金融学考研复习-公司理财习题(17)只是分享
金融学考研复习公司理财习题(17)第十六章资本结构：基本概念1．MM假设列举在一个无税的世界里，MM理论成立所需的3个假设。
在现实的世界中，这些假设是否合理?请解释。
2．MM命题在一个无税、无交易成本、无财务困境成本的世界里，下面的说法是正确的、错误的、还是不确定?如果一个公司发行权益来回购一部分债务，公司股票的每股价格将上涨，这是因为回购债务使得风险减小。
请解释。
3．MM命题在一个无税、无交易成本、无财务困境成本的世界里，下面的说法是正确的、错误的、还是不确定?适度负债将不会增加公司权益的必要回报。
请解释。
4．MM命题在其他各方面均一样的情况下，税使得杠杆公司的价值大于无杠杆公司的价值，其玄机是什么?5．经营风险与财务风险解释经营风险和财务风险的概念。
假如A企业的经营风险大于B企业，是否A企业的权益资本成本将更高?请解释。
6．MM命题您将如何回答下面的争论?Q：如果一个企业增加债务的使用，企业权益的风险将会增加，对吗?A：对，MM定理Ⅱ的实质内容就是这个。
Q：如果一个企业增加负债的使用，还债时违约的可能性将增加，因此将增加企业所负债务的风险，对吗?A：对。
Q：换句话说，增加负债会增加权益与负债的风险，对吗?A：就是这样。
Q：那么，如果企业只采用权益或负债进行融资，这两种资本的风险均会因负债的增加而加大，那么负债的增加将增加企业的总风险，从而降低企业的价值，对吗?A：??7．最优资本结构是否可以很容易地辨认出使公司价值最大化的负债权益比，为什么? 8．财务杠杆为什么债务的使用被称之为“财务杠杆”?9．自制杠杆什么是自制杠杆?10．目标资本结构涉及资本结构的财务管理的基本目标是什么?11．EBIT与杠杆Money股份有限公司是一家无负债的公司，其总市值为150000美元。
在经济环境正常的情况下，EBIT预计为14000美元。
如果在经济极力扩张的情况下，EBIT可增加30％。
如果经济衰退，EBIT则会降低60％。
公司正考虑发行60000美元利息率为5％的债务。
这些钱将用于回购股票。
目前发行在外的股份数为2500股。
不考虑税收问题。
a.计算发行债务前，公司在三种经济环境下的每股收益。
另外，计算当经济扩张或衰退时，公司每股收益的变动百分比。
b.在假设公司已经进行了资本重组的情况下（即已发行了债务进行股票的回购）重新考虑a 问题，可以得到什么样的答案?12．EBIT、税收以及杠杆假定第11题中的Money公司的税率为35％，请重新求解a题和b 题。
13．ROE与杠杆假定第11题中的公司的市值账面比为1.0。
a.计算公司不发行负债的三种经济状况下，计算股东权益收益率ROE。
同时计算在经济繁荣和经济衰退时ROE的百分比变动，假定不存在税收。
b.假定公司进行了所提议的资本重组，重新解答a题。
c.假设公司税率为35％，重新解答a题和b题。
14．盈亏平衡点EBITRolston公司正比较两种不同的资本结构，全权益计划（计划Ⅰ）与杠杆计划（计划Ⅱ）。
在计划Ⅰ中，Rolston公司将发行240000股股票。
在计划Ⅱ下，公司将发行160000股股票以及310万美元的负债。
负债的利率为10％，假设不存在税收。
a.如果EBIT为750000美元，请问哪个计划对应的EPS更高？b.如果EBIT为1500000美元，请问哪个计划对应的EPS更高？c.盈亏平衡点对应的EBIT是多少？15．MM与股票价值在第14题中运用MM定理Ⅰ求出两个计划所对应的每股股价是多少？请问公司价值是多少？16．盈亏平衡点EBIT和杠杆Kolby集团公司正比较两项不同的资本结构。
计划Ⅰ计划发行1500股股票以及20000美元的负债。
计划Ⅱ将发行1100股股票和30000美元的负债。
债务的利息率为10％。
a.在忽略税收的情况下，假定EBIT为12000美元，将这两项计划与全权益计划相比较。
全权益计划对应的发行计划是发行2300股股票。
请问这三项计划中哪个计划的EPS最高？哪个最低？b.在a题中，请问这两项计划对应的盈亏平衡点的EBIT水平与全权益计划的EBIT水平相比如何？c.在忽略税收的情况下，计划Ⅰ与计划Ⅱ对应的每股盈利何时相等？d.假设公司税率为40％，重新解答a、b、c题。
盈亏平衡点的EBIT与前面所求的有区别吗？为什么是或者为什么否？17．杠杆与股票价值假设忽略第16题中的税收因素，请问计划Ⅰ下每股价格是多少？计划Ⅱ下每股价格是多少？用什么理论可以阐述你的回答。
18．自制杠杆Star公司是一家杰出的顾客产品公司，正在讨论是否要将其全权益资本结构转变为40％的负债的问题。
现在公司发行在外的股份数为5000股，同时每股价格为65美元。
预计EBIT将保持在每年37500美元。
新增负债的利息率为8％。
并且没有税收。
a.公司的股东之一Brown女士拥有100股股票。
假定公司的股利支付率为100％，请问在现有的资本结构下她的现金流是多少？b.Brown女士在所提议资本结构下的现金流是多少？假设她仍持有原有的100股股票。
c.假设Star公司确实进行了转换，但是Brown女士更倾向于保持公司现有的全权益资本结构。
请阐释她如何可以使其股份无杠杆化，从而重新形成初始的资本结构。
d.运用你在c题的回答，解释为什么Star公司对资本结构的选择是无关的。
19．自制杠杆与加权平均资本成本ABC公司与XYZ公司是两家除资本结构外完全一样的公司。
ABC公司是全权益融资。
运用股票进行融资的金额为800000美元。
XYZ公司同时运用股票和永续债券，其股票价值为400000美元，同时该债券的利率为10％。
两家公司预期的息税前利润为95000美元。
忽略税收。
a.Richard拥有价值30000美元的XYZ公司的股票。
请问他预期的收益率是多少？b.请阐释Richard如何通过自制杠杆，使得投资ABC公司也可以获得相同的现金流和收益率？c.请问ABC公司的权益资本成本是多少？XYZ公司的权益资本成本是多少？d.请问ABC公司的加权平均资本成本是多少？XYZ公司的加权平均资本成本是多少？你用什么理论加以解释？20．MMNina集团公司未运用任何负债。
加权平均资本成本为11％。
如果权益当前的市场价值为4300万美元，并且没有任何税收，请问EBIT是多少？21．MM和税在前题中，假设公司税率为35％。
请问本案例中EBIT是多少？WACC是多少？请阐释。
22．MM定理Ⅰ（有税）Maxwell公司是全权益融资。
公司正考虑进行一笔140万美元的贷款。
该贷款将在未来的两年中每月等额清偿，同时其利息率为8％。
公司税率为35％。
根据MM定理Ⅰ（有税），请问公司贷款后的价值提升为多少？23．MM定理Ⅰ（无税）Alpha集团公司与Beta集团公司除了资本结构外的其他条件都完全一样。
Alpha公司是一家全权益公司，发行在外的股份数为10000股，目前每股价格为20美元。
Beta公司在资本结构中运用了杠杆。
Beta公司的负债为50000美元，其债务资本成本为12％。
每家公司预计能永续获得55000美元的息前利润。
两家公司都不付税。
假定每名投资者每年可以以12％的利率借入资金。
a.Alpha公司的价值是多少？b.Beta公司的价值是多少？c.Beta公司权益的市场价值是多少？d.购买两家公司20％的所有者权益需花的价钱分别是多少？e.假设每家公司都能实现其盈利预测，那么在d题中购买的两家公司明年的权益回报额分别是多少？f.构建一种投资策略，使得投资者可以通过购买Alpha公司20％的权益，复制购买Beta公司20％权益的成本和绝对金额收益？g.Alpha公司的权益相比于Beta公司的权益的风险更高还是更低？请阐明理由。
24．MM定理Locomotive集团公司计划通过发行负债回购部分普通股。
因此，公司的负债权益比率预期将由40％升至50％。
公司目前发行在外的负债价值为430万美元。
相应的债务资本成本为每年10％。
Locomotive公司年收益为168万美元，未支付任何税款。
a.Locomotive公司在回购宣告前和宣告后的市场价值各是多少？b.公司宣告回购计划前公司权益的期望收益率是多少？c.如果是一家在其他方面情况都相同的全权益公司，那么相应的权益收益率又是多少？d.公司宣告回购计划后公司权益的期望收益率是多少？25．业务与财务风险假定公司负债是无风险的，因此公司的债务资本成本等于无风险利率Rf。
假定用βA来表示公司的资产贝塔值，也就是公司资产的系统性风险，将βS定义为公司权益的贝塔值。
运用资本资产定价模型CAPM以及MM定理Ⅱ证明βS=βAﾗ（1+B/S），式中B/S就是负债-权益比率。
假定税率为0。
26．股东风险假设公司业务经营与整体经济运行非常类似，也就是说，公司的资产贝塔值为1.0。
运用上一题的结果求出当公司负债-权益比率分别为0、1、5、20时公司的权益贝塔值。
请问这说明资本结构与股东风险之间的关系是什么？股东权益必要收益率是如何被影响的？请阐明理由。
27．无杠杆权益资本成本我们从资本成本的等式开始，也就是：请证明杠杆公司的权益资本成本可以表示如下：第十七章资本结构：债务运用的制约因素1．破产成本什么是直接破产成本?什么是间接破产成本?请简要介绍。
2．股东动机你是否同意以下说法：公司的股东将不会希望公司投资一个净现值为负的项目。
为什么?3．资本结构决策由于过去几年发生了巨额亏损。
某公司有10亿美元的税损结转。
这意味着接下来的10亿美元收入不用交公司所得税。
证券分析师估计该公司要经过好几年才能赚取10亿美元的收入。
公司的资本结构有适量的负债。
现在公司的CEO正在决定是否通过发行权益或债务为一个即将到来的项目筹集资金。
4．债务成本股东用来降低负债成本的措施是什么?5．MM理论与破产成本在一个支付公司所得税的世界里，财务困境成本与代理成本的存在如何影响MM理论。
6．权益代理成本权益代理成本的来源是什么?7．实测的资本结构根据文中表17-3给出的实测的资本结构，关于行业的平均负债权益比，从行业的类型你可以观察到什么?是否有一些行业比其他行业采用更高的杠杆?造成这种现象的可能原因有哪些?公司的经营结果与其纳税史在其中是否起到一定的作用?公司将来的盈余预测会有什么样的影响?请解释。
8．破产与公司伦理就如文中所说的，由于实际的损失或者可能因与诉讼相关的损失，许多公司已经提交了破产申请。
在这种情况下，使用破产程序是否适当?9．破产与公司伦理公司有时会以破产申请来迫使债权人就有关债务的条款重新进行谈判。
批评家认为在这种情况下，公司把破产法“作为一把剑而不是一个盾”。
这是否是一个不合伦理的策略呢?10．破产与公司伦理大陆航空公司曾经提交破产申请，至少在部分上，其把这当成降低劳动成本的一个手段。
公司理财全书课后答案及人大金融考研
