課程名稱：財務管理
課程性質：必修
課程範圍：第8章~第16章(第15章不考)
開課教師：屠美亞
開課學院：商學院
開課系級：財管系
考試日期(年月日)：101/6/22
考試時限(Mins)：170分
附註：
試題本文：
選擇題 (2points for each)
1.ABC Plastics currently produces plastic plates. The company is considering
expanding their production to include plastic silverware. Payment for which
of the following are relevent to this project?
I. the plastic used to make the silverware
II. the labor incolved in making the silverware
III. the mortagage on the existing building used for production
IV. the plastic needed to produce the additional plates they expect to sell
if they expand their production offerings
a. I and II only
b. III and IV only
c. I, II, and IV only
d. I, II, and III only
e. I, II, III, and IV
2.Sensitivity analysis:
a. looks at the most reasonably optimistic and pessimistic results for a
project.
b. helps identify the variable within a project that presents the greatest
forecasting risk.
c. asks "What if?" questions concerning every variable within a project.
d. is generally conduceted prior to scenario analysis just to determine if the
range of potential outcomes is acceptable.
e. illustrates how an increase in operating csh flow caused by changing both
the revenues and the costs simultaneously will change the internal rate of
return for a project.
3.Which of the following are examples of managerial options?
I. changing the price of a product
II. discontinuing the production of a product
III. waiting for a period of time before commencing a project
IV. changing the prodection process by which a product is manufactured
a. II only
b. I and III only
c. II and IV only
d. I, II, and III only
e. I, II, III, and IV
4. Which one of the following supports the argument that financial markets are
semistrong form efficient?
a. financial analysts gain a marketplace advantage by studying financial
statements
b. only company insiders have a marketplace advantage
c. only historical information is reflected in the market prices of securities
d. all information, public and private, is includecd in current market prices
e. technical analysis based on price patterns provides a marketplace advantage
5.Which one of the following describes a portfolio that plots above the
security market line?
a. The security is overvalued in the marketplace.
b. The security's beta must equal 1.0.
c. The security's beta must be greater than 1.0.
d. The risk premium of the security is less than expected given the security's
beta.
e. The security's reward-to-risk ratio is too high.
6.Business risk is defined as the:
a. equity risk that comes from the nature of a firm's operating activities.
b. equity risk associated with the capital structure of a firm.
c. probability that a firm will file bankruptcy.
d. situation in which a firm causes its creditors to suffer a financial loss.
e. probability that a firm's cost of equity capital will increase.
7.The Perfect Tailor just announced a stock repurchase valued at $125,000.
Currently, the company has 180,000 shares of stocks outstanding. The total
book value of the firm is $2.15 million and the total market value of $7.74
million. After the repurchase, the firm will have ___ shares outstanding with
a total market value of:
a. 168,219;$2.025 million.
b. 177,093;$7.615 million.
c. 178,421;$5.940 million.
d. 178,421;$2.025 million.
e. 179,063;$7.615 million.
8.The increase in risk to equityholders when financial leverage is introduced
is evidenced by:
a. higher EPS as EBIT increases.
b. a higher variability of EPS with deby than all equity.
c. increased use of homemade leverage.
d. equivalence value between levered and unlevered firms in the presence of
taxes.
e. None of these.
9.According to M&M Proposition II, without taxes, the cost of equity depends on
the firm's:
I. earnings before interest and taxes.
II. cost of debt.
III. debt-equity ratio
IV. required rate of return on its assets.
a. I and II only
b. II, III, and IV only
c. I, II, and IV only
d. I, III, and IV only
e. I, II, III, and IV
10.The cash cycle is equal to the:
a. inventory period minus the accounts payable period.
b. operating cycle plus the accounts payable period.
c. operating cycle minus the accounts receivable period.
d. accounts receivable period minus the accounts payable period plus the
inventory period
e. inventory period minus the accounts receivable period minus the account
payaable period
簡答題 (7points for each)
1.Given that higher risk investments, such as small-company stocks, have
outperformed other investments over time, why don't all investors choose to
invest only in these high risk securities?
2.Standard deviation and beta are both measures of risk. Describle the type of
risk that each measures and explain why both measures are useful when
analyzing a security.
3.How might an investor be misled about the performance of a company if they
base their assumptions concerning the firm's net earnings on the earning per
share over time? Give an example to support your answer.
4.It has been shown that in the absence of taxes and other market
imperfections, firm value will be unaffected by dividend policy. Explain the
logic behind this conclusion. Next, describe three real-world factors that
may cause one dividend policy to be preferable to another.
5.Explain the theory of trade=off by a diagram. According to it, what are the
derterminants of the optimal capital structure?
計算題
1. TCM company is considering to produce a new line of product. The company
will build a new building at an estimated cost of $2 million. The firm will
spend another $400 thousand on the parking and access roads. The land was
purchased ten years ago at a cost of $900 thousand. Today, that land is
worth 2.8 million. The product is expected to last for five years. The
manufacturing plan has an five-year life and is expected to be sold at a
price of 0.5 million. The plant used straight-line depreciation with no
salvage value. The expected value of the land at the end of the fifth year
is 3.4 million. TCM tax rate is 25%. The project requires 0.35 million in
initial net working capital investment to get operational.
The project will incur additional 0.3 million in annual fixed costs. It can
manufacture 10,000 units of product per and sell them at $500 per unit. The
variable production costs are $400 per unit.
a. Calculate the project's Time 0 cash flow.
b. What are the project's annual operating cash flows?
c. Calculate the project's Time 5 cash flow (excluding the operating cash
flows in the fifth year).
d. Assuming the nomial required rate of return is 12%. Calculate the NPV of
this project.
(20 points)
2. The following market data on the FPG company is current.
Debt:15,000 8 percent coupon bonds outstanding, face value of 1,000,20 years
to maturity, selling at a yield of maturity 9%.
Common Stock: 300,000 shares outstanding, selling for $68 per share; the
beta is 1.25
Preferred Stock: 20,000 shares of 6 percent preferred stock outstanding;
selling for $78 per share.
Market: 7.5 percent expected market risk premium; 5.20 percent risk-free
rate.
Calculate FPG's WACC. (the tax rate is 34%)
(15 points)
3.SCE Company has the following data:
Annual sales (credit) 3,000,000 Cost of goods sold 2,000,000
Average inventory 90,000 Average accounts receivables 150,000
Average accounts payables 100,000
What is SCE's cash conversion cycle?
If SCE asks for a line of credit of 200,000, will you agree? Give your
reasons.
(10 points)