课程名称︰财务管理 课程性质︰系定必修 课程教师︰林煜宗 开课学院：管理学院 开课系所︰会计学系 考试日期（年月日）︰ 考试时限（分钟）：1440-1620 是否需发放奖励金：是 （如未明确表示，则不予发放） 试题 : a 1. A factor is a variable that: a. affects the returns of risky assets in a systematic fashion. b. affects the returns of risky assets in an unsystematic fashion. c. correlates with risky asset returns in a unsystematic fashion. d. does not correlate with the returns of risky assets in an systematic fashion. e. None of the above. d 2. The betas along with the factors in the APT adjust the expected return for: a. calculation errors. b. unsystematic risks. c. spurious correlations of factors. d. differences between actual and expected levels of factors. e. All of the above. a 3. The WACC is used to _______ the expected cash flows when the firm has ____________ . a. discount; debt and equity in the capital structure b. discount; short term financing on the balance sheet c. increase; debt and equity in the capital structure d. decrease; short term financing on the balance sheet e. None of the above. b 4. Companies that have highly cyclical sales will have a: a. low beta if sales are highly dependent on the market cycle. b. high beta if sales are highly dependent on the market cycle. c. high beta if sales are independent on the market cycle. d. All of the above. e. None of the above. b 5. Beta is useful in the calculation of the: a. company's variance. b. company's discount rate. c. company's standard deviation. d. unsystematic risk. e. company's market rate. d 6. Comparing two otherwise equal firms, the beta of the common stock of a levered firm is ____________ than the beta of the common stock of an unlevered firm. a. equal to b. significantly less c. slightly less d. greater e. None of the above. d 7. The beta of a firm is determined by which of the following firm characteristics? a. Cycles in revenues b. Operating leverage c. Financial leverage d. All of the above. e. None of the above. a 8. If a firm has low fixed costs relative to all other firms in the same industry, a large change in sales volume (either up or down) would have: a. a smaller change in EBIT for the firm versus the other firms. b. no effect in any way on the firms as volume does not effect fixed costs. c. a decreasing effect on the cyclical nature of the business. d. a larger change in EBIT for the firm versus the other firms. e. None of the above. c 9. Jack’s Construction Co. has 80,000 bonds outstanding that are selling at par value. Bonds with similar characteristics are yielding 8.5%. The company also has 4 million shares of common stock outstanding. The stock has a beta of 1.1 and sells for $40 a share. The U.S. Treasury bill is yielding 4% and the market risk premium is 8%. Jack’s tax rate is 35%. What is Jack's weighted average cost of capital? a. 7.10 % b. 7.39 % c. 10.38 % d. 10.65 % e. 11.37 % e 10. Suppose that the Simmons Corporation's common stock has a beta of 1.6. If the risk-free rate is 5% and the market risk premium is 4%, the expected return on Simmons' common stock is: a. 4.0%. b. 5.0%. c. 5.6%. d. 10.6%. e. 11.4%. a 11. Slippery Slope Roof Contracting has an equity beta of 1.2, capital structure with 2/3 debt, and a zero tax rate. What is its asset beta? a. 0.40 b. 0.72 c. 1.20 d. 1.80 e. None of the above b 12. The proposition that the value of the firm is independent of its capital structure is called: a. the capital asset pricing model. b. MM Proposition I. c. MM Proposition II. d. the law of one price. e. the efficient markets hypothesis. d 13. The firm's capital structure refers to: a. the way a firm invests its assets. b. the amount of capital in the firm. c. the amount of dividends a firm pays. d. the mix of debt and equity used to finance the firm's assets. e. how much cash the firm holds. b 14. A general rule for managers to follow is to set the firm's capital structure such that: a. the firm's value is minimized. b. the firm's value is maximized. c. the firm's bondholders are made well off. d. the firms suppliers of raw materials are satisfied. e. the firms dividend payout is maximized. b 15. In an EPS-EBI graphical relationship, the debt ray and equity ray cross. At this point the equity and debt are: a. equivalent with respect to EPS but above and below this point equity is always superior. b. at breakeven in EPS but above this point debt increases EPS via leverage and decreases EPS below this point. c. equal but away from breakeven equity is better as fewer shares are outstanding. d. at breakeven and MM Proposition II states that debt is the better choice. e. at breakeven and debt is the better choice below breakeven because small payments can be made. a 16. MM Proposition I with taxes supports the theory that: a. there is a positive linear relationship between the amount of debt in a levered firm and its value. b. the value of a firm is inversely related to the amount of leverage used by the firm. c. the value of an unlevered firm is equal to the value of a levered firm plus the value of the interest tax shield. d. a firm’s cost of capital is the same regardless of the mix of debt and equity used by the firm. e. a firm’s weighted average cost of capital increases as the debt-equity ratio of the firm rises. a 17. MM Proposition II with taxes: a. has the same general implications as MM Proposition II without taxes. b. reveals how the interest tax shield relates to the value of a firm. c. supports the argument that business risk is determined by the capital structure employed by a firm. d. supports the argument that the cost of equity decreases as the debt-equity ratio increases. e. reaches the final conclusion that the capital structure decision is irrelevant to the value of a firm. a 18. 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 d 19. 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% b 20. 