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公司财务智慧树知到期末考试答案+章节答案2024年北京第二外国语学院Assumingaprojecthasnormalcashflows,theNPVwillbepositiveiftheIRRislessthanthecostofcapital.()
答案:错Anincreaseinafirm’sexpectedgrowthratewouldnormallycausethefirm’srequiredrateofreturntopossiblyincrease,possiblydecrease,orpossiblyremainunchangeD.()
答案:对StockChasabetaof1.2,whileStockDhasabetaof1.6.Assumethatthestockmarketisefficient.TherequiredratesofreturnofthetwostocksshouldbethesamE。()
答案:错A15-yearmortgagewillhavelargermonthlypaymentsthana30-yearmortgageofthesameamountandsameinterestrate.()
答案:对Itscorporatetaxratedeclinesislikelytoencourageafirmtoincreaseitsdebtratioinitscapitalstructure?()
答案:错YouareconsideringtwoTreasurybonds.BondAhasa9percentannualcoupon,andBondBhasa6percentannualcoupon.Bothbondshaveayieldtomaturityof7percent.Assumethattheyieldtomaturityisexpectedtoremainat7percent.Iftheyieldtomaturityremainsat7percent,thepriceofbothbondswillincreaseby7percentperyear.()
答案:错Whencompany-specificriskhasbeendiversifiedtheinherentriskthatremainsismarketrisk,whichisconstantforallsecuritiesinthemarket.()
答案:错AnincreaseinthecorporatetaxratEikelytoencourageacompanytoincreaseitsdebtratio?()
答案:对Whichofthefollowingworktoreduceagencyconflictsbetweenstockholdersandbondholders?()
答案:Includingrestrictivecovenantsinthecompany’sbondcontract.Inrecentyears,bothexpectedinflationandthemarketriskpremium(k–k)havedeclineD.Assumethatallstockshavepositivebetas.Whichofthefollowingislikelytohaveoccurredasaresultofthesechanges?()
答案:Therequiredreturnsonallstockshavefallen,butthedeclinehasbeengreaterforstockswithhigherbetas.Youhavetheopportunitytobuyaperpetuitythatpays$1,000annually.Yourrequiredrateofreturnonthisinvestmentis15percent.Youshouldbeessentiallyindifferenttobuyingornotbuyingtheinvestmentifitwereofferedatapriceof().
答案:$6,666.67A10-yearbondpaysanannualcoupon.
Thebondhasayieldtomaturityof8percent.
Thebondcurrentlytradesatapremium--itspriceisabovetheparvalueof$1,000.
Whichofthefollowingstatementsismostcorrect?()
答案:Iftheyieldtomaturityremainsat8percent,thenthebond’spricewilldeclineoverthenextyear.Whichofthefollowingstatementsis?()
答案:Theslopeofthesecuritymarketlineismeasuredbybeta.InapplyingtheCAPMtoestimatethecostofequitycapital,whichofthefollowingelementsisnotsubjecttodisputeorcontroversy?
答案:Alloftheabovearesubjecttodispute.Otherthingsheldconstant,ifabondindenturecontainsacallprovision,theyieldtomaturitythatwouldexistwithoutsuchacallprovisionwillgenerallybe()theYTMwithacallprovision.
