公司金融习题及答案

公司金融第5章-资本预算的一些问题习题及答案公司金融第5章-资本预算的一些问题习题及答案第五章资本预算中的一些问题一、概念题增量现金流量、沉没成本、、营运资本、折旧、名义现金流量，实际现金流量、净现值等价年度成本、更新决策、扩展决策二、单项选择1、与投资决策有关的现金流量包括（）A初始投资+营业现金流量B 初始投资+营业现金流量+终结现金流量C初始投资+终结现金流量D 初始投资+投资现金流量+终结现金流量2、以下说法正确的是（）A沉没成本应该计入增量现金流量B 机会成本是投入项目中的资源成本C营运资本是流动资产与流动负债的差额D 计算增量现金流量不应考虑项目附加效应3、折旧的税盾效应说法正确的是（）A 原因是折旧税前扣减B 税盾效应随利率增加而减小C依赖于未来的通货膨胀率 D 降低了项目现金流量4、名义利率为7%，通货膨胀率为2%，实际利率是（）A 7% B6% C 4.9%D 2%5、在一个5年期和7年期的项目中选择，应该使用的资本预算决策是：A盈利指数B周期匹配C扩展决策D等价年度成本6、投资时机的决策原则是选择（）时间进行投资A 增量现金流量最高B项目税后利润最高C 净现值最高 D 成本最小三、多项选择题1、现金流量估算原则正确的是（）A现金流量应该是税前现金流量 B 现金流量应该是税后现金流量C现金流量应该是增量的D如果现金流量是公司现金流量，折现率使用权益资本成本E现金流量是名义现金流量，折现率使用名义折现率2、在对是否投资新工厂时，下面那些科目应作为增量现金流量处理（）A场地与现有建筑物的市场价值B拆迁成本与场地清理费用C上一年度新建通道成本D新设备使管理者精力分散，导致其他产品利润下降E 总裁专用喷气飞机的租赁费用分摊3、税率提高对净现值影响包括（）A折旧税盾效应增加 B 折旧税盾效应减小C所得税增加D所得税减小E无影响4在更新决策中，现金流量的变化正确的是（）A新设备购置成本B新设备购置成本—旧设备金额C新设备降低经营成本D新设备使用增加折旧的节税效应E新设备试用期末残值5、以下说法正确的是（）A净现值法只能用于相同寿命期的项目比较B 净现值法可应用于对不同寿命期的项目比较C 当公司面临有限资源时，可使用盈利指数法D寿命不同期的项目，可使用等价现金年度法或周期匹配法6以下对净现值计算说法正确的是（）A可以用名义现金流量与名义折现率来计算B可以用实际现金流量与实际折算率计算C A，B两种方法计算结果不同D按照名义现金流量与实际利率计算的净现值偏大E按照实际现金流量与名义利率计算的净现值偏大7、以下说法正确的是（）A等价年度成本大的项目可以采纳 B 等价年度成本小的项目可以采纳C在项目寿命期内是收到现金流量，等价年度成本大的项目应该被采纳D 在项目寿命期内是支出现金流量，等价年度成本小的项目应该被采纳E等价年度成本=净现值/项目持续期限四、计算题1、某公司5年中每年都会得到100000元，名义折现率为8%，通货膨胀率为4%，分别用名义折现率和实际折算率计算净现值。

可编辑修改精选全文完整版大学《公司金融》期末考试试题及答案解析（共三套）目录《公司金融》期末考试试题及答案解析（第一套） (1)《公司金融》期末考试试题及答案解析（第二套） (15)《公司财务》期末考试试题及答案解析 (29)《公司金融》期末考试试题及答案解析（第一套）一、《公司金融》考试大纲1、考试题型期末考试采用开卷的形式，时间为90分钟，满分100分。

考试题目类型为：一、单项选择题（共5小题，每小题2分，共10分）二、多项选择题（共5小题，每小题2分，共10分）三、判断题（共5小题，每小题2分，共10分）四、简答题（共2小题，每小题10分，共20分）五、计算题（共2小题，每小题15分，共30分）六、论述题（1小题，共20分）2、考试范围考试试卷有40分试题出自以下的复习题。

二、复习题一、单项选择题（本大题共20小题，每小题2分，共40分）1、下列财务比率中可以反映企业偿债能力的是（）。

A．平均收款期B．销售利润率C．市盈率D．利息保障倍数【答案】D2、在某公司的财务报表中，营业收入为20万元，应收账款年末为10万元，年初为6万元，应收账款周转次数为（）。

A．1B．2C．3D．以上均不对【答案】A3、已知每年年底存款5 000元，欲计算第五年末的价值总额，应该利用（）。

A．复利终值系数B．复利现值系数C．年金终值系数D．年金现值系数【答案】C4、第一次收付发生在第二期或以后各期的年金被称为（）。

A．普通年金B．预付年金C．递延年金D．永续年金【答案】C5、某企业拟发行面值为100元，票面利率为10%，期限为3年的债券，当市场利率为10%时，该债券的发行价格为（）。

A．80元B．90元C．100元D．110元【答案】C6、下列哪项属于普通股筹资的优点（）。

A．筹资成本低B．不稀释公司的控制权C．发行新股时，会增加每股净收益，引起股价上升D．发行普通股形成自有资金可增强公司举债能力【答案】D7、某钢铁集团并购某石油公司，这种并购方式属于（）。

一、单选题1、下列筹资方式中，资本成本最低的是（）A.长期贷款B.发行债券C.保留盈余资本D.发行股票正确答案：C2、假定某公司普通股预计支付股利为每股1.8元，每年股利增长率为10%，权益资本成本为15%，则普通股市价为（）A.19.4B.27C.36D.10.9正确答案：C3、某公司发行期限为10年，息票率为8%的附息债券，票面总价值为300万元，发行总价格为320万元，所得税税率为33%。

试计算该公司债券的资本成本（）A.4.72%B.6.53%C.5.67%D.7.12%正确答案：A4、同方公司的β为1.55，无风险收益率为10%，市场组合的期望收益率为13%。

目前公司支付的每股股利为2美元，投资者预期未来几年公司的年股利增长率为8%。

该股票的期望报酬率为（）A.35.50%B.33.50%C.22.50%D.32.50%正确答案：D5、某公司的损益表如下（单位：万元）：销售额1200 利息费用20变动成本900 税前利润80固定成本200 所得税40息税前利润100 净利润40求：如果销售额增加20%，税前利润和净利润分别增加多少？（）A.60 32B.62 35C.59 30D.55 28正确答案：A二、判断题1、资本成本是指资本使用者为获得资金使用权所支付的费用。

