财务管理试卷(英文版)答案

Part 1: Choice Questions (16 questions, 1 point each, 16 points total)

1． d 2. c 3． a 4． b 5． 6． 11． 16． a d b 7． 12． c d 8． 13． a c 9． 14． d a 10． 15． b b a

Part 2: Calculation Questions (3 questions, 8 points each, 24 points total) 1. Answer:

CAPM is: E(Ri) = Rf + [E(RM) – Rf] × i

Substituting the values we are given, we find:

E(Ri) = .05 + (.14 – .05)(1.3) = .1670 or 16.70% (4 points)

P0 = D0×(1+g)/(R-g) = 2×1.08/(16.7%-8%)=$24.83 ( 4 points)

2. Answer: (10 points)

The economic order quantity is: EOQ = [(2T × F)/CC]1/2

EOQ = [2(52)(4,000)($2,600)/$40]1/2 EOQ = 5,200

3. Answer: (8 points)

Bond value = 50 ×(P/A, 6%, 40) + 1000×(P/s, 6%,40 ) =50×15.0463 ＋1000×0.0972 =$849.

Part 3: Comprehensive Questions (4 questions, 15 points each, 60 points total )

1. Answer:

1) Compute the following ratios: ( 7 points)

Current ratio: = 11,000/10,000 =1.1

Total debt ratio (10,000+12,000)/ 38,000 = 57.9% Total asset turnover = 10,400/ 38,000 = 27.4% Profit margin = 2,327/10,400 = 22.375% Equity multiplier = 38,000 / 16,000 = 2.375 ROA = 2327 / 38000 = 6.12% ROE = 2327 / 16000 = 14.%

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2) Using Du Pont Identity to compute the ROE ( 4 points)

ROE = Profit margin×Equity multiplier×Total asset turnover = 22.375% ×2.375 ×27.4% = 14.56%

3) ( 4 points) The plowback ratio, b, is one minus the payout ratio, so: b = 1 – .20 = .80 we can use the sustainable growth rate equation to get: Sustainable growth rate = (ROE × b) / [1 – (ROE × b)] = [0.14(.80)] / [1 – 0.14(.80)] = .1317 or 13.17%

2. Answer:( 15 points) Beginning cash balance Cash receipts Cash collections from last month’s credit sales Cash collections from current month’s credit sales Total cash available Cash disbursements Purchases Wages, taxes, and expenses Interest Equipment purchases Total cash disbursements Ending cash balance 3. Answer:

1) Annual depreciation = $618,000  3 = $206,000 Taxes = ($265,000 - $206,000)  .34 = $20,060

OCF = $265,000 – $20,060 = $244,940 (4 points)

2) After tax Salvage value = $60,000  (1 - .34)] = 39,600 ( 3 points)

3) ( 4 points) OCF Change in NWC Capital spending Total cash flow

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April 280 — 110 190 580 — 150 32 11 81 274 306 May 306 — 190 195 691 — 140 45 11 90 286 405 June 405 — 195 215 815 — 170 50 11 120 351 4 Year 0 -23,000 -618,000 -1,000 Year 1 244,940 244,940 Year 2 244,940 244,940 Year 3 244,940 +23,000 39,600 307,0 CF0 = -$618,000 + (-$23,000) = -$1,000 CF1—CF2 = $244,940

CF3 = $244,940 + [$60,000  (1 - .34)] + $23,000 = $307,0

4)NPV$1,000( 4 points)

4. (15 points)

The Capital Structure Question

Capital Structure and the Cost of Capital

The Effect of Financial Leverage

The Basics of Financial Leverage

Corporate Borrowing and Homemade Leverage ( 3 points)

Case I: M&M Capital Structure and the Cost of Equity Capital ( 3 points)

M&M Proposition I: The Pie Model

The Cost of Equity and Financial Leverage: M&M Proposition II Business and Financial Risk

Case II: M&M Propositions I and II with Corporate Taxes ( 4 points)

The Interest Tax Shield

Taxes and M&M Proposition I

Taxes, the WACC, and Proposition II

Case III: M&M Propositions I and II with Corporate Taxes and Bankruptcy Costs ( 4 points)

Direct Bankruptcy Costs Indirect Bankruptcy Costs

Taxes and Bankruptcy Costs , M&M Proposition I

Taxes and Bankruptcy Costs , the WACC, Proposition II

Summery: Optimal Capital Structure ( 1 point)

Optimal Capital Structure and the Cost of Capital

$244,940$244,940$307,0= $27,3.00 (1.09)1(1.09)2(1.09)3 3