# 公司金融题库 III
1) If you discount a project's expected future unlevered aftertax cash flows by the ________ and then subtract the initial investment you will calculate the:
A) cost of capital for the unlevered firm; adjusted present value.
B) cost of equity capital; project NPV.
C) weighted cost of capital; project NPV.
D) cost of capital for the unlevered firm; all-equity net present value.
E) cost of equity capital for the levered firm; all-equity net present value.
2) A capital budgeting project is usually evaluated on its own merits. That is, capital budgeting decisions are treated separately from capital structure decisions. In reality, these decisions may be highly interwoven. This interweaving is most apt to result in:
A) firms rejecting positive NPV, all-equity projects because changing to a capital structure with debt will always create negative net present values.
B) firms foregoing project analysis and just making decisions at random.
C) corporate financial managers first checking with their investment bankers to determine the best type of capital to raise before valuing a project.
D) firms accepting some negative NPV all-equity projects because changing the capital structure adds enough positive leverage tax shield value to create a positive NPV.
E) firms never changing their capital structure because all capital budgeting decisions will be overridden by capital structure decisions.
3) The APV method is comprised of the all-equity NPV of a project plus the NPV of financing effects. The four financing side effects are:
A) tax subsidy of dividends, cost of issuing new securities, subsidy of financial distress, and cost of debt financing.
B) cost of issuing new securities, cost of financial distress, tax subsidy of debt, and other subsidies to debt financing.
C) cost of issuing new securities, cost of financial distress, tax subsidy of dividends, and cost of debt financing.
D) subsidy of financial distress, tax subsidy of debt, cost of other debt financing, and cost of issuing new securities.
E) cost of financial distress, tax subsidy of debt, increased cost of equity capital, and cost of issuing new securities.
4) To calculate the adjusted present value, you should:
A) multiply the additional effects of debt by the all-equity project value.
B) add the additional effects of debt to the all-equity project value.
C) divide the project's levered cash flow by the risk-free rate.
D) divide the project's levered cash flow by the risk-adjusted rate.
E) add the pretax cost of debt to the project's all-equity NPV.
5) The flow-to-equity (FTE) approach in capital budgeting is defined as the:
A) discounting of all project cash flows at the overall cost of capital.
B) scale enhancing discount process.
C) discounting of a project's levered cash flows to the equityholders at the required return on equity.
D) dividends and capital gains that will be available to flow to shareholders of a firm.
E) discounting of a project's unlevered cash flows to the equityholders at the WACC.
6) The flow-to-equity approach to capital budgeting involves all the following except:
A) calculating the levered cost of equity.
B) determining the amount of the investment that is not borrowed.
C) computing the PV of the cash flows using the cost of equity for an all-equity firm.
D) discounting the levered cash flows using the levered cost of equity.
E) computing the project's NPV.
7) The weighted average cost of capital is determined by ________ the weighted average cost of equity.
A) multiplying the weighted average aftertax cost of debt by
B) adding the weighted average pretax cost of debt to
C) adding the weighted average aftertax cost of debt to
D) dividing the weighted average pretax cost of debt by
E) dividing the weighted average aftertax cost of debt by
8) The adjusted present value method (APV), the flow to equity (FTE) method, and the weighted average cost of capital (WACC) method produce equivalent results, but each can have difficulties making computation impossible at times. Given this, which one of these is a correct statement?
A) The WACC method is preferred when evaluating a leveraged buyout.
B) The APV method is the most commonly used method in actual practice.
C) Use the FTE method when the level of debt is known over a project's life.
D) Use the WACC method when the level of debt is known over a project's life.
E) The WACC method is appropriate when the target debt-to-value ratio applies over a project's life.
9) When the debt-equity ratio changes over time, the best method(s) to use when evaluating a project is(are):
A) APV.
B) FTE.
C) WACC.
D) either APV or WACC.
E) either FTE or WACC.
10) A firm currently has debt outstanding with a coupon rate of 7 percent. The firm is obtaining subsidized financing for a new project at a rate of 5.5 percent. The current market rate is 6.8 percent and the firm's tax rate is 21 percent. What discount rate should be used to compute the NPV of the loan?
