西交大财务成本管理ppt习题答案

D. chairman of the board. E. chief operations officer. A财务主管

2. The mixture of debt and equity used by a firm to finance its operations is called:

A. working capital management. B. financial depreciation. C. cost analysis. D. capital budgeting. E. capital structure. E. capital structure

3. The primary goal of financial management is to:

A. maximize current dividends per share of the existing stock. B. maximize the current value per share of the existing stock. C. avoid financial distress.

D. minimize operational costs and maximize firm efficiency. E. maintain steady growth in both sales and net earnings. B．最大化当前每股价值现有的股票。

4. Working capital management includes decisions concerning which of the following?

I. accounts payable II. long-term debt

III. accounts receivable IV. inventory A. I and II only B. I and III only C. II and IV only D. I, II, and III only E. I, III, and IV only

1. Net working capital is defined as:

A. total liabilities minus shareholders' equity. B. current liabilities minus shareholders' equity. C. fixed assets minus long-term liabilities. D. total assets minus total liabilities.

E. current assets minus current liabilities. 2. Earnings per share is equal to:

A. net income divided by the total number of shares outstanding. B. net income divided by the par value of the common stock.

3.

4.

5.

6.

7.

C. gross income multiplied by the par value of the common stock. D. operating income divided by the par value of the common stock. E. net income divided by total shareholders' equity. Which of the following are included in current assets? I. equipment II. inventory

III. accounts payable IV. cash

A. II and IV only B. I and III only C. I, II, and IV only D. III and IV only

E. II, III, and IV only

Which one of the following assets is generally the most liquid? A. inventory B. buildings

C. accounts receivable D. equipment E. patents

Total assets are $900, fixed assets are $600, long-term debt is $500, and short-term debt is $200. What is the amount of net working capital? A. $0 B. $100 C. $200 D. $300 E. $400

Art's Boutique has sales of $0,000 and costs of $480,000. Interest expense is $40,000 and depreciation is $60,000. The tax rate is 34%. What is the net income? A. $20,400 B. $39,600 C. $50,400 D. $79,600 E. $99,600

Thompson's Jet Skis has operating cash flow of $218. Depreciation is $45 and interest paid is $35. A net total of $69 was paid on long-term debt. The firm spent $180 on fixed assets and increased net working capital by $38. What is the amount of the cash flow to stockholders? A. -$104 B. -$28 C. $28 D. $114 E. $142

某企业去年的销售净利率为5.73%，资产周转率为2.17；今年的销售净利率为4.88%，资产周转率为2.88。若两年的资产负债率相同，今年的权益净利率比去年的变化趋势为（ ）。 A.下降 B.不变 C.上升 D.难以确定 【答案】C

【解析】权益净利率=销售净利率×资产周转率×权益乘数 去年的权益净利率=5.73%×2.17×A=12.43%×A 今年的权益净利率=4.88%×2.88×A=14.05%×A

因此，权益净利率今年比去年呈上升趋势。

ABC公司是一个有较多未分配利润的工业企业。下面是上年度发生的几笔经济业务，在这些业务发生前后，速动资产都超过了流动负债。请回答下列问题。 （1）长期债券投资提前变卖为现金，将会（ ）。 A.对流动比率的影响大于对速动比率的影响 B.对速动比率的影响大于对流动比率的影响 C.影响速动比率但不影响流动比率 D.影响流动比率但不影响速动比率

长期债券投资提前变现，使现金增加，流动负债不变，因此会影响流动比率和速动比率，可将C、D排除。现金是速动资产项目，其变化会引起流动资产和速动资产增长相同数额，由于流动比率大于速动比率，因此当二者计算公式的分子增加相同数额时，速动比率变化幅度要大，应当选择B.

