财务成本管理课后习题第十章
第10章成本控制习题答案
第10章习题答案 综合练习
一、 填空题 1.生产 2.直接材料本钱差异、直接人工本钱差异、制造费用差异 3.作业，作业本钱动因
二、单项选择题 1.A 2.B 3.A 4.A 5.B 三、多项选择题 1.ABC 2.ABCD 3.BC 4.ACD 四、判断题 1. × 2.√ 3. √ 4. √ 5. × 五、简答题 1. 本钱控制有广义和狭义之分。狭义的本钱控制主要是指对生产阶段产品本钱的控制，即使用一定的方法对生产过程中构成产品本钱的一切消耗进行科学严格的计算、限制和监督；将各项实际消耗中预先确定在预算、方案或标准的范围内，并通过分析造成实际脱离方案或标准的原因，积极采取对策，从而实现全面降低本钱目标的一种会计管理行为或工作。狭义的本钱控制比较着重对日常生产阶段产品本钱的控制。 广义的本钱控制那么强调对企业生产经营的各个方面、各个环节以及各个阶段的所有本钱的控制。它不仅要控制产品生产阶段的本钱，而且要控制产品的设计试制阶段的本钱和销售及售后效劳阶段的本钱；不仅要控制产品本钱，而且要控制产品本钱以外的本钱，如质量本钱和使用寿命周期本钱；不仅要加强日常的反响性本钱控制，而且要做好事前的前馈性本钱控制。显然广义的本钱控制在空间上渗透到企业的方方面面，在时间上贯穿了企业生产经营的全过程，它与本钱预测、本钱决策、本钱规划、本钱考核共同构成了现代本钱管理的完整系统。 加强本钱控制对于企业的长远战略开展具有重要意义。首先，本钱控制是企业增加盈利的根本途径。增加利润是企业经营的目的之一，而控制本钱那么直接效劳于此目的；其次，本钱控制是企业抵抗内外压力、求得生存的主要保障。最后，本钱控制是企业开展的根底。把本钱控制在同类企业的先进水平上，才可能获得超额利润，为企业迅速开展打下根底。 2. 标准本钱一般是按照直接材料、直接人工和制造费用三个工程分别制定的。 3. 决定变动本钱数额的因素是价格和耗用数量，因此，变动本钱差异可以归结为价格脱离标准造成的“价格差异〞和用量脱离标准造成的“数量差异〞两类。直接材料本钱差异、工资率差异属于价格差异，直接材料数量差异和人工效率差异属于数量差异。 4. 二因素分析法是将固定制造费用本钱差异分为消耗差异和能量差异。在三因素分析中，消耗差异的计算与二因素分析法相同，不同的是将二因素分析法中的能量差异进一步分为两局部。 5. 传统本钱计算都是分配到产品中去；而作业本钱计算法要分四个步骤，通过作业按本钱动因，将本钱分配到最终产品中去。
成本会计第十章练习题及参考答案.
成本会计第十章练习题及参考答案一、目的：练习品种法。
二、资料：某企业设有一个基本生产车间，大量生产甲、乙两种产品，采用品种法进行成本核算。
设有机修、运输两个辅助生产车间，辅助车间制造费用单独核算，辅助生产费用采用直接分配法进行分配。
有关业务如下：1．原材料发出：甲产品生产领用19 000元，乙产品生产领用16000元，机修车间生产领用1 100元，运输车间生产领用200元，基本生产一般耗用4 000元，机修车间一般耗用1 000元，运输车间一般耗用400元，销售门市部耗用3 000元，行政管理部门耗用2 500元。
2．燃料发出：运输车间生产耗用5 000元，基本生产车间一般耗用700元，机修车间一般耗用600元，行政管理部门耗用200元。
3．发出低值易耗品，其中一次摊销部分为：基本生产车间600元，机修车间1300元，运输车间300元，销售门市部900元，行政管理部门100元；其中应在半年内摊销部分为：基本生产车间5400元，机修车间4 200元，运输车间4 800元，销售门市部3 600元，行政管理部门1 800元。
4．以银行存款支付外购电费1 500元，因动力费数额较小，该企业不单设燃料和动力成本项目，动力费用计入制造费用。
分配外购电费：基本生产车间500元，机修车间400元，运输车间200元，销售门市部100元，行政管理部门300元。
5．分配工资费用：甲产品生产工人工资24 000元，乙产品生产工人工资22 000元，机修车间生产工人工资7 200元，运输车间生产工人工资6000元，基本生产车间管理人员工资3 000元，机修车间管理人员工资1 700元，运输车间管理人员工资6000元，销售门市部人员工资8 000元，行政管理部门人员工资4 900元。
6．分配应付福利费：甲产品生产工人3 000元，乙产品生产工人2 500元，机修车间生产工人1 000元，运输车间生产工人800元，基本生产车间管理人员400元，机修车间管理人员200元，运输车间管理100元，销售门市部人员1 100元，行政管理部门600元。
财管第十章考试题及答案
财管第十章考试题及答案一、单选题（每题2分，共20分）1. 企业进行财务分析时，主要关注以下哪个方面？A. 财务状况B. 经营成果C. 现金流量D. 所有选项答案：D2. 以下哪项不属于财务杠杆效应？A. 债务利息B. 优先股股息C. 普通股股息D. 留存收益答案：C3. 企业进行长期投资决策时，通常采用哪种方法？A. 净现值法B. 内部收益率法C. 回收期法D. 所有选项答案：D4. 以下哪项不是影响企业资本结构的因素？A. 企业的财务状况B. 企业的经营状况C. 企业的行业特点D. 企业的地理位置答案：D5. 以下哪项不是企业筹资的动机？A. 扩大再生产B. 偿还债务C. 并购其他企业D. 增加员工福利答案：D6. 以下哪种筹资方式不涉及债务？A. 发行债券B. 发行股票C. 银行贷款D. 融资租赁答案：B7. 以下哪种方法可以降低企业的财务风险？A. 增加负债B. 减少负债C. 增加存货D. 增加现金储备答案：B8. 以下哪项是衡量企业盈利能力的主要指标？A. 资产负债率B. 流动比率C. 净资产收益率D. 现金流量比率答案：C9. 以下哪项不属于企业的非流动资产？A. 固定资产B. 无形资产C. 长期投资D. 存货答案：D10. 以下哪项不是企业进行财务预测的方法？A. 趋势分析法B. 比率分析法C. 回归分析法D. 德尔菲法答案：B二、多选题（每题3分，共15分）1. 以下哪些因素会影响企业的偿债能力？A. 企业的盈利水平B. 企业的资产结构C. 企业的现金流量D. 企业的市场地位答案：A、B、C2. 以下哪些指标可以反映企业的营运能力？A. 存货周转率B. 应收账款周转率C. 资产负债率D. 总资产周转率答案：A、B、D3. 以下哪些是企业进行财务分析的常用方法？A. 比较分析法B. 趋势分析法C. 比率分析法D. 因素分析法答案：A、B、C、D4. 以下哪些是影响企业资本成本的因素？A. 企业的财务风险B. 企业的经营风险C. 企业的行业特点D. 企业的规模答案：A、B、C5. 以下哪些是企业进行财务规划的内容？A. 资金筹集规划B. 投资规划C. 成本控制规划D. 利润分配规划答案：A、B、C、D三、判断题（每题1分，共10分）1. 企业的财务风险与财务杠杆效应成正比。
财务管理学---第10章 例题答案
第10章短期筹资管理【例1·判断题】根据期限匹配融资战略，固定资产比重较大的上市公司主要应通过长期负债和发行股票筹集资金。
（√）『答案解析』在期限匹配融资战略中，永久性流动资产和固定资产以长期融资方式（负债或权益）来融通，波动性流动资产用短期来源融通。
【例2·单选题】以下流动资产融资战略中，短期资金占全部资金来源比重最大的是（C）。
A.期限匹配融资战略B.保守融资战略C.激进融资战略D.紧缩融资战略【例3·多选题】某企业拥有流动资产100万元（其中永久性流动资产为30万元），长期融资400万元，短期融资50万元，则以下说法正确的有（BD）。
A.该企业采取的是激进融资战略B.该企业采取的是保守融资战略C.该企业收益和风险均较高D.该企业收益和风险均较低『答案解析』该企业波动性流动资产＝100－30＝70万元，大于短期融资50万元，所以该企业采取的是保守融资战略，这种类型的融资战略收益和风险均较低。
【例4·单选题】某公司按照2/20,N/60的条件从另一公司购入价值1000万的货物，由于资金调度的限制，该公司放弃了获取2%现金折扣的机会，公司为此承担的信用成本率是（D）。
A.2.00%B.12.00%C.12.24%D.18.37%『答案解析』本题考核放弃现金折扣的信用成本率的计算公式。
放弃现金折扣的信用成本率＝2%/（1－2%）×360/（60－20）＝18.37%。
【例5·单选题】下列各项中，与丧失现金折扣的机会成本呈反向变化的是（D）。
A.现金折扣率B.折扣期C.信用标准D.信用期【例6·计算分析题】公司采购一批材料，供应商报价为10000元，付款条件为：3/10，2.5/30，1.8/50，N/90.目前企业用于支付账款的资金在第90天时才能周转回来，在90天内付款，只能通过银行借款解决。
如果银行借款利率12%，确定公司材料采购款的付款时间和价格。
财务管理·课后作业·基础班第10章
第十章财政预算一、单项选择题1.财政预算亦称为总预算，可以从〔〕方面总括地反映经营期决策预算与业务预算的成果。
A.价值和数量2.以预算期内正常的、可实现的某一固定业务量程度为惟一根底来编制预算的一种方法称为〔〕。
3.在以下预算方法中，能够适应多种业务量程度并能克服固定预算方法错误谬误的是〔〕。
4.以下各项中，不克不及在发卖预算中找到的内容有〔〕。
A.发卖单价B.出产数量D.回收应收账款5.以下工程中，原本属于日常业务预算，但因其需要按照现金预算的相关数据来编制因此被纳入财政预算的是〔〕。
6.不受现有费用工程和开支程度限制，能够调动各方面降低费用的积极性的预算方法是〔〕。
7.弹性成本预算业务量变更范围的选择一般来说可定在正常出产能力的〔〕之间，或以历史上最高业务量或最低业务量为其上下限。
A.50％-100％B.70％-100％C.70％-120％D.50％-120％8.可以直接从表中查得各种业务量下成本预算，便于预算的控制和查核的方法是〔〕。
9.运用百分比法编制弹性利润预算的前提条件是〔〕。
