中國大學mooc《高級財務管理(首都經濟貿易大學) 》章節(jié)測試答案

title高級財務管理(首都經濟貿易大學)中國大學mooc答案100分最新版contentChapter1.CorporateFinance,OwnershipStructure,andCorporateGovernanceTestforChapter11、Concerningthecharacteristicsofshareholderheterogeneity,whichofthefollowingisFalse?答案:Shareholdershavedifferentpreferencesontheageofthechiefexecutiveofficer.2、WhichofthefollowingstatementisFalseaboutthefinancepolicy?答案:Thedeterminingrightofthefinancialpolicyisseniormanagers.3、WhichofthefollowingstatementisFalseabouttheoptimalfinancepolicy?答案:Optimalfinancepolicyneedstoachievetheoptimalcapitalstructure,whichhasthelowestcostofequitycapital.4、WhichofthefollowingstatementisFalseaboutthelargeshareholders?答案:LLS(1999)findsthatindifferentcountriesanddifferentregions,thetypeoflargeshareholdershasnodifference.5、Whatisthefinancialobjectiveofthecorporates?答案:Maximizationofshareholderwealth.6、Whataretheimportantcharacteristicsoffinancepolicy?答案:Purposeful.;

Industrial.;

Timely.;

Conventionally.7、Whatarethethreesignificantfinancepoliciestocorporate?答案:Capitalbudgetingpolicy.;

Financingpolicy;

Dividendpolicy8、Whatarethecharacteristicsoffinancepolicyunderthecostofequityanchoringeffect?答案:Haveaspecifictendencytoestimatetechniquesofcostofcapital.;

Havemeasurablegoalsonthemaximizationofshareholders’wealth.;

Haveaharmoniousinvestorrelationshipandspecificdebt-to-equityratiowhichisagreedbyinvestors.;

Havespecifichurdlerateoninvestmentprojects.;

Haveproperdividendpayoutplanswhichtradeofftherequiredreturnandcorporatelong-termdevelopment.;

Haveaclearunderstandingontheexternaleffectofthecostofcapital.9、Whatarethefundamentaltheoriesofcorporatefinancialpolicyanalysis?答案:AgencyConflict-FreeCashFlowHypothesis;

InformationAsymmetry;

SignalingHypothesis;

CapitalStructureHypothesis;

IndustryConventionHypothesis;

BehavioralHypothesis10、Whicharethecomponentsoftheexternalcorporategovernancepolicy?答案:Governmentregulations;

Demandforandassessmentofperformanceinformation;

Debtcovenants;

Competition;

Mediapressure;

ManageriallabormarketChapter2.CostofCapital1、（此測試僅作為鞏固練習，不計入期末成績）Whichofthefollowingitemhasthecostofcapital?答案:Debt2、Costofcapitalisthe____?答案:opportunitycost3、Thecostofdebtcanbemeasuredbythe____ofabond.答案:yieldtomaturity4、Whichofthefollowingistheapplicationofcostofcapital？答案:Alloftheabove5、Whichofthefollowingmethodisfeasibleforestimatingthegrowthrate“g”inGordonModel?答案:Alloftheabove6、Whichofthefollowingstatementsaboutthecostofcapitalaretrue?答案:Costofcapitalistheopportunitycost.;

Costofcapitalrepresentsthedegreeofperceivedrisk.;

Costofcapitalisthereturnexpectedbyinvestorswhoprovidecapitalforabusiness.7、Thecostofcapitaliscentraltomodernfinancetouchingon____.答案:investmentdecisions;

measuresofeconomicprofit;

divestmentdecisions;

performanceappraisal;

incentivesystems8、Externalfactorsthataffectthecostofcapitalinclude____.答案:marketinterestrates;

taxrates;

underwritingcosts;

risk9、ComparedwiththeCAPM,whichofthefollowingarethenewfactorsaddedtotheFama-Frenchthree-factormodel?答案:SMB;

HML10、Whichofthefollowingitemdoesnothavethecostofcapital?答案:Accruals;

Deferredtaxes;

AccountspayableChapter2.CostofCapitalTestforChapter21、Whichofthefollowingitemhasthecostof答案:Debt2、Supposewearegiventhefollowinginformationaboutsecurityi.Themarketrateandtherisk-freerateis10%,6%,respectively.Betais1.2.AccordingtotheCapitalAssetPricingModel,theexpectedrateofreturnonsecurityiis____.答案:10.83、FirmABChasatargetcapitalstructureof40%debtand60%equity.Theyieldtomaturityonthecompany’soutstandingbondsis9%,andthecompany’staxrateis40%.ABC’sCFOhascalculatedthecompany’sWACCas9.96%.Thecompany’scostofequitycapitalis____.答案:13%4、Regardingthehurdlerates,Financetheorysuggeststhatfirmsuse____.答案:risk-adjusteddiscountrates5、Whichofthefollowingmethodisfeasibleforestimatingthegrowthrate“g”inGordonModel?答案:Alloftheabove6、Whichofthefollowingstatementsaboutthecostofcapitalaretrue?答案:Costofcapitalistheopportunitycost.;

