課程名稱：財務管理
課程性質：必修(整開課程)
課程範圍：Ch1-Ch7
開課教師：屠美亞老師
開課學院：商學院財管系
考試日期(年月日)：2012年4月20日
考試時限(Mins)：180分鐘
試題本文：
1.Maximazing profit and earnings per share are two generally mentioned targets
for firm management. Explain why they are not better than setting maximization
of market value as managerial goals.(6 points)
2.Describe agency problems in general. Explain why the existence of agency
problems cannot invalidate the argument that managers try to maximize the
shareholders' wealth.(6 points)
3.What are primary and secondary markets? Why are they both important to
financial managers?(6 points)
4.Grenne Co. shows the following information on its 2008 income statement:
sales=$138,000;costs=$72,500;other expenses=$4,200;
depreciation expense=$10,000;interest expense=$7,900;taxes=$17,760;
dividends=$5,400.In addition, you're told that the firm issued $2,800 in new
equity during 2008, and redeemed $3,500 in outstanding long-term debt.
(a) What is the 2008 operating cash flow?
(b) What is the 2008 cash flow to creditors?
(c) What is the 2008 cash folw to stockholders?
(d) If net fixed assets increased by $17,400 during the year, what was the
addition to NWC? (12 points)
5.
(a) After reading the fine print in your credit card agreement, you find that
the"low" interest rate is actually an 18% APR, or 1.5% per month. Now, to make
you feel even worse, calculate the effective annual interest rate.(3 points)
(b) Would you prefer a savings account that paid 7.5% with annual compounding
if you had $1,000 to deposit? Would the answer change if you had $100,000 to
deposits? (5 points)
6.You take out a 20-year $100,000 mortgage loan with an APR of 6 percent and
monthly patments. In 8 years you decide to sell your house and pay off the
mortgage. What is the principal balance on the loan? (8 points)
7. You are considering buying a car. the car dealer gives you two alternatives:
Alternative one: A total amount of cash payment $800,000
Alternative two: The total amount is 850,000 og which down payment is $100,000
and the rest can be paid monthly over 24 months. The dealer gives you a favor
term by asking the APR to be6%. The market required rate is 9%. Which one
should you pick? (12 points)
8.
(a)Why are long-term bonds more sensitive to changes in interest rates than
short-term bonds? (3 points)
(b)What is the term structure of interest rates? If you observe the current
term structure is upward sloping, what does it mean to inflation premiun?
(6 points)
9.How much would an investor expect to pay for a $1,000 par value bond with 9%
annual coupon that matures in 5 years if the interest rate is 7% ? (5 points)
10. For a firm that expects earnings next year of $10.0 per share, has plowback
ratio of 35%, areturn on equity of 20%, and required return of 15%. Show the
current stock value, assuming that growth is to be constant. (8 points)
11. Explan the difference between the coupon rate and the required return on a
bond? Why might an income bond be attractive to a corporation with volatile
cash flow? (6 points)
12.YKK Inc., has sales of $9,980, total assets of $3,140, and debt- equity
ratio of 0.25. If its return on equity is 16 percent, what is its net income?
(5 points)
13. Based on the dividend growth model, what are the two components of the
total return on a share of stock? Which do tou think is typically larger?
(6 points)
14. In the constant dividend grwoth model, what is the highest reasonable
growth rate for a stock's dividend? (3 points)
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