公司金融susie整合(缺计算).doc

公司金融题型1、单选（20*1=20）2、名词解释（5*3=15）3、简答（3*5=15）Critical Thinking and Concepts Review 题号可被4整除4、计算（5*10=50） Chapter Review and Self-test Problem Answer 仅题型（1）必考题：公式及其计算Current ratioQuick ratioCash ratioInventory turnoverReceivables turnoverDays sales in inventoryDays sales in receivablesTotal debt ratioTimes interest earned ratioCash coverage ratio（2）涉及房子、股票、债券、现金流价格【名词解释】第一章1. Agency problemThe possibility of conflict of interest between the owners and management of a firm.2. StakeholderSomeone other than a stockholder or creditor who potentially has a claim on the cash flows of the firm.第二章3. Net working capitalCurrent assets less current liabilities.4. Noncash itemsExpenses charged against revenues that do not directly affect cash flow, such as depreciation.5. Average tax rateTotal taxes paid divided by total taxable income.6. Marginal tax rateAmount of tax payable on the next dollar earned.7. Cash flow from assetsThe total of cash flow to creditors and cash flow to stockholders, consisting of the following: operating cash flow, capital spending, and change in net working capital.8. Cash flow to creditors计算A firms interest payments to creditors less net new borrowings.9. Cash flow to stockholders计算Dividends paid out by a firm less net new equity raised.第三章10. Common-size statementA standardized financial statement presenting all items in percentage terms. Balance sheet items are shown as a percentage of assets and income statement items as a percentage of sales.11. Du Pont identityPopular expression breaking ROE into three parts: operating efficiency, asset use efficiency, and financial leverage.12. Internal growth rateThe maximum possible growth rate for a firm that relies only on internal financing.13. Sustainable growth rateThe maximum possible growth rate for a firm that maintains a constant debt ratio and doesnt sell new stock.第四章14. Future value (FV)The amount an investment is worth after one or more periods.15. Compound interestInterest earned on both the initial principal and the interest reinvested from prior periods.16. Simple interestInterest earned only on the original principal amount invested.17. Present value (PV)The current value of future cash flows discounted at the appropriate discount rate.18. DiscountCalculate the present value of some future amount.19. Discount rateThe rate used to calculate the present value of future cash flows.第五章20. AnnuityA level stream of cash flows for a fixed period of time.21. PerpetuityAn annuity in which the cash flows continue forever.22. Effective annual rate (EAR)The interest rate expressed as if it were compounded once per year.23. Annual percentage rate (APR)The interest rate charged per period multiplied by the number of periods per year.第六章24. Yield to maturity (YTM)The rate required in the market on a bond.25. Current yieldA bonds annual coupon divided by its price.第七章26. Dividend growth modelA model that determines the current price of a stock as its dividend next period divided by the discounted rate less the dividend growth rate.27. Dividend yieldA stocks expected cash dividend divided by its current price.28. Capital gains yieldThe dividend growth rate, or the rate at which the value of an investment grows.【简答】第一章1. Corporate Finance Organization. In a large corporation, what are the two distinct groups that report to the chief financial officer? Which group is the focus of corporate finance?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.2. Auction versus Dealer Markets. What does it mean when we say the New York Stock Exchange is an auction market? How are auction markets different from dealer markets? What kind of market is NASDAQ?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.3. Agency Problems. Suppose you own stock in a company. The current price per share is $25. Another company has just announced that it wants to buy your company and will pay $35 per share to acquire all the outstanding stock. Your companys management immediately begins fighting off this hostile bid. Is management acting in the shareholders best interests? Why or why not?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.第二章1. Operating Cash Flow. In comparing accounting net income and operating cash flow, what two items do you find in net income that are not in operating cash flow? Explain what each is and why it is excluded in operating cash flow.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.2. Net Working Capital and Capital Spending. Could a companys change in NWC be negative in a given year? (Hint: Yes.) Explain how this might come about. What about net capital spending?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.3. Net Income and Cash Flows. How did Mr. Sullivans reclassifying some costs as asset purchases affect net income at the time? In the future? How did this action affect cash flows? What does this tell you about the importance of examining cash flow relative to net income?By reclassifying costs as assets, it lowered costs when the lines were leased. This increased the net income for the company. It probably increased most future net income amounts, although not as much as you might think. Since the telephone lines were fixed assets, they would have been depreciated in the future. This depreciation would reduce the effect of expensing the telephone lines. The cash flows of the firm would basically be unaffected no matter what the accounting treatment of the telephone lines. 