公司金融研究(总复习课)(公司金融研究-上海财经大学 李曜).ppt

公司金融研究（总复习\习题课） 李曜 2005/12/29 I. Accounting Statements and Cash Flow 1. Prepare a Dec. 31 balance sheet using the following data: Cash $2000 patents 82000 A/P 4000 A/R 6000 Taxes payable 2000 Machinery 34000 bonds payable 5000 accumulated retained earnings 6000 capital surplus 20000 The value of the firm’s common stock is $100. 2. During 1998,the Senbet Tire company had gross sales of $ 2 million. The firm’s cost of goods sold and selling expenses were $300,000 and $200,000, respectively. These figures do not include depreciation. Senbet also had notes payable of $1 million. These notes carried an interest rate of 10 percent. Depreciation was $100,000. Senbet’s tax rate in 1998 was 35%. a. What was Senbet’s net operating income? b. What were the firm’s earnings before taxes? c. What was Senbet’s net income? d. What was Senbet’s operating cash flow? II. Net present value 3. Given an interest rate of 10% per year. What is the value at date t=5 (i.e. , the end of year 5) of a perpetual stream of $120 annual payment starting at date t=9? 4. A 10-year annuity pays $900 per year, with payments made at the end of each year. The first $900 will be paid 5 years from now. If the APR is 8% and interest is compounded quarterly,what is the present value of this annuity? Iii. How to Value Bonds and Stocks 5. The Highest Potential, Inc. will pay a quarterly dividend per share of $2 at the end of each of the next 12 quarters. Subsequently , the dividend will grow at a quarterly rate of 0.5 percent indefinitely. The appropriate rate of return on the stock is 10 percent. What is the current stock price? Iv. Some Alternative Investment Rules 6. Consider the following cash flows of two mutually exclusive projects for Chinese Daily News. a. Based on the payback period rule, which project should be chosen? b. which project has a greater IRR? C. Based on the incremental IRR rule, which project should be chosen? V. Net present value and capital bud