某公司生產工具機,其目前的情況如下:息前稅前盈餘為3,000,000元,稅率為25%,負債為2,000,000元,稅前負債成本 = 10%,股東對普通股所要求的報酬率 = 15%,流通在外股數為700,000股,每股帳面價值為10元。該公司的產品市場極為穩定,預期不會成長。公司所有的盈餘全數當做股息發放。該公司每股稅後盈餘為 (1) 元;每股股價為 (2) 元;加權平均資金成本為 (3) 。
某公司有1,000萬元的資產,公司使用200萬元的負債和800萬元的權益來融資。如果該公司目前的貝他值為1.5,稅率為25%,則該公司的unlevered beta為 (4) 。
假設某公司在一個月期間所需的現金需求量為500萬元,且現金的支付相當穩定,公司取得現金的方式是出售有價證券,如果有價證券的年投資報酬率為6%,每次出售有價證券須付手續費45元,請根據Baumol的存貨模式,試算該公司每月的最適現金持有金額為 (5) 元;每個月約出售有價證券 (6) 次。
某公司於2月1日收到供應商送來的貨物,外加credit terms of “2/10, net 40, 4月1日起算”,該公司若要享有現有折扣,最遲應在那天付款? (7) 。若公司不打算享有現金折扣,則最遲應在那天付款? (8) ,此時該公司隱含的年利息成本將為 (9) %(此題不考慮任何例假日,假設1年為365天)。
某車商推出一款110萬元的油電混合新車,基於省油考慮,某消費者想要購買,但自備款只有10萬元,餘款想跟某金融機構融資,融資條件是名目利率3%,每個月付息一次,且必須在5年(第60個月)完全攤還完畢,請問每個月應付 (10) 元(PVIFA3%, 5 = 4.58,PVIFA0.25%, 5 = 4.963,PVIFA3%, 60 = 27.676,PVIFA0.25%, 60 = 55.652)。第1個月攤還後,該消費者尚積欠本金 (11) 元。
假設你(妳)是大學生,以每年2%複利一次的固定年利率借了10萬元的學生貸款。未來如果每月攤還1,753元,約要多久時間才能還清此貸款? (12) (PVIFA2%, 4 = 3.808,PVIFA2%, 6 = 5.601,PVIFA0.167%, 50 = 47.935,PVIFA0.167%, 48 = 46.093,PVIFA0.167%, 60 = 57.052)。
當使用NPV法評估互斥計畫,當資金成本變動時,是否會改變兩個投資計劃的優劣順序? (13) ;當使用IRR法評估互斥計畫,當資金成本變動時,是否會改變兩個投資計劃的優劣順序? (14) 。NPV法與IRR法的再投資假設有何不同? (15) 。
Jeremy Company has an expected ROE of 20%. The dividend growth rate will be (16) % if the firm follows a policy of paying 40% of earnings in the form of dividends. The risk-free rate and the expected market rate of return are 0.01 and 0.11, respectively. According to the CAPM, the expected rate of return on security Jeremy with a beta of 1.5 is equal to (17) %. The company will pay a dividend of $4.0 in the upcoming year. The No-growth value per share is (18) . The present value of growth opportunities (PVGO) per share is (19) .
Consider the multifactor APT. The risk premiums on the factor 1 and factor 2 portfolios are 4% and 5%, respectively. The risk-free rate of return is 2%. Stock A has an expected return of 20% and a beta on factor 1 of 1.5. Stock A has a beta on factor 2 of (20) .
There are two portfolios: winner portfolio and loser portfolio. If investor wants to execute a momentum strategy, he (or she) should buy (21) portfolio and sell (22) portfolio. If investor wants to execute a contrarian strategy, he (or she) should buy (23) portfolio and sell (24) portfolio. The reason why a momentum strategy can work is (25) ; The reason why a contrarian strategy can work is (26) .
A convertible bond has a per value of $1,000 and a current market value of $900. The current price of the issuing firm’s stock is $20 and the conversion price is $25. The bond’s conversion ratio is (27) , conversion value is (28) , and conversion premium is (29) . If the stock price volatility increases, its impact on the price of convertible bond is (30) .
What is the relationship between the price of a straight bond and the price of a callable bond for low interest rates? (31) .
Suppose you purchase one (1張) ACER (宏碁) May $43 (strike price) call contract at $5 (premium) and write one (1張) ACER (宏碁) May $48 (strike price) call contract at $2 (premium). The maximum potential profit of your strategy is (32) . The maximum potential loss of your strategy is (33) . The break-even point is (34) . This strategy is called (35) .
1
Describe the trade-off theory of leverage.
2
Describe the dividend clientele effect.
3
Describe the put-call parity theorem.
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