公司理财（财务管理）第七版课后答案.doc

chapter 2 b-3chapter 1introduction to corporate financeanswers to concepts review and critical thinking questions1.capital budgeting (deciding whether to expand a manufacturing plant), capital structure (deciding whether to issue new equity and use the proceeds to retire outstanding debt), and working capital management (modifying the firms credit collection policy with its customers).2.disadvantages: unlimited liability, limited life, difficulty in transferring ownership, hard to raise capital funds. some advantages: simpler, less regulation, the owners are also the managers, sometimes personal tax rates are better than corporate tax rates.3.the primary disadvantage of the corporate form is the double taxation to shareholders of distributed earnings and dividends. some advantages include: limited liability, ease of transferability, ability to raise capital, unlimited life, and so forth.4.the treasurers office and the controllers office are the two primary organizational groups that report directly to the chief financial officer. the controllers office handles cost and financial accounting, tax management, and management information systems, while the treasurers office is responsible for cash and credit management, capital budgeting, and financial planning. therefore, the study of corporate finance is concentrated within the treasury groups functions.5.to maximize the current market value (share price) of the equity of the firm (whether its publicly-traded or not).6.in the corporate form of ownership, the shareholders are the owners of the firm. the shareholders elect the directors of the corporation, who in turn appoint the firms management. this separation of ownership from control in the corporate form of organization is what causes agency problems to exist. management may act in its own or someone elses best interests, rather than those of the shareholders. if such events occur, they may contradict the goal of maximizing the share price of the equity of the firm.7.a primary market transaction.8.in auction markets like the nyse, brokers and agents meet at a physical location (the exchange) to match buyers and sellers of assets. dealer markets like nasdaq consist of dealers operating at dispersed locales who buy and sell assets themselves, communicating with other dealers either electronically or literally over-the-counter.9.such organizations frequently pursue social or political missions, so many different goals are conceivable. one goal that is often cited is revenue minimization; i.e., provide whatever goods and services are offered at the lowest possible cost to society. a better approach might be to observe that even a not-for-profit business has equity. thus, one answer is that the appropriate goal is to maximize the value of the equity.2页空白没用的，请掠过阅读吧哈,这2页空白没用的，请掠过阅读吧哈,请掠过阅读吧，哈哈哈(一) 对被保险机器设备遭受的损失，本公司可选择以支付赔款或以修复、重置受损项目的方式予以赔偿，但对被保险机器设备在修复或重置过程中发生的任何变更、性能增加或改进所产生的额外费用，本公司不负责赔偿。(二)在发生本保险单项下被保险机器设备的损失后，本公司按下列方式确定赔偿金额：1. 可以修复的部分损失以将被保险机器设备修复至其基本恢复受损前状态的费用扣除残值后的金额为准，修理时需更换零部件的，可不扣除折旧。但若修复费用等于或超过被保险机器设备损失前的价值时，则按下列第2项的规定处理；2. 全部损失或推定全损以被保险机器设备损失前的实际价值扣除残值后的金额为准，但本公司有权不接受被保险人对受损机器设备的委付；3. 任何属于成对或成套的设备项目，若发生损失，本公司的赔偿责任不超过该受损项目在所属整对或整套设备项目的保险金额中所占的比例. 发生损失后，被保险人为减少损失而采取必要措施所产生的合理费用，本公司可予以赔偿，但本项费用以被保险机器设备的保险金额为限。(三) 本公司赔偿损失后，由本公司出具批单将保险金额从损失发生之日起相应减少，并且不退还保险金额减少部分的保险费。如被保险人要求恢复至原保险金额，应按约定的保险费率加缴恢复部分从损失发生之日起至保险期限终止之日止按日比例计算的保险费。