例如,原来的流动资产为500万元，速动资产为400万元，流动负债为200万元，则原来的流动比率为500÷200*100%＝250%，速动比率为400÷200*100%＝200%，现在把100万元的长期债券投资变为现金，则流动比率变为：（500＋100）÷200*100%＝300%，增加（300%－250%）÷250%＝20%，速动比率变为：（400＋100）÷200*100%＝250%，增加（250%－200%）÷200%＝25%，显然，25%大于20%。

2）赊购原材料若干，将会（ ）。 A.增大流动比率 B.降低流动比率 C.降低营运资本 D.增大营运资本

赊购原材料使流动资产和流动负债等额增加，所以营运资本不变，则应排除C、D，又因为，已知业务发生前后，速动资产都超过了流动负债，即流动比率大于100%，因此，流动比率分子、分母同时增加相同金额，流动比率会降低，所以应排除A，即应该选择B。

由杜邦财务分析体系可知，权益净利率等于资产净利率乘以权益乘数。因此，企业的负债程度越高，权益净利率就越大。（错）

本题的主要考核点是杜邦财务分析体系。由杜邦财务分析体系可知，权益净利率等于资产净利率乘以权益乘数。因此，在资产净利率不变的前提下，权益净利率与权益乘数呈同向变化。该题的错误在于缺少资产净利率是否发生变化的假设，因为如果资产净利率下降的幅度大于权益乘数提高的幅度，尽管企业的负债程度提高，但权益净利率可能保持不变或变大。

1. A _____ standardizes items on the income statement and balance sheet as a percentage of total sales and total assets, respectively. A. tax reconciliation statement B. statement of standardization C. statement of cash flows

D. common-base year statement E. common-size statement 2. The cash ratio is measured as:

A. current assets divided by current liabilities.

B. current assets minus cash on hand, divided by current liabilities. C. current liabilities plus current assets, divided by cash on hand. D. cash on hand plus inventory, divided by current liabilities. E. cash on hand divided by current liabilities 3. The equity multiplier ratio is measured as total: A. equity divided by total assets. B. equity plus total debt.

C. assets minus total equity, divided by total assets. D. assets plus total equity, divided by total debt. E. assets divided by total equity

4. The financial ratio measured as earnings before interest and taxes, divided by interest expense is the: A. cash coverage ratio. B. debt-equity ratio.

C. times interest earned ratio. D. gross margin. E. total debt ratio.

5. The market-to-book ratio is measured as: A. total equity divided by total assets.

B. net income times market price per share of stock.

C. net income divided by market price per share of stock.

D. market price per share of stock divided by earnings per share.

E. market value of equity per share divided by book value of equity per share

6. A firm has sales of $1,200, net income of $200, net fixed assets of $500, and current assets of $300. The firm has $100 in inventory. What is the common-size statement value of inventory?

A. 8.3% B. 12.5% C. 20.0% D. 33.3% E. 50.0%

100/（500+300）

7. Ratios that measure how efficiently a firm uses its assets to generate sales are known as _____ ratios. A. asset management B. long-term solvency C. short-term solvency D. profitability E. market value

8. The financial ratio days' sales in inventory is measured as: A. inventory turnover plus 365 days. B. inventory times 365 days.

C. inventory plus cost of goods sold, divided by 365 days. D. 365 days divided by the inventory.

E. 365 days divided by the inventory turnover.

9. An increase in which one of the following accounts increases a firm's current ratio without affecting its quick ratio? A. accounts payable B. cash

C. inventory

D. accounts receivable E. fixed assets

10. Frederico's has a profit margin of 6%, a return on assets of 8%, and an equity multiplier of 1.4. What is the return on equity? A. 6.7% B. 8.4% C. 11.2% D. 14.6% E. 19.6% 8%*1.4

Aunt Clarisse has promised to leave you an annuity that will pay $60 next year and grow at an annual rate of 4%. The payments are expected to go on indefinitely and the interest rate is 9%. What is the value of the growing perpetuity? A. $667 B. $693 C. $1,200 D. $1,248

E. None of the above

Consider a $50,000, 10 year loan at 8% interest. The loan agreement requires the firm to pay $5,000 in principal each year plus interest for that year. Year Beginning Interest Principal Total Ending

Balance Payment Payment Payment Balance

1 2 3 4 5 6 7 8 9 10

50,000 45,000 40,000 35,000 30,000 25,000 20,000 15,000 10,000 5,000

4,000 3,600 3,200 2,800 2,400 2,000 1,600 1,200 800 400

5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000

9,000 8,600 8,200 7,800 7,400 7,000 6,600 6,200 5,800 5,400

45,000 40,000 35,000 30,000 25,000 20,000 15,000 10,000 5,000

0

1. An annuity stream of cash flow payments is a set of:

A. level cash flows occurring each time period for a fixed length of time.

B. level cash flows occurring each time period forever.

C. increasing cash flows occurring each time period for a fixed

length of time.