（）正确答案：√2、若企业固定成本总额为50万元，变动成本率为60%，息税前收益为70万元，则DOL为1.51。

（）正确答案：×3、资本成本是商品经济条件下资本所有权和使用权相分离的必然结果。

（）正确答案：√4、海鸥股份有限公司普通股每股现行市价为20元，现增发新股80000股，预计筹资费用率为6%。

第一年每股股利发放2元，股利增长率5%。

试计算本次增发普通股的资本成本为16.64%。

（）正确答案：×。

《公司金融》课后习题参考答案各大重点财经学府专业教材期末考试考研辅导资料第一章导论第二章财务报表分析与财务计划第三章货币时间价值与净现值第四章资本预算方法第五章投资组合理论第六章资本结构第七章负债企业的估值方法第八章权益融资第九章债务融资与租赁第十章股利与股利政策第十一章期权与公司金融第十二章营运资本管理与短期融资第一章导论1.治理即公司治理（corporate governance），它解决了企业与股东、债权人等利益相关者之间及其相互之间的利益关系。

融资（financing），是公司金融学三大研究问题的核心，它解决了公司如何选择不同的融资形式并形成一定的资本结构，实现企业股东价值最大化。

估值（valuation），即企业对投资项目的评估，也包括对企业价值的评估，它解决了企业的融资如何进行分配即投资的问题。

只有公司治理规范的公司，其投资、融资决策才是基于股东价值最大化的正确决策。

这三个问题是相互联系、紧密相关的，公司金融学的其他问题都可以归纳入这三者的范畴之中。

2.对于上市公司而言，股东价值最大化观点隐含着一个前提：即股票市场充分有效，股票价格总能迅速准确地反映公司的价值。

于是，公司的经营目标就可以直接量化为使股票的市场价格最大化。

若股票价格受到企业经营状况以外的多种因素影响，那么价值确认体系就存在偏差。

因此，以股东价值最大化为目标必须克服许多公司不可控的影响股价的因素。

第二章财务报表分析与财务计划1.资产负债表；利润表；所有者权益变动表；现金流量表。

资产= 负债+ 所有者权益2.我国的利润表采用“多步式”格式，分为营业收入、营业利润、利润总额、净利润、每股收益、其他综合收益和综合收益总额等七个盈利项目。

3.直接法是按现金收入和支出的主要类别直接反映企业经营活动产生的现金流量，一般以利润表中的营业收入为起算点，调整与经营活动有关项目的增减变化，然后计算出经营活动现金流量。

间接法是以净利润为起算点，调整不涉及现金的收入、费用、营业外收支以及应收应付等项目的增减变动，据此计算并列示经营活动现金流量。

公司财务模拟试题1.MAC 公司现有留存收益500万元，公司对外发行普通股的每股市价为40元，当前的每股收益3.2元，预计以后每股收益年增长率为8%，股利支付率为25%保持不变。

要求：（1）计算预计第一年年末将发放的每股股利；（2）计算留存收益率的资本成本。

（1）预计第1年年末将发放的每股股利：每股股利=3.2×（1+8%）×25%=0.864（元）（2）留存收益的资本成本（r e ）：%16.10%8400.864e =+=r 2.某公司目前的资本来源状况如下：债务资本的主要项目是公司债券，该债券的票面利率为8%，每年付息一次，10年后到期，每张债券面值1000元，当前市价964元，共发行100万张；股权资本的主要项目是普通股，流通在外的普通股共10000万股，每股面值1元，市价28.5元，β系数1.5。

当前的无风险收益率4.5%，预期市场风险溢价为5%。

公司的所得税税率为25%。

要求：（1）分别计算债务和股权的资本成本；（2）以市场价值为标准，计算加权平均资本成本。

（1）债券资本成本（r b ）：10101)1(0001)1(%)251(%80001964b t t b r r +++-⨯⨯=∑=即：)10,(0001)10,(%)251(%80001964b b r PVIF r PVIFA ⨯+⨯-⨯⨯= 采用插值法逐步测试解得：r b =6.50%股权资本成本（r s ）：r s =4.5%+1.5×5%=12% （2）%250001028.5100964100964=⨯+⨯⨯=债券市场价值权数%750001028.51009640001028.5=⨯+⨯⨯=股票市场价值权数加权平均资本成本=6.50%×25% +12%×75%=10.62%3.某企业产权比率为0.6,税前债券成本为15.15%,权益成本为20%,所得税率为34%,该企业加权平均资本成本为（）产权比例的概念产权比率又叫债务股权比率，是负债总额与股东权益总额之比率。

《公司金融》作业集答案第一章公司金融学导论一、思考题1.现代企业有几种组织形式，各有什么特点？答案：企业的基本组织形式有三种，即个人独资企业、合伙企业和公司企业。

（1）个人独资企业是指由一个自然人投资，财产为投资人个人所有，投资人以其个人财产对企业债务承担无限责任的经营实体。

（2）合伙企业是由各合伙人订立合伙协议，共同出资，合伙经营，共享收益，共担风险，并对合伙企业债务承担连带无限责任的营利组织。

（3）不论个人独资企业还是合伙企业，都没有独立于企业所有者之外的企业财产，由于这个原因它们统称为自然人企业。

它们的优点在于，企业注册简便，注册资本要求少，经营比较灵活。

缺点，一个是资金规模比较小，抵御风险的能力低。

另一个是企业经营缺乏稳定性，受企业所有者个人状况影响很大。

（4）公司企业是具有法人地位的企业组织形势。

公司拥有独立的法人财产，独立承担经济责任。

相对于自然人企业，公司企业具有巨大优越性。

尽管公司这种企业组织形势具有优势，但是也有弊端，其弊端有：重复纳税。

公司的收益先要交纳公司所得税；税后收益以现金股利分配给股东后，股东还要交纳个人所得税。

内部人控制。

所谓内部人指具有信息优势的公司内部管理人员。

经理们可能为了自身利益而在某种程度上侵犯或者牺牲股东利益。

信息披露。

为了保护股东以及债权人的利益，公司经理人必须定期向股东和投资者公布公司经营状况，接受监督。

2.在股东财富最大化目标下，如何协调债权人、股东与经理人之间的利益冲突？答案：（1）现代公司制的一个重要特征是所有权与经营权的分离，虽然两权分离机制为公司筹集更多资金、扩大生产规模创造了条件，并且管理专业化有助于管理水平的提高，但是不可避免地会产生代理问题。

一方面股东与经理人的利益目标并不完全一致，经理人出于使自身效用最大化的活动可能会损害股东利益；另一方面，股东与公司债权人之间也存在利益冲突，为了追求财富最大化，股东可能要求经理采取不利于债权人利益的行动。

一、单选题1、下列不属于本门《公司金融学》讨论内容的是A.融资决策B.投资决策C.组织决策D.分配决策正确答案：C解析：公司金融学涉及三类金融决策，分别是投资决策、融资决策、分配决策。

组织决策不属于公司金融学研究的范围。

2、个体所有制企业的优点不包括：A.创立容易B.维持企业的成本较低C.无需交纳企业所得税D.有限责任正确答案：D解析：个体所有制企业的优点有：创立容易，无需与他人协商，只需很少的注册资本；维持企业的成本较低，政府对其监管较少，对规模也没什么限制，内部协调比较容易；无需缴纳企业所得税。