第三章1. Financial Ratios. Fully explain the kind of information the following financial ratios provide about a firm:a. Quick ratioQuick ratio provides a measure of the short-term liquidity of the firm, after removing the effects of inventory, generally the least liquid of the firms current assets.b. Cash ratioCash ratio represents the ability of the firm to completely pay off its current liabilities with its most liquid asset (cash).c. Capital intensity ratiod. Total asset turnoverTotal asset turnover measures how much in sales is generated by each dollar of firm assets.e. Equity multiplierEquity multiplier represents the degree of leverage for an equity investor of the firm; it measures the dollar worth of firm assets each equity dollar has a claim to.f. Times interest earned ratioTimes interest earned ratio provides a relative measure of how well the firms operating earnings can cover current interest obligations.g. Profit marginProfit margin is the accounting measure of bottom-line profit per dollar of sales.h. Return on assetsReturn on assets is a measure of bottom-line profit per dollar of total assets.i. Return on equityReturn on equity is a measure of bottom-line profit per dollar of equity.j. Price-earnings ratioPrice-earnings ratio reflects how much value per share the market places on a dollar of accounting earnings for a firm.2. Industry-Specific Ratios. Specialized ratios are sometimes used in specific industries. For example, the so-called book-to-bill ratio is closely watched for semiconductor manufacturers. A ratio of .93 indicates that for every $100 worth of chips shipped over some period, only $93 worth of new orders were received. In January 2009, the North American semiconductor equipment industrys book-to-bill ratio was 0.48, with orders of $285.6 million and billings of $579.1 million. The most recent peak in the book-to-bill ratio was in December 2003 when it reached 1.23. Orders for January 2009 declined 54 percent from the January 2008 level of $1.28 billion. What is this ratio intended to measure? Why do you think it is so closely followed?The book-to-bill ratio is intended to measure whether demand is growing or falling. It is closely followed because it is a barometer for the entire high-tech industry where levels of revenues and earnings have been relatively volatile.3. Financial Statement Analysis. In the previous question, what actions might managers take to improve these ratios?If we assume that the cause is negative, the two reasons for the trend of increasing cost of goods sold as a percentage of sales are that costs are becoming too high or the sales price is not increasing fast enough. If the cause is an increase in the cost of goods sold, the manager should look at possible actions to control costs. If costs can be lowered by seeking lower cost suppliers of similar or higher quality, the cost of goods sold as a percentage of sales should decrease. Another alternative is to increase the sales price to cover the increase in the cost of goods sold. Depending on the industry, this may be difficult or impossible. For example, if the company sells most of its products under a long-term contract that has a fixed price, it may not be able to increase the sales price and will be forced to look for other cost-cutting possibilities. Additionally, if the market is competitive, the company might also be unable to increase the sales price. 第四章1. Future Values. Suppose you deposit a large sum in an account that earns a low interest rate and simultaneously deposit a small sum in an account with a high interest rate. Which account will have the larger future value?It depends. The large deposit will have a larger future value for some period, but after time, the smaller deposit with the larger interest rate will eventually become larger. The length of time for the smaller deposit to overtake the larger deposit depends on the amount deposited in each account and the interest rates.2. Time Value of Money. Would you be willing to pay $1000 today in exchange for $2000 in 8 years and seven months? What would be the key considerations in answering yes or no? Would your answer depend on who is making the promise to repay?The key considerations would be: (1) Is the rate of return implicit in the offer attractive relative to other, similar risk investments? and (2) How risky is the investment; i.e., how certain are we that we will actually get the $10,000? Thus, our answer does depend on who is making the promise to repay.第五章1. Annuity Present Values. Suppose you won the Tri-State Megabucks Lottery in the previous question. What factors should you take into account in deciding whether you should take the annuity option or the lump sum option?The most important consideration is the interest rate the lottery uses to calculate the lump sum option. If you can earn an interest rate that is higher than you are being offered, you can create larger annuity payments. Of course, taxes are also a consideration, as well as how badly you really need $5 million today.2. Time Value. On subsidized Stafford loans, a common source of financial aid for college students, interest does not begin to accrue until repayment begins. Who receives a bigger subsidy, a freshman or a senior? Explain.A freshman does. The reason is that the freshman gets to use the money for much longer before interest starts to accrue.第六章1. Yield to Maturity. Treasury bid and ask quotes are sometimes given in terms of yields, so there would be a bid yield and an ask yield. Which do you think would be larger? Explain.Prices and yields move in opposite directions. Since the bid price must be lower, the bid yield must be higher.2. Bond Ratings. Companies pay rating agencies such as Moodys and S&P to rate their bonds, and the costs can be substantial. However, companies are not required to have their bonds rated in the first place; doing so is strictly voluntary. Why do you think they do it?Companies pay to have their bonds rated simply because unrated bonds can be difficult to sell; many large investors are prohibited from investing in unrated issues. 3. Treasury Market. All Treasury bonds are relatively liquid, but some are more liquid than others. Take a look back at Figure 6.3. Which issues appear to be the most liquid? The least liquid?One measure of liquidity is the bid-ask spread. Liquid instruments have relatively small spreads. Looking at Figure 6.4, the bellwether bond has a spread of one tick; it is one of the most liquid of all investments. Generally, liquidity declines after a bond is issued. Some older bonds, including some of the callable issues, have spreads as wide as six ticks.第七章1. Dividend Growth Model. Under what two assumptions can we use the dividend growth model presented in the chapter 10 determine the value of a share of stock? Comment on the reasonableness of these assumptions.The general method for valuing a share of stock is to find the present value of all expected future dividends. The dividend growth model presented in the text is