罗斯公司理财题库全集

罗斯公司理财题库全集 Last revised by LE LE in 2021

Chapter 16

Capital Structure: Basic Concepts

Multiple Choice Questions

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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.

5.The unlevered cost of capital is:A.the cost of capital for a firm with no equity in its capital structure.B.the cost of capital for a firm with no debt in its capital structure.C.the interest tax shield times pretax net income.D.the cost of preferred stock for a firm with equal parts debt and common stock in its capital structure.E.equal to the profit margin for a

firm with some debt in its capital structure.

6.The cost of capital for a firm, rWACC, in a zero tax environment

is:A.equal to the expected earnings divided by market value of the unlevered firm.B.equal to the rate of return for that business risk class.C.equal to the overall rate of return required on the levered firm.D.is constant regardless of the amount of leverage.E.All of the above.

7.The difference between a market value balance sheet and a book value balance sheet is that a market value balance sheet:A.places assets on the right hand side.B.places liabilities on the left hand side.C.does not equate the right hand with the left hand side.D.lists items in terms of market values, not historical https://www.sodocs.net/doc/735994177.html,es the market rate of return.

8.The firm's capital structure refers to:A.the way a firm invests its assets.B.the amount of capital in the firm.C.the amount of dividends a firm pays.D.the mix of debt and equity used to finance the firm's assets.E.how much cash the firm holds.

9.A general rule for managers to follow is to set the firm's capital structure such that:A.the firm's value is minimized.B.the firm's value is maximized.C.the firm's bondholders are made well off.D.the firms suppliers of raw materials are satisfied.E.the firms dividend payout is maximized.

10.A levered firm is a company that has:A.Accounts Payable as the only liability on the balance sheet.B.some debt in the capital structure.C.all equity in the capital structure.D.All of the above.E.None of the above.

11.A manager should attempt to maximize the value of the firm by:A.changing the capital structure if and only if the value of the firm

increases.B.changing the capital structure if and only if the value of the firm increases to the benefit of inside management.C.changing the capital structure if and only if the value of the firm increases only to the

benefits of the debtholders.D.changing the capital structure if and only if the value of the firm increases although it decreases the stockholders' value.E.changing the capital structure if and only if the value of the firm increases and stockholder wealth is constant.

12.The effect of financial leverage depends on the operating earnings of the company. Which of the following is not trueA.Below the indifference or

break-even point in EBIT the non-levered structure is superior.B.Financial leverage increases the slope of the EPS line.C.Above the indifference or break-even point the increase in EPS for all equity structures is less than debt-equity structures.D.Above the indifference or break-even point the increase in EPS for all equity structures is greater than debt-equity structures.E.The rate of return on operating assets is unaffected by leverage.

13.The Modigliani-Miller Proposition I without taxes states:A.a firm cannot change the total value of its outstanding securities by changing its capital structure proportions.B.when new projects are added to the firm the firm value is the sum of the old value plus the new.C.managers can make correct corporate decisions that will satisfy all shareholders if they select projects that maximize value.D.the determination of value must consider the timing and risk of the cash flows.E.None of the above.

14.MM Proposition I without taxes is used to illustrate:A.the value of an unlevered firm equals that of a levered firm.B.that one capital structure is as good as another.C.leverage does not affect the value of the

firm.D.capital structure changes have no effect on stockholders'

welfare.E.All of the above.

15.A key assumption of MM's Proposition I without taxes is:A.that financial leverage increases risk.B.that individuals can borrow on their own account

at rates less than the firm.C.that individuals must be able to borrow on their own account at rates equal to the firm.D.managers are acting to maximize the value of the firm.E.All of the above.

16.In an EPS-EBI graphical relationship, the slope of the debt ray is steeper than the equity ray. The debt ray has a lower intercept

because:A.more shares are outstanding for the same level of EBI.B.the break-even point is higher with debt.C.a fixed interest charge must be paid even

at low earnings.D.the amount of interest per share has only a positive

effect on the intercept.E.the higher the interest rate the greater the slope.

17.In an EPS-EBI graphical relationship, the debt ray and equity ray cross. At this point the equity and debt are:A.equivalent with respect to EPS but above and below this point equity is always superior.B.at breakeven in EPS but above this point debt increases EPS via leverage and decreases EPS below this point.C.equal but away from breakeven equity is better as fewer shares are outstanding.D.at breakeven and MM Proposition II states that debt is the better choice.E.at breakeven and debt is the better choice below breakeven because small payments can be made.

