单选题 两个投资项目(项目A和项目B)的相关数据如下表所示，且两项目的必要回报率均为14%。试根据这些条件解答问题。
{{B}}项目A和项目B的相关数据{{/B}}
项目A 项目B
初始成本
年限
现金流		 2800万美元
2
1800万美元/年		 5500万美元
3
2500万美元/年
单选题 If the projects are independent, the company should:
project A project B
① accept accept
② accept reject
③ reject accept
  • A. ①
  • B. ②
  • C. ③
【正确答案】 A
【答案解析】[解析] [*] 如果两个项目是独立的，则由于两项目的NPV均大于零，从而两项目均应被接受，本题的正确选项为A。
单选题 If the projects are mutually exclusive, the company should:
project A project B
① accept accept
② accept reject
③ reject accept
  • A. ①
  • B. ②
  • C. ③
【正确答案】 C
【答案解析】[解析] 如果两个项目是互斥的，则由于NPVA＜NPVB，从而应选择B项目。
单选题 The NPV profiles of two projects will intersect:
  • A. at their internal rates of return.
  • B. if they have different discount rates.
  • C. at the discount rate that makes their net present value equal.
【正确答案】 C
【答案解析】[解析] 投资项目的NPV曲线是指描述不同贴现率所对应的项目净现值的函数曲线。在投资项目的分析中，不同的贴现率一般对应于不同的净现值，因此二者之间存在着函数关系。在两条NPV曲线的交点处，两项目具有相同的净现值。因此，本题的正确选项为C。
单选题 Which of the following statements about NPV and IRR is least accurate?
  • A. The IRR is the discount rate that equates the present value of the cash inflows with the present value of outflows.
  • B. For mutually exclusive projects, if the NPV method and the IRR method give conflicting rankings, the analyst should use the IRR to select the project.
  • C. The NPV method assumes that cash flows will be reinvested at the cost of capital, while IRR method assume that cash flows are reinvested at the IRR.
【正确答案】 B
【答案解析】[解析] 在对互斥项目进行分析时，IRR法可能得出与NPV法相矛盾的结论。在上述情况下，分析师应当使用NPV法进行项目筛选。上述结论的理论依据是，公司经营的最终目标是实现所有者(股东)财富的最大化，而NPV法的判断方法(NPV值的最大化)与上述目标相符合，因而应当优先使用该方法。
单选题 An analyst gathered the following data about a company:
capital structure required rate of return
40% debt 15%
10% preferred stock 13%
50% common stock 10%
Assuming a 30% tax rate, what after-tax rate of return must the company earn on its investments?
  • A. 7.3%
  • B. 10.5%
  • C. 13.4%
【正确答案】 B
【答案解析】[解析] 厂商的资金成本不仅由债务及权益的成本决定，而且还由厂商资本组合中债务及权益(包括普通股权益和优先股权益)的比例决定，这种关系在厂商的加权平均资金成本(Weighted Average Cost of Capital，WACC)中得到体现。WACC是以各种资本占全部资本的比重为权数，对各种资本的成本进行加权平均计算出来的。WACC本质上是厂商为其资产融资的成本，其计算公式为：
WACC=kd(1-t)wd+kpwp+kcwc
式中，kd表示税前债务资金成本，t表示厂商所得税税率，wd表示债务在厂商资本结构中所占的百分比；kp表示优先股资金成本，wp表示优先股在厂商资本结构中所占的百分比；kc表示普通股资金成本，wc表示普通股在厂商资本结构中所占的百分比。
在本题中，WACC=kd(1-t)wd+kpwp+kcwc
=15%×(1-30%)×40%+13%×10%+10%×50%
=10.5%
单选题 A company has $30 million in debt outstanding with coupon rate of 15%. Currently the yield to maturity (YTM) on these bonds is 12%. If the firm's tax rate is 30%, what is the company's after-tax cost of debt?
