公司理财-3-27-真题1

1.Whenanentiresecurityissueisdirectlysoldtoqualifiedinstitutionalinvestors,suchanissueiscalleda:a.Publicissueb.Privateplacementc.Securitizationd.Commercialpaper2.Debtthatmaybeextinguishedbeforematurityisreferredtoas:a.Sinking-fundb.Debenturesc.Unfundeddebtd.Callabledebt3.Bio-TechCompanyhashadaverysuccessfulyearandearningsare$21million.Thecompanyhas12millionsharesoutstandingandwillpayadividendof$1.00/share.Theoldvalueofretainedearningsaccountis125million.Whatistheretainedearningsfortheyearandthenewvalueofretainedearningsaccount?a.$21million&$146millionb.$9million&$134millionc.$12million&$137milliond.Noneoftheabove4.Themarketforventurecapitalreferstothe:I)Privatefinancialmarketplaceforprovidingequityinvestmentforsmall,startupfirmsII)BondmarketIII)Marketforprovidingequitytowell-establishedfirmsa.Ionlyb.IIonlyc.IIandIIIonlyd.IIIonly5.Generally,venturecapitalfundsareorganizedas:I)ProprietorshipsII)CorporationsIII)Limitedprivatepartnershipsa.Ionlyb.IIonlyc.IIIonlyd.IandIIonly6.Themainreasonforrecentmigrationofalargenumberoffirmsfrompublic-to-privateownership(intheUnitedSates)is:a.Blue-skylawsb.Sarbanes-OxleyActc.InternationalAccountingStandards(IAS)d.Noneoftheabove7.CompanyXhas100sharesoutstanding.Itearns$1,000peryearandexpectstopayallofitasdividends.Ifthefirmexpectstomaintainthisdividendforever,calculatethestockpriceafterthedividendpayment.(Therequiredrateofreturnis10%)a.$110b.$90c.$100d.Noneoftheabove8.TwocorporationsAandBhaveexactlythesameriskandbothhaveacurrentstockpriceof$100.CorporationApaysnodividendandwillhaveapriceof$120oneyearfromnow.CorporationBpaysdividendsandwillhavepriceof$113oneyearfromnowafterpayingthedividend.Thecorporationspaynotaxesandinvestorspaynotaxesoncapitalgainsbutpayataxof30%incometaxondividends.WhatisthevalueofthedividendthatinvestorsexpectcorporationBtopayoneyearfromtoday?a.$7b.$13c.$10d.Noneoftheabove9.ModiglianiandMiller'sPropositionIstatesthat:a.Themarketvalueofanyfirmisindependentofitscapitalstructureb.Themarketvalueofafirm'sdebtisindependentofitscapitalstructurec.Themarketvalueofafirm'scommonstockisindependentofitscapitalstructured.Noneoftheabove10.Valueadditivityworksfor:I)CombiningassetsII)SplittingupofassetsIII)Mixofdebtsecuritiesissuedbythefirm.a.Ionlyb.IIonlyc.IandIIonlyd.I,II,andIII11.Thepracticeofpurchasingenoughsharesinafirmtothreatenatakeover,therebyforcingthetargetfirmtobuythosesharesbackatapremiuminordertosuspendthetakeoveriscalled.a.Blackmailb.Greenmailc.Graymaild.Whitemail12.Ifyouown1,000sharesofstockandyoucancast5,000votesforaparticulardirector,thenthestockfeatures:a.Cumulativevotingb.Straightvotingc.Majorityvotingd.Noneoftheabove13.Theunderwriter'sspreadisthehighestfor:a.IPOsb.Seasonedequityofferingsc.Convertiblebondsd.Straightbonds14.WealthandHealthCompanyisfinancedentirelybycommonstockthatispricedtooffera15%expectedreturn.Thecommonstockpriceis$40/share.Theearningspershare(EPS)isexpectedtobe$6.Ifthecompanyrepurchases25%ofthecommonstockandsubstitutesanequalvalueofdebtyielding6%,whatistheexpectedvalueofearningspershareafterrefinancing?(Ignoretaxes.)(1.5point)$7.2015.Acompany建设银行(code:601939)madeanannouncementonMarch25th,2013thatitwouldgivedividend2.68RMBforevery10sharesandtheex-dateisJune21st,2013(Friday).ThepaymentdateisJuly12th,2013.Therecorddateis____________.(1.5point)June20th201316.GiventhefollowingdataforU&PCompany:Debt(D)=$100million;Equity(E)=$300Million;rD=6%;rE=12%andTC=30%.Theafter-taxweightedaveragecostofcapital(WACC)is.(1point)After-taxWACC=(1/4)(1-0.3)(6)+(3/4)(12)=10.05%17.Green-shoeoptionintheunderwritingprocessmeans:____________________________________________________________________________________.(1point)Theunderwriterhastherighttobuyadditionalsharesfromthecompany,whichensuretheunderwritertobeabletosellextrashareswithoutfearofloss.18.TrueOrFalse.Sincetheexpectedrateofreturnondebtislessthantheexpectedrateofreturnonequity,theweightedaveragecostofcapitaldeclinesasmoredebtisissued.(1point)19.TrueOrFalse.Dividendpaymentsareusedtochangethecapitalstructurebyreplacingequitywithdebt.(1point)20.TrueOrFalse.Themaximumnumberofsharesthatcanbeusedisknownastheauthorizedsharecapital.(1point)21.TrueOrFalse.Theunderwritingspreadfordebtisgenerallylessthanthatforequity.(1point)22.TheNewWordCorporationhas1,000,000sharesoutstandingat$30/share.Thefirmwishestoraise$13.5millionatasubscriptionpriceof$27/shareusingrightissuing.Ifyouown100sharesofthiscompany,howmuchcanyousellyourright?(2points)#ofnewshares=13,500,000/27=500,000shares;#rightsrequiredtobuyanewshare=1,000,000/500,000=2rights;valueofaright=(30-27)/(2+1)=$1/rightor,(2*30+1*27)/3=29,29-27=2,2/2=$1/oldsharesellingyourright:100*$1=$10023.Acompanyhasthefollowinginformationinitsbalancesheet.Thecompanydecidestogive1:10stockdividend.Currentstockpriceis$20.Whatisthenewstockpriceandequityvalueafterthestockdividend?(2points)Ordinaryshares(price$1,200,000shares)200,000Additionalpaid-inCapital400,000Retainedearning2000,000TotalequityandRE2600,000Thedividendamountis20*200,000*10%=400,000.afterstockdividend,Price20/1.1=18.1