权益证券投资：行业与公司分析(一)及答案解析.doc

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1、权益证券投资：行业与公司分析(一)及答案解析(总分：49.00，做题时间：90 分钟)一、单项选择题(总题数：49，分数：49.00)1.An analyst gathered the following information about a company: Net profit margin 4% Shareholders“ equity $1000000 Dividend payout ratio 33% Total assets $2500000 Net income $180000 The company“s potential (sustainable) growth rate

2、is closest to:（分数：1.00）A.2.6%.B.7.0%.C.12.0%.2.All of the following are advantages of using price/sales (P/S) multiple EXCEPT:（分数：1.00）A.Sales figures are not as easy to manipulate as earnings and book value, which are significantly affected by accounting conventions.B.P/S multiples are more reliabl

3、e because sales data cannot be distorted by management.C.P/S multiples provide a meaningful framework for evaluating distressed firms.3.Which of the following would be assessed first in a top-down valuation approach?（分数：1.00）A.Fiscal policy.B.Industry return on equity (ROE).C.Company return on equit

4、y (ROE).4.An analyst gathered the following annual data for SMG Corporation on 2004: Net profit margin 5% Total asset turnover 2.0% Total assets to equity 2.5% Net income $25000000 Dividends paid on common stock $10000000 The SMG Corporation“s estimated dividend growth rate is closest to:（分数：1.00）A.

5、10.0%.B.15.0%.C.20.0%.5.A company reported its latest annual report as following: Net income = $1000000 Total equity = $5000000 Total assets = $10000000 Dividend payout ratio =40% Based on the sustainable growth model, the most likely forecast of the company“s future earnings growth rate is:（分数：1.00

6、）A.12%.B.8%.C.4%.6.Which of the following accounting variables is least likely to be manipulated?（分数：1.00）A.Net income.B.Depreciation expense.C.Sales.7.Which of the following could be a growth stock?（分数：1.00）A.Expected return = required return.B.Expected return required return.C.Expected return requ

7、ired return.8.Technological changes are most likely to result in which of the following effects? Evolving technology is likely to result in changes in:（分数：1.00）A.educational curriculum only.B.educational curriculum and the relative demand for various products.C.the relative demand for various produc

8、ts only.9.A defensive stock is best characterized as:（分数：1.00）A.being heavily influenced by aggregate business activity.B.generally retaining a large portion of earnings.C.having low systematic risk.10.Which of the following statements regarding a country risk premium is TRUE?（分数：1.00）A.Country risk

9、 arises from expected economic and political events.B.Firms in different countries assume significantly different financial risk.C.Exchange rate risk is relatively small and can be ignored.11.Assume that the expected dividend growth rate (g) for a firm decreased from 5% to zero. Further, assume that

10、 the firm“s cost of equity (k) and dividend payout ratio will maintain their historic levels. The firm“s P/E ratio will most likely:（分数：1.00）A.become undefined.B.increase.C.decrease.12.Use the following information and the dividend discount model to find the value of GoFlower, Inc. “s, common stock?

11、 Last year“s dividend was $ 3.10 per share. The growth rate in dividends is estimated to be 10 percent forever. The return on the market is expected to be 12 percent. The risk-free rate is 4 percent. Go Flower“s beta is 1.1.（分数：1.00）A.$121.79.B.$34.95.C.$26.64.13.Given the following information, com

12、pute price/sales. Book value of assets = $550000 Total sales = $200000 Net income = $20000 Dividend payout ratio = 30% Operating cash flow = $40000 Price per share = $100 Shares outstanding = 1000 Book value of liabilities = $500000（分数：1.00）A.2.00X.B.2.50X.C.0.50X.14.Dot-com companies are often valu

13、ed by applying the _ ratio.（分数：1.00）A.Price/Sales.B.Price/Earnings.C.Price/Cash Flow.15.All of the following are drawbacks to using price-to-book value (P/BV) as a valuation technique EXCEPT:（分数：1.00）A.P/BV valuation may give a misleading comparison of different types of business models.B.P/BV is an

