财管翻译期中.pdf

22. Pulp paper Company and Holt paper Company are each able to generate earnings before interest and taxes of $15,000. The separate capital structures for Pulp and Holt are shown below: Pulp Holt Debt負債@ 10%……… $800,000 Debt @ 10%……..$400,000 Common stock普通股每股 , $5 700,000 Common stock, $5par.…… .1,100,000 Total總計………… …… $1,500,000 Total…………………… .1,500,000 Common shares流通在外…… 140,000 Common shares…………… 220,000 a. Compute earnings per share for both firms. Assume a 40 percent tax rate. b. In part a, you should have the same answer for both companies’ earnings per share. Assuming a P/E ratio of 20 for each company, what would each company’s stock price be? c. Now as part of your analysis, assume the P/E ratio would be 15 for the riskier company in terms of heavy debt utilization in the capital structure and 26 for the less risky company. What would the stock prices for the two firms be under these assumptions? (Note: Although interest rates also would likely be different based on risk, we hold them constant for ease of analysis). d. Based on the evidence in part c, should management only be concerned about the impact of financing plans on earnings per share or should stockholders’ wealth maximization ( stock price) be considered as well? 22. Pulp公司，Holt 公司每個能夠產生利潤在利息和＄ 15,000 的稅前 .對於 Pulp和 Holt 的結構在下面被顯示： a. 估計兩家企業的每股盈餘 (EPS) 。 假設 40% 税率。 b. 在題目 a ，您應該有兩公司的每股盈餘是同一個答案。 假設每家公司 的 P/E 比率 20 ，每一公司的股票價格是？ c. 現在題目作為您的分析，假設 P/E 比率 15 是運用在較高風險資本結構 負債沉重的， P/E 比率 26 是運用和低風險的公司。二家企業的股票價格 在這些假定外？ (筆記：雖然根據風險也可能是不同的利率，我們對他們 分析舒適的常數 )。 d. 基於在 C 部的證據，應該應該只關注管理財政計畫的衝擊對每股盈餘 或股東的財富最大化 (股票價格 )考慮？ 23. DeSoto Tools, Inc., is planning to expand production. The expansion will cost $300,000, which can be financed ei