公司金融重要知识点(DOC)

h名词解释Capitalbudgeting:capitalbudgetingtodescribetheprocessofmakingandmanagingexpendituresonlong-livedassets.资本预算:资本预算是形容对长期资产决策和管理支出的过程Capitalstructure:capitalstructurerepresentstheproportionsofthefirm’sfinancingfromcurrentandlong-termdebtandequity.资本结构：资本结构表示公司当前债务和长期债务及股权之间的融资比例Networkingcapital:networkingcapitalisdefinedascurrentassetsminuscurrentliabilities.净营运资本：净营运资本是指流动资产减去流动负债Debtservice:debtserviceisinterestpaymentsplusrepaymentsofprincipal(thatis,retirementofdebt).还本付息：还本付息是支付利息加本金还款（即债务清偿）Operatingcashflow:operatingcashflow,definedasearningsbeforeinterestplusdepreciationminustaxes,measuresthecashgeneratedfromoperationsnotcountingcapitalspendingorworkingcapitalrequirements.经营活动现金流：经营性现金流，定义为未计算利息的收益加上折旧减去税款，是用来衡量用于不计入资本支出的活动或营运资金需求所产生的现金量Compoundvalue:compoundvalueisthevalueofasumafterinvestingoveroneormoreperiods复合值：复合值是指一个投资在一个或多个周期后的价值总和Netpresentvalue:NPVisthepresentvalueoffuturecashflowsminusthepresentvalueofthecostoftheinvestment.净现值：净现值是指未来现金流的现值减去投资成本的现值Discounting:theprocessofcalculatingthepresentvalueofafuturecashflowiscalleddiscounting.贴现：计算未来现金流量现值的过程称为贴现Statedannualinterestrate:thestatedannualinterestrateistheannualinterestratewithoutconsiderationofcompounding.名义年利率：名义年利率是指不考虑复利的年利率。Perpetuity:isaconstantstreamofcashwithoutend.永久年金：指无限期支付的年金，即一系列没有到期日的现金流Sensitivityanalysis:sensitivityanalysisexamineshowsensitiveaparticularNPVcalculationistochangesinunderlyingassumptions.Sensitivityanalysisisalsoknowaswhat-ifanalysisandbop(best,optimisticandpessimistic)analysis.灵敏度分析：灵敏度分析是指一个特定的净现值计算转变为某一基本假设的灵敏程度。灵敏度分析也与假设分析和BOP分析并称。Homogeneousexpectations:theusefulsimplifyingassumptioninawordwhereinvestorshaveaccesstosimilarsourcesofinformation.同质预期：就是一个让投资者有机会获得类似的信息来源的简化投资组合。Betacoefficient:thebetacoefficienttellsustheresponseofthestock’sreturntoasystematicrisk.贝塔系数：贝塔系数是一个用于反映股票的回报对于系统性风险的反应程度的工具Tenderoffer:atenderofferisapublicoffertobuysharesofatargetfirm要约收购:要约收购是一个向目标公司发出收购股份的公告简答题Whydoyouthinkmostlong-termfinancialplanningbeginswithsalesforecasts?Putdifferently.Whyarefuturesalesthekeyinput?（第3章P77.8）为什么你觉得最长远的财务规划是从销售预测开始？换句话说，为什么未来销售是关键因素Answer:Thereasonisthat,ultimately,salesarethedrivingforcebehindabusiness.Afirm’sassets,employees,and,infact,justabouteveryaspectofitsoperationsandfinancingexisttodirectlyorindirectlysupportsales.Putdifferently,afirm’sfutureneedforthingslikecapitalassets,employees,inventory,andfinancingaredeterminedbyitsfuturesaleslevel.原因在于，销售由始至终都是商业活动的背后驱动力。一个企业的资产，员工，而且，事实上，其业务及融资行为的每一个方面几乎都存在着直接或间接地支持销售的现象。