D. increasing cash flows occurring each time period forever.

E. arbitrary cash flows occurring each time period for no more than 10 years.

2. An annuity stream where the payments occur forever is called a(n):

A. annuity due. B. indemnity. C. perpetuity. D. amortized cash flow stream. E. amortization table.

3. There are three factors that affect the future value of an annuity.

Explain what these three factors are and discuss how an increase in each will impact the future value of the annuity.

The factors are the interest rate, payment amount, and number of payments. An increase in any of these three will increase the future value of the annuity.

NPV and IRR will generally give the same decision. Exceptions:

Non-conventional cash flows – cash flow signs change more than once

Mutually exclusive projects

Initial investments are substantially different Timing of cash flows is substantially different

The difference between the present value of an investment and its cost is the: A. net present value. B. internal rate of return. C. payback period. D. profitability index.

E. discounted payback period.

Which one of the following statements concerning net present value (NPV) is correct?

A. An investment should be accepted if, and only if, the NPV is exactly equal to zero.

B. An investment should be accepted only if the NPV is equal to the initial cash flow.

C. An investment should be accepted if the NPV is positive and rejected if it is negative.

D. An investment with greater cash inflows than cash outflows, regardless of when the cash flows occur, will always have a positive NPV and therefore should always be accepted.

E. Any project that has positive cash flows for every time period after the initial investment should be accepted.

The length of time required for an investment to generate cash flows sufficient to recover the initial cost of the investment is called the: A. net present value. B. internal rate of return. C. payback period. D. profitability index.

E. discounted cash period.

Which one of the following statements is correct concerning the payback period?

A. An investment is acceptable if its calculated payback period is less than some pre-specified period of time.

B. An investment should be accepted if the payback is positive and rejected if it is negative.

C. An investment should be rejected if the payback is positive and accepted if it is negative.

D. An investment is acceptable if its calculated payback period is greater than some pre-specified period of time.

E. An investment should be accepted any time the payback period is less than the discounted payback period, given a positive discount rate.

The discount rate that makes the net present value of an investment exactly equal to zero is called the:

A. external rate of return. B. internal rate of return. C. average accounting return. D. profitability index. E. equalizer.

The possibility that more than one discount rate will make the NPV of an investment equal to zero is called the _____ problem. A. net present value profiling B. operational ambiguity

C. mutually exclusive investment decision D. issues of scale

E. multiple rates of return

A situation in which accepting one investment prevents the acceptance of another investment is called the: A. net present value profile.

B. operational ambiguity decision.

C. mutually exclusive investment decision. D. issues of scale problem.

E. multiple choices of operations decision.

If a project has a net present value equal to zero, then:

I. the present value of the cash inflows exceeds the initial cost of the project. II. the project produces a rate of return that just equals the rate required to accept the project.

III. the project is expected to produce only the minimally required cash inflows. IV. any delay in receiving the projected cash inflows will cause the project to have a negative net present value. A. II and III only B. II and IV only C. I, II, and IV only D. II, III, and IV only E. I, II, and III only

The advantages of the payback method of project analysis include the: I. application of a discount rate to each separate cash flow. II. bias towards liquidity. III. ease of use.

IV. arbitrary cutoff point. A. I and II only B. I and III only C. II and III only D. II and IV only

E. II, III, and IV only

The discounted payback period of a project will decrease whenever the: A. discount rate applied to the project is increased. B. initial cash outlay of the project is increased. C. time period of the project is increased.

D. amount of each project cash inflow is increased. E. costs of the fixed assets utilized in the project increase.

The internal rate of return is:

A. more reliable as a decision making tool than net present value whenever you are considering mutually exclusive projects.

B. equivalent to the discount rate that makes the net present value equal to one.

C. difficult to compute without the use of either a financial calculator or a computer.

D. dependent upon the interest rates offered in the marketplace.

E. a better methodology than net present value when dealing with unconventional cash flows.

The profitability index is closely related to: A. payback.

B. discounted payback.

C. average accounting return. D. net present value. E. internal rate of return.

Which one of the following is the best example of two mutually exclusive projects?

