公司理财原版题库Chap011
Chapter 11 An Alternative View of Risk and Return: The Arbitrage Pricing Theory Multiple Choice Questions
1. Both the APT and the CAPM imply a positive relationship between expected return and risk. The
APT views risk
A) very similarly to the CAPM via the beta of the security.
B) in terms of individual intersecurity correlation versus the beta of the CAPM.
C) via the industry wide or marketwide factors creating correlation between securities.
D) the standardized deviation of the covariance.
E) None of the above.
Answer: C Difficulty: Easy Page: 297
2. In the equation R = R + U, the three symbols stand for:
A) average return, expected return, and unexpected return.
B) required return, expected return, and unbiased return.
C) actual total return, expected return, and unexpected return.
D) required return, expected return, and unbiased risk.
E) risk, expected return, and unsystematic risk.
Answer: C Difficulty: Easy Page: 298
3. Which of the following is true about the impact on market price of a security when a company
makes an announcement and the market has discounted the news?
A) The price will change a great deal; even though the impact is primarily in the future, the future
value is discounted to the present.
B) The price will change little, if at all, since the impact is primarily in the future.
C) The price will change little, if at all, since the market considers this information unimportant.
D) The price will change little, if at all, since the market considers this information untrue.
E) The price will change little, if at all, since the market has already included this information in
the security's price.
Answer: E Difficulty: Easy Page: 298
4. Shareholders discount many corporate announcements because of their prior expectations. If an
announcement causes the price to change it will mostly be driven by
A) the expected part of the announcement.
B) market inefficiency.
C) the unexpected part of the announcement.
D) the systematic risk.
E) None of the above.
Answer: C Difficulty: Medium Page: 299
5. The unexpected return on a security, U, is made up of
A) market risk and systematic risk.
B) systematic risk and idiosyncratic risk.
C) idiosyncratic risk and unsystematic risk.
D) expected return and market risk.
E) expected return and idiosyncratic risk.
Answer: B Difficulty: Medium Page: 300
6. Systematic risk is defined as
A) a risk that specifically affects an asset or small group of assets.
B) any risk that affects a large number of assets.
C) any risk that has a huge impact on the return of a security.
D) the random component of return.
E) None of the above.
Answer: B Difficulty: Easy Page: 299
7. A company owning gold mines will probably have a _____ inflation beta because an ___ increase
in inflation is usually associated with an increase in gold prices.
A) negative; anticipated
B) positive; anticipated
C) negative; unanticipated
D) positive; unanticipated
E) None of the above.
Answer: D Difficulty: Medium Page: 301
8. If company A, a medical research company, makes a new product discovery and their stock rises
5% this will have
A) no effect on Company B's, a newspaper, stock price because it is a systematic risk element.
B) no effect on Company B's, a newspaper, stock price because it is an unsystematic risk element.
C) a large effect on Company B's, a newspaper, stock price because it is a systematic risk element.
D) a large effect on Company B's, a newspaper, stock price because it is an unsystematic risk
element.
E) None of the above.
Answer: B Difficulty: Easy Page: 299
9. The term Corr(?R , ?T ) = 0 tells us that
A) all error terms of company R and T are 0.
B) the unsystematic risk of companies R and T is unrelated or uncorrelated.
C) the correlation between the returns of companies R and T is -1.
D) the systematic risk companies R and T is unrelated.
E) None of the above.
Answer: B Difficulty: Medium Page: 300
10. What would not be true about a GNP beta?
A) If a stock's βGNP = 1.5, the stock will experience a 1.5% increase for every 1% surprise
increase in GNP.
B) If a stock's βGNP = -1.5, the stock will experience a 1.5% decrease for every 1% surprise
increase in GNP.
C) It is a measure of risk.
D) It measures the impact of systematic risk associated with GNP.
E) None of the above.
Answer: E Difficulty: Medium Page: 301-302
11. The systematic response coefficient for productivity, βP, would produce an unexpected change in
any security return of __ βP if the expected rate of productivity was 1.5% and the actual rate was
2.25%.
A) 0.75%
B) -0.75%
C) 2.25%
D) -2.25%
E) 1.5%
Answer: A Difficulty: Medium Page: 302
Rationale:
R i = βP F P = βP(2.25- 1.5)= 0.75 βP
12. If the expected rate of inflation was 3% and the actual rate was 6.2%; the systematic response
coefficient from inflation, βI , would result in a change in any security return of ___βI .
A) 9.2
B) 3.2
C) -3.2
D) 3.0
E) 6.2
Answer: B Difficulty: Easy Page: 302
13. A factor is a variable that
A) affects the returns of risky assets in a systematic fashion.
B) affects the returns of risky assets in an unsystematic fashion.
C) correlates with risky asset returns in a unsystematic fashion.
D) does not correlate with the returns of risky assets in an systematic fashion.
E) None of the above.
Answer: A Difficulty: Easy Page: 302
14. In a portfolio of risk y assets, the response to a factor, F i , can be determined by
A) summing the weighted βi s and multiplying by the factor F i.
B) summing the F i s.