14、 unstable measure of valuation.C.P/BV valuation does not adequately account for the positive impact of R this stock“s beta would be less than 1.10.Which of the following statements regarding a country risk premium is TRUE?（分数：1.00）A.Country risk arises from expected economic and political events.B.F

15、irms in different countries assume significantly different financial risk. C.Exchange rate risk is relatively small and can be ignored.解析：Country risk arises from unexpected not expected economic and political events. Exchange rate risk must always be taken into account.11.Assume that the expected d

16、ividend growth rate (g) for a firm decreased from 5% to zero. Further, assume that the firm“s cost of equity (k) and dividend payout ratio will maintain their historic levels. The firm“s P/E ratio will most likely:（分数：1.00）A.become undefined.B.increase.C.decrease. 解析：The P/E ratio may be defined as:

17、 Payout ratio/(k-g), so if k is constant and g goes to zero, the P/E will decrease.12.Use the following information and the dividend discount model to find the value of GoFlower, Inc. “s, common stock? Last year“s dividend was $ 3.10 per share. The growth rate in dividends is estimated to be 10 perc

18、ent forever. The return on the market is expected to be 12 percent. The risk-free rate is 4 percent. Go Flower“s beta is 1.1.（分数：1.00）A.$121.79. B.$34.95.C.$26.64.解析：The required return for Go Flower is 0.04+1.1(0.12-0.04)=0.128 or 12.8%. The expect dividend is $3.101.10=$3.41. Go Flower“s common st

19、ock is then valued using the infinite period dividend discount model (DDM) as $3.41/(0.128-0.10)=$121.79.13.Given the following information, compute price/sales. Book value of assets = $550000 Total sales = $200000 Net income = $20000 Dividend payout ratio = 30% Operating cash flow = $40000 Price pe

20、r share = $100 Shares outstanding = 1000 Book value of liabilities = $500000（分数：1.00）A.2.00X.B.2.50X.C.0.50X. 解析：Market value of equity = $1001000=$100000 Price/Sales = $100000/$200000=0.50X14.Dot-com companies are often valued by applying the _ ratio.（分数：1.00）A.Price/Sales. B.Price/Earnings.C.Price

21、/Cash Flow.解析：Since dot-corn companies frequently have negative earnings and cash flows, they are often valued using a multiple of sales.15.All of the following are drawbacks to using price-to-book value (P/BV) as a valuation technique EXCEPT:（分数：1.00）A.P/BV valuation may give a misleading compariso

22、n of different types of business models.B.P/BV is an unstable measure of valuation. C.P/BV valuation does not adequately account for the positive impact of R $2.10/0.11=$19.09.39.A firm is expected to have four years of growth with a retention ratio of 100 percent. Afterwards the firm“s dividends ar

23、e expected to grow 4 percent annually, and the dividend payout ratio will be set at 50 percent. If earnings per share (EPS)=$2.4 in year 5 and the required return on equity is 10 percent, what is the stock“s value today?（分数：1.00）A.$20.00.B.$30.00.C.$13.66. 解析：Dividend in year 5 = (EPS) ( payout rati

24、o) =2.40.5=1.2 P 4 =1.2/(0.1-0.04)=1.2/0.06=$20 P 0 =PV/(P 4 )=$20/(1.10) 4 =$13.6640.An argument against using the price to cash flow (P/CF) valuation approach is that:（分数：1.00）A.cash flows are not as easy to manipulate or distort as EPS and book value.B.non-cash revenue and net changes in working

25、capital are ignored when using earnings per share (EPS) plus non-cash charges as an estimate. C.price to cash flow ratios are not as volatile as price-to-earnings (P/E) multiples.解析：Items affecting actual cash flow from operations are ignored when the EPS plus non-cash charges estimate is used. For