答案:Lowerthan.Whichofthefollowingstatementsbestdescribestheoptimalcapitalstructure?()
答案:Theoptimalcapitalstructureisthemixofdebt,equity,andpreferredstockthatmaximizesthecompany’sstockprice.Whichofthefollowingstatementsistrue?()
答案:Soleproprietorshipsdonothavetopaycorporatetax.Iftheafter-taxcostofequityfinancingexceedstheafter-taxcostofdebtfinancing,firmsarealwaysabletoreducetheirWACCbyincreasingtheamountofdebtintheircapitalstructurE.()
答案:错Amajordisadvantageofthepaybackperiodisthatitisuselessasariskindicator.()
答案:错Adecreaseinafirm’swillingnesstopaydividendsislikelytoresultfromanincreaseinitsProfitableinvestmentopportunities.()
答案:对Oneoftheadvantagesofcommonstockfinancingisthatafirm’sdebtratiowilldecreasE.()
答案:对Iftwoconstantgrowthstockshavethesamerequiredrateofreturnandthesameprice,Thetwostockshavethesameper-sharedividenD.()
答案:错StockAhasarequiredreturnof10percent.Itsdividendisexpectedtogrowataconstantrateof7percentperyear.StockBhasarequiredreturnof12percent.Itsdividendisexpectedtogrowataconstantrateof9percentperyear.StockAhasapriceof$25pershare,whileStockBhasapriceof$40persharE.Ifthestockmarketwereefficient,thesetwostocksshouldhavethesamepricE.()
答案:错Ifabondissellingforapremium,thisimpliesthatthebond’syieldtomaturityexceedsitscouponratE()
答案:错A10-yearTreasurybondhasan8percentcoupon.An8-yearTreasurybondhasa10percentcoupon.Bothbondshavethesameyieldtomaturity.Iftheyieldstomaturityofbothbondsincreasebythesameamount,Thepricesofbothbondswillincreasebythesameamount。()
答案:错Thethreatofatakeovercanreducetheagencyproblembetweenbondholdersandstockholders.()
答案:错Iftheexpectedrateofreturnonastockexceedstherequiredrate,Thestockisagoodbuy.()
答案:对Oneoftheadvantagestothefirmoffinancingwithpreferredstockisthat70percentofthedividendspaidoutaretaxdeductiblE.()
答案:对Businessriskisconcernedwiththeoperationsofthefirm.Changesinrequiredreturnsduetofinancingdecisionsisnotassociatedwith(ornotapartof)businessrisk。()
答案:对Supposesomeoneofferedyouthechoiceoftwoequallyriskyannuities,eachpaying$10,000peryearforfiveyears.Oneisanordinary(ordeferred)annuity,theotherisanannuityduE.Thepresentvalueoftheordinaryannuitymustexceedthepresentvalueoftheannuitydue,butthefuturevalueofanordinaryannuitymaybelessthanthefuturevalueoftheannuityduE.()
答案:错Thelevelofuncertaintyregardingthedemandforitsproductwouldaffectacompany’sbusinessrisk.()
答案:对Restrictionsareincludedincreditagreementstoprotectbondholdersfromtheagencyproblemthatexistsbetweenbondholdersandstockholders.()
答案:对Whichofthefollowingstatementsismostcorrect?()
答案:Noneofthestatementsaboveiscorrect.Thepreemptiverightisimportanttoshareholdersbecauseit().
答案:Protectsthecurrentshareholdersagainstdilutionofownershipinterests.AninvestorisconsideringbuyingoneoftwobondsissuedbyCarsonCityAirlines.
BondAhasa7percentannualcoupon,whereasBondBhasa9percentannualcoupon.
Bothbondshave10yearstomaturity,facevaluesof$1,000,andyieldstomaturityof8percent.
Assumethattheyieldtomaturityforbothofthebondswillremainconstantoverthenext10years.
Whichofthefollowingstatementsismostcorrect?()
答案:Oneyearfromnow,BondA’spricewillbehigherthanitistoday.YouobservethefollowinginformationregardingCompanyXandCompanyY:·companyXhasahigherexpectedmeanreturnthanCompanyY.·companyXhasalowerstandarddeviationthanCompanyY.·companyXhasahigherbetathanCompanyY.Giventhisinformation,()ismostcorrect?
答案:CompanyXhasalowercoefficientofvariationthanCompanyY.Asageneralrule,thecapitalstructurethat().