公司理财全书课后答案及人大金融考研操作指南:大家一般都是用的中文版本,所以题目和英文原书有些出入,我提供的是英文版的详细答案,除了概念题外,都没有原始题目对应,但是这并不防碍大家找到答案,因为中文和英文的题目在数字上全是一致的,所以大家拿着这份答案可以很容易的找到书中的题目.我今年已经确定被录取了,马上要去工作一段时间了然后准备上学去了.最后写点东西给08的DDMM 吧关于理财:建议大家提早看,因为复试的时候其他几门全是记忆的,而理财想在短期提高很不容易,所以大家如果有时间,建议大家在初试前看一看,熟悉一下,理财的重点是前18章+第22章关于其它三门复试课程:金融学要记忆的很多,而且很多地方都有出题的可能,商行的重点很集中就是第9章,证券和理财重叠的知识很多所以看好理财,证券也就基本拿下了,技术分析那章具体的如K线,波浪线,形态理论等看不懂就算了,考试基本不会涉及的.关于人大考研初试公共课:总的来说,你考试的成败就取决于数学上面,当然其它的你要保证上线,想靠英语政治提分很难,北京今年压分压的太厉害,唯一压不了的只有数学,数学的结果是确定的,对就是对,错就是错,但英语政治2卷就不然,你的作文觉得能拿15分,老师就是给你3分你能怎么样呢? 所以劝大家好好学好数学,其他2门中庸一下也不会影响大局,当然对于立志做人大金融第一又或者冲着公费去的DDMM,可以忽略我上面的那段话.推荐几本书吧:数学:基础还行的话直接看二李的复习全书吧不推荐老陈的二李的看3遍然后做660 11月开始做400+真题就足够了我考2次都是这么复习的题目要反复做特别是660 那书你做透了选择填空不会扣分 400最后做按时间严格做做3遍真题再好好看看简单的卷子140 难的这样的分数基本没问题的如果想150 基本要看发挥了政治:看红宝书看3遍不用背但要认真看选择都是那里面的(当然今年有2个题目确实不是,出题的人因此被狂骂)最后一定记得买20天20题那个一定要背每年大题基本都能压到的8月开始准备政治就行了到最后冲刺的时候多花点时间背 75左右没问题的英语: 我只看过真题,看了很多遍.初试专业课:3本指定教材足够了,好好看几遍,重点的东西记忆一下,至于西经计算,考的很EASY的,没时间的话不专门准备也可,IS-LM的计算几乎每年都考,不过很简单的最后祝大家好运,周2回京工作去了,感谢在这里陪我度过考研的每个人.........R,KEVIN,橙子,大K,小鱼...........9月人大见啦~ ~理财答案感谢橙子,这个答案是给我的,很不错,每个题目都有详细的过程,这样让我轻松的在英文中找到了中文原题)CONCEPT部分解决是是所有章节的概念题CONCEPT QUESTIONS - CHAPTER 11.1 · What are the three basic questions of corporate finance?a. Investment decision (capital budgeting): What long-term investment strategy should a firm adopt?b. Financing decision (capital structure): How much cash must be raised for therequired investments?c. Short-term finance decision (working capital): How much short-term cash flow does company need to pay its bills.· Describe capital structure.Capital structure is the mix of different securities used to finance a firm's investments.· List three reasons why value creation is difficult.Value creation is difficult because it is not easy to observe cash flows directly. The reasons are: a. Cash flows are sometimes difficult to identify.b. The timing of cash flows is difficult to determine.c. Cash flows are uncertain and therefore risky.1.2 · What is a contingent claim?A contingent claim is a claim whose payoffs are dependent on the value of the firm at the end ofthe year. In more general terms, contingent claims depend on the value of an underlng asset.· Describe equity and debt as contingent claims. Both debt and equity depend on the value of the firm. If the value of the firm is greater than the amount owed to debt holders, they will get what the firm owes them, while stockholders will get the difference. But if the value of the firm is less than equity, bondholders will get the value of the firm and equity holders nothing.1.3 · Define a proprietorship, a partnership anda corporation.A proprietorship is a business owned by a single individual with unlimited liability. A partnership is a business owned by two or more individuals with unlimited liability. A corporation is a business which is a "legal person" with many limited liability owners.· What are the advantages of the corporate form of business organization?Limited liability, east of ownership transfer and perpetual succession.1.4 · What are the two types of agency costs? Monitoring costs of the shareholders and the incentive fees paid to the managers.· How are managers bonded to shareholders? a. Shareholders determine the membership to the board of directors, which selects management.b. Management contracts and incentives are build into compensation arrangements.c. If a firm is taken over because the firm's price dropped, managers could lose their jobs.d. Competition in the managerial labor market makes managers perform in the best interest of stockholders.· Can you recall some managerial goals?Maximization of corporate wealth, growth and company size.· What is the set-of-contracts perspective? The view of the corporation as a set of contracting relationships among individuals who have conflicting objectives.1.5 · Distinguish between money markets and capital markets.Money markets are markets for debt securities that pay off in less than one year, while capital markets are markets for long-term debt and equity shares.· What is listing?Listing refers to the procedures by which a company applies and qualifies so that its stock can be traded on the New York Stock Exchange.· What is the difference between a primary market and a secondary market?The primary market is the market where issuers of securities sell them for the first time to investors, while a secondary market is a market for securities previously issued.CONCEPT QUESTIONS - CHAPTER 22.1 · What is the balance-sheet equation? Assets = Liabilities + Stockholders' equity· What three things should be kept in mind when looking at a balance sheet?Accounting liquidity, debt vs. equity, and value vs. cost.2.2 · What is the income statement equation? Revenue - expenses = Income· What are the three things to keep in mind when looking at an income statement?Generally Accepted Accounting Principles (GAAP), noncash items, and time and costs.