take to doubleyour money? To quadruple it?7. Calculating Present Values Imprudential, Inc., has an unfunded pension liability of $750million that must be paid in 20 years. To assess the value of the firm’s stock, financial analysts want to discount this liability back to the present. If the relevant discount rate is 8.2 percent, what is the present value of this liability?8. Calculating Rates of Return Although appealing to more refined tastes, art as a collectiblehas not always performed so profitably. During 2003, Sotheby’s sold the Edgar Degas bronze sculpture Petite Danseuse de Quartorze Ans at auction for a price of $10,311,500. Unfortunately for the previous owner, he had purchased it in 1999 at a price of $12,377,500. What was his annual rate of return on this sculpture?9. Perpetuities An investor purchasing a British consol is entitled to receive annual paymentsfrom the British government forever. What is the price of a consol that pays $120 annually if the next payment occurs one year from today? The market interest rate is 5.7 percent.10. Continuous Compounding Compute the future value of $1,900 continuously compounded for1. 5 years at a stated annual interest rate of 12 percent.2. 3 years at a stated annual interest rate of 10 percent.3. 10 years at a stated annual interest rate of 5 percent.4. 8 years at a stated annual interest rate of 7 percent.11. Present Value and Multiple Cash Flows Conoly Co. has identified an investment projectwith the following cash flows. If the discount rate is 10 percent, what is the present value of these cash flows? What is the present value at 18 percent? At 24 percent?12. Present Value and Multiple Cash Flows Investment X offers to pay you $5,500 per year fornine years, whereas Investment Y offers to pay you $8,000 per year for five years. Which of these cash flow streams has the higher present value if the discount rate is 5 percent? If the discount rate is 22 percent?13. Calculating Annuity Present Value An investment offers $4,300 per year for 15 years, withthe first payment occurring one year from now. If the required return is 9 percent, what is the value of the investment? What would the value be if the payments occurred for 40 years? For 75 years? Forever?14. Calculating Perpetuity Values The Perpetual Life Insurance Co. is trying to sell you aninvestment policy that will pay you and your heirs $20,000 per year forever. If the required return on this investment is 6.5 percent, how much will you pay for the policy? Suppose the Perpetual Life Insurance Co. told you the policy costs $340,000. At what interest rate would this be a fair deal? 15. Calculating EAR Find the EAR in each of the following cases:16. Calculating APR Find the APR, or stated rate, in each of the following cases:17. Calculating EAR First National Bank charges 10.1 percent compounded monthly on itsbusiness loans. First United Bank charges 10.4 percent compounded semiannually. As a potential borrower, to which bank would you go for a new loan?18. Interest Rates Well-known financial writer Andrew Tobias argues that he can earn 177percent per year buying wine by the case. Specifically, he assumes that he will consume one $10 bottle of fine Bordeaux per week for the next 12 weeks. He can either pay $10 per week or buy a case of 12 bottles today. If he buys the case, he receives a 10 percent discount and, by doing so, earns the 177 percent. Assume he buys the wine and consumes the first bottle today. Do you agree with his analysis? Do you see a problem with his numbers?19. Calculating Number of Periods One of your customers is delinquent on his accounts payablebalance. You’ve mutually agreed to a repayment schedule of $600 per month. You will charge .9 percent per month interest on the overdue balance. If the current balance is $18,400, how long will it take for the account to be paid off?20. Calculating EAR Friendly’s Quick Loans, Inc., offers you “three for four or I knock on yourdoor.” This means you get $3 today and repay $4 when you get your paycheck in one week (orelse). What’s the effective annual return Friendly’s earns on this lending business? If you were brave enough to ask, what APR would Friendly’s say you were paying?INTERMEDIATE (Questions 21–50)21. Future Value What is the future value in seven years of $1,000 invested in an account with astated annual interest rate of 8 percent,1. Compounded annually?2. Compounded semiannually?3. Compounded monthly?4. Compounded continuously?5. Why does the future value increase as the compounding period shortens?22. Simple Interest versus Compound Interest First Simple Bank pays 6 percent simpleinterest on its investment accounts. If First Complex Bank pays interest on its accounts compounded annually, what rate should the bank set if it wants to match First Simple Bank over an investment horizon of 10 years?23. Calculating Annuities You are planning to save for retirement over the next 30 years. To dothis, you will invest $700 a month in a stock account and $300 a month in a bond account. The return of the stock account is expected to be 10 percent, and the bond account will pay 6 percent.When you retire, you will combine your money into an account with an 8 percent return. How much can you withdraw each month from your account assuming a 25-year withdrawal period?24. Calculating Rates of Return Suppose an investment offers to quadruple your money in 12months (don’t believe it). What rate of return per quarter are you being offered?25. Calculating Rates of Return You’re trying to choose between two different investments, bothof which have up-front costs of $75,000. Investment G returns $135,000 in six years. Investment H returns $195,000 in 10 years. Which of these investments has the higher return?26. Growing Perpetuities Mark Weinstein has been working on an advanced technology in lasereye surgery. His technology will be available in the near term. He anticipates his first annual cash flow from the technology to be $215,000, received two years from today. Subsequent annual cash flows will grow at 4 percent in perpetuity. What is the present value of the technology if the discount rate is 10 percent?27. Perpetuities A prestigious investment bank designed a new security that pays a quarterlydividend of $5 in perpetuity. The first dividend occurs one quarter from today. What is the price of the security if the