108年 - [無官方正解]108 國立嘉義大學_碩士班(乙組)招生考試試題_財務金融學系：財務管理#146432

科目：研究所、轉學考(插大)◆財務管理 | 年份：108年 | 選擇題數：25 | 申論題數：10

試卷資訊

所屬科目：研究所、轉學考(插大)◆財務管理

選擇題 (25)

1. Which one of the following terms is defined as a conflict of interest between the corporate
shareholders and the corporate managers?
(A) articles of incorporation (B) corporate breakdown
(C) agency problem (D) bylaws
2. Which one of the following best states the primary goal of financial management?
(A) maximize current dividends per share
(B) maximize the current value per share
(C) increase cash flow and avoid financial distress
(D) minimize operational costs while maximizing firm efficiency
3. Which term relates to the cash flow which results from a firm's ongoing, normal business activities?
(A) operating cash flow (B) capital spending
(C) net working capital (D) cash flow from assets
4. Which one of the following will produce the highest present value interest factor?
(A) 6 percent interest for five years (B) 6 percent interest for ten years
(C) 8 percent interest for five years (D) 8 percent interest for ten years
5. You are considering two loans. The terms of the two loans are equivalent with the exception of the
interest rates. Loan A offers a rate of 7.75%, compounded daily. Loan B offers a rate of 8%,
compounded semi-annually. Which loan should you select?
(A) A; the effective annual rate is 8.06% (B) A; the annual percentage rate is 7.75%
(C) B; the effective annual rate is 8.16% (D) B; the annual percentage rate is 7.68%
6. Springboro Tech is a young start-up company. No dividends will be paid on the stock over the next
15 years, because the firm needs to plow back its earnings to fuel growth. The company will pay a
$15 per share dividend in 16 years and will increase the dividend by 4 percent per year thereafter.
What is the current share price if the required return on this stock is 8 percent?
(A) $118.22 (B) $119.19 (C) $120.00 (D) $164.59
7. Which one of the following statements is correct in relation to independent projects?
(A) The internal rate of return cannot be used to determine the acceptability of a project that has
financing type cash flows.
(B) A project with investing type cash flows is acceptable if its internal rate of return exceeds the
required return.
(C) A project with financing type cash flows is acceptable if its internal rate of return exceeds the
required return.
(D) Projects with financing type cash flows are acceptable only when the internal rate of return is
negative.
8. Given the following, which feature identifies the most desirable level of output for a project?
(A) operating cash flow equal to the depreciation expense
(B) payback period equal to the project's life
(C) discounted payback period equal to the project's life
(D) zero IRR
9. A stock had returns of 12%, 16%, 10%, 19%, 15%, and -6% over the last six years. What is the
geometric average return on the stock for this period?
(A)10.90% (B)10.68% (C)13.56% (D)14.76%
10. First Century Bank wants to earn an effective annual return on its consumer loans of 10 percent per
year. The bank uses daily compounding on its loans. By law, what interest rate is the bank required
to report to potential borrowers?
(A) 9.38% (B) 9.53% (C) 9.72% (D) 10.00%
11. A Treasury bond is quoted at a price of 101:14 with a current yield of 7.236 percent. What is the
coupon rate?
(A) 7.20 percent (B) 7.28 percent (C) 7.30 percent (D) 7.34 percent
12. The variance of stock X’s return is 16%, the variance of market return is 6.25%, the correlation
coefficient of return on stock X and market is 0.6, and according to CAPM, the beta of stock X is:
(A) 0.88 (B) 0.96 (C) 1.0 (D) 1.2
共 3 頁，第 1 頁
Questions (13) ~ (16)
Suppose that in the coming year, you expect Exxon-Mobil stock to have a volatility of 42% and a
beta of 0.9, and Merck's stock to have a volatility of 24% and a beta of 1.1. The risk free interest
rate is 4% and the market's expected return is 12%.
13. Which stock has the highest total risk?
(A) Merck since it has a lower volatility
(B) Merck since it has a higher Beta
(C) Exxon-Mobil since it has a higher volatility
(D) Exxon-Mobil since it has a lower beta
14. Which stock has the highest systematic risk?
(A) Merck since it has a higher Beta (B) Exxon-Mobil since it has a lower beta
(C) Exxon-Mobil since it has a higher volatility (D) Merck since it has a lower volatility
15. The optimal portfolio selection under the equilibrium of capital market is
(A) The tangent point of the indifference curve and the efficient frontier
(B) The tangent point of the CML and the indifference curve
(C) The tangent point of the CML and the original efficient frontier
(D) None of the above
16. The cost of capital for a project with the same beta as Exxon Mobil's stock is closest to:
(A) 11.6% (B) 11.2% (C) 12.8% (D) 7.6%
17. Which of the following is NOT Sharpe ratio?
(A) the measure of reward-to-volatility provided by a portfolio
(B) the optimal portfolio will have the highest Sharpe ratio
(C) it is the slope of the security market line
(D) the tangent portfolio will have the highest Sharpe ratio
18. Which of the following is consistent with the portfolios on the Efficient Frontier?
(A) Minimum risk is subject to fixed return. (B) Mean-Variance approach.
(C) Maximum return is subject to fixed risk. (D) All of the above.
19. Which of the following statements is FALSE?
(A) Securities that tend to move more than the market have betas lower than 0.
(B) Securities whose returns tend to move in tandem with the market on average have a beta of 1.
(C) Beta corresponds to the slope of the best fitting line in the plot of the securities excess returns
versus the market excess return.
(D) The statistical technique that identifies the bets-fitting line through a set of points is called
linear regression.
20. There are two firms with different capital structure: one is levered and the other is unlevered.
According to the MM irrelevant proposition,
(A) The value of two firms is equal.
(B) The cost of capital of levered equity increases with the firm’s debt-equity ratio increases.
(C) The WACC is still constant.
(D) All of the above.
21. What is the definition of beta estimation for CAPM in linear regression?
(A) All of the below
(B) Systematic risk
(C) The elasticity for the change of market’s return is relative to the change of the i security’s return.
(D) Beta corresponds to the slope of the best-fitting line in the plot of the security’s excess returns
versus the market excess return.
22. Bradshaw Manufacturing has just issued 12% bonds and received the net proceeds of $1000. The
bonds will mature in 20 years and the firm’s marginal tax rate is 40%. What is the firm’s cost of
debt?
(A) 12% (B) 7.2% (C) 10% (D) 9.6%
23. Which of the following statements is FALSE?
(A) Put-call parity gives the price of a European call option in terms of the price of a European put,
the underlying stock, and a zero-coupon bond.
(B) For a given strike price, the value of a call option is higher if the current price of the stock is
higher, as there is a greater likelihood the option will end up in-the-money.
(C) The value of an otherwise identical call option is higher if the strike price the holder must pay
to buy the stock is higher.
(D) Because a put is the right to sell the stock, puts with a lower strike price are less valuable.
共 3 頁，第 2 頁
24. You pay $3.25 for a call option on Luther Industries that expires in three months with a strike price
of $40.00. Three months later, at expiration, Luther Industries is trading at $41.00 per share. Your
profit per share on this transaction is closest to:
(A) -$1.00 (B) $1.00 (C) -$2.25 (D) $2.25
25. Wyatt Oil issued $100 million in perpetual debt (at par) with an annual coupon of 7%. Wyatt will
pay interest only on this debt. Wyatt's marginal tax rate is expected to be 40% for the foreseeable
future. The present value of Wyatt's annual interest tax shield is closest to:
(A) $2.8 million (B) $4.2 million (C) $7.0 million (D) $40 million

申論題 (10)

二、假設市場報酬的變異數＝0.044，A 公司報酬和市場報酬的共變數＝0.064，市場風險溢酬為
9.2%，預期國庫券的報酬率為 4.7%。
A. 請寫出證券市場線的方程式。(5 分)
B. A 公司的必要報酬率為多少？(5 分)
三、甲公司的資金來源有以下內容，且假設公司的所得稅率為 25%。
(1)負債：有流通在外共 4,800 張的長期債券，面額 1 萬元、票面利率 6%，每年付息一次，且
以平價出售。
(2)普通股：以每股 60 元出售，共流通在外 20 萬股，公司剛發放股利 2 元，股利成長率預估
為 5%。
(3)特別股：以每股 80 元出售，每年固定支付股利 4 元，流通在外 25 萬股。
A. 計算甲公司各項資金來源的資金成本。(5 分)
B. 計算甲公司的加權平均資金成本。(5 分)
四、美林證券發行了以遠紡股票為標的，到期日為 6 個月後之價平買權，市場狀況如下：遠紡
股價為 27 元，買權市價為 2 元。對於遠紡股價表現，市場預期在 6 個月後分別為：10%
機率為 24 元，20%機率為 26 元，25%機率為 28 元，30%機率為 30 元，15%機率為 32 元
。試問：
A. 到期日時，預期股價為何？(5 分)
B. 預期買權持有至到期日之履約價值為何？(5 分)
五、你正投資美金 120 元於美國公債。已知一年期的台灣公債報酬率為 5%，一年期的美國公債
報酬率為 11%；目前台幣兌美金的匯率為 34:1。
A. 假設一年後台幣兌美金的匯率為 31:1，請問你的持有期間報酬率為何？(4 分)
B. 若你想穩賺 5%，一年後的匯率應為何？(4 分)
六、A 公司有 160,000 股流通在外的普通股，年度銷貨為$1,940,000，淨利為$126,400，本益比
(price-earnings ratio)為 18.7，每股帳面價值為$7.92。則 A 公司的市價對帳面價值比
(market-to-book ratio)為多少? (6 分)
七、A 公司的負債對總資產比率為 74%，資產報酬率(return on total assets)為 13%，則權益報酬
率(return on equity)為何? (6 分)