但是业主应对企业债务承担无限责任，有时企业的损失会超过最初投资，需要用个人其他财产偿债。

3、下列哪些是公司制企业的优点：A.无限存续B.容易转让所有权C.有限债务责任D.以上都是正确答案：D解析：公司制企业的优点有：无限存续，一个公司在最初的所有者和经营者退出后仍然可以继续存在；容易转让所有权，股份有限公司的所有者权益被划分为若干股权份额，每个份额可以单独转让，无需经过其他股东同意；有限债务责任，公司债务是法人的债务，不是所有者的债务，所有者对公司债务的责任以其出资额为限。

4、公司所有者以出资额为限承担有限责任的根本原因是：A.股权易于转让B.公司是个独立的法人C.所有权和经营权分离D.永续经营正确答案：B解析：在一个公司当中，股东的自然人属性和公司的法人属性是分离的，这意味着公司独立地对其债务承担责任，而股东仅以其出资额为限对公司的债务承担责任。

5、所有权和经营权相分离可以带来哪些问题？A.股东和管理层的委托代理问题B.股东和债权人的委托代理问题C.有限责任D.法人和自然人并存正确答案：A解析：股东是委托人，管理层是代理人，二者利益不相容，会产生委托代理问题。

6、解决公司委托代理问题的方法有A.通过执行《上市公司治理准则》来解决B.通过执行《公司发》和《证券法》来解决C.授予管理者股票D.以上都是正确答案：D解析：解决委托代理问题有两种方法。

公司金融习题精心整理第一章公司金融导论三、选择题（含多选题）1、在企业组织形式中，现代企业制度是指_________企业。

A、独资制B、合伙制C、公司制D、股份制2、现代公司融资管理是以()最大化为标志的．A.税后利润B.资本利润率C.公司价值D.社会责任3、1、利润最大化概念存在的问题包括__________。

A、没有考虑时间因素B、有助于财务主管洞悉各种问题C、没有考虑各种决策风险D、利润定义含糊不清4、与独资企业或合伙企业相比，______是公司型企业的优点。

A、容易筹集资金B、容易改变所有关系C、有限责任D、消除双重税5、股东财富最大化目标和经理追求的目标之间总存在差异，理由是__________。

A、股东地域分散B、所有权和控制权的分离C、经理与股东年龄不同D、以上答案均不对6、股东财富通常由__________来计量。

A、股东所拥有的普通股帐面价值B、股东所拥有的普通股市场价值C、公司资产的帐面值D、公司资产的市场价值7、委托代理矛盾是由于_______之间目标不一致产生的。

A、股东与监事会B、股东与顾客C、股东与董事会D、股东与经理8、交易期限超过一年的长期金融资产的交易场所是指__________。

A、货币市场B、一级市场C、资本市场D、期货市场9、按交割时间划分，金融市场分为_________。

A、货币市场与资本市场B、发行市场与流通市场C、现货市场与期货市场D、股票市场与债券市场10、公司作为一种组织形式的主要缺点在于_________。

A、所有者更换困难B、公司所得税和股东收入的双重纳税C、公司负债经营的压力D、股东承担责任而经营者不承担责任11、公司金融管理的内容包括_________。

A、投资决策B、融资决策C、股利决策D、资本预算决策12、代理成本是一种“制度成本”，它由________构成。

A、委托人的监督费用B、代理人的担保费用C、沉没成本D、剩余损失13、在金融市场上，影响利率的因素主要有_________。

《公司金融》试卷一一、判断题(16小题，共16分)[1]在全部投资均于建设起点一次投入，建设期为零，投产后每年净现金流量相等的条件下，为计算内部收益率所求得的年金现值系数应等于该项目的静态投资回收期指标的值。

（√）[2]企业的资金循环与周转都是企业的资金运动，它们体现着资金运动的形态变化。

( √)[3]在利率和计息期相同的条件下，复利现值系数与复利终值系数互为倒数。

（√）[4]购销双方均可在商品交易中利用商业汇票进行筹资。

( √)[5]每股营业现金流量指标可以反映出企业最大的分派股利能力。

(√ )[6]在企业的净利润与现金流量不够稳定时，采用剩余政策对企业和股东都是有利的。

（×）[7]当证券的市场价格低于证券的理论价值时，购进证券是有利的；反之，则应卖出证券。

（×）[8]国有企业改组设立股份有限公司申请公开发行股票，必须采取募集方式。

（√）[9]当企业面临较好的投资机会时，会采取较紧的股利支付政策。

（√）[10]利息费用因素包含在计算息税前利润公式的固定成本和变动成本之中。

( ×)[11]企业持有现金越多，对企业就越有利。

（×）[12]为了划定各责任中心的成本责任，使不应承担损失的责任中心在经济上得到合理补偿，必须实施责任成本考核。

（×）[13]风险和报酬率的关系是风险越大，报酬率也就一定会越高。

( ×)[14]进行有效的证券投资组合，可以减少证券投资风险。

( ×)[15]特种决策预算最能体现决策的结果。

（√）[16]现行制度规定，国有破产企业职工安置费的来源之一是企业出售土地使用权所得。

( √)二、单项选择题(12小题，共24分)[1]某企业循环贷款限额为1000万，承诺费为0.5％，该企业年度内使用量700万，则应向银行支付承诺费为A、1.5万元；B、3.5万元；C、5.0万元；D、6.5万元[2]某建筑公司每年需要材料200吨，每吨年度储备成本为20元，平均每次进货费用为125元，单位订价为20元，则每年最佳采购次数为（）次。

一、单选题1、有权领取本期股利的股东资格登记截止日期是A.股利宣告日B.股权登记日C.除息日D.股利支付日正确答案：B解析：凡是在股权登记日这一天登记在册的股东都有资格领取本期股利。

2、甲上市公司2013年度的利润分配方案是每10股派发现金股利12元，预计公司股利可以10%的速度稳定增长，股东要求的收益率为12%。

于除息日，甲公司股票的价格是多少元？A.65B.66C.67D.68正确答案：B解析：除息日的价格=PV（未来股利）=(1.2×（1+10%）)/(12%-10%)=66（元）3、甲上市公司2013年度的利润分配方案是每10股派发现金股利12元，预计公司股利可以10%的速度稳定增长，股东要求的收益率为12%。

于股权登记日，甲公司股票的价格是多少元？A.66.2B.67.2C.68.2D.69.2正确答案：B解析：股权登记日的价格=当期股利+PV（未来股利）=1.2+(1.2×（1+10%）)/(12%-10%)=67.2（元）4、A公司是一家全权益企业，现任财务经理计划在2年后解散公司，包括清算所得在内，公司在接下来的2年所能产生的现金流量是每年10000元，假设1年派发1次股利，每次派发股利10000元，且公司有100股流通在外，假设投资者的必要报酬率为10%。