A.发卖收入必需在相关范围内变更D.发卖收入的变化影响企业的成本程度10.以下〔〕方法出格适用于产出较难识此外效劳性部分费用预算的编制。
11.以下的关系式中正确的选项是〔〕。
A.某种产物预计出产量＝预计发卖量+预计期末存货量-预计期初存货量B.某产物消耗某种直接材料预计需用量＝某种产物耗用该材料的实际数量×该产物预算期的预计出产量C.某期预计采购金额＝预算期企业直接材料采购总成本D.某预算期采购现金支出＝该期现购材料现金支出12.编制弹性成本预算，关键是进行〔〕，将全部成本最终区分为变更成本和固定成本两大类。
13.一般来说，许多企业都经营多品种，在实际工作中，别离按品种逐一编制弹性利润预算是不现实的，〔〕主要适用于多品种经营的企业。
14.企业年度各种产物发卖业务量为100%时的发卖收入为5500万元，变更成本为3300万元，企业年固定成本总额为1100万元，利润为1100万元，那么当预计业务量为70%时的利润为〔〕。
2020年注册会计师财务成本管理章节练习试题第十章长期筹资(含答案解析)
第十章长期筹资一、单项选择题1.下列各项中，不属于普通股筹资的缺点的是（）。
A.普通股的资本成本较高B.股票上市会增加公司被收购的风险C.可能会分散公司的控制权D.筹资限制较多2.A公司采用配股方式进行融资。
拟每10股配1股，配股前股票价格每股28.2元，配股价格每股26元。
假设所有股东均参与配股，则配股除权参考价是（）元。
A.26B.30.02C.28D.27.63.下列关于非公开发行股票的定价原则正确的是（）。
A.发行价格应不低于公告招股意向书前20个交易日公司股票均价或前1个交易日的均价B.发行价格应不低于公告招股意向书前15个交易日公司股票均价或前1个交易日的均价C.发行价格应不低于定价基准日前20个交易日股票均价的70%D.发行价格应不低于定价基准日前20个交易日股票均价的80%4.企业向银行借入长期借款，若预测市场利率将下降，企业应与银行签订（）。
A.浮动利率合同B.固定利率合同C.有补偿余额合同D.周转信贷协定5.下列各项中属于长期债券筹资的优点的是（）。
A.具有长期性和稳定性B.筹资弹性好C.发行成本低D.信息披露成本低6.下列关于优先股的说法中错误的是（）。
A.当企业面临破产时，优先股的索偿权低于债权人B.同一公司的优先股股东的必要报酬率比普通股股东的必要报酬率低C.优先股没有到期期限，不需要偿还本金D.发行优先股会稀释股东权益7.若公司发行附认股权证债券，相比一般债券利率8%，它可以降低利率发行，若目前公司股票的资本成本为12%，公司适用的所得税税率为25%，则附认股权证债券的税前资本成本可为（）。
A.6%B.7%C.12%D.18%8.下列关于认股权证与以股票为标的物的看涨期权的表述中，不正确的是（）。
A.股票看涨期权执行时，其股票来自二级市场，而当认股权执行时，股票是新发股票B.股票看涨期权与认股权证均有一个固定的执行价格C.股票看涨期权时间短，认股权证期限长D.股票看涨期权具有选择权，认股权证到期要行权9.可转换债券设置合理的回售条款的目的是（）。
财务管理-第十章财务分析练习题答案
第十章财务分析练习题答案一、单项选择题1、答案:B解析:1-1/1.5=0.332、答案:B解析:2000-1500=500（万元）3、答案:C解析:长期资本负债率=长期负债/（长期负债+股东权益）=（总资产-股东权益-流动负债）/（总资产-流动负债）=（8000-5000-1000）/（8000-1000）=28.57%4、答案:C解析:权益净利率=净经营资产利润率+杠杆贡献率=净经营资产利润率+（净经营资产利润率-净利息率）×净财务杠杆，则净财务杠杆=（权益净利率-净经营资产利润率）/（净经营资产利润率-净利息率）=（25%-15%）/（15%-8%）=1.435、答案:C解析:ABD都是金融资产。
6、答案:A解析:经营利润=息税前利润×（1-20%）=800×（1-20%）=640（万元），净经营资产利润率=经营利润/净经营资产=640/1600=40%，净债务=净经营资产-股东权益=1600-600=1000（万元），净财务杠杆=净债务/股东权益=1000/600=1.67，净利息率=50×（1-20%）/1000=4%，杠杆贡献率=（净经营资产利润率-净利息率）×净财务杠杆=（40%-4%）×1.67=60.12%7、答案:B解析:流动负债=3200/2=1600，则现金流量比率为2000/1600=1.258、答案:A解析:现金流量比率=经营现金流量净额/流动负债，这一比率过高，则企业资产没能得到合理的运用，经常以获利能力低的现金类资产保持着，这会导致机会成本增加。
9、答案:A解析:[201/（1-33%）+40]/40=8.510、答案:C解析:流动资产大于流动负债，速动比率不一定大于1。
流动资产大于流动负债，则营运资本为正数，则长期资本的数额大于长期资产的数额超出部分用于流动资产，营运资本的数额越大则财务状况越稳定，全部流动资产都由营运资本提供资金来源，则企业没有偿债压力。
注册会计师《财务成本管理》名师带你做习题(10)
注册会计师《财务成本管理》名师带你做习题(10) 2010年注册会计师《财务成本管理》科目 第十章 期权估价
【考情分析】 本章为重点章，主要介绍期权的基本概念、估价方法及实物期权的知识。本章内容有相当难度，涉及复杂的分析原理和繁琐的数学模型。本章题型以计算题或综合题为主，各种题型均可能涉及，平均分值在15分左右。
近三年本章题型、分值分布 年份 单项选择题 多项选择题 判断题 计算分析题 综合题 合计 2009 2 1 14 17
2008 8 8 2007 2 17 19
知识点一——期权的基本概念 1.多选题：以下关于期权的表述中，正确的有（ ）。 A.期权赋予持有人做某件事的权利，但他不承担必须履行的义务 B.权利出售人不一定拥有标的资产 C.期权到期时双方不一定进行标的物的实物交割 D.期权持有人是标的资产的潜在购买人 【正确答案】ABC 2.单选题：美式看跌期权允许期权持有者（ ）。 A.在到期日或到期日前的任何时间卖出标的资产 B.在到期日或到期日前任何时间购买标的资产 C.在到期日卖出标的资产 D.以上均不对 【正确答案】A 知识点二——期权的到期日价值 3.单选题：关于期权的到期日价值和净损益，下列说法不正确的是（ ）。 A.多头看涨期权到期日价值＝Max（股票市价－执行价格，0） B.空头看涨期权净损益＝空头看涨期权到期日价值＋期权价格 C.多头看跌期权净损益＝多头看跌期权到期日价值－期权价格 D.空头看跌期权净损益＝空头看跌期权到期日价值－期权价格 【正确答案】D 4.单选题：看跌期权出售者收取期权费5元，售出1股执行价格为100元，1年后到期的ABC公司股票的看跌期权，如果1年后该股票的市场价格为80元，则该期权的净损益为（ ）元。
A.20 B.－20 C.－5 D.－15 【正确答案】D 【答案解析】到期日价值＝80－100＝－20元，期权净损益＝－20＋5＝－15元 知识点三——期权的投资策略 5.单选题：下列说法不正确的是（ ）。 A.保护性看跌期权锁定了最低净收入和最低净损益，并不影响净损益的预期值 B.抛补看涨期权指的是购买1股股票，同时出售该股票的1股股票的看涨期权 C.多头对敲是同时买进一只股票的看涨期权和看跌期权，它们的执行价格、到期日都相同
会计考试(注册会计师)财务成本管理《第十章 股利分配、股票分割与股票回购》题库试卷带答案及解析
会计考试（注册会计师）财务成本管理《第十章股利分配、股票分割与股票回购》题库试卷带答案及解析姓名:_____________ 年级:____________ 学号:______________l 资本公积B任意盈余公积C法定盈余公积D上年未分配利润答案解析：按照资本保全原则，企业不能用股本和资本公积金发放红利。
综上，本题应选A。
3、下列关于股票回购意义的说法不正确的是（）。
A现金股利的代替B减少了公司自由现金流，降低了管理层的代理成本C降低了每股收益D向市场传递股价被低估的信号答案解析：股票回购是指公司在有多余现金时，向股东回购自己的股票，以此来代替现金股利。
选项C说法错误，股票回购使普通股的股数减少，每股股利增加，从而会使股价上升，所以一般每股收益会提高；选项A说法正确，股东因此获得资本利得，这相当于公司支付给股东现金股利，所以可以将股票回购看作是一种现金股利的替代方式；选项B说法正确，股票回购减少了公司自由现金流，起到了降低管理层代理成本的作用；选项D说法正确，股票发行被认为是公司股票被高估的信号，如果管理层认为公司目前的股价被低估，通过回购股票，向市场传递积极信息。
综上，本题应选C。
4、下列关于股票股利，说法不正确的是（）。
A不会引起所有者权益各项目的结构发生变化B不会导致股东财富的增加C不会引起负债的增加D不会对公司资产产生影响答案解析：公司派发股票股利，不会导致股东财富的增加，也不会导致公司资产的流出和引起负债的增加，但会引起所有者权益各项目的结构发生变化。
综上，本题应选A。
5、企业采用剩余股利分配政策的根本理由是（）。
A使企业保持理想的资本结构B使企业在资金上有较大的灵活性C最大限度地筹集到更多的资金D向市场传递企业发展良好的信息答案解析：剩余股利政策就是在公司有着良好的投资机会时，根据一定的目标资本结构（最佳资本结构），测算出投资所需的权益性资本，先从盈余中留用，然后将剩余的盈余作为股利予以分配。
国际财务管理系统课后习题问题详解chapter10