  • A. 3.6%
  • B. 8.4%
  • C. 10.5%
【正确答案】 B
【答案解析】[解析] 税后债务成本是通过计算(1-t)kd而得到的，它等于厂商发行新的债券所应支付的利率kd减去发行债券所节省的税金支出tkd，从而有以下关系式：
税后债务成本=利率(YTM)-税金节省比率=kd-tkd=(1-t)kd
在本题中，税后债务成本=(1-t)kd=(1-30%)×12%=8.4%。
单选题 A company's $100, 7% preferred stock is currently selling for $124. What is the company's cost of preferred stock?
  • A. 5.6%
  • B. 6.8%
  • C. 8.3%
【正确答案】 A
【答案解析】[解析] 优先股资金成本(kp)计算公式为：
[*]
式中，Dp表示优先股股息，P表示优先股的价格。
在本题中，优先股资金成本[*]
单选题 An analyst gathered the following data about a company:
●The company stock beta is 1.8.
●Risk-free rate is 7%.
●Market risk premium is 5%.
The company's cost of equity using capital asset pricing model (CAPM) approach is:
  • A. 8.2%
  • B. 14.5%
  • C. 16.0%
【正确答案】 C
【答案解析】[解析] 资本资产定价模型(CAPM)法计算权益的资金成本分为以下4个步骤：
第一步，估计出无风险利率(RFR)。在实践中，由于美国国库券的利息和本金支付是以国家信用为担保的，基本不存在违约风险，因而通常将国库券的利率视为无风险利率。
第二步，估计出股票的β值，该数值用来衡量股票的风险情况。
第三步，估计出股票的市场预期回报率E(Rm)。
第四步，根据资本资产定价模型(CAPM)计算出市场所要求的权益回报率(kc)，其计算公式为：
kce=RFR+[E(Rm)-RFR]×β
在本题中，题目并未给出市场预期回报率E(Rm)，但给出了市场风险溢价值，亦即市场预期回报率E(Rm)超过无风险利率的部分。因此，权益成本kce=RFR+[E(Rm)-RFR]×β=7%+5%×1.8=16%。
单选题 The expected dividend is $3 for a share of stock priced at 35. What is the cost of equity if the long-term growth in dividends is projected to be 10%?
  • A. 9.8%
  • B. 13.5%
  • C. 18.6%
【正确答案】 C
【答案解析】[解析] 如果股息预计将按照不变的速度(g)增长，则可以根据股息增长模型计算出股票的当前价格(P0)，其计算公式为：
[*]
式中，D1表示下一年的股息金额，kc表示普通股的必要回报率，g表示厂商的预期不变增长率。
基于公式[*]，我们可以推导出股息贴现模型法下权益资金成本的计算公式：
[*]
在本题中，[*]。
单选题 Ellison is an analyst of KM&G, a major U. S. based investment bank. Ellison is considering opening new stores in Brazil and wants to estimate its cost of equity capital for this investment. Ellison has found that:
●The yield on a Brazilian government 10-year U.S. dollar-denominated bond is 8%.
●A 10-year U.S. Treasury bond has a yield of 5%.
●The annualized standard deviation of the Sao Paulo Bovespa stock index in the most recent year is 43%.
●The annualized standard deviation of Brazil's 10-year U.S. dollar-denominated bond in the most recent year is 27%.
●The appropriate beta to be used for the project is 1.2.
●The market risk premium is 7%.
●The risk-free interest is 3%.
Which of the following choices is closest to the appropriate country risk premium and the cost of equity that Ellison should use in his analysis?
country risk premium cost of equity for project
① 4. 8% 17.2%
② 4. 8% 23.3%
③ 7.6% 23.3%
  • A. ①
  • B. ②
  • C. ③
【正确答案】 A
【答案解析】[解析] [*]
权益成本kce=RF+[E(Rm)-RF+CRP]×β=3%+(7%+4.8%)×1.2=17.2%
单选题 Deconal Corporation has assets on its balance sheet of $200 million that are financed with 60% equity and 40% debt. The executive management team at Deconal is considering a major expansion that would require raising additional capital. David, the CFO of Deconal, has put together the following schedule for the costs of equity and debt:
amount of new equity
(in millions)		 cost of equity amount of new debt
(in millions)		 after-tax cost of debt
0～99
100～179
180～299		 7.2%
7.5%
8.0%		 0～49
50～99
100～199		 3.4%
4.0%
4. 6%
In a presentation to Deconal's Board of Directors, David makes the following statements:
Statement A: If we maintain our target capital structure of 60% equity and 40% debt, the break point at which our cost of equity will increase to 7.5% is $280 million in new capital.
