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.

5. Companies use tombstone advertisements in the financial press to:

A. announce the death of the company.

B. announce the failure of a financial strategy.

C. announce the availability of a new issue of a corporate security.

D. notify the public of foreclosure.

E. None of the above.

6. The first public equity issue made by a company is a(n):

A. initial private offering.

B. initial public offering.

C. secondary offering.

D. seasoned new issue.

E. None of the above.

7. The first public equity issue that is made by a company is referred to as:

A. a rights issue.

B. a general cash offer.

C. an initial public offering.

D. an unseasoned issue.

E. Both C and D.

8. A new public equity issue from a company with equity previously outstanding is called a(n):

A. initial public offering.

B. seasoned equity issue.

C. unseasoned equity issue.

D. private placement.

E. syndicate.

9. The green shoe option is used to:

A. cover oversubscription.

B. cover excess demand.

C. provide additional reward to the investment bankers for a risky issue.

D. provide additional reward to the issuing firm for a risky issue.

E. Both A and B.

10. Dilution refers to:

A. the increase in stock value due to wider ownership of stock.

B. the loss in existing shareholder's equity.

C. the loss in new shareholder's equity.

D. the loss in all shareholder's equity, both existing shareholders and new shareholders.

E. None of the above.

11. During the SEC waiting period the potential issuing company can issue a preliminary prospectus which contains:

A. exactly the same information as the final prospectus except an indication of SEC approval.

B. all the information as the final prospectus including red writing stating it is a red herring.

C. very limited financial information and red writing stating it is preliminary.

D. only a description of what the funds are to be used for.

E. information very similar to the final prospectus without a price nor with SEC approval.

12. A company must file a registration statement with the SEC providing various financial and company history information. The registration statement does not need to be filed if:

A. the issue is less than $50 million.

B. the loan matures within 9 months.

C. the issue is less than $5.0 million.

D. Both A and B.

E. Both B and C.

13. Regulation A security issues are exempt from full SEC registration filing and use only a brief offering statement if:

A. the issue is for less than $5,000,000.

B. insiders sell no more than $1,500,000 of stock.

C. insiders sell no more than 100,000,000 shares.

D. Both A and C.

E. Both A and B.

14. Potential investors learn of the information concerning the firm and its new issue from the:

A. pre-underwriting negotiating meeting.

B. red herring.

C. letter of commitment.

D. emails from their former finance professor.

E. rights offering.

15. A registration statement is effective on the 20th day after filing unless:

A. the SEC is backlogged with statements.

B. a tombstone ad is issued indicating its demise.

C. a letter of comment suggesting changes is issued by the SEC.

D. a syndicate can be formed sooner.

E. None of the above.

16. Investment banks perform which of the following services for corporate issuers:

A. formulating the method used to issue the securities.

B. pricing the new securities.

C. selling the new securities.

D. All of the above.

E. None of the above.

17. A group of investment bankers who pool their efforts to underwrite a security are known as a(n):

A. amalgamate.

B. conglomerate.

C. green shoe group.

D. klatch.

E. syndicate.

18. A firm commitment arrangement with an investment banker occurs when:

A. the syndicate is in place to handle the issue.

B. the spread between the buying and selling price is less than one percent.

C. the issue is solidly accepted in the market evidenced by a large price increase.

D. when the investment banker buys the securities for less than the offering price and accepts the risk of not being able to sell them.

E. when the investment banker sells as much of the security as the market can bear without a price decrease.

19. Which of the following is not normally an example of the services offered by investment bankers?

A. Aiding in the sale of securities

B. Facilitating mergers

C. Acting as brokers to both individuals and institutional clients

D. Offering checking accounts to corporations

E. Both C and D

20. In a best efforts offering the investment banker makes their money primarily by:

A. earning the spread between the buying and offering price.

B. earning a commission on each share sold.

C. earning the discount between the buying and offering price.

D. charging a flat fee for all services.

E. None of the above.

21. Under the _____ method, the underwriter buys the securities for less than the offering price and accepts the risk of not selling the issue, while under the _____ method, the underwriter does not purchase the shares but merely acts as an agent.

