《公司金融》期末复习试题及答案.docx

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1、第五章16 .计算报酬率再看看我们在本章开头所讨论的TMCC证券：a.基于24 099美元的价格，TMCC所付的借款利率是多少？b.在2020年3月28日，该证券的价格是38 260美元。如果一个投资者在发行之初以24 099 美元买得，并在这一天卖出，那么她所赚取的年报酬率是多少？c.如果一个投资者在2020年3月28日买入该证券，并一直持有至到期，那么她所赚取的年 报酬率是多少？To answer this question, we can use either the FV or the PV formula. Both will give the same answer since t

2、hey are the inverse of each other. We will use the FV fbnnula, that is:fv=pv(i +Solving fbr r. we get:r = (FV/PV)T- 1a. PV = $100,000 / (1 + r)30 = $24,099r = ($100,000 / $24099严 _ 1=0486 or 4 86%b. PV = $38,260/(I + r)i2 = $24,099r = ($38.260 / $24.099严 一 i 二 .0393 or 3.93%c. PV = $100.000 /(l + r)

3、18 = $38,260r = ($100,000 / $38,260)1/18- 1 = .0548 or 5.48%.计算现值假定你仍然希望拥有一辆价值170 000美元的法拉利(见第9题)。如果你相 信你的共同基金可以到达12%的年报酬率，而且你想在9年后，当你满30岁时购买这辆汽车， 那么，现在你必须投资多少钱？To find the PV of a lump sum, we use:PV = FV / (1 +PV = $170,000 /(1.12)9 = $61,303.70.计算终值你刚将第一笔4 000美元存入你的个人退休金账户。假定你可以赚取11%的报 酬，而且不再追加任何

4、存款，那么，45年后你的账户将有多少钱？如果你在10年后才存进 这笔钱呢？(这个建议是一项投资策略吗？)To find the FV of a lump sum, we use:fv = pv(i+FV = $4,000(1.11)45FV = $4,000(1.11)35 = $154,299.40Better start early!20.计算期数你预计将在2年后毕业时收到10 000美元。你计划以10%的利率将这笔钱再投 资，直到你拥有75 000美元。请问，从现在开始，你还要等多长时间？B: 540,000 = S19.000/(l+IRR) + $ 12.000/( 1+IRR)2

5、+ $ 18,000/(1+IRR)3 + $10,500/(l+IRR)4Using a spreadsheet, financial calculator, or trial and euor to find the root of the equation, we find that:IRR= 19.50%IRR decision mle implies we accept project B because IRR for B is greater than IRR fbr A.e. The profitability index fbr each project is:A: PI =

6、 ($20,000/1.15 + S50.000/1.152 + $50.000/1.153 + S390.000/1.154) / S300.000 = 1.037PI = ($19,000/1.15 + SI2.000/1.152 + $18.000/1.153 + S10,500/1.154) / $40,000 = 1.086Profitability index criterion implies accept project B because its PI is greater than project A s./ In this instance, the NPV criter

7、ia implies that you should accept project A, while profitability index, payback period, discounted payback, and IRR imply that you should accept project B. The final decision should be based on the NPV since it does not have the ranking problem associated with the other capital budgeting teclmiques.

8、 Therefore, you should accept project A.19.修正内部收益率法Slow Ride公司采用以下现金流资料来评估某个工程：(金额单位：美元)年份现金流0-1600061001 78008400(续)年份现金流2 6 500-5 100公司所有工程采用10%的利率，运用全部三种方法计算工程的修正内部收益率。Tlie MIRR fbr the project with all tluee approaches is:Discounting approach:In the discoimting approach, we find the value of all

9、 cash outflows to time 0, wlule any cash inflows remain at the time at wluch they occur. So, the discountmg the cash outflows to time 0, we find:Tnne 0 cash flow = -SI6.000 - S5,100 I IOTune 0 cash flow = -$19,166.70So, the MIRR using the discounting approach is:0 = 一 $19,166.70 + S6400/(l+MIRR) + $

