公司财务(一)及答案解析.doc

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1、公司财务(一)及答案解析(总分：14.00，做题时间：90 分钟)一、B单项选择题/B(总题数：1，分数：14.00)An analyst has gathered the following data about a company with a 12 percent cost of capital. Project A Project BInitial cost $15000 $20000Life 5years 4yearsCash inflows $5000/year $7500/year（分数：14.00）(1).If the projects are independent, the

2、 company should: A. accept both projects. B. accept project A and reject project B. C. reject project A and accept project B.（分数：1.00）A.B.C.D.(2).If the projects are mutually exclusive, the company should: A. accept both projects. B. accept A and reject B. C. reject A and accept B.（分数：1.00）A.B.C.D.(

3、3).Which of the following might be an undesirable trait of a member of the board of directors? A. Experience with the technologies, products, and services the firm offers. B. Positive public statements regarding an individuals ethical viewpoints. C. Service on the board for more than 10 years.（分数：1.

4、00）A.B.C.D.(4).In order to more accurately estimate the cost of equity for a company situated in a developing market, an analyst should: A. add a country risk premium to the market risk premium when using the capital asset pricing model (CAPM). B. add a country risk premium to the risk-free rate whe

5、n using the capital asset pricing model. C. use the yield on the sovereign debt of the developing country instead of the market risk premium when using the capital asset pricing model.（分数：1.00）A.B.C.D.(5).Which of the following firms is most likely to have a board of directors that considers the bes

6、t interest of all shareholders? A. Firms that assign a single vote to each share, but not firms with different classes of common equity with supermajority rights given to one class. B. Firms that assign a single vote to each share, and firms with different classes of common equity with supermajority

7、 rights given to one class. C. Firms with different classes of common equity with supermajority rights given to one class, but not firms that assign a single vote to each share.（分数：1.00）A.B.C.D.(6).A firm is reviewing an investment opportunity that requires an initial cash outlay of $336, 875 and pr

8、omises to return the following irregular payments:Year 1 : $100000Year 2 : $82000Year 3 : $76000Year 4 : $111000Year 5 : $142000If the required rate of return for the firm is 8 percent, what is the net present value of the investment? A. $86133. B. $99860. C. $64582.（分数：1.00）A.B.C.D.(7).A firm has $

9、4 million in outstanding bonds that mature in four years, with a fixed rate of 7.5% (assume annual payments). The bonds trade at a price of $98 in the open market. The firms marginal tax rate is 35 %. Using the bond-yield plus method, what is the firms cost of equity risk assuming an add-on of 4%? A

10、. 13.34%. B. 11.50%. C. 12.11%.（分数：1.00）A.B.C.D.(8).Which item is least likely assumed to be a constant percentage of sales on a pro forma balance sheet? A. Inventory. B. Long-term debt. C. Accounts payable.（分数：1.00）A.B.C.D.(9).The most accurate way to account for flotation costs when issuing new eq

11、uity to finance a project is to : A. increase the cost of equity capital by dividing it by ( 1 - flotation cost). B. adjust cash flows in the computation of the project NPV by the dollar amount of the flotation costs. C. increase the cost of equity capital by multiplying it by ( 1 + flotation cost).

12、（分数：1.00）A.B.C.D.(10).A properly qualified board member is of vital importance to proper corporate governance within a firm. Board members who lack the requisite skills, knowledge and expertise to conduct a thorough review of the firms activities are: A. more likely to consult with outside interests

13、 to assist in decision-making. B. more likely to be “unpaid“ board members. C. more likely to defer to management when making decisions.（分数：1.00）A.B.C.D.(11).A company is considering a $10000 project that will last 5 years.Annual after tax cash flows are expected to be $3000Target debt/equity ratio

14、is 0.4Cost of equity is 12%Cost of debt is 6%Tax rate 34%What is the projects net present value (NPV) ? A. + $1460. B. + $1245 C.$0.（分数：1.00）A.B.C.D.(12).Which of the following statements concerning Board committees is FALSE? A. The audit committee has authority over the procedures used to audit the

15、 entire corporate group including subsidiaries and affiliates. B. The compensation committee should consist of independent members and link executive compensation to long-term performance. C. Members of the audit committee should be independent experts in accounting and finance.（分数：1.00）A.B.C.D.(13)

16、.If a company has a net profit margin of 15 percent, an asset turnover ratio of 4.5 and a ROE of 18 percent, what is the equity multiplier? A. 0.523. B. 0.267. C. 2.667.（分数：1.00）A.B.C.D.(14).Corporate governance is the set of internal controls, processes and procedures defining how a firm is managed

