課程名稱：財務管理 課程性質：必修(整開課程) 課程範圍：Ch1-Ch7 開課教師：屠美亞老師 開課學院：商學院財管系 考試日期(年月日)：2012年4月20日 考試時限(Mins)：180分鐘 試題本文： 1.Maximazing profit and earnings per share are two generally mentioned targets for firm management. Explain why they are not better than setting maximization of market value as managerial goals.(6 points) 2.Describe agency problems in general. Explain why the existence of agency problems cannot invalidate the argument that managers try to maximize the shareholders' wealth.(6 points) 3.What are primary and secondary markets? Why are they both important to financial managers?(6 points) 4.Grenne Co. shows the following information on its 2008 income statement: sales=$138,000;costs=$72,500;other expenses=$4,200; depreciation expense=$10,000;interest expense=$7,900;taxes=$17,760; dividends=$5,400.In addition, you're told that the firm issued $2,800 in new equity during 2008, and redeemed $3,500 in outstanding long-term debt. (a) What is the 2008 operating cash flow? (b) What is the 2008 cash flow to creditors? (c) What is the 2008 cash folw to stockholders? (d) If net fixed assets increased by $17,400 during the year, what was the addition to NWC? (12 points) 5. (a) After reading the fine print in your credit card agreement, you find that the"low" interest rate is actually an 18% APR, or 1.5% per month. Now, to make you feel even worse, calculate the effective annual interest rate.(3 points) (b) Would you prefer a savings account that paid 7.5% with annual compounding if you had $1,000 to deposit? Would the answer change if you had $100,000 to deposits? (5 points) 6.You take out a 20-year $100,000 mortgage loan with an APR of 6 percent and monthly patments. In 8 years you decide to sell your house and pay off the mortgage. What is the principal balance on the loan? (8 points) 7. You are considering buying a car. the car dealer gives you two alternatives: Alternative one: A total amount of cash payment $800,000 Alternative two: The total amount is 850,000 og which down payment is $100,000 and the rest can be paid monthly over 24 months. The dealer gives you a favor term by asking the APR to be6%. The market required rate is 9%. Which one should you pick? (12 points) 8. (a)Why are long-term bonds more sensitive to changes in interest rates than short-term bonds? (3 points) (b)What is the term structure of interest rates? If you observe the current term structure is upward sloping, what does it mean to inflation premiun? (6 points) 9.How much would an investor expect to pay for a $1,000 par value bond with 9% annual coupon that matures in 5 years if the interest rate is 7% ? (5 points) 10. For a firm that expects earnings next year of $10.0 per share, has plowback ratio of 35%, areturn on equity of 20%, and required return of 15%. Show the current stock value, assuming that growth is to be constant. (8 points) 11. Explan the difference between the coupon rate and the required return on a bond? Why might an income bond be attractive to a corporation with volatile cash flow? (6 points) 12.YKK Inc., has sales of $9,980, total assets of $3,140, and debt- equity ratio of 0.25. If its return on equity is 16 percent, what is its net income? (5 points) 13. Based on the dividend growth model, what are the two components of the total return on a share of stock? Which do tou think is typically larger? (6 points) 14. In the constant dividend grwoth model, what is the highest reasonable growth rate for a stock's dividend? (3 points) --

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