C) adding the average weighted expected returns.
D) Summing the weighted random errors.
E) All of the above.
Answer: A Difficulty: Medium Page: 305
15. In the one factor (APT) model, the characteristic line to estimate βi passes through the origin,
unlike the estimate used in the CAPM because
A) the relationship is between the actual return on a security and the market index.
B) the relationship measures the change in the security return over time versus the change in the
market return.
C) the relationship measures the change in excess return on a security versus GNP.
D) the relationship measures the change in excess return on a security versus the return on the
factor about its mean of zero.
E) Cannot be determined without actual data.
Answer: D Difficulty: Hard Page: 304
16. The betas along with the factors in the APT adjust the expected return for
A) calculation errors.
B) unsystematic risks.
C) spurious correlations of factors.
D) differences between actual and expected levels of factors.
E) All of the above.
Answer: D Difficulty: Hard Page: 303
17. The single factor APT model that resembles the market model uses____________ as the single
factor.
A) arbitrage fees
B) GNP
C) the inflation rate
D) the market return
E) the risk-free return
Answer: D Difficulty: Easy Page: 303
18. Assume that the single factor APT model applies and a portfolio exists such that 2/3 of the funds are
invested in Security Q and the rest in the risk-free asset. Security Q has a beta of 1.5. The portfolio has a beta of
A) 0.00
B) 0.50
C) 0.75
D) 1.00
E) 1.50
Answer: D Difficulty: Medium Page: 305
Rationale:
2/3(1.5) + 1/3(0) = 1.0 + 0 = 1.0
19. For a diversified portfolio including a large number of stocks, the
A) weighted average expected return goes to zero.
B) weighted average of the betas goes to zero.
C) weighted average of the unsystematic risk goes to zero.
D) return of the portfolio goes to zero.
E) return on the portfolio equals the risk-free rate.
Answer: C Difficulty: Easy Page: 306
20. Which of the following statements is true?
A) A well-diversified portfolio has negligible systematic risk.
B) A well-diversified portfolio has negligible unsystematic risk.
C) An individual security has negligible systematic risk.
D) An individual security has negligible unsystematic risk.
E) Both A and D.
Answer: B Difficulty: Easy Page: 306
21. The acronym APT stands for
A) Arbitrage Pricing Techniques.
B) Absolute Profit Theory.
C) Arbitrage Pricing Theory.
D) Asset Puting Theory.
E) Assured Price Techniques.
Answer: C Difficulty: Easy Page: 297
22. The acronym CAPM stands for
A) Capital Asset Pricing Model.
B) Certain Arbitrage Pressure Model.
C) Current Arbitrage Prices Model.
D) Cumulative Asset Price Model.
E) None of the above.
Answer: A Difficulty: Easy Page: 297
23. Assuming that the single factor APT model applies, the beta for the market portfolio is
A) zero.
B) one.
C) the average of the risk free beta and the beta for the highest risk security.
D) impossible to calculate without collecting sample data.
E) None of the above.
Answer: B Difficulty: Easy Page: 306
24. Suppose the JumpStart Corporation's common stock has a beta of 0.8. If the risk-free rate is 4%
and the expected market return is 9%, the expected return for JumpStart's common is
A) 3.2%.
B) 4.0%.
C) 7.2%.
D) 8.0%.
E) 9.0%.
Answer: D Difficulty: Easy Page: 309
Rationale:
4 + 0.8(9 - 4) = 8.0%
25. Suppose the MiniCD Corporation's common stock has a return of 12%. Assume the risk-free rate is
4%, the expected market return is 9%, and no unsystematic influence affected Mini's return. The beta for MiniCD is
A) 0.89.
B) 1.60.
C) 2.40.
D) 3.00.
E) It is impossible to calculate beta without the inflation rate.
Answer: D Difficulty: Medium Page: 309
Rationale:
12 = 4 + β (9 - 4) 8 = 5ββ= 8/5 = 1.60
26. A security that has a beta of zero will have an expected return of
A) zero.
B) the market risk premium.
C) the risk free rate.
D) less than the risk free rate but not negative.
E) less than the risk free rate which can be negative.
Answer: C Difficulty: Medium Page: 309
27. In normal market conditions if a security has a negative beta,
A) the security always has a positive return.
B) the security has an expected return above the risk-free return.
C) the security has an expected return less than the risk-free rate.
D) the security has an expected return equal to the market portfolio.
E) Both A and B.
Answer: C Difficulty: Medium Page: 309
28. A criticism of the CAPM is that it
A) ignores the return on the market portfolio.
B) ignores the risk-free return.
C) requires a single measure of systematic risk.
D) utilizes too many factors.
E) None of the above.
Answer: C Difficulty: Easy Page: 310
29. To estimate the cost of equity capital for a firm using the CAPM, it is necessary to have
A) company financial leverage, beta, and the market risk premium.
B) company financial leverage, beta, and the risk-free rate.
C) beta, company financial leverage, and the industry beta.
D) beta, company financial leverage, and the market risk premium.
E) beta, the risk-free rate, and the market risk premium.