A. best efforts; firm commitment

B. firm commitment; best efforts

C. general cash offer; best efforts

D. competitive offer; negotiated offer

E. seasoned; unseasoned

22. Professor Jay Ritter found best-efforts offerings are:

A. reserved for the premier customers because they deserve 'best-efforts'.

B. used most often with seasoned equity issues.

C. used with small IPO issues.

D. attractive because of price stability.

E. None of the above.

23. Empirical evidence suggests that new equity issues are generally:

A. priced efficiently by the market.

B. overpriced by investor excitement concerning a new issue.

C. overpriced resulting from SEC regulation.

D. underpriced, in part, to counteract the winner's curse.

E. underpriced resulting from SEC regulation.

24. The diagonal listing of investment bankers on tombstone advertisements reflects their ____ relative to the other investment bankers listed below.

A. prestige

B. ability to manage selling syndicates

C. role as a firm commitment buyer

D. role as a best efforts seller

E. None of the above

25. The reputational capital of investment bankers is based on their roles as intermediaries with more in-depth knowledge of the issuer. Investment bankers maintain their reputation by:

A. certifying the issue.

B. monitoring the issuing firm's management and performance.

C. pricing issues fairly.

D. All of the above.

E. None of the above.

26. The key difference between a negotiated offer and a competitive offer is that:

A. the underwriters can not set the spread in a negotiated bid but can in a competitive offer.

B. the issuing firm can offer its securities to the highest bidder in a competitive bid but in a negotiated bid only one investment banker is used.

C. the issuing firm works the underwriter for the best spread in a negotiated bid which will be less than that available in a competitive offer.

D. the underwriter will not do a full investigation in a negotiated bid because the company is at their mercy, while in a competitive bid the underwriter must be extra diligent.

E. None of the above.

27. The offering price is set to make an issue attractive to the market and provide a good price to the issuer. Which of the following is/are true?

A. Empirical studies by Ritter have shown that the average firm commitments have had a

17.8% underpricing on the first day of trading.

B. Empirical studies have shown that best efforts sales have underpricing on the first day of trading.

C. Some issues which rose dramatically on the first day of trading were viewed as successfully priced by the underwriter because it helped build a long-term investment base.

D. All of the above.

E. None of the above.

28. Empirical evidence suggests that upon announcement of a new equity issue, current stock prices generally:

A. drop, perhaps because the new issue reflects management's view that common stock is currently overvalued.

B. remain about the same since an efficient market anticipates a new equity issue.

C. increase, perhaps because the issues are associated with positive NPV projects.

D. increase, because the market supply is always less than demand.

E. increase, because underwriters exercise their green shoe option.

29. Underpricing can possibly be explained by:

A. oversubscription of an issue.

B. strong demand by investors.

C. undersubscription of an issue.

D. Both B and C.

E. Both A and B.

30. Debt capacity is often given as a reason for the value of the stock falling when equity is issued. The reason for this is:

A. the high issue costs of a debt offering must be paid by the shareholders.

B. the priority position of the equity is lowered.

C. management has information that the probability of default has risen, limiting the debt capacity and causing the firm to raise equity capital.

D. All of the above.

E. None of the above

31. A study by Lee, Lockhead, Ritter, and Zhao that examined the underwriting discount and other direct costs of going public with a debt or equity offering, found:

A. the direct expenses are higher for equity than debt offerings.

B. substantial economies of scale are prevalent.

C. underpricing, on average, is similar in magnitude to total direct expenses.

D. All of the above.

E. None of the above.

32. The six components that make up the total costs of new issues are:

A. the spread; other direct expenses such as filing fees; indirect expenses such as management time; economies of scale; abnormal returns and the Green Shoe option.

B. the discount; other direct expenses such as filing fees; indirect expenses such as management time; due diligence costs; abnormal returns and the Green Shoe option.

