110年 - 110 國立中山大學_碩士暨碩士專班招生考試_財管系/丙組:財務管理#104442

科目：研究所、轉學考(插大)◆財務管理 | 年份：110年 | 選擇題數：20 | 申論題數：20

試卷資訊

所屬科目：研究所、轉學考(插大)◆財務管理

選擇題 (20)

1.Which one of the following rights is never directly granted to all shareholders of a publicly held corporation? (A) Electing the board of directors (B) Receiving a distribution of company profits (C) Voting either for or against a proposed merger or acquisition (D) Determining the amount of the dividend to be paid per share (E) Having first chance to purchase any new equity shares that may be offered

2. Jenner's is a multi-division firm that uses its overall WACC as the discount rate for all proposed projects. Each division is in a separate line of business and each presents risks unique to those lines. Given this, a division within the firm will tend to: (A) receive less project funding if its line of business is riskier than that of the other divisions. (B) avoid risky projects so it can receive more project funding. (C) become less risky over time based on the projects that are accepted. (D) have an equal probability with all the other divisions of receiving funding. (E) prefer higher risk projects over lower risk projects.

3.If a firm commitment IPO is overpriced then the: (A) investors in the IPO may consider suing the underwriters. (B) Green Shoe provision will probably be utilized. (C) stock price will generally increase on the first day of trading. (D) issuing firm is guaranteed to be successful in the long term.

4.E. issuing firm receives less money than it probably should have. Mountain Groves has an unlevered cost of capital of 13.2 percent, a cost of debt of 8.3 percent, and a tax rate of 21 percent. What is the target debt-equity ratio if the targeted cost of equity is 14.5 percent? (A) 0.54 (B) 0.29 (C) 0.34 (D) 0.48 (E) 0.33

5.Lucinda owns a S1,000 face value convertible bond that matures in six years, has a coupon rate of 6.5 percent, paid annually, and a conversion price of $17.50. Similar bonds have a current market return of 6.35 percent while the related stock is priced at $18.03 per share. What is the conversion value of this bond? (A) $1,007.30 (B) $1.028.45 (C) $996.11 (D) $1,030.29 (E) $1.000.00

6. You have a $15,000 portfolio which is invested in Stocks A and B, and a risk-free asset. $6,000 is invested in Stock A. Stock A has a beta of 1.63 and Stock B has a beta of .95. How much needs to be invested in Stock B if you want a portfolio beta of 1.10? (A) $8,998.90 (B) $8.333.33 (C) $7,706.20 (D)$7,073.68 (E) $9,419.27

7. Miller Fruit wants to expand and needs $1.6 million to do so. Currently, the firm has 465,000 shares of stock outstanding at a market price per share of $32.50. The firm decided on a rights offering with one right granted for each share of outstanding stock. The subscription price is $28 a share. How many rights are needed to purchase one new share of stock in this offering? (A) 8.14 (B) 7.17 (C) 8.22 (D)8.63 (E) 9.45

8. Jensen's Shipping has total asscts of $694,800 at year's end. The beginning owners' equity was $362,400. During the year, the company had sales of $711,000, a profit margin of 5.2 percent, a tax rate of 21 percent, and paid $12,500 in dividends. What is the equity multiplier at year-end? (A) 1.67 (B) 1.72 (C) 1.93 (D) 1.80 (E) 1.86

9. Johnson Tire Distributors has debt with both a face and a market value of $35,000. This debt has a coupon rate of 6.6 percent and pays interest annually. The expected earnings before interest and taxes are $8,300, the tax rate is 21 percent, and the unlevered cost of capital is 10.9 percent. What is the cost of equity? (A) 12.46 percent (B) 12.87 percent (C) 14.56 percent (D) 13.59 percent (E) 15.14 percent

10. Carlisle Carpets has cost of goods sold of $92,511, interest expense of $4,608, dividends paid of $3,200, depreciation of $14,568, an increase in retained earnings of $11,920, and a tax rate of 21 percent. What is the operating cash flow? (A) $34,296 (B) $42,122 (C) $36,463 (D) $31,543 (E) $36,741

11. The expected return on a portfolio: (A) can never exceed the expected return of the best performing security in the portfolio. (B) must be equal to or greater than the expected return of the worst performing security in the portfolio. (C) is independent of the unsystematic risks of the individual securities held in the portfolio. (D) is independent of the allocation of the portfolio amongst individual securities.

12. Which one of the following statements is wrong? (A) The use of forward rates increases the short-run exposure to exchange rate risk. (B) Accounting translation gains and losses are recorded in the equity section of the balance sheet. (C) A firm can record a profit on its income statement from a foreign subsidiary even when that subsidiary has no profit thanks to exchange rate risk. (D) Unexpected changes in economic conditions are classified as short-run exposure to exchange rate risk.

13. Which one of the following statements is correct concerning the cash cycle? (A) The longer the cash cycle, the more likely a company will need external financing. (B) Increasing the accounts payable period increases the cash cycle. (C) Accepting a supplier's discount for early payment increases the cash cycle. (D) The cash cycle can exceed the operating cycle if the payables period is equal to zero.

