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Afirm’sweightedaveragecostofcapitalisminimisedwhenitsdebttoequityratiois4:1.

A、Thevalueofthefirmismaximisedwhenitusesmoreequitythandebt

B、higherratiothan4:1meansdebtholderswillrequirealowerreturn

C、higherratiothan4:1meansequityholderswillrequireahigherreturn

D、Thevalueofthefirmwillbemaximisedifitis75%debtfinanced

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答案解析：Anyincreaseinfinancialgearingwillcreateadditionalfinancialriskforshareholders,therebypushingupthecostofequity.

Afirm’sequitybetais1.10anditsassetbetais0.85.Themarketpremiumis4.50%andtherisk-freerate3%

A、7.95%

B、4.65%

C、6.83%

D、4.28%

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答案解析：UsingCAPMthecostofequitygeared=risk-freerate+(marketpremium×equitybeta)=3%+(4.50×1.10)=7.95%

ColtCohasanequitybetafactorof1.15andanassetbetafactorof0.85.Therisk-freerateof

A、11.82%

B、12.99%

C、9.74%

D、14.26%

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答案解析：ThecostofequitygearedisfoundbyinputtingtheequitybetaintoCAPM(i.e.8.5%+1.15(12.4%–8.5%)=12.99%)

Whichofthefollowingstatementsconcerningcapitalstructuretheoryiscorrect?

A、Inthetraditionalview,thereisalinearrelationshipbetweenthecostofequityandfinancialrisk

B、ModiglianiandMillersaidthat,intheabsenceoftax,thecostofequitywouldremainconstant

C、Peckingordertheorydoesnotsuggestanoptimaldebttoequityratio

D、ModiglianiandMillersaidthat,inthepresenceoftax,theweightedaveragecostofcapitalwouldremainconstant

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答案解析：Peckingordertheorystatesthatmanagersprefertouseinternalequityratherthanissueexternalfinance,butdoesnotstatethereisanoptimalleveloffinancialgearing.

Afirmhasabankloanwitha10%interestrate.Thefirmalsohasinissue8%preferencesharestradingatparandhasestimatedthatitscostofordinarysharesis18%.Thefirmhasa30%taxrate.

A、11.50%

B、10.00%

C、9.40%

D、8.05%

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答案解析：Becauseinterestexpenseisatax-allowablededuction,thecostofdebtisreducedtoreflectthetaxshield.Dividends(bothordinaryandpreference)arenotataxallowableexpense.

Therisk-freerateofreturnis3%andthemarketpremiumis6.5%.Afirm’sequitybetais1.15andassetbeta0.85.

A、7.0%

B、10.5%

C、8.5%

D、6.0%

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答案解析：Ifthefirmpaysoffaldebtthenitwilleliminatetheexistingfinancialriskfacedbyitsshareholders.Inthiscasetheshareholderswillonlybeexposedtotheunderlyingbusinessriskofthefirm’soperations–asmeasuredbytheassetb

Whattypeofriskcannotbeeliminatedthroughdiversification?

A、usinessrisk

B、Unsystematicrisk

C、inancialrisk

D、Systematicrisk

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答案解析：Non-diversifiableriskcannotbeeliminatedbytheapplicationofportfoliotheory.Non-diversifiableriskisalsoreferredtoasmarketorsystematicrisk.

Afirmhasachievedanaveragegrowthindividendsoverthelastfiveyearsof10.5%peryear.Itisnowwidelybelievedthatthelong-runaverageannualdividendgrowthratewillbe9.16%peryear.Thefirm’scurrentdividendyieldis4.8%.

A、13.96%

B、14.40%

C、15.30%

D、15.80%

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Afirmhasasharepriceof$30,aforecastdividendpershareafteroneyearof$3andthereafteranexpectedgrowthrateof10%.

A、21.1%

B、12.2%

C、11.0%

D、20.0%

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Whichthreeelementsareneededtoestimatethecostofequityusingthedividendgrowthmodel?

A、urrentdividendspershare,expectedgrowthrateinearningspershareandcurrentmarketpricepershare

B、urrentearningspershare,expectedgrowthrateindividendspershareandcurrentmarketpricepershare

C、urrentearningspershare,expectedgrowthrateinearningspershareandcurrentbookvaluepershare

D、urrentdividendspershare,expectedgrowthrateindividendspershareandcurrentmarketpricepershare

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答案解析：Thethreeelementsneededtoestimatethecostofequitycapitalare:(1)Currentdividendspershare(D0)(2)Expectedgrowthrateindividends(g)and(3)Currentmarketpricepershareofcommonstock(P0)