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Chapter 1. Corporate Finance, Ownership Structure, and Corporate Governance Test for Chapter 1
1、 Concerning the characteristics of shareholder heterogeneity, which of the following is False?
答案: Shareholders have different preferences on the age of the chief executive officer.
2、 Which of the following statement is False about the finance policy?
答案: The determining right of the financial policy is senior managers.
3、 Which of the following statement is False about the optimal finance policy?
答案: Optimal finance policy needs to achieve the optimal capital structure, which has the lowest cost of equity capital.
4、 Which of the following statement is False about the large shareholders?
答案: LLS (1999) finds that in different countries and different regions, the type of large shareholders has no difference.
5、 What is the financial objective of the corporates?
答案: Maximization of shareholder wealth.
6、 What are the important characteristics of finance policy?
答案: Purposeful.;
Industrial.;
Timely.;
Conventionally.
7、 What are the three significant finance policies to corporate?
答案: Capital budgeting policy.;
Financing policy;
Dividend policy
8、 What are the characteristics of finance policy under the cost of equity anchoring effect?
答案: Have a specific tendency to estimate techniques of cost of capital.;
Have measurable goals on the maximization of shareholders’ wealth.;
Have a harmonious investor relationship and specific debt-to-equity ratio which is agreed by investors.;
Have specific hurdle rate on investment projects.;
Have proper dividend payout plans which trade off the required return and corporate long-term development.;
Have a clear understanding on the external effect of the cost of capital.
9、 What are the fundamental theories of corporate financial policy analysis?
答案: Agency Conflict-Free Cash Flow Hypothesis;
Information Asymmetry;
Signaling Hypothesis;
Capital Structure Hypothesis;
Industry Convention Hypothesis;
Behavioral Hypothesis
10、 Which are the components of the external corporate governance policy?
答案: Government regulations;
Demand for and assessment of performance information;
Debt covenants;
Competition;
Media pressure;
Managerial labor market
Chapter 2. Cost of Capital
1、 （此测试仅作为巩固练习，不计入期末成绩）Which of the following item has the cost of capital?
答案: Debt
2、 Cost of capital is the ____?
答案: opportunity cost
3、 The cost of debt can be measured by the ____ of a bond.
答案: yield to maturity
4、 Which of the following is the application of cost of capital？
答案: All of the above
5、 Which of the following method is feasible for estimating the growth rate “g” in Gordon Model?
答案: All of the above
6、 Which of the following statements about the cost of capital are true?
答案: Cost of capital is the opportunity cost.;
Cost of capital represents the degree of perceived risk. ;
Cost of capital is the return expected by investors who provide capital for a business.
7、 The cost of capital is central to modern finance touching on ____.
答案: investment decisions;
measures of economic profit;
divestment decisions;
performance appraisal;
incentive systems
8、 External factors that affect the cost of capital include ____.
答案: market interest rates;
tax rates;
underwriting costs;
risk
9、 Compared with the CAPM, which of the following are the new factors added to the Fama-French three-factor model?
答案: SMB;
HML
10、 Which of the following item does not have the cost of capital?
答案: Accruals;
Deferred taxes;
Accounts payable
Chapter 2. Cost of Capital Test for Chapter 2
1、 Which of the following item has the cost of
答案: Debt
2、 Suppose we are given the following information about security i. The market rate and the risk-free rate is 10%, 6%, respectively. Beta is 1.2. According to the Capital Asset Pricing Model, the expected rate of return on security i is ____.
答案: 10.8
3、 Firm ABC has a target capital structure of 40% debt and 60% equity. The yield to maturity on the company’s outstanding bonds is 9%, and the company’s tax rate is 40%. ABC’s CFO has calculated the company’s WACC as 9.96%. The company’s cost of equity capital is ____.
答案: 13%
4、 Regarding the hurdle rates, Finance theory suggests that firms use ____.
答案: risk-adjusted discount rates
5、 Which of the following method is feasible for estimating the growth rate “g” in Gordon Model?
答案: All of the above
6、 Which of the following statements about the cost of capital are true?
答案: Cost of capital is the opportunity cost.;
Cost of capital represents the degree of perceived risk.;
Cost of capital is the return expected by investors who provide capital for a business.
7、 When we calculate the cost of ____, we should take floatation costs into account.
