課程名稱︰財務管理
課程性質︰選修
課程教師︰陳建宏
開課學院：管理學院
開課系所︰國企系
考試日期（年月日）︰97.4.14
考試時限（分鐘）：2:30
是否需發放獎勵金：是
（如未明確表示，則不予發放）
試題 :
1.Below are the financial statement of Wonderful Co.in 2006 and 2007
Income Statement
2006 2007
Sales $165390 $201600
Cost of goods sold 84310 106450
Selling & administrative 16580 21640
Depreciation 23800 26900
------- ------
EBIT $40700 $46610
Interest 5180 5930
------ -----
EBT $35520 $40680
Taxes 7104 8136
------ ------
Net Income $28416 $32544
====== ======
Dividends $8525 $9763
Addition to retained earnings 19891 22781
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Balance Sheet as of Dec. 31,2006
Cash $12165 Account payable $21500
Accounts receivable 8620 Note payable 9800
------
Inventory 18140 Current liabilities $31300
------
Current assets $38920
Long-term debt $53000
Net fixed assets $105000
------- Owners' equity 59625
-------
Total assets $143925 Total liab. & equity $143925
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Balance Sheet as of Dec. 31,2007
Cash $18380 Account payable $24350
Account receivable 11182 Note payable 10700
Inventory 24894 Current liabilities $31300
Current assets 54456
Net fixed assets $134000 Lomg-term debt $61000
Total assets $188456 Owners' equity $92406
Total liab. & equity $188456
Required:
(1) Calculate (a)the operating cash flow in 2007 and (b)the cash flow from
assets in 2007. (10分)
(2) Calculate the cash flow to creditors in 2007. (5分)
(3) Calculate the cash flow to stockholders in 2007. (5分)
(4) Calculate the inventory turnover and the cash coverage ratio in 2007 (5分)
(5) Calculate the profit margin, total asset turnover, and equity multiplier
in 2007. And then, verify the Du Pont Identity. (10分)
2. You have the following data for the Brave Company as December 31, 2007:
"Balance, December 31,2006":
Retained Earning: $80000
"Activity, 2007":
Sales $12000000
"Balance, December 31,2007":
Note Payable: $900000
Common Stock: $6532000
"Percentage-of-Sales":
Cash: 5%
Accounts Receivable: 15%
Inventories: 20%
Plant, net: 40%
Account Payable: 10%
Accrual Payable: 5%
Net Profit margin: 4%
Payout ratio: 40%
Required:
(1) Suppose that in 2008, sales is expected to increase by 20% over year
2007 sales. Please determine Bravo's external funds needed (EFN) for
2008. (10分)
(2) If the customers' slower payment increased in colletion period to 72 days,
what would happen tp Bravo's external funds needed in 2008. (5分)
(3) Calculate the internal growth rate of Bravo for 2008. (5分)
(4) Calculate the sustainable growth rate of Bravo for 2008. (5分)
3. You are saving for graduate school, which you expect to pay for 4 annual
payments of $15000 beginning 6 years today. In the meantime, you can earn
8% on any money you invest. If you fund this with 8 equal annual payments
ending at the same time as you last payment to the school, how much should
each payment be? (5分)
4. Find the present value of an ordinary annuity of $500 per quarter for 5
years at an interest rate of 8% compounded monthly. (5分)
5. The Marvellous Company has just paid a cash dividend of $2 per share.
Invenstors require a 8 percent return from investments such as this.
What should the stock sell for today, if the dividend was expected to grow
at 10 percent per year for the next three years and then settle down to 5
percent per year indefinitely? (5分)
6. Amazing Company ia adding production capacity and must choose between two
machines, Both cost $200000, but Machine A has an anticipated 4 year life,
while the life of Machine B is forcast to be 7 years. Amazing Co. has done
a complete incremental after-tax cash flow analysis for each machine with
the following results: (Amazing Co. has 10% cost of capital)
Year Machine A Machine B
1 $90000 $65000
2 90000 65000
3 90000 65000
4 90000 65000
5 65000
6 65000
7 65000
Required:
(1) Calculate the NPV and IRR from investing in each machine. (7分)
(2) Calculate the Modified IRR (MIRR) from investing in each machine. (5分)
(3) Which machine should Amazing Co. select? Why? (8分)
7.甲公司有閒餘資金1000萬元，擬進行投資，假設公司只有A、B兩個互斥的投資計畫案
可以採行，否則就只能將資金放定存，定存年利率是8%。
根據下列資料，財務經理說B案的NPV大於A案，故應該採B案；可是總經理說不對，
雖然B案的NPV比A案多，但是A案投資只用了600萬元，還有400萬元可以放定存，
可以多賺利息32萬元，加上原來的NPV(100萬元)成為132萬元，比B案佳，故應採A案。
計畫案 投資成本 NPV 定存利息 合計
A 600 100 32 132
B 1000 110 0 110
你認為財務經理還是總經理的說法才對? 為什麼? (5分)
備註一: 本次考試可使用財務計算機
備註二: 試卷附有年金的現值表和終值表供查詢
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※ 編輯: montrachet 來自: 140.112.244.207 (05/01 00:05)