公司金融李曜课后练习部分答案

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公司金融课后题答案CHAPTER 18

CHAPTER 18VALUATION AND CAPITAL BUDGETING FOR THE LEVERED FIRMAnswers to Concepts Review and Critical Thinking Questions1.APV is equal to the NPV of the project (i.e. the value of the project for an unlevered firm)plus the NPV of financing side effects.2. The WACC is based on a target debt level while the APV is based on the amount ofdebt.3.FTE uses levered cash flow and other methods use unlevered cash flow.4.The WACC method does not explicitly include the interest cash flows, but it doesimplicitly include the interest cost in the WACC. If he insists that the interest payments are explicitly shown, you should use the FTE method.5. You can estimate the unlevered beta from a levered beta. The unlevered beta is the betaof the assets of the firm; as such, it is a measure of the business risk. Note that the unlevered beta will always be lower than the levered beta (assuming the betas are positive). The difference is due to the leverage of the company. Thus, the second risk factor measured by a levered beta is the financial risk of the company.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. a.The maximum price that the company should be willing to pay for the fleet of carswith all-equity funding is the price that makes the NPV of the transaction equal tozero. The NPV equation for the project is:NPV = –Purchase Price + PV[(1 – t C )(EBTD)] + PV(Depreciation Tax Shield)If we let P equal the purchase price of the fleet, then the NPV is:NPV = –P + (1 – .35)($140,000)PVIFA13%,5 + (.35)(P/5)PVIFA13%,5Setting the NPV equal to zero and solving for the purchase price, we find:0 = –P + (1 – .35)($140,000)PVIFA13%,5 + (.35)(P/5)PVIFA13%,5P = $320,068.04 + (P)(0.35/5)PVIFA13%,5P = $320,068.04 + .2462P.7538P = $320,068.04P = $424,609.54b.The adjusted present value (APV) of a project equals the net present value of theproject if it were funded completely by equity plus the net present value of any financing side effects. In this case, the NPV of financing side effects equals the after-tax present value of the cash flows resulting from the firm’s debt, so:APV = NPV(All-Equity) + NPV(Financing Side Effects)So, the NPV of each part of the APV equation is:NPV(All-Equity)NPV = –Purchase Price + PV[(1 – t C )(EBTD)] + PV(Depreciation Tax Shield)The company paid $395,000 for the fleet of cars. Because this fleet will be fullydepreciated over five years using the straight-line method, annual depreciationexpense equals:Depreciation = $395,000/5Depreciation = $79,000So, the NPV of an all-equity project is:NPV = –$395,000 + (1 – 0.35)($140,000)PVIFA13%,5 + (0.35)($79,000)PVIFA13%,5 NPV = $22,319.49NPV(Financing Side Effects)The net present value of financing side effects equals the after-tax present value of cash flows resulting from the firm’s debt, so:NPV = Proceeds – Aftertax PV(Interest Payments) – PV(Principal Payments)Given a known level of debt, debt cash flows should be discounted at the pre-tax cost of debt R B. So, the NPV of the financing side effects are:NPV = $260,000 – (1 – 0.35)(0.08)($260,000)PVIFA8%,5– [$260,000/(1.08)5]NPV = $29,066.93So, the APV of the project is:APV = NPV(All-Equity) + NPV(Financing Side Effects) APV = $22,319.49 + 29,066.93APV = $51,386.422.The adjusted present value (APV) of a project equals the net present value of the projectif it were funded completely by equity plus the net present value of any financing side effects. In this case, the NPV of financing side effects equals the after-tax present value of the cash flows resulting from the firm’s debt, so:APV = NPV(All-Equity) + NPV(Financing Side Effects)So, the NPV of each part of the APV equation is:NPV(All-Equity)NPV = –Purchase Price + PV[(1 – t C )(EBTD)] + PV(Depreciation Tax Shield)Since the initial investment of $1.9 million will be fully depreciated over four yearsusing the straight-line method, annual depreciation expense is:Depreciation = $1,900,000/4Depreciation = $475,000NPV = –$1,900,000 + (1 – 0.30)($685,000)PVIFA9.5%,4 + (0.30)($475,000)PVIFA13%,4 NPV (All-equity) = – $49,878.84NPV(Financing Side Effects)The net present value of financing side effects equals the aftertax present value of cash flows resulting from the firm’s debt. So, the NPV of the financing side effects are:NPV = Proceeds(Net of flotation) – Aftertax PV(Interest Payments) – PV(PrincipalPayments)+ PV(Flotation Cost Tax Shield)Given a known level of debt, debt cash flows should be discounted at the pre-tax cost of debt, R B. Since the flotation costs will be amortized over the life of the loan, the annual flotation costs that will be expensed each year are:Annual flotation expense = $28,000/4Annual flotation expense = $7,000NPV = ($1,900,000 – 28,000) – (1 – 0.30)(0.095)($1,900,000)PVIFA9.5%,4–$1,900,000/(1.095)4+ 0.30($7,000) PVIFA9.5%,4NPV = $152,252.06So, the APV of the project is:APV = NPV(All-Equity) + NPV(Financing Side Effects) APV = –$49,878.84 + 152,252.06APV = $102,373.233. a.In order to value a firm’s equity using the flow-to-equity approach, discount thecash flows available to equity holders at the cost of the firm’s levered equity. Thecash flows to equity holders will be the firm’s net income. Remembering that thecompany has three stores, we find:Sales $3,600,000COGS 1,530,000G & A costs 1,020,000Interest 102,000EBT $948,000Taxes 379,200NISince this cash flow will remain the same forever, the present value of cash flowsavailable to the firm’s equity holders is a perpetuity. We can discount at the leveredcost of equity, so, the value of the company’s equity is:PV(Flow-to-equity) = $568,800 / 0.19PV(Flow-to-equity) = $2,993,684.21b.The value of a firm is equal to the sum of the market values of its debt and equity, or:V L = B + SWe calculated the value of the company’s equity in part a, so now we need tocalculate the value of debt. The company has a debt-to-equity ratio of 0.40, whichcan be written algebraically as:B / S = 0.40We can substitute the value of equity and solve for the value of debt, doing so, wefind:B / $2,993,684.21 = 0.40B = $1,197,473.68So, the value of the company is:V = $2,993,684.21 + 1,197,473.68V = $4,191,157.894. a.I n order to determine the cost of the firm’s debt, we need to find the yield tomaturity on its current bonds. With semiannual coupon payments, the yield tomaturity in the company’s bonds is:$975 = $40(PVIFA R%,40) + $1,000(PVIF R%,40)R = .0413 or 4.13%Since the coupon payments are semiannual, the YTM on the bonds is:YTM = 4.13%× 2YTM = 8.26%b.We can use the Capital Asset Pricing Model to find the return on unlevered equity.According to the Capital Asset Pricing Model:R0 = R F+ βUnlevered(R M– R F)R0 = 5% + 1.1(12% – 5%)R0 = 12.70%Now we can find the cost of levered equity. According to Modigliani-MillerProposition II with corporate taxesR S = R0 + (B/S)(R0– R B)(1 – t C)R S = .1270 + (.40)(.1270 – .0826)(1 – .34)R S = .1387 or 13.87%c.In a world with corporate taxes, a firm’s weighted average cost of capital is equalto:R WACC = [B / (B + S)](1 – t C)R B + [S / (B + S)]R SThe problem does not provide either the debt-value ratio or equity-value ratio.H owever, the firm’s debt-equity ratio of is:B/S = 0.40Solving for B:B = 0.4SSubstituting this in the debt-value ratio, we get:B/V = .4S / (.4S + S)B/V = .4 / 1.4B/V = .29And the equity-value ratio is one minus the debt-value ratio, or:S/V = 1 – .29S/V = .71So, the WACC for the company is:R WACC = .29(1 – .34)(.0826) + .71(.1387) R WACC = .1147 or 11.47%5. a.The equity beta of a firm financed entirely by equity is equal to its unlevered beta.Since each firm has an unlevered beta of 1.25, we can find the equity beta for each.Doing so, we find:North PoleβEquity = [1 + (1 – t C)(B/S)]βUnleveredβEquity = [1 + (1 – .35)($2,900,000/$3,800,000](1.25)βEquity = 1.87South PoleβEquity = [1 + (1 – t C)(B/S)]βUnleveredβEquity = [1 + (1 – .35)($3,800,000/$2,900,000](1.25)βEquity = 2.31b.We can use the Capital Asset Pricing Model to find the required return on eachfirm’s equity. Doing so, we find:North Pole:R S = R F+ βEquity(R M– R F)R S = 5.30% + 1.87(12.40% – 5.30%)R S = 18.58%South Pole:R S = R F+ βEquity(R M– R F)R S = 5.30% + 2.31(12.40% – 5.30%)R S = 21.73%6. a.If flotation costs are not taken into account, the net present value of a loan equals:NPV Loan = Gross Proceeds – Aftertax present value of interest and principalpaymentsNPV Loan = $5,350,000 – .08($5,350,000)(1 – .40)PVIFA8%,10– $5,350,000/1.0810NPV Loan = $1,148,765.94b.The flotation costs of the loan will be:Flotation costs = $5,350,000(.0125)Flotation costs = $66,875So, the annual flotation expense will be:Annual flotation expense = $66,875 / 10 Annual flotation expense = $6,687.50If flotation costs are taken into account, the net present value of a loan equals:NPV Loan = Proceeds net of flotation costs – Aftertax present value of interest andprincipalpayments + Present value of the flotation cost tax shieldNPV Loan = ($5,350,000 – 66,875) – .08($5,350,000)(1 – .40)(PVIFA8%,10)– $5,350,000/1.0810 + $6,687.50(.40)(PVIFA8%,10)NPV Loan = $1,099,840.407.First we need to find the aftertax value of the revenues minus expenses. The aftertaxvalue is:Aftertax revenue = $3,800,000(1 – .40)Aftertax revenue = $2,280,000Next, we need to find the depreciation tax shield. The depreciation tax shield each year is:Depreciation tax shield = Depreciation(t C)Depreciation tax shield = ($11,400,000 / 6)(.40)Depreciation tax shield = $760,000Now we can find the NPV of the project, which is:NPV = Initial cost + PV of depreciation tax shield + PV of aftertax revenueTo find the present value of the depreciation tax shield, we should discount at the risk-free rate, and we need to discount the aftertax revenues at the cost of equity, so:NPV = –$11,400,000 + $760,000(PVIFA6%,6) + $2,280,000(PVIFA14%,6)NPV = $1,203,328.438.Whether the company issues stock or issues equity to finance the project is irrelevant.The company’s optimal capital structure determines the WACC. In a world wi th corporate taxes, a firm’s weighted average cost of capital equals:R WACC = [B / (B + S)](1 – t C)R B + [S / (B + S)]R SR WACC = .80(1 – .34)(.072) + .20(.1140)R WACC = .0608 or 6.08%Now we can use the weighted average cost of capital to discount NEC’s unlevered cash flows. Doing so, we find the NPV of the project is:NPV = –$40,000,000 + $2,600,000 / 0.0608NPV = $2,751,907.399. a.The company has a capital structure with three parts: long-term debt, short-termdebt, and equity. Since interest payments on both long-term and short-term debt aretax-deductible, multiply the pretax costs by (1 – t C) to determine the aftertax coststo be used in the weighted average cost of capital calculation. The WACC using thebook value weights is:R WACC = (w STD)(R STD)(1 – t C) + (w LTD)(R LTD)(1 – t C) + (w Equity)(R Equity)R WACC = ($3 / $19)(.035)(1 – .35) + ($10 / $19)(.068)(1 – .35) + ($6 / $19)(.145)R WACC = 0.0726 or 7.26%ing the market value weights, the company’s WACC is:R WACC = (w STD)(R STD)(1 – t C) + (w LTD)(R LTD)(1 – t C) + (w Equity)(R Equity)R WACC = ($3 / $40)(.035)(1 – .35) + ($11 / $40)(.068)(1 – .35) + ($26 / $40)(.145) R WACC = 0.1081 or 10.81%ing the target debt-equity ratio, the target debt-value ratio for the company is:B/S = 0.60B = 0.6SSubstituting this in the debt-value ratio, we get:B/V = .6S / (.6S + S)B/V = .6 / 1.6B/V = .375And the equity-value ratio is one minus the debt-value ratio, or:S/V = 1 – .375S/V = .625We can use the ratio of short-term debt to long-term debt in a similar manner to find the short-term debt to total debt and long-term debt to total debt. Using the short-term debt to long-term debt ratio, we get:STD/LTD = 0.20STD = 0.2LTDSubstituting this in the short-term debt to total debt ratio, we get:STD/B = .2LTD / (.2LTD + LTD)STD/B = .2 / 1.2STD/B = .167And the long-term debt to total debt ratio is one minus the short-term debt to total debt ratio, or:LTD/B = 1 – .167LTD/B = .833Now we can find the short-term debt to value ratio and long-term debt to value ratio by multiplying the respective ratio by the debt-value ratio. So:STD/V = (STD/B)(B/V) STD/V = .167(.375) STD/V = .063And the long-term debt to value ratio is:LTD/V = (LTD/B)(B/V)LTD/V = .833(.375)LTD/V = .313So, using the target capital structure weights, the company’s WACC is:R WACC = (w STD)(R STD)(1 – t C) + (w LTD)(R LTD)(1 – t C) + (w Equity)(R Equity)R WACC = (.06)(.035)(1 – .35) + (.31)(.068)(1 – .35) + (.625)(.145)R WACC = 0.1059 or 10.59%d.The differences in the WACCs are due to the different weighting schemes. Thecompany’s WACC will most closely resemble the WACC calculated using targetweights since future projects will be financed at the target ratio. Therefore, theWACC computed with target weights should be used for project evaluation.Intermediate10.The adjusted present value of a project equals the net present value of the project underall-equity financing plus the net present value of any financing side effects. In the joint venture’s case, the NPV of financing side effects equals the aftertax present value of cash flows resulting from the firms’ debt. So, the APV is:APV = NPV(All-Equity) + NPV(Financing Side Effects)The NPV for an all-equity firm is:NPV(All-Equity)NPV = –Initial Investment + PV[(1 – t C)(EBITD)] + PV(Depreciation Tax Shield)Since the initial investment will be fully depreciated over five years using the straight-line method, annual depreciation expense is:Annual depreciation = $30,000,000/5Annual depreciation = $6,000,000NPV = –$30,000,000 + (1 – 0.35)($3,800,000)PVIFA5.13%,20 +(0.35)($6,000,000)PVIFA5,13%,20NPV = –$5,262,677.95NPV(Financing Side Effects)The NPV of financing side effects equals the after-tax present value of cash flows resulting from the firm’s debt. The coupon rate on the debt is relevant to determine the interest payments, but the resulting cash flows should still be discounted at the pretax cost of debt. So, the NPV of the financing effects is:NPV = Proceeds – Aftertax PV(Interest Payments) – PV(Principal Repayments)NPV = $18,000,000 – (1 – 0.35)(0.05)($18,000,000)PVIFA8.5%,15– $18,000,000/1.08515 NPV = $7,847,503.56So, the APV of the project is:APV = NPV(All-Equity) + NPV(Financing Side Effects)APV = –$5,262,677.95 + $7,847,503.56APV = $2,584,825.6111.If the company had to issue debt under the terms it would normally receive, the interestrate on the debt would increase to the company’s normal cost of debt. The NPV of an all-equity project would remain unchanged, but the NPV of the financing side effects would change. The NPV of the financing side effects would be:NPV = Proceeds – Aftertax PV(Interest Payments) – PV(Principal Repayments)NPV = $18,000,000 – (1 – 0.35)(0.085)($18,000,000)PVIFA8.5%,15–$18,000,000/((1.085)15NPV = $4,446,918.69Using the NPV of an all-equity project from the previous problem, the new APV of the project would be:APV = NPV(All-Equity) + NPV(Financing Side Effects)APV = –$5,262,677.95 + $4,446,918.69APV = –$815,759.27The gain to the company from issuing subsidized debt is the difference between the two APVs, so:Gain from subsidized debt = $2,584,825.61 – (–815,759.27)Gain from subsidized debt = $3,400,584.88Most of the value of the project is in the form of the subsidized interest rate on the debt issue.12.The adjusted present value of a project equals the net present value of the project underall-equity financing plus the net present value of any financing side effects. First, we need to calculate the unlevered cost of equity. According to Modigliani-Miller Proposition II with corporate taxes:R S = R0 + (B/S)(R0– R B)(1 – t C).16 = R0 + (0.50)(R0– 0.09)(1 – 0.40)R0 = 0.1438 or 14.38%Now we can find the NPV of an all-equity project, which is:NPV = PV(Unlevered Cash Flows)NPV = –$21,000,000 + $6,900,000/1.1438 + $11,000,000/(1.1438)2 +$9,500,000/(1.1438)3NPV = –$212,638.89Next, we need to find the net present value of financing side effects. This is equal the aftertax present value of cash flows resulting from the firm’s debt. So:NPV = Proceeds – Aftertax PV(Interest Payments) – PV(Principal Payments)Each year, an equal principal payment will be made, which will reduce the interest accrued during the year. Given a known level of debt, debt cash flows should be discounted at the pre-tax cost of debt, so the NPV of the financing effects are:NPV = $7,000,000 – (1 – .40)(.09)($7,000,000) / (1.09) – $2,333,333.33/(1.09)– (1 – .40)(.09)($4,666,666.67)/(1.09)2– $2,333,333.33/(1.09)2– (1 – .40)(.09)($2,333,333.33)/(1.09)3– $2,333,333.33/(1.09)3 NPV = $437,458.31So, the APV of project is:APV = NPV(All-equity) + NPV(Financing side effects)APV = –$212,638.89 + 437,458.31APV = $224,819.4213. a.To calculate the NPV of the project, we first need to find the company’s WACC. Ina world with corporate taxes, a firm’s weighted average cost of ca pital equals:R WACC = [B / (B + S)](1 – t C)R B + [S / (B + S)]R SThe market value of the company’s equity is:Market value of equity = 6,000,000($20)Market value of equity = $120,000,000So, the debt-value ratio and equity-value ratio are:Debt-value = $35,000,000 / ($35,000,000 + 120,000,000)Debt-value = .2258Equity-value = $120,000,000 / ($35,000,000 + 120,000,000)Equity-value = .7742Since the CEO believes its current capital structure is optimal, these values can beused as the target weights in the firm’s weighted average cost of capital calculation.The yield to maturity of the company’s debt is its pretax cost of debt. To find thecompany’s cost of equity, we need to calculate the stock beta. The stock beta can becalculated as:β = σS,M / σ2Mβ = .036 / .202β = 0.90Now we can use the Capital Asset Pricing Model to determine the cost of equity. The Capital Asset Pricing Model is:R S = R F+ β(R M– R F)R S = 6% + 0.90(7.50%)R S = 12.75%Now, we can calculate the company’s WACC, which is:R WACC = [B / (B + S)](1 – t C)R B + [S / (B + S)]R SR WACC = .2258(1 – .35)(.08) + .7742(.1275)R WACC = .1105 or 11.05%Finally, we can use the WACC to discount the unlevered cash flows, which givesus an NPV of:NPV = –$45,000,000 + $13,500,000(PVIFA11.05%,5)NPV = $4,837,978.59b.The weighted average cost of capital used in part a will not change if the firmchooses to fund the project entirely with debt. The weighted average cost of capitalis based on optimal capital structure weights. Since the current capital structure isoptimal, all-debt funding for the project simply implies that the firm will have touse more equity in the future to bring the capital structure back towards the target.Challenge14. a.The company is currently an all-equity firm, so the value as an all-equity firmequals the present value of aftertax cash flows, discounted at the cost of the firm’sunlevered cost of equity. So, the current value of the company is:V U = [(Pretax earnings)(1 – t C)] / R0V U = [($28,000,000)(1 – .35)] / .20V U = $91,000,000The price per share is the total value of the company divided by the sharesoutstanding, or:Price per share = $91,000,000 / 1,500,000Price per share = $60.67b.The adjusted present value of a firm equals its value under all-equity financing plusthe net present value of any financing side effects. In this case, the NPV offinancing side effects equals the aftertax present value of cash flows resulting fromthe firm’s debt. Given a known level of debt, debt cash flows can be discounted atthe pretax cost of debt, so the NPV of the financing effects are:NPV = Proceeds – Aftertax PV(Interest Payments)NPV = $35,000,000 – (1 – .35)(.09)($35,000,000) / .09NPV = $12,250,000So, the value of the company after the recapitalization using the APV approach is:V = $91,000,000 + 12,250,000V = $103,250,000Since the company has not yet issued the debt, this is also the value of equity after the announcement. So, the new price per share will be:New share price = $103,250,000 / 1,500,000New share price = $68.83c.The company will use the entire proceeds to repurchase equity. Using the shareprice we calculated in part b, the number of shares repurchased will be:Shares repurchased = $35,000,000 / $68.83Shares repurchased = 508,475And the new number of shares outstanding will be:New shares outstanding = 1,500,000 – 508,475New shares outstanding = 991,525The value of the company increased, but part of that increase will be funded by the new debt. The value of equity after recapitalization is the total value of thecompany minus the value of debt, or:New value of equity = $103,250,000 – 35,000,000New value of equity = $68,250,000So, the price per share of the company after recapitalization will be:New share price = $68,250,000 / 991,525New share price = $68.83The price per share is unchanged.d.In order to v alue a firm’s equity using the flow-to-equity approach, we mustdiscount the cash flows available to equity holders at the cost of the firm’s levered equity. According to Modigliani-Miller Proposition II with corporate taxes, the required return of levered equity is:R S = R0 + (B/S)(R0– R B)(1 – t C)R S = .20 + ($35,000,000 / $68,250,000)(.20 – .09)(1 – .35)R S = .2367 or 23.67%After the recapitalization, the net income of the company will be:EBIT $28,000,000Interest 3,150,000EBT $24,850,000 Taxes 8,697,500 Net incomeThe firm pays all of its earnings as dividends, so the entire net income is availableto shareholders. Using the flow-to-equity approach, the value of the equity is:S = Cash flows available to equity holders / R SS = $16,152,500 / .2367S = $68,250,00015. a.If the company were financed entirely by equity, the value of the firm would beequal to the present value of its unlevered after-tax earnings, discounted at itsunlevered cost of capital. First, we need to find the company’s unlevered cash flows,which are:Sales $28,900,000Variable costs 17,340,000EBT $11,560,000Tax 4,624,000Net incomeSo, the value of the unlevered company is:V U = $6,936,000 / .17V U = $40,800,000b.According to Modigliani-Miller Proposition II with corporate taxes, the value oflevered equity is:R S = R0 + (B/S)(R0– R B)(1 – t C)R S = .17 + (.35)(.17 – .09)(1 – .40)R S = .1868 or 18.68%c.In a world with corporate taxes, a firm’s weighted average cost of capital equals:R WACC = [B / (B + S)](1 – t C)R B + [S / (B + S)]R SSo we need the debt-value and equity-value ratios for the company. The debt-equityratio for the company is:B/S = 0.35B = 0.35SSubstituting this in the debt-value ratio, we get:B/V = .35S / (.35S + S)B/V = .35 / 1.35B/V = .26And the equity-value ratio is one minus the debt-value ratio, or:S/V = 1 – .26S/V = .74So, using the capital structure weights, the comp any’s WACC is:R WACC = [B / (B + S)](1 – t C)R B + [S / (B + S)]R SR WACC = .26(1 – .40)(.09) + .74(.1868)R WACC = .1524 or 15.24%We can use the weighted average cost of capital to discount the firm’s unlevered aftertax earnings to value the company. Doing so, we find:V L = $6,936,000 / .1524V L = $45,520,661.16Now we can use the debt-value ratio and equity-value ratio to find the value of debt and equity, which are:B = V L(Debt-value)B = $45,520,661.16(.26)B = $11,801,652.89S = V L(Equity-value)S = $45,520,661.16(.74)S = $33,719,008.26d.In order to value a firm’s equity using the flow-to-equity approach, we can discountthe cash flows available to equity holders at the cost of the firm’s levered equity.First, we need to calculate the levered cash flows available to shareholders, which are:Sales $28,900,000Variable costs 17,340,000EBIT $11,560,000Interest 1,062,149EBT $10,497,851Tax 4,199,140Net incomeSo, the value of equity with the flow-to-equity method is:S = Cash flows available to equity holders / R SS = $6,298,711 / .1868 S = $33,719,008.2616. a.Since the company is currently an all-equity firm, its value equals the present valueof its unlevered after-tax earnings, discounted at its unlevered cost of capital. Thecash flows to shareholders for the unlevered firm are:EBIT $83,000Tax 33,200Net incomeSo, the value of the company is:V U = $49,800 / .15V U = $332,000b.The adjusted present value of a firm equals its value under all-equity financing plusthe net present value of any financing side effects. In this case, the NPV offinancing side effects equals the after-tax present value of cash flows resulting fromdebt. Given a known level of debt, debt cash flows should be discounted at thepre-tax cost of debt, so:NPV = Proceeds – Aftertax PV(Interest payments)NPV = $195,000 – (1 – .40)(.09)($195,000) / 0.09NPV = $78,000So, using the APV method, the value of the company is:APV = V U + NPV(Financing side effects)APV = $332,000 + 78,000APV = $410,000The value of the debt is given, so the value of equity is the value of the companyminus the value of the debt, or:S = V – BS = $410,000 – 195,000S = $215,000c.According to Modigliani-Miller Proposition II with corporate taxes, the requiredreturn of levered equity is:R S = R0 + (B/S)(R0– R B)(1 – t C)R S = .15 + ($195,000 / $215,000)(.15 – .09)(1 – .40)R S = .1827 or 18.27%d.In order to value a firm’s equity using the flow-to-equity approach, we can discountthe cash flows available to equity holders at the cost of the firm’s levered equity.First, we need to calculate the levered cash flows available to shareholders, whichare:EBIT $83,000Interest 17,550EBT $65,450Tax 26,180Net incomeSo, the value of equity with the flow-to-equity method is:S = Cash flows available to equity holders / R SS = $39,270 / .1827S = $215,00017.Since the company is not publicly traded, we need to use the industry numbers tocalculate the industry levered return on equity. We can then find the industry unlevered return on equity, and re-lever the industry return on equity to account for the different use of leverage. So, using the CAPM to calculate the industry levered return on equity, we find:R S = R F+ β(MRP)R S = 5% + 1.2(7%)R S = 13.40%Next, to find the average cost of unlevered equity in the holiday gift industry we can use Modigliani-Miller Proposition II with corporate taxes, so:R S = R0 + (B/S)(R0– R B)(1 – t C).1340 = R0 + (.35)(R0– .05)(1 – .40)R0 = .1194 or 11.94%Now, we can use the Modigliani-Miller Proposition II with corporate taxes to re-lever the return on equity to account for this company’s debt-equity ratio. Doing so, we find:R S = R0 + (B/S)(R0– R B)(1 – t C)R S = .1194 + (.40)(.1194 – .05)(1 – .40)R S = .1361 or 13.61%Since the project is financed at the firm’s target debt-equity ratio, it must be discounted at t he company’s weighted average cost of capital. In a world with corporate taxes, a firm’s weighted average cost of capital equals:。