每只股票的价格是多少元？A.173.55B.174.55C.175.55D.176.55正确答案：A解析：每股股利=10000/100=100（元）P=D/(1+r)+D/[(1+r)]^2 =100/(1+10%)+100/[(1+10%)]^2 ≈173.55（元）5、A公司是一家全权益企业，现任财务经理计划在2年后解散公司，包括清算所得在内，公司在接下来的2年所能产生的现金流量是每年10000元，假设1年派发1次股利，每次派发股利10000元，且公司有100股流通在外，假设投资者的必要报酬率为10%。

一、单选题1、下列各利益相关者对公司净资产的索取权，按先后顺序排列正确的是（）。

A.债权人、优先股股东、普通股股东B.债权人、普通股股东、优先股股东C.优先股股东、普通股股东、债权人D.普通股股东、优先股股东、债权人正确答案：A2、某种证券，有约定的股息率，如果公司所获的盈利不足以分派规定的股息，在以后的年度，可以对往年未付的股息进行累积补发，该证券属于（）。

A.普通股B.不可累积优先股C.非参与优先股D.可累积优先股正确答案：D3、对证券承销商来说，“绿鞋条款”是一种（）。

A.成本B.利益C.损失D.挑战正确答案：B4、在证券IPO定价中，证券承销商对付“赢家的诅咒”的措施是证券（）。

A.低定价B.高定价C.均衡定价D.市场定价正确答案：A二、多选题1、股权融资具有下列特征（）。

A.股权融资筹集的股本的多少制约着公司的负债能力B.股权融资具有股权稀释效应C.股权融资筹集的资本形成公司的股本D.股权融资不用还本，因而股权融资的资本成本较低正确答案：A、B、C2、公司采取股票回购方式的主要目的或动机包括（）。

A.用于稀释股权B.降低公司股票价值C.分配公司的超额现金D.改善公司的资本结构正确答案：C、D三、判断题1、按照融资形成的产权关系划分，融资方式分为权益融资和债务融资。

（）正确答案：√2、再次权益发行分为增发和配股两种方式，如果发行时定价较低，这两种方式均会减少原有股东的财富。

（）正确答案：×3、股票股利不会改变股东权益总额，但是股票分割会使股东权益减少。

（）正确答案：×4、内源融资由于不存在发行费用，因此不存在资本成本。

（）正确答案：×。

公司金融习题及答案第二章货币时间价值1，概念问题货币时间价值简单利息复利终值现值年金普通年金预付年金延期年金永久年金2，单项选择1年，资本的时间价值通常()A包括风险和价格变化因素b不包括风险和价格变化因素C包括风险因素但不包括价格变化因素d包括价格变化因素但不包括风险因素2，下面的陈述是正确的()A计算偿债基金系数。

倒数B普通年金现值系数加1可根据年金现值系数计算。

相同利率下的提前年金现值系数C等于同期。

在一定终值条件下，贴现率越低，计算期越短，复利现值越大。

复利的最终值越大为3。

如果你想在3年内获得500元，利率是10%。

那么在单一利息条件下，应该存入银行的一系列款项()A 384.6 B 650 C 375.7D 665.54和在一定时期内每个时期开始时的相等的收入和支付被称为()永久年金B预付年金C普通年金D延期年金5。

存款利率为6%，每半年复利一次。

实际利率为()A3% B6.09% C6% D 6.6%6。

基于普通年金的最终价值系数，通过将周期数加1并从系数中减去1来获得结果。

它在数字上等于()a普通年金现值系数b预付年金现值系数c普通年金终值系数d预付年金终值系数7，代表10%的利率和5年期()a复利现值系数b复利终值系数c年金现值系数d年金终值系数8，其中: 不属于投资项目的现金流出有:(a)固定资产投资(b)经营成本(c)预付营运资金(d)固定资产折旧(9)，投资项目年经营收入500万元，年经营成本300万元，年折旧费10万元，所得税税率33%。

那么该投资计划的年度经营现金流为()万元，A127.3 BXXXX年金，其特征是()a无现值，b无终值，C无一期收入或支付，d以上所有报表均为3，选择题1、计算资本时间价值的四个因素包括()A资本时间价值b资本未来价值c资本现值d单位时间价值率e时间周期2，以下观点是正确的()a正常情况下，资本时间价值是在不存在风险或通货膨胀的情况下社会的平均利润率b没有经营风险的企业不存在财务风险；另一方面，没有财务风险的企业也没有经营风险。

一、单选题1、以下哪项不是实际现金流原则应该考虑的内容？A.按照收付实现制原则估算现金流B.按照权责发生制原则估算现金流C.通货膨胀的影响D.用同种货币计量正确答案：B2、甲公司是一家拥有自主进出口权限的公司，以国内外销售贸易、批发零售贸易和进出口贸易为主。

其在投资项目的分析中，发生了一系列现金流。

请问哪项属于沉没成本？A.3年前考察该项目时发生的咨询费20万元B.该项目需要动用公司目前拥有的一块土地，该土地目前售价为300万元C.该项目上线后，会导致公司现有项目净收益减少20万元D.投资该项目需要营运资本200万元，先动用现有项目营运资本解决正确答案：A解析：沉没成本是一种已经支付出去了的成本，对决策是接受还是拒绝没有作用。

不管目前是否投资该项目，3年前考察该项目时发生的咨询费20万元都已经发生，属于决策无关成本。

3、甲公司是一家拥有自主进出口权限的公司，以国内外销售贸易、批发零售贸易和进出口贸易为主。

其在投资项目的分析中，发生了一系列现金流。

请问哪项属于机会成本？A.3年前考察该项目时发生的咨询费20万元B.该项目需要动用公司目前拥有的一块土地，该土地目前售价为300万元C.该项目上线后，会导致公司现有项目净收益减少20万元D.投资该项目需要营运资本200万元，先动用现有项目营运资本解决正确答案：B解析：在互斥项目的选择中，如果选择了某一方案，就必须放弃另一方案或其他方案。

所放弃项目的预期收益就是被采用项目的机会成本。

如果进行该项目，则会损失销售土地的收入，因此为机会成本。

4、甲公司是一家拥有自主进出口权限的公司，以国内外销售贸易、批发零售贸易和进出口贸易为主。

其在投资项目的分析中，发生了一系列现金流。

请问哪项属于侵蚀成本？A.3年前考察该项目时发生的咨询费20万元B.该项目需要动用公司目前拥有的一块土地，该土地目前售价为300万元C.该项目上线后，会导致公司现有项目净收益减少20万元D.投资该项目需要营运资本200万元，先动用现有项目营运资本解决正确答案：C解析：侵蚀成本是指新项目减少原有产品的销量和现金流，由于该项目会导致现有项目净收益减少，因此是侵蚀成本。