CHAPTER 10 MANAGEMENT OF TRANSLATION EXPOSURESUGGESTED ANSWERS AND SOLUTIONS TO END-OF-CHAPTERQUESTIONS AND PROBLEMSQUESTIONS1. Explain the difference in the translation process between the monetary/nonmonetary method and the temporal method.Answer: Under the monetary/nonmonetary method, all monetary balance sheet accounts of a foreign subsidiary are translated at the current exchange rate. Other balance sheet accounts are translated at the historical rate exchange rate in effect when the account was first recorded. Under the temporal method, monetary accounts are translated at the current exchange rate. Other balance sheet accounts are also translated at the current rate, if they are carried on the books at current value. If they are carried at historical value, they are translated at the rate in effect on the date the item was put on the books. Since fixed assets and inventory are usually carried at historical costs, the temporal method and the monetary/nonmonetary method will typically provide the same translation.2. How are translation gains and losses handled differently according to the current rate method in comparison to the other three methods, that is, the current/noncurrent method, the monetary/nonmonetary method, and the temporal method?Answer: Under the current rate method, translation gains and losses are handled only as an adjustment to net worth through an equity account named the “cumulative translation adjustment” account. Nothing passes through the income statement. The other three translation methods pass foreign exchange gains or losses through the income statement before they enter on to the balance sheet through the accumulated retained earnings account.3. Identify some instances under FASB 52 when a foreign entity’s functional currency would be the same as the parent firm’s currency.Answer: Three examples under FASB 52, where the foreign entity’s functional currency will be the same as the parent firm’s currency, are: i) the foreign entity’s cash flows directly affect the parent’s cash flows and are readily available for remittance to the parent firm; ii) the sales prices for the foreign entity’s products are responsive on a short-term basis to exchange rate changes, where sales prices are determined through worldwide competition; and, iii) the sales market is primarily located in the parent’s country or sales contracts are denominated in the parent’s currency.4. Describe the remeasurement and translation process under FASB 52 of a wholly owned affiliate that keeps its books in the local currency of the country in which it operates, which is different than its functional currency.Answer: For a foreign entity that keeps its books in its local currency, which is different from its functional currency, the translation process according to FASB 52 is to: first, remeasure the financial reports from the local currency into the functional currency using the temporal method of translation, and second, translate from the functional currency into the reporting currency using the current rate method of translation.5. It is, generally, not possible to completely eliminate both translation exposure and transaction exposure. In some cases, the elimination of one exposure will also eliminate the other. But in other cases, the elimination of one exposure actually creates the other. Discuss which exposure might be viewed as the most important to effectively manage, if a conflict between controlling both arises. Also, discuss and critique the common methods for controlling translation exposure.Answer: Since it is, generally, not possible to completely eliminate both transaction and translation exposure, we recommend that transaction exposure be given first priority since it involves real cash flows. The translation process, on-the-other hand, has no direct effect on reporting currency cash flows, and will only have a realizable effect on net investment upon the sale or liquidation of the assets.There are two common methods for controlling translation exposure: a balance sheet hedge and a derivatives hedge. The balance sheet hedge involves equating the amount of exposed assets in an exposure currency with the exposed liabilities in that currency, so the net exposure is zero. Thus when an exposure currency exchange rate changes versus the reporting currency, the change in assets will offset the change in liabilities. To create a balance sheet hedge, once