Answer: E Difficulty: Easy Page: 309
30. An advantage of the APT over CAPM is
A) APT can handle multiple factors.
B) if the factors can be properly identified, the APT may have more explanation / predictive
power for returns.
C) the APT forces unsystematic risk to be negative to offset systematic risk; thus making the total
portfolio risk free, allowing for an arbitrage opportunity for the astute investor.
D) Both A and B.
E) All of the above.
Answer: D Difficulty: Easy Page: 310
31. Parametric or empirical models rely on
A) security betas explaining systematic factor relationships.
B) finding regularities and relations in past market data.
C) there being no true explanations of pricing relationships.
D) always being able to find the exception to the rule.
E) None of the above
Answer: B Difficulty: Hard Page: 312
32. An empirical determined relationship would be described by which of the following equations
A) R = + β1F1 = β2F2 + ... + βK F K + _
B) Ri = K P/E(P/E)i + K M/B(M/B)i + K SIZE(SIZE)I
C) R= R f + β(R m - R f)
D) All of the above.
E) None of the above.
Answer: B Difficulty: Medium Page: 312
33. A growth stock portfolio and a value portfolio might be characterized
A) each by their P/E relative to the index P/E; high P/E for growth and lower for value.
B) as earning a high rate of return for a growth security and a low rate of return for value security
irrespective of risk.
C) low unsystematic risk and high systematic risk respectively.
D) moderate systematic risk and zero systematic risk respectively.
E) None of the above.
Answer: A Difficulty: Medium Page: 313
34. Style portfolios are characterized by
A) their stock attributes; P/Es less than the market P/E are value funds.
B) their systematic factors, higher systematic factors are benchmark portfolios.
C) their stock attributes; higher stock attribute factors are benchmark portfolios.
D) their systematic factors, P/Es greater than the market are value portfolios.
E) There is no difference between systematic factors and stock attributes.
Answer: A Difficulty: Medium Page: 313
35. The most realistic APT model would likely include
A) multiple factors.
B) only one factor
C) a factor to measure inflation
D) Both A and C.
E) Both B and C.
Answer: D Difficulty: Medium Page: 310
36. Which of the following statements is/are true?
A) Both APT and CAPM argue that expected excess return must be proportional to the beta(s).
B) APT and CAPM are the only approaches to measure expected returns in risky assets.
C) Both CAPM and APT are risk-based models.
D) Both A and B.
E) Both A and C.
Answer: E Difficulty: Medium Page: 311-312
37. Three factors likely to occur in the APT model are
A) unemployment, inflation, and current rates.
B) inflation, GNP, and interest rates.
C) current rates, inflation and change in housing prices.
D) unemployment, college tuition, and GNP.
E) This cannot be determined or even estimated.
Answer: B Difficulty: Medium Page: 302; 314
Essay Questions
38. If the expected return on the stock is 6%, and no unexpected news concerning the stock surfaces,
calculate the stock's total return.
Difficulty: Medium Page: 305
Answer:
R = 6% + 1.8(.01--.01) + 0.7(-.02-.025%) + 1(.02-.035%) + 0 = .0495
39. Calculate the stock's total return if the company announces that an important patent filing has been
granted sooner than expected and will earn the company 5% more in return.
Difficulty: Easy Page: 304-305
Answer:
R = 4.95% + 5% = 9.95%.
40. Calculate the stock's total return if the company announces that they had an industrial accident and
the operating facilities will closed down for some time thus resulting in a loss by the company of 7% in return.
Difficulty: Easy Page: 304-305
Answer:
R = 4.95% - 7% = -2.05%.
41. What would the stock's total return be if the actual growth in each of the facts was equal to growth
expected? Assume no unexpected news on the patent.
Difficulty: Easy Page: 304-305
Answer:
R = 6%, or the expected return on the stock.
42. An investor is considering the three stocks given below:
Stock Expected Beta
Return
A 6.0% -0.10
B 13.3% 2.10
C 9.2% 0.75
Market Portfolio 10.0% 1.00
T-Bills 7.0% 0.00
Calculate the expected return and beta of a portfolio equally weighted between stocks B and C.
Demonstrate that holding stock A actually reduces risk by comparing the risk of a portfolio equally weighted between stock B and T-Bills with a portfolio equally weighted between stock B and A.
Difficulty: Medium Page: 307-308
Answer:
Stock B and C: Rp = .5(13.3%) + .5(9.2%) = 11.25%
Stock B and C: β p = .5(2.1) + .5(0.75) = 1.425
Stock B and T-bills: βB&TBILL = .5(2.1) + .5(0) = 1.05
Stock's B and A: βB&A = .5(2.1) + .5(-0.1) = 1.00
43. Explain the conceptual differences in the theoretical development of the CAPM and APT.
Difficulty: Medium Page: 310-311
Answer:
CAPM depends on the efficient set and incorporate R f to get separation principle. The APT adds factors until there is no, or virtually no, correlation between unsystematic risks of securities. Both show unsystematic risk approaches zero and systematic risks remain.