公司金融研究(5)(公司金融研究-上海财经大学李曜)

低, 因此 CF0 占优势，使得 NPV < 0。当贴现率处于以上两者间时，对 CF2 的
影响比对 CF1的影响更大 , 因此 NPV > 0 。结果: 出现两个 IRR。
正常项目
成本 (负CF) 发生后是一系列正现金流量的产生。——投资项目资金收回（正CF）发生后是一系列负现金流量的产生。——融资项目
作业标准记得牢，驾轻就熟除烦恼。2020年10月20日星期二3时26分54秒 03:26: 5420 October 2020
好的事情马上就会到来，一切都是最好的安排。上午3时26分54秒上午3时26分03:26:5420.10.20
一马当先，全员举绩，梅开二度，业绩保底。20.10.2020.10.2003: 2603:26:5403: 26:54Oct-20
增量项目：将0时刻的大投资项目减去小投资项目的现金流，创造出一个新的投资项目。
要点：在互斥项目选择时，不能直接采用IRR方法。
2、时间问题（timing problem)
资金回收快的项目可以在早期进行再投资。如果资本成本率高，则较早产生现金流入的项目较好。
ye 0 ar
1 23
A -10000 10000 1000 1000
Spilled milk 2、机会成本（opportunity cost） 3、外部效应（side effect）
二、Baldwin公司案例
教材171-177页链接
树立质量法制观念、提高全员质量意识。20.10.2020.10.20Tuesday, October 20, 2020
人生得意须尽欢，莫使金樽空对月。03:26:5403:26: 5403:2610/20/2020 3:26:54 AM

