课程名称︰财务管理 课程性质︰必修 课程教师︰胡星阳 开课学院：管理学院 开课系所︰财金系 考试日期（年月日）︰103/6/11 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 : 一、选择题(每题2.5分) 1. Generally, managers of corporations prefer internally generated cash to finance their capital expenditures because: I)They can avoid the discipline of the financial markets. II)The costs of issuing new securities are high. III)The announcement of new equity issue is usually bad news for investors. a. I only b. II only c. II and III only d. I, II, and III 2. Generally, investors interpret the announcement of an increase in dividends as: a. Bad news and the stock price drops. b. Good news and the stock price increases. c. A non-event and does not affect the stock price. d. Very bad news and the stock price plunges. 3. The dividend-irrelevance proposition of Miller and Modigliani depands on the following relationship between investment policy and dividend policy. a. The level of investment does not influence or matter to the dividend decision. b. Once the dividend policy is set the investment decision can be made as desired. c. The investment policy is set before the dividend decision and not changed by dividend policy. d. None of the above. 4. Company X has 100 shares outstanding. It earns $1,000 per year and expects repurchases its shares in the open market instead of paying dividends. Calculate the number of shares outstanding at the end of the year, if the required rate of return is 10%. a. 110 b. 90 c. 100 d. None of the above. 5. One possible reason that shareholders often insist on higher dividends is: a. They agree with Miller and Modigliani. b. Tax consideration. c. The stock market is efficient. d. They do not trust managers to spend retained earnings wisely. 6. Under what conditions would a policy of maximizing the value of the firm not the same as a policy of maximizing shareholders' wealth? a. If the issue of debt increases the probability of bankruptcy. b. If the firm issues debt for the first time. c. If the beta of equity is positive. d. If an issue of debt affects the market value of existing debt. 7. The effect of financial leverage on the performance of shareholders depends on: a. The rate of return on equity. b. The firm's level of operating income. c. The current market value of the debt. d. The rate of dividend growth. 8. If a firm permanently borrows $100 million at an interest rate of 8%, what is the present value of the interest tax shield? (Assume that the tax rate is 30%) a. $8.00 million. b. $5.6 million c. $30 million d. $26.67 million 9. What are some of the possible consequences of financial distress? I) Bondholders, who face the prospect of getting only part of their money back, are likely to want the company to take addition risks. II) Equity investors would like the company to cut its dividend payments to conserve cash. III) Equity investors would like the firm to shift toward riskier lines of business. a. I only b. II only c. III only d. I and II only 10. The pecking order theory of capital structure implies that: I) Risky firms will end up borrowing more. II) Firms prefer internal fincance. III) Forms prefer debt to equity when external financing is required. a. I only b. II only c. II and III only d. III only 二、 (1) The spot rate and the one year forward rate for the Australian Dollar is 28.16 and 29.5 New Taiwan Dollar per Australian Dollar. The one year deposit rate is 3.85% for the Australian Dollar and 1.35% for the New Taiwan Dollar. Is there an arbitrage oppurtunity here? If there is, how would you exploit it? (10 points) (2) The price of a Big Mac is $5.05 Australian Dollar in Australia and $79 New Taiwan Dollar in Taiwan. What is the exchange rate between New Taiwan Dollar and Australian Dollar implied by the Purchasing Power Parity (PPP)? (5 points) 三、 Avery Co. and Timber Co. are identical in operation side but differ in their capital structure. The annual EBIT of both firms is either $40,000 or $80,000 with equal probability. Avery is an all financed firm with a market value of $800,000. The market value of Timber's euqity is $400,000. The interest rate of borrowing is 4%. Tom Bradley owns $10,000 worth of Avery equity. Please find out how Tom can replicate the same cash flow and rate of return of owning Avery equity by using borrowing and Timber's equity. (10 points) 四、 茂兴公司正考虑是否要投资8亿兴建厂房，生产钢铁，假设该厂房只在未来一年生产，利润 则视亚洲景气复苏情况而定，如果景气复苏快(机率是0.5)，预计可获利润10亿；如果景气 复苏慢(机率是0.5)，预计利润只有4亿(利润尚未扣除期初投资)。该公司目前资产只有8亿 (1) 该公司目前负债面额6.8亿，一年後偿还。如果折现率等於0，请问茂兴公司是否会进 行投资？ (2) 该公司没有负债。如果折现率等於0，请问茂兴公司是否会进行投资？ (3) 上面两题答案如果不一样，为什麽？(15分) 五、 立法院在5月16日三读通过财政健全方案相关修法法案。其中包括将两税合一股利扣抵率从 100%扣抵降至50%。请问 (1) 「将两税合一股利扣抵率从100%扣抵降至50%」是什麽意思？ (2) 这一作法对公司的payout policy 会有什麽影响？(10分) 六、 明星公司的供应商提供的付款条件一向是：1/15, net 45，明星公司平均每天进货20万， 过去总是维持45天应付帐款支付期， (1) 请问明星公司平均每天的应付帐款余额是多少？ (2) 请问供应商实质上收取的利率是多少？ (3) 明星公司最近和往来银行有了新的协议，短期借款额度从500万提高到1000万，利息从 15%降到10%。请问明星公司是否会因此改变付款习惯？为什麽？(15分) 七、 中油公司每年需要进口大量原油，在国内炼制後出售。请问当台币对美元贬值时，对中油 有哪些影响？(10分) 八、 请写出你在这门课分组作业minicase同组成员的姓名，并以五等分来评估每人所花的心力 (1是没有花任何功夫，5是非常努力)。(本题必须回答) --

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