(四) 被保险人的索赔期限，从损失发生之日起，不得超过二年。被保险人及其代表应严格履行下列义务：（一) 在投保时，被保险人及其代表应对投保申请书中列明的事项以及本公司提出的其他事项作出真实、详尽的说明或描述；(二) 被保险人或其代表应根据本保险单明细表和批单中的规定按期缴付保险费；(三) 在本保险期限内，被保险人及其代表应：1. 遵守有关安全法规，遵守制造厂商制定的关于机器使用的操作规程，制定安全生产的规章制度并付诸实施，聘用技术及技能合格的工人和技术人员，认真考虑并付诸实施本公司代表提出的合理的防损建议，由此产生的一切费用，均由被保险人承担；2. 对因电压不稳容易造成的损坏的机器部分配备稳压装置；3. 按照机器的规范要求，对被保险机器定期做好维修和保养工作，使之处于良好的技术状态。被保险人在机器大修时应及时通知本公司并将修理记录提供给本公司。(四) 在发生引起或可能引起本保险单项下索赔的事故时，被保险人或其代表应：洲空白没用的，请掠过阅读吧哈这1页空白没用的，请掠过阅读吧哈空白没用的，请掠过阅读吧，这1页空白没用的，请掠过阅读吧，(一) 保单效力被保险人严格地遵守和履行本保险单的各项规定，是本公司在本保险单项下承担赔偿责任的先决条件。(二) 保单无效如果被保险人或其代表漏报、错报、虚报或隐瞒有关本保险的实质性内容，则本保险单无效。(三) 保单终止除非经本公司书面同意，本保险单将在下列情况下自动终止：1. 被保险人丧失保险利益；2. 承保风险扩大。本保险单终止后，本公司将按日比例退还被保险人本保险单项下未到期部分的保险费。(四) 保单注销被保险人可随时书面申请注销本保险单，本公司亦可提前十五天通知被保险人注销本保险单。对本保险单已生效期间的保险费，前者本公司按月比例计收，后者按日比例计收。(五) 权益丧失如果任何索赔含有虚假成分，或被保险人或其代表在索赔时采取欺诈手段企图在本保险单项下获取利益，或任何损失是由被保险人或其代表的故意行为或纵容所致，被保险人将丧失其在本保险单项下的所有权益。对由此产生的包括本公司已支付的赔款在内的一切损失，应由被保险人负责赔偿。(六) 合理查验本公司的代表有权在任何适当的时候对保险财产的风险情况进行现场查验。被保险人应提供一切便利及本公司要求的用以评估有关风险的详情和资料。但上述查验并不构成本公司对被保险人的任何承诺。(七) 比例赔偿在发生本保险单责任项下的损失时，若受损的保险财产的分项或总保险金额低于对应的应保险金额，即重置价值时(见三、 保险金额)，其差额部分视为被保险人所自保，本公司则按本保险单明细表中列明的保险金额与对应的重置价值的比例负责赔偿。如被保险机器多于一项时，每一项将按照本保险单规定的分项保险金额单独计算比例赔偿的责任。(八) 重复保险本保险单负责赔偿损失、费用或责任时，若有其他保障相同的保险存在，不论是否由被保险人或他人以其名义投保，也不论该保险赔偿与否，本公司仅承担按比例分摊赔偿的责任。(九) 权益转让若本保险单项下负责的损失涉及其它责任方时，不论本公司是否已赔偿被保险人，被保险人应立即采取一切必要的措施行使或保留向该责任方索赔的权利。在本公司支付赔款后，被保险人应将向该责任方追偿的权利转让给本公司，移交一切必要的单证，并协助本公司向责任方追偿。空白没用的，请掠过阅读吧哈这1页空白没用的，请掠过阅读吧哈空白没用的，请掠过阅读吧，这1页空白没用的，请掠过阅读吧，本公司对由于下列原因直接或间接引起的损失、费用和责任不负责赔偿；(一) 机器设备运行必然引起的后果，如自然磨损、氧化、腐蚀、锈蚀、孔蚀、锅垢等物理性变化或化学反应；(二) 各种传送带、缆绳、金属线、链条、轮胎、可调换或替代的钻头、钻杆、刀具、印刷滚筒、套筒、活动管道、玻璃、磁、陶及钢筛、网筛、毛毡制品、一切操作中的媒介物(如润滑油、燃料、催化剂等)及其他各种易损、易耗品；(三) 被保险人及其代表已经知道或应该知道的被保险机器及其附属设备在本保险开始前已经存在的缺点或缺陷；(四) 根据法律或契约应由供货方、制造人、安装人或修理人负责的损失或费用；(五) 由于公共设施部门的限制性供应及故意行为或非意外事故引起的停电、停气、停水；(六) 火灾、爆炸；(七) 地震、海啸、雷电、飓风、台风、龙卷风、风暴、暴雨、洪水、冰雹、地崩、山崩、雪崩、火山爆发、地面下陷下沉及其他自然灾害；(八) 飞机坠毁、飞机部件或飞机物体坠落；(九) 机动车碰撞；前几天，看了一本叫创业邦的杂志，介绍了美国创业失败的情况：美国每年有4000万家新企业诞生，其中35万家能够破壳成长，概率是8.75，最后能站住脚跟的只有四万家左右，也就是说能够存活下来的只有1。用我的观点表述是每年新诞生的企业，能够活过婴儿期进入成长期的企业不到百分之一，能够进入成熟期的只有千分之一，就是这千分之一的企业为美国提供着新的就业岗位。这是在美国，如果在目前的中国，创业机会也许比美国多，但创业环境恶化，企业的生态环境要比美国差得多，也就是说每年新生的企业能够进入成长期和成熟期的概率要比美国低多了，绝大部分企业都胎死腹中，或者死在襁褓中，死在刚刚萌芽的道路上，只有极少数企业，概率接近于零的民营企业才能够活下来为社会提供就业岗位。在这种为生存而战的民营企业的发展道路上，不要苛求民企有完整规范的明细帐目，就像不要批评红军爬雪山过草地时丢失了很多档案一样，长征时能够活命就是奇迹。能够活下来的民营企业纯粹是幸运，是万幸。活下来，有命了，才能逐渐整理企业的仪容，才谈得上日渐规范。所以，那些在大企业、成熟的品牌企业做过cfo，空降到民营企业后一定会感觉到民营企业的财务帐目及管理很乱。很乱是现实，怎么办?只有一种答案：日渐规范。最近我推荐了一位cfo到正在快速成长的有近千人的民营企业，老板第一次见cfo，就直言说：“我们这里的管理很乱，您要有思想准备，正是因为乱才请您来。要啥都规范了，还请您干什么。”后来这位cfo对我说：“确实10.presumably, the current stock value reflects the risk, timing, and magnitude of all future cash flows, both short-term and long-term. if this is correct, then the statement is false.11.an argument can be made either way. at the one extreme, we could argue that in a market economy, all of these things are priced. there is thus an optimal level of, for example, ethical and/or illegal behavior, and the framework of stock valuation explicitly includes these. at the other extreme, we could argue that these are non-economic phenomena and are best handled through the political process. a classic (and highly relevant) thought question that illustrates this debate goes something like this: “a firm has estimated that the cost of improving the safety of one of its products is $30 million. however, the firm believes that improving the safety of the product will only save $20 million in product liability claims. what