C. the spread; other direct expenses such as filing fees; indirect expenses such as management time; abnormal returns; underpricing and the Green Shoe option.

D. the spread; other direct expenses such as filing fees; economies of scale; due diligence costs; abnormal returns and underpricing.

E. None of the above.

33. In comparison to debt issuance expenses, the total direct costs of equity issues are:

A. considerably less.

B. about the same.

C. meaningless.

D. considerably greater.

E. None of the above.

34. To determine the value of a rights offering, the stockholder needs to know the following two pieces of information in addition to the current stock price:

A. the subscription price and the number of rights needed to acquire a new share.

B. the amount of new equity to be raised and the number of rights needed to acquire a new share.

C. the amount of new equity to be raised and standby fee.

D. the detachment date and the subscription price.

E. None of the above.

35. Assuming everything else is constant, when a stock goes ex-rights its price should:

A. decrease since the stockholder is losing an option.

B. increase since the corporation no longer has the right to force the stockholder to convert.

C. remain the same since an efficient market would anticipate this change.

D. move up or down depending on whether a small investor wanted to exercise his/his rights.

E. None of the above.

36. If a shareholder or investor wants to acquire new stock under a rights plant they must:

A. acquire new stock in the market to get a controlling fraction of shares to be eligible for rights.

B. simply pay a registration fee and turn in the subscription price.

C. acquire the correct rights per share desired, then turn the rights and the total subscription price into the subscription agent.

D. acquire the correct rights and wait for the company to send you the stock.

E. call their broker and sell some CBOE options to make any money.

37. Which of the following statements is true?

A. The subscription price is generally above the old stock price.

B. The subscription price is generally above the ex-rights price.

C. The subscription price is generally below the old stock price.

D. Both A and B.

E. Both B and C.

38. A shareholder who has rights is:

A. always better off to exercise the rights.

B. always better off to sell the rights into the market.

C. able to exercise their rights or sell them.

D. never in the same ownership position again with rights.

E. None of the above.

39. A standby underwriting arrangement provides the:

A. company with methods to cancel the offering.

B. company with an alternate investment banker if there is conflict between the issuer and the agent.

C. investment banker with an oversubscription privilege to ensure profits are earned.

D. company with an alternative avenue of sale to ensure success of the rights offering.

E. investment bankers with an added syndication for the rights offering.

40. Professor Clifford W. Smith, in evaluating issuance costs from underwritten issues, rights issues with standby underwriting, and a pure rights issues, found that 90% of the issues are underwritten, which was the most expensive method. This is done because:

A. investment bankers know more than CFOs and they may buy the issue at an agreed upon price and disburse the funds sooner.

B. investment bankers can increase the price received by increasing confidence in the issue, and they will buy the issue at an agreed upon price and disburse the cash sooner.

C. investment bankers provide other services including price counseling, increasing public confidence, and providing funds to the issuer sooner.

D. investment bankers know how to price the issue, and would not need to set as low as a price as the subscription price and provide price counseling.

E. None of the above.

41. Corporations use the shelf registration method of security sales because:

A. preregistered securities can be quickly brought to market.

B. the main registration process is eliminated for up to two years.

C. their stock is below investment grade.

D. Both A and B.

E. Both B and C.

42. In terms of costs of issuing equity, Professor Clifford W. Smith finds that the ranking of methods, from cheapest to most expensive, is:

A. rights issue with standby underwriting, equity issue with underwriting, pure rights issue.

B. pure rights issue, rights issue with standby underwriting, equity issue with underwriting.

C. pure rights issue, preferred stock and debt issue with underwriting for an IPO, rights issue with standby underwriting.