答案:Maximizesthepricepershareofcommonstockalsominimizestheweightedaveragecostofcapital.Whichofthefollowingfactorsinthediscountedcashflow(DCF)approachtoestimatingthecostofcommonequityistheleastdifficulttoestimate?()
答案:Dividendyield,D/P.Whichofthefollowingstatementsismostcorrect?()
答案:Statementsaandbarecorrect.ProjectXandProjectYeachhavenormalcashflows(anup-frontcostfollowedbyaseriesofpositivecashflows)andthesamelevelofrisk.ProjectXhasanIRRequalto12percent,andProjectYhasanIRRequalto14percent.IftheWACCforbothprojectsequals9percent,ProjectXhasahighernetpresentvaluethanProjectY.Whichofthefollowingstatementsismostcorrect?()
答案:Statementsaandcarecorrect.Overthepast75years,wehaveobservedthatinvestmentswithhigheraverageannualreturnsalsotendtohavethehigheststandarddeviationsintheirannualreturns.Thisobservationsupportsthenotionthatthereisapositivecorrelationbetweenriskandreturn.Whichofthefollowinglistscorrectlyranksinvestmentsfromhavingthehighestreturnsandrisktothosewiththelowestreturnsandrisk?()
答案:Small-companystocks,large-companystocks,long-termcorporatebonds,long-termgovernmentbonds,U.S.Treasurybills.TheJonesCompanyhasdecidedtoundertakealargeproject.Consequently,thereisaneedforadditionalfunds.Thefinancialmanagerplanstoissuepreferredstockwithaperpetualannualdividendof$5pershareandaparvalueof$30.Iftherequiredreturnonthisstockiscurrently20percent,whatshouldbethestock’smarketvalue?()
答案:$25ProjectX’sIRRis19percent.ProjectY’sIRRis17percent.Bothprojectshavethesamerisk,andbothprojectshavenormalcashflows(anup-frontcostfollowedbyaseriesofpositivecashflows).Ifthecostofcapitalis10percent,ProjectYhasahigherNPVthanProjectX.Giventhisinformation,whichofthefollowingstatementsismostcorrect?()
答案:Thecrossoverratebetweenthetwoprojects(thatis,thepointwherethetwoprojectshavethesameNPV)isgreaterthan10percent.Intherealworld,wefindthatdividends().
答案:Usuallyexhibitgreaterstabilitythanearnings.Whichofthefollowingstatementsiscorrect?()
答案:OneproblemwiththeCAPMapproachinestimatingthecostofequitycapitalisthatifafirm’sstockholdersare,infact,notwelldiversified,betamaybeapoormeasureofthefirm’strueinvestmentrisk.Yourfamilyrecentlyobtaineda30-year(360-month)$100,000fixed-ratemortgagE.
Whichofthefollowingstatementsismostcorrect?
(Ignorealltaxesandtransactionscosts.)()
答案:Theproportionofthemonthlypaymentthatgoestowardsrepaymentofprincipalwillbehigher10yearsfromnowthanitwillbethisyear.ProjectJhasthesameinternalrateofreturnasProjectK.
Whichofthefollowingstatementsismostcorrect?()
答案:Noneofthestatementsaboveiscorrect.Youhavedeterminedtheprofitabilityofaplannedprojectbyfindingthepresentvalueofallthecashflowsfromthatproject.
Whichofthefollowingwouldcausetheprojecttolookmoreappealingintermsofthepresentvalueofthosecashflows?()
答案:Thediscountratedecreases.Theprimarygoalofapublicly-ownedfirminterestedinservingitsstockholdersshouldbeto()
答案:MaximizethestockpricepersharE.Astocksplitwillcauseachangeinthetotaldollaramountsshowninwhichofthefollowingbalancesheetaccounts?()
答案:Commonstock.Whichofthefollowingwouldnothaveaninfluenceontheoptimaldividendpolicy?()
答案:Allofthestatementsabovecanhaveaneffectondividendpolicy.Whichofthefollowingstatementsaboutthecostofcapitalisincorrect?()
答案:Ifacompany’staxrateincreases,then,allelseequal,itsweightedaveragecostofcapitalwillincrease.Acapitalinvestment’sinternalrateofreturn().
