罗斯公司理财题库全集

1、Chapter 17capital structure : limits to the use of debtMultiple Choice Questions1.the explicit costs，such as the legal expenses，associated with corporate default are classified as _ _ _ _ _ costs。A.flotationB.beta conversionC.direct bankruptcyD.indirect bankruptcyE.unlevered2.the costs of avoiding a

2、 bank ruptcy filing by a financially distressed firm are classified as _ _ _ _ _ costs。A.flotationB.direct bankruptcyC.indirect bankruptcyD.financial solvencyE.capital structure3.the explicit costs associated with corporate default are refered to as the _ _ _ _ costs of a firm .A.flotationB.default

3、betaC.direct bankruptcyD.indirect bankruptcyE.financial distress4.indirect costs of financial distress :A.effectively limit the amount of equity a firm issues。B.serve as an incentive to increase the financial leverage of a firm。C.include direct costs such as legal and accounting fees。D.tend to incre

4、ase as the debt-equity ratio decreases。E.include the costs incurred by a firm as it tries to avoid seeking bank ruptcy protection。5.liquidating or reorganizationizing a firm operating in default is called a :的合法处理A.tender offer。B.bankruptcyC.梅杰。d . take over . take overE.proxy fight。6.the value of a

5、 firm is maximized when the :A.cost of equity is maximized。B.税率为零。C.lever ed cost of capital is maximized。D.weighted average cost of capital is minimized。E.debt-equity ratio is minimized。7.the optimal capital structure has been achieved when the :A.debt-equity ratio is equal to 1。B.weight of equity

6、is equal to the weight of de Bt。C.cost of equity is maximized given a pre-tax cost of de Bt。D.debt-equity ratio is such that the cost of debt exceds the cost of equity。E.debt-equity ratio selected results in the lowest possible weighted average cost of capital。8.in a world with taxes and financial d

7、istress，when a firm is operating with the optimal capital structure 3360I . the debt-equity ratio will also be optimal。二.the weighted average cost of capital will be at its minimal point .三.the required return on assets will be at its maximum point。四。the increated benefit from additional debt is equ

8、al to the increassed bank ruptcy costs of that de Bt .A.I and IV onlyB.II and III onlyC.I and II onlyD.II、III、and IV onlyE.I、II、and IV only9.optimal capital structure will tend to include more debt for firms with :A.the highest depreciation deductions。B.the lowest marginal tax rate。C.substanial tax

9、shields from other sources。D.lower probability of financial distress。E.less taxable income。10.the optimal capital structure of a firm _ _ _ _ _ the marketed claims and _ _ _ _ _ _ the non marketed claims andA.minimizesMinimizesB.minimizes最大化C.maximizesMinimizesD.maximizes最大化E.equates(leave blank)11.

10、the optimal capital structure :A.will be the same for all firms in the same industry。B.will remain constant over time unless the firm makes an acquisition。C.of a firm will vary over time as taxes and market conditions change。D.places more emphasis on the operations of a firm rather than the financia

11、ling of a firm。E.is unaffected by changes in the financial markets。12.the basic lesson of mm theory is that the value of a firm is dependent upon the :A.capital structure of the firm .B.total cash flows of the firm。C.percentage of a firm to which the bond holders have a claim。D.tax claim placed on t

12、he firm by the government。E.size of the stock holders claims on the firm。13.corporations in the u . s . tend to :A.minimize taxes。B.under utilize de bt。C.rely less on equity financing than they should。D.have exremely high debt-equity ratios。E.rely more heaviry on bonds than stocks as the major sourc

13、e of financialing。14.in general，the capital structures used by u . s . firms :A.tend to over weigh debt in relation to equity。B.are easily expained in terms of earnings volatiility。C.are easily expained by analyzing the types of assets owned by the various firms。D.tend to be those which maximize the

14、 use of the firms available tax shelters。E.vary significiency across industries。15.the mm theory with taxes implies that firms should issue maximum de Bt .in practice，this is not true because :A.debt is more risky than equity。B.bank ruptcy is a disadvantage to de Bt。C.firms will incur large agency c

15、osts of short term debt by issuing long term de Bt。D.both a and BE.both b and C16.although the use of debt provides tax benefits to the firm，debt also puts pressure on the firm to 3360A.meet interest and principal payments which，if not met，can put the company into financial distress。B.make dividend

16、payments which if not met can put the company into financial distress。C.meet both interest and dividend payments which when met increase the firm cash flow .D.meet increated tax payments there by increasing firm value。E.None of the above。17.given realistic estimates of the probability and cost of ba

17、nk ruptcy，the future costs of a possible bank ruptcy are borne by 3360A.all investors in the firm。B.debt holders only because if default occurs interest and principal payments are not made。C.shaeholders because debt holders will pay less for the debt providing less cash for the shaeholders .D.management because if the firm defaults they will lose their jobs。E.None of the erest between stockholders and bond holders are known as :A.特鲁斯科斯特。B.financial distress costs。C.dealer costs。D.agency costs。E.underwriting costs。19.one of the indirect costs of bank ruptcy is the incentive