公司金融课后习题答案Chap012new

Solutions to Chapter 12Risk, Return, and Capital Budgeting1. a. False. Investors require higher expected rates of return on investments with highmarket risk, not high total risk. Variability of returns is a measure of total risk.b.False. If beta = 0, then the asset’s expected return should equal the risk-free rate,not zero.c. False. The portfolio is invested one-third in Treasury bills and two-thirds in themarket. Its beta will be:(1/3 ⨯ 0) + (2/3 ⨯ 1.0) = 2/3d.True.e. True.Est time: 01–052. The risks of deaths of individual policyholders are largely independent and aretherefore diversifiable. The insurance company is satisfied to charge a premiumthat reflects actuarial probabilities of death, without an additional risk premium. In contrast, flood damage is not independent across policyholders. If my coastal home floods in a storm, there is a greater chance that my neighbor’s will too. Becauseflood risk is not diversifiable, the insurance company may not be satisfied withcharging a premium that reflects only the expected value of payouts.Est time: 01–053. The actual returns for the Snake Oil fund exhibit considerable variation around theregression line. This indicates that the fund is subject to diversifiable risk: It is notwell diversified. The variation in the fund’s returns is influenced by more than just marketwide events.Est time: 01–054. Investors would buy shares of firms with high levels of diversifiable risk and earnhigh-risk premiums. But by holding these shares in diversified portfolios, they would not necessarily bear a high degree of portfolio risk. This would represent a profitopportunity, however. As investors seek these shares, we would expect their prices to rise and the expected rate of return to investors buying at these higher prices to fall.This process would continue until the reward for bearing diversifiable risk dissipated.Est time: 01–055.a. Required return = r f + β(r m – r f ) = 4% + [0.6 ⨯ (14% – 4%)] = 10% With an IRR of 14%, the project should be accepted.b. If beta = 1.6, then required return increases to:4% + [1.6 ⨯ (14% – 4%)] = 20% This is greater than the project IRR. You should now reject the project.c. Given its IRR, the project is attractive when its risk and therefore its required return are low. At a higher risk level, the IRR is no longer higher than the expected return on comparable-risk assets available elsewhere in the capital market.Est time: 01–056.a. The expected cash flows from the firm are in the form of a perpetuity. The discount rate is:r f + β(r m – r f ) = 4% + 0.4 ⨯ (11% – 4%) = 6.8%Therefore, the value of the firm would be:82.058,147$068.0000,10$f low cash 0===r Pb. If the true beta is actually 0.6, the discount rate should be:r f + β(r m – r f ) = 4% + [0.6 ⨯ (11% – 4%)] = 8.2%Therefore, the value of the firm is:22.951,121$082.0000,10$f low cash 0===r PBy underestimating beta, you would overvalue the firm by:$147,058.82 – $121,951.22 = $25,107.60Est time: 06–107. Required return = r f + β(r m–r f) = 6% + [1.25 ⨯ (13% – 6%)] = 14.75%Expected return = 16%The security is underpriced. Its expected return is greater than the required returngiven its risk.Est time: 01–058.Beta tells us how sensitive the stock return is to changes in market performance. Themarket return was 4% less than your prior expectation (10% versus 14%). Therefore, the stock would be expected to fall short of your original expectation by:0.8 ⨯ 4% = 3.2%The “updated” expectation for the stock return is 12% – 3.2% = 8.8%.Est time: 01–059. a. A diversified investor will find the lowest-beta stock safest. This is NewmontMining, which has a beta of 0.59.b. Disney has the lowest total volatility; the standard deviation of its returns is3.7%.c. β = (2.53 + 1.16 + 0.59)/3 = 1.43d. The portfolio will have the same beta as Ford (2.53). The total risk of theportfolio will be 2.53 times the total risk of the market portfolio because the effectof firm-specific risk will be diversified away. Therefore, the standard deviation ofthe portfolio is 2.53 ⨯ 20% = 50.6%.ing the CAPM, we compute the expected rate of return on each stock from theequation r = r f + β(r m–r f).In this case: r f = 4% and (r m–r f) = 8%Ford: r = 4% + (2.53⨯ 8%) = 24.24%Disney: r = 4% + (1.16⨯ 8%) = 13.28%Newmont Mining: r = 4% + (0.59⨯ 8%) = 8.72%Est time: 11–1510. The following table shows the average return on Tumblehome for various values of themarket return. It is clear from the table that when the market return increases by 1%,Tumblehome’s return increases, on average, by 1.5%. Therefore, β = 1.5. If you preparea plot of the return on Tumblehome as a function of the market return, you will find thatthe slope of the line through the points is 1.5.Market Return (%) Average Return on Tumblehome (%)-2 -3.0-1 -1.50 0.01 1.52 3.0Est time: 06–1011. a. Beta is the responsiveness of each stock’s return to changes in the market return.Then:Stock D is considered a more defensive stock than stock A because the return ofstock D is less sensitive to the return of the overall market. In a recession, stockD will usually outperform both stock A and the market portfolio.b. We take an average of returns in each scenario to obtain the expected return:r m = (32% – 8%)/2 = 12%r A = (38% – 10%)/2 = 14%r D = (24% – 6%)/2 = 9%c. According to the CAPM, the expected returns investors will demand of each stock,given the stock betas and the expected return on the market, are determined asfollows:r = r f + β(r m–r f)r A = 4% + [1.2 ⨯ (12% – 4%)] = 13.6%r D = 4% + [0.75 ⨯ (12% – 4%)] = 10.0%d. The return you actually expect for stock A (14%) is above the fair return (13.6%).The return you expect for stock D (9%) is below the fair return (10%). Therefore,stock A is the better buy.Est time: 06–1012. Figure shown below.Beta Cost of Capital (from CAPM)0.75 4% + (0.75 ⨯7%) = 9.25%1.75 4% + (1.75 ⨯7%) = 16.25%betar11%SMLBetaCost of Capital IRR NPV 1.011.0% 14% + 0.04.0% 6% + 2.018.0% 18% 0 0.46.8% 7% + 1.6 15.2% 20% +Est time: 11–1513. The appropriate discount rate for the project is:r = r f + β(r m – r f ) = 4% + 1.4 ⨯ (12% – 4%) = 15.2%Therefore: NPV = –$100 + [$15 ⨯ annuity factor (15.2%, 10 years)]You should reject the project.Est time: 06–1014. Find the discount rate (r ) at which:$15 ⨯ annuity factor (r , 10 years) = 100 $15 100$)(11110=⎥⎦⎤⎢⎣⎡+⨯-⨯r r r Solving this equation using trial and error or a financial calculator, we find that theproject IRR is 8.14%. The IRR is less than the opportunity cost of capital (15.2%).Therefore, you should reject the project, just as you found from the NPV rule.Est time: 01–0515. From the CAPM, the appropriate discount rate is:r = r f + β(r m – r f ) = 4% + (0.75 ⨯ 7%) = 9.25%Est time: 01–0516. If investors believe the year-end stock price will be $52, then the expected return on thestock is:%0.808.050$)50$52($2$==-+This is less than the opportunity cost of capital. Alternatively, the “fair ” price of the stock (that is, the present value of the investor’s expected cash flows) is: ($2 + $52)/1.0925 = $49.43This is less than the current price. Investors will want to sell the stock, in the processreducing its price until it reaches $49.43. At that point, the expected return is a “fair ” 9.25%: %25.90925.043.49$)43.49$52($2$==-+Est time: 01–0517. a. The expected return of the portfolio is equal to the weighted average of the returnson the S&P 500 and T-bills. Similarly, the beta of the portfolio is equal to theweighted average of the beta of the S&P (which is 1.0) and the beta of T-bills(which is zero):(i) E (r ) = (0 ⨯ 13%) + (1.0 ⨯ 5%) = 5%β = (0 ⨯ 1) + (1 ⨯ 0) = 0 (ii) E (r ) = (0.25 ⨯ 13%) + (0.75 ⨯ 5%) = 7%β = (0.25 ⨯ 1) + (0.75 ⨯ 0) = 0.25 (iii) E (r ) = (0.50 ⨯ 13%) + (0.50 ⨯ 5%) = 9%β = (0.50 ⨯ 1) + (0.50 ⨯ 0) = 0.50 (iv) E (r ) = (0.75 ⨯ 13%) + (0.25 ⨯ 5%) = 11%β = (0.75 ⨯ 1) + (0.25 ⨯ 0) = 0.75(v) E (r ) = (1.00 ⨯ 13%) + (0 ⨯ 5%) = 13% β = (1.0 ⨯ 1) + (0 ⨯ 0) = 1.0b. For every increase of 0.25 in the β of the portfolio, the expected return increases by 2%. The slope of the relationship (additional return per unit of additional risk) is therefore 2%/0.25 = 8%.c.The slope of the return per unit of risk relationship is the market risk premium:r m – r f = 13% – 5% = 8% This is exactly what the SML predicts, i.e., that the risk premium equals betatimes the market risk premium.Est time: 11–1518. a. Call the weight in the S&P 500 w and the weight in T-bills (1 – w ). Then w mustsatisfy the equation:w ⨯ 10% + (1 – w ) ⨯ 4% = 8% ⇒ w = 2/3Therefore, invest two-thirds in the S&P 500 and one-third in T-bills.b. To form a portfolio with beta = 0.4, use a weight of 0.40 in the S&P 500 and a weight of 0.60 in T-bills. Then the portfolio beta is:β = (0.40 ⨯ 1) + (0.60 ⨯ 0) = 0.40c. Both portfolios have the same ratio of risk premium to beta:%64.0%4%4.6%4%832=-=- Notice that the ratio of risk premium to risk (i.e., beta) equals the market riskpremium (6%) for both stocks.Est time: 06–1019. If the systematic risk were comparable to that of the market, the discount rate would be12.5%. The property would be worth $50,000/0.125 = $400,000.Est time: 01–0520.The CAPM states that r = r f + β(r m–r f).If β < 0, then r < r f.Investors would invest in a security with an expected return below the risk-free rate because of the hedging value such a security provides for the rest of the portfolio.Investors get their reward in terms of risk reduction rather than in the form of highexpected return.Est time: 01–0521.We can use the CAPM to derive the cost of capital for these firms:r = r f + β(r m–r f) = 5% + (β⨯ 7%)Beta Cost of CapitalCisco 1.22 13.54%Apple 1.44 15.08%Hershey .39 7.73%Coca-Cola .59 9.13%Est time: 01–0522. r = r f + β(r m –r f)5 = r f + 0.5(r m–r f) (stock A)13 = r f + 1.5(r m –r f) (stock B)Solve these simultaneous equations to find that r f = 1% and r m = 9%.Est time: 06–1023. r = r f + β(r m–r f)10 = 6 + β(13 – 6) ⇒β = 4/7 = 0.5714Est time: 01–0524. Cisco should use the beta of Hershey (which is 0.39) to find that the required rate ofreturn is 7.73%. The project is a chocolate company and the beta of Hershey reflects the risk of these firms. The beta of Cisco does not reflect that risk.Est time: 01–0525. a. False. The stock’s risk premium, not its expected rate of return, is twice as high asthe risk premium of the market portfolio.b. True. T he stock’s specific risk does not affect its contribution to portfolio risk.c. False. A stock plotting below the SML offers too low an expected return relativeto the expected return indicated by the CAPM. The stock is over priced.d. True. If the portfolio is diversified to such an extent that it has negligible uniquerisk, then the only source of volatility is its market exposure. A beta of 2 thenimplies twice the volatility of the market portfolio.e. False. An undiversified portfolio has more than twice the volatility of the market.In addition to the fact that it has double the sensitivity to market risk, it also hasvolatility due to specific risk.Est time: 06–1026. The CAPM implies that the expected rate of return that investors will demand of theportfolio is:r = r f + β(r m –r f) = 4% + 0.8 ⨯ (14% – 4%) = 12%If the portfolio is expected to provide only an 11% rate of return, it’s an unattractiveinvestment. The portfolio does not provide an expected return that is sufficiently high relative to its risk.Est time: 01–0527. A portfolio that is invested 80% in a stock index mutual fund (with a beta of 1.0) and20% in a money market mutual fund (with a beta of zero) would have the same beta as this manager’s portfolio:β = (0.80 ⨯ 1.0) + (0.20 ⨯ 0) = 0.80However, it would provide an expected return of:(0.80 ⨯ 14%) + (0.20 ⨯ 4%) = 12%This is better than the portfolio manager’s expected return.Est time: 01–0528. The security market line provides a benchmark expected return that an investor can earnby mixing index funds with money market funds. Before an investor places funds with a professional mutual fund manager, the investor must be convinced that the mutual fund can earn an expected return (net of fees) in excess of the expected return available on an equally risky index fund strategy.Est time: 01–0529. a. r = r f + β(r m – r f ) = 5% + [(–0.2) ⨯ (15% – 5%)] = 3%b. Portfolio beta = (0.90 ⨯βmarket ) + (0.10 ⨯βlaw firm )= (0.90 ⨯ 1.0) + [0.10 ⨯ (-.2)] = 0.88Est time: 06–1030. Expected income on stock fund: $2 million ⨯ 0.12 = $0.24 millionInterest on borrowed funds: $1 million ⨯ 0.04 = $0.04 millionNet expected earnings: $0.20 millionExpected rate of return on the $1 million you invest is:%0.2020.0million 1$million 20.0$==Risk premium = 20% – 4% = 16%This is double the risk premium of the market index fund. The risk is also double that of holding a market index fund. You have $2 million at risk,but the net value of your portfolio is only $1 million. A 1% change in the rate of return on the market index will change your profits by 0.01 ⨯ $2 million = $20,000.But this changes the rate of return on your portfolio by $20,000/$1,000,000 = 2%.This is double that of the market. So your risk is in fact double that of the market index.Est time: 11–1531. a. The betas for Consolidated Edison and Dell computer are 0.31 and 1.38, respectively.See the charts below.Chapter 12 - Risk, Return, and Capital Budgetingb. The return on Dell’s stock is relatively more volatile than that of Consolidated Edison. Th eresulting higher beta for Dell makes sense, as the business risk for this computer company is higher than that of a regulated utility such as Consolidated Edison.Est time: 11–1512-11© 2012 by McGraw-Hill Education. This is proprietary material solely for authorized instructor use. Not authorized for sale or distribution in any manner. This document may not be copied, scanned, duplicated, forwarded, distributed, or posted on a website, inwhole or part.。