答案: common stock;
preferred stock;
bond;
loan
8、 External factors that affect the cost of capital include ____.
答案: market interest rates;
tax rates;
underwriting costs;
risk
9、 Compared with the CAPM, which of the following are the new factors added to the Fama-French three-factor model?
答案: SMB;
HML
10、 Which of the following item does not have the cost of capital?
答案: Accruals;
Deferred taxes;
Accounts payable
11、 Which of the following item has the cost of capital?
答案: Debt
Chapter 3. Capital Budgeting Test for Chapter 3
1、 Which of the following concepts is False?
答案: Capital refers to short-term assets used in production.
2、 Capital budgeting decisions are based on:
答案: Incremental cash flows
3、 Which of the following is true for a capital budgeting decision?
答案: The internal rate of return method is also known as the adjusted rate of return.
4、 Which of the following method of capital budgeting does not take into account the profit of the entire life of the project?
答案: Payback period method.
5、 Assume that Gerhardt Corporation is considering an investment of $50 million in a capital project that will return after-tax cash flows of $16 million per year for the next four years plus another $20 million in year 5. The required rate of return is 10 percent. The net value of the project is:
答案: $13.136 million.
6、 Of the following decisions, capital budgeting techniques would likely be used in evaluating the ( )
答案: Acquisition of new aircraft by a cargo company.;
Design and implementation of a major advertising program.;
Trade for a star quarterback by a football team.;
Merge another company.;
Invest in an environmental project.
7、 What are the advantages of the use of the payback period method for capital budgeting?
答案: Easy to explain to top managers.;
Simplicity leading to less time and cost involved.;
Obsolescence due to technological developments.;
More liquid projects are rated higher.
8、 Cora Lewis is performing an analysis to determine if her firm should invest in new equipment to produce a product recently developed by her firm. The option would be to abandon the product. She uses the net present value (NPV) method and discounts at the firm’s cost of capital. Cora is contemplating how to handle the following items:I. The book value of warehouse space currently used by another division. II. Interest payments on debt to finance the equipment. III. Increased levels of accounts payable and inventory. IV. R&D spent in prior years and treated as a deferred asset for book and tax purposes. V. Purchased price of the equipment.VI. The hurdle rate.Which of the above items are relevant for Cora to consider in determining the cash flows for her NPV calculation?
答案: II;
III;
V;
VI
9、 Which one of the following capital investment evaluation methods takes the time value of money into consideration?
答案: Net present value.;
Discounted payback.;
Internal rate of return.;
Modified internal rate of return.
10、 Which of the following statement are true for the capital budget?
答案: Finance literature suggests using a risk-adjusted discount rate(RADR) or hurdle rate when evaluating projects that alter the risk of the firm.;
Hurdle rates are minimum rates of return firms require on projects in order to adopt the projects.;
The rate is determined by management ignores the fact that management may employ the WACC or other return in making that determination.;
Most financial managers use more than one technique to evaluate the same projects.
Chapter 4. Capital Structure and Financing Decisions
1、 （此测试仅作为巩固练习，不计入期末成绩）Which of the following is not external financing?
答案: convert retained earnings and depreciation into investments
2、 The Pecking-Order theory holds that when companies finance new projects, they will give priority to using ____.
答案: internal financing
3、 The collocation of operating leverage and financial leverage should not be ____.
答案: high operating leverage collocation high financial leverage
4、 External equity financing does not include ____.
答案: after-tax net profit
5、 The value of a stock is estimated by finding the ____.
答案: present value of a stream of expected future cash flows
6、 Financing policy is actually a compound policy, including ____.
答案: going-public policy;
IPO policy;
capital structure policy;
equity structure policy
7、 Which of the following are financing instruments?
答案: commercial paper;
corporate bonds;
venture capital;
warrants;
convertible debt;
preferred stock
8、 The capital structure theory models include ____.
答案: MM Models;
Static Trade-off Models;
Pecking-Order Models;
Signaling Models;
Agency Cost Models;
Neutral Mutation Models
9、 The primary advantages of private placements are ____.
答案: lower flotation costs;
higher returns;
lower disclosure requirements;
greater speed
10、 Concerning financing tools, hybrid Securities include ____.
答案: convertible debt;
preferred stock;
option-linked bonds
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