18.When comparing levered vs. unlevered capital structures, leverage works to increase EPS for high levels of EBIT because:A.interest payments on the debt vary with EBIT levels.B.interest payments on the debt stay fixed, leaving less income to be distributed over less shares.C.interest payments on the debt stay fixed, leaving more income to be distributed over less shares.D.interest payments on the debt stay fixed, leaving less income to be distributed over more shares.E.interest payments on the debt stay fixed, leaving more income to be distributed over more shares.

19.Financial leverage impacts the performance of the firm by:A.maintaining the same level of volatility of the firm's EBIT.B.decreasing the volatility of the firm's EBIT.C.decreasing the volatility of the firm's net

income.D.increasing the volatility of the firm's net income.E.None of the above.

20.The increase in risk to equityholders when financial leverage is introduced is evidenced by:A.higher EPS as EBIT increases.B.a higher variability of EPS with debt than all equity.C.increased use of homemade leverage.D.equivalence value between levered and unlevered firms in the presence of taxes.E.None of the above.

21.The reason that MM Proposition I does not hold in the presence of corporate taxation is because:A.levered firms pay less taxes compared with identical unlevered firms.B.bondholders require higher rates of return compared with stockholders.C.earnings per share are no longer relevant with taxes.D.dividends are no longer relevant with taxes.E.All of the above.

22.MM Proposition I with corporate taxes states that:A.capital structure can affect firm value.B.by raising the debt-to-equity ratio, the firm can lower its taxes and thereby increase its total value.C.firm value is maximized at an all debt capital structure.D.All of the above.E.None of the above.

23.The change in firm value in the presence of corporate taxes only

is:A.positive as equityholders face a lower effective tax rate.B.positive as equityholders gain the tax shield on the debt interest.C.negative because of the increased risk of default and fewer shares outstanding.D.negative because of a reduction of equity outstanding.E.None of the above.

24.A firm should select the capital structure which:A.produces the highest cost of capital.B.maximizes the value of the firm.C.minimizes taxes.D.is fully unlevered.E.has no debt.

25.In a world of no corporate taxes if the use of leverage does not change the value of the levered firm relative to the unlevered firm is known

as:A.MM Proposition III that the cost of stock is less than the cost of debt.B.MM Proposition I that leverage is invariant to market value.C.MM Proposition II that the cost of equity is always constant.D.MM Proposition I that the market value of the firm is invariant to the capital structure.E.MM Proposition III that there is no risk associated with leverage in a no tax world.

26.Bryan invested in Bryco, Inc. stock when the firm was financed solely with equity. The firm is now utilizing debt in its capital structure. To unlever his position, Bryan needs to:A.borrow some money and purchase additional shares of Bryco stock.B.maintain his current position as the debt of the firm did not affect his personal leverage position.C.sell some shares of Bryco stock and hold the proceeds in cash.D.sell some shares of Bryco stock and loan it out such that he creates a personal debt-equity ratio equal to that of the firm.E.create a personal debt-equity ratio that is equal to exactly 50% of the debt-equity ratio of the firm.

27.The capital structure chosen by a firm doesn't really matter because

of:A.taxes.B.the interest tax shield.C.the relationship between dividends and earnings per share.D.the effects of leverage on the cost of

equity.E.homemade leverage.

28.MM Proposition I with no tax supports the argument that:A.business risk determines the return on assets.B.the cost of equity rises as leverage rises.C.it is completely irrelevant how a firm arranges its finances.D.a

firm should borrow money to the point where the tax benefit from debt is equal to the cost of the increased probability of financial

distress.E.financial risk is determined by the debt-equity ratio.

29.The proposition that the value of a levered firm is equal to the value of an unlevered firm is known as:A.MM Proposition I with no tax.B.MM Proposition II with no tax.C.MM Proposition I with tax.D.MM Proposition II with tax.E.static theory proposition.

30.The concept of homemade leverage is most associated with:A.MM Proposition

I with no tax.B.MM Proposition II with no tax.C.MM Proposition I with

tax.D.MM Proposition II with tax.E.static theory proposition.