换句话说，企业的未来需求，比如资本资产，员工，存货和融资企业的未来需求是根据其未来的销售水平来决定的BothROAandROEmeasureprofitability.Whichoneismoreusefulforcomparingtwocompanies?Why?（第3章P78.8）ROA和ROE都能用于衡量盈利能力。哪一个更适用于对比两个公司的盈利能力呢？为什么？Answer:ROEisabettermeasureofthecompany’sperformance.ROEshowsthepercentagereturnfortheyearearnedonshareholderinvestment.Sincethegoalofacompanyistomaximizeshareholderwealth,thisratioshowsthecompany’sperformanceinachievingthisgoalovertheperiod.ROE（净资产收益率）更适用于衡量公司的表现。ROE显示了股东投资一年挣取的全年回报的百分比。由于公司的目标是股东财富最大化，所以这个比例同时反映了公司在实现这一目标期间的表现。Whichwasthebiggestculprithere:toomanyorders,toolittlecash,ortoolittleproductioncapacity?（第3章P78.14）哪个是这里最大的罪魁祸首：过多的订单，过分不足的现金，或过少的产能？Answer:Allthreewereimportant,butthelackofcashor,moregenerally,financialresources,ultimatelyspelleddoom.Aninadequatecashresourceisusuallycitedasthemostcommoncauseofsmallbusinessfailure.这三者都很重要，但是现金的不足，或确切来说，是资金来源的缺乏造成了杯具。资金链断裂通常被看作小企业失败的最常见原因YouareevaluatingprojectAandprojectB,projectAhasashortperiodoffuturecashflows.WhileprojectBhasrelativelylongfuturecashflows.Whichprojectwillbemoresensitivetochangesintherequiredreturn?Why?(第5章P161.11)你正在评估项目A和项目B。项目A有一个短期的未来现金流，而项目B则有相对长期的未来现金流。哪一个项目对改变必要报酬率更敏感，为什么？Answer:ProjectB’sNPVwouldbemoresensitivetochangesinthediscountrate.Thereasonisthetimevalueofmoney.Cashflowsthatoccurfurtheroutinthefuturearealwaysmoresensitivetochangesintheinterestrate.Thissensitivityissimilartotheinterestrateriskofabond.项目B的净现值对于折现率的改变更敏感。理由在于货币的时间价值。较长期的现金流对利率的变化更敏感。这种敏感性类似于债券的利率风险。Inourcapitalbudgetingexample,weassumedthatafirmwouldrecoveralloftheworkingcapitalitinvestedinaproject.Isthisareasonableassumption?Whenmightitnotvalid?（第6章P194.5）以资本预算为例，我们假定公司将收回其投资项目的全部营运资金。这是一个合理的假设吗？它什么时候可能不是有效的Answer:It’sprobablyonlyamildover-simplification.Currentliabilitieswillallbepaid,presumably.Thecashportionofcurrentassetswillberetrieved.Somereceivableswon’tbecollected,andsomeinventorysoldabovecost(andnotreplacedattheendoftheproject’slife)actstoincreaseworkingcapital.Thereeffectstendtooffsetoneanother.这只是一个简单的假设。因为流动负债可以全部付清，流动资产却不可能全部以现金支付，存货也不可能全部售完。“Whenevaluatingprojects,we’reonlyconcernedwiththerelevantincrementalafter-taxcashflows.Therefore,becausedepreciationisanoncashexpense,weshouldignoreitseffectswhenevaluatingprojects.”Criticallyevaluatethisstatement.“在评估项目的时候，我们只关注税后现金流量的相关增量。因此，由于折旧是一种非现金费用，所以我们在评估项目的时候，应该忽略它的影响。”请批判性地评价这种说法。