44. You have a 3 factor model to explain returns. Explain what a factor represents in the context of the
APT? Each factor is multiplied by a beta. What do these represent and how do they relate to the actual return?
Difficulty: Hard Page: 289-290
Answer:
A factor is a variable that explains some of the return. It measures the unexpected change in some
underlying "economic" data. A beta measures systematic risk of a security to a factor. It measure security response to a factor change and it explains how actual return varies from the expected return by the magnitude of β times the value of the factor.
公司理财原版题库Chap010
Chapter 10 Return and Risk: The Capital-Assets-Pricing Model Multiple Choice Questions 1. When a security is added to a portfolio the appropriate return and risk contributions are A) the expected return of the asset and its standard deviation. B) the expected return and the variance. C) the expected return and the beta. D) the historical return and the beta. E) these both can not be measured. Answer: C Difficulty: Medium Page: 255 2. When stocks with the same expected return are combined into a portfolio A) the expected return of the portfolio is less than the weighted average expected return of the stocks. B) the expected return of the portfolio is greater than the weighted average expected return of the stocks. C) the expected return of the portfolio is equal to the weighted average expected return of the stocks. D) there is no relationship between the expected return of the portfolio and the expected return of the stocks. E) None of the above. Answer: C Difficulty: Easy Page: 261 3. Covariance measures the interrelationship between two securities in terms of A) both expected return and direction of return movement. B) both size and direction of return movement. C) the standard deviation of returns. D) both expected return and size of return movements. E) the correlations of returns. Answer: B Difficulty: Medium Page: 258-259 Use the following to answer questions 4-5: GenLabs has been a hot stock the last few years, but is risky. The expected returns for GenLabs are highly dependent on the state of the economy as follows: State of Economy Probability GenLabs Returns Depression .05 -50% Recession .10 -15 Mild Slowdown .20 5 Normal .30 15% Broad Expansion .20 25 Strong Expansion .15 40
公司理财(英文版)题库2说课讲解
公司理财(英文版)题 库2
CHAPTER 2 Financial Statements & Cash Flow Multiple Choice Questions: I. DEFINITIONS BALANCE SHEET b 1. The financial statement showing a firm’s accounting value on a particular date is the: a. income statement. b. balance sheet. c. statement of cash flows. d. tax reconciliation statement. e. shareholders’ equity sheet. Difficulty level: Easy CURRENT ASSETS c 2. A current asset is: a. an item currently owned by the firm. b. an item that the firm expects to own within the next year. c. an item currently owned by the firm that will convert to cash within the next 12 months. d. the amount of cash on hand the firm currently shows on its balance sheet. e. the market value of all items currently owned by the firm. Difficulty level: Easy LONG-TERM DEBT b 3. The long-term debts of a firm are liabilities: a. that come due within the next 12 months. b. that do not come due for at least 12 months. c. owed to the firm’s suppliers. d. owed to the firm’s shareholde rs. e. the firm expects to incur within the next 12 months. Difficulty level: Easy NET WORKING CAPITAL e 4. Net working capital is defined as: a. total liabilities minus shareholders’ equity. b. current liabilities minus shareholders’ equity. c. fixed assets minus long-term liabilities. d. total assets minus total liabilities. e. current assets minus current liabilities. Difficulty level: Easy LIQUID ASSETS d 5. A(n) ____ asset is on e which can be quickly converted into cash without significant loss in value.
公司理财 期末复习提纲
The Review Sheets of Corporate Finance Key Concepts and Questions 1. What Is Corporate Finance? Corporate finance addresses several important questions: 1) What long-term investments should the firm take on? (Capital budgeting) 2) Where will we get the long-term financing to pay for the investment? (Capital structure) 3）How will we manage the everyday financial activities of the firm? (Working capital) 2.The financial manager is concerned with three primary categories of financial decisions. 1) Capital budgeting –process of planning and managing a firm’s investments in fixed assets. The key concerns are the size, timing and riskiness of future cash flows. 2) Capital structure –mix of debt (borrowing) and equity (ownership interest) used by a firm. What are the least expensive sources of funds? Is there an optimal mix of debt and equity? When and where should the firm raise funds? 3) Working capital management – managing short-term assets and liabilities. How much inventory should the firm carry? What credit policy is best? Where will we get our short-term loans? 3.The Balance Sheet assets = liabilities + owners’ equity 4. Net Working Capital The difference between a firm’s current assets and its current liabilities. Assets are listed on a balance sheet in order of how long it takes to convert them to cash. Liability order reflects time to maturity. 5.Noncash Items The largest noncash deduction for most firms is depreciation. It reduces a firm’s taxes and its net income. Noncash deductions are part of the reason that net income is not equivalent to cash flow. 6.Cash Flow Free Cash Flow (FCF) FCF= Operating cash flow – net capital spending – changes in net working capital Operating cash flow (OCF) = EBIT + depreciation – taxes Net capital spending (NCS) = ending fixed assets – beginning fixed assets + depreciation Changes in NWC = ending NWC – beginning NWC Working capital = current assets-current liabilities 7. Sources and Uses of Cash
公司理财(英文版)题库2
CHAPTER 2 Financial Statements & Cash Flow Multiple Choice Questions: I. DEFINITIONS BALANCE SHEET b 1. The financial statement showing a firm’s accounting value on a particular date is the: a. income statement. b. balance sheet. c. statement of cash flows. d. tax reconciliation statement. e. shareholders’ equity sheet. Difficulty level: Easy CURRENT ASSETS c 2. A current asset is: a. an item currently owned by the firm. b. an item that the firm expects to own within the next year. c. an item currently owned by the firm that will convert to cash within the next 12 months. d. the amount of cash on hand the firm currently shows on its balance sheet. e. the market value of all items currently owned by the firm. Difficulty level: Easy LONG-TERM DEBT b 3. The long-term debts of a firm are liabilities: a. that come due within the next 12 months. b. that do not come due for at least 12 months. c. owed to the firm’s suppliers. d. owed to the firm’s shareholders. e. the firm expects to incur within the next 12 months. Difficulty level: Easy NET WORKING CAPITAL e 4. Net working capital is defined as: a. total liabilities minus shareholders’ equity. b. current liabilities minus shareholders’ equity. c. fixed assets minus long-term liabilities. d. total assets minus total liabilities. e. current assets minus current liabilities. Difficulty level: Easy LIQUID ASSETS d 5. A(n) ____ asset is on e which can be quickly converted into cash without significant loss in value.