公司金融第八版中文课后习题答案

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。

公司金融第二版李曜课后试题及解析

公司金融第二版李曜课后试题及解析一、选择题1、以下哪种风险不属于公司金融风险？A、市场风险B、信用风险C、流动性风险D、法律风险正确答案：D解析：公司金融风险一般包括市场风险、信用风险、流动性风险以及操作风险等。

2、以下哪种债券属于零息债券？A、政府债券B、可转换债券C、浮息债券D、折价债券正确答案：D解析：零息债券是指在发行时未按固定利率支付利息，到期时按面值向债券持有人支付全部本息；而折价债券则是指在发行时发行价格低于面值的债券。

3、以下哪种机构不属于金融监管机构？A、中国证监会B、中国人民银行C、国家发展和改革委员会D、中国银行保险监督管理委员会正确答案：C解析：金融监管机构包括中国证监会、中国人民银行、中国银行保险监督管理委员会等。

4、以下哪个指标衡量的是公司的资产负债情况？A、流动比率B、速动比率C、负债率D、营运资金正确答案：C解析：负债率是指企业的总债务占全部资产的比重，是衡量企业资产负债情况的指标。

5、以下哪种财务指标是衡量公司盈利能力的？A、资本回报率B、流动比率C、速动比率D、资产周转率正确答案：A解析：资本回报率是指企业净利润与所有者权益的比值，是衡量公司盈利能力的指标。

二、判断题1、公司债券是企业发行的一种债权凭证，具有固定的利息和到期日。

（√）正确答案：√解析：公司债券是指公司作为债务人向市场发行的，具有固定利息和到期日的一种债权凭证。

2、金融杠杆是其股票收益率变动程度比资产收益率变动程度大的现象。

（×）正确答案：×解析：金融杠杆是指借助债务融资，企业在扩大业务规模、提高盈利能力时所产生的影响。

其股票收益率变动程度比资产收益率变动程度更大。

3、企业所得税是指企业利润中应缴纳给国家的税款。

（√）正确答案：√解析：企业所得税是指在企业所得中应纳税的部分，是企业为国家的税务贡献。

4、资本市场是企业融资的重要渠道，包括证券市场和债券市场。

（√）正确答案：√解析：资本市场是企业通过证券市场和债券市场等渠道筹集资金的重要场所，提供了企业融资的重要途径。

公司金融学练习题及答案

公司金融课后习题及答案第一章1、公司理财具体包括的财务活动有（ABCD）。

A．公司筹资引起的财务活动B．公司投资引起的财务活动C.公司经营引起的财务活动D.公司经营成果分配引起的财务活动2、公司理财必须要回答的三个重要问题：ABDA.企业应该实施何种投资项目B.如何为将要进行的投资项目筹建所需资金C.如何避免财务风险D.如何管理营运资本3、以“利润最大化”为公司理财的目标，有以下优点A.可以直接反映企业创造的剩余产品B.在一定程度上反映经济效益的高低和对社会贡献的大小C.可以体现企业补充资本、扩大经营规模的源泉D.可以反映所创造的利润与投入的资本之间的对比关系4、以“利润最大化”为公司理财的目标，存在以下缺点：ABCDEA.没有考虑资金的时间价值B.可能导致企业的短期行为C.没有反映所创造的利润与投入的资本之间的对比关系D.没有考虑风险因素E.利润最大化可能会引发管理者的主观随意性5、企业所有制形式有以下几种：ACDA.个体所有制企业B.集体所有制企业C.合伙制企业D.公司制企业6、公司区别于其他所有制形式企业的根本特征：AA.所有权与经营权分离B.所有权与投票权相分离C.经营权与投票权相分离D.清偿权与投资权相分离7、（视频中提到）解决公司代理问题的办法有：BDA.所有者自主经营B.加强外部的监督C.聘用优秀管理者D.薪酬契约8、《公司金融学》主要研究三类决策：ABDA.投资决策B.融资决策C.经营决策D.分配决策9、作为公司理财目标，每股利润最大化较之利润最大化的优点在于（B）A.考虑了资金时间价值因素B.反映了创造利润与投入资本的关系C.考虑了风险因素D.能够避免企业短期行为10、如果以资本利润率最大化作为公司理财目标，存在的缺陷是（D）A.不能反映资本的获利水平B.不能用于不同资本规模的企业间比较C.不能用于同一企业的不同期间比较D.没有考虑风险因素和时间价值11、以利润最大化作为财务管理目标的优点是（C）A.充分体现了时间价值因素B.充分体现了利润产出与投入资本的关系C.有利于加强经济核算、考核管理效率D.有利于克服短期行为12、相对于每股收益最大化目标而言，股东财富最大化目标的不足之处是（B）A.没有考虑资金的时间价值B.没有考虑投资的风险价值C.不能反映企业的潜在的获利能力D.不能直接反映企业当前的获利水平第二章第三章A.B.C.D.A.B.C.D.。

