Which statement is false?
The future value of an annuity due would be greater than the future value of a comparable ordinary annuity.
The present value of an annuity due would be smaller than the present value of a comparable ordinary annuity.
Equations for the present value (future value) of an ordinary annuity can be converted to the present value (future value) of an annuity due by multiplying by (1+r).
The future value of an annuity due is always greater than the future value of a comparable ordinary annuity because each cash flow of an annuity due earns an additional year of interest.
With regard to bonds, which of the following statements is not accurate?
The prices of long-term bonds are less sensitive to changes in interest rates than prices of short-term bonds.
As market interest rates increase, values of bonds decrease.
The coupon yield is the coupon payment divided by the bond’s current market price.
Bonds may be secured by collateral.
DEF Inc. paid an annual dividend of $1.20 yesterday. If future dividends are expected to grow at a rate of 4 percent, and the required rate of return on this stock is 14 percent, the fair price of this stock today is:
$8.57
$12.00
$12.48
$13.68
Under the free cash flow approach to valuation:
share value equals the present value of all free cash flows.
share value is found by subtracting the value of debt and preferred stock from the enterprise value.
the enterprise value is found by discounting free cash flows at the required return on equity.
the share value is found by multiplying free cash flows by the firm’s weighted average cost of capital.
In looking at the current yield curve you see the following spot rates: one year 6.19%, two years 5.90%, and three years 5.71%. If you assume that the yield curve is best explained by the “pure expectations theory”, what is the expected one-year rate next year?
5.61%
5.71%
5.04%
5.89%
Sandy determines that the standard deviation of her SafeBet stock is 25% per year. She knows the standard deviation of a broad market index is 10% per year. If the correlation coefficient between SafeBet and the market index is 0.4, Sandy will find that, on average:
SafeBet provides a much greater return than the market for a given positive increase in market return
SafeBet provides a reduction in negative returns when the market as a whole declines
SafeBet’s return will move by 0.4 percent when the market moves by 1 percent
SafeBet’s return will move by 1 percent when the market moves by 1 percent
Consider the Capital Market Line. Given that the expected return on the market portfolio is 14%, the risk-free rate is 5%, and the standard deviation of the market portfolio is 27%, the market price of risk would be:
1.57
.70
.52
.33
Company XYZ has an R-squared and b of 0.5 and 1.2, respectively. Company ABC has an R-squared and b of 0.7 and 0.8, respectively. This suggests:
Company ABC has a larger risk premium than Company XYZ
Company XYZ has a higher correlation coefficient with the market than Company ABC
Company ABC has a lower percentage of its variability explained by the variability in the market’s return
Company XYZ has greater systematic and unsystematic risk than Company ABC
LAX Inc. initially has equity with market value $4 billion. It has no debt. The equity has beta 0.8. The firm is planning to issue $0.5 billion of debt, which will have beta of 0.1. The proceeds from the debt issue will be used to retire equity, such that firm size does not change. What will the new equity beta be?
.750
.800
.900
.914
The _____ problem prevents the financing of new positive-NPV projects because the benefits would accrue to existing creditors rather than to the shareholders who finance the new project.
agency cost
financial slack
asset substitutions
debt overhang
ABC Inc. and XYZ Inc. provide returns to their bondholders of 7% and 4%, respectively. Return to their stockholders are 12% and 9%, respectively. If the cost of capital for both firms is 8%:
ABC bondholders are requiring a return which is “too low”
XYZ stockholders are requiring a return which is “too high”
XYZ employs a lower level of leverage than ABC
the market is inefficient
ANT Inc. is considering a new product line that will require investment of $4,000,000 today. Currently, ANT has $80 million (market value) of equity and $35 million of debt. If it makes the investment, it will maintain its current leverage ratio over time. In the absence of debt, the new product line would generate perpetual annual after-tax cash flows of $250,000. For ANT, the required return on debt is 6%, the required return on equity is 8.3%, and the marginal corporate tax rate is 36%. To the nearest $1000, the NPV of this investment is then:
-$711,000
-$399,000
$818,000
$2,510,000
LOB Inc. wants to maintain its capital structure that is 30 percent debt, and 70 percent equity. The company forecasts that its net income this year will be $1,000,000. The company follows a residual distribution policy (with all distributions in the form of dividends), and anticipates a dividend payout ratio of 40 percent. What is the size of the company’s capital budget?
$600,000
$857,143
$1,000,000
$1,428,571
Which of the following is most correct?
Real options change the size, but not the risk, of expected cash flows.
Real options change the risk, but not the size, of expected cash flows.
Real options usually change the cost of capital that should be used to discount the expected cash flows.
Very few projects have real options.
Which of the following statements concerning the cash budget is correct?
Depreciation expense is not explicitly included, but depreciation effects are implicitly included in estimated tax payments.
Cash budgets do not include financial expenses such as interest and dividend payments.
Cash budgets do not include cash inflows from long-term sources such as bond issues.
Statements a and b are correct.
若公司以高於股票面額的價格買回流通在外股票,並加以註銷,則下列敘述何者不正確?