should the firm do?”12.the goal will be the same, but the best course of action toward that goal may be different because of differing social, political, and economic institutions.13.the goal of management should be to maximize the share price for the current shareholders. if management believes that it can improve the profitability of the firm so that the share price will exceed $35, then they should fight the offer from the outside company. if management believes that this bidder or other unidentified bidders will actually pay more than $35 per share to acquire the company, then they should still fight the offer. however, if the current management cannot increase the value of the firm beyond the bid price, and no other higher bids come in, then management is not acting in the interests of the shareholders by fighting the offer. since current managers often lose their jobs when the corporation is acquired, poorly monitored managers have an incentive to fight corporate takeovers in situations such as this.14.we would expect agency problems to be less severe in other countries, primarily due to the relatively small percentage of individual ownership. fewer individual owners should reduce the number of diverse opinions concerning corporate goals. the high percentage of institutional ownership might lead to a higher degree of agreement between owners and managers on decisions concerning risky projects. in addition, institutions may be better able to implement effective monitoring mechanisms on managers than can individual owners, based on the institutions deeper resources and experiences with their own management. the increase in institutional ownership of stock in the united states and the growing activism of these large shareholder groups may lead to a reduction in agency problems for u.s. corporations and a more efficient market for corporate control.15.how much is too much? who is worth more, jack welch or tiger woods? the simplest answer is that there is a market for executives just as there is for all types of labor. executive compensation is the price that clears the market. the same is true for athletes and performers. having said that, one aspect of executive compensation deserves comment. a primary reason executive compensation has grown so dramatically is that companies have increasingly moved to stock-based compensation. such movement is obviously consistent with the attempt to better align stockholder and management interests. in recent years, stock prices have soared, so management has cleaned up. it is sometimes argued that much of this reward is simply due to rising stock prices in general, not managerial performance. perhaps in the future, executive compensation will be designed to reward only differential performance, i.e., stock price increases in excess of general market increases.chapter 2 b-15chapter 2financial statements, taxes and cash flowanswers to concepts review and critical thinking questions1.liquidity measures how quickly and easily an asset can be converted to cash without significant loss in value. its desirable for firms to have high liquidity so that they have a large factor of safety in meeting short-term creditor demands. however, since liquidity also has an opportunity cost associated with itnamely that higher returns can generally be found by investing the cash into productive assetslow liquidity