Answer:（第6章P194.8）Depreciationisanon-cashexpense,butitistax-deductibleontheincomestatement.Thusdepreciationcausestaxespaid,anactualcashoutflow,tobereducedbyanamountequaltothedepreciationtaxshield,tcD.Areductionintaxesthatwouldotherwisebepaidisthesamethingasacashinflow,sotheeffectsofthedepreciationtaxshieldmustbeaddedintogetthetotalincrementalafter-taxcashflows.折旧是一种非现金开支，但是在损益表中，它是一项可减税项目。这样折旧将使得实际现金流出的赋税减少一定额度，并以此影响项目现金流，因此，折旧减免赋税的效应应该被归为总的增量税后现金流Acoworkerclaimsthatlookingatallthismarginalthisandincrementalthatisjustabunchofnonsense,andstates,“Listen,ifouraveragerevenuedoesn’texceedouraveragecost,thenwewillhaveanegativecashflow,andwewillgobroke!”Howdoyourespond?(第7章P225.3)一位同事声称，当看到这些边际量和增量时，就会觉得这都是一堆废话，同时感到一股忧虑，“听着，如果我们的平均收益不超过我们的平均成本，那么我们将要承担负现金流，然后我们就会破产！”请问你会怎么回应他？Answer:Itistruethatifaveragerevenueislessthanaveragecost,thefirmislosingmoney.Thismuchofthestatementisthereforecorrect.Atthemargin,however,acceptingaprojectwithmarginalrevenueinexcessofitsmarginalcostclearlyactstoincreaseoperatingcashflow.事实上，当平均收益低于平均成本时，企业的确在亏钱。因此上述观点大部分都是正确的。不过对于边际来说，在执行项目时如果过份地追求平均收益大于平均成本，会导致经营性现金流的增加。Asashareholderofafirmthatiscontemplatinganewproject,wouldyoubemoreconcernedwiththeaccountingbreak-evenpoint,thecashbreak-evenpoint(thepointatwhichoperatingcashflowiszero),orthefinancialbreak-evenpoint?Why?(第7章P226.4)作为一家公司的股东，你正在考虑一个新项目。你会更关注会计盈亏平衡点，现金盈亏平衡点（经营性现金流为零），或是财务收支平衡点？为什么？Answer:Fromtheshareholderperspective,thefinancialbreak-evenpointisthemostimportant.Aprojectcanexceedtheaccountingandcashbreak-evenpointsbutstillbebelowthefinancialbreak-evenpoint.Thiscausesareductioninshareholder(your)wealth.从股东的角度来看，财务收支平衡点是最重要的。一个项目可以超过会计收支平衡点和现金收支平衡点，但仍低于财务盈亏平衡点。这会导致股东的财富减少。Isitpossiblethatariskyassetcouldhaveabetaofzero?ExplainBasedontheCAPM,whatistheexpectedreturnonsuchanasset?Isitpossiblethatariskyassetcouldhaveanegativebeta?WhatdoestheCAPMpredictabouttheexpectedreturnonsuchanasset?Canyougiveanexplanationforyouranswer?一个风险资产的贝塔系数有没有可能为零？请根据资本资产定价模型解析，什么是这种资产的预期收益？一个风险资产的贝塔系数有没有可能是负数？资本资产定价模型对这些资产的预期是怎样预测的？你能解释一下你的答案吗？Answer:(第11章P362.6)Yes.Itispossible,intheory,toconstructazerobetaportfolioofriskyassetswhosereturnwouldbeequaltotherisk-freerate.Itisalsopossibletohaveanegativebeta:thereturnwouldbelessthantherisk-freerate.Anegativebetaassetwouldcarryanegativeriskpremiumbecauseofitsvalueasadiversificationinstrument.这是有可能的，建立的贝塔系数为零的风险资产组合的收益理论上是等于无风险资产收益的。同时，贝塔系数为负数也是可能的：收益会比无风险资产收益低。由于负贝塔系数的资产具有多元化工具的价值，因此它会带来负的风险溢价。Explainwhatismeantbybusinessandfinancialrisk.SupposefirmAhasgreaterbusinessriskthanfirmB.IsittruethatfireAalsohasahighercostofequitycapital?Explain.(第16章P513.5)解释一下什么是经营风险和财务风险。假设A公司的经营风险比B公司大，那么A公司的股权资本成本是否比B公司高？请解释。Answer:Business