· What are noncash e xpenses?Noncash expenses are items included as expenses but which do not directly affect cash flow. The most important one is depreciation.2.3 · What is net working capital?It is the difference between current assets and current liabilities.· What is the change in net working capital? To determine changes in net working capital you subtract uses of net working capital from sources of net working capital.2.4 · How is cash flow different from changes in net working capital?The difference between cash flow and changes in new working capital is that some transactions affect cash flow and not net working capital. Theacquisition of inventories with cash is a good example of a change in working capital requirements.· What is the difference between opera ting cash flow and total cash flow of the firm?The main difference between the two is capital spending and additions to working capital, that is, investment in fixed assets and "investment" in working capital.CONCEPT QUESTIONS - CHAPTER 33.1 · What i s an interest rate?It is the payment required by the lender of money for the use of it during a determined period of time. It is expressed in percentage.· What are institutions that match borrowers and lenders called?They are called financial institutions.· What do we mean when we say a market clears? What is an equilibrium rate of interest?A market clears if the amount of money borrowers want to borrow is equal to the amount lenders wish to lend. An equilibrium rate of interest is the interest rate at which markets clear.3.2 · How does an individual change his consumption across periods throughborrowing and lending.By borrowing and lending different amounts the person can achieve any of all consumption possibilities available.· How do interest r ate changes affect one's degree of impatience?A person's level of patience depends upon the interest rate he or she faces in the market. A person eager to borrow money at a low interest rate will become less eager if that interest rate is raised and may prefer to lend money to take advantage of higher interest rates.3.3 · What is the most important feature of a competitive financial market?No investor, individual or corporation can have a significant effect on total lending or on interest rates. Therefore, investors are price takers.· What conditions are likely to lead to this?a. Trading is costless.b. Information about borrowing and lending opportunities is availablec. There are many traders.3.4 · Describe the basic financial principle of investment decision-making?An investment project is worth undertaking only if it is mores desirable than what is available in the financial markets.3.5 · Describe how the financial markets can be used to evaluate investmentalternatives?The financial markets can be used as a benchmark. If the proposed investment provides a better alternative than the financial markets, it should be undertaken.· What is the separation theorem? Why is it important?The separation theorem says that the decision as to whether to undertake a project (compared to the financial markets) is independent of the consumption preferences of the individual. It is important because we can make investment decisions based on objective data, disregarding personal preferences.3.6 · Give the definitions of net present value, future value and present value?New present value is the difference in present value terms between cash inflows and cash outflows. Given the financial market, the future value is an amount equivalent to the amountcurrently held, and present value is the amount equivalent to an amount to be received or given in the future.· What information does a person need to compute an investment's net presentvalue?Cash inflows, cash outflows and an interest or discount rate.3.7 · In terms of the net-present-value rule, what is the essential differencebetween the individual and the corporation. The main difference is that firms have no consumption endowment.CONCEPT QUESTIONS - CHAPTER 44.1 · Define future value and present value. Future value is the value of a sum after investing over one or more periods. Present value is thevalue today of cash flows to be received in the future.· How does one use net present value when making an investment decision?One determines the present value of future cash flows and then subtracts the cost of the investment. If this value is positive, the investment should be undertaken. If the NPV is negative, then the investment should be rejected.4.2 · What is the difference between simple interest and compound interest?With simple interest, the interest on the original investment is not reinvested. With compound interest, each interest payment is reinvested and one earns interest on interest.