10、7,800/(l+lvnRR)2 + $8,400/(1-NflRR)3 + 6.500/(l+MIRR)4Using a spreadsheet, financial calculator, or trial and en or to find the root of the equation, we find that:NflRR= 18.18%Reinvesnrient approach:In the reinvestment approach, we find the fixture value of all cash except the mitial cash flow at th

11、e end of the project. So, reinvestmg the cash flows to tune 5, we find:Tune 5 cash flow = $6,100(1.104) + $7.800(1.103) + $8,400(1.102) + $6,500(1.10) - S5J00Tune 5 cash flow = $31,526.81So, the MIRR using the discoiuitmg approach is:0 = -$16.000 + S3L526.81/(1+MIRR)$S3L526.81 / $16.000 = (1+MIRR)5M

12、IRR = ($31,526.81 / $16,000严- 1MIRR =.1453 or 14.53%Combination approach:In the combination approach, we find the value of all cash outflows at time 0. and the value of all cash inflows at the end of the project. So, the value of the cash flows is:Tune0cashflov = -S16r000-S5,100 1.10?Time 0 cash flo

13、w = -$19,166.70Tune 5 cash flow = $6,100(1.104) + $7,800(1.103) + $8,400(1.102) + $6,500(1.10)Tune 5 cash flow = $36,626.81So, the MIRR using the discountmg approach is:0 = 一$19,166.70 + S36,626.81/(1+MIRR)5S36.626.81 / $19,166.70 = (1+MIRR)5MIRR = ($36,626.81 / S19.166.70)- 34 000- 1MIRR =.1383 or

14、13.83%22.现金流量直觉一个工程的初始本钱为I,必要报酬率为R,每年支付C,共N年。a.用I和N来表示C,使得工程的回收期正好等于它的年限。b.用I、N和R来表示C,使得在NPV决策法那么下，这是个有利可图的工程。c.用I、N和R来表示C,使得工程的本钱效益比率等于2。a. To have a payback equal to the project-s life, given Cis a constant cash flow forNyears:C = I/Nb. To have a positive NPV, I I / (PVIFA.c. Benefits = C (PVIFAk。

15、 3 = 2 x costs = 21C=2I/(PVIFArn)26.内部收益率法的问题 某工程的现金流情况如下：(金额单位：美元)年份现金流（单位：美元）26.计算2009年来自资产的现金流量、流向债权人的现金流量和流向股东的现金流量。2008年2009 年销售收入7 2338 085折旧1 0381 085产品销售本钱2 4872 942其他费用591515利息485579现金3 7924 041应收账款5 0215 892短期应付票据732717长期债务12 70015 435固定资产净值31 80533 921应付账款3 9844 025存货8 9279 555股利8821 on25

16、.编制该公司2008年和2009年的财务报表oBalance sheet as of Dec. 3L 2008Cash$3,792Accounts payableS3.984Accounts receivable5.021Notes payable732Inventoiy8,927Cunent liabilitiesS4.716Cunent assets$17,740Lona-term debt$12.700Net fixed assets$31,805Owners* equity32,129Total assets$49,545Total liab. & equity$49.545Balan

17、ce sheet as of Dec. 31. 2009Cash$4.041Accounts payableS4.025Accounts receivable5.892Notes payable717Inventoiy9,555Cunent liabilities$4,742Cunent assets$19.488Lona-term debt$15.435Net fixed assets$33,921Owners* equity33,232Total assets$53.409Total liab. & equity$53.4092008 Income Statement2009 Income

18、 StatementSales$7,233.00SalesCOGSCOGSOther expenses591.00Other expenses515.00Depreciation L038.00DepreciationL085.00EBIT$3,117.00EBITInterest485.00Interest579.00EBT$2,632.00EBT$2,964.00Taxes (34%)894.88Taxes (34%)L007.76Net income$1,737.12Net incomeDividends$882.00DividendsAdditions to RE855.12Addit