1Which one of following is the rate at which a stock's price is expected to appreciate?A、current yieldB、total returnC、dividend yieldD、capital gains yieldE、coupon rate正确答案：D2Which one of the following functions should be the responsibility of the controller rather than the treasurer?A、daily cash depositB、income tax returnsC、equipment purchase analysisD、customer credit approvalE、payment to a vendor正确答案：B3Which one of the following best describes the concept of erosion?A、expenses that have already been incurred and cannot be recoveredB、change in net working capital related to implementing a new projectC、the cash flows of a new project that come at the expense of a firm's existing cash flowsD、the alternative that is forfeited when a fixed asset is utilized by a projectE、the differences in a firm's cash flows with and without a particular project正确答案：C4Which one of the following statements correctly states a relationship?A、Time and future values are inversely related, all else held constant.B、Interest rates and time are positively related, all else held constant.C、An increase in the discount rate increases the present value, given positive rates.D、An increase in time increases the future value given a zero rate of interest.E、Time and present value are inversely related, all else held constant.正确答案：E5Which one of the following best illustrates erosion as it relates to a hot dog stand located on the beach?A、providing both ketchup and mustard for its customer's useB、repairing the roof of the hot dog stand because of water damageC、selling fewer hot dogs because hamburgers were added to the menuD、offering French fries but not onion ringsE、losing sales due to bad weather正确答案：C6By definition, which one of the following must equal zero at the accounting break-even point?A、net present valueB、internal rate of returnC、contribution marginD、net incomeE、operating cash flow正确答案：D7Which of the following should be included in the analysis of a new product? I. money already spent for research and development of the new product II. reduction in sales for a current product once the new product is introduced III. increase in accounts receivable needed to finance sales of the new product IV. market value of a machine owned by the firm which will be used to produce the new product.A、I and III onlyB、II and IV onlyC、I, II, and III onlyD、II, III, and IV onlyE、I, II, III, and IV正确答案：D8Spencer Tools would like to offer a special product to its best customers. However, the firm wants to limit its maximum potential loss on this product to the firm's initial investment in the project. The fixed costs are estimated at $21,000, the depreciation expense is $11,000, and the contribution margin per unit is $12.50. What is the minimum number of units the firm should pre-sell to ensure its potential loss does not exceed the desired level?A、1,220 unitsB、1,680 unitsC、2,215 unitsD、2,560 unitsE、2,750 units正确答案：B9The specified date on which the principal amount of a bond is payable is referred to as which one of the following?A、coupon dateB、yield dateC、maturityD、dirty dateE、clean date正确答案：C10What is the effective annual rate if a bank charges you 8.25 percent compounded quarterly?A、8.32 percentB、8.38 percentC、8.42 percentD、8.51 percentE、8.61 percent正确答案：D11Miller Brothers Hardware paid an annual dividend of $0.95 per share last month. Today, the company announced that future dividends will be increasing by 2.6 percent annually. If you require a 13 percent rate of return, how much are you willing to pay to purchase one share of this stock today?A、$9.23B、$9.37C、$9.67D、$9.72E、$9.88正确答案：B12The current dividend yield on Clayton's Metals common stock is 3.2 percent. The company just paid a $1.48 annual dividend and announced plans to pay $1.54 next year. The dividend growth rate is expected to remain constant at the current level. What is the required rate of return on this stock?A、7.25 percentB、7.82 percentC、8.08 percentD、8.39 percentE、8.75 percent正确答案：A13Which one of the following is an example of a sunk cost?A、$1,500 of lost sales because an item was out of stockB、$1,200 paid to repair a machine last yearC、$20,000 project that must be forfeited if another project is acceptedD、$4,500 reduction in current shoe sales if a store commences selling sandalsE、$1,800 increase in comic book sales if a store commences selling puzzles正确答案：B14Which term relates to the cash flow which results from a firm's ongoing, normal business activities?A、operating cash flowB、capital spendingC、net working capitalD、cash flow from assetsE、cash flow to creditors正确答案：A15Textile Mills borrows money at a rate of 13.5 percent. This interest rate is referred to as the:A、compound rate.B、current yield.C、cost of debt.D、capital gains yield.E、cost of capital.正确答案：C16A firm's overall cost of equity is:A、is generally less that the firm's WACC given a leveraged firm.B、unaffected by changes in the market risk premium.C、highly dependent upon the growth rate and risk level of the firm.D、generally less than the firm's aftertax cost of debt.E、inversely related to changes in the firm's tax rate.正确答案：C17If a firm accepts Project A it will not be feasible to also accept Project B because bothprojects would require the simultaneous and exclusive use of the same piece of machinery. These projects are considered to be:A、independent.B、interdependent.C、mutually exclusive.D、economically scaled.E、operationally distinct.正确答案：C18Which one of the following accurately defines a perpetuity?A、a limited number of equal payments paid in even time incrementsB、payments of equal amounts that are paid irregularly but indefinitelyC、varying amounts that are paid at even intervals foreverD、unending equal payments paid at equal time intervalsE、unending equal payments paid at either equal or unequal time intervals正确答案：D19The cost of preferred stock:A、is equal to the dividend yield.B、is equal to the yield to maturity.C、is highly dependent on the dividend growth rate.D、is independent of the stock's price.E、decreases when tax rates increase.正确答案：A20Southern Tours is considering acquiring Holiday Vacations. Management believes Holiday Vacations can generate cash flows of $187,000, $220,000, and $245,000 over the next three years, respectively. After that time, they feel the business will be worthless. Southern Tours has determined that a 13.5 percent rate of return is applicable to this potential acquisition. What is Southern Tours willing to pay today to acquire Holiday Vacations?A、$503,098B、$538,615C、$545,920D、$601,226E、$638,407正确答案：A21The percentage of the next dollar you earn that must be paid in taxes is referred to as the _____ tax rate.A、meanB、residualC、totalD、averageE、marginal正确答案：E22All of the following are related to a proposed project. Which of these should be included in the cash flow at time zero? I. purchase of $1,400 of parts inventory needed to support the project II. loan of $125,000 used to finance the project III. depreciation tax shield of $1,100 IV.$6,500 of equipment needed to commence the project.A、I and II onlyB、I and IV onlyC、II and IV onlyD、I, II, and IV onlyE、I, II, III, and IV正确答案：B23Interest earned on both the initial principal and the interest reinvested from prior periods is called:A、free interest.B、dual interest.C、simple interest.D、interest on interest.E、compound interest.正确答案：E24The cash flow related to interest payments less any net new borrowing is called the:A、operating cash flow.B、capital spending cash flow.C、net working capital.D、cash flow from assets.E、cash flow to creditors.正确答案：E25Which one of the following is classified as an intangible fixed asset?A、accounts receivableB、production equipmentC、buildingD、trademarkE、inventory正确答案：D26The equivalent annual cost method is useful in determining:A、which one of two machines to purchase if the machines are mutually exclusive, have differing lives, and are a one-time purchase.B、the tax shield benefits of depreciation given the purchase of new assets for a project.C、the operating cash flows of a cost-cutting project.D、which one of two investments to accept when the investments have different required rates of return.E、which one of two machines should be purchased when the machines are mutually exclusive, have different machine lives, and will be replaced once they are worn out.