D. equity issue with underwriting, rights issue with standby underwriting, pure rights issue.

E. equity issue with underwriting, pure rights issue, rights issue with standby underwriting.

43. Arguments to explain why most equity issues are underwritten versus sold through a rights offering are:

A. underwriters buy at an agreed upon price and bear some risk of selling the issue.

B. cash proceeds are available sooner in underwriting and the issue is available to a wider market.

C. investment bankers can provide market advice and certify the issue for potential investors.

D. All of the above.

E. None of the above.

44. Corporations are allowed to use the shelf registration method if they:

A. are rated investment grade and have aggregate market stock value of more than $150 million.

B. have not violated the 1934 Securities Act in the past 12 months.

C. have not defaulted on its debt in the past 3 years.

D. All of the above.

E. None of the above.

45. Arguments against the use of the shelf-registration are:

A. only technology and manufacturing-based firms can use it.

B. less current information available to investors might raise the cost of debt.

C. possible market overhang from future issues depressing price.

D. Both A and C.

E. Both B and C.

46. The market for venture capital refers to the:

A. private financial marketplace for servicing small, young firms.

B. bond markets.

C. market for selling rights to individuals who already own shares.

D. market for selling equity securities for firms with equity already outstanding.

E. None of the above.

47. Rule 144A provides the framework for the issuance of private securities to qualified institutional investors. To buy private securities, institutional investors:

A. must be willing to hold a less liquid security and manage a fund.

B. must be willing to make a market in the security and be a primary market dealer.

C. must be a limited partner in the issue and willing to reduce the illiquidity of the security.

D. must be willing to hold a less liquid security and have $100 million under management.

E. None of the above.

48. Venture capitalists provide financing for new firms from the seed and start-up stage all the way to mezzanine and bridge financing. In exchange for financing, entrepreneurs give:

A. a high interest rate debt instrument and control.

B. an equity position and usually board of director positions.

C. up the right to have an initial public offering.

D. control to a court appointed trustee.

E. the venture capitalists jobs as CEOs and CFOs.

49. An IPO of a firm formerly financed by venture capital is carried out for what primary purposes?

A. Insiders can sell their shares or cash out

B. Generate cash to pay down bank indebtedness

C. To establish a market value for the equity and provide funds for operations

D. All of the above.

E. None of the above.

50. Which of the following is not one of the four main functions that underwriters provide?

A. Risk bearing

B. Marketing

C. Auditing the financial statements

D. Certification

E. Monitoring

51. Types of dilution include:

A. dilution of percentage ownership

B. dilution of market share

C. dilution of book value and earnings per share

D. A and C

E. All of the above

52. The Wordsmith Corporation has 10,000 shares outstanding at $30 each. They expect to raise $150,000 by a rights offering with a subscription price of $25. How many rights must you turn in to get a new share?

A. 0.60

B. 1.20

C. 1.67

D. 2.00

E. Insufficient data to determine

53. Assuming everything else is constant, if a stock's old price is $25 and the ex-rights or new stock price is $19, then the value of the right is:

A. $-6.

B. $6.

C. impossible to determine without the subscription price.

D. impossible to determine without the number of rights needed to buy one share.

54. The LaPorte Corporation has a new rights offering that allows you to buy one share of stock with 3 rights and $20 per share. The stock is now selling ex-rights for $26. The price rights-on is:

A. $22.00

B. $24.00

C. $26.00

D. $28.00

E. impossible to determine without the cum-rights price.

55. Regional Power wants to raise $10 million in new equity. The subscription price is $20. There are currently 3 million shares outstanding, each with 1 right. How many rights are needed to purchase 1 share?

A. 1

B. 3

C. 5

D. 6

E. 8

56. The Overland Corporation intends to issue 50,000 new shares to raise funds for expansion of current plant facilities. The current share price is $40 and there are 500,000 shares outstanding. The number of rights needed to buy a share of stock should be:

A. 1

B. 10

C. 40

D. 400

E. indeterminate without the subscription price.

57. The Schroeder Corporation has 20,000 shares outstanding at $20 each. They expect to raise $200,000 by a rights offering with a subscription price of $25. How many rights must you turn in to get a new share?

