110年 - 110 國立政治大學_碩士班招生考試_金融學系/金融管理組:財務管理#102899

科目：研究所、轉學考(插大)◆財務管理 | 年份：110年 | 選擇題數：0 | 申論題數：21

試卷資訊

所屬科目：研究所、轉學考(插大)◆財務管理

選擇題 (0)

申論題 (21)

1.The yield curve

2.Weak-form efficiency

3.MIRR (modified IRR)

4.The market risk premium

5. Cyclical stocks

6.SML

1.ABC common stock is expected to have extaordinary growth in earnings and dividends of 20% per year for 2 rs, after which the growth rate will settle into a constant 6%. If the discount rate is 15% and th dividend was $2.50, what should be the approximate current share price?

2.Estimate a stock's beta based on the following information: Month 1 = Stock + 1.5%, Market + 1.1%; Month 2 Stock + 2.0%, Market + 1.4%; Month 3 = Stock- 2.5%, Market - 2.0%.

3. The market portfolio has an expected return of 18% and the risk-free rate is 6%. An investor borrows $100 at the risk-free rate and invests this and a further S100 of his own in the market portfolio. What is his expected return?

4. How much debt is outstanding if the present value of a perpetual tax shield is $300,000, the tax rate is 21% and the interest rate on the debt is 10%?

5. Evenglade Corp has 1,000 shares outstanding priced at S10 a share. The company is unsure whether to pay out $1 a share as a dividend or to use the money to repurchase stock. If it pays a dividend, what happens to the stock price? If it repurchases, how many shares will remain and at what price?

1. Based on the dividend growth model, brietly give the reason why a lower current payout will not affect the stock price. (5 points)

2. When Tri-C Corp. compares its ratios to industry averages, it has a higher current ratio, an average quick ratio, and a lower inventory turnover. What might you assume about Tri-C? (5 points)

a. What is the equivalent annual cost of the Econo-Cool model? (4 points)

b. What is the equivalent annual cost of the Luxury air model? (4 points)

c. Which model is more cost-effective? (2 points)

d. Now you remember that the inflation rate is expected to be 10% per year for the foreseeable future. Redo parts (a) and (b). (8 points)

a. The beta of the common stock after the refinancing (5 points)

b. The required return and risk premiun on the common stock after the refinancing (6 points)

c. The required return on the company (i.e, stock and debt combined) after the refinancing (3 points) If EBIT remains constant:

d. What is the percentage increase in earnings per share after the refinancing? (5 points) What is the new price-eamings multiple? (4 points)