· What is the formula for the net present value of a project?TNPV = -C0 + å Ct /(1+I)tt=14.3 · What is a stated annual interest rate? The stated annual interest rate is the annual interest rate without consideration of compounding.· What is an effective annual interest rate? An effective annual interest rate is a rate that takes compounding into account.· What is the relationship between the stated annual interest rate and the effective annual interest rate?Effective annual interest rate = (1 + (r/m) )m - 1.· Define continuous compoundin g.Continuous compounding compounds investments every instant.4.4 · What are the formulas for perpetuity, growing-perpetuity, annuity, andgrowing annuity?Perpetuity: PV = C/rGrowing Perpetuity: PV = C/(r-g)Annuity: PV = (C/r) [1-1/(1+r)T]Growing Annuity: PV = [C/(r-g)] [1-((1+g) / (1+r))T ]· What are three important points concerning the growing perpetuity formula?1. The numerator.2. The interest rate and the growth rate.3. The timing assumption.· What are four tricks concerning annuities?1. A delayed annuity.2. An annuity in advance3. An infrequent annuity4. The equating of present values of two annuities.CONCEPT QUESTIONS - CHAPTER 55.2 · Define pure discount bonds, level-coupon bonds, and consols.A pure discount bond is one that makes no intervening interest payments. One receives a single lump sum payment at maturity. A level-coupon bond is a combination of an annuity and a lump sum at maturity. A consol is a bond that makes interest payments forever.· Contrast the state interest rate and the effective annual interest rate for bonds pang semi-annual interest.Effective annual interest rate on a bond takes into account two periods of compounding per year received on the coupon payments. The state rate does not take this into account.5.3 · What is the relationship between interest rates and bond prices?There is an inverse relationship. When one goes up, the other goes down.· How does one calculate the eld to maturity on a bond?One finds the discount rate that equates the promised future cash flows with the price of the bond.5.8 · What are the three factors determining a firm's P/E ratio?1. Today's expectations of future growth opportunities.2. The discount rte.3. The accounting method.5.9 · What is the closing price of Gen eral Data? The closing price of General Data is 6 3/16.· What is the PE of General House?The PE of General House is 29.· What is the annual dividend of General Host? The annual dividend of General Host is zero.CONCEPT QUESTIONS - Appendix to Chapter 5· What is the difference between a spot interest rate and the eld to maturity?The eld to maturity is the geometric average of the spot rates during the life of the bond.· Define the forward rate.Given a one-year bond and a two-year bond, one knows the spot rates for both. The forward rate is the rate of return implicit on a one-year bond purchased in the second year that would equate the terminal wealth of purchasing the one-year bond today and another in one year with that of the two-year bond.·What is the relationship between the one-year spot rate, the two-year spot rate and the forward rate over the second year?The forward rate f2 = [(1+r2)2 /(1+r1 )] - 1· What is the expectation hypothesis?Investors set interest rates such that the forward rate over a given period equals the spot rate for that period.What is the liquidity-preference hypothesis? This hypothesis maintains that investors require a risk premium for holding longer-term bonds (i.e. they prefer to be liquid or short-term investors). This implies that the market sets the forward rate for a given period above the expected spot rate for that period.CONCEPT QUESTIONS - CHAPTER 66.2 · List the problems of the payback period rule.1. It does not take into account the time value of money.2. It ignores payments after the payback period.3. The cutoff period is arbitrary.· What are some advantages?1. It is simple to implement.2. It may help in controlling and evaluating managers.6.4 · What are the three steps in calculating AAR?1. Determine average net income.2. Determine average investment3. Divide average net income by average investment.· What are some flaws with the AAR approach?1. It uses accounting figures.2. It takes no account of timing.3. The cutoff period is arbitrary.6.5 · How does one calculate the IRR of a project? Using either trial-and-error or a financial calculator, one finds the discount rate that produces an NPV of zero.6.6 · What is the difference between independentprojects and mutually exclusiveprojects?An independent project is one whose acceptance does not affect the acceptance of another. A mutually exclusive project, on the other hand is one whose acceptance precludes the acceptance of another.