19、ions to RE945.24OCF = EBIT + Depreciation - Taxes = $3,543 + 1.085 - 1,007.76 = $3,620.24Change in NWC = NWCend - NWCbeg = (CA - CL) 一(CA - CL)beg =($19.488 - 4.742) - ($17,740 - 4,716) = 51,722Net capital spending = NFAena - NFAbeg + Depreciation =$33,921 -31,805 + 1,085 = $3,201Cash flow fiom asse

20、ts = OCF - Change in NWC - Net capital spending =$3.620.24 - 1,722 - 3,201 = -$1,302.76Cash flow to creditors = Interest - Net new LTDNet new LTD = LTDend - LTDbegCash flow to creditors = S579 一 ($15,435 - 12,700) = -$2,156Net new equity = Conmion stockeUd - Common stockbe?Conunon stock + Retained e

21、arnings = Total owners equityNet new equity = (OE - RE) (OE - RE) begendendREend = REbeg + Additions to RE08Net new equityNet new equity=OEenj OEbeg + REb= 一 RE=OEend - OEbeg + REbeg - (REbeg + Additions to RE08)=OEend - OEbeg - Additions to RE=$33,232 - 32J29 - 945.24 = $157.76CFS = Dividends - Net

22、 new equity CFS = $1,011 - 157.76 = $853.24As a check, cash flow from assets is 一$1,302.76.CFA = Cash flow from creditors + Cash flow to stockholders CFA = - $2,156 + 853.24 = -$1,302.7621.Cusic产业公司2005年的经营成果如下：销售收入二22 800美元；产品销售本钱二16 050美 元；折旧费=4 050美元；利息费用=1830美元；支付的股利= 1300美元。年初的固定资产净 值为13 650美元,

23、流动资产为4 800美元,流动负债为2 700美元。年末的固定资产净值为16 800 美元，流动资产为5 930美元，流动负债为3 150美元。2009年的税率为34%。a. 2009年的净利润是多少？b. 2009年的经营现金流量是多少？c.2009年来自资产的现金流量是多少？这可能吗？加以说明。d.如果该年没有发行新债，流向债权人的现金流量是多少？流向股东的现金流量是多少？ 解释此题中a和b答案的正负号。CLIncome StatementSales$22,800Cost of aoods sold16.050Depreciation4.050EBIT$ 2500InterestL830T

24、axable income$ 870Taxes (34%)296Net incomeS 574b. OCF = EBIT + Depreciation - Taxes=$2,700 + 4.050 - 296 = $6,454c. Change in NWC = NWCd NWC限=(CAend CLend) (CAbeg CLbeg) =($5,930 一 3,150) 一 ($4,800 一 2,700) = S2,780-2,100 = S680Net capital spending = NF A. - NFAbes + Depreciation =$16,800- 13,650+ 4

25、,050 = $7,200CFA = OCF - Change in NWC - Net capital spending =$6,454 - 680 - 7,200 = -$ L426The cash flow from assets can be positive or negative, since it represents whether the firm raised fimds or distnbuted fimds on a net basis. In this problem, even though net income and OCF are positive, the

26、film invested heavily m both fixed assets and net working capital; it had to raise a net S 1,426 in fimds fiom its stockliolders and creditors to make these investments.d. Cash flow to creditors= Interest - Net new LTD = $1,830 -0 = $L830Cash flow to stockliolders= Cash flow from assets - Cash flow

27、to creditors= -$1,426- L830 =-$3,256We can also calculate the cash flow to stockholders as:Cash flow to stockliolders = Dividends - Net new equitySolving fbr net new equity, we get:Net new equity= $1,300 - (-3,256) = $4,556The firni had positive earnings in ail accountmg sense (NI 0) and had positiv

28、e cash flow fiom operations. The film invested S680 in new net working capital and S7,200 ill new fixed assets. The firm had to raise SI,426 from its stakeholders to suppon tins new investment. It accomplished tliis by raising S4,556 in the fonn of new equity. After paying out SI,300 of tins in the

