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title高级财务管理(首都经济贸易大学)中国大学mooc答案100分最新版contentChapter1.CorporateFinance,OwnershipStructure,andCorporateGovernanceTestforChapter11、Concerningthecharacteristicsofshareholderheterogeneity,whichofthefollowingisFalse?答案:Shareholdershavedifferentpreferencesontheageofthechiefexecutiveofficer.2、WhichofthefollowingstatementisFalseaboutthefinancepolicy?答案:Thedeterminingrightofthefinancialpolicyisseniormanagers.3、WhichofthefollowingstatementisFalseabouttheoptimalfinancepolicy?答案:Optimalfinancepolicyneedstoachievetheoptimalcapitalstructure,whichhasthelowestcostofequitycapital.4、WhichofthefollowingstatementisFalseaboutthelargeshareholders?答案:LLS(1999)findsthatindifferentcountriesanddifferentregions,thetypeoflargeshareholdershasnodifference.5、Whatisthefinancialobjectiveofthecorporates?答案:Maximizationofshareholderwealth.6、Whataretheimportantcharacteristicsoffinancepolicy?答案:Purposeful.;
Industrial.;
Timely.;
Conventionally.7、Whatarethethreesignificantfinancepoliciestocorporate?答案:Capitalbudgetingpolicy.;
Financingpolicy;
Dividendpolicy8、Whatarethecharacteristicsoffinancepolicyunderthecostofequityanchoringeffect?答案:Haveaspecifictendencytoestimatetechniquesofcostofcapital.;
Havemeasurablegoalsonthemaximizationofshareholders’wealth.;
Haveaharmoniousinvestorrelationshipandspecificdebt-to-equityratiowhichisagreedbyinvestors.;
Havespecifichurdlerateoninvestmentprojects.;
Haveproperdividendpayoutplanswhichtradeofftherequiredreturnandcorporatelong-termdevelopment.;
Haveaclearunderstandingontheexternaleffectofthecostofcapital.9、Whatarethefundamentaltheoriesofcorporatefinancialpolicyanalysis?答案:AgencyConflict-FreeCashFlowHypothesis;
InformationAsymmetry;
SignalingHypothesis;
CapitalStructureHypothesis;
IndustryConventionHypothesis;
BehavioralHypothesis10、Whicharethecomponentsoftheexternalcorporategovernancepolicy?答案:Governmentregulations;
Demandforandassessmentofperformanceinformation;
Debtcovenants;
Competition;
Mediapressure;
ManageriallabormarketChapter2.CostofCapital1、(此测试仅作为巩固练习,不计入期末成绩)Whichofthefollowingitemhasthecostofcapital?答案:Debt2、Costofcapitalisthe____?答案:opportunitycost3、Thecostofdebtcanbemeasuredbythe____ofabond.答案:yieldtomaturity4、Whichofthefollowingistheapplicationofcostofcapital?答案:Alloftheabove5、Whichofthefollowingmethodisfeasibleforestimatingthegrowthrate“g”inGordonModel?答案:Alloftheabove6、Whichofthefollowingstatementsaboutthecostofcapitalaretrue?答案:Costofcapitalistheopportunitycost.;
Costofcapitalrepresentsthedegreeofperceivedrisk.;
Costofcapitalisthereturnexpectedbyinvestorswhoprovidecapitalforabusiness.7、Thecostofcapitaliscentraltomodernfinancetouchingon____.答案:investmentdecisions;
measuresofeconomicprofit;
divestmentdecisions;
performanceappraisal;
incentivesystems8、Externalfactorsthataffectthecostofcapitalinclude____.答案:marketinterestrates;
taxrates;
underwritingcosts;
risk9、ComparedwiththeCAPM,whichofthefollowingarethenewfactorsaddedtotheFama-Frenchthree-factormodel?答案:SMB;
HML10、Whichofthefollowingitemdoesnothavethecostofcapital?答案:Accruals;
Deferredtaxes;
AccountspayableChapter2.CostofCapitalTestforChapter21、Whichofthefollowingitemhasthecostof答案:Debt2、Supposewearegiventhefollowinginformationaboutsecurityi.Themarketrateandtherisk-freerateis10%,6%,respectively.Betais1.2.AccordingtotheCapitalAssetPricingModel,theexpectedrateofreturnonsecurityiis____.答案:10.83、FirmABChasatargetcapitalstructureof40%debtand60%equity.Theyieldtomaturityonthecompany’soutstandingbondsis9%,andthecompany’staxrateis40%.ABC’sCFOhascalculatedthecompany’sWACCas9.96%.Thecompany’scostofequitycapitalis____.答案:13%4、Regardingthehurdlerates,Financetheorysuggeststhatfirmsuse____.答案:risk-adjusteddiscountrates5、Whichofthefollowingmethodisfeasibleforestimatingthegrowthrate“g”inGordonModel?答案:Alloftheabove6、Whichofthefollowingstatementsaboutthecostofcapitalaretrue?答案:Costofcapitalistheopportunitycost.;