stated annual interest rate is 7 percent, compounded quarterly?28. Annuity Present Values What is the present value of an annuity of $5,000 per year, with thefirst cash flow received three years from today and the last one received 25 years from today? Usea discount rate of 8 percent.29. Annuity Present Values What is the value today of a 15-year annuity that pays $750 a year?The annuity’s first payment occurs six years from today. The annual interest rate is 12 percent for years 1 through 5, and 15 percent thereafter.30. Balloon Payments Audrey Sanborn has just arranged to purchase a $450,000 vacation homein the Bahamas with a 20 percent down payment. The mortgage has a 7.5 percent stated annualinterest rate, compounded monthly, and calls for equal monthly payments over the next 30 years.Her first payment will be due one month from now. However, the mortgage has an eight-year balloon payment, meaning that the balance of the loan must be paid off at the end of year 8. There were no other transaction costs or finance charges. How much will Audrey’s balloon payment be in eight years?31. Calculating Interest Expense You receive a credit card application from Shady BanksSavings and Loan offering an introductory rate of 2.40 percent per year, compounded monthly for the first six months, increasing thereafter to 18 percent compounded monthly. Assuming you transfer the $6,000 balance from your existing credit card and make no subsequent payments, how much interest will you owe at the end of the first year?32. Perpetuities Barrett Pharmaceuticals is considering a drug project that costs $150,000 todayand is expected to generate end-of-year annual cash flows of $13,000, forever. At what discount rate would Barrett be indifferent between accepting or rejecting the project?33. Growing Annuity Southern California Publishing Company is trying to decide whether to reviseits popular textbook, Financial Psychoanalysis Made Simple. The company has estimated that the revision will cost $65,000. Cash flows from increased sales will be $18,000 the first year. These cash flows will increase by 4 percent per year. The book will go out of print five years from now.Assume that the initial cost is paid now and revenues are received at the end of each year. If the company requires an 11 percent return for such an investment, should it undertake the revision? 34. Growing Annuity Your job pays you only once a year for all the work you did over theprevious 12 months. Today, December 31, you just received your salary of $60,000, and you plan to spend all of it. However, you want to start saving for retirement beginning next year. You have decided that one year from today you will begin depositing 5 percent of your annual salary in an account that will earn 9 percent per year. Your salary will increase at 4 percent per year throughout your career. How much money will you have on the date of your retirement 40 years from today?35. Present Value and Interest Rates What is the relationship between the value of an annuityand the level of interest rates? Suppose you just bought a 12-year annuity of $7,500 per year at the current interest rate of 10 percent per year. What happens to the value of your investment if interest rates suddenly drop to 5 percent? What if interest rates suddenly rise to 15 percent?36. Calculating the Number of Payments You’re prepared to make monthly payments of $250,beginning at the end of this month, into an account that pays 10 percent interest compounded monthly. How many payments will you have made when your account balance reaches $30,000? 37. Calculating Annuity Present Values You want to borrow $80,000 from your local bank tobuy a new sailboat. You can afford to make monthly payments of $1,650, but no more. Assuming monthly compounding, what is the highest APR you can afford on a 60-month loan?38. Calculating Loan Payments You need a 30-year, fixed-rate mortgage to buy a new home for$250,000. Your mortgage bank will lend you the money at a 6.8 percent APR for this 360-month loan. However, you can only afford monthly payments of $1,200, so you offer to pay off any remaining loan balance at the end of the loan in the form of a single balloon payment. How large will this balloon payment have to be for you to keep your monthly payments at $1,200?39. Present and Future Values The present value of the following cash flow stream is $6,453when discounted at 10 percent annually. What is the value of the missing cash flow?40. Calculating Present Values You just won the TVM Lottery. You will receive $1 million todayplus another 10 annual payments that increase by $350,000 per year. Thus, in one year you receive $1.35 million. In two years, you get $1.7 million, and so on. If the appropriate interest rate is 9 percent, what is the present value of your winnings?41. EAR versus APR You have just purchased a new warehouse. To finance the purchase, you’vearranged for a 30-year mortgage for 80 percent of the $2,600,000 purchase price. The monthly payment on this loan will be $14,000. What is the APR on this loan? The EAR?42. Present Value and Break-Even Interest Consider a firm with a contract to sell an asset for$135,000 three years from now. The asset costs $96,000 to produce today. Given a relevant discount rate on this asset of 13 percent per year, will the firm make a profit on this asset? At what rate does the firm just break even?43. Present Value and Multiple Cash Flows What is the present value of $4,000 per year, at adiscount rate of 7 percent, if the first payment is received 9 years from now and the last payment is received 25 years from now?44. Variable Interest Rates A 15-year annuity pays $1,500 per month, and payments are madeat the end of each month. If the interest rate is 13 percent compounded monthly for the first seven years, and 9 percent compounded monthly thereafter, what is the present value of the annuity? 