31.Which of the following statements are correct in relation to MM Proposition II with no taxes

I. The required return on assets is equal to the weighted average cost of capital.II. Financial risk is determined by the debt-equity ratio.III. Financial risk determines the return on assets.IV. The cost of equity declines when the amount of leverage used by a firm rises.A.I and III onlyB.II and IV onlyC.I and II onlyD.III and IV onlyE.I and IV only

32.MM Proposition I with taxes supports the theory that:A.there is a

positive linear relationship between the amount of debt in a levered firm and its value.B.the value of a firm is inversely related to the amount of leverage used by the firm.C.the value of an unlevered firm is equal to the value of a levered firm plus the value of the interest tax shield.D.a firm's cost of capital is the same regardless of the mix of debt and equity used by the firm.E.a firm's weighted average cost of capital increases as the debt-equity ratio of the firm rises.

33.MM Proposition I with taxes is based on the concept that:A.the optimal capital structure is the one that is totally financed with equity.B.the capital structure of the firm does not matter because investors can use homemade leverage.C.the firm is better off with debt based on the weighted average cost of capital.D.the value of the firm increases as total debt increases because of the interest tax shield.E.the cost of equity increases as the debt-equity ratio of a firm increases.

34.MM Proposition II with taxes:A.has the same general implications as MM Proposition II without taxes.B.reveals how the interest tax shield relates to the value of a firm.C.supports the argument that business risk is determined by the capital structure employed by a firm.D.supports the argument that the cost of equity decreases as the debt-equity ratio increases.E.reaches the final conclusion that the capital structure decision is irrelevant to the value of a firm.

35.MM Proposition II is the proposition that:A.supports the argument that the capital structure of a firm is irrelevant to the value of the firm.B.the cost of equity depends on the return on debt, the debt-equity ratio and the tax rate.C.a firm's cost of equity capital is a positive linear function of the firm's capital structure.D.the cost of equity is equivalent to the required return on the total assets of a firm.E.supports the argument that the size of the pie does not depend on how the pie is sliced.

36.The interest tax shield has no value for a firm when:I. the tax rate is equal to zero.II. the debt-equity ratio is exactly equal to 1.III. the firm is unlevered.IV. a firm elects 100% equity as its capital structure.A.I and III onlyB.II and IV onlyC.I, III, and IV onlyD.II, III, and IV onlyE.I, II, and IV only

37.The interest tax shield is a key reason why:A.the required rate of return on assets rises when debt is added to the capital structure.B.the value of an unlevered firm is equal to the value of a levered firm.C.the net cost of debt to a firm is generally less than the cost of equity.D.the cost of debt is equal to the cost of equity for a levered firm.E.firms prefer equity financing over debt financing.

38.Which of the following will tend to diminish the benefit of the interest tax shield given a progressive tax rate structure

I. a reduction in tax ratesII. a large tax loss carryforwardIII. a large depreciation tax deductionIV. a sizeable increase in taxable incomeA.I and II onlyB.I and III onlyC.II and III onlyD.I, II, and III onlyE.I, II, III, and IV

39.Thompson & Thomson is an all equity firm that has 500,000 shares of stock outstanding. The company is in the process of borrowing $8 million at 9% interest to repurchase 200,000 shares of the outstanding stock. What is the value of this firm if you ignore taxesA.$ million

B.

$ million

C.

$ million

D.

$ million

E.

$ million

40.Uptown Interior Designs is an all equity firm that has 40,000 shares of stock outstanding. The company has decided to borrow $1 million to buy out the shares of a deceased stockholder who holds 2,500 shares. What is the total value of this firm if you ignore taxesA.$ million

B.

$ million

$ million D.

$ million E.

$ million

You own 25% of Unique Vacations, Inc. You have decided to retire and want to sell your shares in this closely held, all equity firm. The other shareholders have agreed to have the firm borrow $ million to purchase your 1,000 shares of stock. What is the total value of this firm today if you ignore taxes

A.$ million

B.

$ million

C.

$ million

D.

$ million

E.

$ million

42.Your firm has a debt-equity ratio of .75. Your pre-tax cost of debt is % and your required return on assets is 15%. What is your cost of equity if you ignore taxes

A.%

B.

%

C.

%

D.

%

%

43.Bigelow, Inc. has a cost of equity of % and a pre-tax cost of debt of 7%. The required return on the assets is 11%. What is the firm's debt-equity ratio based on MM Proposition II with no taxesA..60B..64C..72D..75E..80

44.The Backwoods Lumber Co. has a debt-equity ratio of .80. The firm's required return on assets is 12% and its cost of equity is %. What is the pre-tax cost of debt based on MM Proposition II with no taxes

A.%

B.

%

C.

%

D.

%

E.