A. 1.25

B. 1.50

C. 2.00

D. 2.50

E. Insufficient data to determine

58. Assuming everything else is constant, if a stock's old price is $40 and the ex-rights or new stock price is $32, then the value of the right is:

A. $-8.

B. $8.

C. impossible to determine without the subscription price.

D. impossible to determine without the number of rights needed to buy one share.

59. The Holly Corporation has a new rights offering that allows you to buy one share of stock with 4 rights and $25 per share. The stock is now selling ex-rights for $30. The price rights-on is:

A. $21.00

B. $25.00

C. $30.00

D. $31.25

E. impossible to determine without the cum-rights price.

60. Bradley Power wants to raise $40 million in new equity. The subscription price is $25. There are currently 5 million shares outstanding, each with 1 right. How many rights are needed to purchase 1 share?

A. 1.000

B. 3.000

C. 3.125

D. 4.525

E. 6.525

61. The Shields Corporation intends to issue 100,000 new shares to raise funds for expansion of current plant facilities. The current share price is $20 and there are 500,000 shares outstanding. The number of rights needed to buy a share of stock should be:

A. 1

B. 5

C. 20

D. 50

E. indeterminate without the subscription price.

62. For a particular stock the old stock price is $20, the ex-rights price is $15, and the number of rights needed to buy a new share is 2. Assuming everything else constant, the subscription price is ______ .

A. $5

B. $13

C. $17

D. $18

E. $20

Essay Questions

The Holyoke Corporation has 120,000 shares outstanding with a current market price of $8.10 per share. The company needs to raise an additional $36,000 to finance new expenditures, and has decided on a rights issue. The issue will allow current stockholders to purchase one additional share for 20 rights at a subscription price of $6 per share.

63. Calculate the ex-rights price that would make a new stockholder indifferent between buying shares at the old stock price and exercising the rights or buying the shares ex-rights.

64. If the ex-rights price were set at $7.90, would you as a potential new stockholder choose to buy shares ex-rights or buy shares at the old price and exercise your rights?

65. Suppose that the company was also considering structuring the rights issue to allow for an additional share to be purchased for 10 rights at a subscription price of $3. Prove that a stockholder with 100 shares would be indifferent between purchasing a new share for 10 rights at $3 or purchasing a new share for 20 rights at $6.

66. Explain the advantages of a shelf-registration to an issuer. How can timeliness of disclosure and a potential market overhang work against a shelf-registration?

67. The evidence on IPO sales is varied from issue to issue, but there are three common themes; underpricing, underperformance, and the reasons for going public. Explain these three themes.

68. The Direct Interactive Publishing Company is planning to raise $200 million dollars in new capital. There are currently 50 million shares outstanding with an estimated market price of $60 each. The corporate officers are debating whether to use a rights offering (with or without a standby underwriting) or have the issue fully underwritten. The company is currently listed on a regional exchange and plans to list on a national exchange after the security issue. List and explain three advantages/disadvantages of each method.

69. Discuss what a Dutch auction is and how it works.

70. Lamar Inc. is attempting to raise $5,000,000 in new equity with a rights offering. The subscription price will be $40 per share. The stock currently sells for $50 per share and there are 250,000 shares outstanding. How many rights are needed to buy a new share?

71. Lamar Inc. is attempting to raise $5,000,000 in new equity with a rights offering. The subscription price for the 125,000 new shares will be $40 per share. The stock currently sells for $50 per share and there are 250,000 shares outstanding. What will the price per share be if all rights are exercised?

Chapter 20 Issuing Securities to the Public Answer Key

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.

Difficulty level: Easy

Topic: EQUITY ISSUE

Type: DEFINITIONS

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.

Difficulty level: Easy

Topic: RIGHTS OFFER

Type: DEFINITIONS

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.

Difficulty level: Easy

Topic: SECURITY ISSUANCE

Type: DEFINITIONS

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。

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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.

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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.

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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

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

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。

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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

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 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.

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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

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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.

