課程名稱︰ 財務管理 課程性質︰ 必修 課程教師︰ 何憲章 開課學院： 管理學院 開課系所︰ 財金系 考試日期（年月日）︰ 2012年1月4日 考試時限（分鐘）： 180分鐘(2:20~5:20) 是否需發放獎勵金： 是 （如未明確表示，則不予發放） 試題 : Note: Answer to the 4th decimal point, and list your calculation procedures. 1. A firm considers buying a $140,000 machine, which is expected to generate perpetual annual sales revenue of $200,000. Cost of goods sold will be 80% of sales revenue, and the firm's before tax cost of debt Kd is 15%. Suppose the firm's all-equity cost of capital K0 is 20%, 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) By Adjusted Present Value Approach, calculate the APV for the leveraged firm. (3) By Flow-to-Equity Approach, calculate the NPV for the leveraged firm. (4) 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 acceleration method to zero over its 4-year life with annual depreciation rates of 0.3, 0.25, 0.25, and 0.20 respectively. A leasing firm offers annual leasing payment of $35,000 over 4 years. If the firm's before tax cost of debt Kd is 10%, and its marginal tax rate is 40%, then by Incremental NPV method, (1) What are the incremental cash flow? (2) What is the Incremental NPV for the Buy-vs-Lease project? Should it buy or lease? (3) What is the break-even annual leasing payment L*? 3.(1) A firm issued 50 company warrants, each of which gives the holder the right to subscribe 2 common stock shares at the price of $16 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 (a) after the exercise, what is the value per share of the common stock? (b) if it were option, what is the option value? (c) what is the warrant value? (2) A firm's convertible bond (CB) is due in 10 years with face value of $1,000, 5% annual coupon rate (paying coupon annually), and 8% yield to maturity. Its conversion price was $40 per share. CB's current market price is $900. If the firm's current market price of common stock is $35 per share, then what is the CB's (a) Straight Bond Value? (b) Conversion Ratio? (c) Conversion Value? (d) Option Value? 4.Before the Merger & Acquisition (M&A), A Company has 100 shares with $100 per share, B Company has 30 shares with $15 per share. After M&A, estimated value of the combined company is $11,000. (1) If A Company prepares to buy B Company's stock at $20 cash per share, then (a) What is the NPV of Merger? Should it merge? (b) After M&A, what's 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 $600, then (a) How many new shares will A Company issue? (b) What's the fair exchange ratio β of B Company? (c) After M&A, what's 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 financial management. (Elaborate your own view points as much as possible) --

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