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. $12,054 e. $12,700 c 21. A firm has zero debt in its capital structure. Its overall cost of capital is 9%. The firm is considering a new capital structure with 40% debt. The interest rate on the debt would be 4%. Assuming that the corporate tax rate is 34%, what would its cost of equity capital with the new capital structure be? a. 10.3% b. 11.0% c. 11.2% d. 13.9% e. None of the above. c 22. The explicit costs, such as the legal expenses, associated with corporate default are classified as _____ costs. a. flotation b. beta conversion c. direct bankruptcy d. indirect bankruptcy e. unlevered c 23. The optimal capital structure of a firm _____ the marketed claims and _____ the nonmarketed claims against the cash flows of the firm. a. minimizes; minimizes b. minimizes; maximizes c. maximizes; minimizes d. maximizes; maximizes e. equates; (leave blank) b 24. The MM theory with taxes implies that firms should issue maximum debt. In practice, this is not true because: a. debt is more risky than equity. b. bankruptcy is a disadvantage to debt. c. firms will incur large agency costs of short term debt by issuing long term debt. d. Both A and B. e. Both B and C. d 25. Conflicts of interest between stockholders and bondholders are known as: a. trustee costs. b. financial distress costs. c. dealer costs. d. agency costs. e. underwriting costs. c 26. One of the indirect costs of bankruptcy is the incentive for managers to take large risks. When following this strategy: a. the firm will rank all projects and take the project which results in the highest expected value of the firm. b. bondholders expropriate value from stockholders by selecting high risk projects. c. stockholders expropriate value from bondholders by selecting high risk projects. d. the firm will always take the low risk project. e. Both A and B. d 27. What three factors are important to consider in determining a target debt to equity ratio? a. Taxes, asset types, and pecking order and financial slack b. Asset types, uncertainty of operating income, and pecking order and financial slack c. Taxes, financial slack and pecking order, and uncertainty of operating income d. Taxes, asset types, and uncertainty of operating income e. None of the above. b 28. Covenants restricting the use of leasing and additional borrowings primarily protect: a. the equityholders from added risk of default. b. the debtholders from added risk of dilution of their claims. c. the debtholders from the transfer of assets. d. the management from having to pay agency costs. e. None of the above. c 29. In Miller's model, when the quantity [(1-Tc)(1-Ts) = (1-Tb)], then: a. the firm should hold no debt. b. the value of the levered firm is greater than the value of the unlevered firm. c. the tax shield on debt is exactly offset by higher personal taxes paid on interest income. d. the tax shield on debt is exactly offset by higher levels of dividends. e. the tax shield on debt is exactly offset by higher capital gains. d 30. Given the following information, leverage will add how much value to the unlevered firm per dollar of debt? Corporate tax rate: 34% Personal tax rate on income from bonds: 30% Personal tax rate on income from stocks: 30% a. $-0.050 b. $ 0.006 c. $ 0.246 d. $ 0.340 e. $ 0.660 c 31. The fixed price in an option contract at which the owner can buy or sell the underlying asset is called the option’s: a. opening price. b. intrinsic value. c. strike price. d. market price. e. time value. e 32. The value of an option if it were to immediately expire, that is, its lower pricing bound, is called an option’s _____ value. a. strike b. market c. volatility d. time e. intrinsic c 33. You can realize the same value as that derived from stock ownership if you: a. sell a put option and invest at the risk-free rate of return. b. buy a call option and write a put option on a stock and also lend out funds at the risk-free rate. c. sell a put and buy a call on a stock as well as invest at the risk-free rate of return. d. lend out funds at the risk-free rate of return and sell a put option on the stock. e. borrow funds at the risk-free rate of return and invest the proceeds in equivalent amounts of put and call options. d 34. Which one of the following will cause the value of a call to decrease? a. lowering the exercise price b. increasing the time to expiration c. increasing the risk-free rate d. lowering the risk level of the underlying security e. increasing the stock price d 35. If you consider the equity of a firm to be an option on the firm’s assets then the act of paying off debt is comparable to _____ on the assets of the firm. a. purchasing a put option b. purchasing a call option c. exercising an in-the-money put option d. exercising an in-the-money call option e. selling a call option e 36. You currently own a one-year call option on Way-One, Inc. stock. The current stock price is $26.50 and the risk-free rate of return is 4%. Your option has a strike price of $20 and you assume that it will finish in the money. What is the current value of your call option? a. $6.25 b. $6.50 c. $6.76 d. $7.13 e. $7.27 e 37. Two major differences between a warrant and a call option are: a. warrants are contracts outside of the firm while options are within the firm. b. warrants have long maturities while options are usually short maturities. c. warrant exercise dilutes the value of equity while option exercise does not. d. Both A and C. e. Both B and C. d 38. Concerning warrants and call options, which of the following statements generally is correct? a. The issue procedures for both are quite similar. b. When a call option is exercised, the firm must issue new stock. c. When a warrant is exercised, existing stock changes hands. d. Exercise of a call option does not affect share value, but warrant exercise does. e. None of the above is correct. a 39. The length of time between the acquisition of inventory and the collection of cash from receivables is called the: a. operating cycle. b. inventory period. c. accounts receivable period. d. accounts payable period. e. cash cycle. e 40. The length of time between the payment for inventory and the collection of cash from receivables is called the: a. operating cycle. b. inventory period. c. accounts receivable period. d. accounts payable period. e. cash cycle. --

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