Statement B: If we want to finance total assets of $600 million, our marginal cost of capital will increase to 6.64%.
Are David's statements correct or incorrect?
Statement A Statement B
① correct incorrect
② incorrect correct
③ incorrect incorrect
  • A. ①
  • B. ②
  • C. ③
【正确答案】 B
【答案解析】[解析] [*] 由上述计算结果可知，权益成本上升至7.5%的拐点所对应的新资本金额为3亿美元，而不是2.8亿美元，因而观点A是错误的。 如果Deconal公司希望通过融资使其总资产上升至6亿美元，则意味着该公司需要融资4亿美元。基于权益和债券分别占60%和40%的资本结构，Deconal公司需要通过融资获得的权益金额为4亿美元×60%=2.4(亿美元)，债务金额为4亿美元×40%=1.6(亿美元)。由题目所给出的融资成本表可知，通过融资获得2.4亿美元的权益所需支付的成本为8.0%，获得1.6亿美元的债务所需支付的成本为4.6%，相应的边际资金成本为8.0%×60%+4.6%×40%=6.64%。因此，观点B是正确的。
单选题 Oriency Company is considering a project that requires $56 million cash outlay and is expected to produce cash flow of $15 million per year for the next three years. Oriency's tax rate is 35%, and the before-tax cost of debt is 6%. The current share price of Oriency's stock is $27 and the expected dividend next year is $1.8 per share. Oriency's expected growth rate is 2%. Assume that Oriency finances the project with 70% equity and 30% debt, and the flotation cost for equity is 3%. The appropriate discount rate is the weighted average cost of capital (WACC). Which of the following choices is closest to the dollar amount of the flotation costs and the NPV for project?
dollar amount of the flotation costs NPV for project
① $1176000 $2003910
② $1176000 $3435268
③ $1680000 $3435268
  • A. ①
  • B. ②
  • C. ③
【正确答案】 A
【答案解析】[解析] 发行成本(flotation cost)是指当厂商对外发行新股时，向投资银行支付的相关费用。投资银行一般按照股本总额收取一定比例的费用，上述发行成本通常占全部股本总额的2%～7%。 在本题中，需要筹集的权益金额为56000000×70%=39200000(美元)。 由于权益发行成本为3%，从而可知权益发行成本金额为39200000×3%=1176000(美元)。 税后债务成本=6%×(1-35%)=3.9% [*] WACC=2.7%×70%+3.9%×30%=3.06% [*] [*]
单选题 An increase in a company's cash conversion cycle and a decrease in the company's operating cycle could result from:
cash conversion cycle(increase) operating cycle (decrease)
① decreased receivables turnover decreased in days of inventory
② decreased receivables turnover increased payables turnover
③ increased receivables turnover increased payables turnover
  • A. ①
  • B. ②
  • C. ③
【正确答案】 A
【答案解析】[解析] 应收账款周转率用来度量应收账款的流动性，其计算公式为： [*] 现金转换周期是指厂商通过销售存货的方式，将存货的现金投资转换回现金形式所需的时间。现金转换周期的计算公式为： 现金转换周期=应收账款平均天数+存货平均天数-应付账款平均天数 应收账款周转率的下降将导致应收账款平均天数相应上升，从而使现金转换周期增加。 营业周期是指将原材料转换为销售现金所得所需的平均天数。营业周期可以通过下面的公式求得： 营业周期=存货天数+应收账款天数 由上式可知，存货天数的下降将使营业周期相应减少。因此，本题的正确选项为A。
单选题 A company has just purchased a banker's acceptance for $37500. The acceptance will mature in 90 days for $40000. The bank discount yield (BDY) and the bond equivalent yield for this security are closest to:
bank discount yield BDY) bond equivalent yield
① 25.0% 22. 6%
② 25.0% 26.7%
③ 25.3% 26.7%
  • A. ①
  • B. ②
  • C. ③
【正确答案】 A
【答案解析】[解析] [*] [*]
单选题 A company is investigating the purchase of a banker's acceptance (BA). The $1000000 face value BA has 150 days to maturity and is quoted at 4.05 percent on a discount-basis yield. If the company's marginal tax rate is 25 percent, then the money market yield on the BA is closest to:
  • A. 3.13%.