levels are also desirable to the firm. its up to the firms financial management staff to find a reasonable compromise between these opposing needs.2.the recognition and matching principles in financial accounting call for revenues, and the costs associated with producing those revenues, to be “booked” when the revenue process is essentially complete, not necessarily when the cash is collected or bills are paid. note that this way is not necessarily correct; its the way accountants have chosen to do it.3.historical costs can be objectively and precisely measured whereas market values can be difficult to estimate, and different analysts would come up with different numbers. thus, there is a tradeoff between relevance (market values) and objectivity (book values).4.depreciation is a non-cash deduction that reflects adjustments made in asset book values in accordance with the matching principle in financial accounting. interest expense is a cash outlay, but its a financing cost, not an operating cost.5.market values can never be negative. imagine a share of stock selling for $20. this would mean that if you placed an order for 100 shares, you would get the stock along with a check for $2,000. how many shares do you want to buy? more generally, because of corporate and individual bankruptcy laws, net worth for a person or a corporation cannot be negative, implying that liabilities cannot exceed assets in market value.6.for a successful company that is rapidly expanding, for example, capital outlays will be large, possibly leading to negative cash flow from assets. in general, what matters is whether the money is spent wisely, not whether cash flow from assets is positive or negative.7.its probably not a good sign for an established company, but it would be fairly ordinary for a start-up, so it depends.8. for example, if a company were to become more efficient in inventory management, the amount of inventory needed would decline. the same might be true if it becomes better at collecting its receivables. in general, anything that leads to a decline in ending nwc relative to beginning would have this effect. negative net capital spending would mean more long-lived assets were liquidated than purchased.9.if a company raises more money from selling stock than it pays in dividends in a particular period, its cash flow to stockholders will be negative. if a company borrows more than it pays in interest, its cash flow to creditors will be negative.10.the adjustments discussed were purely accounting changes; they had no cash flow or market value consequences unless the new accounting information caused stockholders to revalue the derivatives.solutions to questions and problemsnote: all end of chapter problems were solved using a spreadsheet. many problems require multiple steps. due to space and readability constraints, when these intermediate steps are included in this solutions manual, rounding may appear to have occurred. however, the final answer for each problem is found without rounding during any step in the problem.basic1.to find owners equity, we must construct a balance sheet as follows:balance sheetca$5,000cl$4,300nfa 23,000ltd13,000oe ?ta$28,000tl & oe$28,000we know that total liabilities and owners equity (tl & oe) must equal total assets of $28,000. we also know that tl & oe is equal to current liabilities plus long-term debt plus owners