Costofcapitalrepresentsthedegreeofperceivedrisk.;
Costofcapitalisthereturnexpectedbyinvestorswhoprovidecapitalforabusiness.7、Whenwecalculatethecostof____,weshouldtakefloatationcostsintoaccount.答案:commonstock;
preferredstock;
bond;
loan8、Externalfactorsthataffectthecostofcapitalinclude____.答案:marketinterestrates;
taxrates;
underwritingcosts;
risk9、ComparedwiththeCAPM,whichofthefollowingarethenewfactorsaddedtotheFama-Frenchthree-factormodel?答案:SMB;
HML10、Whichofthefollowingitemdoesnothavethecostofcapital?答案:Accruals;
Deferredtaxes;
Accountspayable11、Whichofthefollowingitemhasthecostofcapital?答案:DebtChapter3.CapitalBudgetingTestforChapter31、WhichofthefollowingconceptsisFalse?答案:Capitalreferstoshort-termassetsusedinproduction.2、Capitalbudgetingdecisionsarebasedon:答案:Incrementalcashflows3、Whichofthefollowingistrueforacapitalbudgetingdecision?答案:Theinternalrateofreturnmethodisalsoknownastheadjustedrateofreturn.4、Whichofthefollowingmethodofcapitalbudgetingdoesnottakeintoaccounttheprofitoftheentirelifeoftheproject?答案:Paybackperiodmethod.5、AssumethatGerhardtCorporationisconsideringaninvestmentof$50millioninacapitalprojectthatwillreturnafter-taxcashflowsof$16millionperyearforthenextfouryearsplusanother$20millioninyear5.Therequiredrateofreturnis10percent.Thenetvalueoftheprojectis:答案:$13.136million.6、Ofthefollowingdecisions,capitalbudgetingtechniqueswouldlikelybeusedinevaluatingthe()答案:Acquisitionofnewaircraftbyacargocompany.;
Designandimplementationofamajoradvertisingprogram.;
Tradeforastarquarterbackbyafootballteam.;
Mergeanothercompany.;
Investinanenvironmentalproject.7、Whataretheadvantagesoftheuseofthepaybackperiodmethodforcapitalbudgeting?答案:Easytoexplaintotopmanagers.;
Simplicityleadingtolesstimeandcostinvolved.;
Obsolescenceduetotechnologicaldevelopments.;
Moreliquidprojectsareratedhigher.8、CoraLewisisperformingananalysistodetermineifherfirmshouldinvestinnewequipmenttoproduceaproductrecentlydevelopedbyherfirm.Theoptionwouldbetoabandontheproduct.Sheusesthenetpresentvalue(NPV)methodanddiscountsatthefirm’scostofcapital.Coraiscontemplatinghowtohandlethefollowingitems:I.Thebookvalueofwarehousespacecurrentlyusedbyanotherdivision.II.Interestpaymentsondebttofinancetheequipment.III.Increasedlevelsofaccountspayableandinventory.IV.R&Dspentinprioryearsandtreatedasadeferredassetforbookandtaxpurposes.V.Purchasedpriceoftheequipment.VI.Thehurdlerate.WhichoftheaboveitemsarerelevantforCoratoconsiderindeterminingthecashflowsforherNPVcalculation?答案:II;
III;
V;
VI9、Whichoneofthefollowingcapitalinvestmentevaluationmethodstakesthetimevalueofmoneyintoconsideration?答案:Netpresentvalue.;
Discountedpayback.;
Internalrateofreturn.;
Modifiedinternalrateofreturn.10、Whichofthefollowingstatementaretrueforthecapitalbudget?答案:Financeliteraturesuggestsusingarisk-adjusteddiscountrate(RADR)orhurdleratewhenevaluatingprojectsthataltertheriskofthefirm.;
Hurdleratesareminimumratesofreturnfirmsrequireonprojectsinordertoadopttheprojects.;
TherateisdeterminedbymanagementignoresthefactthatmanagementmayemploytheWACCorotherreturninmakingthatdetermination.;
Mostfinancialmanagersusemorethanonetechniquetoevaluatethesameprojects.Chapter4.CapitalStructureandFinancingDecisions1、(此测试仅作为巩固练习,不计入期末成绩)Whichofthefollowingisnotexternalfinancing?答案:convertretainedearningsanddepreciationintoinvestments2、ThePecking-Ordertheoryholdsthatwhencompaniesfinancenewprojects,theywillgiveprioritytousing____.答案:internalfinancing3、Thecollocationofoperatingleverageandfinancialleverageshouldnotbe____.答案:highoperatingleveragecollocationhighfina
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