%

The Winter Wear Company has expected earnings before interest and taxes of $2,100, an unlevered cost of capital of 14% and a tax rate of 34%. The company also has $2,800 of debt that carries a 7% coupon. The debt is

selling at par value. What is the value of this

firmA.$9,900B.$10,852C.$11,748D.$12,054E.$12,700

46.Gail's Dance Studio is currently an all equity firm that has 80,000

shares of stock outstanding with a market price of $42 a share. The current cost of equity is 12% and the tax rate is 34%. Gail is considering adding $1 million of debt with a coupon rate of 8% to her capital structure. The debt will be sold at par value. What is the levered value of the

equityA.$ million

B.

$ million

C.

$ million

D.

$ million

E.

$ million

47.The Montana Hills Co. has expected earnings before interest and taxes of $8,100, an unlevered cost of capital of 11%, and debt with both a book and face value of $12,000. The debt has an annual 8% coupon. The tax rate is 34%. What is the value of the firmA.$48,600B.$50,000C.$52,680D.$56,667E.$60,600

48.Scott's Leisure Time Sports is an unlevered firm with an after-tax net income of $86,000. The unlevered cost of capital is 10% and the tax rate is 34%. What is the value of this

firmA.$567,600B.$781,818C.$860,000D.$946,000E.$1,152,400

An unlevered firm has a cost of capital of 14% and earnings before interest and taxes of $150,000. A levered firm with the same operations and assets has both a book value and a face value of debt of $700,000 with a 7% annual coupon. The applicable tax rate is 35%. What is the value of the levered firmA.$696,429B.$907,679C.$941,429D.$1,184,929E.$1,396,429

50.The Spartan Co. has an unlevered cost of capital of 11%, a cost of debt of 8%, and a tax rate of 35%. What is the target debt-equity ratio if the targeted cost of equity is 12%A..44B..49C..51D..56E..62

51.Hey Guys!, Inc. has debt with both a face and a market value of $3,000. This debt has a coupon rate of 7% and pays interest annually. The expected earnings before interest and taxes is $1,200, the tax rate is 34%, and the unlevered cost of capital is 12%. What is the firm's cost of equityA.%

B.

%

C.

%

D.

%

E.

%

Anderson's Furniture Outlet has an unlevered cost of capital of 10%, a tax rate of 34%, and expected earnings before interest and taxes of $1,600. The company has $3,000 in bonds outstanding that have an 8% coupon and pay interest annually. The bonds are selling at par value. What is the cost of equity

A.%

B.

%

C.

%

D.

%

E.

%

53.Walter's Distributors has a cost of equity of % and an unlevered cost of capital of 12%. The company has $5,000 in debt that is selling at par value. The levered value of the firm is $12,000 and the tax rate is 34%. What is the pre-tax cost of debt

A.%

B.

%

C.

%

D.

%

%

54.Rosita's has a cost of equity of % and a pre-tax cost of debt of %. The debt-equity ratio is .60 and the tax rate is .34. What is Rosita's unlevered cost of capital

A.%

B.

%

C.

%

D.

%

E.

%

55.Your firm has a pre-tax cost of debt of 7% and an unlevered cost of capital of 13%. Your tax rate is 35% and your cost of equity is %. What is your debt-equity ratioA..43B..49C..51D..54E..58

罗斯《公司理财》第9版笔记和课后习题(含考研真题)详解[视频详解](风险、资本成本和资本预算)【圣才

罗斯《公司理财》第9版笔记和课后习题（含考研真题）详解[视频详解] 第13章风险、资本成本和资本预算[视频讲解] 13.1复习笔记 运用净现值法，按无风险利率对现金流量折现，可以准确评价无风险现金流量。然而，现实中的绝大多数未来现金流是有风险的，这就要求有一种能对有风险现金流进行折现的方法。确定风险项目净现值所用的折现率可根据资本资产定价模型CAPM（或套利模型APT）来计算。如果某无负债企业要评价一个有风险项目，可以运用证券市场线SML来确定项目所要求的收益率r s，r s也称为权益资本成本。 当企业既有债务融资又有权益融资时，所用的折现率应是项目的综合资本成本，即债务资本成本和权益资本成本的加权平均。 联系企业的风险贴现率与资本市场要求的收益率的原理在于如下一个简单资本预算原则：企业多余的现金，可以立即派发股利，投资者收到股利自己进行投资，也可以用于投资项目产生未来的现金流发放股利。从股东利益出发，股东会在自己投资和企业投资中选择期望收益率较高的一个。只有当项目的期望收益率大于风险水平相当的金融资产的期望收益率时，项目才可行。因此项目的折现率应该等于同样风险水平的金融资产的期望收益率。这也说明了资本市场价格信号作用。 1．权益资本成本 从企业的角度来看，权益资本成本就是其期望收益率，若用CAPM模型，股票的期望收益率为：