equity, so owners equity is:oe = $28,000 13,000 4,300 = $10,700nwc = ca cl = $5,000 4,300 = $700 2.the income statement for the company is:income statementsales$527,000costs 280,000depreciation 38,000ebit$209,000interest 15,000ebt$194,000taxes(35%) 67,900net income$126,1003.one equation for net income is: net income = dividends + addition to retained earnings rearranging, we get:addition to retained earnings = net income dividends = $126,100 48,000 = $78,1004.eps= net income / shares = $126,100 / 30,000 = $4.20 per sharedps= dividends / shares = $48,000 / 30,000 = $1.60 per share5.to find the book value of current assets, we use: nwc = ca cl. rearranging to solve for current assets, we get:ca = nwc + cl = $900k + 2.2m = $3.1mthe market value of current assets and fixed assets is given, so:book value ca = $3.1m market value ca = $2.8mbook value nfa= $4.0m market value nfa = $3.2mbook value assets= $3.1m + 4.0m = $7.1m market value assets = $2.8m + 3.2m = $6.0m6.taxes = 0.15($50k) + 0.25($25k) + 0.34($25k) + 0.39($273k 100k) = $89,7207.the average tax rate is the total tax paid divided by net income, so:average tax rate = $89,720 / $273,000 = 32.86%.the marginal tax rate is the tax rate on the next $1 of earnings, so the marginal tax rate = 39%.8.to calculate ocf, we first need the income statement:income statementsales$13,500costs 5,400depreciation 1,200ebit$6,900interest 680taxable income$6,220taxes (35%) 2,177net income$4,043ocf = ebit + depreciation taxes = $6,900 + 1,200 2,177 = $5,9239.net capital spending = nfaend nfabeg + depreciation= $4.7m 4.2m + 925k = $1.425m10.change in nwc = nwcend nwcbeg change in nwc = (caend clend) (cabeg clbeg)change in nwc = ($1,720 1,180) ($1,600 940) change in nwc = $540 660 = $12011.cash flow to creditors = interest paid net new borrowing = $340k (ltdend ltdbeg) cash flow to creditors = $340k ($3.1m 2.8m) = $340k 300k = $40k12.cash flow to stockholders = dividends paid net new equity cash flow to stockholders = $600k (commonend + apisend) (commonbeg + apisbeg) cash flow to stockholders= $600k ($820k + 6.8m) ($855k + 7.6m)cash flow to stockholders= $600k $7.62m 8.455m = $235knote, apis is the additional paid-in surplus.13.cash flow from assets = cash flow to creditors + cash flow to stockholders = $40k 235k = $195kcash flow from assets = $195k = ocf change in nwc net capital spending = ocf ($165k) 760k = $195k operating cash flow = $195k 165k + 760k = $400kintermediate14.to find the ocf, we first calculate net income.income statementsales$145,000 costs 86,000 depreciation 7,000other expenses 4,900 ebit$47,100interest 15,000 taxable income$32,100 taxes (34%) 12,840net income $19,260 dividends $8,700 additions to re$10,560a. ocf = ebit + depreciation taxes = $47,100 + 7,000 12,840 = $41,260b. cfc = interest net new ltd = $15,000 $6,500 = $21,500. note that the net new long-term debt is negative because the company repaid part of its long- term debt.c. cfs = dividends net new equity = $8,700 6,450 = $2,250d. we know that cfa = cfc + cfs, so:cfa = $21,500 + 2,250 = $23,750 cfa is also equal to ocf net capital spending change in nwc. we already know ocf. net capital spending is equal to: net capital spending = increase in nfa + depreciation = $5,000 + 7,000 = $12,000. now we can use:cfa = ocf net capital spending change in nwc $23,750 = $41,260 12,000 change in nwc. solving for the change in nwc gives $5,510, me