45. Comparing Cash Flow Streams You have your choice of two investment accounts.Investment A is a 15-year annuity that features end-of-month $1,200 payments and has an interest rate of 9.8 percent compounded monthly. Investment B is a 9 percent continuously compounded lump-sum investment, also good for 15 years. How much money would you need to invest in B today for it to be worth as much as Investment A 15 years from now?46. Calculating Present Value of a Perpetuity Given an interest rate of 7.3 percent per year,what is the value at date t = 7 of a perpetual stream of $2,100 annual payments that begins at date t = 15?47. Calculating EAR A local finance company quotes a 15 percent interest rate on one-year loans.So, if you borrow $26,000, the interest for the year will be $3,900. Because you must repay a total of $29,900 in one year, the finance company requires you to pay $29,900/12, or $2,491.67, per month over the next 12 months. Is this a 15 percent loan? What rate would legally have to be quoted? What is the effective annual rate?48. Calculating Present Values A 5-year annuity of ten $4,500 semiannual payments will begin 9years from now, with the first payment coming 9.5 years from now. If the discount rate is 12 percent compounded monthly, what is the value of this annuity five years from now? What is the value three years from now? What is the current value of the annuity?49. Calculating Annuities Due Suppose you are going to receive $10,000 per year for five years.The appropriate interest rate is 11 percent.1. What is the present value of the payments if they are in the form of an ordinary annuity?What is the present value if the payments are an annuity due?2. Suppose you plan to invest the payments for five years. What is the future value if thepayments are an ordinary annuity? What if the payments are an annuity due?3. Which has the highest present value, the ordinary annuity or annuity due? Which has thehighest future value? Will this always be true?50. Calculating Annuities Due You want to buy a new sports car from Muscle Motors for$65,000. The contract is in the form of a 48-month annuity due at a 6.45 percent APR. What will your monthly payment be?CHALLENGE (Questions 51–76)51. Calculating Annuities Due You want to lease a set of golf clubs from Pings Ltd. The leasecontract is in the form of 24 equal monthly payments at a 10.4 percent stated annual interest rate, compounded monthly. Because the clubs cost $3,500 retail, Pings wants the PV of the lease payments to equal $3,500. Suppose that your first payment is due immediately. What will your monthly lease payments be?52. Annuities You are saving for the college education of your two children. They are two yearsapart in age; one will begin college 15 years from today and the other will begin 17 years from today. You estimate your children’s college expenses to be $35,000 per year per child, payable at the beginning of each school year. The annual interest rate is 8.5 percent. How much money must you deposit in an account each year to fund your children’s education? Your deposits begin one year from today. You will make your last deposit when your oldest child enters college. Assume four years of college.53. Growing Annuities Tom Adams has received a job offer from a large investment bank as aclerk to an associate banker. His base salary will be $45,000. He will receive his first annual salary payment one year from the day he begins to work. In addition, he will get an immediate $10,000 bonus for joining the company. His salary will grow at 3.5 percent each year. Each year he will receive a bonus equal to 10 percent of his salary. Mr. Adams is expected to work for 25 years.What is the present value of the offer if the discount rate is 12 percent?54. Calculating Annuities You have recently won the super jackpot in the Washington StateLottery. On reading the fine print, you discover that you have the following two options:1. You will receive 31 annual payments of $175,000, with the first payment being deliveredtoday. The income will be taxed at a rate of 28 percent. Taxes will be withheld when the checks are issued.2. You will receive $530,000 now, and you will not have to pay taxes on this amount. Inaddition, beginning one year from today, you will receive $125,000 each year for 30 years.The cash flows from this annuity will be taxed at 28 percent.Using a discount rate of 10 percent, which option should you select?55. Calculating Growing Annuities You have 30 years left until retirement and want to retirewith $1.5 million. Your salary is paid annually, and you will receive $70,000 at the end of the current year. Your salary will increase at 3 percent per year, and you can earn a 10 percent return on the money you invest. If you save a constant percentage of your salary, what percentage of your salary must you save each year?56. Balloon Payments On September 1, 2007, Susan Chao bought a motorcycle for $25,000. Shepaid $1,000 down and financed the balance with a five-year loan at a stated annual interest rate of8.4 percent, compounded monthly. She started the monthly payments exactly one month after thepurchase (i.e., October 1, 2007). Two years later, at the end of October 2009, Susan got a new job and decided to pay off the loan. If the bank charges her a 1 percent prepayment penalty based on the loan balance, how much must she pay the bank on November 1, 2009?57. Calculating Annuity Values Bilbo Baggins wants to save money to meet three objectives.First, he would like to be able to retire 30 years from now with a retirement income of $20,000 per month for 20 years, with the first payment received 30 years and 1 month from now. Second, he would like to purchase a cabin in Rivendell in 10 years at an estimated cost of $320,000. Third, after he passes on at the end of the 20 years of withdrawals, he would like to leave an inheritance of $1,000,000 to his nephew Frodo. He can afford to save $1,900 per month for the next 10 years.If he can earn an 11 percent EAR before he retires and an 8 percent EAR after he retires, how much will he have to save each month in years 11 through 30?58. Calculating Annuity Values After deciding to buy a new car, you can either lease the car orpurchase it with a three-year loan. The car you wish to buy costs $38,000. The dealer has a special leasing arrangement where you pay $1 today and $520 per month for the next three years. If you purchase the car, you will pay it off in monthly payments over the next three years at an 8 percent APR. You believe that you will be able to sell the car for $26,000 in three years. Should you buy or lease the car? What break-even resale price in three years would make you indifferent between buying and leasing?59. Calculating Annuity Values An All-Pro defensive lineman is in contract negotiations. Theteam has