复旦大学财务管理期中考试题

复旦大学财务管理期中考试题复旦大学财务管理期中考试题复旦大学财务管理期中考试题资料仅供参考文件编号：2022年4月复旦大学财务管理期中考试题版本号：A修改号：1页次：1.0审核：批准:发布日期：复旦大学管理学院2015～2016学年第二学期期中考试试卷□A卷课程名称：__财务管理_________课程代码：_____开课院系：__管理学院会计系_________考试形式：______开卷_______姓名：学号：专业：题号12345678910总分得分选择题1234567891011121314151617181920212223242526272829303132333435363738394041424344454647484950判断题123456789101112131415一、选择题（每题分，共75分）Considerabondwithafacevalueof$1,000,acouponrateof6%,ayieldtomaturityof8%,andtenyearstomaturity.Thisbond'sdurationis:

A.

years

B.

years

C.

years

D.

yearsAbondwithafacevalueof$1,000,couponrateof0%,yieldtomaturityof9%,andtenyearstomaturity.Thisbond'sdurationis:

A.

years

B.

years

C.

years

D.

yearsAbondwithdurationof10yearshasyieldtomaturityof10%.Thisbond'svolatilityis:

A.

%

B.

%

C.

%

D.

%Ifabond'svolatilityis10%andtheinterestrategoesdownby%(points)thenthepriceofthebond:

A.

decreasesby10%

B.

decreasesby%

C.

increasesby%

D.

increasesby%Volatilityofabondisgivenby:

I)Duration/(1+yield)

II)Slopeofthecurverelatingthebondpricetotheinterestrate

III)Yieldtomaturity

A.

Ionly

B.

IIonly

C.

IIIonly

D.

IandIIonlyThevalueofacommonstocktodaydependson:

A.

Numberofsharesoutstandingandthenumberofshareholders

B.

TheexpectedfuturedividendsandthediscountrateC.

TheWallStreetanalystsD.

PresentvalueofthefutureearningspershareDeluxeCompanyexpectstopayadividendof$2pershareattheendofyear-1,$3pershareattheendofyear-2andthenbesoldfor$32pershare.Iftherequiredrateonthestockis15%,whatisthecurrentvalueofthestock?

A.

$

B.

$

C.

$

D.

NoneofthegivenanswersCasinoInc.isexpectedtopayadividendof$3pershareattheendofyear-1(D1)andthesedividendsareexpectedtogrowataconstantrateof6%peryearforever.Iftherequiredrateofreturnonthestockis18%,whatiscurrentvalueofthestocktoday?

A.

$25

B.

$50

C.

$100

D.

$54R&DTechnologyCorporationhasjustpaidadividendof$pershare.Thedividendsareexpectedtogrowat24%peryearforthenexttwoyearsandat8%peryearthereafter.Iftherequiredrateofreturninthestockis16%(APR),calculatethecurrentvalueofthestock.

A.

$

B.

$

C.

$D.

NoneoftheaboveWhichofthefollowingformulasregardingearningstopriceratioistrue:

A.

EPS/Po=r[1+(PVGO/Po]

B.

EPS/Po=r[1-(PVGO/Po)]C.

EPS/Po=[r+(PVGO/Po)]D.

EPS/Po=[r+(1+(PVGO/Po)]/rWhichofthefollowinginvestmentrulesdoesnotusethetimevalueofthemoneyconcept?

A.

NetpresentvalueB.

InternalrateofreturnC.

Thepaybackperiod

D.

Alloftheaboveusethetimevalueconcept

Thenetpresentvalueofaprojectdependsupon:

A.

company'schoiceofaccountingmethod

B.

manager'stastesandpreferences

C.

project'scashflowsandopportunitycostofcapitalD.

alloftheabove

Thepaybackperiodrule:

A.

Variesthecut-offpointwiththeinterestrate.

B.

Determinesacut-offpointsothatallprojectsacceptedbytheNPVrulewillbeacceptedbythepaybackperiodrule.

C.

Requiresanarbitrarychoiceofacut-offpoint.D.

BothAandC.GiventhefollowingcashflowsforprojectA:C0=-1000,C1=+600,C2=+400,andC3=+1500,calculatethepaybackperiod.

A.

Oneyear

B.

TwoyearsC.

ThreeyearsD.

NoneoftheaboveGiventhefollowingcashflowsforprojectZ:C0=-1,000,C1=600,C2=720andC3=2000,calculatethediscountedpaybackperiodfortheprojectatadiscountrateof20%.

A.

1year

B.

2yearsC.

3yearsD.