transaction exposure has been controlled, often means creating new transaction exposure. This is not wise since real cash flow losses can result. A derivatives hedge is not really a hedge, but rather a speculative position, since the size of the “hedge” is based on the future expected spot rate of exchange for the exposure currency with the reporting currency. If the actual spot rate differs from the expected rate, the “hedge” may result in the loss of real cash flows.PROBLEMS1. Assume that FASB 8 is still in effect instead of FASB 52. Construct a translation exposure report for Centralia Corporation and its affiliates that is the counterpart to Exhibit 10.7 in the text. Centralia and its affiliates carry inventory and fixed assets on the books at historical values.Solution: The following table provides a translation exposure report for Centralia Corporation and its affiliates under FASB 8, which is essentially the temporal method of translation. The difference between the new report and Exhibit 10.7 is that nonmonetary accounts such as inventory and fixed assets are translated at the historical exchange rate if they are carried at historical costs. Thus, these accounts will not change values when exchange rates change and they do not create translation exposure.Examination of the table indicates that under FASB 8 there is negative net exposure for the Mexican peso and the euro, whereas under FASB 52 the net exposure for these currencies is positive. There is no change in net exposure for the Canadian dollar and the Swiss franc. Consequently, if the euro depreciates against the dollar from €1.1000/$1.00 to €1.1786/$1.00, as the text example assumed, exposed assets will now fall in value by a smaller amount than exposed liabilities, instead of vice versa. The associated reporting currency imbalance will be $239,415, calculated as follows:Reporting Currency Imbalance=-€3,949,0000€1.1786/$1.00--€3,949,0000€1.1000/$1.00=$239,415.Translation Exposure Report under FASB 8 for Centralia Corporation and its Mexican and Spanish Affiliates, December 31, 2005 (in 000 Currency Units)Canadian Dollar MexicanPeso EuroSwissFrancAssetsCash CD200 Ps 6,000 € 825 SF 0 Accounts receivable 0 9,000 1,045 0Inventory 0 0 0 0Net fixed assets 0 0 0Exposed assets CD200 Ps15,000 € 1,870 SF 0LiabilitiesAccounts payable CD 0 Ps 7,000 € 1,364 SF 0 Notes payable 0 17,000 935 1,400Long-term debt 0 27,000 3,520ExposedliabilitiesCD 0 Ps51,000 € 5,819 SF1,400Net exposure CD200 (Ps36,000) (€3,949) (SF1,400)2. Assume that FASB 8 is still in effect instead of FASB 52. Construct a consolidated balance sheet for Centralia Corporation and its affiliates after a depreciation of the euro from €1.1000/$1.00 to €1.1786/$1.00 that is the counterpart to Exhibit 10.8 in the text. Centralia and its affiliates carry inventory and fixed assets on the books at historical values.Solution: This problem is the sequel to Problem 1. The solution to Problem 1 showed that if the euro depreciated there would be a reporting currency imbalance of $239,415. Under FASB 8 this is carried through the income statement as a foreignexchange gain to the retained earnings on the balance sheet. The following table shows that consolidated retained earnings increased to $4,190,000 from $3,950,000 in Exhibit 10.8. This is an increase of $240,000, which is the same as the reporting currency imbalance after accounting for rounding error.Consolidated Balance Sheet under FASB 8 for Centralia Corporation and its Mexican anda This includes CD200,000 the parent firm has in a Canadian bank, carried as $150,000. CD200,000/(CD1.3333/$1.00) = $150,000.b$1,750,000 - $300,000 (= Ps3,000,000/(Ps10.00/$1.00)) intracompany loan = $1,450,000.c,d Investment in affiliates cancels with the net worth of the affiliates in the consolidation.e The Spanish affiliate owes a Swiss bank SF375,000 (÷ SF1.2727/€1.00 = €294,649). This is carried on the books,after the exchange rate change, as part of €1,229,649 = €294,649 + €935,000. €1,229,649/(€1.1786/$1.00) = $1,043,313.3. In Example 10.2, a forward contract was used to establish a derivatives “hedge”to protect Centralia from a translation loss if the euro depreciated from €1.1000/$1.00 to €1.1786/$1.00. Assume