A. planning to build a warehouse and a retail outlet side by side.

B. buying sufficient equipment to manufacture both desks and chairs simultaneously.

C. using an empty warehouse for storage or renting it entirely out to another firm.

D. using the company sales force to promote sales of both shoes and socks. E. buying both inventory and fixed assets using funds from the same bond issue.

In actual practice, managers may use the:

I. IRR because the results are easy to communicate and understand. II. payback because of its simplicity.

III. net present value because it is considered by many to be the best method of analysis. A. I and II only

B. II and III only C. I and III only D. I, II, and III

E. None of the above

Which of the following methods of project analysis are biased towards short-term projects? I. internal rate of return II. net present value III. payback

IV. discounted payback A. I and II only B. III and IV only C. II and III only D. I and IV only E. II and IV only

You are considering a project with the following data: Internal rate of return 8. Profitability ratio .98 Net present value -$393 Payback period 2.44 years Required return 9.5%

Which one of the following is correct given this information?

A. The discount rate used in computing the net present value must have been less than 8.7%.

B. The discounted payback period will have to be less than 2.44 years.

C. The discount rate used to compute the profitability ratio was equal to the internal rate of return.

D. This project should be accepted based on the profitability ratio.

E. This project should be rejected based on the internal rate of return.

Which of the following does not characterize NPV?

A. NPV does not explicitly incorporate risk into the analysis. B. NPV incorporates all relevant cash flow information. C. NPV uses all of the project's cash flows. D. NPV discounts all future cash flows.

E. Using NPV will lead to decisions that maximize shareholder wealth.

A project will have more than one IRR if: A. the IRR is positive. B. the IRR is negative. C. the NPV is zero.

D. the cash flow pattern exhibits more than one sign change. E. the cash flow pattern exhibits exactly one sign change.

A project will produce cash inflows of $1,750 a year for four years. The project initially costs $10,600 to get started. In year five, the project will be closed and as a result should produce a cash inflow of $8,500. What is the net present value of this project if the required rate of return is 13.75%? A. -$5,474.76 B. -$1,011.40 C. -$935.56 D. $1,011.40 E. $5,474.76

You are considering a project with an initial cost of $4,300. What is the payback period for this project if the cash inflows are $550, $970, $2,600, and $500 a year over the next four years? A. 2.04 years B. 2.36 years C. 2. years D. 3.04 years E. 3.36 years

Yancy is considering a project which will produce cash inflows of $900 a year for 4 years. The project has a 9% required rate of return and an initial cost of $2,800. What is the discounted payback period? A. 3.11 years B. 3.18 years C. 3.82 years D. 4.18 years E. never

【例9：2009年计算题（旧）】B公司目前生产一种产品，该产品的适销期预计还有6年，公司计划6年后停产该产品。生产该产品的设备已使用5年，比较陈旧，运行成本（人工费、维修费和能源消耗等）和残次品率较高。目前市场上出现了一种新设备，其生产能力、生产产品的质量与现有设备相同。设置虽然购置成本较高，但运行成本较低，并且可以减少存货占用资金、降低残次品率。除此以外的其他方面，新设备与旧设备没有显著差别。 B公司正在研究是否应将现有旧设备更换为新设备，有关的资料如下（单位：元）： 继续使用旧设备 更换新设备 旧设备当初购买和安装成本 200000 旧设备当前市值 税法规定折旧年限（年） 税法规定折旧方法 税法规定残值率 50000 10 直线法 10% 新设备购买和安装成本 税法规定折旧年限（年） 税法规定折旧方法 税法规定残值率 运行效率提高减少半成品存货占用资金 计划使用年限（年） 预计6年后残值变现净收入 年运行成本（付现成本） 年残次品成本（付现成本） 300000 10 直线法 10% 已经使用年限（年） 5年 15000 预计尚可使用年限（年） 预计6年后残值变现净收入 年运行成本（付现成本） 年残次品成本（付现成本） 6年 0 110000 8000 6年 150000 85000 5000 B公司更新设备投资的资本成本为10%，所得税率为25%；固定资产的会计折旧与税法有关规定相同。