正确答案：E27An analysis of the change in a project's NPV when a single variable is changed is called _____ analysis.A、forecastingB、scenarioC、sensitivityD、simulationE、break-even正确答案：C28The common stock of Textile Mills pays an annual dividend of $1.65 a share. The company has promised to maintain a constant dividend even though economic times are tough. How much are you willing to pay for one share of this stock if you want to earn a 12 percent annual return?A、$13.75B、$14.01C、$14.56D、$14.79E、$15.23正确答案：A29Noncash items refer to:A、accrued expensesB、inventory items purchased using creditC、the ownership of intangible assets such as patentsD、expenses which do not directly affect cash flowsE、sales which are made using store credit正确答案：D30Which one of the following is an agency cost?A、accepting an investment opportunity that will add value to the firmB、increasing the quarterly dividendC、investing in a new project that creates firm valueD、hiring outside accountants to audit the company's financial statementsE、closing a division of the firm that is operating at a loss正确答案：D31Phil can afford $200 a month for 5 years for a car loan. If the interest rate is 7.5 percent, how much can he afford to borrow to purchase a car?A、$8,750.00B、$9,348.03C、$9,981.06D、$10,266.67E、$10,400.00正确答案：C32The internal rate of return is defined as the:A、maximum rate of return a firm expects to earn on a project.B、rate of return a project will generate if the project in financed solely with internal funds.C、discount rate that equates the net cash inflows of a project to zero.D、discount rate which causes the net present value of a project to equal zero.E、discount rate that causes the profitability index for a project to equal zero.正确答案：D33Which one of the following represents the most liquid asset?A、$100 account receivable that is discounted and collected for $96 todayB、$100 of inventory which is sold today on credit for $103C、$100 of inventory which is discounted and sold for $97 cash todayD、$100 of inventory that is sold today for $100 cashE、$100 accounts receivable that will be collected in full next week正确答案：D34Which one of the following states that a firm's cost of equity capital is directly and proportionally related to the firm's capital structure?A、Capital Asset Pricing ModelB、M & M Proposition IC、M & M Proposition IID、Law of One PriceE、Efficient Markets Hypothesis正确答案：C35Which one of the following states that the value of a firm is unrelated to the firm's capital structure?A、Capital Asset Pricing ModelB、M & M Proposition IC、M & M Proposition IID、Law of One PriceE、Efficient Markets Hypothesis正确答案：B36You are the beneficiary of a life insurance policy. The insurance company informs you that you have two options for receiving the insurance proceeds. You can receive a lump sum of $200,000 today or receive payments of $1,400 a month for 20 years. You can earn 6 percent on your money. Which option should you take and why?A、You should accept the payments because they are worth $209,414 to you today.B、You should accept the payments because they are worth $247,800 to you today.C、You should accept the payments because they are worth $336,000 to you today.D、You should accept the $200,000 because the payments are only worth $189,311 to you today.E、You should accept the $200,000 because the payments are only worth $195,413 to you today.正确答案：E37Winston Co. has a dividend-paying stock with a total return for the year of -6.5 percent. Which one of the following must be true?A、The dividend must be constant.B、The stock has a negative capital gains yield.C、The dividend yield must be zero.D、The required rate of return for this stock increased over the year.E、The firm is experiencing supernormal growth.正确答案：B38The common stock of Auto Deliveries sells for $28.16 a share. The stock is expected to pay $1.35 per share next year when the annual dividend is distributed. The firm has established a pattern of increasing its dividends by 3 percent annually and expects to continue doing so.What is the market rate of return on this stock?A、7.42 percentB、7.79 percentC、19.67 percentD、20.14 percentE、20.86 percent正确答案：B39Terry is calculating the present value of a bonus he will receive next year. The process he is using is called:A、growth analysis.B、discounting.C、accumulating.D、compounding.E、reducing.正确答案：B40You are considering a project that you believe is quite risky. To reduce any potentially harmful results from accepting this project, you could:A、lower the degree of operating leverage.B、lower the contribution margin per unit.C、increase the initial cash outlay.D、increase the fixed costs per unit while lowering the contribution margin per unit.E、lower the operating cash flow of the project.正确答案：A41Steve just computed the present value of a $10,000 bonus he will receive in the future. The interest rate he used in this process is referred to as which one of the following?A、current yieldB、effective rateC、compound rateD、simple rateE、discount rate正确答案：E42The pre-tax cost of debt:A、is based on the current yield to maturity of the firm's outstanding bonds.B、is equal to the coupon rate on the latest bonds issued by a firm.C、is equivalent to the average current yield on all of a firm's outstanding bonds.D、is based on the original yield to maturity on the latest bonds issued by a firm.E、has to be estimated as it cannot be directly observed in the market.正确答案：A43Andy deposited $3,000 this morning into an account that pays 5 percent interest, compounded annually. Barb also deposited $3,000 this morning into an account that pays 5 percent interest, compounded annually. Andy will withdraw his interest earnings and spend it as soon as possible. Barb will reinvest her interest earnings into her account. Given this, which one of the following statements is true?A、Barb will earn more interest the first year than Andy will.B、Andy will earn more interest in year three than Barb will.C、Barb will earn interest on interest.D、After five years, Andy and Barb will both have earned the same amount of interest.E、Andy will earn compound interest.正确答案：C44The Buck Store is considering a project that will require additional inventory of $216,000 and will increase accounts payable by $181,000. Accounts receivable are currently $525,000 and are expected to increase by 9 percent if this project is accepted. What is the project's initial cash flow for net working capital?A、-82250B、-12250C、12250D、36250E、44250正确答案：A45The operating cash flow of a cost cutting project:A、is equal to the depreciation tax shield.B、is equal to zero because there is no incremental sales.C、can only be analyzed by projecting the sales and costs for a firm's entire operations.D、includes any changes that occur in the current accounts.E、can be positive even though there are no sales.正确答案：E46The annual annuity stream of payments that has the same present value as a project's costs is referred to as which one of the following?A、yearly incremental costsB、sunk costsC、opportunity costsD、erosion costE、equivalent annual cost正确答案：E47M & M Proposition I with no tax supports the argument that:A、business risk determines the return on assets.B、the cost of equity rises as leverage rises.C、the debt-equity ratio of a firm is completely irrelevant.D、a firm should borrow money to the point where the tax benefit from debt is equal to the cost of the increased probability of financial distress.E、homemade leverage is irrelevant.正确答案：C48At 8 percent interest, how long would it take to quadruple your money?A、16.55 yearsB、16.64 yearsC、17.09 yearsD、18.01 yearsE、18.56 year正确答案：D49The process of determining the present value of future cash flows in order to know their worth today is called which one of the following？A、compound interest valuationB、interest on interest computationC、discounted cash flow valuationD、present value interest factoringE、complex factoring正确答案：C50Green Roof Inns is preparing a bond offering with a 6 percent, semiannual coupon and a face value of $1,000. The bonds will be repaid in 10 years and will be sold at par. Given this, which one of the following statements is correct?A、The bonds will become discount bonds if the market rate of interest declines.B、The bonds will pay 10 interest payments of $60 each.C、The bonds will sell at a premium if the market rate is 5.5 percent.D、The bonds will initially sell for $1,030 each.E、The final payment will be in the amount of $1,060.正确答案：C11【单选题】Which one of the following terms is defined as the management of a firm's long-term investments?A、working capital managementB、financial allocationC、agency cost analysisD、capital budgetingE、capital structure正确答案：D2【单选题】Which one of the following terms is defined as the mixture of a firm's debt and equity financing?A、working capital managementB、cash managementC、cost analysisD、capital budgetingE、capital structure正确答案：E3【单选题】Which one of the following is defined as a firm's short-term assets and its short-term liabilities?A、working capitalB、debtC、investment capitalD、net capitalE、capital structure正确答案：A4【单选题】Which of the following questions are addressed by financial managers?I. How should a product be marketed?II. Should customers be given 30 or 45 days to pay for their credit purchasesIII.Should the firm borrow more money?IV. Should the firm acquire new equipment?A、I, II, III, and IVB、I and IV onlyC、II and III onlyD、II, III, and IV onlyE、I, II, and III only正确答案：D5【单选题】Which one of the following functions should be the responsibility of the controller rather than the treasurer?A、daily cash depositB、income tax returnsC、equipment purchase analysisD、customer credit approvalE、payment to a vendor正确答案：B6【单选题】The controller of a corporation generally reports directly to the:A、board of directors.B、chairman of the board.C、chief executive officer.D、president.E、vice president of finance.