罗斯公司理财题库全集
Chapter 20 Issuing Securities to the Public Multiple Choice Questions 1. An equity issue sold directly to the public is called: A. a rights offer. B. a general cash offer. C. a restricted placement. D. a fully funded sales. E. a standard call issue. 2. An equity issue sold to the firm's existing stockholders is called: A. a rights offer. B. a general cash offer. C. a private placement. D. an underpriced issue. E. an investment banker's issue. 3. Management's first step in any issue of securities to the public is: A. to file a registration form with the SEC. B. to distribute copies of the preliminary prospectus. C. to distribute copies of the final prospectus. D. to obtain approval from the board of directors. E. to prepare the tombstone advertisement. 4. A rights offering is: A. the issuing of options on shares to the general public to acquire stock. B. the issuing of an option directly to the existing shareholders to acquire stock. C. the issuing of proxies which are used by shareholders to exercise their voting rights. D. strictly a public market claim on the company which can be traded on an exchange. E. the awarding of special perquisites to management.
公司理财-20082009学年第一学期《公司理财》期末考试卷(答案)
丽水职业技术学院2008/2009学年第一学期 《公司理财》期末考试卷 适用班级：财务0701、0705、0706、0707 考试方式：开卷班级学号姓名 校对:钭志斌 （40分） 1、分析师称，中国央行今年（2008）将继续执行从紧的货币政策，加息的可能性较 场的现券价格有一定负面影响。 中国人民银行2008年1月22日以价格招标方式向公开市场业务一级交易商发行了2008年第十期中央银行票据，发行价格为96.10元，参考收益率为4.0583%。期限1年，到期按面值100元兑付。请问： （1）为什么说利率上涨，会对二级市场的债券价格有一定的负面影响？请从资金时间价值原理角度进行分析。（5分） 参考答案：债券给投资者未来的收益是稳定的，如每年利息固定，到期收回本金固定。利率的上涨，必然会引起投资者投资的期望报酬率的上升；在未来金额一定的情况下，折现率的上升，将会使现值下降。所以，在利率上升的情况下，债券交易价格将会下降。 （2）在财务管理上，该第十期中央银行票据属于债券中的哪一类债券？其参考收益率如何计算？请列出计算过程。（5分） 参考答案：属于贴现债券。 96．10=100×（P/F，IRR，1） 查表，采用内插法求解，得出IRR为4.0583%。 2、2008年10月，天音控股发布公告,将用自有资金在二级市场以集中竞价交易方式回购不超过2000万股社会公众股,回购资金总额不超过7000万元。这是证监会发布股份回购新规以来,第一家公布回购计划的上市公司。回购价格不超过每股3.5元。以最高回购数量2000万股计算,回购比例为目前总股本的2.11%,占实际流通股本的2.21%。预计本次回购完成后每股收益约提高1.06%,净资产收益率约提高1.33%,回购后速动比率约1倍。
罗斯公司理财题库全集
Chapter 30 Financial Distress Multiple Choice Questions 1. Financial distress can be best described by which of the following situations in which the firm is forced to take corrective action? A. Cash payments are delayed to creditors. B. The market value of the stock declines by 10%. C. The firm's operating cash flow is insufficient to pay current obligations. D. Cash distributions are eliminated because the board of directors considers the surplus account to be low. E. None of the above. 2. Insolvency can be defined as: A. not having cash. B. being illiquid. C. an inability to pay one's debts. D. an inability to increase one's debts. E. the present value of payments being less than assets. 3. Stock-based insolvency is a: A. income statement measurement. B. balance sheet measurement. C. a book value measurement only. D. Both A and C. E. Both B and C. 4. Flow-based insolvency is: A. a balance sheet measurement. B. a negative equity position. C. when operating cash flow is insufficient to meet current obligations. D. inability to pay one's debts. E. Both C and D.