（1）计算B公司继续使用旧设备的相关现金流出总现值（计算过程及结果填入答题卷第4页给定的表格内）。

（2）计算B公司更换新设备方案的相关现金流出总现值（计算过程及结果填入答题卷第5页给定的表格内）。

（3）计算两个方案的净差额，并判断应否实施更新设备的方案。

【答案及解析】两个方案的相关现金流出总现值的净差额＝新－旧＝475070.48－430562.95＝44507.53（元）应该继续使用旧设备，而不应该更新。

决策树

（1）J公司拟开发一种新的高科技产品，项目投资成本为90万元。

（2）预期项目可以产生平均每年l0万元的永续现金流量。该产品的市场有较大不确定性。如果消费需求量较大，预计经营现金流量为12.5万元；如果消费需求量较小，预计经营现金流量为8万元。

（3）如果延期执行该项目，一年后则可以判断市场对该产品的需求量，届时必须做出放弃或立即执行的决策。

（4）假设等风险投资要求的最低报酬率为l0％，无风险报酬率为5％。 要求：

（1）计算不考虑期权的项目净现值。

（2）采用二叉树方法计算延迟决策的期权价值（列出计算过程，将结果填列在答题卷第15页给定的“期权价值计算表\"中），并判断应否延迟执行该项目。 （1）净现值＝10/10％－90＝10（万元） 1.构建现金流量和项目期末价值二叉树 上行项目价值＝12.5/10％＝125（万元） 下行项目价值＝8/10％＝80（万元） 2.期权价值二叉树

（1）确定第1年末期权价值

现金流量上行时期权价值＝125－90＝35（万元）

现金流量下行时项目价值80万元，低于投资额90万元，应当放弃，期权价值为零。

（2）根据风险中性原理计算上行概率

报酬率＝（本年现金流量+期末价值）/年初投资 －1

上行报酬率＝（12.5+125）/90－1＝52.78％ 下行报酬率＝（8+80）/90－1＝－2.22％

无风险利率5％＝上行概率×52.78％+（1-上行概率）×（-2.22％） 上行概率＝0.1313 （3）计算期权价值：

期权到期日价值＝0.1313×35+（1-031313）×0＝4.60（万元） 期权现值＝4.60/1.05＝4.38（万元）

（4）如果立即进行该项目，可以得到净现值10万元，相当于立即执行期权。如果等待，期权的价值为4.38万元，小于立即执行的收益（10万元），因此应当立即进行该项目，无须等待。

You own a bond that has a 7% coupon and matures in 12 years. You purchased this bond at par value when it was originally issued. If the current market rate for this type and quality of bond is 7.5%, then you would expect: A. the bond issuer to increase the amount of each interest payment on these bonds.

B. the yield to maturity to remain constant due to the fixed coupon rate.

C. to realize a capital loss if you sold the bond at the market price today. D. today's market price to exceed the face value of the bond. E. the current yield today to be less than 7%.

A zero coupon bond:

A. is sold at a large premium.

B. has a price equal to the future value of the face amount given a specified rate of return.

C. can only be issued by the U.S. Treasury.

D. has less interest rate risk than a comparable coupon bond.

E. has implicit interest which is calculated by amortizing the loan.

The total interest paid on a zero-coupon bond is equal to:

A. zero.

B. the face value minus the issue price.

C. the face value minus the market price on the maturity date. D. $1,000 minus the face value. E. $1,000 minus the par value.

The yield to maturity is:

A. the rate that equates the price of the bond with the discounted cash flows. B. the expected rate to be earned if held to maturity.

C. the rate that is used to determine the market price of the bond. D. equal to the current yield for bonds priced at par. E. All of the above.

If its yield to maturity is less than its coupon rate, a bond will sell at a _____, and increases in market interest rates will _____.

A. discount; decrease this discount. B. discount; increase this discount. C. premium; decrease this premium. D. premium; increase this premium. E. None of the above.

The bonds issued by Jensen & Son bear a 6% coupon, payable semiannually. The bond matures in 8 years and has a $1,000 face value. Currently, the bond sells at par. What is the yield to maturity?

A. 5.87% B. 5.97% C. 6.00% D. 6.09% E. 6.17%

Answer: c Feedback:

Feedback: This can not be solved directly, so it’s easiest to just use the calculator method to get

an answer. You can then use the calculator answer as the rate in the formula just to verify that

your answer is correct.

Wine and Roses, Inc. offers a 7% coupon bond with semiannual payments and a yield to maturity of 7.73%. The bonds mature in 9 years. What is the market price of a $1,000 face value bond?