其中，R F是无风险利率，是市场组合的期望收益率与无风险利率之差，也称为期望超额市场收益率或市场风险溢价。 要估计企业权益资本成本，需要知道以下三个变量：①无风险利率；②市场风险溢价； ③公司的贝塔系数。 根据权益资本成本计算企业项目的贴现率需要有两个重要假设：①新项目的贝塔风险与企业风险相同；②企业无债务融资。 2．贝塔的估计 估算公司贝塔值的基本方法是利用T个观测值按照如下公式估计： 估算贝塔值可能存在以下问题：①贝塔可能随时间的推移而发生变化；②样本容量可能太小；③贝塔受财务杠杆和经营风险变化的影响。 可以通过如下途径解决上述问题：①第1个和第2个问题可通过采用更加复杂的统计技术加以解决；②根据财务风险和经营风险的变化对贝塔作相应的调整，有助于解决第3个问题；③注意同行业类似企业的平均β估计值。 根据企业自身历史数据来估算企业贝塔系数是一种常用方法，也有人认为运用整个行业的贝塔系数可以更好地估算企业的贝塔系数。有时两者计算的结果差异很大。总的来说，可以遵循下列原则：如果认为企业的经营与所在行业其他企业的经营十分类似，用行业贝塔降低估计误差。如果认为企业的经营与行业内其他企业的经营有着根本性差别，则应选择企业的贝塔。 3．贝塔的确定 前面介绍的回归分析方法估算贝塔并未阐明贝塔是由哪些因素决定的。主要存在以下三个因素：收入的周期性、经营杠杆和财务杠杆。

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-罗斯课后习题答案

第一章 1.在所有权形式的公司中,股东是公司的所有者。股东选举公司的董事会,董事会任命该公司的管理层。企业的所有权和控制权分离的组织形式是导致的代理关系存在的主要原因。管理者可能追求自身或别人的利益最大化,而不是股东的利益最大化。在这种环境下,他们可能因为目标不一致而存在代理问题。 2.非营利公司经常追求社会或政治任务等各种目标。非营利公司财务管理的目标是获取并有效使用资金以最大限度地实现组织的社会使命。 3.这句话是不正确的。管理者实施财务管理的目标就是最大化现有股票的每股价值，当前的股票价值反映了短期和长期的风险、时间以及未来现金流量。 4.有两种结论。一种极端,在市场经济中所有的东西都被定价。因此所有目标都有一个最优水平，包括避免不道德或非法的行为，股票价值最大化。另一种极端,我们可以认为这是非经济现象,最好的处理方式是通过政治手段。一个经典的思考问题给出了这种争论的答案:公司估计提高某种产品安全性的成本是30美元万。然而,该公司认为提高产品的安全性只会节省20美元万。请问公司应该怎么做呢” 5.财务管理的目标都是相同的,但实现目标的最好方式可能是不同的,因为不同的国家有不同的社会、政治环境和经济制度。 6.管理层的目标是最大化股东现有股票的每股价值。如果管理层认为能提高公司利润，使股价超过35美元,那么他们应该展开对恶意收购的斗争。如果管理层认为该投标人或其它未知的投标人将支付超过每股35美元的价格收购公司,那么他们也应该展开斗争。然而,如果管理层不能增加企业的价值,并且没有其他更高的投标价格,那么管理层不是在为股东的最大化权益行事。现在的管理层经常在公司面临这些恶意收购的情况时迷失自己的方向。 7.其他国家的代理问题并不严重,主要取决于其他国家的私人投资者占比重较小。较少的私人投资者能减少不同的企业目标。高比重的机构所有权导致高学历的股东和管理层讨论决策风险项目。此外,机构投资者比私人投资者可以根据自己的资源和经验更好地对管理层实施有效的监督机制。 { 8.大型金融机构成为股票的主要持有者可能减少美国公司的代理问题，形成更有效率的公司控制权市场。但也不一定能。如果共同基金或者退休基金的管理层并不关心的投资者的利益，代理问题可能仍然存在,甚至有可能增加基金和投资者之间的代理问题。（3）就像市场需求其他劳动力一样，市场也需求首席执行官，首席执行官的薪酬是由市

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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