that an over-the-counter put option on the euro with a strike price of €1.1393/$1.00 (or $0.8777/€1.00) can be purchased for $0.0088 per euro. Show how the potential translation loss can be “hedged” with an option contract.Solution: As in example 10.2, if the potential translation loss is $110,704, the equivalent amount in functional currency that needs to be hedged is €3,782,468. If in fact the euro does depreciate to €1.1786/$1.00 ($0.8485/€1.00), €3,782,468 can be purchased in the spot market for $3,209,289. At a striking price of €1.1393/$1.00, the €3,782,468 can be sold through the put for $3,319,993, yielding a gross profit of $110,704. The put option cost $33,286 (= €3,782,468 x $0.0088). Thus, at an exchange rate of €1.1786/$1.00, the put option will effectively hedge $110,704 - $33,286 = $77,418 of the potential translation loss. At terminal exchange rates of €1.1393/$1.00 to €1.1786/$1.00, the put option hedge will be less effective. An option contract does not have to be exercised if doing so is disadvantageous to the option owner. Therefore, the put will not be exercised at exchange rates of less than €1.1393/$1.00 (more than $0.8777/€1.00), in which case the “hedge” will lose the $33,286 cost of the option.MINI CASE: SUNDANCE SPORTING GOODS, INC.Sundance Sporting Goods, Inc., is a U.S. manufacturer of high-quality sporting goods--principally golf, tennis and other racquet equipment, and also lawn sports, such as croquet and badminton-- with administrative offices and manufacturing facilities in Chicago, Illinois. Sundance has two wholly owned manufacturing affiliates, one in Mexico and the other in Canada. The Mexican affiliate is located in Mexico City and services all of Latin America. The Canadian affiliate is in Toronto and serves only Canada. Each affiliate keeps its books in its local currency, which is also the functional currency for the affiliate. The current exchange rates are: $1.00 = CD1.25 = Ps3.30 = A1.00 = ¥105 = W800. The nonconsolidated balance sheets for Sundance and its two affiliates appear in the accompanying table.Nonconsolidated Balance Sheet for Sundance Sporting Goods, Inc. and Its Mexican anda The parent firm is owed Ps1,320,000 by the Mexican affiliate. This sum is included in the parent’s accounts receivable as $400,000, translated at Ps3.30/$1.00. The remainder of the parent’s (Mexican affiliate’s) accounts receivable (payable) is denominated in dollars (pesos).b The Mexican affiliate is wholly owned by the parent firm. It is carried on the parent firm’s books at $2,400,000. This represents the sum of the common stock (Ps4,500,000) and retained earnings (Ps3,420,000) on the Mexican affiliate’s books, translated at Ps3.30/$1.00.c The Canadian affiliate is wholly owned by the parent firm. It is carried on the parent firm’s books at $3,600,000. This represents the sum of the common stock (CD2,900,000) and the retained earnings (CD1,600,000) on the Canadian affiliate’s books, translated at CD1.25/$1.00.d The parent firm has outstanding notes payable of ¥126,000,000 due a Japanese bank. This sum is carried on the parent firm’s books as $1,200,000, translated at ¥105/$1.00. Other notes payable are denominated in U.S. dollars.e The Mexican affiliate has sold on account A120,000 of merchandise to an Argentine import house. This sum is carried on the Mexican affiliate’s books as Ps396,000, translated at A1.00/Ps3.30. Other accounts receivable are denominated in Mexican pesos.f The Canadian affiliate has sold on account W192,000,000 of merchandise to a Korean importer. This sum is carried on the Canadian affiliate’s books as CD300,000, translated at W800/CD1.25. Other accounts receivable are denominated in Canadian dollars.You joined the International Treasury division of Sundance six months ago after spending the last two years receiving your MBA degree. The corporate treasurer has asked you to prepare a report analyzing all aspects of the translation exposure faced by Sundance as a MNC. She has also asked you to address in your analysis the relationship between the firm’s translation exposure and its transaction exposure. After performing a forecast of future spot rates of exchange, you decide that you must do the following