offered the following salary structure:All salaries are to be paid in a lump sum. The player has asked you as his agent to renegotiate the terms. He wants a $9 million signing bonus payable today and a contract value increase of $750,000. He also wants an equal salary paid every three months, with the first paycheck three months from now. If the interest rate is 5 percent compounded daily, what is the amount of his quarterly check? Assume 365 days in a year.60. Discount Interest Loans This question illustrates what is known as discount interest. Imagineyou are discussing a loan with a somewhat unscrupulous lender. You want to borrow $20,000 for one year. The interest rate is 14 percent. You and the lender agree that the interest on the loan will be .14 × $20,000 = $2,800. So, the lender deducts this interest amount from the loan up front and gives you $17,200. In this case, we say that the discount is $2,800. What’s wrong here?61. Calculating Annuity Values You are serving on a jury. A plaintiff is suing the city for injuriessustained after a freak street sweeper accident. In the trial, doctors testified that it will be five years before the plaintiff is able to return to work. The jury has already decided in favor of the plaintiff. You are the foreperson of the jury and propose that the jury give the plaintiff an award to cover the following: (1) The present value of two years’ back pay. The plaintiff’s annual salary for the last two years would have been $42,000 and $45,000, respectively. (2) The present value of five years’ future salary. You assume the salary will be $49,000 per year. (3) $150,000 for pain and suffering. (4) $25,000 for court costs. Assume that the salary payments are equal amounts paid at the end of each month. If the interest rate you choose is a 9 percent EAR, what is the size of the settlement? If you were the plaintiff, would you like to see a higher or lower interest rate?62. Calculating EAR with Points You are looking at a one-year loan of $10,000. The interest rateis quoted as 9 percent plus three points. A point on a loan is simply 1 percent (one percentage point) of the loan amount. Quotes similar to this one are very common with home mortgages. The interest rate quotation in this example requires the borrower to pay three points to the lender up front and repay the loan later with 9 percent interest. What rate would you actually be paying here? What is the EAR for a one-year loan with a quoted interest rate of 12 percent plus two points? Is your answer affected by the loan amount?63. EAR versus APR Two banks in the area offer 30-year, $200,000 mortgages at 6.8 percent andcharge a $2,100 loan application fee. However, the application fee charged by Insecurity Bank and Trust is refundable if the loan application is denied, whereas that charged by I. M. Greedy and Sons Mortgage Bank is not. The current disclosure law requires that any fees that will be refunded if the applicant is rejected be included in calculating the APR, but this is not required with nonrefundable。
公司理财-罗斯(完整版)
$F
支付给债权人 $F 企业价值 (X)
如果企业的价值大于$F, 股东的索 偿权是: Max[0,$X – $F] = $X – $F 债权人的索偿权是: Min[$F,$X] = $F. 两者之和 = $X
承诺支付给债权人的金额$F。
1.2 企业的三种基本法律形式
• 个体业主制 • 合伙制
– 一般合伙制 – 有限合伙制
企业和金融市场
企业
投资于资产 (B) 流动资产 固定资产 企业发行证券 (A)
金融市场
现金流量留存 (E)
短期负债
企业创造 现金流量(C) 税收 (D) 支付股利和 偿付债务 (F) 长期负债 股东权益
最终，企业必须创造现金 流量。
政府
企业创造的现金流量必须 超过从金融市场筹集的现 金流量。
企业和金融市场
法律责任（Liability） 存续期（Continuity）
有限责任 无限存续期
税收（Taxation）
对股东双重征税（公司所得 税和个人所得税）
个人所得税
资金筹集
易于筹集资金
难于筹集资金
1.2 公司制企业
1.2.3 公司制
对于解决所面临的筹集大规模资金的问题来说，公司制是一种标准 的方式。
1.3 公司制企业的目标
1.1.3 财务经理的职责
财务经理通过资本预算、融资和资产流动性管理为公司创造价值。
公司必须通过购买资产创造超过其成本的现金（因此，公司创造的 现金流量必须大于它所使用的现金流量）。 公司必须通过发行债券、股票和其他金融工具产生超过其成本的现 金（因此，公司支付给债权人和股东的现金流量必须大于债权人和股东 投入公司的现金流量）。
用数学公式表示，债权人的索偿 权是：Min[$F，$X]
罗斯《公司理财》笔记整理
罗斯《公司理财》笔记整理第一章导论1. 公司目标：为所有者创造价值，公司价值在于其产生现金流能力。
2. 财务管理的目标：最大化现有股票的每股现值。
3. 公司理财可以看做对一下几个问题进行研究：1. 资本预算：公司应该投资什么样的长期资产。
2. 资本结构：公司如何筹集所需要的资金。
3. 净运营资本管理：如何管理短期经营活动产生的现金流。
4. 公司制度的优点：有限责任，易于转让所有权，永续经营。
缺点：公司税对股东的双重课税。
第二章会计报表与现金流量资产= 负债+ 所有者权益（非现金项目有折旧、递延税款）EBIT（经营性净利润）= 净销售额- 产品成本- 折旧EBITDA = EBIT + 折旧及摊销现金流量总额CF(A) = 经营性现金流量- 资本性支出- 净运营资本增加额= CF(B) + CF(S) 经营性现金流量OCF = 息税前利润+ 折旧- 税资本性输出= 固定资产增加额+ 折旧净运营资本= 流动资产- 流动负债第三章财务报表分析与财务模型1. 短期偿债能力指标（流动性指标）流动比率= 流动资产/流动负债（一般情况大于一）速动比率= (流动资产- 存货)/流动负债（酸性实验比率）现金比率= 现金/流动负债流动性比率是短期债权人关心的，越高越好；但对公司而言，高流动性比率意味着流动性好，或者现金等短期资产运用效率低下。
对于一家拥有强大借款能力的公司，看似较低的流动性比率可能并非坏的信号2. 长期偿债能力指标（财务杠杆指标）负债比率= (总资产- 总权益)/总资产or (长期负债+ 流动负债)/总资产权益乘数= 总资产/总权益= 1 + 负债权益比利息倍数= EBIT/利息现金对利息的保障倍数(Cash coverage radio) = EBITDA/利息3. 资产管理或资金周转指标存货周转率= 产品销售成本/存货存货周转天数= 365天/存货周转率应收账款周转率= （赊）销售额/应收账款总资产周转率= 销售额/总资产= 1/资本密集度4. 盈利性指标销售利润率= 净利润/销售额资产收益率ROA = 净利润/总资产权益收益率ROE = 净利润/总权益5. 市场价值度量指标市盈率= 每股价格/每股收益EPS 其中EPS = 净利润/发行股票数市值面值比= 每股市场价值/每股账面价值企业价值EV = 公司市值+ 有息负债市值- 现金EV乘数= EV/EBITDA6. 杜邦恒等式ROE = 销售利润率（经营效率）x总资产周转率（资产运用效率）x权益乘数（财杠）ROA = 销售利润率x总资产周转率7. 销售百分比法假设项目随销售额变动而成比例变动，目的在于提出一个生成预测财务报表的快速实用方法。
罗斯公司理财读书笔记
罗斯公司理财读书笔记【篇一：《公司理财》罗斯笔记(已矫正)】第一篇综述企业经营活动中三类不同的重要问题：1、资本预算问题（长期投资项目）2、融资：如何筹集资金？3、短期融资和净营运资本管理第一章公司理财导论1.1什么是公司理财？1.1.1资产负债表流动资产?固定资产?有形?无形??流动负债?长期负债+所有者权益流动资产-流动负债?净营运资本短期负债：那些必须在一年之内必须偿还的代款和债务；长期负债：不必再一年之内偿还的贷款和债务。
资本结构：公司短期债务、长期债务和股东权益的比例。
1.1.2资本结构债权人和股东v（公司的价值）=b（负债的价值）+s（所有者权益的价值）如何确定资本结构将影响公司的价值。
1.1.3财务经理财务经理的大部分工作在于通过资本预算、融资和资产流动性管理为公司创造价值。
两个问题：1. 现金流量的确认：财务分析的大量工作就是从会计报表中获得现金流量的信息（注意会计角度与财务角度的区别）2. 现金流量的时点3. 现金流量的风险1.2公司证券对公司价值的或有索取权负债的基本特征是借债的公司承诺在某一确定的时间支付给债权人一笔固定的金额。
债券和股票时伴随或依附于公司总价值的收益索取权。
1.3公司制企业1.3.1个体业主制1.3.2合伙制1.3.3公司制有限责任、产权易于转让和永续经营是其主要优点。
1.4公司制企业的目标公司制企业力图通过采取行动提高现有公司股票的价值以使股东财富最大化。
1.4.1代理成本和系列契约理论的观点代理成本：股东的监督成本和实施控制的成本1.4.2管理者的目标管理者的目标可能不同于股东的目标。
donaldson提出的管理者的两大动机：①②（组织的）生存；独立性和自我满足。
1.4.3所有权和控制权的分离——谁在经营企业？1.4.4股东应控制管理者行为吗？促使股东可以控制管理者的因素：①②③④股东通过股东大会选举董事；报酬计划和业绩激励计划；被接管的危险；经理市场的激烈竞争。
Cha08 罗斯公司理财第九版原版书课后习题