  • B. 4.12%.
  • C. 4.18%.
【正确答案】 B
【答案解析】[解析] [*] [*]
单选题 Victory Corp is a large domestic services firm with a good credit rating. The source of short-term financing it would most likely use is:
  • A. factoring of receivables.
  • B. issuing commercial paper.
  • C. issuing banker's acceptances.
【正确答案】 B
【答案解析】[解析] 发行银行承兑汇票是一种成本较高的融资手段，一般适用于资信水平较低的中小厂商。具有较好资信水平的大型公司可以通过商业票据市场获得融资，从而实现较低的融资成本。在金融市场上，只有大型跨国公司才具有发行银行承兑汇票的资质，而本地厂商则不具备上述资质。综上所述，Victory公司最可能选择的短期融资手段为发行商业票据，本题的正确选项为B。
单选题 Typically, the first step in developing pro forma financial statements for a firm is to:
  • A. forecast revenue growth.
  • B. establish the firm's tax and interest burdens.
  • C. forecast next period's net income and dividend payout.
【正确答案】 A
【答案解析】[解析] 预测财务报表的编制步骤可以概括为： 第一步，预测销售额变动与损益表和资产负债表相关项目发生变动的联系； 第二步，预测未来债券和租金的税率和利率等； 第三步，预测支付利息期间的销售额； 第四步，预测固定营业成本和固定财务成本； 第五步，根据上述预测编制该期间的财务报表。 由上述内容可知，一家公司建立预测财务报表的首要步骤是预测下一期间的销售收入情况。方法之一是计算未来5年或10年的销售额复合增长率并将该增长率用于下一会计期间销售额的预测。此外，我们也可以使用更为复杂的方法进行预测。例如，经济周期、销售的季节性、特定事件的发生(如新产品的开发)和法律法规的变化均可以作为销售额预期模型所考虑的因素。
单选题 A financial surplus in the first iteration of a firm's pro forma financial statements is most likely the result of:
  • A. changes in the dividend payout ratio.
  • B. assumptions about financial leverage.
  • C. an increase in retained earnings greater than the increase in assets.
【正确答案】 C
【答案解析】[解析] 在对厂商的预测财务报表进行的第一次迭代过程中，如果预测财务报表总资产的价值低于负债和股东权益的价值，则会出现财务盈余。在预测财务报表中，导致总资产的价值低于负债和股东权益的价值的原因一般是未分配盈余的增长幅度高于资产的涨幅。
单选题 Regarding corporate governance, which of the following is most likely a criteria for concern when evaluating the compensation committee?
  • A. The compensation committee includes members of executive management.
  • B. The compensation committee purchases shares on the open market to fund stock option commitments.
  • C. The compensation committee disclose information about compensation paid to executives and board members.
【正确答案】 A
【答案解析】[解析] 根据公司治理的相关要求，负责公司具体运作事务的管理者不应当成为补偿委员会的成员，以保证委员会成员必要的独立性。
单选题 Which of the following board members would most likely be considered to be well chosen based on the principles of good corporate governance?
A. A board member of Company A who is also the CEO of Company
  • A.