Costofcapitalrepresentsthedegreeofperceivedrisk.;

Costofcapitalisthereturnexpectedbyinvestorswhoprovidecapitalforabusiness.7、Whenwecalculatethecostof____,weshouldtakefloatationcostsintoaccount.答案:commonstock;

preferredstock;

bond;

loan8、Externalfactorsthataffectthecostofcapitalinclude____.答案:marketinterestrates;

taxrates;

underwritingcosts;

risk9、ComparedwiththeCAPM,whichofthefollowingarethenewfactorsaddedtotheFama-Frenchthree-factormodel?答案:SMB;

HML10、Whichofthefollowingitemdoesnothavethecostofcapital?答案:Accruals;

Deferredtaxes;

Accountspayable11、Whichofthefollowingitemhasthecostofcapital?答案:DebtChapter3.CapitalBudgetingTestforChapter31、WhichofthefollowingconceptsisFalse?答案:Capitalreferstoshort-termassetsusedinproduction.2、Capitalbudgetingdecisionsarebasedon:答案:Incrementalcashflows3、Whichofthefollowingistrueforacapitalbudgetingdecision?答案:Theinternalrateofreturnmethodisalsoknownastheadjustedrateofreturn.4、Whichofthefollowingmethodofcapitalbudgetingdoesnottakeintoaccounttheprofitoftheentirelifeoftheproject?答案:Paybackperiodmethod.5、AssumethatGerhardtCorporationisconsideringaninvestmentof$50millioninacapitalprojectthatwillreturnafter-taxcashflowsof$16millionperyearforthenextfouryearsplusanother$20millioninyear5.Therequiredrateofreturnis10percent.Thenetvalueoftheprojectis:答案:$13.136million.6、Ofthefollowingdecisions,capitalbudgetingtechniqueswouldlikelybeusedinevaluatingthe()答案:Acquisitionofnewaircraftbyacargocompany.;

Designandimplementationofamajoradvertisingprogram.;

Tradeforastarquarterbackbyafootballteam.;

Mergeanothercompany.;

Investinanenvironmentalproject.7、Whataretheadvantagesoftheuseofthepaybackperiodmethodforcapitalbudgeting?答案:Easytoexplaintotopmanagers.;

Simplicityleadingtolesstimeandcostinvolved.;

Obsolescenceduetotechnologicaldevelopments.;

Moreliquidprojectsareratedhigher.8、CoraLewisisperformingananalysistodetermineifherfirmshouldinvestinnewequipmenttoproduceaproductrecentlydevelopedbyherfirm.Theoptionwouldbetoabandontheproduct.Sheusesthenetpresentvalue(NPV)methodanddiscountsatthefirm’scostofcapital.Coraiscontemplatinghowtohandlethefollowingitems:I.Thebookvalueofwarehousespacecurrentlyusedbyanotherdivision.II.Interestpaymentsondebttofinancetheequipment.III.Increasedlevelsofaccountspayableandinventory.IV.R&Dspentinprioryearsandtreatedasadeferredassetforbookandtaxpurposes.V.Purchasedpriceoftheequipment.VI.Thehurdlerate.WhichoftheaboveitemsarerelevantforCoratoconsiderindeterminingthecashflowsforherNPVcalculation?答案:II;

III;

V;

VI9、Whichoneofthefollowingcapitalinvestmentevaluationmethodstakesthetimevalueofmoneyintoconsideration?答案:Netpresentvalue.;

Discountedpayback.;

Internalrateofreturn.;

Modifiedinternalrateofreturn.10、Whichofthefollowingstatementaretrueforthecapitalbudget?答案:Financeliteraturesuggestsusingarisk-adjusteddiscountrate(RADR)orhurdleratewhenevaluatingprojectsthataltertheriskofthefirm.;

Hurdleratesareminimumratesofreturnfirmsrequireonprojectsinordertoadopttheprojects.;

TherateisdeterminedbymanagementignoresthefactthatmanagementmayemploytheWACCorotherreturninmakingthatdetermination.;

Mostfinancialmanagersusemorethanonetechniquetoevaluatethesameprojects.Chapter4.CapitalStructureandFinancingDecisions1、（此測試僅作為鞏固練習，不計入期末成績）Whichofthefollowingisnotexternalfinancing?答案:convertretainedearningsanddepreciationintoinvestments2、ThePecking-Ordertheoryholdsthatwhencompaniesfinancenewprojects,theywillgiveprioritytousing____.答案:internalfinancing3、Thecollocationofoperatingleverageandfinancialleverageshouldnotbe____.答案:highoperatingleveragecollocationhighfina