公司理财(西大期末复习题)
公司理财参考复习资料 一、单选题 1.公司价值是指全部资产的（） A.评估价值 B.账面价值 C.潜在价值 D.市场价值 参考答案：D 2.某上市公司股票现时的系数为 1.5 ，此时无风险利率为6% ，市场上所有股票 的平均收益率为10% ，则该公司股票的预期收益率为（）。 A.4% B.12% C.16% D.21% 参考答案：B 3.无差别点是指使不同资本结构下的每股收益相等时的（）。 A . 息税前利润 B . 销售收入 C . 固定成本 D . 财务风险 参考答案：A 4.上市公司应该最先考虑的筹资方式是（）。 A . 发行债券 B . 发行股票 C . 留存收益 D . 银行借款 参考答案：C 5.对零增长股票，若股票市价低于股票价值，则预期报酬率和市场利率之间的关系是 （）。 A . 预期报酬率大于市场利率 B . 预期报酬率等于市场利率 C . 预期报酬率小于市场利率 D . 取决于该股票风险水平 参考答案：A 6.A 证券的标准差是12% ，B 证券的标准差是20%，两种证券的相关系数是0.2 ，对A 、 B 证券的投资比例为 3 ：2 ，则 A 、B 两种证券构成的投资组合的标准差为（）。 A . 3.39% B . 11.78% C . 4.79% D . 15.2 % 参考答案：B 7.在公司理财学中，已被广泛接受的公司理财目标是（）。 A . 公司价值最大化 B . 股东财富最大化 C . 股票价格最大化 D . 每股现金流量最大化参考答案：A 8.当公司的盈余和现金流量都不稳定时，对股东和企业都有利的股利分配政策是（）。 A . 剩余股利政策 B . 固定股利支付率政策 C . 低正常股利加额外股利政策 D . 固定股利政策 参考答案：C 9.考察了企业的财务危机成本和代理成本的资本结构模型是（）。
罗斯公司理财题库全集
Chapter 13 Risk, Cost of Capital, and Capital Budgeting Answer Key Multiple Choice Questions 1. The weighted average of the firm's costs of equity, preferred stock, and after tax debt is the: A. reward to risk ratio for the firm. B. expected capital gains yield for the stock. C. expected capital gains yield for the firm. D. portfolio beta for the firm. E. weighted average cost of capital (WACC). Difficulty level: Easy Topic: WACC Type: DEFINITIONS 2. If the CAPM is used to estimate the cost of equity capital, the expected excess market return is equal to the: A. return on the stock minus the risk-free rate. B. difference between the return on the market and the risk-free rate. C. beta times the market risk premium. D. beta times the risk-free rate. E. market rate of return. Difficulty level: Easy Topic: CAPM Type: DEFINITIONS
罗斯公司理财Chap004全英文题库及答案
Chapter 04 Discounted Cash Flow Valuation Answer Key Multiple Choice Questions 1. An annuity stream of cash flow payments is a set of: A.level cash flows occurring each time period for a fixed length of time. B. level cash flows occurring each time period forever. C. increasing cash flows occurring each time period for a fixed length of time. D. increasing cash flows occurring each time period forever. E. arbitrary cash flows occurring each time period for no more than 10 years. Difficulty level: Easy Topic: ANNUITY Type: DEFINITIONS
2. Annuities where the payments occur at the end of each time period are called _____, whereas _____ refer to annuity streams with payments occurring at the beginning of each time period. A. ordinary annuities; early annuities B. late annuities; straight annuities C. straight annuities; late annuities D. annuities due; ordinary annuities E.ordinary annuities; annuities due Difficulty level: Easy Topic: ANNUITIES DUE Type: DEFINITIONS
4公司理财期末考试复习题
公司理财复习题 一、说明 1.考试题型：计算题2道题、简述题5道题、论述题3道题。 2.考试地点：教学楼610教室。 3.考试时间：20XX年1月7日上午8：30－11：00。 4.考试形式：闭卷。 二、计算题：(本题20分) （一）、见《财务会计学》第277页表12-1资产负债表和第282页表12-5利润表。 注意：考试时，可能存在数据的变化。 1.资产负债率 = 负债总额/资产总额×100% 代入数据： 资产负债率 = 3090362 / 7833717 × 100% = 39.45%。 2.流动比率 = 流动资产 / 流动负债 = 2/1（较为合理数值） 代入数据： 流动比率 = 2538117 / 1849462 = 1.37 3.速动比率 = （流动资产–存货） / 流动负债 = 1/1 代入数据： 速动比率 = （2538117-518710） / 1849462 = 1.09 4.应收周转率 = 赊销收入净额 / 应收账款的平均余额 说明： ①赊销余额假设为50万,考试时可能会变换此数值。 ②应收账款的平均余额 = （应收账款年初数+应收账款期末数）÷2 代入数据：