before any sensible report can be written.a. Using the current exchange rates and the nonconsolidated balance sheets for Sundance and its affiliates, prepare a consolidated balance sheet for the MNC according to FASB 52.b. i. Prepare a translation exposure report for Sundance Sporting Goods, Inc., and its two affiliates.ii. Using the translation exposure report you have prepared, determine if any reporting currency imbalance will result from a change in exchange rates to which thefirm has currency exposure. Your forecast is that exchange rates will change from $1.00 = CD1.25 = Ps3.30 = A1.00 = ¥105 = W800 to $1.00 = CD1.30 = Ps3.30 = A1.03 = ¥105 = W800.c. Prepare a second consolidated balance sheet for the MNC using the exchange rates you expect in the future. Determine how any reporting currency imbalance will affect the new consolidated balance sheet for the MNC.d. i. Prepare a transaction exposure report for Sundance and its affiliates. Determine if any transaction exposures are also translation exposures.ii. Investigate what Sundance and its affiliates can do to control its transaction and translation exposures. Determine if any of the translation exposure should be hedged.Suggested Solution to Sundance Sporting Goods, Inc.Note to Instructor: It is not necessary to assign the entire case problem. Parts a. and b.i. can be used as self-contained problems, respectively, on basic balance sheet consolidation and the preparation of a translation exposure report.a. Below is the consolidated balance sheet for the MNC prepared according to the current rate method prescribed by FASB 52. Note that the balance sheet balances. That is, Total Assets and Total Liabilities and Net Worth equal one another. Thus, the assumption is that the current exchange rates are the same as when the affiliates were established. This assumption is relaxed in part c.Consolidated Balance Sheet for Sundance Sporting Goods, Inc. its Mexican and Canadian Affiliates,December 31, 2005: Pre-Exchange Rate Change (in 000 Dollars) Sundance, Inc.Mexican Affiliate Canadian AffiliateConsolidated Balance a$2,500,000 - $400,000 (= Ps1,320,000/(Ps3.30/$1.00)) intracompany loan = $2,100,000.b,c The investment in the affiliates cancels with the net worth of the affiliates in the consolidation.d The parent owes a Japanese bank ¥126,000,000. This is carried on the books as $1,200,000 (=¥126,000,000/(¥105/$1.00)).e The Mexican affiliate has sold on account A120,000 of merchandise to an Argentine import house. This is carried on the Mexican affiliate’s books as Ps396,000 (= A120,000 x Ps3.30/A1.00).f The Canadian affiliate has sold on account W192,000,000 of merchandise to a Korean importer. This is carried on the Canadian affiliate’s books as CD300,000 (= W192,000,000/(W800/CD1.25)).b. i. Below is presented the translation exposure report for the Sundance MNC. Note, from the report that there is net positive exposure in the Mexican peso, Canadian dollar, Argentine austral and Korean won. If any of these exposure currencies appreciates (depreciates) against the U.S. dollar, exposed assets denominated in these currencies will increase (fall) in translated value by a greater amount than the exposed liabilities denominated in these currencies. There is negative net exposure in the Japanese yen. If the yen appreciates (depreciates) against the U.S. dollar, exposed assets denominated in the yen will increase (fall) in translated value by smaller amount than the exposed liabilities denominated in the yen.Translation Exposure Report for Sundance Sporting Goods, Inc. and its Mexican and Canadian Affiliates, December 31, 2005 (in 000 Currency Units)b. ii. The problem assumes that Canadian dollar depreciates from CD1.25/$1.00 to CD1.30/$1.00 and that the Argentine austral depreciates from A1.00/$1.00 to A1.03/$1.00. To determine the reporting currency imbalance in translated value caused by these exchange rate changes, we can use the following formula:Net Exposure Currency i S(i/reporting)-Net Exposure Currency i S(i/reporting)new old = Reporting Currency Imbalance.From the translation exposure report we can determine that the depreciation in the Canadian dollar will cause aCD4,200,000 CD1.30/$1.00-CD4,200,000CD1.25/$1.00= -$129,231reporting