公司金融课后题答案CHAPTER 19

CHAPTER 19DIVIDENDS AND OTHER PAYOUTS Answers to Concepts Review and Critical Thinking Questions1.Dividend policy deals with the timing of dividend payments, not the amounts ultimatelypaid. Dividend policy is irrelevant when the timing of dividend payments doesn’t affect the present value of all future dividends.2. A stock repurchase reduces equity while leaving debt unchanged. The debt ratio rises. Afirm could, if desired, use excess cash to reduce debt instead. This is a capital structure decision.3.The chief drawback to a strict dividend policy is the variability in dividend payments.This is a problem because investors tend to want a somewhat predictable cash flow. Also, if there is information content to dividend announcements, then the firm may be inadvertently telling the market that it is expecting a downturn in earnings prospects when it cuts a dividend, when in reality its prospects are very good. In a compromise policy, the firm maintains a relatively constant dividend. It increases dividends only when it expects earnings to remain at a sufficiently high level to pay the larger dividends, and it lowers the dividend only if it absolutely has to.4.Friday, December 29 is the ex-dividend day. Remember not to count January 1 becauseit is a holiday, and the exchanges are closed. Anyone who buys the stock before December 29 is entitled to the dividend, assuming they do not sell it again before December 29.5.No, because the money could be better invested in stocks that pay dividends in cashwhich benefit the fundholders directly.6.The change in price is due to the change in dividends, not due to the change in dividendpolicy. Dividend policy can still be irrelevant without a contradiction.7.The stock price dropped because of an expected drop in future dividends. Since the stockprice is the present value of all future dividend payments, if the expected future dividend payments decrease, then the stock price will decline.8. The plan will probably have little effect on shareholder wealth. The shareholders canreinvest on their own, and the shareholders must pay the taxes on the dividends either way. However, the shareholders who take the option may benefit at the expense of the ones who don’t (because of the discount). Also as a resu lt of the plan, the firm will be able to raise equity by paying a 10% flotation cost (the discount), which may be a smaller discount than the market flotation costs of a new issue for some companies.9.If these firms just went public, they probably did so because they were growing andneeded the additional capital. Growth firms typically pay very small cash dividends, if they pay a dividend at all. This is because they have numerous projects available, and they reinvest the earnings in the firm instead of paying cash dividends.10.It would not be irrational to find low-dividend, high-growth stocks. The trust should beindifferent between receiving dividends or capital gains since it does not pay taxes on either one (ignoring possible restrictions on invasion of principal, etc.). It would be irrational, however, to hold municipal bonds. Since the trust does not pay taxes on the interest income it receives, it does not need the tax break associated with the municipal bonds. Therefore, it should prefer to hold higher yield, taxable bonds.11.The stock price drop on the ex-dividend date should be lower. With taxes, stock pricesshould drop by the amount of the dividend, less the taxes investors must pay on the dividends. A lower tax rate lowers the invest ors’ tax liability.12.With a high tax on dividends and a low tax on capital gains, investors, in general, willprefer capital gains. If the dividend tax rate declines, the attractiveness of dividends increases.13.Knowing that share price can be expressed as the present value of expected futuredividends does not make dividend policy relevant. Under the growing perpetuity model, if overall corporate cash flows are unchanged, then a change in dividend policy only changes the timing of the dividends. The PV of those dividends is the same. This is true because, given that future earnings are held constant, dividend policy simply represents a transfer between current and future stockholders.In a more realistic context and assuming a finite holding period, the value of the shares should represent the future stock price as well as the dividends. Any cash flow not paid as a dividend will be reflected in the future stock price. As such, the PV of the cash flows will not change with shifts in dividend policy; dividend policy is still irrelevant.14.T he bird-in-the-hand argument is based upon the erroneous assumption that increaseddividends make a firm less risky. If capital spending and investment spending are unchanged, the firm’s overall cash flows are not affected by the dividend policy.15.This argument is theoretically correct. In the real world, with transaction costs ofsecurity trading, home-made dividends can be more expensive than dividends directly paid out by the firms. However, the existence of financial intermediaries, such as mutual funds, reduces the transaction costs for individuals greatly. Thus, as a whole, the desire for current income shouldn’t be a major factor favoring high-current-dividend policy.16. a.Cap’s past behavior suggests a preference for capital gains, while Sarah exhibits apreference for current income.b. Cap could show the Sarah how to construct homemade dividends through the saleof stock. Of course, Cap will also have to convince her that she lives in an MMworld. Remember that homemade dividends can only be constructed under the MMassumptions.c.Sarah may still not invest in Neotech because of the transaction costs involved inconstructing homemade dividends. Also, Sarah may desire the uncertaintyresolution which comes with high dividend stocks.17.To minimize her tax burden, your aunt should divest herself of high dividend yieldstocks and invest in low dividend yield stocks. Or, if possible, she should keep her high dividend stocks, borrow an equivalent amount of money and invest that money in a tax-deferred account.18. The capital investment needs of small, growing companies are very high. Therefore,payment of dividends could curtail their investment opportunities. Their other option is to issue stock to pay the dividend, thereby incurring issuance costs. In either case, the companies and thus their investors are better off with a zero dividend policy during the firms’ rapid growth phases. This fact makes these firms attractive only to low dividend clienteles.This example demonstrates that dividend policy is relevant when there are issuance costs.Indeed, it may be relevant whenever the assumptions behind the MM model are not met.19. Unless there is an unsatisfied high dividend clientele, a firm cannot improve its shareprice by switching policies. If the market is in equilibrium, the number of people who desire high dividend payout stocks should exactly equal the number of such stocks available. The supplies and demands of each clientele will be exactly met in equilibrium.If the market is not in equilibrium, the supply of high dividend payout stocks may be less than the demand. Only in such a situation could a firm benefit from a policy shift.20. This finding implies that firms use initial dividends to “signal” their potential growth andpositive NPV prospects to the stock market. The initiation of regular cash dividends also serves to convince the market that their high current earnings are not temporary.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.The aftertax dividend is the pretax dividend times one minus the tax rate, so:Aftertax dividend = $5.60(1 – .15) = $4.76The stock price should drop by the aftertax dividend amount, or:Ex-dividend price = $75 – 4.76 = $70.242. a.The shares outstanding increases by 10 percent, so:New shares outstanding = 20,000(1.10) = 22,000New shares issued = 2,000Since the par value of the new shares is $1, the capital surplus per share is $47. Thetotal capital surplus is therefore:Capital surplus on new shares = 2,000($47) = $94,000Common stock ($1 par value) $ 22,000Capital surplus 304,000Retained earnings 639,300$965,300b.The shares outstanding increases by 25 percent, so:New shares outstanding = 20,000(1.25) = 25,000New shares issued = 5,000Since the par value of the new shares is $1, the capital surplus per share is $47. Thetotal capital surplus is therefore:Capital surplus on new shares = 5,000($47) = $235,000Common stock ($1 par value) $ 25,000Capital surplus 445,000Retained earnings 495,300$965,3003. a.To find the new shares outstanding, we multiply the current shares outstandingtimes the ratio of new shares to old shares, so:New shares outstanding = 20,000(4/1) = 80,000The equity accounts are unchanged except that the par value of the stock is changedby the ratio of new shares to old shares, so the new par value is:New par value = $1(1/4) = $0.25 per share.b.To find the new shares outstanding, we multiply the current shares outstandingtimes the ratio of new shares to old shares, so:New shares outstanding = 20,000(1/5) = 4,000.The equity accounts are unchanged except that the par value of the stock is changedby the ratio of new shares to old shares, so the new par value is:New par value = $1(5/1) = $5.00 per share.4.To find the new stock price, we multiply the current stock price by the ratio of old sharesto new shares, so:a.$78(3/5) = $46.80b.$78(1/1.15) = $67.83c.$78(1/1.425) = $54.74d.$78(7/4) = $136.50.To find the new shares outstanding, we multiply the current shares outstanding times the ratio of new shares to old shares, so:a:260,000(5/3) = 433,333b:260,000(1.15) = 299,000c:260,000(1.425) = 370,500d:260,000(4/7) = 148,5715.The stock price is the total market value of equity divided by the shares outstanding, so:P0 = $380,000 equity/8,000 shares = $47.50 per shareIgnoring tax effects, the stock price will drop by the amount of the dividend, so:P X = $47.50 – 1.60 = $45.90The total dividends paid will be:$1.60 per share(8,000 shares) = $12,800The equity and cash accounts will both decline by $12,800.6.Repurchasing the shares will reduce shareholders’ equity by $12,800. The sharesrepurchased will be the total purchase amount divided by the stock price, so:Shares bought = $12,800/$47.50 = 269And the new shares outstanding will be:New shares outstanding = 8,000 – 269 = 7,731After repurchase, the new stock price is: Share price = $367,200/7,731 shares = $47.50The repurchase is effectively the same as the cash dividend because you either hold a share worth $47.50 or a share worth $45.90 and $1.60 in cash. Therefore, you participate in the repurchase according to the dividend payout percentage; you are unaffected.7.The stock price is the total market value of equity divided by the shares outstanding, so:P0 = $455,000 equity/20,000 shares = $22.75 per shareThe shares outstanding will increase by 25 percent, so:New shares outstanding = 20,000(1.25) = 25,000The new stock price is the market value of equity divided by the new shares outstanding, so:P X = $455,000/25,000 shares = $18.208.With a stock dividend, the shares outstanding will increase by one plus the dividendamount, so:New shares outstanding = 380,000(1.12) = 425,600The capital surplus is the capital paid in excess of par value, which is $1, so:Capital surplus for new shares = 45,600($44) = $2,006,400The new capital surplus will be the old capital surplus plus the additional capital surplus for the new shares, so:Capital surplus = $1,750,000 + 2,006,400 = $3,756,400The new equity portion of the balance sheet will look like this:Common stock ($1 par value) $ 425,600Capital surplus 3,756,400Retained earnings 2,098,000$6,280,0009.The only equity account that will be affected is the par value of the stock. The par valuewill change by the ratio of old shares to new shares, so:New par value = $1(1/5) = $0.20 per share.The total dividends paid this year will be the dividend amount times the number of shares outstanding. The company had 380,000 shares outstanding before the split. We must remember to adjust the shares outstanding for the stock split, so:Total dividends paid this year = $0.60(380,000 shares)(5/1 split) = $1,140,000The dividends increased by 10 percent, so the total dividends paid last year were:Last year’s dividends = $1,140,000/1.10 = $1,036,363.64And to find the dividends per share, we simply divide this amount by the shares outstanding last year. Doing so, we get:Dividends per share last year = $1,036,363.64/380,000 shares = $2.7310. a.If the dividend is declared, the price of the stock will drop on the ex-dividend dateby the value of the dividend, $5. It will then trade for $115.b.If it is not declared, the price will remain at $120.c.Mann’s outflows for investments are $3,000,000. These outflows occurimmediately. One year from now, the firm will realize $1,400,000 in net incomeand it will pay $750,000 in dividends, but the need for financing is immediate.Mann must finance $3,000,000 through the sale of shares worth $120. It must sell$3,000,000 / $120 = 25,000 shares.d.The MM model is not realistic since it does not account for taxes, brokerage fees,uncertainty over future cash flows, investor s’ preferences, signaling effects, andagency costs.Intermediate11.The price of the stock today is the PV of the dividends, so:P0 = $0.95/1.14 + $45/1.142 = $35.46To find the equal