应收周转率= 50万/(392000+492940)÷2 = 50万/442470=1.13 5.存货周转率 = 销售成本 / 存货平均余额 说明： ①销售成本假设40万，考试时可能会变换次数值。 ②存货平均余额=（存货年初数+存货期末数）÷2 代入数据： 存货周转率=40万/(348200+518710)÷2=40万/433455 = 0.92 6.总资产收益率=（净利润+利息费用）/总资产平均余额×100% 说明： ①总资产平均余额 = （资产年初数+资产期末数）÷2 ②总资产指表格中的资产总计。 代入数据： 总资产收益率=（143700+56500）/(8160100+7833717) ÷2 = 200200 / 7996908.50 = 2.50% 7.所有者权益报酬率 = 净利润 / 所有者权益余额× 100% 代入数据： 所有者权益报酬率 = 143700 / 4743355 = 3.03% （二）、某企业共有长期资金15000万元，其中发行长期债券为3000万元，票面利率为6%，筹资费率3%，按面值发行；发行普通股12000万元，发行价格6元，筹资费率4%，第一年股利为每股0.42元，预计每年增长率为5%。企业所得税为30%。根据以上资料，计算该企业长期资金的个别资本成本和加权平均资本成本（即综合资金成本）？并说明该企业降低资本成本的可能性和途径？ 注意：考试时，可能存在数据的变化，复习时，可参考《财务管理学》第186页至198页例题。 解： 1.债券资本成本率=年使用成本（利息、红利）/（筹资额-筹资费用）
完整word版公司理财英文版题库8
CHAPTER 8 Making Capital Investment Decisions I. DEFINITIONS INCREMENTAL CASH FLOWS a 1. The changes in a firm's future cash flows that are a direct consequence of accepting a project are called _____ cash flows. a. incremental b. stand-alone c. after-tax d. net present value e. erosion Difficulty level: Easy EQUIVALENT ANNUAL COST e 2. The annual annuity stream o f payments with the same present value as a project's costs is called the project's _____ cost. a. incremental b. sunk c. opportunity d. erosion e. equivalent annual Difficulty level: Easy SUNK COSTS c 3. A cost that has already been paid, or the liability to pay has already been incurred, is a(n): a. salvage value expense. b. net working capital expense. c. sunk cost. d. opportunity cost. e. erosion cost. Difficulty level: Easy OPPORTUNITY COSTS d 4. Th e most valuable investment given up i f an alternative investment is chosen is a(n): a. salvage value expense. b. net working capital expense.
罗斯公司理财题库cha16
Chapter 16 Capital Structure: Basic Concepts Multiple Choice Questions 1. The use of personal borrowing to change the overall amount of financial leverage to which an individual is exposed is called: A. homemade leverage. B. dividend recapture. C. the weighted average cost of capital. D. private debt placement. E. personal offset. 2. The proposition that the value of the firm is independent of its capital structure is called: A. the capital asset pricing model. B. MM Proposition I. C. MM Proposition II. D. the law of one price. E. the efficient markets hypothesis. 3. The proposition that the cost of equity is a positive linear function of capital structure is called: A. the capital asset pricing model. B. MM Proposition I. C. MM Proposition II. D. the law of one price. E. the efficient markets hypothesis. 4. The tax savings of the firm derived from the deductibility of interest expense is called the: A. interest tax shield. B. depreciable basis. C. financing umbrella. D. current yield. E. tax-loss carry forward savings.
公司理财期末考试题(C卷)
《公司理财》期末考试题（C 卷） 一、判断题（共10分，每小题1分） 1.企业财务管理是基于企业再生产过程中客观存在的资金运动而产生的，是企业组织资金运动的一项经济管理工作。 ( ) 2.解聘是一种通过市场约束经营者的办法。 ( ) 3.终值系数和现值系数互为倒数，因此，年金终值系数与年金现值系数也互为倒数。 ( ) 4.经营性租赁和融资性租赁都是租赁，它们在会计处理上是没有区别的。 ( ) 5.留存收益是企业经营中的内部积累，这种资金不是向外界筹措的，因而它不存在资本成本。 ( ) 6.多个互斥方案比较，一般应选择净现值大的方案。 （ ） 7.营运资金就是流动资产。 （ ） 8.企业是否延长信用期限，应将延长信用期后增加的销售利润与增加的机会成本、管理成本和坏账成本进行比较。 （ ） 9.相关比率反映部分与总体的关系。 （ ） 10.采用因素分析法，可以分析引起变化的主要原因、变动性质，并可预测企业未来的发展前景。（ ） 二、单项选择题（共15分，每小题1分） 1.财务管理目标是( )。 A 现金流量最大化 B 市场份额最大化 C 预期盈利最大化 D 股价最大化 2.企业财务关系中最为重要的关系是( )。 A 股东与经营者之间的关系 B 股东与债权人之间的关系 C 股东、经营者与债权人之间的关系 D 企业与作为社会管理者的政府有关部门、社会公众之间的关系 3.边际贡献率和变动成本率( )。 