正确答案：E7【单选题】Which one of the following correctly defines the upward chain of command in a typical corporate organizational structure?A、The vice president of finance reports to the chairman of the board.B、The chief executive officer reports to president.C、The controller reports to the president.D、The treasurer reports to the vice president of finance.E、The chief operations officer reports to the vice president of production.正确答案：D8【单选题】Which one of the following is a capital budgeting decision?A、determining how many shares of stock to issueB、deciding whether or not to purchase a new machine for the production lineC、deciding how to refinance a debt issue that is maturingD、determining how much inventory to keep on handE、determining how much money should be kept in the checking account正确答案：B9【单选题】Which one of the following is a capital structure decision?A、determining which one of two projects to acceptB、determining how to allocate investment funds to multiple projectsC、determining the amount of funds needed to finance customer purchases of a new productD、determining how much debt should be assumed to fund a projectE、determining how much inventory will be needed to support a project正确答案：D10【单选题】The decision to issue additional shares of stock is an example of which one of the following?A、working capital managementB、net working capital decisionC、capital budgetingD、controller's dutiesE、capital structure decision正确答案：E1【单选题】Which one of the following business types is best suited to raising large amounts of capital?A、sole proprietorshipB、limited liability companyC、corporationD、general partnershipE、limited partnership正确答案：C2【单选题】A business created as a distinct legal entity and treated as a legal "person" is called a:A、sole proprietorship.B、general partnership.C、limited partnership.D、unlimited liability company.E、corporation.正确答案：E3【单选题】A business partner whose potential financial loss in the partnership will not exceed his or her investment in that partnership is called a:A、generally partner.B、sole proprietor.C、limited partner.D、corporate shareholder.E、zero partner.正确答案：C4【单选题】A business formed by two or more individuals who each have unlimited liability for all of the firm's business debts is called a:A、corporation.B、sole proprietorship.C、general partnership.D、limited partnership.E、limited liability company.正确答案：C5【单选题】A business owned by a solitary individual who has unlimited liability for its debt is called a:A、corporation.B、sole proprietorship.C、general partnership.D、limited partnership.E、limited liability company.正确答案：B1【单选题】Which one of the following best states the primary goal of financial management?A、maximize current dividends per shareB、maximize the current value per shareC、minimize operational costs while maximizing firm efficiencyD、maintain steady growth while increasing current profits正确答案：B1【单选题】Which one of the following is an agency cost?A、accepting an investment opportunity that will add value to the firmB、increasing the quarterly dividendC、investing in a new project that creates firm valueD、hiring outside accountants to audit the company's financial statementsE、closing a division of the firm that is operating at a loss正确答案：D2【单选题】Which one of the following is least likely to be an agency problem?A、increasing the size of a firmB、concentrating on maximizing current profitsC、closing a division with net lossesD、increasing the market value of the firm's sharesE、obtaining a patent for a new product正确答案：D3【单选题】Which one of the following terms is defined as a conflict of interest between the corporate shareholders and the corporate managers?A、articles of incorporationB、corporate breakdownC、agency problemD、bylawsE、legal liability正确答案：C21【单选题】Which one of the following is the financial statement that shows the accounting value of a firm's equity as of a particular date?A、income statementB、creditor's statementC、balance sheetD、statement of cash flowsE、dividend statement正确答案：C2【单选题】Net working capital is defined as:A、total liabilities minus shareholders' equityB、current liabilities minus shareholders' equityC、fixed assets minus long-term liabilitiesD、total assets minus total liabilitiesE、current assets minus current liabilities正确答案：E3【单选题】The common set of standards and procedures by which audited financial statements are prepared is known as the:A、matching principleB、cash flow identityC、Generally Accepted Accounting PrinciplesD、Financial Accounting Reporting PrinciplesE、Standard Accounting Value Guidelines正确答案：C4【单选题】Which one of the following is classified as an intangible fixed asset?A、accounts receivableB、production equipmentC、buildingD、trademarkE、inventory正确答案：D5【单选题】Which of the following are current assets?I.patentII.inventoryIII.accounts payableIV. cashA、I and III onlyB、II and IV onlyC、I, II, and IV onlyD、I, II and IV onlyE、II, III, and IV only正确答案：B6【单选题】Which one of the following is included in a firm's market value but yet is excluded from the firm's accounting value?A、real estate investmentB、good reputation of the companyC、equipment owned by the firmD、money due from a customerE、an item held by the firm for future sale正确答案：B7【单选题】Which of the following are included in current liabilities?I,note payable to a supplier in eight monthsII, amount due from a customer next monthIII,account payable to a supplier that is due next weekIV, loan payable to the bank in fourteen monthsA、I and III onlyB、II and III onlyC、I, II, and III onlyD、I, III, and IV onlyE、I, II, III, and IV正确答案：A8【单选题】Which one of the following will increase the value of a firm's net working capital?A、using cash to pay a supplierB、depreciating an assetC、collecting an accounts receivableD、purchasing inventory on creditE、selling inventory at a profit正确答案：E9【单选题】Which one of the following accounts is the most liquid?A、inventoryB、buildingC、accounts receivableD、equipmentE、land正确答案：C10【单选题】Which one of the following represents the most liquid asset?A、$100 account receivable that is discounted and collected for $96 todayB、$100 of inventory which is sold today on credit for $103C、$100 of inventory which is discounted and sold for $97 cash todayD、$100 of inventory that is sold today for $100 cashE、$100 accounts receivable that will be collected in full next week正确答案：D1【单选题】Shareholders' equity:A、increases in value anytime total assets increasesB、is equal to total assets plus total liabilitiesC、decreases whenever new shares of stock are issuedD、includes long-term debt, preferred stock, and common stockE、represents the residual value of a firm正确答案：E2【单选题】The higher the degree of financial leverage employed by a firm, the:A、higher the probability that the firm will encounter financial distressB、lower the amount of debt incurredC、less debt a firm has per dollar of total assetsD、higher the number of outstanding shares of stockE、lower the balance in accounts payable正确答案：A3【单选题】The book value of a firm is:A、equivalent to the firm's market value provided that the firm has some fixed assetsB、based on historical costC、generally greater than the market value when fixed assets are includedD、more of a financial than an accounting valuationE、adjusted to the market value whenever the market value exceeds the stated book value 正确答案：B4【单选题】Which of the following is (are) included in the market value of a firm but are excluded from the firm's book value?I.value of management skillsII .value of a copyrightIII. value of the firm's reputationIv.alue of employee's experienceA、I onlyB、II onlyC、III and IV onlyD、I, II, and III onlyE、I, III, and IV only正确答案：E5【单选题】You recently purchased a grocery store、At the time of the purchase, the store's market value equaled its book value、The purchase included the building, the fixtures, and the inventory、Which one of the following is most apt to cause the market value of this store to be lower than the book value?A、a sudden and unexpected increase in inflationB、the replacement of old inventory items with more desirable productsC、improvements to the surrounding area by other store ownersD、construction of a new restricted access highway located between the store and the surrounding residential areasE、addition of a stop light at the main entrance to the store's parking lot正确答案：D6【单选题】A firm has $520 in inventory, $1,860 in fixed assets, $190 in accounts receivables, $210 in accounts payable, and $70 in cash、What is the amount of the current assets?A、$710B、$780C、$990D、$2,430E、$2,640正确答案：B7【单选题】A firm has common stock of $6,200, paid-in surplus of $9,100, total liabilities of $8,400, current assets of $5,900, and fixed assets of $21,200,What is the amount of the shareholders' equity?A、$6,900B、$15,300C、$18,700D、$23,700。

