财务管理双语课程作业英文题目.docx

财务管理双语课程作业英文题目.docx

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财务管理双语课程作业英文题目

1：

Chapter2,P35,Q5

BookValuesversusMarketValuesUnderstandaccountingrules,itispossibleforapany’sliabilitiestoexceeditsassets.Whenthisoccurs,theowner’sequityisnegative.Canthishappenwithmarketvalues?

Whyorwhynot?

2：

Chapter3,P71,Q1

FinancialRationAnalysisAfinancialratiobyitselftellsuslittleaboutapanysincefinancialratiosvaryagreatdealacrossindustries.Therearetwobasicmethodsforanalyzingfinancialratiosforapany:

timetrendanalysisandpeergroupanalysis.Whymighteachoftheseanalysismethodsbeuseful?

Whatdoeseachtellyouaboutthepany’sfinancialhealth?

3：

Chapter4,P103,Q3

PresentValueSupposetwoathletessign10-yearcontractsfor$80million.Inonecase,we’retoldthatthe$80millionwillbepaidin10equalinstallments.Intheothercase,we’retoldthatthe$80millionwillbepaidin10installments,buttheinstallmentswillincreaseby5percentperyear.Whogotthebetterdeal?

4：

Chapter5,P135,Q17

BondPricesversusYields

a.WhatistherelationshipbetweenthepriceofabondanditsYTM?

b.Explainwhysomebondssellatapremiumoverparvaluewhileotherbondssellatadiscount.WhatdoyouknowabouttherelationshipbetweenthecouponrateandtheYTMforpremiumbonds?

Whataboutfordiscountbonds?

Forbondssellingatparvalue?

c.WhatistherelationshipbetweenthecurrentyieldandYTMforpremiumbonds?

Fordiscountbonds?

Forbondssellingatparvalue?

5：

Chapter6,P166,Q4

DividendGrowthModelUnderwhattwoassumptionscanweusethedividendgrowthmodelpresentedinthechaptertodeterminethevalueofashareofstock?

mentonthereasonablenessoftheseassumptions.

6：

Chapter7,P193,

PaybackandInternalRateofReturnAprojecthasperpetualcashflowsofcperperiod,acostofl,andarequiredreturnofR.Pleasedefining:

a）Paybackperiod

b）Internalrateofreturn

c）Netpresentvalue

Whatistherelationshipbetweentheproject’spaybackanditsIRR?

Whatimplicationsdoesyouranswerhaveforlong-livedprojectswithrelativelyconstantcashflows？

7：

Chapter8,P214,Q2

IncrementalCashFlowsWhichofthefollowingshouldbetreatedasanincrementalcashflowwhenputingtheNPVofaninvestment?

a.Areductionofthesalesofapany’sotherproductscausedbytheinvestment.

b.Anexpenditureonplantandequipmentthathasnotyetbeenmadeandwillbemadeonlyiftheprojectisaccepted.

c.Costsofresearchanddevelopmentundertakeninconnectionwiththeproductduringthepastthreeyears.

d.Annualdepreciationexpensefromtheinvestment.

e.Dividendpaymentsbythefirm.

f.Theresalevalueofplantandequipmentattheendoftheproject’slife.

g.Salaryandmedicalcostsforproductionpersonnelwhowillbeemployedonlyiftheprojectisaccepted.

8：

Chapter8,

Theinformationofaprojectasfollowing（i=10%）,

Year1

Year2

Year3

Year4

Sales

7,000

7,000

7,000

7,000

Costs

2,000

2,000

2,000

2,000

Depreciation

2,500

2,500

2,500

2,500

EBT

Tax

850

850

850

850

Netine

OCF

0

Capitalspending

10,000

0

0

0

0

NetWorkingCaptial

–200

–250

–300

–200

950

Incrementalcashflow

Please:

a）Finishthetable

b）CalculatetheNPV

c）CalculatetheIRR

d）Criticallyevaluatethisproject.

9：

Chapter9,

Apanyinvestment1,500,000（＄）toaprojectinthefirstyear,andtheprojectcanbeoperatedabout5years.Therevenueandthevariablecostseachyearoftheprojectasfollowing（I=13%）:

Pessimistic

Expected

Optimistic

Revenue

2,783,000

3,600,000

4,387,500

Variablecosts

1,742,400

2,100,000

2,386,800

Fixedcosts

850,000

800,000

750,000

Depreciation

300,000

300,000

300,000

EBT

Tax

–43,760

160,000

380,280

Netine

OCF

Thepanyshouldaccepttheproject?

10：

Chapter12,P310,Q6

SMLCostofEquityEstimationWhataretheadvantagesofusingtheSMLapproachtofindingthecostofequitycapital?

Whatarethedisadvantages?

Whatarethespecificpiecesofinformationneededtousethismethod?

Areallofthesevariableobservable,ordotheyneedtobeestimated?

Whataresomeofthewaysinwhichyoucouldgettheseestimates?

11：

Chapter13,P340,Q10

EfficientMarketHypothesisForeachofthefollowingscenarios,discusswhetherprofitopportunitiesexistfromtradinginthestockofthefirmundertheconditionsthat

（1）themarketisnotweakformefficient,

（2）themarketisweakformbutnotsemistrongformefficient,（3）themarketissemistrongformbutnotstrongformefficient,and（4）themarketisstrongformefficient.

a.Thestockpricehasrisensteadilyeachdayforthepast30days.

b.Thefinancialstatementforapanywerereleasedthreedaysago,andyoubelieveyou’veuncoveredsomeanomaliesinthepany’sinventoryandcostcontrolreportingtechniquesthatarecausingthefirm’strueliquiditystrengthtobeunderstated.

c.Youobservethattheseniormanagementofapanyhasbeenbuyingalotofthepany’sstockontheopenmarketoverthepastweek.

Usethefollowinginformationforthenexttwoquestions:

Technicalanalysisisacontroversialinvestmentpractice.Technicalanalysiscoversawidearrayoftechniques,whichareallusedinanattempttopredictthedirectionofaparticularstock,orthemarket.Technicalanalystslookattwomajortypesofinformation:

historicalstockpricesandinvestorsentiment.Atechnicalanalystwouldarguethesetwoinformationsetsprovideinformationonthefuturedirectionofaparticularstock,orthemarketasawhole.

12：

Chapter15,P394,Q4

CostofdebtWhatstepscanstockholderstaketoreducethecostofdebt?

13：

Chapter17,P448,Q3

SourcesandusesFortheyearjustended,youhavegatheredthefollowinginformationontheHollyCorporation:

a.A$200dividendwaspaid.

b.Accountspayableincreasedby$500.

c.Fixedassetpurchaseswere$900.

d.Inventoriesincreasedbyv625.

e.Long-termdebtdecreasedby$1,200.

Labeleachasasourceoruseofcashanddescribeitseffectonthefirm’scashbalance.