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。

罗斯公司理财题库全集567470001

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 gen eral cash offer. C. a restricted placeme nt. D. a fully fun ded sales. E. a sta ndard call issue. 2. An equity issue sold to the firm's existing stockholders is called: A. a rights offer. B. a gen eral cash offer. C. a private placeme nt. D. an un derpriced issue. E. an in vestme nt ban ker's issue. 3. Man ageme nt'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 prelim inary prospectus. C. to distribute copies of the final prospectus. D. to obta in approval from the board of directors. E. to prepare the tombst one advertiseme nt. 4. A rights offeri ng is: A. the issu ing of opti ons on shares to the gen eral public to acquire stock. B. the issu ing of an optio n directly to the existi ng shareholders to acquire stock. C. the issu ing of proxies which are used by shareholders to exercise their vot ing rights. D. strictly a public market claim on the compa ny which can be traded on an excha nge. E. the award ing of special perquisites to man ageme nt.

罗斯公司理财Chap002全英文试题库及答案

Chapter 02 Financial Statements and Cash Flow Answer Key Multiple Choice Questions 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 Topic: BALANCE SHEET Type: DEFINITIONS 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 Topic: CURRENT ASSETS Type: DEFINITIONS

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。

罗斯公司理财第九版课后习题第四章答案

1. 当你增加时间的长度时，终值会发生什么变化，现值会发生什么变化？ 答：当增加时间长度时根据公司PV=C/(1+r)A t得到现值会减少(dwindle，diminish)，而终值FV=C*(1+r)At会增加。 2. 如果利率增加，年金的终值会有什么变化？现值会有什么变化？ 答：当利率增加时，终值增大，现值FV=C(1/r-1/(r*(1+rFt))得现值会减小分析这两道题都考察了对终值和现值的概念的理解：终值：一笔资金经过一个时期或者多个时期的以后的价值，如果考察终值就是在现在或将来我得到一笔资金C那么这笔资金在更远的未来将会价值多少，如果考察现值则是将来我得到一笔钱那么它现在的价值是多少(在某个固定的折现率下) 3. 假设有两名运动员签署了一份10年8000万的合同，一份是每年支付800万，一份是8000 万分十次，支付金额每年递增 5% ，哪种情况最好答：计算过程如下图： u 12. 5T733354舉一忡t*况*■二沖耆况 63S. <4e>3& 04 年 1 667. M Oflfc-蠹 ML D虽百嘶fiOQi m.sa49& 97 sao TSh.294沮0鼻1 115 m.^6髯& 29S zaSr 钿亍 晒L弊TT E 颐 d 72監BL EB审 60496th 70191. 23IQ 旦计9CW0, 003H 也69 由上图的应该选第一种 4. 贷款法是否应该要求贷款者报告实际利率而不是名义利率？为什么？ 答：他们应该报告实际利率，名义利率的优势只是在于它们方便计算，可是在计算机技术发达的今天，计算已经不再是一个问题 5. 有津贴的斯坦福联邦贷款是为大学生提供帮助的一种普遍来源，直到偿还贷款才开始付 息。谁将收到更多的津贴，新生还是高年级的学生？请解释 答：新生将获得跟多的津贴，因为新生使用无息贷款的时间比高年级学生长。详细数据如下： 输入变童 APR 6. 25% 备朗金额5000 期限<1) 4 期眼(2) 3 实師利率8. 57% 借款总瓠< 1 >20000 借款总颔< 2 > 15000 输出变崖 终值(1) 贮厶235. 67 终值(2)￥1? 089. 51 由此可见新生的津贴=22235-20000=2235 ;而高年级的学生为1089 根据下面的信息回答接下去的5个题： 6. 由计算得到如果500美金若在30年后要变成10000则实际年利率是10.5%,我想应该是 GMAC的决策者认为公司的投资收益率大于10.5% 7. 如果公司可以在 30年内的任意时间内以 10000元的价格购买该债券的话，将会使得该债券更具