currency imbalance.Similarly, the depreciation in the Argentine austral will cause aA120,000 A1.03/$1.00-A120,000A1.00/$1.00= -$3,495reporting currency imbalance.In total, the depreciation of the Canadian dollar and the Argentine austral will cause a reporting currency imbalance in translated value equal to -$129,231 -$3,495= -$132,726.c. The new consolidated balance sheet for Sundance MNC after the depreciation of the Canadian dollar and the Argentine austral is presented below. Note that in order for the new consolidated balance sheet to balance after the exchange rate change, it is necessary to have a cumulative translation adjustment account balance of -$133 thousand, which is the amount of the reporting currency imbalance determined in part b. ii (rounded to the nearest thousand).Consolidated Balance Sheet for Sundance Sporting Goods, Inc. its Mexican and Canadian Affiliates,December 31, 2005: Post-Exchange Rate Change (in 000 Dollars)a$2,500,000 - $400,000 (= Ps1,320,000/(Ps3.30/$1.00)) intracompany loan = $2,100,000.b,c The investment in the affiliates cancels with the net worth of the affiliates in the consolidation.d The parent owes a Japanese bank ¥126,000,000. This is carried on the books as $1,200,000 (=¥126,000,000/(¥105/$1.00)).e The Mexican affiliate has sold on account A120,000 of merchandise to an Argentine import house. This is carried on the Mexican affiliate’s books as Ps384,466 (= A120,000 x Ps3.30/A1.03).f The Canadian affiliate has sold on account W192,000,000 of merchandise to a Korean importer. This is carried on the Canadian affiliate’s books as CD312,000 (=W192,000,000/(W800/CD1.30)).d. i. The transaction exposure report for Sundance, Inc. and its two affiliates is presented below. The report indicates that the Ps1,320,000 accounts receivable due from the Mexican affiliate is not also a translation exposure because this is netted out in the consolidation. However, the ¥126,000,000 notes payable of the parent is also a translation exposure. Additionally, the A120,000 accounts receivable of the Mexican affiliate and the W192,000,000 accounts receivable of the Canadian affiliate are both translation exposures.Transaction Exposure Report for Sundance Sporting Goods, Inc. andits Mexican and Canadian Affiliates, December 31, 2005d. ii. Since transaction exposure may potentially result in real cash flow losses while translation exposure does not have an immediate direct effect on operating cash flows, we will first address the transaction exposure that confronts Sundance and its affiliates. The analysis assumes the depreciation in the Canadian dollar and the Argentine austral have already taken place.The parent firm can pay off the ¥126,000,000 loan from the Japanese bank using funds from the cash account and money from accounts receivable that it will collect. Additionally, the parent firm can collect the accounts receivable of Ps1,320,000 from its Mexican affiliate that is carried on the books as $400,000. In turn, the Mexican affiliate can collect the A120,000 accounts receivable from the Argentine importer, valued at Ps384,466 after the depreciation in the austral, to guard against further depreciation and to use to partially pay off the peso liability to the parent. The Canadian affiliate can eliminate its transaction exposure by collecting the W192,000,000 accounts receivable as soon as possible, which is currently valued at CD312,000.The elimination of these transaction exposures will affect the translation exposure of Sundance MNC. A revised translation exposure report follows.Revised Translation Exposure Report for Sundance Sporting Goods, Inc. and its Mexican and Canadian Affiliates, December 31, 2005 (in 000 Currency Units)Note from the revised translation exposure report that the elimination of the transaction exposure will also eliminate the translation exposure in the Japanese yen, Argentine austral and the Korean won. Moreover, the net translation exposure in the Mexican peso has been reduced. But the net translation exposure in the Canadian dollar has increased as a result of the Canadian affiliate’s collection of the won receivable.The remaining translation exposure can be hedged using a balance sheet hedge or a derivatives hedge. Use of a balance sheet hedge is likely to create new transaction exposure, however. Use of a derivatives hedge is actually speculative, and not a real hedge, since the size of the “hedge” is based on one’s expectation as to the future spot exchange rate. An incorrect estimate will result in the “hedge” losing money for the MNC.。