股東權益中的股本部分會減少
每股淨值會增加
股東權益中的資本公積與保留盈餘部分會減少
每股盈餘會上升
網文遊戲公司的負債權益比為0.5,稅後負債成本為5.4%,公司所得稅率為17%。假設該公司的加權平均資金成本(WACC)是8.5%,請問其權益成本(Cost of Equity)是多少?
9.15%
9.74%
10.05%
10.32%
下列敘述何者正確?
公司可利用利率交換(IRS)將自身在融資上的相對優勢轉為融資成本的降低
台商企業可以賣出美元遠期合約來規避未來新台幣貶值的風險
利率上限選擇權是一個以利率為標的的賣權
衍生商品若與其合約標的有高度的價格連動性,則會提高基差風險
耀慶公司今年度的營業現金流量(OCF)為$950,000,折舊費用為$100,000,淨營業營運資金(NOWC)的餘額比前一年度增加了$80,000,而淨固定資產比前一年度的餘額新增了$600,000。請問該公司有多少自由現金流量(FCF)?
$150,000
$260,000
$170,000
$270,000
華星油漆公司每年銷售乳膠漆85,000公升,每公升單價為$75,全部都是賒銷該公司給予客戶的信貸條件為「2/15, net 30」,有60%的顧客會使用現金折扣,其餘則會遵照信用期限付款。請問該公司在應收帳款的投資金額約是多少?
$310,400
$331,290
$354,700
$366,780
根據經濟訂購量模型(EOQ),下列哪一項會引起存貨的最適訂購數量上升?
固定訂購成本下降
存貨的購買價格上升
存貨的持有成本下降
銷售預測向下修正
以下何種部位會在利率下跌時產生獲利?
賣出利率期貨
買進遠期利率合約
買進利率上限(買權)
賣出利率交換合約(付浮動、收固定)
若併購案中之目標公司在無負債狀況下的權益資金成本為7%,而在合併後之負債權益比為0.5,負債資金成本為4.5%。請問目標公司的權益資金成本在合併後會是多少?
8.25%
8.75%
9.25%
9.75%
佳德公司目前正在為擴廠方案計算融資成本;該公司想要讓加權平均資金成本維持在10.3%的水準,目前公司保留盈餘的機會成本是16%,負債資金成本為10%,所得稅率是35%,則公司的負債權益比(Debt Equity Ratio)應是多少?
0.6
0.75
1.0
1.5
某公司高層為了要阻擋惡意併購,決定將公司獲利最高的產品部門賤賣給另一家合作事業伙伴,這種企圖阻擋併購的作法最接近下列哪一種?
Greenmail
Poison Pills
Scorched Earth Policy
Standstill Agreement
下列哪一項陳述是錯誤的?
根據CAPM,若某檔證券的貝他係數等於零,則其預期報酬率為零
純由風險性資產所導出的效率前緣與資本市場線(CML)相切的點,必定就是「市場投資組合」
股票B位於證券市場線的下方,因此股票B不是效率投資組合
根據資本資產定價模式,每個投資人都是持有「市場投資組合」的某個百分比
史登公司面臨下列一投資案,其所預估之各年現金流量及其各年之放棄價值(將投資計畫提前終止所能回收的淨殘值)如下所示:
年底 |
每年營業現金流量 |
放棄價值 |
0 |
-$400,000 |
$400,000 |
1 |
220,000 |
240,000 |
2 |
140,000 |
91,000 |
3 |
100,000 |
0 |
若史登公司之稅後資金成本為10%,則應如何進行該投資方案?
拒絕該方案
接受該方案,執行到第一年底
接受該方案,執行到第二年底
接受該方案,執行到第三年底
下列哪一項陳述是正確的?
若市場無風險利率及風險溢酬分別為5.5%及4%,則預期報酬率與貝他係數分別為7.8%及0.63之股票的價格應該是被低估了
由風險性資產所導出的效率前緣與資本市場線(CML)相切的點,必定就是「市場投資組合」
根據資本資產定價模式,每個投資人對於風險規避的程度不同;畏懼風險的人會將全部資金都投資在「無風險資產」上,而比較不畏懼風險的人則會將全部資金都投注在「市場投資組合」上
股票K位於證券市場線(SML)的上方,表示該股票的價格是被市場投資人所高估
On average, a firm sells $2,000,000 in merchandise a month. It keeps inventory equal to one-half of its monthly sales on hand at all times. If the firm analyzes its accounts using a 365-day year, what is the firm’s inventory conversion period?
新晶網路公司正在籌備當中,該公司的管理者目前正考慮下列兩種資本結構計畫:
(1)不舉債,發行9,000,000股普通股
(2)舉債$80,000,000,利率4%,發行6,000,000股普通股
假設公司稅率為25%,預期之息前稅前盈餘(EBIT)為$12,000,000;請計算:
(A)這兩種資本結構下各自的每股盈餘(EPS);
(B)讓此兩種資本結構下之每股盈餘相等的EBIT金額。
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