29、fonn of dividends to shareholdeis and $1.830 in the form of interest to creditors, $1.426 was left to meet the filins cash flow needs fbr investment.第10章13.工程评估Dog Up! Franks正在考虑一条安装费用为560 000美元的香肠生产线。这笔成 本将在工程的5年寿命内采用直线法折旧完毕，届时该生产线的残值为85 000美元。这条 生产线每年可以为公司节约165 000美元的税前运转本钱，但是需要29 000美元的初始净营 运资本性投

30、资。如果税率为34%,贴现率为10%,这个工程的NPV是多少？First we will calculate the annual depreciation of the new equipment. It will be:Aimual depreciation = $560,000 5Aimual depreciation = $112,000Now, we calculate the aftertax salvage value. The aftertax salvage value is the maiket price minus (or plus) the taxes on the

31、sale of the equipment, so:Aftertax salvage value = MV + (BV- MV)kVeiy often the book value of the equipment is zero as it is in this case. If the book value is zero, the equation for the aftertax salvage value becomes:Aftertax salvage value = MV + (0 - MV)tcAftertax salvage value = MV(1 - k)We will

32、use this equation to find the aftertax salvage value since we know the book value is zero. So, the aftertax salvage value is:Aftertax salvage alue = S85,000(l - 0.34)Aftertax salvage value = S56.100Using the tax shield approach, we find the OCF for the project is:OCF = $165,000(1 - 0.34) + 0.34(5112

33、,000) OCF = $146.980Now we can find the project NPV. Notice we include the NWC in the initial cash outlay. The recoveiy of the NWC occurs in Year 5, alono with the aftertax salvage value.NPV = -S560.000 - 29.000 + $146.98O(PVIFAio5)+ (S56.100 + 29.000) / 1.105NPV = $2 L010.2422.计算投标价格 某工程在今后5年每年将向美国

34、邮政总局供应1亿枚邮票。假设你有一 片闲置土地，5年前的价格是240万美元。如果现在出售这片土地，那么税后可得270万美 元。如果5年后再出售，那么税后可得320万美元。为了生产邮票，你需要进行410万美元 的厂房和设备投资。这些厂房和设备将按工程的5年寿命期、采用直线折旧法折旧为零。项 目结束时，设备可按54万美元的价格出售。此外，该工程开始时需要60万美元的净营运资 本，之后每年需要增加投资5万美元。该工程的生产本钱为每枚邮票0.5美分，每年的固定 本钱为95万美元。如果所得税税率为34%,你的要求回报率为12%,那么你对该合同的投 标价格为多少？To find the bid price

35、, we need to calculate all other cash flows for the project, and then solve for the bid pace. Tlie aftertax salvage value of the equipment is:After-tax salvage value = $540,000(1 - 0.34)After-tax salvage value = $356.400Now we can solve fbr the necessaiy OCF that will give the project a zero NPV. Th

36、e ciurent aftertax value of the land is an opportiinity cost, but we also need to niclude the aftertax value of the land m five yeai s since we can sell the land at that time. Tlie equation fbr the NPV of the project is:NPV = 0 = -S4 J00.000 - 2,700.000 - 600.000 + OCF(PTFAi2!k5)一 $50,000(PVIFAi2%,4

37、)+ ($356,400 + 600.000 + 4(50.000) + 3,200,000 / 1.125)Solving fbr the OCF, we find the OCT that makes the project NPV equal to zero is:OCF = $5,079,929.11/ PVIFAdOCF = $1,409,221.77Tlie easiest way to calculate the bid price is the tax shield approach, so:OCF = $1,409,221.77 = (P-v)Q-FC (l-tc) + tc

38、D$1,409,221.77 = (P 一 $0.005)(100.000.000) 一 $950,000(l - 0.34) + 0.34($4,100,000/5) P = S0.0316319.本钱削减建议Geary机器商店为了提高生产效率，正在考虑一个4年期的工程。购买一 台560 000美元的新机器，估计每年税前可以节约本钱210 000美元。该机器适用MACRS 的5年折旧率，工程结束时，机器的残值为80 000美元。此外，刚开始时，它必须在零 件存货上投资20 000美元；此后，每年需要追加3 000美元。如果该商店的税率为35%,贴 现率为9%,公司是否应该购买这台机器？Fir