17、. Which of the following statements concerning corporate governance is FALSE? A. Corporate governance defines the appropriate rights, roles and responsibilities of management, the board, and stakeholders within a firm. B. Good corporate governance means that the board can work effectively with manag

18、ement. C. Good corporate governance practices seek to ensure that the board protects shareholder interests.（分数：1.00）A.B.C.D.公司财务(一)答案解析(总分：14.00，做题时间：90 分钟)一、B单项选择题/B(总题数：1，分数：14.00)An analyst has gathered the following data about a company with a 12 percent cost of capital. Project A Project BIniti

19、al cost $15000 $20000Life 5years 4yearsCash inflows $5000/year $7500/year（分数：14.00）(1).If the projects are independent, the company should: A. accept both projects. B. accept project A and reject project B. C. reject project A and accept project B.（分数：1.00）A. B.C.D.解析：Independent projects accept all

20、 with + NPV or IRR cost of capital, NPV A) = 3024 ( NPV computation is easy-treat cash flows as an annuityN = 5; I=12 ; PMT = 5000 ; FV = 0 ; CPT PV =18024NPV = 18024 - 15000 =3024), NPV B = 2780 (NPV-treat cash flows as an annuity, N = 4 ; I = 12 ; PMT = 7500 ; FV = 0 ; CPT PV = 22780NPV = 22780 -

21、20000 = 2780).(2).If the projects are mutually exclusive, the company should: A. accept both projects. B. accept A and reject B. C. reject A and accept B.（分数：1.00）A.B. C.D.解析：Accept the project with the higher NPV.(3).Which of the following might be an undesirable trait of a member of the board of d

22、irectors? A. Experience with the technologies, products, and services the firm offers. B. Positive public statements regarding an individuals ethical viewpoints. C. Service on the board for more than 10 years.（分数：1.00）A.B.C. D.解析：Service on the board for more than 10 years may indicate knowledge and

23、 experience, but may result in a member becoming too close to management.(4).In order to more accurately estimate the cost of equity for a company situated in a developing market, an analyst should: A. add a country risk premium to the market risk premium when using the capital asset pricing model (

24、CAPM). B. add a country risk premium to the risk-free rate when using the capital asset pricing model. C. use the yield on the sovereign debt of the developing country instead of the market risk premium when using the capital asset pricing model.（分数：1.00）A. B.C.D.解析：In order to reflect the increased

25、 risk when investing in a developing country, a country risk premium is added to the market risk premium when using the CAPM.(5).Which of the following firms is most likely to have a board of directors that considers the best interest of all shareholders? A. Firms that assign a single vote to each s

26、hare, but not firms with different classes of common equity with supermajority rights given to one class. B. Firms that assign a single vote to each share, and firms with different classes of common equity with supermajority rights given to one class. C. Firms with different classes of common equity

27、 with supermajority rights given to one class, but not firms that assign a single vote to each share.（分数：1.00）A. B.C.D.解析：Firms that assign one vote to each share are more likely to have a board that considers the best interest of all shareholders. Firms with dual classes of common equity where supe

28、rmajority rights are given to one class are likely to have boards that focus on the interests of the supermajority shareholders.(6).A firm is reviewing an investment opportunity that requires an initial cash outlay of $336, 875 and promises to return the following irregular payments:Year 1 : $100000

29、Year 2 : $82000Year 3 : $76000Year 4 : $111000Year 5 : $142000If the required rate of return for the firm is 8 percent, what is the net present value of the investment? A. $86133. B. $99860. C. $64582.（分数：1.00）A.B.C. D.解析：In order to determine the net present value of the investment, given the requi

30、red rate of return, we can discount each cash flow to its present value, sum the present value, and subtract the required investment. Year Cash Flow PV of Cash flow at 8%0 -336875.00 -336875.001 100000.00 92592.592 82000.00 70301.783 76000.00 60331.254 111000.00 81588.315 142000. O0 96642.81Net Pres

31、ent Value 64581.74(7).A firm has $4 million in outstanding bonds that mature in four years, with a fixed rate of 7.5% (assume annual payments). The bonds trade at a price of $98 in the open market. The firms marginal tax rate is 35 %. Using the bond-yield plus method, what is the firms cost of equit

32、y risk assuming an add-on of 4%? A. 13.34%. B. 11.50%. C. 12.11%.（分数：1.00）A.B.C. D.解析：If the bonds are trading at $98, the required yield is 8.11% , and the market value of the issue is $3.92 million. To calculate this rate using a financial calculator ( and figuring the rate assuming a $100 face va

33、lue for each bond), N=4, PMT=7.5 =(0.075 100), FV=100, PV = -98, CPT I/Y = 8.11. By adding the equity risk factor of 4% , we compute the cost of equity as 12.11%.(8).Which item is least likely assumed to be a constant percentage of sales on a pro forma balance sheet? A. Inventory. B. Long-term debt.