公司理财罗斯课后习题答案

公司理财罗斯课后习题 答案 集团标准化工作小组 [Q8QX9QT-X8QQB8Q8-NQ8QJ8-M8QMN]

第一章 1.在所有权形式的公司中,股东是公司的所有者。股东选举公司的董事会,董事会任命该公司的管理层。企业的所有权和控制权分离的组织形式是导致的代理关系存在的主要原因。管理者可能追求自身或别人的利益最大化,而不是股东的利益最大化。在这种环境下,他们可能因为目标不一致而存在代理问题。 2.非营利公司经常追求社会或政治任务等各种目标。非营利公司财务管理的目标是获取并有效使用资金以最大限度地实现组织的社会使命。 3.这句话是不正确的。管理者实施财务管理的目标就是最大化现有股票的每股价值，当前的股票价值反映了短期和长期的风险、时间以及未来现金流量。 4.有两种结论。一种极端,在市场经济中所有的东西都被定价。因此所有目标都有一个最优水平，包括避免不道德或非法的行为，股票价值最大化。另一种极端,我们可以认为这是非经济现象,最好的处理方式是通过政治手段。一个经典的思考问题给出了这种争论的答案:公司估计提高某种产品安全性的成本是30美元万。然而,该公司认为提高产品的安全性只会节省20美元万。请问公司应该怎么做呢” 5.财务管理的目标都是相同的,但实现目标的最好方式可能是不同的,因为不同的国家有不同的社会、政治环境和经济制度。 6.管理层的目标是最大化股东现有股票的每股价值。如果管理层认为能提高公司利润，使股价超过35美元,那么他们应该展开对恶意收购的斗争。如果管理层认为该投标人或其它未知的投标人将支付超过每股35美元的价格收购公司,那么他们也应该展开斗争。然而,如果管理层不能增加企业的价值,并且没有其他更高的投标价格,那么管理层不是在为股东的最大化权益行事。现在的管理层经常在公司面临这些恶意收购的情况时迷失自己的方向。 7.其他国家的代理问题并不严重,主要取决于其他国家的私人投资者占比重较小。较少的私人投资者能减少不同的企业目标。高比重的机构所有权导致高学历的股东和管理层讨论决策风险项目。此外,机构投资者比私人投资者可以根据自己的资源和经验更好地对管理层实施有效的监督机制。 8.大型金融机构成为股票的主要持有者可能减少美国公司的代理问题，形成更有效率的公司控制权市场。但也不一定能。如果共同基金或者退休基金的管理层并不关心的投资者的利益，代理问题可能仍然存在,甚至有可能增加基金和投资者之间的代理问题。

罗斯公司理财答案第六版(英文)

Chapter 2: Accounting Statements and Cash Flow 2.1 Assets Current assets Cash $ 4,000 Accounts receivable 8,000 Total current assets $ 12,000 Fixed assets Machinery $ 34,000 Patents 82,000 Total fixed assets $116,000 Total assets $128,000 Liabilities and equity Current liabilities Accounts payable $ 6,000 Taxes payable 2,000 Total current liabilities $ 8,000 Long-term liabilities Bonds payable $7,000 Stockholders equity Common stock ($100 par) $ 88,000 Capital surplus 19,000 Retained earnings 6,000 Total stockholders equity $113,000 Total liabilities and equity $128,000 2.2 One year ago Today Long-term debt $50,000,000 $50,000,000 Preferred stock 30,000,000 30,000,000 Common stock 100,000,000 110,000,000 Retained earnings 20,000,000 22,000,000 Total $200,000,000 $212,000,000 2.3 Income Statement $500,000 Less: Cost of goods sold $200,000 Administrative expenses 100,000 300,000 Earnings before interest and taxes $200,000 Less: Interest expense 50,000 Earnings before Taxes $150,000 Taxes 51,000 Net income $99,000

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Chapter 21 Leasing Multiple Choice Questions 1.In a lease arrangement, the owner of the asset is: A.the lesser. B.the lessee. C.the lessor. D.the leaser. E.None of the above. 2.In a lease arrangement, the user of the asset is: A.the lesser. B.the lessee. C.the lessor. D.the leaser. E.None of the above. 3.Which of the following would not be a characteristic of a financial lease? A.They are not usually fully amortized. B.They usually do not have maintenance necessary for the leased assets. C.They usually do not include a cancellation option. D.The lessee usually has the right to renew the lease at expiration. E.All of the above are characteristics of financial leases.