Earlier in the chapter, we saw how bonds were rated based on their credit risk. What you will find if you start looking at bonds of different ratings is that lower-rated bonds have higher yields.We stated earlier in this chapter that a bond’s yield is calculated assuming that all the promised payments will be made. As a result, it is really a promised yield, and it may or may not be what you will earn. In particular, if the issuer defaults, your actual yield will be lower, probably much lower. This fact is particularly important when it comes to junk bonds. Thanks to a clever bit of marketing, such bonds are now commonly called high-yield bonds, which has a much nicer ring to it; but now you recognize that these are really high promised yield bonds.Next, recall that we discussed earlier how municipal bonds are free from most taxes and, as a result, have much lower yields than taxable bonds. Investors demand the extra yield on a taxable bond as compensation for the unfavorable tax treatment. This extra compensation is the taxability premium.Finally, bonds have varying degrees of liquidity. As we discussed earlier, there are an enormous number of bond issues, most of which do not trade on a regular basis. As a result, if you wanted to sell quickly, you would probably not get as good a price as you could otherwise. Investors prefer liquid assets to illiquid ones, so they demand a liquidity premium on top of all the other premiums we have discussed. As a result, all else being the same, less liquid bonds will have higher yields than more liquid bonds.ConclusionIf we combine everything we have discussed, we find that bond yields represent the combined effect of no fewer than six factors. The first is the real rate of interest. On top of the real rate are five premiums representing compensation for (1) expected future inflation, (2) interest rate risk, (3) default risk, (4) taxability, and (5) lack of liquidity. As a result, determining the appropriate yield on a bond requires careful analysis of each of these factors.Summary and ConclusionsThis chapter has explored bonds, bond yields, and interest rates. We saw that:1. Determining bond prices and yields is an application of basic discounted cash flow principles.2. Bond values move in the direction opposite that of interest rates, leading to potential gains orlosses for bond investors.3. Bonds are rated based on their default risk. Some bonds, such as Treasury bonds, have no riskof default, whereas so-called junk bonds have substantial default risk.4. Almost all bond trading is OTC, with little or no market transparency in many cases. As a result,bond price and volume information can be difficult to find for some types of bonds.5. Bond yields and interest rates reflect six different factors: the real interest rate and fivepremiums that investors demand as compensation for inflation, interest rate risk, default risk, taxability, and lack of liquidity.In closing, we note that bonds are a vital source of financing to governments and corporations of all types. Bond prices and yields are a rich subject, and our one chapter, necessarily, touches on only the most important concepts and ideas. There is a great deal more we could say, but, instead, we will move on to stocks in our next chapter.Concept Questions1. Treasury Bonds Is it true that a U.S. Treasury security is risk-free?2. Interest Rate Risk Which has greater interest rate risk, a 30-year Treasury bond or a 30-year21. Using Bond Quotes Suppose the following bond quote for IOU Corporation appears in thefinancial page of today’s newspaper. Assume the bond has a face value of $1,000 and the current date is April 15, 2010. What is the yield to maturity of the bond? What is the current yield?22. Finding the Maturity You’ve just found a 10 percent coupon bond on the market that sells forpar value. What is the maturity on this bond?CHALLENGE (Questions 23–30)23. Components of Bond Returns Bond P is a premium bond with a 9 percent coupon. Bond D isa 5 percent coupon bond currently selling at a discount. Both bonds make annual payments, havea YTM of 7 percent, and have five years to maturity. What is the current yield for Bond P? For BondD? If interest rates remain unchanged, what is the expected capital gains yield over the next year for Bond P? For Bond D? Explain your answers and the interrelationship among the various types of yields.24. Holding Period Yield The YTM on a bond is the interest rate you earn on your investment ifinterest rates don’t change. If you actually sell the bond before it matures, your realized return is known as the holding period yield (HPY).1. Suppose that today you buy a 9 percent annual coupon bond for $1,140. The bond has 10years to maturity. What rate of return do you expect to earn on your investment?2. Two years from now, the YTM on your bond has declined by 1 percent, and you decide tosell. What price will your bond sell for? What is the HPY on your investment? Compare this yield to the YTM when you first bought the bond. Why are they different?25. Valuing Bonds The Morgan Corporation has two different bonds currently outstanding. Bond Mhas a face value of $20,000 and matures in 20 years. The bond makes no payments for the first six years, then pays $800 every six months over the subsequent eight years, and finally pays $1,000 every six months over the last six years. Bond N also has a face value of $20,000 and a maturity of20 years; it makes no coupon payments over the life of the bond. If the required return on boththese bonds is 8 percent compounded semiannually, what is the current price of Bond M? Of Bond N?26. R eal Cash Flows When Marilyn Monroe died, ex-husband Joe DiMaggio vowed to place freshflowers on her grave every Sunday as long as he lived. The week after she died in 1962, a bunch of fresh flowers that the former baseball player thought appropriate for the star cost about $8.Based on actuarial tables, “Joltin’ Joe” could expect to live for 30 years after the actress died.Assume that the EAR is 10.7 percent. Also, assume that the price of the flowers will increase at 3.5 percent per year, when expressed as an EAR. Assuming that each year has exactly 52 weeks, what is the present value of this commitment? Joe began purchasing flowers the week after Marilyn died.27. Real Cash Flows You are planning to save for retirement over the next 30 years. To save forretirement, you will invest $800 a month in a stock account in real dollars and $400 a month in a bond account in real dollars. The effective annual return of the stock account is expected to be 12 percent, and the bond account will earn 7 percent. When you retire, you will combine your money into an account with an 8 percent effective return. The inflation rate over this period is expected to be 4 percent. How much can you withdraw each month from your account in real terms assuminga 25-year withdrawal period? What is the nominal dollar amount of your last withdrawal?28. Real Cash Flows Paul Adams owns