答案:Statementscanddarecorrect.Whichofthefollowingactionsarelikelytoreduceagencyconflictsbetweenstockholdersandmanagers?()
答案:Increasingthethreatofcorporatetakeover.Whichofthefollowingstatementsismostcorrect?()
答案:Allofthestatementsabovearecorrect.第九章1.Astocksplitwillcauseachangeinthetotaldollaramountsshowninwhichofthefollowingbalancesheetaccounts?()
答案:Noneofthestatementsaboveiscorrect.Ifafirmadheresstrictlytotheresidualdividendpolicy,thenifitsoptimalcapitalbudgetrequirestheuseofallearningsforthatyear(alongwithnewdebtaccordingtotheoptimaldebt/totalassetsratio),thefirmshouldpay()
答案:Nodividendstocommonstockholders.Astocksplitwillcauseachangeinthetotaldollaramountsshowninwhichofthefollowingbalancesheetaccounts?()
答案:Commonstock.Whichofthefollowingstatementsaboutcapitalstructuretheoryismostcorrect?()
答案:Statementsaandcarecorrect.Asageneralrule,thecapitalstructurethat()
答案:Maximizesthepricepershareofcommonstockalsominimizestheweightedaveragecostofcapital.ProjectXhasaninternalrateofreturnof20percent.ProjectYhasaninternalrateofreturnof15percent.Bothprojectshaveapositivenetpresentvalue.Whichofthefollowingstatementsismostcorrect?()
答案:Noneofthestatementsaboveiscorrect.Assumethatyouarecomparingtwomutuallyexclusiveprojects.Whichofthefollowingstatementsismostcorrect?()
答案:Therewillbeameaningful(asopposedtoirrelevant)conflictonlyiftheprojects’NPVprofilescross,andeventhen,onlyifthecostofcapitalistotheleftof(orlowerthan)thediscountrateatwhichthecrossoveroccurs.Acapitalinvestment’sinternalrateofreturn()
答案:Statementscanddarecorrect.ProjectJhasthesameinternalrateofreturnasProjectK.Whichofthefollowingstatementsismostcorrect?()
答案:Noneofthestatementsaboveiscorrect.Whichofthefollowingstatementsisincorrect?()
答案:Assumingaprojecthasnormalcashflows,theNPVwillbepositiveiftheIRRislessthanthecostofcapital.InapplyingtheCAPMtoestimatethecostofequitycapital,whichofthefollowingelementsisnotsubjecttodisputeorcontroversy?()
答案:AlloftheabovearesubjecttodisputeAllisonEnginesCorporationhasestablishedatargetcapitalstructureof40percentdebtand60percentcommonequity.Thecurrentmarketpriceofthefirm’sstockisP0=$28;itslastdividendwasD0=$2.20,anditsexpecteddividendgrowthrateis6percent.WhatwillAllison’smarginalcostofretainedearnings,ks,be?()
答案:9.7%Whichofthefollowingstatementsisfalse?()
答案:Goingpublicestablishesatruemarketvalueforthefirmandensuresthataliquidmarketwillalwaysexistforthefirm’sshares.Iftwoconstantgrowthstockshavethesamerequiredrateofreturnandthesameprice,whichofthefollowingstatementsismostcorrect?()
答案:Thestockwiththehigherdividendyieldwillhavealowerdividendgrowthrate.Stocksaandbhavethesameprice,butStockahasahigherrequiredrateofreturnthanStockbWhichofthefollowingstatementsismostcorrect?()
答案:IfStockahasalowerdividendyieldthanStockB,itsexpectedcapitalgainsyieldmustbehigherthanStockb’s.BondAhasa9percentannualcoupon,whileBondBhasa7percentannualcoupon.Bothbondshavethesamematurity,afacevalueof$1,000,andan8percentyieldtomaturity.Whichofthefollowingstatementsismostcorrect?()
答案:Noneofthestatementsaboveiscorrect.YouareconsideringtwoTreasurybonds.BondAhasa9percentannualcoupon,andBondBhasa6percentannualcoupon.Bothbondshaveayieldtomaturityof7percent.Assumethattheyieldtomaturityisexpectedtoremainat7percent.Whichofthefollowingstatementsismostcorrect?()
答案:Iftheyieldtomaturityremainsat7percent,thepriceofBondAwilldecreaseovertime,butthepriceofBondBwillincreaseovertime.A10-yearbondpaysanannualcoupon.Thebondhasayieldtomaturityof8percent.Thebondcurrentlytradesatapremium--itspriceisabovetheparvalueof$1,000.Whichofthefollowingstatementsismostcorrect?()
答案:Iftheyieldtomaturityremainsat8percent,thenthebond’spricewilldeclineoverthenextyear.Iftheyieldtomaturitydecreased1percentagepoint,whichofthefollowingbondswouldhavethelargestpercentageincreaseinvalue?()
答案:A10-yearzerocouponbond.Youhavetheopportunitytobuyaperpetuitythatpays$1,000annually.Yourrequiredrateofreturnonthisinvestmentis15percent.Youshouldbeessentiallyindifferenttobuyingornotbuyingtheinvestmentifitwereofferedatapriceof()
答案:$6,666.67Yourbankaccountpaysanominalinterestrateof6percent,butinterestiscompoundeddaily(ona365-daybasis).Yourplanistodeposit$500intheaccounttoday.Youalsoplantodeposit$1,000intheaccountattheendofeachofthenextthreeyears.Howmuchwillyouhaveintheaccountattheendofthreeyears,aftermakingyourfinaldeposit?()
答案:$3,788Ifa5-yearordinaryannuityhasapresentvalueof$1,000,andiftheinterestr
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