4.An independent leasing company supplies ___________ leases versus the manufacturer who supplies ________________ leases. A.leveraged; direct B.sales and leaseback; sales-type C.capital; sales-type D.direct; sales-type E.None of the above

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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.

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Chapter 26 Short-Term Finance and Planning Multiple Choice Questions 1.The length of time between the acquisition of inventory and the collection of cash from receivables is called the: A.operating cycle. B.inventory period. C.accounts receivable period. D.accounts payable period. E.cash cycle. 2.The length of time between the acquisition of inventory and its sale is called the: A.operating cycle. B.inventory period. C.accounts receivable period. D.accounts payable period. E.cash cycle. 3.The length of time between the sale of inventory and the collection of cash from receivables is called the: A.operating cycle. B.inventory period. C.accounts receivable period. D.accounts payable period. E.cash cycle.

罗斯公司理财第九版课后习题答案中文版

申明：转载自第一章 1.在所有权形式的公司中,股东是公司的所有者。股东选举公司的董事会,董事会任命该公司的管理层。企业的所有权和控制权分离的组织形式是导致的代理关系存在的主要原因。管理者可能追求自身或别人的利益最大化,而不是股东的利益最大化。在这种环境下,他们可能因为目标不一致而存在代理问题。 2.非营利公司经常追求社会或政治任务等各种目标。非营利公司财务管理的目标是获取并有效使用资金以最大限度地实现组织的社会使命。 3.这句话是不正确的。管理者实施财务管理的目标就是最大化现有股票的每股价值，当前的股票价值反映了短期和长期的风险、时间以及未来现金流量。 4.有两种结论。一种极端,在市场经济中所有的东西都被定价。因此所有目标都有一个最优水平，包括避免不道德或非法的行为，股票价值最大化。另一种极端,我们可以认为这是非经济现象,最好的处理方式是通过政治手段。一个经典的思考问题给出了这种争论的答案:公司估计提高某种产品安全性的成本是30美元万。然而,该公司认为提高产品的安全性只会节省20美元万。请问公司应该怎么做呢” 5.财务管理的目标都是相同的,但实现目标的最好方式可能是不同的,因为不同的国家有不同的社会、政治环境和经济制度。 6.管理层的目标是最大化股东现有股票的每股价值。如果管理层认为能提高公司利润，使股价超过35美元,那么他们应该展开对恶意收购的斗争。如果管理层认为该投标人或其它未知的投标人将支付超过每股35美元的价格收购公司,那么他们也应该展开斗争。然而,如果管理层不能增加企业的价值,并且没有其他

更高的投标价格,那么管理层不是在为股东的最大化权益行事。现在的管理层经常在公司面临这些恶意收购的情况时迷失自己的方向。 7.其他国家的代理问题并不严重,主要取决于其他国家的私人投资者占比重较小。较少的私人投资者能减少不同的企业目标。高比重的机构所有权导致高学历的股东和管理层讨论决策风险项目。此外,机构投资者比私人投资者可以根据自己的资源和经验更好地对管理层实施有效的监督机制。 8.大型金融机构成为股票的主要持有者可能减少美国公司的代理问题，形成更有效率的公司控制权市场。但也不一定能。如果共同基金或者退休基金的管理层并不关心的投资者的利益，代理问题可能仍然存在,甚至有可能增加基金和投资者之间的代理问题。 9.就像市场需求其他劳动力一样，市场也需求首席执行官，首席执行官的薪酬是由市场决定的。这同样适用于运动员和演员。首席执行官薪酬大幅度增长的一个主要原因是现在越来越多的公司实行股票报酬，这样的改革是为了更好的协调股东和管理者的利益。这些报酬有时被认为仅仅对股票价格上涨的回报,而不是对管理能力的奖励。或许在将来,高管薪酬仅用来奖励特别的能力,即,股票价格的上涨增加了超过一般的市场。 10.最大化现在公司股票的价格和最大化未来股票价格是一样的。股票的价值取决于公司未来所有的现金流量。从另一方面来看,支付大量的现金股利给股东,股票的预期价格将会上升。 第二章 1.正确。所有的资产都可以以某种价格转换为现金。但是提及流动资产,假定该资产转换为现金时可达到或接近其市场价值是很重要的。