· What are two problems with the IRR approach that apply to both independent and mutually exclusive projects?1. The decision rule depends on whether one is investing of financing.2. Multiple rates of return are possible.· What are two additional problems applng only to mutually exclusive projects?1. The IRR approach ignores issues of scale.2. The IRR approach does not accommodate the timing of the cash flows properly.6.7 · How does one calculate a project'sprofitability index?Divide the present value of the cash flows subsequent to the initial investment by the initial investment.· How is the profitability index applied to independent projects, mutually exclusive projects, and situations of capital rationing?1. With independent projects, accept the project if the PI is greater than 1.0 and reject if less than 1.0.2. With mutually exclusive projects, use incremental analysis, subtracting the cash flows of project 2 from project 1. Find the PI. If the PI is greater than 1.0, accept project 1. If less than 1.0, accept project 2.3. In capital rationing, the firm should simply rank the projects according to their respective PIs and accept the projects with the highest PIs, subject to the budget constrain.CONCEPT QUESTIONS - CHAPTER 77.1 · What are the three difficulties in determining incremental cash flows?1. Sunk costs.2. Opportunity costs3. Side effects.· Define sunk costs, opportunity costs, and side effects.1. Sunk costs are costs that have already been incurred and that will not be affected by the decision whether to undertake the investment.2. Opportunity costs are costs incurred by the firm because, if it decides to undertake a project, it will forego other opportunities for using the assets.3. Side effects appear when a project negatively affects cash flows from other parts of the firm.7.2 · What are the items leading to cash flow in any year?Cash flow from operations (revenue-operating costs-taxes) plus cash flow of investment (costof new machines + changes in net working capital + opportunity costs).· Why did we determi ne income when NPV Analysis discounts cash flows, not income?Because we need to determine how much is paid out in taxes.· Why is working capital viewed as a cash outflow?Because increases in working capital must be funded by cash generated elsewhere in the firm.7.3 · What is the difference between the nominal and the real interest rate?The nominal interest rate is the real interest rate with a premium for inflation.· What is the difference between nominal and real cash flows?Real cash flows are nominal cash flows adjusted for inflation.7.4 · What is the equivalent annual cost method of capital budgeting?The decision as to which of various mutually exclusive machines to buy is based on the equivalent annual cost. The EAC is determined by dividing the net present value of costs by an annuity factor that has the same life as the machines. The machine with the lowest EAC should be acquired.· Can you list the assumptions that we must to use EAC?1. All machines do the same job.2. They have different operating costs and lives3. The machine will be indefinitely replaced. CONCEPT QUESTIONS - CHAPTER 88.1 · What are the ways a firm can create positive NPV.1. Be first to introduce a new product.2. Further develop a core competency to product goods or services at lower costs than competitors.3. Create a barrier that makes it difficult for the other firms to compete effectively.4. Introduce variation on existing products to take advantage of unsatisfied demand5. Create product differentiation by aggressive advertising and marketing networks.6. Use innovation in organizational processes to do all of the above.· How can managers use the market to help them screen out negative NPV projects?8.2 · What is a decision tree?It is a method to help capital budgeting decision-makers evaluating projects involving sequential decisions. At every point in the tree, there are different alternatives that should be analyzed.· What are potential problems in using a decision tree?Potential problems 1) that a different discount rate should be used for different branches in the tree and 2) it is difficult for decision trees to capture managerial options.8.3 · What is a sensitivity analysis?It is a technique used to determine how the result of a decision changes when some of the parameters or assumptions change.· Why is it important to perform a sensitivity analysis?Because it provides an analysis of the consequences of possible prediction or assumption errors.