risk

is

the

equity

risk

arising

from

the

nature

of

the

firm‘s

operating

activity,

and

is

directly

related

to

the

systematic

risk

of

the

firm‘s

assets.

Financial

risk

is

the

equity

risk

that

is

due

entirely

to

the

firm‘s

chosen

capital

structure.

As

financial

leverage,

or

the

use

of

debt

financing,

increases,

so

does

financial

risk

and,

hence,

the

overall

risk

of

the

equity.

Thus,

Firm

B

could

have

a

higher

cost

of

equity

if

it

uses

greater

leverage.

.经营风险是公司经营活动的性质中产生的股权风险，与公司资产的系统性风险直接相关。财务风险是完全由公司选择的资本结构产生的权益风险。随着财务杠杆，或使用债务融资增加，财务风险也增大，因此，整个权益风险也增大。于是，如果公司B

使用更高的杠杆那么公司B

可能会有更高的权益成本Whatisthebasicgoaloffinancialmanagementwithregardtocapitalstructure?一个具有资本结构的财务管理的基本目标是什么？Answer:(第16章P514.10)The

basic

goal

is

to

minimize

the

value

of

non-marketed

claims.财务管理的基本目标是在获得社会效益的同时，不断提高经济效益的满意值Itissometimessuggestedthatfirmsshouldfollowa“residual”dividendpolicy.Withsuchapolicy,themainideaisthatafirmshouldfocusinmeetingitsinvestmentandmaintainingitsdesireddebt-equityratio.Havingdoneso,afirmpaysoutanyleftover,orresidual,incomeasdividends.Whatdoyouthinkwouldbethechiefdrawbacktoaresidualdividendpolicy?人们有时认为企业应该遵循“剩余”的股息政策。有了这样的政策，主要的想法是，一个公司应该集中在满足其投资及维持其所需的债务权益比率。有这样做，企业支付了任何剩余，或残留，收入作为股息。你觉得会是主要缺点，以剩余股利政策？Answer:（第十九章P6083）Thechidedrawbacktoastrictdividendpolicyisthevariabilityindividendpayments.Thisisaproblembecauseinvestorstendtowantasomewhatpredictablecashflow.Also,ifthereisinformationcontenttodividendannouncements,thenthefirmmaybeinadvertentlytellingthemarketthatitisexpectingadownturninearningsprospectswhenitcutsadividend,wheninrealityitsprospectsareverygood.Inacompromisepolicy,thefirmmaintainsarelativelyconstantdividend.Itincreasesdividendsonlywhenitexpectsearningstoremainatasufficientlyhighleveltopaythelargerdividends,anditlowersthedividendonlyifitabsolutelyhasto.争闹的缺点，以严格的股息政策是在支付股息的可变性。这是一个问题，因为投资者往往希望一个有些可预见的现金流。此外，如果有信息含量股息公告，则该公司可能会在不经意间告诉市场，它期待在盈利前景低迷时削减股息，而实际上它的前景是非常好的。在一个妥协的政策，该公司维持相对恒定的股息。它增加股息，只有当它预计盈利将维持在足够高的水平，以支付股息较大，而且降低了，只有当它是绝对有能力的股息。计算题：Culligan,Inc.,hascurrentassetsof$5,300netfixedassetsof$26,000,currentliabilitiesof$3,900andlong-termdebtof$14.200.Whatisthevalueoftheshareholders’equityaccountforthisfirm?Howmuchisnetworkingcapital?Culligan®康丽根公司，有5300美元26,000元的固定资产净值流动资产，约$3,900流动负债及14.200美元长期债务。什么是这家公司的股东权益账户的价值？有多少是净营运资本？Answer:(第2章P35.1)Tofindowners’equity,wemustconstructabalancesheetasfollows为了找到所有者权益，我们必须构建一个资产负债表如下：BalanceSheetCA$5,300CL$3,900NFA26,000LTD14,200OE??TA$31,300TL&OE$31,300Weknowthattotalliabilitiesandowners’equity(TL&OE)mustequaltotalassetsof$31,300.WealsoknowthatTL&OEisequaltocurrentliabilitiespluslong-termdebtplusowner‘sequity,soowner‘sequityis我们知道，总负债和所有者权益（TL＆OE）必须等于31300美元总资产。我们也知道，TL和OE等于流动负债加长期债务加所有者权益，因此所有者权益为:OE=$31,300–14,200–3,900=$13,200NWC=CA–CL=$5,300–3,900=$1,400Ragsdale,Inc.,hassalesof$493,000,costsof$210,000,depreciationexpenseof$35,000,interestexpenseof$19,000,andataxrateof$35precent.Whatisthenetincomeforthefirm?Supposethecompanypaidout$50,000incashdividends.Whatistheadditiontoretainedearnings?