課程名稱：財務管理
課程性質：整開
課程範圍：ch1-7
開課教師：屠美亞
開課學院：商學院
開課系級：財管系
考試日期(年月日)：990423
考試時限(Mins)：3hrs
試題本文：
一、簡答題(5 points each question)
1.Why maximizing stockholders's wealth is a better goal for financial managers
than maximizing profits?
2.Why are there conflicts bewteen managers and stockholders? Why are there
also conflicts between shareholders and bondholders?
3.Can the book value of equity or the market value of equity have a negative
value? Why or why not?
4.Explain why and how to make a time-trend analysis or a peer group analysis
when using financial ratio analysis.
5.Over the next two years, you expect the rate of inflation to increase. How
do you think nominal and real interest rates will react to this projection
assuming the majorty of investors concur with your expections? What effect,
if any, will this have on the term structure of interest rates?
6.What are the primary market and the secondary market? What is the function
of these two markets to the financial managers?
7.What is convertible bond? What is floating rate bond? What is the relation
between interest rate risk and the coupon rate of a bond?
8.What is the difference between common stock and prefered stock? What is the
difference between prefered stock and bond? Explain why cumulative prefered
stock is more valuable than non-cumulative prefered.
二、計算題(6 points each question)
1.Baldwin, Inc. paid 18,500 in dividends and 44,600 in interest over the past
year while net working capital increased from 10,200 to 28,200. The company
purchased 30,000 in net new fixed assets and had depreciation expenses of
15,700. During the year, the firm issued 45,000 in net new equity and paid
off 16,000 in long-term debt. What is the amount of Baldwin's operating
cash flows?
2.A firm has adopted a policy whereby it will not seek any additional external
financing. Given this, what is the maximum growth rate of the firm if it has
net income of 4,500, total equity of 40,000, total assets of 80,000, and a
70 percent dividend payout ratio?
3.The rainbow company has net income of 132,500. There are currently 29.7
days' sale in receivables. Total assets are 820,000, total receivables are
138,600, and the debt-equity ratio is 0.60. What is the company's profit
marginn? It total assets turnover? It's ROE?
4.The condominium at the beach that you want to buy costs 249,500. You plan to
make a cash down payment of 20 percent and finance the balance over 10 years
at 6.75 percent. What will be the amount of your monthly mortgage payment?
5.You just received a credit offer in an email. The company is offering you
6,000 at 12.8 percent interest. The monthly payment is only 110. If you
accept this offer, how long will it take you to pay off the loan?
6.What is the present value of 1,450 per year, at a discount rate of 9 percent,
if the first payment is received 6 years from now and the last payment is
received 20 years from now?
7.Statue Builders, Inc. has an outstanding loan tha calls for equity annual
payments of 7,500 over the life of the loan. The original loan amount was
45,000 at an APR of 7 percent. How much of the second payment is interest?
8.A 6 percent 1,000 bond matures in 4 years, pays interest semiannally, and
has a yield to maturity of 6.85 percent. What is the current market price
of the bond?
9.Last year, when the stock of Shipping Enterprises was selling for 46 a share.
What is the current required return on this stock if the company maintains a
constant dividend growth rate of 3 percent?
10.Square Industries does not expect to pay any dividends for the next three
years. Four years from now, the firm hopes to pay 0.60 a share and double
that amount each year for the following three years. After that, the
dividend is expected to increased in value by 3 percent annually. What is
the value of this stock today if the required return is 12 percent?
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