[商管] [財管] 101成大財金
1. In a decision tree, caution should be used in analysis because
A) early stage decisions are probably riskier and should not likely use the
same discount rate.
B) if a negative NPV is actually occurring, management should opt out of the
project and minimize their loss.
C) decision trees are only used for planning, not actually daily management.
D) Both A and C.
E) Both A and B
此題我選B 答案給E A說early stage decisions are probably riskier
通常應該是較早的風險較低 因為不確定性較低 我是這樣想的 所以認為A錯
不知道我的想法有沒有問題
2.Preferred stock may be desirable to issue for which of the following
reason(s)?
A) If there is no taxable income, preferred stock does not impose a tax
penalty.
B) The failure to pay preferred dividends, cumulative or noncumulative, will
not cause
bankruptcy.
C) Preferred dividends are not tax deductible and therefore will not provide
a tax shield but will
reduce net income.
D) Both B and C.
E) Both A and B.
答案是E 我選B A應該是說在no taxable income時 特別股不用罰稅金
不知道是甚麼東東....
3.A firm with a 1,000 stockholders plans to terminate operations at the end of
two years. Investors are certain that the firm will generate cash
flows of $1 ,000 at the end of the first year and $50,000
at the end of the second year. The risk-free rate is 10%. Which of the
following is true, ignoring transaction costs and taxes?
A) The present value of these payments is $42,231 if payments of $1,000 and
$50,000 are made.
This present value will decrease if the firm borrows to increase payment at
the end of the first year.
B) The present value of these payments is $42,231 if payments of $1,000 and
$50,000 are made.
This present value will increase if the firm borrows to increase payment at
the end of the first year.
C) The present value of these payments is $42,231 if payments of $1,000 and
$50,000 are made.
This present value will remain the same if the firm borrows to increase
payment at the end of the first year.
D) The present value of these payments is less than $42,231 if payments of
$1,000 and $50,000 are made.
This present value will change if the firm borrows to increase
payment at the end of the first year.
The direction of the change will depend on the type of investors that
currently hold stock.
E) There is no way to calculate present value without being given the proper
discount rate for the firm.
The present value would change if the firm borrows to increase payments
at the end of year one.
答案是C 我選D
根據無風險利率10%算出來是$42,231沒錯 但是股票是有風險的 折現率應大於10%
所以現值應該是小於42231
至於向外借錢增加第一期的支付 在MM無稅下 公司整體價值不變沒錯
但股東擁有得價值會降低 所以借錢後的現值應該有所不同
不知我的想法有沒有錯誤
問題有點多
還請各位高手幫我解答
謝謝 <(_ _)>
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