財務報告分析期中考試(星期一班)：
請簡要回答下列問題(請勿贅述)，每題20分。
1.依據效率資本市場假設，沒有任何人的投資績效，可以長期且有系統的比市場大盤的表
現好。Peter Lynch在Fidelity的12年間平均報酬為29%（比同時期的S&P500指數平均每年
高7.7%）Peter Lynch曾經說過：”It seems to me that most of what I learn in
Wharton, which was supposed to help you in the investment business, could
only help you fail. Quantitative analysis taught me that the things I saw
happening in Fidelity couldn’t really be happening. I also found it
difficult to integrate the efficient market hypothesis with the random walk
hypothesis… It also was obvious that Wharton professors who believed in
quantum analysis and random walk weren’t doing nearly as well as my
colleagues in Fidelity, so between theory and practice, I cast my lot with
practitioners.” (One Up on Wall Street, page 34, 1989)
Peter Lynch的績效，歸功於他的基本分析。他優異的績效和效率市場假設是否有衝突?他
對財務分析及預測的看法，你有何評論?
Note: Peter Lynch, the Fund Manager for Fidelity’s Magellan Fund, from
1978 to 1990. Magellan had assets of $20 million in 1978, when he retired in
1990 it had assets of $14 billion. Lynch achieved an average annual return
of 29% a year.
2.試用Michael Porter 的Five-force Model說明個人電腦零售業的財務績效，以及該產뜊~如何因應競爭結構之改變?
3.試說明Enron使用Raptor I/AVICI特殊目的個體(Special Purpose Entity, SPE)之過
程，目的，及其對財務報告之影響。
4.某家銀行客戶之一向法院請求重整。該銀行經理聲稱，該銀行貸款有第一順位的求償權
，且擔保品價值超過貸款額度，依照絕對清償順序(Absolute Priority Rule, APR)
，因此該債權可以百分之百得到清償。請問他的觀點對嗎？
5.Betty Li, the CFO of a company applying for new loan, argues: “I will
never agree to a debt covenant that restricts my ability to pay dividends
to my shareholders, because it reduces shareholders wealth.” Do you agree
with this argument?
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