· What is a break-even analysis?It is a technique used to determine the volume of production necessary to break even, that is, to cover not only variable costs but fixed costs aswell.· Describe how sensitivity analysis interacts with break-even analysis.Sensitivity analysis can determine how the financial break-even point changes when some factors (such as fixed costs, variable costs, or revenue) change.CONCEPT QUESTIONS - CHAPTER 99.1 · What are the two parts of total return? Dividend income and capital gain (or loss)· Why are unrealized capi tal gains or losses included in the calculation of returns? Because it is as much a part of returns as dividends, even if the investor decides to hold onto the stock and not to realize the capital gain.· What is the difference between a dollar returnand a percentage return?A dollar return is the amount of money the original investment provided, while percentage return is the percentage of the original investment represented by the total return.9.2 · What is the largest one-period return in the 63-year history of commonstocks we have displayed, and when did it occur? What is the smallest return, and when did it occur?Largest common stock return: 53.99% in 1933. Smallest common stock return: -43.34% in 1931.· In how many years did the common stock r eturn exceed 30 percent, and inhow many years was it below 20 percent?It exceeded 30% in 16 years. It was below 20% in 39 years.· For common stocks, what is the longest period of time without a single losingyear? What is the longest streak of losing years? There are 6 consecutive years of positive returns. The longest losing streak was 4 years.· What is the longest period of time such that if you have invested at thebeginning of the period, you would still not have had a positive return on your common-stock investment by the end?The longest period of time was 14 years (from 1929 to 1942).9.4 · What is the major observation about capital markets that we will seek toexplain?That the return on risky assets has been higher on average than the return on risk-free assets.· What does the observation tell us about investors for the period from 1926through 1994.An investor in this period was rewarded forinvestment in the stock market with an extra or excess return over what would have achieved by simply investing in T-bills.9.5 · What is the definition of sample estimates of variance and standarddeviation?Variance is given by Var (R) = (1 / (T-1) ) St (Rt - R)2 where T is the number of periods, Rt is the period return and R is the sample mean. Standard deviation is given by SD = Var 1/2. For large T, (T-1) may be approximated by T.· How does the normal distribution help us interpret standard deviation?For a normal distribution, the probability of having a return that is above or below the men by a certain amount only depends on the standard deviation.9.6 · How can financial managers use the history of capital markets to estimatethe required rate of return on nonfinancial investments with the same risk as the average common stock?They can determine the historical risk premium and add this amount to the current risk-free rate to determine the required return on investments of that risk.CONCEPT QUESTIONS - CHAPTER 1111.1· What are the two basic parts of a return?1. The expected part2. The surprise part· Under what conditions will some news have no effect on common stock prices?If there is no surprise in the news, there will not be any effect on prices. That is, the news was fully expected.11.2· Describe the difference between systematic risk and unsystematic risk.A systematic risk is any risk that affects a largenumber of assets, each to a greater or lesser degree. An unsystematic risk is a risk that specifically affects a single asset or a small group of assets.· Why is unsystematic risk sometimes referred to as idiosyncratic risk?Because information such as the announcement of a labor strike, may affect only some companies.11.3 · What is an inflation beta? A GNP beta? An interest-rate beta?An inflation beta is a measure of the sensitivity of a stock's return to changes in the expected inflation rate. A GNP beta measures the sensitivity of a stock's return to changes in the expected GNP. An interest rate beta reflects the sensitivity of a stock's return to changes in the market interest rate.· What is the difference between a k-factor model and the market model?The main difference is that the market model assumes that only one factor, usually a stock market aggregate, is enough to explain stock returns, while a k-factor model relies on k factors to explain returns.