A 反方向变化 B 同方向变化 C 同比例变化 D 反比例变化 4.安全边际越小，保本点就越太、利润就( )。 A 越大 B 不变 C 不一定 D 越小 5.融资性租赁实质上是由出租人提供给承租人使用固定资产的一种( )。 A 信用业务 B 买卖活动 C 租借业务 D 服务活动 6.在计算资本成本时，与所得税有关的资金来源是下述情况中的( )。 A 普通股 B 优先股 C 银行借款 D 留存收益 7.当经营杠杆系数是5，财务杠杆系数是1.1，财综合杠杆系数是( )。 A 5.5 B 6.5 C 3.9 D 7.2 8.某企业拥有一块土地，其原始成本为250万元，账面价值为180万元。现准备在这块土地上建造工厂厂房，但如果现在将这块土地出售，可获得收入220万元，则建造厂房机会成本是( )。 A 250万元 B 70万元 C 180万元 D 220万元 9.假定某项投资风险系数为1，无风险收益率为10％，市场平均收益率为20％，其必要收益率为( )。 ………………………………………………………………………………………………………………………………………………………… ………………………………………密……………………………封………………………………………线……………………………………… 班级 姓名 学号
陈雨露《公司理财》配套题库-章节题库(财务报表分析)【圣才出品】
第二章财务报表分析 一、单选题 1．假定甲公司向乙公司赊销产品，并持有丙公司的债券和丁公司的股票，且向戊公司支付公司债利息。在不考虑其他条件的情况下，从甲公司的角度看，下列各项中属于本企业与债权人之间财务关系的是（）。（南京大学2011金融硕士） A．甲公司与乙公司之间的关系 B．甲公司与丙公司之间的关系 C．甲公司与丁公两之间的关系 D．甲公司与戊公司之间的关系 【答案】D 【解析】甲公司与乙公司是商业信用关系；甲公司为丙公司的债权人；甲公司是丁公司的股东；戊公司是甲公司的债权人。 2．杜邦财务分析体系的核心指标是（）。（浙江财经学院2011金融硕士） A．总资产报酬率 B．可持续增长率 C．ROE D．销售利润率 【答案】C 【解析】杜邦分析体系是对企业的综合经营理财及经济效益进行的系统分析评价，其恒
等式为：ROE=销售利润率×总资产周转率×权益乘数。可以看到净资产收益率（ROE）反映所有者投入资金的获利能力，反映企业筹资、投资、资产运营等活动的效率，是一个综合性最强的财务比率，所以净资产收益率是杜邦分析体系的核心指标。 3．影响企业短期偿债能力的最根本原因是（）。（浙江财经学院2011金融硕士）A．企业的资产结构 B．企业的融资结构 C．企业的权益结构 D．企业的经营业绩 【答案】D 【解析】短期偿债能力比率是一组旨在提供企业流动性信息的财务比率，有时也被称为流动性指标。它们主要关心企业短期内在不引起不适当压力的情况下支付账单的能力，因此，这些指标关注企业的流动资产和流动负债，但短期偿债能力比率的大小会因行业类型而不同，影响企业短期偿债能力的最根本原因还是企业的经营业绩。 4．市盈率是投资者用来衡量上市公司盈利能力的重要指标，关于市盈率的说法不正确的是（）。（浙江工商大学2011金融硕士） A．市盈率反映投资者对每股盈余所愿意支付的价格 B．市盈率越高表明人们对该股票的评价越高，所以进行股票投资时应该选择市盈率最高的股票 C．当每股盈余很小时，市盈率不说明任何问题 D．如果上市公司操纵利润，市盈率指标也就失去了意义
英文版罗斯公司理财习题答案Chap020
CHAPTER 20 INTERNATIONAL CORPORATE FINANCE Answers to Concepts Review and Critical Thinking Questions 1. a. The dollar is selling at a premium because it is more expensive in the forward market than in the spot market (SFr 1.53 versus SFr 1.50). b.The franc is expected to depreciate relative to the dollar because it will take more francs to buy one dollar in the future than it does today. c.Inflation in Switzerland is higher than in the United States, as are nominal interest rates. 2.The exchange rate will increase, as it will take progressively more pesos to purchase a dollar. This is the relative PPP relationship. 3.a.The Australian dollar is expected to weaken relative to the dollar, because it will take more A$ in the future to buy one dollar than it does today. b.The inflation rate in Australia is higher. c.Nominal interest rates in Australia are higher; relative real rates in the two countries are the same. 4. A Yankee bond is most accurately described by d. 5. No. For example, if a cou ntry’s currency strengthens, imports bee cheaper (good), but its exports bee more expensive for others to buy (bad). The reverse is true for currency depreciation. 6.Additional advantages include being closer to the final consumer and, thereby, saving on transportation, significantly lower wages, and less exposure to exchange rate risk. Disadvantages include political risk and costs of supervising distant operations. 7. One key thing to remember is that dividend payments are made in the home currency. More generally, it may be that the owners of the multinational are primarily domestic and are ultimately concerned about their wealth denominated in their home currency because, unlike a multinational, they are not internationally diversified.