26、example, non-cash revenue and net changes in working capital are ignored. The other responses are arguments in favor of using the price to cash flow approach.41.Assuming that the risk-free rate is 5 percent, the expected return on the market is 10 percent, and the stock“s beta is 0.5, what is the va

27、lue of a stock that paid a $ 0. 30 dividend last year, if dividends are expected to grow at a rate of 6 percent forever?（分数：1.00）A.$15.00.B.$16.63.C.$21.20. 解析：The discount rate is k =0.05+0.5(0.10-0.05)=0.075. Use the infinite period dividend discount model to value the stock. The stock value =D 1

28、/(k-g)=(0.301.06)/(0.075-0.06)=$21.20.42.One advantage of using price-to-book value multiples for stock valuation is that:（分数：1.00）A.most of the time it is close to the market value.B.it is a stable and simple benchmark for comparison to the market price. C.accounting standards for assets are always

29、 consistent across firms.解析：Book value provides a relatively stable measure of value that can be compared to the market price. For investors who mistrust the discounted cash flow estimates of value, it provides a much simpler benchmark for comparison. Book value may or may not be closer to the marke

30、t value, and accounting standards for assets also vary from firm to firm (At times, firms may use different methods for accounting depreciation. ).43.The preferred stock of the Delco Investments Company has a par value of $150 and a dividend of $11.50. A shareholder“s required return on this stock i

31、s 14%. What is the maximum price he would pay?（分数：1.00）A.$82.14. B.$150.00.C.$54.76.解析：Value of preferred = D/kp = $11.50/0.14=$82.14.44.A company has a “0“ earnings retention rate, the firm“s P/E ratio will equal:（分数：1.00）A.1/k. B.D/P+g.C.k+g.解析：P/E = dividend payout ratio/(k-g) where g=( retention

32、 rate) (ROE) =(0)(ROE)=0 Dividend payout=1-retention ratio =1-0=1 P/E=1/(k-0)=1/k45.An analyst gathered the following information about a common stock: Annual dividend per share $2.10 Risk free rate 7% Risk premium for this stock 4% If the annual dividend is expected to remain at $2.10, the value of

33、 the stock is closest to:（分数：1.00）A.$19.09. B.$30.00.C.$52.50.解析：P=D/(k-g), but here g=0. k=risk free rate +equity risk premium, so k=7%+4%=11% P=$2.10/0.11=$19.09 Note D over (k-g) when g=0 is the same as the preferred stock valuation model.46.When the government reallocates spending based upon a d

34、ecision to promote new and developing industries, this would be categorized as:（分数：1.00）A.a structural change. B.monetary policy.C.a cyclical change.解析：Structural changes include government activity, such as changes in spending and regulations that are designed to promote or inhibit specific economi

35、c activities.47.Which of the following statements concerning security valuation is FALSE?（分数：1.00）A.Accounting methods may differ substantially between countries.B.To value any security, you need to know the projected cash flows, their timing, and the required rate of return.C.If the return on new i

36、nvestments is less than the return the firm is earning on its existing investments, the firm is considered a growth firm. 解析：If the return on new investments is greater than the return the firm is earning on its existing investments, the firm is considered to be a growth firm.48.Which of the followi

37、ng is NOT an advantage of using price-to-book value multiples in stock valuation?（分数：1.00）A.Book value provides a relatively stable, intuitive measure of value.B.P/B ratios can be compared across similar firms if accounting standards are consistent.C.Book values are very meaningful for firms in serv

38、ice industries. 解析：Book values are not very meaningful for firms in service industries.49.An analyst has made the following estimates for a stock: Dividends over the next year 0.60 Long-term growth rate 13% Intrinsic value $24 The shares are currently priced at $22. Assuming the stock price moves to intrinsic value over the next year, what is the expected return on the stock?（分数：1.00）A.9.1%.B.11.8%. C.15.7%.解析：(24-22+0.60)/22=11.8%.