a health club in downtown Los Angeles. He charges hiscustomers an annual fee of $500 and has an existing customer base of 500. Paul plans to raise the annual fee by 6 percent every year and expects the club membership to grow at a constant rate of3 percent for the next five years. The overall expenses of running the health club are $75,000 ayear and are expected to grow at the inflation rate of 2 percent annually. After five years, Paul2. How many of the coupon bonds must East Coast Yachts issue to raise the $40 million? Howmany of the zeroes must it issue?3. In 20 years, what will be the principal repayment due if East Coast Yachts issues the couponbonds? What if it issues the zeroes?4. What are the company’s considerations in issuing a coupon bond compared to a zero couponbond?5. Suppose East Coast Yachts issues the coupon bonds with a make-whole call provision. Themake-whole call rate is the Treasury rate plus .40 percent. If East Coast calls the bonds in 7 years when the Treasury rate is 5.6 percent, what is the call price of the bond? What if it is 9.1 percent?6. Are investors really made whole with a make-whole call provision?7. After considering all the relevant factors, would you recommend a zero coupon issue or aregular coupon issue? Why? Would you recommend an ordinary call feature or a make-whole call feature? Why?。
公司理财第九版罗斯课后案例答案 Case Solutions Corporate Finance
公司理财第九版罗斯课后案例答案 Case Solutions CorporateFinance1. 案例一：公司资金需求分析问题：一家公司需要资金支持其新项目。
通过分析现金流量，推断该公司是否需要向外部借款或筹集其他资金。
解答：为了确定公司是否需要外部资金，我们需要分析公司的现金流量状况。
首先，我们需要计算公司的净现金流量（净收入加上非现金项目）。
然后，我们需要将净现金流量与项目的投资现金流量进行对比。
假设公司预计在项目开始时投资100万美元，并在项目运营期为5年。
预计该项目每年将产生50万美元的净现金流量。
现在，我们需要进行以下计算：净现金流量 = 年度现金流量 - 年度投资现金流量年度投资现金流量 = 100万美元年度现金流量 = 50万美元净现金流量 = 50万美元 - 100万美元 = -50万美元根据计算结果，公司的净现金流量为负数（即净现金流出），意味着公司每年都会亏损50万美元。
因此，公司需要从外部筹集资金以支持项目的运营。
2. 案例二：公司股权融资问题：一家公司正在考虑通过股权融资来筹集资金。
根据公司的财务数据和资本结构分析，我们需要确定公司最佳的股权融资方案。
解答：为了确定最佳的股权融资方案，我们需要参考公司的财务数据和资本结构分析。
首先，我们需要计算公司的资本结构比例，即股本占总资本的比例。
然后，我们将不同的股权融资方案与资本结构比例进行对比，选择最佳的方案。
假设公司当前的资本结构比例为60%的股本和40%的债务，在当前的资本结构下，公司的加权平均资本成本（WACC）为10%。
现在，我们需要进行以下计算：•方案一：以新股发行筹集1000万美元，并将其用于项目投资。
在这种方案下，公司的资本结构比例将发生变化。
假设公司的股本增加至80%，债务比例减少至20%。
根据资本结构比例的变化，WACC也将发生变化。
新的WACC可以通过以下公式计算得出：新的WACC = (股本比例 * 股本成本) + (债务比例 * 债务成本)假设公司的股本成本为12%，债务成本为8%：新的WACC = (0.8 * 12%) + (0.2 * 8%) = 9.6%•方案二：以新股发行筹集5000万美元，并将其用于项目投资。
罗斯《公司理财》第9版英文原书课后部分章节答案
罗斯《公司理财》第9版精要版英文原书课后部分章节答案详细»1 / 17 CH5 11，13，18，19，20 11. To find the PV of a lump sum, we use: PV = FV / (1 + r) t PV = $1,000,000 / (1.10) 80 = $488.19 13. To answer this question, we can use either the FV or the PV formula. Both will give the same answer since they are the inverse of each other. We will use the FV formula, that is: FV = PV(1 + r) t Solving for r, we get: r = (FV / PV) 1 / t –1 r = ($1,260,000 / $150) 1/112 – 1 = .0840 or 8.40% To find the FV of the first prize, we use: FV = PV(1 + r) t FV = $1,260,000(1.0840) 33 = $18,056,409.94 18. To find the FV of a lump sum, we use: FV = PV(1 + r) t FV = $4,000(1.11) 45 = $438,120.97 FV = $4,000(1.11) 35 = $154,299.40 Better start early! 19. We need to find the FV of a lump sum. However, the money will only be invested for six years, so the number of periods is six. FV = PV(1 + r) t FV = $20,000(1.084)6 = $32,449.33 20. To answer this question, we can use either the FV or the PV formula. Both will give the same answer since they are the inverse of each other. We will use the FV formula, that is: FV = PV(1 + r) t Solving for t, we get: t = ln(FV / PV) / ln(1 + r) t = ln($75,000 / $10,000) / ln(1.11) = 19.31 So, the money must be invested for 19.31 years. However, you will not receive the money for another two years. From now, you’ll wait: 2 years + 19.31 years = 21.31 years CH6 16，24，27，42，58 16. For this problem, we simply need to find the FV of a lump sum using the equation: FV = PV(1 + r) t 2 / 17 It is important to note that compounding occurs semiannually. To account for this, we will divide the interest rate by two (the number of compounding periods in a year), and multiply the number of periods by two. Doing so, we get: FV = $2,100[1 + (.084/2)] 34 = $8,505.93 24. This problem requires us to find the FV A. The equation to find the FV A is: FV A = C{[(1 + r) t – 1] / r} FV A = $300[{[1 + (.10/12) ] 360 – 1} / (.10/12)] = $678,146.38 27. The cash flows are annual and the compounding period is quarterly, so we need to calculate the EAR to make the interest rate comparable with the timing of the cash flows. Using the equation for the EAR, we get: EAR = [1 + (APR / m)] m – 1 EAR = [1 + (.11/4)] 4 – 1 = .1146 or 11.46% And now we use the EAR to find the PV of each cash flow as a lump sum and add them together: PV = $725 / 1.1146 + $980 / 1.1146 2 + $1,360 / 1.1146 4 = $2,320.36 42. The amount of principal paid on the loan is the PV of the monthly payments you make. So, the present value of the $1,150 monthly payments is: PV A = $1,150[(1 – {1 / [1 + (.0635/12)]} 360 ) / (.0635/12)] = $184,817.42 The monthly payments of $1,150 will amount to a principal payment of $184,817.42. The amount of principal you will still owe is: $240,000 – 184,817.42 = $55,182.58 This remaining principal amount will increase at the interest rate on the loan until the end of the loan period. So the balloon payment in 30 years, which is the FV of the remaining principal will be: Balloon payment = $55,182.58[1 + (.0635/12)] 360 = $368,936.54 58. To answer this question, we should find the PV of both options, and compare them. Since we are purchasing the car, the lowest PV is the best option. The PV of the leasing is simply the PV of the lease payments, plus the $99. The interest rate we would use for the leasing option is the same as the interest rate of the loan. The PV of leasing is: PV = $99 + $450{1 –[1 / (1 + .07/12) 12(3) ]} / (.07/12) = $14,672.91 The PV of purchasing the car is the current price of the car minus the PV of the resale price. The PV of the resale price is: PV = $23,000 / [1 + (.07/12)] 12(3) = $18,654.82 The PV of the decision to purchase is: $32,000 – 18,654.82 = $13,345.18 3 / 17 In this case, it is cheaper to buy the car than leasing it since the PV of the purchase cash flows is lower. To find the breakeven resale price, we need to find the resale price that makes the PV of the two options the same. In other words, the PV of the decision to buy should be: $32,000 – PV of resale price = $14,672.91 PV