拉格斯代尔公司，拥有年销售额达493,000210,000元费用，折旧费用35,000元，利息费用19,000元，而税率$35precent。什么是净收入公司？假设该公司支付了50,000美元的现金股利。什么是除留存收益？(第2章P35.2)Answer:Theincomestatementforthecompanyis:IncomeStatementSales$493,000Costs210,000Depreciation35,000EBIT$248,000Interest19,000EBT$229,000Taxes80,150Netincome$148,850Oneequationfornetincomeis:Netincome=Dividends+AdditiontoretainedearningsRearranging,weget:Additiontoretainedearnings=Netincome–DividendsAdditiontoretainedearnings=$148,850–50,000Additiontoretainedearnings=$98,850The2009balancesheetofAnna’sTennisShop,Inc,showedlong-termdebtof$1.34million,andthe2010balancesheetshowedlong-termdebtof$1.39million.The2010incomestatementshowedaninterestexpenseof$118,000.Whatwasthefirm’scashflowtocreditorduring2010?安娜的网球商店，公司，2009年度资产负债表显示为13.4亿美元的长期债务，以及2010年资产负债表显示1390000美元长期债务。2010年的利润表显示的利息费用118,000美元。什么是2010年该公司的现金流，以债权人？（第2章P36.8）Answer:Cashflowtocreditors=Interestpaid–Netnewborrowing现金流量债权人=已付利息-净新借款Cashflowtocreditors=$118,000–(LTDend–LTDbeg)Cashflowtocreditors=$118,000–($1,390,000–1,340,000)Cashflowtocreditors=$118,000–50,000Cashflowtocreditors=$68,0004.Y3k,Inc.,hassalesof$3,100totalassetsof$1,580,andadebt-equityratioof1.20,Ifitsreturnonequityis16percent，whatisitsnetincome?Y3K公司，拥有年销售额达3,1001580美元总资产，以及1.20债务权益比率，如果它的净资产收益率是16％，什么是它的净收入？（第3章P78.3）Answer:Thisisamulti-stepprobleminvolvingseveralratios.TheratiosgivenareallpartoftheDuPontIdentity.，TheonlyDuPontIdentityrationotgivenistheprofitmargin.Ifweknowtheprofitmargin,wecanfindthenetincomesincesalesaregiven.So,webeginwiththeDuPontIdentity:(这是涉及多个比率的多步骤的问题。所给出的比例都是杜邦身份。的一部分，没有给出唯一的杜邦身份比利润率。如果我们知道的利润率，我们可以发现，纯收入自销售中给出。所以，我们开始与杜邦身份：)ROE=0.16=(PM)(TAT)(EM)=(PM)(S/TA)(1+D/E)SolvingtheDuPontIdentityforprofitmargin,weget:(解决杜邦身份的利润率，我们得到：)PM=[(ROE)(TA)]/[(1+D/E)(S)]PM=[(0.16)($1,1580)]/[(1+1.20)($3,100)]=0.0371Nowthatwehavetheprofitmargin,wecanusethisnumberandthegivensalesfiguretosolvefornetincome:(现在，我们有利润率，我们可以用这个数字和给定的销售数字，以解决收入净额：)PM=0.0371=NI/SNI=0.0371($3,100)=$114.915.Assumingthefollowingratiosareconstant,whatisthesustainablegrowthrate?(假设下面的比值是不变的，什么是可持续增长率？)Totalassetturnover(总资产周转率)=1.90Profitmargin(利润率)=8.1%Equitymultiplier(权益乘数)=1.25%Payoutratio(派息比率)=30%Answer:（第3章P79.7）WemustfirstcalculatetheROEusingtheDuPontratiotocalculatethesustainablegrowthrate.TheROEis:(我们必须使用杜邦的比例来计算可持续增长率先计算净资产收益率。净资产收益率是)ROE=(PM)(TAT)(EM)ROE=(0.81)(1.90)(1.25)ROE=0.1924or19.24%Theplowbackratioisoneminusthedividendpayoutratio,so:(利润再投资的比例是一减派息率，所以)b=1–0.30b=0.70Now,wecanusethesustainablegrowthrateequationtoget:(现在，我们可以使用可持续增长率的公式得到)Sustainablegrowthrate(可持续增长率)=(ROE×b)/[1–(ROE×b)]Sustainablegrowthrate=[.1924(0.70)]/[1–.1924(0.70)]Sustainablegrowthrate=0.1556or15.56%6.FirstCityBankpays9percentsimpleinterestonitssavingsaccountbalances,whereasSecondCitypays9percentsimpleinterestonitssavingsaccountbalances,whereasSecondCityBankpays9percentsimpleinterestcompoundedannually.Ifyoumadea$5,000depositineachbank,howmuchmoremoneywouldyouearnfromyourSecondCityBankaccountattheendof10years?