《公司金融》各章习题库（含）答案第一章导论 (2)第二章财务报表分析与财务计划 (3)第三章货币时间价值与净现值 (5)第四章资本预算方法 (9)第五章投资组合理论 (15)第六章资本结构 (17)第七章负债企业的估值方法 (23)第八章权益融资 (25)第九章债务融资与租赁 (27)第十章股利与股利政策 (29)第十一章期权与公司金融 (32)第十二章营运资本管理与短期融资 (36)第一章导论1.参考教材表1-1。

2.治理即公司治理（corporate governance），它解决了企业与股东、债权人等利益相关者之间及其相互之间的利益关系。

融资（financing），是公司金融学三大研究问题的核心，它解决了公司如何选择不同的融资形式并形成一定的资本结构，实现企业股东价值最大化。

估值（valuation），即企业对投资项目的评估，也包括对企业价值的评估，它解决了企业的融资如何进行分配即投资的问题。

只有公司治理规范的公司，其投资、融资决策才是基于股东价值最大化的正确决策。

这三个问题是相互联系、紧密相关的，公司金融学的其他问题都可以归纳入这三者的范畴之中。

3.对于上市公司而言，股东价值最大化观点隐含着一个前提：即股票市场充分有效，股票价格总能迅速准确地反映公司的价值。

于是，公司的经营目标就可以直接量化为使股票的市场价格最大化。

若股票价格受到企业经营状况以外的多种因素影响，那么价值确认体系就存在偏差。

因此，以股东价值最大化为目标必须克服许多公司不可控的影响股价的因素。

第二章财务报表分析与财务计划1.资产负债表；利润表；所有者权益变动表；现金流量表。

资产= 负债+ 所有者权益2.我国的利润表采用“多步式”格式，分为营业收入、营业利润、利润总额、净利润、每股收益、其他综合收益和综合收益总额等七个盈利项目。

3.直接法是按现金收入和支出的主要类别直接反映企业经营活动产生的现金流量，一般以利润表中的营业收入为起算点，调整与经营活动有关项目的增减变化，然后计算出经营活动现金流量。

公司金融习题集答案总论部分参考答案：一、单选：1.B2.C3.C4.B5.C 6．D 7.D8.D 9.B 10.C 11.A 12.A 13.C二、多选：1.ABCD2.ABCD3. ABC4.BC5.BC6. BCD7. BCD8.ABE（或ABCDF）9.AD 10.BCDE 11.ABCD 12.ACD 13.ACD 14.ABC 15.BCD三、判断：1. ×2. ×3. √4. √5. √6. √7. ×8. ×四、简答题略资金的时间价值原理部分参考答案：一、单选：1-5BAADB 6-10BABAC 11-14DBCC二、多选：1.ABCD2.ACD3.ABCD4.BCD5.ABC6.ACD7.BCD三、判断:1.√2.×3. ×4.√5.√6. √7.×8.√9. √四、计算题1题答案：使每年多获得10000元收益的现值等于60000元时甲乙两个方案是等价的即 60000＝10000×（P/A，12%，n）（P/A，12%，n）＝6 n≈11.24（年）结论：如果方案能够持续11.24年以上，该公司应当选择甲方案；如果方案的持续年限短于11.24年，则公司应当选择乙方案；如果方案恰好能够持续11.24年，则选择任何一个方案都是可以的。

2题答案 P甲=10(万元)P乙=3+4×0.909+4×0.826=9.94(万元) 因此乙方案较好3题答案 F=P(F/P 10% 3)=1000×1.331=1331F=1000×(F/A 2.5% 12) =1000×1.34489=1344.89F=250×(F/A 10% 4)=250×4.641=1160.25F=A×(F/A 10% 4) 1331=A×4.641A=1331/4.641=286.794题答案计算各企业收益在第一年末的现值=4000(P/A,10%,7)*(P/F,10%,1)=40000*4.8684*0.9091=177034.50（元）=6000(P/A,10%,8)*(P/F,10%,2)=60000*5.3349*0.8264=264525.68（元）=72000(P/A,10%,9)*(P/F,10%,3)=720000*5.7590*0.7513=311525.04（元）5题答案第一种付款方案支付款项的现值是20万元；第二种付款方案：第一次收付发生在第四年年初，递延期是2年，等额支付的次数是7次P＝4×（P/A，10%，7）×（P/F，10%，2）＝16.09万或者P＝4×[（P/A，10%，9）－（P/A，10%，2）]＝16.09万或者P＝4×（F/A，10%，7）×（P/F，10%，9）＝16.09万第三种付款方案：前8年是普通年金的问题，最后两年属于一次性收付款项P＝3×（P/A，10%，8）＋4×（P/F，10%，9）+5×（P/F，10%，10）＝19.63万因为三种付款方案中，第二种付款方案的现值最小，所以应当选择第二种付款方案。