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第十章 期权估价 一、单项选择题 1.如果预计市场价格将发生剧烈变动，但是不知道变动的方向是升高还是降低，此时投资者应采取的期权投资策略是( )。
A.抛补看涨期权 B.保护性看跌期权 C.多头对敲 D.回避风险策略 2.某看跌期权资产现行市价为20元，执行价格为25元，则该期权处于( )。 A.实值状态 B.虚值状态 C.平值状态 D.不确定状态 3.下列关于时间溢价的表述，错误的有( )。 A.时间越长，出现波动的可能性越大，时间溢价也就越大 B.期权的时间溢价与货币时间价值是相同的概念 C.时间溢价是“波动的价值” D.如果期权已经到了到期时间，则时间溢价为零 4.某公司的股票现在的市价是60元，有1股以该股票为标的资产的看涨期权，执行价格为63元，到期时间为6个月。6个月以后股价有两种可能：上升25%或者降低20%，则套期保值比率为( )。
A.0.5 B.0.44 C.0.4 D.1 5.某公司股票看跌期权的执行价格是55元，期权为欧式期权，期限1年，目前该股票的价格是44元，期权费(期权价格)为5元。如果到期日该股票的价格是58元。则购进看跌期权与购进股票组合的到期收益为( )元。
A.9 B.14 C.-5 D.0 6.某期权执行价格为44元，根据复制原理确定的投资组合中，若到期日下行股价为42元，套期保持比率为0.5，若无风险年利率为5%，期权到期日为半年，则该组合中借款的数额为( )元。
A.21 B.20 C.20.49 D.44 7.两种期权的执行价格均为37元，6个月到期，若无风险年利率为10%，股票的现行价格为42元，看涨期权的价格为8.50元，则看跌期权的价格为( )元。
A.1.52 B.5 C.3.5 D.1.74 8.如果期权只能在到期日执行，称为( )。 A.欧式期权 B.美式期权 C.看涨期权 D.看跌期权 9.下列关于实物期权的表述中，正确的是( )。 A.实物期权通常在竞争性市场中交易 B.实物期权的存在增加投资机会的价值 C.延迟期权是一项看跌期权 D.放弃期权是一项看涨期权 10.期权是指一种合约，该合约赋予持有人在某一特定日期或该日之前的任何时间以( )。 A.固定价格购进或售出一种资产的权利 B.较低价格购进或售出一种资产的权利 C.较高价格购进或售出一种资产的权利 D.平均价格购进或售出一种资产的权利 11.下列说法正确的是( )。 A.对于买入看涨期权而言，到期日股票市价高于执行价格时，净损益大于0 B.买入看跌期权，获得在到期日或之前按照执行价格购买某种资产的权利 C.多头看涨期权的最大净收益为期权价格 D.空头看涨期权的最大净收益为期权价格 12.某公司的股票现在的市价是80元，有1股以该股票为标的资产的看涨期权，执行价格为85元，到期时间为6个月。6个月以后股价有两种可能：上升25%或者降低20%，则套期保值比率为( )。
A.0.5 B.0.42 C.0.4 D.1 13.某公司股票看涨期权和看跌期权的执行价格均为55元，期权均为欧式期权，期限1年，目前该股票的价格是44元，期权费(期权价格)为5元。在到期日该股票的价格是34元。
则购进股票、购进看跌期权与购进看涨期权组合的到期收益为( )元。 A.1 B.6 C.-7 D.-5 14.下列有关期权价格影响因素中表述正确的是( )。 A.到期期限越长，期权价格越高 B.股价波动率越大，期权价格越高 C.无风险利率越高看涨期权价值越低，看跌期权价值越高 D.预期红利越高，看涨期权价值越高，看跌期权价值越低 15.某公司股票看涨期权和看跌期权的执行价格均为55元，期权均为欧式期权，期限1年，目前该股票的价格是44元，期权费(期权价格)为5元。在到期日该股票的价格是58元。
则购进股票、购进看跌期权与购进看涨期权组合的到期收益为( )元。 A.7 B.6 C.-7 D.-5 16.期权是指一种合约，该合约赋予持有人在某一特定日期或该日之前的任何时间以( )。 A.固定价格购进或售出一种资产的权利 B.较低价格购进或售出一种资产的权利 C. 较低价格购进或售出一种资产的权利 D.平均价格购进或售出一种资产的权利 17.赋予持有人在到期日或到期日前，以固定价格出售标的资产的权利的期权是( )。 A.看涨期权 B.看跌期权 C.择购期权 D.买入期权 18.下列对于看涨期权价值表述不正确的是( )。 A.空头和多头的价值不同,但金额的绝对值永远相同 B.如果标的股票价格上涨，多头的价值为正值，空头的价值为负值 C.如果价格下跌，期权被放弃，双方的价值均为零 D. 如果价格下跌，空头得到了期权费，如果价格上涨，多头支付了期权费 19.对于欧式期权，下列说法不正确的是( )。 A.股票价格上升，看涨期权的价值增加 B.执行价格越大，看跌期权价值越大 C.股价波动率增加，看涨期权的价值增加，看跌期权的期权价值减少 D.期权有效期内预计发放的红利越多，看跌期权价值增加 20.下列有关期权价格影响因素中表述正确的是( )。 A.到期期限越长，期权价格越高 B.股价波动率越大，期权价格越高 C.无风险利率越高看涨期权价值越低，看跌期权价值越高 D.预期红利越高，看涨期权价值越高，看跌期权价值越低 21.通用汽车公司拥有在芝加哥期权交易所交易的欧式看跌期权和看涨期权，两种期权具有相同的执行价格40美元和相同的到期日，期权将于1年后到期，目前看涨期权的价格为8美元，看跌期权的价格为2美元，年利率为10%。为了防止出现套利机会，则通用汽车公司股票的价格应为( )美元。
A.42.36 B.40.52 C.38.96 D.41.63 22.对于美式期权在其他变量不变的情况下，到期期限越长，则期权价格( )。 A.越低 B.不一定 C.越高 D.不变 23.某期权交易所2010年3月20日对ABC公司的期权报价如下： 到期日和执行价格看涨期权价格看跌期权价格 6月575.803.25 甲投资人购买了10份ABC公司看涨期权，标的股票的到期日市价为45元，其此时投资净损益为( )元。
A.0 B.-58 C.45 D.57 24.无论美式期权还是欧式期权、看涨期权还是看跌期权，( )均与期权价值正相关变动。 A.标的价格波动率 B.无风险利率 C.预期股利 D.到期期限 25.某股票当前价格50元，以股票为标的物的看涨期权执行价格50元，期权到期日前的时间0.25年，同期无风险利率12%，股票收益率的方差为0.16，假设不发股利，利用布莱克-斯科尔斯模型所确定的股票看涨期权价格为( )。
A.5.23 B.3.64 C.4.71 D.2.71 二、多项选择题 1.假设ABC公司股票目前的市场价格为50元，而在一年后的价格可能是60元和40元两种情况。再假定存在一份100股该种股票的看涨期权，期限是一年，执行价格为50元。投资者可以按10%的无风险利率借款。购进上述股票且按无风险利率10%借入资金，同时售出一份100股该股票的看涨期权。则按照复制原理，下列说法正确的有( )。
A.购买股票的数量为50股 B.借款的金额是1818元 C.期权的价值为682元 D.期权的价值为844元 2.期权是一种“特权”是因为( )。 A.持有人只享有权利而不承担相应的义务 B.持有人仅在执行期权有利时才会利用它 C.期权赋予持有人做某件事的权利，但他不承担必须履行的义务 D.持有人可以选择执行或者不执行该权利 3.假设ABC公司的股票现在的市价为50元。有1股以该股票为标的资产的看涨期权，执行价格为是52元，到期时间是6个月。6个月以后股价有两种可能：上升30% ，或者降低25%。无风险利率为每年4%，则利用复制原理确定期权价格时，下列复制组合表述正确的是( )。
A.购买0.4536股的股票 B.以无风险利率借入28.13元 C.购买股票支出为23.64元 D.以无风险利率借入17.38元 4.下列有关看涨期权的表述正确的有( )。 A.看涨期权的到期日价值，随标的资产价值下降而上升 B.如果在到期日股票价格低于执行价格则看涨期权没有价值 C.期权到期日价值没有考虑当初购买期权的成本 D.期权到期日价值也称为期权购买人的“损益” 5.下列有关期权内在价值表述正确的是( )。 A.期权价值=内在价值-时间溢价 B.内在价值的大小，取决于期权标的资产的现行市价与期权执行价格的高低 C.期权的内在价值取决于“到期日”标的股票市价与执行价格的高低 D.如果现在已经到期，则内在价值与到期日价值相同 6.对于欧式期权，下列说法正确的是( )。 A.股票价格上升，看涨期权的价值增加 B.执行价格越大，看跌期权价值越大 C.股价波动率增加，看涨期权的价值增加，看跌期权的期权价值减少 D.期权有效期内预计发放的红利越多，看跌期权价值增加 7.下列有关期权价格影响因素中表述不正确的是( )。 A.到期期限越长，期权价格越高 B.股价波动率越大，期权价格越高 C.无风险利率越高，看涨期权价值越低，看跌期权价值越高 D.预期红利越高，看涨期权价值越高，看跌期权价值越低 8.下列有关期权投资策略中表述不正确的是( )。 A.保护性看跌期权锁定了最低净收入为执行价格