14. Western Beef Exporters is considering a project that has an NPV of $32,600, an IRR of 15.1 percent, and a payback period of 3.2 years. The required return is 14.5 percent and the required payback period is 3.0 years. Which one of the following statements correctly applies to this project? (A) The net present value indicates accept while the internal rate of return indicates reject. (B) Payback indicates acceptance. (C) The payback decision rule could override the accept decision indicated by the net present value. (D) The payback rule will automatically be ignored since both the net present value and the internal rate of return indicate an accept decision.

15. Which one of the following statements is wrong concerning the relationship between a levered and an unlevered capital structure? Ignore taxes. (A) At the break-even point, there is no advantage to debt. (B) The earnings per share will equal zero when EBIT is zero for a levered firm. (C) The advantages of leverage are inversely related to the level of EBIT. (D) EPS are more sensitive to changes in EBIT when a firm is unlevered.

16. Which one of the following statements is wrong? (A) A reduction in personal tax rates tends to lead to lower dividends. (B) Dividends tend to fluctuate significantly from quarter to quarter. (C) Dividend payments are highly concentrated in a relatively small set of large companies. (D) Non-dividend-paying companies are generally more apt to commence paying regular dividends than to implement a stock repurchase program.

17. Which one of the following statements is correct? (A) Increasing the time to maturity may not increase the value of a European put. (B) An increase in time increases the value of a call option. (C) Exercising an American option is always more valuable than selling the option. (D) Vega measures the sensitivity of an option's value to the passage of time.

18. Round Dot Inns is preparing a bond offering with a coupon rate of 6 percent, paid semiannually, and a face value of $1,000. The bonds will mature in 10 years and will be sold at par. Given this, which one of the following statements is wrong? (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 initially sell for $1,030 each. (D) The final payment will be in the amount of $1,060.

19. Which of the following statements are correct concerning diversifiable risks? (A) Diversifiable risks can be essentially eliminated by investing in 30 unrelated securities. (B) There is no reward for accepting diversifiable risks. (C) Diversifiable risks are generally associated with an individual firm or industry. (D) Beta measures diversifiable risk.

20. Which one of the following statements is correct? (A) An increase in the earnings per share as a result of an acquisition will decrease the price per share of the acquiring firm. (B) If firm A acquires firm B then the number of shares in AB will equal the number of shares of A plus the number of shares of B.(C) The price-earnings ratio can decrease even when the net present value of a merger is equal to zero. (D) Diversification is one of the greatest benefits derived from an acquisition.

申論題 (20)

1.Assume a firm's debt is risk-free, so that the cost of debt equals the risk-free rate, Rf. Define βA as the firm's asset beta-that is, the systematic risk of the firm's assets. Define β_E to be the beta of the firm's equity. Use the capital asset pricing model (CAPM) along with M&M Proposition II to show that β_E =β_A x (1+D/E), where D/E is the debt-equity ratio. Assume the tax rate is zero.

(1) The company has declared a dividend of $1.30 per share. The stock goes ex dividend tomorrow. Ignoring any tax effects, what is the stock selling for today? What will it sell for tomorrow?(2 分)

(2) Suppose the company has announced it is going to repurchase $18,200 worth of stock. What effect will this transaction have on the equity of the firm? (2 分)

(3) How many shares will be outstanding? (2 分)

(4) What will the price per share be after the repurchase? (2 分)

(5) Ignoring tax effects, show how the share repurchase is effectively the same as a cash dividend. (2分)

(1) What is the 2020 operating cash flow? (2.5 分)

(2) What is the 2020 cash flow to creditors? (2.5 分)

(3) What is the 2020 cash flow to stockholders? (2.5 分)

(4) If net fixed assets increased by $46,000 during the year, what was the addition to Net Working Capital? (2.5 分)

(1) What is the value of a risk-free bond with the same face value and maturity as the current bond? (3分)

(2) What is the value of a put option on the firm's assets with a strike price equal to the face value of the debt? N(d1)=0.78 N(d2)=0.51(3 分)

(3) Using the answers from (1) and (2), what is the value of the firm's debt? (3 分)

(4) Assume the company can restructure its assets so that the standard deviation of its return on assets increases to 43 percent per year. What happens to the value of the debt? N(d1)=0.79 N(d2)=0.43 (3分)

(5) What happens to bondholders if the company restructures its assets? What happens to shareholders? (3 分)

(1) If Firm T is willing to be acquired for $19 per share in cash, what is the NPV of the merger? (3 分)

(2) What will the price per share of the merged firm be assuming the conditions in (1)? (3 分)

(3) In part (1), what is the merger premium? (3 分)

(4) Suppose Firm T is agreeable to a merger by an exchange of stock. If B offers one of its shares for every two of T's shares, what will the price per share of the merged firm be?(3 分)

(5) What is the NPV of the merger assuming the condition in (4)? (3 分)