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Chapter 19 Dividends and Other Payouts Answer Key Multiple Choice Questions 1. Payments made out of a firm's earnings to its owners in the form of cash or stock are called: A. dividends. B. distributions. C. share repurchases. D. payments-in-kind. E. stock splits. Difficulty level: Easy Topic: DIVIDENDS Type: DEFINITIONS 2. Payments made by a firm to its owners from sources other than current or accumulated earnings are called: A. dividends. B. distributions. C. share repurchases. D. payments-in-kind. E. stock splits. Difficulty level: Easy Topic: DISTRIBUTIONS Type: DEFINITIONS

3. A cash payment made by a firm to its owners in the normal course of business is called a: A. share repurchase. B. liquidating dividend. C. regular cash dividend. D. special dividend. E. extra cash dividend. Difficulty level: Easy Topic: REGULAR CASH DIVIDENDS Type: DEFINITIONS 4. A cash payment made by a firm to its owners when some of the firm's assets are sold off is called a: A. liquidating dividend. B. regular cash dividend. C. special dividend. D. extra cash dividend. E. share repurchase. Difficulty level: Easy Topic: LIQUIDATING DIVIDENDS Type: DEFINITIONS 5. The date on which the board of directors passes a resolution authorizing payment of a dividend to the shareholders is the _____ date. A. ex-rights B. ex-dividend C. record D. payment E. declaration Difficulty level: Easy Topic: DECLARATION DATE

罗斯-公司理财-英文练习题-附带答案-第九章

CHAPTER 9 Risk Analysis, Real Options, and Capital Budgeting Multiple Choice Questions: I. DEFINITIONS SCENARIO ANALYSIS b 1. An analysis of what happens to the estimate of the net present value when you examine a number of different likely situations is called _____ analysis. a. forecasting b. scenario c. sensitivity d. simulation e. break-even Difficulty level: Easy SENSITIVITY ANALYSIS c 2. An analysis of what happens to the estimate of net present value when only one variable is change d is called _____ analysis. a. forecasting b. scenario c. sensitivity d. simulation e. break-even Difficulty level: Easy SIMULATION ANALYSIS d 3. An analysis which combines scenario analysis with sensitivity analysis is called _____ analysis. a. forecasting b. scenario c. sensitivity d. simulation e. break-even Difficulty level: Easy BREAK-EVEN ANALYSIS e 4. An analysis o f the relationship between the sales volume and various measures of profitability is called _____ analysis. a. forecasting b. scenario c. sensitivity d. simulation e. break-even Difficulty level: Easy VARIABLE COSTS a 5. Variable costs: a. change in direct relationship to the quantity of output produced. b. are constant in the short-run regardless of the quantity of output produced. c. reflect the change in a variable when one more unit of output is produce d.

最新公司理财-罗斯课后习题答案

公司理财-罗斯课后习 题答案

第一章 1.在所有权形式的公司中,股东是公司的所有者。股东选举公司的董事会,董事会任命该公司的管理层。企业的所有权和控制权分离的组织形式是导致的代理关系存在的主要原因。管理者可能追求自身或别人的利益最大化,而不是股东的利益最大化。在这种环境下,他们可能因为目标不一致而存在代理问题。 2.非营利公司经常追求社会或政治任务等各种目标。非营利公司财务管理的目标是获取并有效使用资金以最大限度地实现组织的社会使命。 3.这句话是不正确的。管理者实施财务管理的目标就是最大化现有股票的每股价值，当前的股票价值反映了短期和长期的风险、时间以及未来现金流量。 4.有两种结论。一种极端,在市场经济中所有的东西都被定价。因此所有目标都有一个最优水平，包括避免不道德或非法的行为，股票价值最大化。另一种极端,我们可以认为这是非经济现象,最好的处理方式是通过政治手段。一个经典的思考问题给出了这种争论的答案:公司估计提高某种产品安全性的成本是30美元万。然而,该公司认为提高产品的安全性只会节省20美元万。请问公司应该怎么做呢?” 5.财务管理的目标都是相同的,但实现目标的最好方式可能是不同的,因为不同的国家有不同的社会、政治环境和经济制度。 6.管理层的目标是最大化股东现有股票的每股价值。如果管理层认为能提高公司利润，使股价超过35美元,那么他们应该展开对恶意收购的斗争。如果管理层认为该投标人或其它未知的投标人将支付超过每股35美元的价格收购公司,那么他们也应该展开斗争。然而,如果管理层不能增加企业的价值,并且没有其他更高的投标价格,那么管理层不是在为股东的最大化权益行事。现在的管理层经常在公司面临这些恶意收购的情况时迷失自己的方向。

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C h a p t e r1 6 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.

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