two year dividends with the same present value as the price of the stock, we set up the following equation and solve for the dividend (Note: The dividend isa two year annuity, so we could solve with the annuity factor as well):$35.46 = D/1.14 + D/1.142D = $21.53We now know the cash flow per share we want each of the next two years. We can find the price of stock in one year, which will be:P1 = $45/1.14 = $39.47Since you own 1,000 shares, in one year you want:Cash flow in Year one = 1,000($21.53) = $21,534.11But you’ll only get:Dividends received in one year = 1,000($0.95) = $950.00Thus, in one year you will need to sell additional shares in order to increase your cash flow. The number of shares to sell in year one is:Shares to sell at time one = ($21,534.11 – 950)/$39.47 = 521.46 sharesAt Year 2, your cash flow will be the dividend payment times the number of shares you still own, so the Year 2 cash flow is:Year 2 cash flow = $45(1,000 – 521.46) = $21,534.1112.If you only want $500 in Year 1, you will buy:($950 – 500)/$39.47 = 11.40 sharesat Year 1. Your dividend payment in Year 2 will be:Year 2 dividend = (1,000 + 11.40)($45) = $45,513.00Note that the present value of each cash flow stream is the same. Below we show this by finding the present values as:PV = $500/1.14 + $45,513/1.142 = $35,459.37PV = 1,000($0.95)/1.14 + 1,000($45)/1.142 = $35,459.3713. a.If the company makes a dividend payment, we can calculate the wealth of ashareholder as:Dividend per share = $3,000/600 shares = $5.00The stock price after the dividend payment will be:P X = $58 – 5 = $53 per shareThe shareholder will have a stock worth $53 and a $5 dividend for a total wealth of$58. If the company makes a repurchase, the company will repurchase:Shares repurchased = $3,000/$58 = 51.72 sharesIf the shareholder lets their shares be repurchased, they will have $58 in cash. If theshareholder keeps their shares, they’re still worth $58.b.If the company pays dividends, the current EPS is $1.50, and the P/E ratio is:P/E = $53/$1.50 = 35.33If the company repurchases stock, the number of shares will decrease. The total netincome is the EPS times the current number of shares outstanding. Dividing netincome by the new number of shares outstanding, we find the EPS under the repurchase is:EPS = $1.50(600)/(600 51.72) = $1.64The stock price will remain at $58 per share, so the P/E ratio is:P/E = $58/$1.64 = 35.33c. A share repurchase would seem to be the preferred course of action. Only thoseshareholders who wish to sell will do so, giving the shareholder a tax timing option that he or she doesn’t get with a dividend payment.14. a.Since the firm has a 100 percent payout policy, the entire net income, $45,000 willbe paid as a dividend. The current value of the firm is the discounted value one yearfrom now, plus the current income, which is:Value = $45,000 + $1,635,000/1.12Value = $1,504,821b.The current stock price is the value of the firm, divided by the shares outstanding, which is:Stock price = $1,504,821/20,000Stock price = $75.24Since the company has a 100 percent payout policy, the current dividend per sharewill be the company’s net income, divided by the shares outstanding, or:Current dividend = $45,000/20,000Current dividend = $2.25The stock price will fall by the value of the dividend to:Ex-dividend stock price = $75.24 – 2.25Ex-dividend stock price = $72.99c. i.According to MM, it cannot be true that the low dividend is depressing theprice. Since dividend policy is irrelevant, the level of the dividend should notmatter. Any funds not distributed as dividends add to the value of the firm,hence the stock price. These directors merely want to change the timing of thedividends (more now, less in the future). As the calculations below indicate,the value of the firm is unchanged by their proposal. Therefore, the share pricewill be unchanged.To show this, consider what would happen if the dividend were increased to$4.60. Since only the existing shareholders will get the dividend, the requireddollar amount to pay the dividends is:Total dividends = $4.60(20,000)Total dividends = $92,000To fund this dividend payment, the company must raise:Dollars raised = Required funds – Net income Dollars raised = $92,000 – 45,000Dollars raised = $47,000This money can only be raised with the sale of new equity to maintain theall-equity financing. Since those new shareholders must also earn 12 percent,their share of the firm one year from now is:New shareholder value in one year = $47,000(1.12)New shareholder value in one year = $52,640This means that the old shareholders' interest falls to:Old shareholder value in one year = $1,635,000 – 52,640Old shareholder value in one year = $1,582,360Under this scenario, the current value of the firm is:Value = $92,000 + $1,582,360/1.12Value = $1,504,821Since the firm value is the same as in part a, the change in dividend policy had no effect.ii.The new shareholders are not entitled to receive the current dividend. They will receive only the value of the equity one year hence. The present value ofthose flows is:Present value = $1,582,360/1.12Present value = $1,412,821.43And the current share price will be:Current share price = $1,412,821.43/20,000Current share price = $70.64So, the number of new shares the company must sell will be:Shares sold = $47,000/$70.64Shares sold = 665.34 shares15. a.The current price is the current cash flow of the company plus the present value ofthe expected cash flows, divided by the number of shares outstanding. So, thecurrent stock price is:Stock price = ($1,400,000 + 20,000,000) / 750,000Stock price = $28.53b.To achieve a zero dividend payout policy, he can invest the dividends back into thecompany’s stock. The dividends per share will be:Dividends per share = [($1,400,000)(.50)]/750,000Dividends per share = $0.93And the stockholder in question will receive:Dividends paid to shareholder = $0.93(1,000)Dividends paid to shareholder = $933.33The new stock price after the dividends are paid will be:Ex-dividend stock price = $28.53 – 0.93Ex-dividend stock price = $27.60So, the number of shares the investor will buy is:Number of shares to buy = $933.33 / $27.60Number of shares to buy = 33.8216. ing the formula from the text proposed by Lintner:Div1 = Div0 +s(t EPS1– Div0)Div1 = $1.50 + .3[(.4)($4.15) – $1.50]Div1 = $1.548b.Now we use an adjustment rate of 0.60, so the dividend next year will be:Div1 = Div0 +s(t EPS1– Div0)Div1 = $1.50 + .6[(.4)($4.15) – $1.50]Div1 = $1.596c.The lower adjustment factor in part a is more conservative. The lower adjustmentfactor will always result in a lower future dividend.Challenge17.Assuming no capital gains tax, the aftertax return for the Gordon Company is the capitalgains growth rate, plus the dividend yield times one minus the tax rate. Using the constant growth dividend model, we get:Aftertax return = g + D(1 – t) = .12Solving for g, we get:.12 = g + .06(1 – .35)g = .0810The equivalent pretax return for Gecko Company, which pays no dividend, is:Pretax return = g + D = .0810 + .06 = 14.10%18. Using the equation for the decline in the stock price ex-dividend for each of the taxrate policies, we get:(P0– P X)/D = (1 – T P)/(1 – T G)a.P0– P X = D(1 – 0)/(1 – 0)P0– P X = Db.P0– P X = D(1 – .15)/(1 – 0)P0– P X = .85Dc.P0– P X = D(1 – .15)/(1 – .20)P0– P X = 1.0625Dd.With this tax policy, we simply need to multiply the personal tax rate times oneminus the dividend exemption percentage, so:P0– P X = D[1 – (.35)(.30)]/(1 – .35)P0– P X = 1.3769De.Since different investors have widely varying tax rates on ordinary income andcapital gains, dividend payments have different after-tax implications for differentinvestors. This differential taxation among investors is one aspect of what we havecalled the clientele effect.19.Since the $3,000,000 cash is after corporate tax, the full amount will be invested. So, thevalue of each alternative is:Alternative 1:The firm invests in T-bills or in preferred stock, and then pays out as a special dividend in 3 yearsIf the firm invests in T-Bills:If the firm invests in T-bills, the aftertax yield of the T-bills will be:Aftertax corporate yield = .05(1 – .35)Aftertax corporate yield = .0325 or 3.25%So, the future value of the corporate investment in T-bills will be:FV of investment in T-bills = $3,000,000(1 + .0325)3FV of investment in T-bills = $3,302,109.23Since the future value will be paid to shareholders as a dividend, the aftertax cash flow will be:Aftertax cash flow to shareholders = $3,302,109.23(1 – .15)Aftertax cash flow to shareholders = $2,806,792.85If the firm invests in preferred stock:If the firm invests in preferred stock, the assumption would be that the dividends received will be reinvested in the same preferred stock. The preferred stock will pay a dividend of:Preferred dividend = .07($3,000,000)Preferred dividend = $210,000Since 70 percent of the dividends are excluded from tax:Taxable preferred dividends = (1 – .70)($210,000)Taxable preferred dividends = $63,000And the taxes the company must pay on the preferred dividends will be:Taxes on preferred dividends = .35($63,000)Taxes on preferred dividends = $22,050So, the aftertax dividend for the corporation will be:Aftertax corporate dividend = $210,000 – 22,050Aftertax corporate dividend = $187,950This means the aftertax corporate dividend yield is:Aftertax corporate dividend yield = $187,950 / $3,000,000Aftertax corporate dividend yield = .0627 or 6.27%The future value of the company’s investment in preferred stock will be:FV of investment in preferred stock = $3,000,000(1 + .0627)3FV of investment in preferred stock = $3,599,912.91Since the future value will be paid to shareholders as a dividend, the aftertax cash flow will be:Aftertax cash flow to shareholders = $3,599,912.91(1 – .15)Aftertax cash flow to shareholders = $3,059,925.97Alternative 2:The firm pays out dividend now, and individuals invest on their own. The aftertax cash received by shareholders now will be:Aftertax cash received today = $3,000,000(1 – .15)Aftertax cash received today = $2,550,000The individuals invest in Treasury bills:If the shareholders invest the current aftertax dividends in Treasury bills, the aftertax individual yield will be:Aftertax individual yield on T-bills = .05(1 – .31)Aftertax individual yield on T-bills = .0345 or 3.45%So, the future value of the individual investment in Treasury bills will be:FV of investment in T-bills = $2,550,000(1 + .0345)3 FV of investment in T-bills = $2,823,135.12The individuals invest in preferred stock:If the individual invests in preferred stock, the assumption would be that the dividends received will be reinvested in the same preferred stock. The preferred stock will pay a dividend of:Preferred dividend = .07($2,550,000)Preferred dividend = $178,500And the taxes on the preferred dividends will be:Taxes on preferred dividends = .31($178,500)Taxes on preferred dividends = $55,335So, the aftertax preferred dividend will be:Aftertax preferred dividend = $178,500 – 55,335Aftertax preferred dividend = $123,165This means the aftertax individual dividend yield is:Aftertax corporate dividend yield = $123,165 / $2,550,000Aftertax corporate dividend yield = .0483 or 4.83%The future value of the individual investment in preferred stock will be:FV of investment in preferred stock = $2,550,000(1 + .0483)3FV of investment in preferred stock = $2,937,628.94The aftertax cash flow for the shareholders is maximized when the firm invests the cash in the preferred stocks and pays a special dividend later.20. a.Let x be the ordinary income tax rate. The individual receives an after-tax dividendof:Aftertax dividend = $1,000(1 –x)which she invests in Treasury bonds. The Treasury bond will generate aftertax cashflows to the investor of:Aftertax cash flow from Treasury bonds = $1,000(1 –x)[1 + .08(1 –x)]If the firm invests the money, its proceeds are:Firm proceeds = $1,000[1 + .08(1 – .35)]And the proceeds to the investor when the firm pays a dividend will be: Proceeds if firm invests first = (1 –x){$1,000[1 + .08(1 – .35)]}To be indifferent, the investor’s proceeds must be the same whether she invests theafter-tax dividend or receives the proceeds from the firm’s investment a nd paystaxes on that amount. To find the rate at which the investor would be indifferent,we can set the two equations equal, and solve for x. Doing so, we find:$1,000(1 –x)[1 + .08(1 –x)] = (1 –x){$1,000[1 + .08(1 – .35)]}1 + .08(1 –x) = 1 + .08(1 – .35)x = .35 or 35%Note that this argument does not depend upon the length of time the investment is held.b.Yes, this is a reasonable answer. She is only indifferent if the after-tax proceedsfrom the $1,000 investment in identical securities are identical. That occurs onlywhen the tax rates are identical.c.Since both investors will receive the same pre-tax return, you would expect thesame answer as in part a. Yet, because the company enjoys a tax benefit frominvesting in stock (70 percent of income from stock is exempt from corporate taxes),the tax rate on ordinary income which induces indifference, is much lower. Again,set the two equations equal and solve for x:$1,000(1 –x)[1 + .12(1 –x)] = (1 –x)($1,000{1 + .12[.70 + (1 – .70)(1 – .35)]})1 + .12(1 –x) = 1 + .12[.70 + (1 – .70)(1 – .35)]x = .1050 or 10.50%d.It is a compelling argument, but there are legal constraints, which deter firms frominvesting large sums in stock of other companies.。

