公司理财全书课后答案及人大金融考研

公司理财全书课后答案及人大金融考研

操作指南:大家一般都是用的中文版本,所以题目和英文原书有些出入,我提供的是英文版的详细答案,除了概念题外,都没有原始题目对应,但是这并不防碍大家找到答案,因为中文和英文的题目在数字上全是一致的,所以大家拿着这份答案可以很容易的找到书中的题目.我今年已经确定被录取了,马上要去工作一段时间了然后准备上学去了.最后写点东西给08的DDMM吧

关于理财:建议大家提早看,因为复试的时候其他几门全是记忆的,而理财想在短期提高很不容易,所以大家如果有时间,建议大家在初试前看一看,熟悉一下,理财的重点是前18章+第22章

关于其它三门复试课程:金融学要记忆的很多,而且很多地方都有出题的可能,商行的重点很集中就是第9章,证券和理财重叠的知识很多所以看好理财,证券也就基本拿下了,技术分析那章具体的如K线,波浪线,形态理论等看不懂就算了,考试基本不会涉及的.

关于人大考研初试公共课:总的来说,你考试的成败就取决于数学上面,当然其它的你要保证上线,想靠英语政治提分很难,北京今年压分压的太厉害,唯一压不了的只有数学,数学的结果是确定的,对就是对,错就是错,但英语政治2卷就不然,你的作文觉得能拿15分,老师就是给你3分你能怎么样呢? 所以劝大家好好学好数学,其他2门中庸一下也不会影响大局,当然对于立志做人大金融第一又或者冲着公费去的DDMM,可以忽略我上面的那段话.

推荐几本书吧:数学:基础还行的话 直接看二李的复习全书吧 不推荐老陈的 二李的看3遍 然后做660 11月开始做400+真题 就足够了

我考2次 都是这么复习的 题目要反复做 特别是660 那书你做透了 选择填空不会扣分 400最后做 按时间严格做 做3遍 真题再好好看看 简单的卷子140 难的 这样的分数基本没问题的 如果想150 基本要看发挥了 政治:

看红宝书 看3遍 不用背 但要认真看 选择都是那里面的(当然今年有2个题目确实不是,出题的人因此被狂骂)

最后一定记得买20天20题 那个一定要背 每年大题基本都能压到的 8月开始准备政治就行了 到最后冲刺的时候多花点时间背 75左右 没问题的 英语: 我只看过真题,看了很多遍.

初试专业课:3本指定教材足够了,好好看几遍,重点的东西记忆一下,至于西经计算,考的很EASY的,没时间的话不专门准备也可,IS-LM的计算几乎每年都考,不过很简单的

最后祝大家好运,周2回京工作去了,感谢在这里陪我度过考研的每个人.........R,KEVIN,橙子,大K,小鱼...........9月人大见啦~ ~ 理财答案

感谢橙子,这个答案是给我的,很不错,每个题目都有详细的过程,这样让我轻松的在英文中找到

了中文原题)

CONCEPT部分解决是是所有章节的概念题

CONCEPT QUESTIONS - CHAPTER 1

1.1 · What are the three basic questions of corporate finance?

a. Investment decision (capital budgeting): What long-term investment strategy should a firm adopt?

b. Financing decision (capital structure): How much cash must be raised for the required investments?

c. Short-term finance decision (working capital): How much short-term cash flow does company need to pay its bills.

· Describe capital structure.

Capital structure is the mix of different securities used to finance a firm's investments.

· List three reasons why value creation is difficult.

Value creation is difficult because it is not easy to observe cash flows directly. The reasons are: a. Cash flows are sometimes difficult to identify. b. The timing of cash flows is difficult to determine. c. Cash flows are uncertain and therefore risky.

1.2 · What is a contingent claim?

A contingent claim is a claim whose payoffs are dependent on the value of the firm at the end of the year. In more general terms, contingent claims depend on the value of an underlng asset.

· Describe equity and debt as contingent claims.

Both debt and equity depend on the value of the firm. If the value of the firm is greater than the amount owed to debt holders, they will get what the firm owes them, while stockholders will get the difference. But if the value of the firm is less than equity, bondholders will get the value of the firm and equity holders nothing.

1.3 · Define a proprietorship, a partnership and a corporation.

A proprietorship is a business owned by a single individual with unlimited liability. A partnership is a business owned by two or more individuals with unlimited liability. A corporation is a business which is a \

· What are the advantages of the corporate form of business organization? Limited liability, east of ownership transfer and perpetual succession.

1.4 · What are the two types of agency costs?

Monitoring costs of the shareholders and the incentive fees paid to the managers.

· How are managers bonded to shareholders?

a. Shareholders determine the membership to the board of directors, which selects management.

b. Management contracts and incentives are build into compensation arrangements. c. If a firm is taken over because the firm's price dropped, managers could lose their jobs. d. Competition in the managerial labor market makes managers perform in the best interest of stockholders.

· Can you recall some managerial goals?

Maximization of corporate wealth, growth and company size.

· What is the set-of-contracts perspective?

The view of the corporation as a set of contracting relationships among individuals who have conflicting objectives.

1.5 · Distinguish between money markets and capital markets.

Money markets are markets for debt securities that pay off in less than one year, while capital markets are markets for long-term debt and equity shares.

· What is listing?

Listing refers to the procedures by which a company applies and qualifies so that its stock can be traded on the New York Stock Exchange.

· What is the difference between a primary market and a secondary market?

The primary market is the market where issuers of securities sell them for the first time to investors, while a secondary market is a market for securities previously issued.

CONCEPT QUESTIONS - CHAPTER 2

2.1 · What is the balance-sheet equation? Assets = Liabilities + Stockholders' equity

· What three things should be kept in mind when looking at a balance sheet? Accounting liquidity, debt vs. equity, and value vs. cost.

2.2 · What is the income statement equation? Revenue - expenses = Income

· What are the three things to keep in mind when looking at an income statement? Generally Accepted Accounting Principles (GAAP), noncash items, and time and costs.

· What are noncash expenses?

Noncash expenses are items included as expenses but which do not directly affect cash flow. The most important one is depreciation.

2.3 · What is net working capital?

It is the difference between current assets and current liabilities.

· What is the change in net working capital?

To determine changes in net working capital you subtract uses of net working capital from sources of net working capital.

2.4 · How is cash flow different from changes in net working capital?

The difference between cash flow and changes in new working capital is that some

transactions affect cash flow and not net working capital. The acquisition of inventories with

cash is a good example of a change in working capital requirements.

· What is the difference between operating cash flow and total cash flow of the firm? The main difference between the two is capital spending and additions to working capital, that is, investment in fixed assets and \

CONCEPT QUESTIONS - CHAPTER 3

3.1 · What is an interest rate?

It is the payment required by the lender of money for the use of it during a determined period of time. It is expressed in percentage.

· What are institutions that match borrowers and lenders called? They are called financial institutions.

· What do we mean when we say a market clears? What is an equilibrium rate of interest? A market clears if the amount of money borrowers want to borrow is equal to the amount lenders wish to lend. An equilibrium rate of interest is the interest rate at which markets clear.

3.2 · How does an individual change his consumption across periods through borrowing and lending.

By borrowing and lending different amounts the person can achieve any of all consumption possibilities available.

· How do interest rate changes affect one's degree of impatience?

A person's level of patience depends upon the interest rate he or she faces in the market. A person eager to borrow money at a low interest rate will become less eager if that interest rate is raised and may prefer to lend money to take advantage of higher interest rates.

3.3 · What is the most important feature of a competitive financial market?

No investor, individual or corporation can have a significant effect on total lending or on interest rates. Therefore, investors are price takers.

· What conditions are likely to lead to this? a. Trading is costless.

b. Information about borrowing and lending opportunities is available c. There are many traders.

3.4 · Describe the basic financial principle of investment decision-making?

An investment project is worth undertaking only if it is mores desirable than what is available in the financial markets.

3.5 · Describe how the financial markets can be used to evaluate investment alternatives?

The financial markets can be used as a benchmark. If the proposed investment provides a better alternative than the financial markets, it should be undertaken.

· What is the separation theorem? Why is it important?

The separation theorem says that the decision as to whether to undertake a project (compared to the financial markets) is independent of the consumption preferences of the individual. It is important because we can make investment decisions based on objective data, disregarding personal preferences.

3.6 · Give the definitions of net present value, future value and present value?

New present value is the difference in present value terms between cash inflows and cash outflows. Given the financial market, the future value is an amount equivalent to the amount currently held, and present value is the amount equivalent to an amount to be received or given in the future.

· What information does a person need to compute an investment's net present value?

Cash inflows, cash outflows and an interest or discount rate.

3.7 · In terms of the net-present-value rule, what is the essential difference between the individual and the corporation.

The main difference is that firms have no consumption endowment.

CONCEPT QUESTIONS - CHAPTER 4

4.1 · Define future value and present value.

Future value is the value of a sum after investing over one or more periods. Present value is the value today of cash flows to be received in the future.

· How does one use net present value when making an investment decision?

One determines the present value of future cash flows and then subtracts the cost of the investment. If this value is positive, the investment should be undertaken. If the NPV is negative, then the investment should be rejected.

4.2 · What is the difference between simple interest and compound interest? With simple interest, the interest on the original investment is not reinvested. With

compound interest, each interest payment is reinvested and one earns interest on interest.

· What is the formula for the net present value of a project? T

NPV = -C0 + å Ct /(1+I)t t=1

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