NoneoftheaboveGiventhefollowingcashflowsforProjectM:C0=-1,000,C1=+200,C2=+700,C3=+698,calculatetheIRRfortheproject.

A.

23%B.

21%C.

19%D.

NoneoftheaboveDriscollCompanyisconsideringinvestinginanewproject.Theprojectwillneedaninitialinvestmentof$2,400,000andwillgenerate$1,200,000(after-tax)cashflowsforthreeyears.CalculatetheIRRfortheproject.

A.

%

B.

%

C.

%

D.

%

Whichportfoliohashadthehighestaverageriskpremiumduringtheperiod1900-2006?

A.

Commonstocks

B.

Governmentbonds

C.

Treasurybills

D.

NoneofthegivenanswersWhichofthefollowingprovidesacorrectmeasureoftheopportunitycostofcapitalregardlessofthetimingofthecashflows?

A.

Arithmeticaverage

B.

Geometricaverage

C.

Hyperbolicmean

D.

NoneoftheaboveMarketriskisalsocalled:

I)systematicrisk,II)undiversifiablerisk,III)firmspecificrisk.

A.

Ionly

B.

IIonly

C.

IIIonly

D.

IandIIonlyAsthenumberofstocksinaportfolioisincreased:

A.

UniqueriskdecreasesandapproachestozeroB.

MarketriskdecreasesC.

UniqueriskdecreasesandbecomesequaltomarketriskD.

TotalriskapproachestozeroStockMandStockNhavehadthefollowingreturnsforthepastthreeyearsof-12%,10%,32%;and15%,6%,24%respectively.Calculatethecovariancebetweenthetwosecurities.

A.

-99

B.

+99C.

+250D.

NoneoftheaboveTherangeofvaluesthatcorrelationcoefficientscantakecanbe:

A.

zeroto+1

B.

-1to+1C.

-infinityto+infinityD.

zeroto+infinity

InthecaseofaportfolioofN-stocks,theformulaforportfoliovariancecontains:

A.

Nvarianceterms

B.

N(N-1)/2varianceterms

C.

N2variancetermsD.

NoneoftheaboveThe"beta"isameasureof:

A.

Uniquerisk

B.

Totalrisk

C.

MarketriskD.

NoneoftheaboveThecorrelationcoefficientbetweenstockAandthemarketportfoliois+.Thestandarddeviationofreturnofthestockis30%andthatofthemarketportfoliois20%.Calculatethebetaofthestock.

A.

B.

C.

D.

Thedistributionofreturns,measuredoverashortintervaloftime,likedailyreturns,canbeapproximatedby:

A.

NormaldistributionB.

LognormaldistributionC.

BinomialdistributionD.

noneoftheaboveNormalandlognormaldistributionsarecompletelyspecifiedby:

I)mean

II)standarddeviation

III)thirdmoment

A.

Ionly

B.

IandIIonlyC.

IIonlyD.

IIIonlyFloridaCompany(FC)andMinnesotaCompany(MC)arebothservicecompanies.Theirhistoricalreturnforthepastthreeyearsare:FC:-5%,15%,20%;MC:8%,8%,20%.

Calculatethestandarddeviation.)ofreturnforFCandMC.

A.

FC:10%MC:12%

B.

FC:%MC:%

C.

FC:%MC:%D.

Noneoftheabove

FloridaCompany(FC)andMinnesotaCompany(MC)arebothservicecompanies.Theirhistoricalreturnforthepastthreeyearsare:FC:-5%,15%,20%;MC:8%,8%,20%.Whatisthevarianceoftheportfoliowith50%ofthefundsinvestedinFCand50%inMC(approximately)

A.

B.

C.

D.

NoneoftheaboveInvestmentsAandBbothofferanexpectedrateofreturnof12%.IfthestandarddeviationofAis20%andthatofBis30%,theninvestorswould:

A.

PreferAtoBB.

PreferBtoAC.

PreferaportfolioofAandBD.

Cannotanswerwithoutknowinginvestor'sriskpreferences

Theefficientportfolios:

I)haveonlyuniquerisk

II)providehighestreturnsforagivenlevelofrisk

III)providetheleastriskforagivenlevelofreturns

IV)havenoriskatall

A.

Ionly

B.

IIandIIIonlyC.

IVonlyD.

IIonly

Bycombininglendingandborrowingattherisk-freeratewiththeefficientportfolios,wecanI)extendtherangeofinvestmentpossibilities

II)changeefficientsetofportfoliosfrombeingcurvilineartoastraightline.