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第三章货币时间价值与净现值
8、，所以现在应该投资32.18万元
9、如果贴现率是0,应该选择第二种方法；如果贴现率是10%，应该选择第二种方法；如
果贴现率是25%，应该选择第一种方法。

当贴现率约等于14.87时，两种方法没有差异。

12、A(F/A,6%,15)=20000 X ( P/A,6%,4 ) (1+6%)+20000 X ( P/A,6%,4 ) *(P/F,6%,1)=138839.59
故，A=5964.92 元
每年应该存5964.92
*9 00 10 QC 1DD0 i.000 1ODD 115D £375Er 口「P口-
14-—.. .-----厂大于购买设备
花费的5000元，所以应该购买。

15、
净现值是:
l-03Q z
1 .OS 9
1.D335
= 430475.37 元
第四章资本预算方法
1 )项目A 的回收期是3.33年；项目B 的回收期3.78年；项目C 的回收期2年。

所以企业应该选
择项目c 。

项目A 的内含报酬率是15.2382% 项目B 的内含报酬率是19.4755%
项目C 的内含报酬率是 21.3375% 所以应该选择项目 C
1)项目A 的现值指数=1+0.82
项目B 的现值指数=1+0.86
11、
税后现金流量：(110* (1-40% )) ( 1-25% ) =49.5 万元净现值是：-500+
(49.5+500/10*0.25
) =-500+62*5.65=-149.7 万元
⑷口血.
讪1口11丄
丄列皿凶.［皿皿
12、运用名乂折现率计算净现值：
..... ., ... - . w
运用实际折现率计算净现值：
实际折现率是(1+8% )/ (1+4% ) -1=3.8%，每年实际现金流量是 100000/1.04=96153.8 元
2)项目A 的平均收益为3000元，平均账面投资 5000元，项目平均收益率 60%。

项目 B 的平均收益为(900+1200+1500+1800+4000)
2500元，项目平均收益率 75.2%。

项目 A 的平均收益为(10000+5000+3000+2000+2000
7500元，项目平均收益率 58.7%。

3 )略
/5=1880 元，平均账面投资
)/5=4400 元，平均账面投资
NPV
CF t (1 + I RR )
t
可得
9、项目 EEnE" . ssfloa ■ ssnan 冬占口nn . asaan asnan -
A 的净现值=
… … …
'
1.1 i.i J 项目
的净现值-lOddOO +俺+竺竽+譽+竺竽+畔二13723.6
1.1
1,1*
=399271
13、
设备A 的净现值元设备B 的净现值元设备A 的等价年度成本为设备B 的等价年度成本为
14、
项目的市场规模是 110*0.仁11 万
每年的现金流量：
(110000*
( 400000-360000 )
/100000000-20)*(1-35%)+150/10*0.35=20.85
亿元
未来现金流量的现值： 20.85*=20.85*6.145=128.11 亿元
该项目的净现值是： -150+128.11=-21.88 亿
15、
会计盈亏平衡点
(固定成本
+折旧)(1 - T c )
=(销售单价
-单位变动成本
)(1 -T c )=
咛切洁鬲二B 住上歿费氢崗苦号罩慶妙+聞提威*址仪_臨｝—新raxTu 倉+1阳(1■粘旳
=24.万
第五章投资组合理论
1、1)D 组合肯定不是有效组合。

因为给定组合的预期收益10% ，可以找到风险更小的组
合A 。

2) “一个证券的方差越大，其期望收益就越大”这句话不完全证券，如果是无效的组合，方差越大可能该组合的预期收益反而越少。

投资者持有组合D 可能是理性的，该组合可能和其他组合一起构成有效组合。

3 )贝塔A:10%=7%+(15%-7%) 贝塔B:20%=7%+(15%-7%)
4)因为该证券可能和其他证券构成有切点市场组合。

所以投资者投资风险资产组合的时候愿意持有证券E 。

2 、设A,B 两股票的权重分别为WA,WB 。

则由无风险资产和最优风险组合组成的资本市场线的斜率是最大的,即使得SP= 取得最大值。

约束条件：E(rP)=WAE(rA)+WBE(rB)WA+WB=1,C0V(rA,rB)= pA,B(A oB
利用目标函数导数=0 或者拉格朗日函数法可求得WB=1-WA 带入数据可得WA=0.4,WB=0.6 故而可得：
预期收益=0.4 X 8 % +0.6 X 13 % =11 %
方差=0.4*0.4*0.12*0.12+0.6*0.6*0.2*0.2+2 X 0.4 X 0.6 X 0.12 X 0.2 X 0.3=0.02016
第六章资本结构
4. (1) i.
ii.
iii
.
(2) i.
ii.
iii.
iiii.
(3) i. 设每股收益的增长百分比为g ，价格－收益乘数为PE 。

有，
ii.
6. a. 根据MM 第二定理，有由题目条件，，解得：
b. 由题目条件，解得：
第七章负债企业的估值方法
1. 先计算发行债券后的。

由可求得:
无杠杆企业
再计算股权、债务融资成本,
那么，有：
2.收购发生后：
新的债务权益比
9.7 X[l + 0.6 X(l- 25%)] = 1.015
股权融资成本加权平均资本成本
收购价值万元
3.公司自由现金流量净利润+折旧-新增营运资本-资本性支出+新增债务
100+100-50-100+100150 万元
公司价值万元
权益价值=公司价值-净债务的价值+现金和短期有价证券= 717万元
第十章股利与股利政策
4.1 ）所需权益资本420万元，所需外部借入的长期债务资本280万元。

2）分配现金股利480万元
3）2016年应分配现金股利550万元，可用于17年投资的留存收益350万元，需要筹集资本350万元。

4）股利支付率为55% , 2016年应分配的股利为495万元。

5）2016年应分配的现金股利为200万元。

6 . 1 ）留存收益提供投资2800 60%=1680 1000，当年不应发放现金股利
2 ）增发股票1680 1000
68万股利息（2800 40%+2000 40%） 10%=192 万元
10 '
税后利润(2200 192) (1 33%) 1345.36万元，总股数=2000 60% 10+68=188企业
1345.36 一卄万股，EPS 二 =7.16
兀/股
188
税前利润780万元，税后利润468万元，每股收益7.8元，股票价格为
R wacc
——200
10% (1 40%) 一
52
—60
— 15%=14.46%
200 52 60
200 52 60
400
60
52.3
1
万股，税前利润为728万元，税后利润
52
为436.8万元，每股收益为 8.35元，股票价格为花% =52.19元。

股票价格上升，应该
回购。

4 )资本结构改变前，已获利息倍数为
40 ,资本结构改变后已获利息倍数为
11
H
52元
回购完成后，股票数量为。