A) 5.5 percent
B) 3.575 percent
C) 6.8 percent
D) 4.42 percent
E) 7 percent
11) The beta of debt is commonly assumed to be:
A) 1.0
B) .50
C) 0
D) −1
E) −5
12) Hilltop Paving has a levered equity cost of capital of 14.92 percent. The debt-to- value ratio is .4, the assumed tax rate is 23 percent, and the pretax cost of debt is 7.2 percent. What is the estimated unlevered cost of equity?
A) 12.08 percent
B) 13.06 percent
C) 12.30 percent
D) 10.97 percent
E) 11.23 percent
13) Payments made out of a firm's earnings to its owners in the form of cash or stock are called:
A) dividends.
B) distributions.
C) share repurchases.
D) payments-in-kind.
E) stock splits.
14) A cash payment made by a firm to its owners when some of the firm's assets are sold off is called a:
A) liquidating dividend.
B) regular cash dividend.
C) special dividend.
D) extra cash dividend.
E) share repurchase.
15) A payment made by a firm to its owners in the form of new shares of stock is called a ________ dividend.
A) stock
B) normal
C) special
D) extra
E) liquidating
16) The last date on which you can purchase shares of stock and still receive the dividend is the date ________ business day(s) prior to the date of record.
A) zero
B) one
C) three
D) five
E) seven
17) Leslie purchased 100 shares of GT stock on June 7th. Marti purchased 100 shares of GT stock on Monday, July 9th. GT declared a dividend on June 20th to shareholders of record on July 13th that is payable on August 1st. Which one of the following statements concerning the dividend paid on August 1st is correct given this information?
A) Neither Leslie nor Marti are entitled to the dividend.
B) Leslie is entitled to the dividend but Marti is not.
C) Marti is entitled to the dividend but Leslie is not.
D) Both Marti and Leslie are entitled to the dividend.
E) Both Marti and Leslie are each entitled to one-half of the dividend amount.
18) Ignoring taxes and all else held constant, the market value of a stock should decrease by the amount of the dividend on the:
A) dividend declaration date.
B) ex-dividend date.
C) date of record.
D) date of payment.
E) day after the date of payment.
19) The date on which the board of directors passes a resolution authorizing payment of a dividend to the shareholders is the ________ date.
A) ex-rights
B) ex-dividend
C) record
D) payment
E) declaration
20) Which one of the following lists dividend events in the correct chronological order from earliest to latest?
A) Date of record, declaration date, ex-dividend date
B) Date of record, ex-dividend date, declaration date
C) Declaration date, date of record, ex-dividend date
D) Declaration date, ex-dividend date, date of record
E) Ex-dividend date, date of record, declaration date
21) The ability of shareholders to undo the dividend policy of a firm and create an alternative dividend payment policy via reinvesting dividends or selling shares of stock is referred to as:
A) the perfect foresight model.
B) MM Proposition I.
C) capital structure irrelevancy.
D) homemade leverage.
E) homemade dividends.
22) Which one of these statements is true?
A) Dividends are irrelevant.
B) Shareholders are unable to personally adjust the dividend policy set by a firm.
C) According to Miller and Modigliani, a firm should alter its investment policy whenever a change is made in its dividend policy.
D) Dividend policy is relevant.
E) Firms should never give up a positive NPV project to increase a dividend.
23) A firm can repurchase its shares in all the following ways except through:
A) a tender offer.
B) a reverse stock split.
C) a targeted repurchase.
D) open market purchases.
E) a Dutch auction.
24) A scenario exists that supports an argument in favor of a low dividend policy when:
A) tax laws allow capital gains to be deferred until the gain is realized.
B) few, if any, positive net present value projects are available to a firm.
C) a preponderance of stockholders have minimal taxable income.
D) the majority of the stockholders have other investment opportunities that offer higher rewards with similar risk characteristics.
E) corporate tax rates exceed personal tax rates.
25) The observed empirical fact that stocks attract particular investors based on the firm's dividend policy and the resulting tax impact on investors is called the:
A) information content effect.
B) clientele effect.
C) efficient markets hypothesis.
D) MM Proposition I.
E) MM Proposition II.
26) According to the clientele effect, firms can only boost their stock price:
A) by increasing the dividend payout ratio.
B) by increasing their regular cash dividends.
C) by setting their dividend to the level expected by the highest-dividend-receiving satisfied clientele group.
D) by commencing dividend payments if they are a non-dividend-paying firm.
E) if an unsatisfied clientele group exists.
