郑州航空工业管理学院课程考试试卷

郑州航空工业管理学院课程考试试卷 试卷 编号: 郑州航空工业管理学院课程考试试卷 课程名称: 西方财务管理 考试形式: 闭卷 考核对象(专业或班级): 财务管理 学号: 姓名: 说明: 答案 八年级地理上册填图题岩土工程勘察试题省略号的作用及举例应急救援安全知识车间5s试题及答案 请答在 规定 关于下班后关闭电源的规定党章中关于入党时间的规定公务员考核规定下载规定办法文件下载宁波关于闷顶的规定 的答 题 快递公司问题件快递公司问题件货款处理关于圆的周长面积重点题型关于解方程组的题及答案关于南海问题 纸或答题卡上，答在本试卷册上的无效。 一、填空题(本题总计10 分，每小题1 分) 1.The advantage of _________ in a world of corporate taxes is that interest payments are deductible as an expense. 2.The total amount of payments available for both _____________ and stockholders is greater if debt is employed. 3.The bankruptcy costs are more than _________ and administrative expenses of bankruptcy. 4.Debt issues are regarded as “_______ news” and stock issues as “bad news”. 5.The _______ the level of EBIT and the lower the probability of downside fluctuation, the stronger the case that can be made for the use of debt. 6.The three methods of cash distribution to shareholders include ____________, share repurchase and tender offers. 7.______________ are interested primarily in the liquidity of a firm. - 1 - 8.With a funds-flows statement, the financial manager can know how a firm _____ funds and how these funds are financed. 9.The term _______ assets is used to describe money and assets that are readily convertible into money. 10.___________ of a security relates to the ability of the owner to convert into cash. 二、名词解释(本题总计15 分，每小题 3 分) 1. Capital structure 2. Security ratings 3. Trend analysis 4. Common size 5. Coverage ratios 三、汉英互译(本题总计10分，每小题1分) 1. Tax shield 2. Distress prices 3. Unlevered firm 4.Collateral 5.Signaling effect 8.啄食顺序 9.董事会6.利息倍数率 7. 现金短缺 10.债券合约 四、简答题(本题总计 15 分，每小题 3 分) 1.What are the assumptions of MM position? 2.What is a pecking order of financing? 3.What are the positive dividend effects? - 2 - 4.What are the methods of share repurchase? 5.How do the four factors (sales, average collection period, bad-debt losses and profits) change with the increase of Quality of Account Rejected? 五、问答题,本题总计 20分～每小题 10 分, 1. What are the shortcomings of the option“The goal of a firm is the maximization of profits”, 2. Why the NPV method is better than the IRR method? 六、计算题,本题总计 30 分～每小题 10 分, 1. ABC company currently pay s a dividend of $2 per share and this dividend is expected to grow at a 15 percent annual rate for 3 years, then at a 10 percent rate for the next 3 years, after which it is expected to grow at a 5 percent rate forever. a. What value would you place on the stock if an 18 percent rate of return were required? b. Would your valuation change if you expected to hold the stock only 3 years? 2. The common stocks of DEF company and GHI company have expected returns of 15 percent and 20 percent respectively, while the standard deviation are 20 percent and 40 percent. The expected correlation coefficient between the two stocks is 0.36. What is the expected value of return and standard deviation of a portfolio consisting of (a) 40 percent DEF and 60 percent GHI? (b) 40 percent GHI and 60 percent DEF? - 3 - 3. JKL company is considering a new product line to supplement its range line. It is anticipated that the new product line will involve cash investments of $700000 at time 0 and $1 million in year 1. After-tax cash inflows of $250000 are expected in year 2, $300000 in year 3, $350000 in year 4, and $400000 each year thereafter through year 10. Although the product line might be viable after 10 year, the company prefers to be conservative and end all calculation at that time. a. If the required rate of return is 15 percent, what is the NPV of the project? b. What is the project’s payback period? c. What is the profitability index of this project? - 4 -