Advanced Financial Management (AFM)学习通超星期末考试答案章节答案2024年

AdvancedFinancialManagement(AFM)学习通超星期末考试章节答案2024年1.[案例分许]ProjectAhasanNPVof–£10,000;itwillalsodevelopexpertisesothatEntraqwouldbereadytopenetratetheEuropeanmarketwithanimprovedproductinfouryears'time.Theexpectedcostattime4oftheinvestmentis£600,000.CurrentlytheEuropeanprojectisvaluedat0NPVbutmanagementbelievethateconomicconditionsinfouryears'timemaychangeandtheNPVcouldbepositive.Thestandarddeviationis30%,riskfreerateis4%,andthecostofcapitalis10%.RequiredEvaluatethevalueofthisoptiontoexpand.

答案:Pa=£600,000discountedbacktotime0at10%=£409,808Pe=£600,000T=4

r=0.04

s=0.30e-rT

=0.852d1

=-0.07d2

=-0.07–0.3×2=-0.67N(d1)=0.5–0.0279=0.4721N(d2)=0.5–0.2486=0.2514Optiontoexpand=(409,808x0.4721)–(600,000x0.2514x0.852)=£193,470-£128,516=£64,954ProjectAnowbecomesa+NPVproject(£64,954-10,000=£54,954)7.[案例分许]RequiredIfthemarketreturnisexpectedtobe8%andtherisk-freerateis4%ondebtwhichhasadebtbetaof0.2;whatisthecostofdebttothecompanyifthetaxrateis30%?

答案:rD=4+(0.2×(8–4))=4.8%Costtocompany=(1–0.3)×4.8%=3.4%6.[案例分许]Mantraplchas$100,0005%redeemabledebenturesinissue.Interestispaidannuallyon31December.Theex-interestmarketvalueofthestockon1January2007is$90andthestockisredeemableata10%premiumon31December2011.Corporationtaxis30%.RequiredWhatisthecostofdebt?

答案:Year

0

1~5

5cashflows

90

(3.5)

(110）DF（5%）

1

4.329

0.784PV

90

（15.15）（86.24)NPV1=11.39DF(10%)

1

3.791

0.621PV

90

（13.27）（68.31)NPV2=(8.42)InternalRateofReturntoCompany=5%+(0-11.39)/(-8.42-11.39)x5%=7.87%5.[案例分许]Bushplchas6%debenturesquotedat95%.

Corporationtaxat30%.Required

Whatisthecostofdebt?

答案:Costofdebttothecompany=4.4%4.[案例分许]Bushplchas6%debenturesquotedat95%.Required

Whatisthecostofdebt(ignoretax)?

答案:Costpretax=6/95=6.3%3.[案例分许]RequiredAssumethereisamarketpremiumforriskof8%,andtherisk-freerateis4%.(a)Whatistherequiredrateofreturnonasharewithanequitybetaof1.6?(b)Whatistherequiredrateofreturnonasharewithanequitybetaof0.8?

答案:Usethebetaofthecompany;1.6Ke

=4+(8x1.6)=16.8%Usethebetaof0.8Ke

=4+(8x0.8)=10.4%2.[案例分许](a)ABplchasjustpaidadividendof40ppershare,thishasgrownfrom30pfouryearsago.RequiredWhatistheestimatedcostofequitycapitalifthesharepriceis£8.20?(b)RSplchasjustpaidadividendpershareof30p.Thiswas50%ofearningspershare.In

turn,earningspersharewere20%ofnetassetspershare.Thecurrentsharepriceis150p.RequiredWhatisthecostofequitycapital?

答案:(a)30x(1+g)4=40∴g=7.46%ke

=12.7%(b)growth=50%x20%=10%pake=((30x1.1)/150)+0.1=32%1.[案例分许]Easyplchasjustpaida50pdividend;itssharepriceis£5.00anditsdividendgrowthrateis10%.RequiredEstimateEasy’scostofequity.

答案:Thecostofequityis21%3.[案例分许]Santoplcisaconstructioncompanyspecializinginresidentialhousing;ithasanequitybetaof1.3.Santoisplanningtomoveintocommercialconstruction.Gtexplcisaspecialistcommercialconstructioncompany–ithasabetaof1.5.corporatetaxrateis30%.

Santohasadebt:equityratioof1:20&Gtexplchasadebt:equityratioof1:1andabetavalueof1.5.Themarketpremiumforriskis8%andtherisk-freerateis4%.Taxis30%.Assumeacostofdebtof4%pretax.Required(a)CalculatetheassetbetaofGtex’sbeta(assumedebthasabetaofzero).(b)CanSantousethistocalculateitsKe?(c)

CalculatetheequitybetaforSanto’sshareholdersforthisproject.(d)Usetheequitybetaof0.913tocalculateSanto’scostofequityforthisproject.(e)CalculateSanto’sWACCforthisproject(rememberitsdebt:equityratioof1:20).

答案:(a)Assetbeta=1.5x(1/1.7)=0.882ThisreflectstheriskofGtex'sbusiness.(b)

Santo’sshareholdersfaceasmallamountoffinancialrisksotheassetbetaneedstobeadjusted.(c)

0.882=equitybetax(20/20.7)soequitybeta=0.882/0.966=0.913.(d)Ke

=4+(0.913x8)=11.30%(e)WACC=(11.30x20/21)+(4x(1-0.3)x1/21)=10.76+0.13=10.89%1.[案例分许]Berlapplcisfinancedby7million£1ordinarysharesand£8,000,0008%redeemabledebentureshavingmarketvaluesof£1.20exdivand£90%exinterestrespectively.Adividendof10phasjustbeenpaidandfuturedividendsareexpectedtogrowby5%.Thedebenturesareredeemableatparinfiveyears'time.RequiredIftaxationis30%,calculatetheWACC.

答案:Ke

=13.75%E=7m×1.2=£8.4mKd

:InternalRateofReturntocompanyperyearUsinglinearinterpolationIRR=8.27%D=8,000,000×90%=£7,200,000E=7mx£1.20=£8,400,000WACC=11.2%2.[案例分许]WmartplcplanstomakeabidfortheentiresharecapitalofAdaplc,acompanyinthesameindustry.Itisexpectedthatabidof£75millionfortheentiresharecapitalofAdaplcwillbesuccessful.TheacquisitionwillincreaseWmart'saftertaxoperatingcashflows(iepreinterest)overthenextfewyearsby:Year£m15.627.438.34onwards12.1

Bothcompanieshavesimilargearinglevelsof16.7%(debtasa%oftotalfinance)Adaplchas£15millionparvalueof5.75%irredeemabledebenturestradingatpar.Wmartplchasanequitybetaof2.178,theriskfreerateis5.75%andthemarketrateis10%.Corporationtaxisat30%.RequiredAssesswhethertheacquisitionwillenhanceshareholderwealthinWmartplc?(UsebothFCFFapproachandFCFEapproach)

答案:Approach11.[案例分许]Epsilonplcisconsideringaprojectthatwouldinvolveinvestmentof£11millionnowandwouldyield£2.9mperannum(aftertax)foreachofthenextfiveyears.TheprojectwillraiseEpsilon’sdebtcapacityby£8millionforthedurationoftheprojectataninterestrateof5%.Thecostsofraisingthisloanareestimatedat£200,000(netoftax).Thecompany’sexistingKeis12%andcorporationtaxis30%.Epsiloncurrentlyhasaratioof1:2formarketvalueofdebttomarketvalueofequity.

Required:Bycalculatin