A. $953.28 B. $963.88 C. $1,108.16 D. $1,401.26 E. $1,401.86

A common stock just paid a dividend of $2. The dividend is expected to grow at 8% for 3 years, then it will grow at 4% in perpetuity. What is the stock worth? The discount rate is 12%.

g = Retention ratio × Return on retained earnings

Latcher's Inc. is a relatively new firm that is still in a period of rapid development. The company plans on retaining all of its earnings for the next six years. Seven years from now, the company projects paying an annual dividend of $.25 a share and then increasing that amount by 3% annually thereafter. To value this stock as of today, you would most likely determine the value of the stock _____ years from today before determining today's value. A. 4 B. 5 C. 6 D. 7 E. 8

The discount rate in equity valuation is composed entirely of: A. the dividends paid and the capital gains yield. B. the dividend yield and the growth rate. C. the dividends paid and the growth rate.

D. the capital gains earned and the growth rate. E. the capital gains earned and the dividends paid.

The net present value of a growth opportunity, NPVGO, can be defined as: A. the initial investment necessary for a new project.

B. the net present value per share of an investment in a new project. C. a continual reinvestment of earnings when r < g. D. a single period investment when r > g. E. None of the above.

Majestic Homes' stock traditionally provides an 8% rate of return. The company just paid a $2 a year dividend which is expected to increase by 5% per year. If you are planning on buying 1,000 shares of this stock next year, how much should you expect to pay per share if the market rate of return for this type of security is 9% at the time of your purchase?

A. $48.60 B. $52.50 C. $55.13 D. $57. E. $70.00

Martin's Yachts has paid annual dividends of $1.40, $1.75, and $2.00 a share over the past three years, respectively. The company now predicts that it will maintain a constant dividend since its business has leveled off and sales are expected to remain relatively constant. Given the lack of future growth, you will only buy this stock if you can earn at least a 15% rate of return. What is the maximum amount you are willing to pay to buy one share today? A. $10.00 B. $13.33 C. $16.67 D. $18.88 E. $20.00 16

Thompson & Thomson is an all equity firm that has 500,000 shares of stock outstanding. The company is in the process of borrowing $8 million at 9% interest to repurchase 200,000 shares of the outstanding stock. What is the value of this firm if you ignore taxes?

A. $20.0 million

B. $20.8 million

C. $21.0 million

D. $21.2 million

E. $21.3 million

Your firm has a debt-equity ratio of .75. Your pre-tax cost of debt is 8.5% and your required return on assets is 15%. What is your cost of equity if you ignore taxes?

A. 11.25%

B. 12.21%

C. 16.67%

D. 19.88%

E. 21.38%

The Winter Wear Company has expected earnings before interest and taxes of $2,100, an unlevered cost of capital of 14% and a tax rate of 34%. The company also has $2,800 of debt that carries a 7% coupon. The debt is selling at par value. What is the value of this firm?

A. $9,900

B. $10,852

C. $11,748

D. $12,0

E. $12,700

Gail's Dance Studio is currently an all equity firm that has 80,000 shares of stock outstanding with a market price of $42 a share. The current cost of equity is 12% and the tax rate is 34%. Gail is considering adding $1 million of debt with a coupon rate of 8% to her capital structure. The debt will be sold at par value. What is the levered value of the equity?

A. $2.4 million

B. $2.7 million

C. $3.3 million

D. $3.7 million

E. $3.9 million

A公司是一个制造企业，拟添置一台设备，该设备预计需要使用5年，正在研究是通过自行购置还是租赁取得。有关资料如下：

（1）如果自行购置该设备，预计购置成本1260万元。该项固定资产的税法折旧年限为7年，法定残值率为购置成本的5%。预计该资产5年后变现价值为350万元。

（2）如果以租赁方式取得该设备，B租赁公司要求每年租金275.0557万元，租期5年，租金在每年末支付，租赁期内不得退租，租赁期满设备所有权不转让。

（3）已知A公司的所得税率为40%，税前借款（有担保）利率10%。项目要求的必要报酬率为12%。

要求：根据以上资料，对于A公司租赁方案和自行购置方案进行分析评价。

1.从税法角度判断租金能够抵税

由于租赁期满所有权不转移，因此，该租赁属于直接抵税租赁。 2.确定租赁与自行购置的差量现金流量

(1)初始现金流量(第0年)：1260(万元) (2)租赁期现金流量(第1-5年)：

设备年折旧=1260×(1-5%)/7=171(万元) 折旧抵税：171×40%=68.4(万元)