· Define the beta coefficient.The beta coefficient is a measure of the sensitivity of stock's return to unexpected changes in one factor.11.4· How can the return on a portfolio be expressed in terms of a factor model?It is the weighted average of expected returns plus the weighted average of each security's beta times a factor F plus the weighted average of the unsystematic risks of the individual securities.· What risk is diversified away in a large portfolio?The unsystematic risk.11.5· What is the relationship between the one-factor model and CAPM?Assuming the market portfolio is properly scaled, it can be shown that the one-factor model is identical to the CAPM.11.7 · Empirical models are sometimes called factor models. What is the difference between a factor as we have used it previously in this chapter and an attribute as we use it in this section?A factor is generally a market wide or industry wide factor proxng the systematic risk. An attribute is related with the returns of the stocks.· What is data mining and why might it overstate the relation between some stock attribute and returns?Choosing parameters because they have been shown to be related to returns is data mining. The relation found between some attribute and returnscan be accidental, thus overstated.· What is wrong with measuring the performance of a U.S. growth stock manager against a benchmark composed of English stocks?Using a benchmark composed of English stocks is wrong because the stocks included are not of the same style as those in a U.S. growth stock fund.CONCEPT QUESTIONS - CHAPTER 1212.1· What is the disadvantage of using too few observations when estimating beta?Small samples can lead to inaccurate estimations.· Wha t is the disadvantage of using too many observations when estimating beta?Firms may change their industries over time making observations from the distant past out-of-date.· What is the disadvantage of using the industry beta as the estimate of the beta of an individual firm?The operations of a particular firm may not be similar to the industry average.12.2· What are the determinants of equity betas?1. The responsiveness of a firm's revenues to economy wide movements.2. The degree of a firm's operating leverage.3. The degree of a firm's financial leverage.· What is the difference between an asset beta and an equity beta?Financial leverage.12.6h What is liquidity?Liquidity in this context means the cost of bung and selling stocks. Thosestocks that are expensive to trade are considered less liquid.。
上海财大金融学考研金融学基础《公司理财》考研真题
上海财大金融学考研金融学基础《公司理财》考研真题一公司理财选择题在确定企业的资本结构时，应该考虑（）。
[浙江工商大学2011研] A．如果企业的销售不稳定，则可较多地筹措负债资金B．企业所得税率越低，举债利益越明显C．为了保证原有股东的绝对控制权，一般应尽量避免普通股筹资D．若预期市场利率会上升，企业应尽量利用短期负债【答案】C~~~~【解析】为了保证原有股东的绝对控制权，一般应尽量避免普通股筹资，若采用股票筹资会稀释原有股东的控制权。
负债需要企业定期提供资金偿还利息，因此，企业的销售不稳定时不应较多地筹措负债资金。
举债的利益在于可以免税，企业的所得税率越高，举债利益越明显。
若预期市场利率上升，应尽量用长期负债减低筹资成本。
认为当负债比率达100%时，企业价值将达到最大的资金结构理论是（）。
[南京大学2011研]A．平衡理论B．MM理论C．净收益理论D．净营业收益理论【答案】B~~~~【解析】MM理论认为，在考虑税盾的影响时，公司可以通过财务杠杆的不断增加，不断降低其资本成本，负债越多，杠杆作用越明显，公司价值越大。
当债务资本在资本结构中趋近100%时，才是最佳的资本结构，此时企业价值达到最大。
11关于可转换债券，下列描述错误的是（）。
[南京大学2011研]A．可转换债券是指公司债券附加可转换条款，赋予债券持有人按预先确定的比例（转换比率）转换为该公司普通股的选择权B．大部分可转换债券是没有抵押的低等级债券，并且常由风险较大的小型公司所发行的C．发行可转换债券的公司筹措债务资本的能力较低，使用可转换债券的方式将增强对投资者的吸引力D．可转换债券不能被发行公司提前赎回【答案】D~~~~【解析】可转换债券是指在约定的期限内，在符合约定条件之下，其持有者有权将其转换（也可以不转换）为该发债公司普通股票的债券。
由于具有可转换的性质，债券利率低于普通债券，这有利于发行者降低筹资成本；也正是由于具有可转换的选择，增加了投资者的兴趣。
《公司理财》课后习题答案
《公司理财》考试范围：第3~7章，第13章，第16~19章，其中第16章和18章为较重点章节。
书上例题比较重要，大家记得多多动手练练。
PS：书中课后例题不出，大家可以当习题练练~考试题型：1.单选题10分 2.判断题10分 3.证明题10分 4.计算分析题60分 5.论述题10分注：第13章没有答案第一章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。
公司理财》试题及答案
公司理财》试题及答案公司理财》试题及答案第一章公司理财概述单项选择题：1.在筹资理财阶段，公司理财的重点内容是（B）。
A。
有效运用资金B。
如何设法筹集到所需资金C。
研究投资组合D。
国际融资填空题：1.在内部控制理财阶段，公司理财的重点内容是如何有效地（运用资金）。
2.西方经济学家和企业家以往都以（利润最大化）作为公司的经营目标和理财目标。
3.现代公司的理财目标是（股东财富最大化）。
4.公司资产价值增加，生产经营能力提高，意味着公司具有持久的、强大的获利能力和（偿债能力）。
5.公司筹资的渠道主要有两大类，一是（自有资本）的筹集，二是（借入资本）的筹集。
XXX：1.为什么以股东财富最大化作为公司理财目标？答：以股东财富最大化作为公司理财目标，考虑到了货币时间价值和风险价值，体现了对公司资产保值增值的要求，有利于克服公司经营上的短期行为，促使公司理财当局从长远战略角度进行财务决策，不断增加公司财富。
2.公司理财的具体内容是什么？答：公司理财的具体内容包括筹资决策、投资决策和股利分配决策。
第二章财务报表分析单项选择题：1.资产负债表为（B）。
A。
动态报表B。
静态报表C。
动态与静态相结合的报表D。
既不是动态报表也不是静态报表2.下列负债中属于长期负债的是（D）。
A。
应付账款B。
应交税金C。
预计负债D。
应付债券3.公司流动性最强的资产是（A）。
A。
货币资金B。
短期投资C。
应收账款D。
存货4.下列各项费用中属于财务费用的是（C）。
A。
广告费B。
劳动保险费C。
利息支出D。
坏账损失5.反映公司所得与所占用的比例关系的财务指标是（B）。
A。
资产负债率B。
资产利润率C。
销售利润率D。
成本费用利润率多项选择题：1.与资产负债表中财务状况的计量直接联系的会计要素有（ABC）。
A。
资产B。
负债C。
所有者权益D。
成本费用E。
收入利润2.与利润表中经营成果的计量有直接联系的会计要素有（BCD）。
A。
资产B。
收入C。
成本和费用D。
2016年中国人民大学金融考研复习：公司理财
——始于 2005，中国考研专业课权威机构
相应现金流关系 等式
CFA=CFS+CFB CFA=OCF－净营运资本投资—资本性支出 OCF=EBIT+折旧－税 =销售收入－成本－税 =净利润+折旧 =(销售收入－成本)× (1－tc)+折旧× tc 净营运资本=流动资产－流动负债=长期资本－长期资产 营运资本投资额或净经营资本变动额=今年的－去年的 资本性支出=期末固定资产净额－期初固定资产净额+折旧 CFS=股利+股票回购－新权益 CFB=利息+到期本金－长期负债融资