34、 C. Accounts payable.（分数：1.00）A.B. C.D.解析：The projected level of long-term debt will depend on the financing need or surplus that results from the net income projection and the assumptions about how the surplus will be used or the need will be financed. Current assets, long-term assets, and current

35、liabilities are all more likely to grow proportionately with sales.(9).The most accurate way to account for flotation costs when issuing new equity to finance a project is to : A. increase the cost of equity capital by dividing it by ( 1 - flotation cost). B. adjust cash flows in the computation of

36、the project NPV by the dollar amount of the flotation costs. C. increase the cost of equity capital by multiplying it by ( 1 + flotation cost).（分数：1.00）A.B. C.D.解析：Adjusting the cost of equity for flotation costs is incorrect because doing so entails adjusting the present value of cash flows by a fi

37、xed percentage over the life of the project. In reality, flotation costs are a cash outflow that occurs at the initiation of a project. Therefore, the correct way to account for flotation costs is to adjust the cash flows in the computation of project NPV, not the cost of equity. The dollar amount o

38、f the flotation cost should be considered an additional cash outflow at initiation of the project.(10).A properly qualified board member is of vital importance to proper corporate governance within a firm. Board members who lack the requisite skills, knowledge and expertise to conduct a thorough rev

39、iew of the firms activities are: A. more likely to consult with outside interests to assist in decision-making. B. more likely to be “unpaid“ board members. C. more likely to defer to management when making decisions.（分数：1.00）A.B.C. D.解析：Board members must be properly qualified, having the knowledge

40、 and experience which is required to advise management in light of the firms specific situations encountered. The other answers are incorrect.(11).A company is considering a $10000 project that will last 5 years.Annual after tax cash flows are expected to be $3000Target debt/equity ratio is 0.4Cost

41、of equity is 12%Cost of debt is 6%Tax rate 34%What is the projects net present value (NPV) ? A. + $1460. B. + $1245 C.$0.（分数：1.00）A. B.C.D.解析：First, calculate the weights for debt and equitywd+we=1we=1-wdwd/we=0.40wd=0.40(1-wd)wd=0.40-0.40wd1.40wd=0.40wd=0.286, we=0.714Second, calculate WACCWACC=(we

42、kd)(1-t)+(weke)=(0.2860.060.66)+(0.7140.12)= 0.0113+0.0857=0.0970Third, calculate the PV of the project cash flowsN=5, PMT=-3000, FV=0, I/Y=9.7, CPT PV=11460And finally, calculate the project NPV by subtracting out the initial cash flow NPV=11460-$10000= $1460(12).Which of the following statements c

43、oncerning Board committees is FALSE? A. The audit committee has authority over the procedures used to audit the entire corporate group including subsidiaries and affiliates. B. The compensation committee should consist of independent members and link executive compensation to long-term performance.

44、C. Members of the audit committee should be independent experts in accounting and finance.（分数：1.00）A. B.C.D.解析：The independent auditor has authority over the audit procedures. The audit committee is responsible for hiring and supervising the independent auditor.(13).If a company has a net profit mar

45、gin of 15 percent, an asset turnover ratio of 4.5 and a ROE of 18 percent, what is the equity multiplier? A. 0.523. B. 0.267. C. 2.667.（分数：1.00）A.B. C.D.解析：There are many different ways to illustrate ROE one of which is : ROE = ( net profit margin) ( asset turnover) ( equity multiplier) 0.18 = (0.15

46、) (4.5) (equity multiplier) 0.18/ (0.15) (4.5) = equity multiplier 0.18/0.675 = equity multiplier 0.18/0.675 = 0.267(14).Corporate governance is the set of internal controls, processes and procedures defining how a firm is managed. Which of the following statements concerning corporate governance is

47、 FALSE? A. Corporate governance defines the appropriate rights, roles and responsibilities of management, the board, and stakeholders within a firm. B. Good corporate governance means that the board can work effectively with management. C. Good corporate governance practices seek to ensure that the board protects shareholder interests.（分数：1.00）A.B. C.D.解析：The board of directors must be able to act independently from management. The other statements concerning corporate governance are true.