租金抵税：275.0557×40%=110.02(万元)

租赁期现金流量(第1-5年)：275.0557-110.02+68.4=233.43(万元) (3)终结点现金流量

资产账面价值=1260-171×5=405万元 资产变现价值=350万元

失去余值变现损失减税：(405-350)×40%=22万元 终结点现金流量=350+22=372万元 3.确定折现率

租赁期现金流量折现率：10%×(1-40%)=6% 终结点现金流量折现率：12% 4.计算净现值，并进行决策

NPV(承租人)=资产购置成本-租赁期现金流量现值-期末资产余值现金流量现值

=1260-233.43×(P/A，6%，5)-372×(P/F，12%，5)=65.61(万元) 由于净现值大于0，因此，租赁方案优于购置方案。 要求计算承租人的损益平衡租金。 设损益平衡租金为x，则：

1260-x×(1-40%)×(P/A，6%，5)-68.4×(P/A，6%，5)-372×(P/F，12%，5)=0

解之得：x=301.01(万元)。

【提示】以上净现值的计算过程也可列表进行计算。注意最后一年要分2列。注意第5年要分别租赁期流量和终结点流量分别列示。

表14-1 租赁相对于自购的净现值 单位：万元

(二)出租人的分析 对出租人而言，租赁是一项投资，其分析评价方法与资本预算原理相同，采用净现值法。

续上例。并假设出租人B公司的租赁资产购置成本、折旧、所得税率、对租赁资产期末余值的预期以及有关的资本成本，均与承租人相同，并假设没有其他付现营业成本。要求，计算B公司出租该设备的净现值。 『正确答案』

【补充】要求计算出租人的损益平衡租金。

损益平衡租金，是指租赁净现值为0的租金数额。对于出租人来说，是其可以接受的最低租金(税前租金)。

设损益平衡租金为x，则：

-1260+x×(1-40%)×(P/A，6%，5)+68.4×(P/A，6%，5)+211.08=0 解之得，x=301.01(万元)

Tru-U stock is selling for $36 a share. A 3-month call on Tru-U stock with a strike price of $40 is priced at $1. Risk-free assets are currently returning 0.25% per month. What is the price of a 3-month put on Tru-U stock with a strike price of $40?

A. $2.98 B. $3.00 C. $4.03 D. $4.70 E. $4.90

股票价格+看跌期权价格=看涨期权价格+债券行权价的现值 36+X=1+40/(1+0.25%)^3

You purchased six TJH call option contracts with a strike price of $40 when the option was quoted at $1.30. The option expires today when the value of TJH stock is $41.90. Ignoring trading costs and taxes, what is your total profit or loss on your investment? 0.6

D公司是一家上市公司，其股票于2009年8月1日的收盘价为每股40元。有一种以该股票为标的资产的看涨期权，执行价格为42元，到期时间是3个月。3个月以内公司不会派发股利，3个月以后股价有2种变动的可能：上升到46元或者下降到30元。3个月到期的国库券利率为4%（年名义利率）。 要求：

（1）利用风险中性原理，计算D公司股价的上行概率和下行概率，以及看涨期权的价值。

（2）如果该看涨期权的现行价格为2.5元，请根据套利原理，构建一个投资组合进行套利。

（1） 股价上升百分比＝（46－40）/40×100%＝15%，

股价下降百分比＝（40－30）/40×100%＝25%

期望报酬率＝4%/4＝上行概率×15%－（1－上行概率）×25%

上行概率＝0.65

下行概率＝1－上行概率＝0.35

Cu＝46－42＝4（元）

Cd＝0

期权现值＝（4×0.65＋0×0.35）/（1＋1%）＝2.57（元）

（2）套期保值比率＝（4－0）/（46－30）＝0.25

借款＝30×0.25/（1＋1%）＝7.43（元）

由于期权价格低于期权价值，因此套利过程如下：

卖出0.25股股票，借出款项7.43元，此时获得0.25×40－7.43＝2.57（元），同时买入1股看涨期权，支付2.5元期权费用，获利2.57－2.5＝0.07（元）。