——始于 2005，中国考研专业课权威机构
2016 年中国人民大学金融考研复习：公司理财 公司理财计算题专题
第五章 资本预算题型
1. 基本 NPV/一般项目价值估价的计算——2012 年真题考过 ① 求现金流 ② 求折现率(RS,RWACC)
A. 算 RS，两种方法 a.β 的计算方法——2013 年真题考过 B. 算债务成本 RB C. 算 RWACC
S B RS RB S S SB BB RWACC= RS RB 1 tc S B S B
RWACC=
无税 有税
选择项目贴现率应遵循： 第八节 当新项目风险与公司典型风险相同时用 RWACC 作贴现率；当新项目与 公司典型项目风险不同时 用 CAPM 确定项目的贴现率或用 MM 根据新行业的 R0 确定项目贴现率。 2、 A 公司投资于某行业的一项目， 该行业已有 B 公司。 已知 A 公司负债权益比 B/S，
财务比率计算 EFN 内部增长率/可持续增长率 回收期法、IRR、PI、平均收益率法等资本预算方法 资本预算实务（EAC、费雪方程式） 组合投资理论里关于组合期望方差的计算 债券利率相关计算
金融学考研复习公司理财习题
金融学考研复习公司理财习题(13)(总4页)--本页仅作为文档封面，使用时请直接删除即可----内页可以根据需求调整合适字体及大小--金融学考研复习公司理财习题(13)第十三章风险、资本成本和资本预算1．项目风险如果你可以以6％的利率借到项目所需的所有资金，那么该项目的资本成本是6％吗2．加权资本成本和税收为何我们对债务使用税后成本，而对权益却没有要求3．使用SML估算权益资本成本如果你使用股票贝塔和证券市场线来计算项目的折现率，你所需要设定的前提条件是什么4．使用SML估算权益资本成本使用SML计算权益资本成本的优势是什么劣势是什么使用SML所需要的其他先决条件有哪些SML所需要的所有的变量都是可得的吗哪些变量是需要估算的进行这些估算的方法有哪些5．债务资本成本你如何确定公司的适当的债务资本成本公司公开发行债务和私募发行债务有何不同如果公司是通过向机构投资商私募发行的债券，应该如何计算公司的债务资本成本6．资本成本Bedlam Products公司的董事长Tom O’Bedlam聘请你计算该公司的债务资本成本和权益资本成本。
（1）公司的股票的市场价格为每股50美元，预计公司本年将发放5美元/股的股利。
Tom认为本年公司将需要付出5美元/股的成本，所以公司的权益资本成本为10％（5美元／50美元）。
Tom错在哪里（2）最新的财务报表显示，公司的所有的债务为800万美元。
公司为此支付的所有的利息为100万美元。
Tom认为，公司借入了800万美元的债务，本年需要支付100万美元的利息，所以公司的债务资本成本为100万美元/800万美元=％。
Tom错在哪里（3）根据以上分析，由于公司的债务资本成本为％，高于权益资本成本的10％，Tom决定公司应该更多使用权益资本。
忽略其他条件，你如何看待其债务资本成本高于权益资本成本的结论。
7．公司风险和项目风险天然气消费者Dow化学公司和天然气供应商Superior 石油公司都准备在休斯敦附近投资一个天然气田。
罗斯《公司理财》(第11版)笔记和课后习题详解
读书笔记模板
01 思维导图
03 读书笔记 05 作者介绍
目录
02 内容摘要 04 目录分析 06 精彩摘录
思维导图
本书关键字分析思维导图
习题
笔记
经典 书
第章
风险
预算
笔记
教材
习题 复习
收益
第版
笔记
市场
习题
定价
资本
期权
内容摘要
内容摘要
本书是罗斯的《公司理财》（第11版）（机械工业出版社）的学习辅导电子书。本书遵循该教材的章目编排， 包括8篇，共分31章，每章由两部分组成：第一部分为复习笔记；第二部分为课（章）后习题详解。本书具有以 下几个方面的特点：（1）浓缩内容精华，整理名校笔记。本书每章的复习笔记对本章的重难点进行了整理，并参 考了国内名校名师讲授罗斯的《公司理财》的课堂笔记，因此，本书的内容几乎浓缩了经典教材的知识精华。（2） 选编考研真题，强化知识考点。部分考研涉及到的重点章节，选编经典真题，并对相关重要知识点进行了延伸和 归纳。（3）解析课后习题，提供详尽答案。国内外教材一般没有提供课（章）后习题答案或者答案很简单，本书 参考国外教材的英文答案和相关资料对每章的习题进行了详细的分析。（4）补充相关要点，强化专业知识。一般 来说，国外英文教材的中译本不太符合中国学生的思维习惯，有些语言的表述不清或条理性不强而给学习带来了 不便，因此，对每章复习笔记的一些重要知识点和一些习题的解答，我们在不违背原书原意的基础上结合其他相 关经典教材进行了必要的整理和分析。
12.1复习笔记 12.2课后习题详解
第13章风险、资本成本和估值
13.1复习笔记 13.2课后习题详解
金融学基础考研：公司理财与货币金融学考研真题库
金融学基础考研：公司理财与货币金融学考研真题库一、罗斯《公司理财》考研真题解析1一、选择题1外部融资需要量与下列哪个因素没有明显关系（）。
[中央财经大学2019研]A．销售的增长B．销售净利率C．股利支付率D．负债利率【答案】A！~！~【解析】外部融资是指企业向其外部筹集资金，如发行股票、债券，向银行申请贷款等，它一般都要发生筹资费用。
A项，销售的增长并不能直接带来盈利的增加，还要看销售价格与销售成本的大小，其不直接影响外部融资的需要量。
B项，销售净利率又称销售净利润率，是净利润占销售收入的百分比。
销售净利率越高，公司盈利越多，可由公司内部产生现金，这意味着外部融资的需求较少。
C项，股利支付率也称股息发放率，是指净收益中股利所占的比重，股利支付率越高，净收益中用来再投资的资金就越少，公司需要依靠更多的外部筹集来满足资金需要。
D项，负债利率越高，采用外部融资所需要支付的成本就越高，进而会影响公司的外部融资需要量。
2一家公司有负的净营运资本（net working capital），那么这家公司（）。
[中山大学2018研]A．流动负债比流动资产多B．已陷入破产C．手上没有现金D．需要卖出一些存货来纠正这个问题【答案】A！~！~【解析】根据公式：净营运资本＝流动资产－流动负债，净营运资本为负说明流动负债大于流动资产。
3剩余股利政策的理论依据是（）。
[南京航空航天大学2017研]A．信号理论B．MM理论C．税差理论D．“一鸟在手”理论【答案】B！~！~【解析】剩余股利政策是企业在有良好的投资机会时，根据目标资本结构测算出必须的权益资本与既有权益资本的差额，首先将税后利润满足权益资本需要，而后将剩余部分作为股利发放的政策。
剩余股利政策的理论依据是MM 理论股利无关论。
该理论认为，在完全资本市场中，股份公司的股利政策与公司普通股每股市价无关，公司派发股利的高低不会对股东的财富产生实质性的影响，公司决策者不必考虑公司的股利分配方式，公司的股利政策将随公司投资、融资方案的制定而确定。
公司理财考试试题与答案
公司理财考试试题与答案公司理财（11.04）第一章公司理财概述一、单项选择题1、在筹资理财阶段，公司理财的重点内容是（ B ）。
A有效运用资金B如何设法筹集到所需资金C研究投资组合D国际融资二、多项选择题1、公司财务活动的内容包括（ABCDE ）。
A资金的筹集B资金的运用C资金的耗费D资金的收回E资金的分配三、填空题1、在内部控制理财阶段，公司理财的重点内容是如何有效地（运用资金）。
2、西方经济学家和企业家以往都以（利润最大化）作为公司的经营目标和理财目标。
3、现代公司理财的目标是（股东财富最大化）。
4、公司资产价值增加，生产经营能力提高，意味着公司具有持久的、强大的获利能力和（偿债能力）。
5、当（股票价格）达到最高时，意味着股东财富达到最大化。
6、公司筹资的渠道主要有两大类，一是（自有资本）的筹集，二是（借入资本）的筹集。
四、简答题1、为什么以股东财富最大化作为公司理财目标？P14（1）考虑到了货币时间价值和风险价值；（2）体现了对公司资产保值增值的要求；（3）有利于克服公司经营上的短期行为，促使公司理财当局从长远战略角度进行财务决策，不断增加公司财富。
2、公司理财的具体内容是什么？P16-17（1）筹资决策；（2）投资决策；（3）股利分配决策。
第二章财务报表分析一、单项选择题1、资产负债表为（ B ）。
A动态报表B静态报表C动态与静态相结合的报表D既不是动态报表也不是静态报表2、下列负债中属于长期负债的是（ D ）。
A应付账款B应交税金C预计负债D应付债券3、公司流动性最强的资产是（）。
AA货币资金B短期投资C应收账款D存货4、利润表中的收入是按（ B ）确认的。
A收付实现制B权责发生制C永续盘存制D实地盘存制5、下列各项费用中属于财务费用的是（ C ）。
A广告费B劳动保险费C利息支出D坏账损失6、反映公司所得与所费的比例关系的财务指标是（）。
DA销售利润率B总资产周转率C资产利润率D成本费用利润率二、多项选择题1、与资产负债表中财务状况的计量直接联系的会计要素有（ABC ）。
公司理财简答题答案
公司理财简答题答案第一篇：公司理财简答题答案一、简答题(每个要求答出概念和内容)1、固定资产投资的现金流入量和现金流出量按照三个阶段的分布主要内容有哪些？答：现金流入量：营运收入；固定资产残值净流入；营运资金投资的收回。
现金流出量：建设投资；垫付的营运资金投入；付现的营运成本。
（p122)2、简述资本预算的过程有哪些？答：确定决策目标；提出各种可能的投资方案；估算各种投资方案预期现金流量；估计预期现金流量的风险程度，并据此对现金流量进行风险调整；根据选择方法对各种投资方案进行比较选优。
（百度）3、非贴现的现金流量指标和贴现的现金流量指标有那几种？各自的有缺点是什么？答：百度去吧。
4、证券投资组合最常见的方法有哪些？答：选择足够数量的证券进行组合；把风险大，中，小的证券放在一起进行组合；把投资收益呈负相关的证券放在一起进行组合。
（）5、不同生命周期投资决策评价的一般方法有哪些？（143页）答：周期匹配法：也称为最小公倍寿命法。
它将两个方案使用寿命的最小公倍数作为比较期间，并假设两个方案在比较区间内进行多次重复投资，讲多次投资后具有相同年限的净现值进行比较的方法；年均净现值法：把投资项目寿命周期内总的净现值转化为每年平均的净现值进行比较的方法，它可以考察单位年限内投资项目的平均获利情况；年均成本法：它是在所用的固定资产不会产生独立的现金流入，且新旧固定资产的使用年限不同时，通过比较继续使用原固定资产和更新固定资产所产生的年均成本，选择年均成本较低者作为可行方案的一种评价方法。
1、简述经营杠杆、财务杠杆和综合杠杆各自的含义，以及三者之间的关系。
答：经营杠杆：亦称为营业杠杆，指存在固定成本的情况下，会出现息税前利润变动率大于销售变动率的现象；财务杠杆：指企业资本结构中债务的运用使税后利润的变动率大于税前利润变化率的现象；综合杠杆：综合杠杆是经营杠杆和财务杠杆共同所起的作用，用于衡量销售量的变动对普通股每股收益变动的影响程度。