of resale price = $17,327.09 The resale price that would make the PV of the lease versus buy decision is the FV ofthis value, so: Breakeven resale price = $17,327.09[1 + (.07/12)] 12(3) = $21,363.01 CH7 3，18，21，22，31 3. The price of any bond is the PV of the interest payment, plus the PV of the par value. Notice this problem assumes an annual coupon. The price of the bond will be: P = $75({1 – [1/(1 + .0875)] 10 } / .0875) + $1,000[1 / (1 + .0875) 10 ] = $918.89 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 PV A equation, it is common to abbreviate the equations as: PVIF R,t = 1 / (1 + r) t which stands for Present V alue Interest Factor PVIFA R,t = ({1 – [1/(1 + r)] t } / r ) which stands for Present V alue Interest Factor of an Annuity These 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 remainder of the solutions key. 18. The bond price equation for this bond is: P 0 = $1,068 = $46(PVIFA R%,18 ) + $1,000(PVIF R%,18 ) Using a spreadsheet, financial calculator, or trial and error we find: R = 4.06% This is thesemiannual interest rate, so the YTM is: YTM = 2 4.06% = 8.12% The current yield is:Current yield = Annual coupon payment / Price = $92 / $1,068 = .0861 or 8.61% The effective annual yield is the same as the EAR, so using the EAR equation from the previous chapter: Effective annual yield = (1 + 0.0406) 2 – 1 = .0829 or 8.29% 20. Accrued interest is the coupon payment for the period times the fraction of the period that 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 = $74/2 × 2/6 = $12.33 And we calculate the clean price as: 4 / 17 Clean price = Dirty price –Accrued interest = $968 –12.33 = $955.67 21. Accrued interest is the coupon payment for the period times the fraction of the period that 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 = $68/2 × 4/6 = $22.67 And we calculate the dirty price as: Dirty price = Clean price + Accrued interest = $1,073 + 22.67 = $1,095.67 22. To find the number of years to maturity for the bond, we need to find the price of the bond. 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 = .0755 = $80/P 0 P 0 = $80/.0755 = $1,059.60 Now that we have the price of the bond, the bond price equation is: P = $1,059.60 = $80[(1 – (1/1.072) t ) / .072 ] + $1,000/1.072 t We can solve this equation for t as follows: $1,059.60(1.072) t = $1,111.11(1.072) t –1,111.11 + 1,000 111.11 = 51.51(1.072) t2.1570 = 1.072 t t = log 2.1570 / log 1.072 = 11.06 11 years The bond has 11 years to maturity.31. The price of any bond (or financial instrument) is the PV of the future cash flows. Even though 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 = $1,100(PVIFA 3.5%,16 )(PVIF 3.5%,12 ) + $1,400(PVIFA3.5%,12 )(PVIF 3.5%,28 ) + $20,000(PVIF 3.5%,40 ) P M = $19,018.78 Notice that for the coupon payments of $1,400, we found the PV A 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(PVIF3.5%,40 ) = $5,051.45 CH8 4，18，20，22，244. Using the constant growth model, we find the price of the stock today is: P 0 = D 1 / (R – g) = $3.04 / (.11 – .038) = $42.22 5 / 17 18. The price of a share of preferred stock is the dividend payment divided by the required return. We know the dividend payment in Year 20, so we can find the price of the stock in Y ear 19, one year before the first dividend payment. Doing so, we get: P 19 = $20.00 / .064 P 19 = $312.50 The price of the stock today is the PV of the stock price in the future, so the price today will be: P 0 = $312.50 / (1.064) 19 P 0 = $96.15 20. We can use the two-stage dividend growth model for this problem, which is: P 0 = [D 0 (1 + g 1 )/(R – g 1 )]{1 – [(1 + g 1 )/(1 + R)] T }+ [(1 + g 1 )/(1 + R)] T [D 0 (1 + g 2 )/(R –g 2 )] P0 = [$1.25(1.28)/(.13 –.28)][1 –(1.28/1.13) 8 ] + [(1.28)/(1.13)] 8 [$1.25(1.06)/(.13 – .06)] P 0 = $69.55 22. We are asked to find the dividend yield and capital gains yield for each of the stocks. All of the stocks have a 15 percent required return, which is the sum of the dividend yield and the capital gains yield. To find the components of the total return, we need to find the stock price for each stock. Using this stock price and the dividend, we can calculate the dividend yield. The capital gains yield for the stock will be the total return (required return) minus the dividend yield. W: P 0 = D 0 (1 + g) / (R – g) = $4.50(1.10)/(.19 – .10) = $55.00 Dividend yield = D 1 /P 0 = $4.50(1.10)/$55.00 = .09 or 9% Capital gains yield = .19 – .09 = .10 or 10% X: P 0 = D 0 (1 + g) / (R – g) = $4.50/(.19 – 0) = $23.68 Dividend yield = D 1 /P 0 = $4.50/$23.68 = .19 or 19% Capital gains yield = .19 – .19 = 0% Y: P 0 = D 0 (1 + g) / (R – g) = $4.50(1 – .05)/(.19 + .05) = $17.81 Dividend yield = D 1 /P 0 = $4.50(0.95)/$17.81 = .24 or 24% Capital gains yield = .19 – .24 = –.05 or –5% Z: P 2 = D 2 (1 + g) / (R – g) = D 0 (1 + g 1 ) 2 (1 +g 2 )/(R – g 2 ) = $4.50(1.20) 2 (1.12)/(.19 – .12) = $103.68 P 0 = $4.50 (1.20) / (1.19) + $4.50(1.20) 2 / (1.19) 2 + $103.68 / (1.19) 2 = $82.33 Dividend yield = D 1 /P 0 = $4.50(1.20)/$82.33 = .066 or 6.6% Capital gains yield = .19 – .066 = .124 or 12.4% In all cases, the required return is 19%, but the return is distributed differently between current income and capital gains. High growth stocks have an appreciable capital gains component but a relatively small current income yield; conversely, mature, negative-growth stocks provide a high current income but also price depreciation over time. 24. Here we have a stock with supernormal growth, but the dividend growth changes every year for the first four years. We can find the price of the stock in Y ear 3 since the dividend growth rate is constant after the third dividend. The price of the stock in Y ear 3 will be the dividend in Y ear 4, divided by the required return minus the constant dividend growth rate. So, the price in Y ear 3 will be: 6 / 17 P3 = $2.45(1.20)(1.15)(1.10)(1.05) / (.11 – .05) = $65.08 The price of the stock today will be the PV of the first three dividends, plus the PV of the stock price in Y ear 3, so: P 0 = $2.45(1.20)/(1.11) + $2.45(1.20)(1.15)/1.11 2 + $2.45(1.20)(1.15)(1.10)/1.11 3 + $65.08/1.11 3 P 0 = $55.70 CH9 3，4，6，9，15 3. Project A has cash flows of $19,000 in Y ear 1, so the cash flows are short by $21,000 of recapturing the initial investment, so the payback for Project A is: Payback = 1 + ($21,000 / $25,000) = 1.84 years Project B has cash flows