财务管理双语课程作业(英文题目)

1：Chapter2,P35,Q5BookValuesversusMarketValuesUnderstandaccountingrules,itispossibleforacompany’sliabilitiestoexceeditsassets.Whenthisoccurs,theowner’sequityisnegative.Canthishappenwithmarketvalues?Whyorwhynot?2：Chapter3,P71,Q1FinancialRationAnalysisAfinancialratiobyitselftellsuslittleaboutacompanysincefinancialratiosvaryagreatdealacrossindustries.Therearetwobasicmethodsforanalyzingfinancialratiosforacompany:timetrendanalysisandpeergroupanalysis.Whymighteachoftheseanalysismethodsbeuseful?Whatdoeseachtellyouaboutthecompany’sfinancialhealth?3：Chapter4,P103,Q3PresentValueSupposetwoathletessign10-yearcontractsfor$80million.Inonecase,we’retoldthatthe$80millionwillbepaidin10equalinstallments.Intheothercase,we’retoldthatthe$80millionwillbepaidin10installments,buttheinstallmentswillincreaseby5percentperyear.Whogotthebetterdeal?4：Chapter5,P135,Q17BondPricesversusYieldsa.WhatistherelationshipbetweenthepriceofabondanditsYTM?b.Explainwhysomebondssellatapremiumoverparvaluewhileotherbondssellatadiscount.WhatdoyouknowabouttherelationshipbetweenthecouponrateandtheYTMforpremiumbonds?Whataboutfordiscountbonds?Forbondssellingatparvalue?c.WhatistherelationshipbetweenthecurrentyieldandYTMforpremiumbonds?Fordiscountbonds?Forbondssellingatparvalue?5：Chapter6,P166,Q4DividendGrowthModelUnderwhattwoassumptionscanweusethedividendgrowthmodelpresentedinthechaptertodeterminethevalueofashareofstock?Commentonthereasonablenessoftheseassumptions.6：Chapter7,P193,PaybackandInternalRateofReturnAprojecthasperpetualcashflowsofcperperiod,acostofl,andarequiredreturnofR.Pleasedefining:a)Paybackperiodb)Internalrateofreturnc)NetpresentvalueWhatistherelationshipbetweentheproject’spaybackanditsIRR?Whatimplicationsdoesyouranswerhaveforlong-livedprojectswithrelativelyconstantcashflows？7：Chapter8,P214,Q2IncrementalCashFlowsWhichofthefollowingshouldbetreatedasanincrementalcashflowwhencomputingtheNPVofaninvestment?a.Areductionofthesalesofacompany’sotherproductscausedbytheinvestment.b.Anexpenditureonplantandequipmentthathasnotyetbeenmadeandwillbemadeonlyiftheprojectisaccepted.c.Costsofresearchanddevelopmentundertakeninconnectionwiththeproductduringthepastthreeyears.d.Annualdepreciationexpensefromtheinvestment.e.Dividendpaymentsbythefirm.f.Theresalevalueofplantandequipmentattheendoftheproject’slife.g.Salaryandmedicalcostsforproductionpersonnelwhowillbeemployedonlyiftheprojectisaccepted.8：Chapter8,Theinformationofaprojectasfollowing(i=10%),Year1Year2Year3Year4Sales7,0007,0007,0007,000Costs2,0002,0002,0002,000Depreciation2,5002,5002,5002,500EBTTax850850850850NetincomeOCF0Capitalspending10,0000000NetWorkingCaptial–200–250–300–200950IncrementalcashflowPlease:a)Finishthetableb)CalculatetheNPVc)CalculatetheIRRd)Criticallyevaluatethisproject.9：Chapter9,Acompanyinvestment1,500,000(＄)toaprojectinthefirstyear,andtheprojectcanbeoperatedabout5years.Therevenueandthevariablecostseachyearoftheprojectasfollowing(I=13%):PessimisticExpectedOptimisticRevenue2,783,0003,600,0004,387,500Variablecosts1,742,4002,100,0002,386,800Fixedcosts850,000800,000750,000Depreciation300,000300,000300,000EBTTax–43,760160,000380,280NetincomeOCFThecompanyshouldaccepttheproject?10：Chapter12,P310,Q6SMLCostofEquityEstimationWhataretheadvantagesofusingtheSMLapproachtofindingthecostofequitycapital?Whatarethedisadvantages?Whatarethespecificpiecesofinformationneededtousethismethod?Areallofthesevariableobservable,ordotheyneedtobeestimated?Whataresomeofthewaysinwhichyoucouldgettheseestimates?11：Chapter13,P340,Q10EfficientMarketHypothesisForeachofthefollowingscenarios,discusswhetherprofitopportunitiesexistfromtradinginthestockofthefirmundertheconditionsthat(1)themarketisnotweakformefficient,(2)themarketisweakformbutnotsemistrongformefficient,(3)themarketissemistrongformbutnotstrongformefficient,and(4)themarketisstrongformefficient.a.Thestockpricehasrisensteadilyeachdayforthepast30days.b.Thefinancialstatementforacompanywerereleasedthreedaysago,andyoubelieveyou’veuncoveredsomeanomaliesinthecompany’sinventoryandcostcontrolreportingtechniquesthatarecausingthefirm’strueliquiditystrengthtobeunderstated.c.Youobservethattheseniormanagementofacompanyhasbeenbuyingalotofthecompany’sstockontheopenmarketoverthepastweek.Usethefollowinginformationforthenexttwoquestions:Technicalanalysisisacontroversialinvestmentpractice.Technicalanalysiscoversawidearrayoftechniques,whichareallusedinanattempttopredictthedirectionofaparticularstock,orthemarket.Technicalanalystslookattwomajortypesofinformation:historicalstockpricesandinvestorsentiment.Atechnicalanalystwouldarguethesetwoinformationsetsprovideinformationonthefuturedirectionofaparticularstock,orthemarketasawhole.12：Chapter15,P394,Q4CostofdebtWhatstepscanstockholderstaketoreducethecostofdebt?13：Chapter17,P448,Q3SourcesandusesFortheyearjustended,youhavegatheredthefollowinginformationontheHollyCorporation:a.A$200dividendwaspaid.b.Accountspayableincreasedby$500.c.Fixedassetpurchaseswere$900.d.Inventoriesincreasedbyv625.e.Long-termdebtdecreasedby$1,200.Labeleachasasourceoruseofcashand