课程名称︰财务管理 课程性质︰必修 课程教师︰何宪章 开课学院：管理学院 开课系所︰财金系 考试日期（年月日）︰2013/1/3 考试时限（分钟）：180分钟 是否需发放奖励金：是 （如未明确表示，则不予发放） 试题 : Note: Answer to the 4th decimal point, and list calculation procedures. Each problem is worth 20 points. 1. A firm considers buying a $220,000 machine, which is expected to generate perpetual annual sales revenue of $200,000. Cost of goods sold will be 70% of sales revenue, and the firm's before tax cost of debt kd is 10%. Suppose the firm's all-equity cost of capital k0 is 18%, but now the firm plans to raise debt to maintain the target debt-to-value ratio (D/VL) at 1/2. The firm's tax rate is 40%. (1) By traditional NPV method, calculate the NPV for the all-equity firm. (2) How much debt should be raised for the leveraged firm ? (3) By Adjusted Present Value Approach, calculate the APV for the leveraged firm . (4) By Flow-to-Equity Approach, calculate the NPV for the leveraged firm. (5) By Weighted Average Cost of Capital Approach, calculate the NPV for the leveraged firm . 2. A firm considers purchasing a $100,000 machine which will be depreciated by straight-line method to zero over its 4-year life. A leasing firm offers annual leasing payment of $30,000 over 4 years. If the firm's before tax cost of debt kd is 10%, and its marginal tax rate is 30%, the by Incremental NPV method, (1) What are the incremental cash flows ? (2) What is the Incremental NPV for Buy-vs-Lease project ? Should it buy or lease ? (3) What is the break-even annual leasing payment L* ? 3. (1) A firm issued 40 company warrants, each of which gives the holder the right to subscribe 2 common stock shares at price of $15 per share. The firm has 100 shares of outstanding common stock with current market price of $20 per share. Suppose it is an all-equity firm and all the warrants will be exercised, then (i) after the exercise, what is the value per share of the common stock ? (ii) if it were option, what is the option value ? (iii) what is the warrant value ? (2) A firm's convrtible bond (CB) is due in 5 years with face value of $100,000 ,8% annual coupon rate (paying coupon annually), and 10% yield to maturity. Its conversion price was $25 per share. CB's current market price is $98,000. If the firm's current market price of common stock is $24 per share, then what is the CB's (i) Straight Bond Value ? (ii) Conversion Ratio ? (iii) Conversion Value ? (iv) Option Value ? 4. Before the Merger & Acquisition ( M&A ), A Company has 100 shares with $50 per share, B Company has 50 shares with $10 per share. After M&A, estimated value of the combined company is $6,000. (1) If A Company prepares to buy B Company's stock at $15 cash per share, then (i) What is the NPV of Merger ? Should it merge ? (ii) After M&A, what is the real value per share of A Company's original stock holder ? (2) If A Company prepares to exchange B Company's stocks by issuing new shares, and estimated total value of B Company is $750, then (i) How many new shares will A Company issue ? (ii) What is the fair exchange ratio of B Company ? (iii) After M&A, what is the real value per share of A Company's original stock holder ? 5. State your understanding of MM ( Modigliani-Miller ) Capital Structure Theory and comment on its importance in corporate finance. ( Elaborate your own view points as much as possible ) --

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