of: Cash flows = $14,000 + 17,000 + 24,000 = $55,000 during this first three years. The cash flows are still short by $5,000 of recapturing the initial investment, so the payback for Project B is: B: Payback = 3 + ($5,000 / $270,000) = 3.019 years Using the payback criterion and a cutoff of 3 years, accept project A and reject project B. 4. When we use discounted payback, we need to find the value of all cash flows today. The value today of the project cash flows for the first four years is: V alue today of Y ear 1 cash flow = $4,200/1.14 = $3,684.21 V alue today of Y ear 2 cash flow = $5,300/1.14 2 = $4,078.18 V alue today of Y ear 3 cash flow = $6,100/1.14 3 = $4,117.33 V alue today of Y ear 4 cash flow = $7,400/1.14 4 = $4,381.39 To findthe discounted payback, we use these values to find the payback period. The discounted first year cash flow is $3,684.21, so the discounted payback for a $7,000 initial cost is: Discounted payback = 1 + ($7,000 – 3,684.21)/$4,078.18 = 1.81 years For an initial cost of $10,000, the discounted payback is: Discounted payback = 2 + ($10,000 –3,684.21 –4,078.18)/$4,117.33 = 2.54 years Notice the calculation of discounted payback. We know the payback period is between two and three years, so we subtract the discounted values of the Y ear 1 and Y ear 2 cash flows from the initial cost. This is the numerator, which is the discounted amount we still need to make to recover our initial investment. We divide this amount by the discounted amount we will earn in Y ear 3 to get the fractional portion of the discounted payback. If the initial cost is $13,000, the discounted payback is: Discounted payback = 3 + ($13,000 – 3,684.21 – 4,078.18 – 4,117.33) / $4,381.39 = 3.26 years 7 / 17 6. Our definition of AAR is the average net income divided by the average book value. The average net income for this project is: A verage net income = ($1,938,200 + 2,201,600 + 1,876,000 + 1,329,500) / 4 = $1,836,325 And the average book value is: A verage book value = ($15,000,000 + 0) / 2 = $7,500,000 So, the AAR for this project is: AAR = A verage net income / A verage book value = $1,836,325 / $7,500,000 = .2448 or 24.48% 9. The NPV of a project is the PV of the outflows minus the PV of the inflows. Since the cash inflows are an annuity, the equation for the NPV of this project at an 8 percent required return is: NPV = –$138,000 + $28,500(PVIFA 8%, 9 ) = $40,036.31 At an 8 percent required return, the NPV is positive, so we would accept the project. The equation for the NPV of the project at a 20 percent required return is: NPV = –$138,000 + $28,500(PVIFA 20%, 9 ) = –$23,117.45 At a 20 percent required return, the NPV is negative, so we would reject the project. We would be indifferent to the project if the required return was equal to the IRR of the project, since at that required return the NPV is zero. The IRR of the project is: 0 = –$138,000 + $28,500(PVIFA IRR, 9 ) IRR = 14.59% 15. The profitability index is defined as the PV of the cash inflows divided by the PV of the cash outflows. The equation for the profitability index at a required return of 10 percent is: PI = [$7,300/1.1 + $6,900/1.1 2 + $5,700/1.1 3 ] / $14,000 = 1.187 The equation for the profitability index at a required return of 15 percent is: PI = [$7,300/1.15 + $6,900/1.15 2 + $5,700/1.15 3 ] / $14,000 = 1.094 The equation for the profitability index at a required return of 22 percent is: PI = [$7,300/1.22 + $6,900/1.22 2 + $5,700/1.22 3 ] / $14,000 = 0.983 8 / 17 We would accept the project if the required return were 10 percent or 15 percent since the PI is greater than one. We would reject the project if the required return were 22 percent since the PI。
罗斯公司理财第九版课后习题答案中文版
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。
- 1、下载文档前请自行甄别文档内容的完整性，平台不提供额外的编辑、内容补充、找答案等附加服务。
- 2、"仅部分预览"的文档,不可在线预览部分如存在完整性等问题,可反馈申请退款(可完整预览的文档不适用该条件!)。
- 3、如文档侵犯您的权益，请联系客服反馈,我们会尽快为您处理(人工客服工作时间：9:00-18:30)。
Arbitrage Pricing Theory
Arbitrage arises if an investor can construct a zero investment portfolio with a sure profit.
Finally, the firm was able to attract a “superstar” CEO, and this unanticipated development contributes 1% to the return. ε 1%
R R 2.30 FI 1.50 FGNP 0.50 FS 1%
Chapter 12
An Alternative View of Risk and Return: The Arbitrage Pricing Theory
0
Key Concepts and Skills
Discuss the relative importance of systematic and unsystematic risk in determining a portfolio’s return
3
12-3
Total Risk
Total risk = systematic risk + unsystematic risk The standard deviation of returns is a measure
of total risk. For well-diversified portfolios, unsystematic
12-7
Systematic Risk and Betas: Example
R R βI FI βGNPFGNP βS FS ε
Suppose we have made the following estimates:
1. bI = -2.30 2. bGNP = 1.50 3. bS = 0.50
8
12-8
Systematic Risk and Betas: Example
R R 2.30 FI 1.50 FGNP 0.50 FS 1% We must decide what surprises took place in the
Compare and contrast the CAPM and Arbitrage Pricing Theory
1
12-1
Chapter Outline
12.1 Introduction 12.2 Systematic Risk and Betas 12.3 Portfolios and Factor Models 12.4 Betas and Expected Returns 12.5 The Capital Asset Pricing Model and the Arbitrage
Our model is:
R Rmε
R R βI FI βGNP FGNP βS FS ε
βI is the inflation beta
βGNP is the GNP beta
βS is the spot exchange rate beta 7
ε is the unsystemat ic risk
Systematic Risk: m
where m is the systematic risk ε is the unsystemat ic risk
5
n
12-5
12.2 Systematic Risk and Betas
The beta coefficient, b, tells us the response of the stock’s return to a systematic risk.
In the CAPM, b measures the responsiveness of a security’s return to a specific risk factor, the return on the market portfolio.
bi
Cov( Ri , RM
2 (RM )
Since no investment is required, an investor can create large positions to secure large levels of profit.
In efficient markets, profitable arbitrage opportunities will quickly disappear.
We can break down the total risk of holding a stock into
two components: systematic risk and unsystematic risk:
2
Total risk
R RU becomes
R Rmε
Nonsystematic Risk:
risk is very small. Consequently, the total risk for a diversified
portfolio is essentially equivalent to the systematic risk.
4
12-4
Risk: Systematic and Unsystematic
)
• We shall now consider other types of systematic risk.
6
12-6
Systematic Risk and Betas
For example, suppose we have identified three systematic risks: inflation, GNP growth, and the dollar-euro spot exchange rate, S($,€).