  • B. A board member of Company A who is a partner in an accounting firm that competes with the firm's auditor.
  • C. A board member of Company A who is president of Company B, when the CFO of company A sits on Company B's board.
【正确答案】 B
【答案解析】[解析] 如果公司董事同时担任公司的首席执行官(CEO)，则有可能对其发表不同于公司管理者的独立观点产生不利影响。也就是说，由于该类董事本身就是公司重要管理者，从而其在公司董事会上发表的意见既代表了董事的意见，也代表了公司管理者的意见，这将导致其缺乏作为公司董事所应具备的必要的独立性。因此，上述职位关系不符合公司治理原则。 如果公司董事同时在一家与本公司审计者存在竞争关系的审计公司中任职，则上述职位关系往往有助于该董事在董事会上发表独立客观的观点，从而符合公司治理原则。 选项C所示的交叉董事关系往往会导致潜在的利益冲突，从而不利于公司董事发表独立客观的观点，因此，上述关系不符合公司治理原则。
单选题 Which of the following statements would most likely be considered a negative factor in assessing the suitability of a board member?
  • A. The board member has served on other boards.
  • B. The board member is a former CEO of another firm.
  • C. The board member has served for more than ten years.
【正确答案】 C
【答案解析】[解析] 如果该董事在董事会的任职时间已超过10年，则有可能已与公司管理者建立了过分密切的关系，从而不利于保持其作为公司董事的独立性。
单选题 Which of the following statements would most likely be considered a poor corporate practice in terms of promoting shareholder interests?
  • A. The firm can use "share blocking".
  • B. The firm uses a third party to tabulate shareholder votes.
  • C. Voting for board members does not allow cumulative voting by shareholders of all votes allotted to their shares.
【正确答案】 A
【答案解析】[解析] 一般来讲，股票冻结机制限制了股东在特定期间内进行相关股票交易的权利，从而不利于股东充分维护其自身利益。 在公司股东大会上，公司聘请第三方负责计票工作有助于保证计票结果的公平性，从而有助于维护股东的利益。 如果实行不考虑股东所持股份的具体数额而赋予每位股东相同投票权的投票机制，则意味着一些中小股东可以享有与大股东相同的投票表决权，从而为仅持有少数股份，但人数较多的股东操纵股东大会表决结果创造了条件，不利于维护公司多数股东(或持有股份较多的股东)的利益。因此，公司禁止使用上述投票表决机制有助于维护多数股东的利益。
单选题 Which of the following statements is least likely to be classified as a takeover defense?
  • A. greenmail
  • B. cumulative voting
  • C. golden parachutes
【正确答案】 B
【答案解析】[解析] 常见的反收购机制主要包括：(1)金色降落伞，即在被收购公司的高层管理者因收购而失去工作时，向高层管理者提供高额补偿；(2)毒丸(poison pills)条款，即在公司一定比例股权被收购时，赋予公司现有股东一定特权(如股票回购)的条款；(3)绿色信件，即使用被收购公司的资金高价购买收购方公司的股票。上述反收购手段的共同特征是使公司被收购后，其股价将大幅下跌，进而使收购活动无利可图，从而达到防范恶意收购的目的。 累积投票制是指这样一种投票制度：每个投票人领取与候补职位相同的选票，并可将全部选票投给某一候选人或在候选人之中分配投票。累积投票制是现代公司治理结构中经常使用的股东投票机制，但不属于反收购机制的范畴。
单选题 A company is considering building a distribution center on developed land it acquired more than ten years ago at a cost of $400000. The company estimates that the cost of putting in utilities, sewers, roads, and other such costs of preparing the land for the distribution center at $200000. Alternatively, the undeveloped land could be sold today to another company for $600000. If the company builds the distribution center, the cost of the land for capital budgeting purposes is closest to:
  • A. $400000.
  • B. $600000.
  • C. $800000.
【正确答案】 C
【答案解析】[解析] 土地成本=放弃的销售收益(机会成本)+开发土地的成本=600000+200000=800000(美元)