27) Firms generally:
A) set high target payout ratios when they are relatively young.
B) decrease their dividends as soon as they expect earnings to decline.
C) allow their dividend changes to lag their earnings changes.
D) set short-term target ratios of dividends to earnings.
E) set the dividend growth rate equal to the firm's earnings growth rate.
28) Financial executives place the greatest importance on which one of these factors when setting dividend policy?
A) Setting a high-dividend payout ratio even when earnings are unstable
B) Maintaining a consistent dividend policy
C) Increasing current dividends even if those dividends need to be lowered in the near future
D) Reducing dividends anytime future earnings are in doubt
E) Attracting institutional investors
29) Venture capitalists are:
A) intermediaries that raise funds from outside investors.
B) investors who take a hands-off approach to investment management.
C) generally interested in primarily long-term investments.
D) easily contacted and tend to assist with most requests received.
E) generally granted a maximum of 25 percent of a firm's equity.
30) Wood Crafts has expended almost all its start-up funds and is seeking venture capital to begin manufacturing. Which type of financing is it seeking?
A) Mezzanine financing
B) First-round financing
C) Bridge financing
D) Seed money financing
E) Second-round financing
31) A red herring contains:
A) exactly the same information as the final prospectus except for the SEC approval.
B) the same information as the final prospectus.
C) only a brief synopsis of the final prospectus.
D) only a description of how the funds raised will be used.
E) information very similar to the final prospectus but excludes the selling price.
32) Tokens offered in initial coin offerings:
A) can be exchanged for services but not for cash.
B) can only be obtained from Ethereum.
C) must be exchanged for shares of common stock once the coin's issuer has gone public.
D) are considered to be illiquid investments.
E) may be obtained in the hope that the tokens will appreciate in value.
33) An equity issue sold to the firm's existing stockholders is called a:
A) rights offer.
B) general cash offer.
C) private placement.
D) restricted placement.
E) direct placement.
34) A firm commitment arrangement with an investment banker occurs when the:
A) syndicate is in place to handle the issue.
B) spread between the buying and selling price is less than one percent.
C) issue is solidly accepted in the market as evidenced by a large price increase.
D) investment banker buys the securities for less than the offering price and accepts the risk of not being able to sell them.
E) investment banker sells as much of the security as the market can bear without a price decrease.
35) The Green Shoe provision is used to:
A) cover oversubscriptions.
B) address unsold shares.
C) provide additional reward to investment bankers for a risky issue.
D) provide funding to investment bankers for unsold shares.
E) reduce the number of shareholders.
36) Under the ________ method, the underwriter buys the entire issue, while under the ________ method, the underwriter does not purchase the shares but merely acts as an agent.
A) best efforts; firm commitment
B) firm commitment; best efforts
C) negotiated offer; competitive offer
D) competitive offer; negotiated offer
E) seasoned; unseasoned
37) Assume a firm issued rights to fund a new project. If this project immediately increases the market value per share, then:
A) no dilution of ownership position can occur.
B) the book value per share had to remain constant.
C) the EPS will also immediately increase.
D) the shareholders will be worse off than before, whether or not they participate in the offering.
E) the firm has acted in the best interest of its pre-rights shareholders.
38) Assume there are three upcoming IPOs (A, B, and C) that are priced at $20 a share. You place an order with your broker to purchase 500 shares of each of the three offerings. Further assume that A is oversubscribed and your allocation is only 100 shares. You receive a full allocation on both B and C. Offer A is undervalued by $13, B is overvalued by $8, and C is overvalued by $1. What will be your combined total profit or loss on these three investments?
A) −$3,200
B) −$1,125
C) $2,000
D) $1,125
E) $3,200
39) Alex bid $24 a share for 500 shares in a Dutch auction for ABC shares of stock. The other bids were $25 for 200 shares, $23 for 600 shares, $26 for 100 shares, and $22 for 500 shares. ABC was seeking the sale of 1,000 shares. What price did Alex have to pay for each share he obtained?
A) $26
B) $25
C) $24
D) $23
E) $22
40) Regional Power wants to raise $2.4 million in new equity via a rights offering with a subscription price of $12. There are currently 2.6 million shares outstanding, each with one right. How many rights are needed to purchase one new share?
A) 12
B) 18
C) 20
D) 13
E) 6
关闭
更多问卷
复制此问卷