III)provideahigherexpectedreturnforanylevelofriskexceptthetangentialportfolio

A.

Ionly

B.

IandIIonly

C.

I,II,andIIID.

noneoftheaboveSupposeyouinvestequalamountsinaportfoliowithanexpectedreturnof16%andastandarddeviationofreturnsof20%andarisk-freeassetwithaninterestrateof4%;calculatethestandarddeviationofthereturnsontheresultingportfolio:

A.

8%

B.

10%C.

20%D.

noneoftheaboveThecorrelationbetweentheefficientportfolioandtherisk-freeassetis:

A.

+1

B.

-1

C.

0D.

cannotbecalculatedInthepresenceofarisk-freeasset,theinvestor'sjobisto:

I)investinthemarketportfolio

II)findaninteriorportfoliousingquadraticprogramming

III)borroworlendattherisk-freerate

IV)readandunderstandMarkowitz'sportfoliotheory

A.

IandIIonly

B.

IandIIIonlyC.

IIandIVonlyD.

IVonlyBetaofthemarketportfoliois:

A.

Zero

B.

+

C.

D.

+ThegraphicalrepresentationofCAPM(CapitalAssetPricingModel)iscalled:

A.

CapitalMarketLine

B.

CharacteristicLine

C.

SecurityMarketLineD.

NoneoftheaboveIfthebetaofExxonMobilis,risk-freerateis4%andthemarketrateofreturnis14%,calculatetheexpectedrateofreturnfromExxon:

A.

%

B.

%

C.

%

D.

%

Ifastockisoverpriceditwouldplot:

A.

Abovethesecuritymarketline

B.

BelowthesecuritymarketlineC.

OnthesecuritymarketlineD.

OntheY-axisCostofcapitalisthesameascostofequityforfirms:

A.

financedentirelybydebt

B.

financedbybothdebtandequity

C.

financedentirelybyequityD.

noneoftheaboveUsingthecompanycostofcapitaltoevaluateaprojectis:

I)Alwayscorrect

II)Alwaysincorrect

III)Correctforprojectsthatareaboutasriskyastheaverageofthefirm'sotherassets

A.

Ionly

B.

IIonly

C.

IIIonlyD.

IandIIIonlyWhichofthefollowingtypesofprojectshavethehighestrisk?

A.

Speculationventures

B.

Newproducts

C.

Expansionofexistingbusiness

D.

Costimprovement,(knowntechnology)ThemarketvalueofCharterCruiseCompany'sequityis$15million,andthemarketvalueofitsrisk-freedebtis$5million.Iftherequiredrateofreturnontheequityis20%andthatonthedebtis8%,calculatethecompany'scostofcapital.(Assumenotaxes.)

A.

20%

B.

17%C.

14%D.

NoneoftheaboveThemarketvalueofXYZCorporation'scommonstockis40millionandthemarketvalueoftherisk-freedebtis60million.Thebetaofthecompany'scommonstockis,andtheexpectedmarketriskpremiumis10%.IftheTreasurybillrateis6%,whatisthefirm'scostofcapital(Assumenotaxes.)

A.

%

B.

14%

C.

%D.

NoneoftheaboveOnagraphwithcommonstockreturnsontheY-axisandmarketreturnsontheX-axis,theslopeoftheregressionlinerepresentsthe:

A.

Alpha

B.

BetaC.

R-squaredD.

AdjustedbetaAnexampleofdiversifiableriskthatshouldbeignoredwhenanalyzingprojectriskwouldinclude

A.

Commoditypricechanges

B.

Laborcosts

C.

StockpricefluctuationsD.

Riskofgovernmentnon-approvalAfudgefactormightinclude:

A.

Commoditypricechanges

B.

Laborcosts

C.

Stockpricefluctuations

D.

Riskofgovernmentnon-approvalGenerally,thevaluetousefortherisk-freeinterestrateis:

A.

Short-termTreasurybillrateB.

Long-termCorporatebondrateC.

Medium-termCorporatebondrateD.

noneoftheaboveWhichofthefollowingtypeofprojectshasaveragerisk?

A.

SpeculationventuresB.

NewproductsC.

Expansionofexistingbusiness

D.

Costimprovement二、判断题Thecompanycostofcapitalisthecorrectdiscountrateforanyprojectundertakenbythecompany.

Itisgenerallymoreaccuratetoestimatean"industrybeta"foraportfolioofcompaniesinthesameindustrythantoestimatebetaforasinglecompany.

Firmswithhighoperatingleveragetendtohavehigherassetbetas.

Firmswithcyclicalrevenuestendtohavelowerassetbet