課程名稱︰財務管理 課程性質︰必修 課程教師︰胡星陽 開課學院：管理學院 開課系所︰財金系 考試日期（年月日）︰103/6/11 考試時限（分鐘）：180分鐘 是否需發放獎勵金：是 （如未明確表示，則不予發放） 試題 : 一、選擇題(每題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、 茂興公司正考慮是否要投資8億興建廠房，生產鋼鐵，假設該廠房只在未來一年生產，利潤 則視亞洲景氣復甦情況而定，如果景氣復甦快(機率是0.5)，預計可獲利潤10億；如果景氣 復甦慢(機率是0.5)，預計利潤只有4億(利潤尚未扣除期初投資)。該公司目前資產只有8億 (1) 該公司目前負債面額6.8億，一年後償還。如果折現率等於0，請問茂興公司是否會進 行投資？ (2) 該公司沒有負債。如果折現率等於0，請問茂興公司是否會進行投資？ (3) 上面兩題答案如果不一樣，為什麼？(15分) 五、 立法院在5月16日三讀通過財政健全方案相關修法法案。其中包括將兩稅合一股利扣抵率從 100%扣抵降至50%。請問 (1) 「將兩稅合一股利扣抵率從100%扣抵降至50%」是什麼意思？ (2) 這一作法對公司的payout policy 會有什麼影響？(10分) 六、 明星公司的供應商提供的付款條件一向是：1/15, net 45，明星公司平均每天進貨20萬， 過去總是維持45天應付帳款支付期， (1) 請問明星公司平均每天的應付帳款餘額是多少？ (2) 請問供應商實質上收取的利率是多少？ (3) 明星公司最近和往來銀行有了新的協議，短期借款額度從500萬提高到1000萬，利息從 15%降到10%。請問明星公司是否會因此改變付款習慣？為什麼？(15分) 七、 中油公司每年需要進口大量原油，在國內煉製後出售。請問當台幣對美元貶值時，對中油 有哪些影響？(10分) 八、 請寫出你在這門課分組作業minicase同組成員的姓名，並以五等分來評估每人所花的心力 (1是沒有花任何功夫，5是非常努力)。(本題必須回答) --

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