（第一城市银行支付9％的储蓄账户余额单利计息，而第二个城市自付9％，其储蓄存款余额单利计息，而第二个城市银行支付9％的年复利单利。如果你犯了5000美元的存款在各银行，多少钱，你会从你的第二个城市银行账户赚取10年结束了吗？）（第4章P123.1）Answer:Thesimpleinterestperyearis（每年单利是）:$5,000×.09=$450So,after10years,youwillhave（所以，10年后，你将有）:$450×10=$4,500ininterest.Thetotalbalancewillbe（总的平衡将是）$5,000+4,500=$9,500Withcompoundinterest,weusethefuturevalueformula（按照复利计算，我们使用的未来值的公式）:FV=PV(1+r)tFV=$5,000(1.09)10=$11,836.82Thedifferenceis（所不同的是）:$11,836.82–9,500=$2,336.827.RaphaelRestaurantisconsideringthepurchaseofa$12,000soufflemarker.Thesoufflémakerhasaneconomiclifeoffiveyearsandwillbefullydepreciatedbythestraight-linemethod.Themachinewillproduce1,900soufflesperyear,witheachcosting$2.20tomakeandpricedat$5.Assumethatthediscountrateis14percentandthetaxrateis34percent.ShouldRaphaelmakethepurchase?（拉斐尔餐厅正在考虑购买1.2万美元杂音标记的蛋奶酥厂商有五年的经济寿命，并将由直线法计提折旧。机器将每年生产1,900蛋白牛奶酥，每个耗资2.20制作和售价分别为5.Assume的贴现率为14％，税率为34％。拉斐尔应该做出购买？）（第6章P195.1）Answer:UsingthetaxshieldapproachtocalculatingOCF,weget（利用税盾的方法来计算OCF，我们得到）:OCF=(Sales–Costs)(1–tC)+tCDepreciationOCF=[($5×1,900)–($2.20×1,900)](1–0.34)+0.34($12,000/5)OCF=$4,327.20So,theNPVoftheprojectis（因此，该项目的净现值）:NPV=–$12,000+$4,327.20(PVIFA14%5)NPV=$2,855.638.DownUnderBoomerang,Inc.,isconsideringanewthreeyearexpansionprojectthatrequiresaninitialfixedassetinvestmentof$2.4million.Thefixedassetwillbedepreciatedstraight-linetozerooveritsthree–yeartaxlife,afterwhichitwillbeworthless.Theprojectisestimatedtogenerate$2,050,000inannualsales,withcostof$950,000.Thetaxrateis35percentandtherequiredreturnis12percent,Whatistheproject’sNPV？（下下回旋镖，公司正在考虑一个新的3年扩建项目，需要240万美元的初始固定资产投资，固定资产会贬值直线到零在其三年的税生活，在这之后将是毫无价值。该项目预计带来约2,050,000年销售额，以950,000元的成本，税率为35percent和必要报酬率是12％，这是该项目的NPV是多少？）（第6章P195.3）Answer:UsingthetaxshieldapproachtocalculatingOCF,weget（利用税盾的方法来计算OCF，我们得到）:OCF=(Sales–Costs)(1–tC)+tCDepreciationOCF=($2,050,000–950,000)(1–0.35)+0.35($2,400,000/3)OCF=$995,000So,theNPVoftheprojectis（因此，该项目的净现值）:NPV=–$2,400,000+$995,000(PVIFA12%,3)NPV=–10,177.899.Youownaportfoliothathas$1,900investedinstockAand$2,300investedinstockB.Iftheexpectedreturnsonthesestocksare10percentand15percent,respectively,whatistheexpectedreturnontheportfolio?（您有自己的投资组合，有1900美元投资于股票A和2300美元投资于股票B，如果对这些股票的预期回报是10％和15％，分别，什么是对投资组合的预期回报）（第11章P363.2）Answer:Theexpectedreturnofaportfolioisthesumoftheweightofeachassettimestheexpectedreturnofeachasset.Thetotalvalueoftheportfoliois（一个投资组合的预期回报是各项资产的时间内各资产的预期回报的重量的总和。该投资组合的总价值为）:Totalvalue=$1,900+2,300=$4,200So,theexpectedreturnofthisportfoliois（因此，该组合的预期收益）:E(Rp)=($1,900/$4,200)(0.10)+($2,300/$4,200)(0.15)=0.1274or12.74%10.Aportfolioisinvested15percentinstockG,65percentinstockJ,and20percentinstockK.Theexpectedreturnsonthesestocksare8percent,15percent,and24percent,respectively.Whatistheportfolio’sexpectedreturn?Howdoyouinterpretyouranswer?（一个投资组合是投资15％的股票G，65％的股票J和20％的存量K。对这些股票的预期回报率是8％，15％和24％分别。什么是投资组合的预期回报？你如何解释你的答案？）（第11章P363.8）Answer: