所屬科目:研究所、轉學考(插大)◆財務管理
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
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)
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)
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)
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)