39、st, we will calculate the depreciation each yeai which will be:Di = S560,000(0.2000) = $112,000D2 = S560,000(0.3200) = $179,200D3 = $560,000(0.1920) = $107,520D4 = $560,000(0.1152) = $64,512Tlie book value of the equipment at the end of the project is:BV4 = $560,000 - ($112,000 + 179,200 + 107,520 +

40、 64.512) = $96.768Tlie asset is sold at a loss to book value, so this creates a tax refimd.After-tax salvage value = $80,000 + (S96,768 - 80,000)(0.35) = $85,868.80So, the OCF fbr each year will be:OCFi = $210.000(1 - 0.35) + 0.35($l 12,000) = S172J00OCF2 = $210.000(1 - 0.35) + 0.35($179n200) = SI 9

41、6,220OCF3 = $210,000(1 - 0.35) + 0.35($ 107,520) = S171,132OCF4 = $210.000(1 - 0.35) + 0.35($64,512) = $159,079.20Now we have all the necessaiy information to calculate the project NPV. We need to be caiefol with the NWC m this project. Notice the project requires S20,000 of NWC at the beginning, an

42、d S3,000 more in NWC each successive yeai We will subtract the $20,000 fiom the initial cash flow, and subtract S3,000 each year fiom the OCF to account fbr this spending. In Yeai 4. we will add back the total spent on NWC, which is S29.000. Tlie S3.000 spent on NWC capital during Year 4 is melevant

43、. Why? Well, during this yeai, the project required ail additional S3,000, but we would get the money back inmiediately. So, the net cash flow fbr additional NWC would be zero. With all this, the equation fbr the NPV of the project is:NPV = - S560.000 - 20,000 + ($172,700 - 3,000)/1.09 + (SI96,220 -

44、 3.000)/1.092 + (S171J32 - 3,000)/1.093 + (SI59,079.20 + 29,000 + 85,868.80)/1 094NPV = $69,811.7929.重置决策 你那小型改造厂有两辆工作用车。其中之一是乘用车，用于考察工作现场及 其他一般性商务用途。另一辆为重型卡车，用于搬运设备。乘用车每加仑可跑25英里，卡 车那么每加仑可跑10英里。为节约本钱，你希望降低每英里汽油消耗量。目前，你有资金来 改良其中一辆。两辆车的改良本钱相等。改良后，乘用车每加仑可跑40英里，卡车那么每加 仑可跑12.5英里。汽油的本钱为每加仑3.70美元。假设改良是最正确选

45、择，那么该改良哪辆 车？每辆车每年行驶12 000英里。Surprise! You should definitely upgrade the tinck. Heres why. At 10 mpg, the tmck bums 12,000 / 10 =L200 gallons of gas per year. The new trnck will bum 12,000 12.5 = 960 gallons of gas per yeai a savings of 240 gallons per year. Tlie car bums 12,000 25 = 480 gallons of g

46、as per yeai while the new car will bum 12,000 40 = 300 gallons of gas per yeai; a savings of 180 gallons per year, so it s not even close.Tliis answer may stiike you as counterintuitive, so let s consider ail extieme case. Suppose the car gets 6.000 mpg, and you could upgrade to 12,000 mpg. Should y

47、ou upgiade? Piobably not since you would only save one gallon of gas per year. So, the reason you should upgrade the truck is that it uses so much more gas m the first place.Notice that the answer doesnt depend on the cost of gasoline, meaning that if you upgrade, you should always upgiade the ti,uck. In fact, it doesn t depend on the miles driven, as long as the miles diiven aie the same.35.计算竞标价格你们公司正在投标一份在未来4年中每年出售17 500件声音识别(VR) 计