財(cái)務(wù)管理雙語課程作業(yè)(英文題目)

1、1：Chapter 2, P35, Q5Book Values versus Market Values Understand accounting rules, it is possible for a companys liabilities to exceed its assets. When this occurs, the owners equity is negative. Can this happen with market values? Why or why not?2：Chapter 3, P7 1, Q1Financial Ration Analysis A finan

2、cial ratio by itself tells us little about a company since financial ratios vary a great deal across industries. There are two basic methods for analyzing financial ratios for a company: time trend analysis and peer group analysis. Why might each of these analysis methods be useful? What does each t

3、ell you about the companys financial health? 3：Chapter 4, P103, Q3Present Value Suppose two athletes sign 10-year contracts for $80 million. In one case, were told that the $80 million will be paid in 10 equal installments. In the other case, were told that the$80 million will be paid in 10 installm

4、ents, but the installments will increase by 5 percent per year. Who got the better deal?4：Chapter 5, P135, Q17Bond Prices versus Yields a. What is the relationship between the price of a bond and its YTM?b. Explain why some bonds sell at a premium over par value while other bonds sell at a discount.

5、 What do you know about the relationship between the coupon rate and the YTM for premium bonds? What about for discount bonds? For bonds selling at par value?c. What is the relationship between the current yield and YTM for premium bonds? For discount bonds? For bonds selling at par value?5：Chapter

6、6, P166, Q4 Dividend Growth Model Under what two assumptions can we use the dividend growth model presented in the chapter to determine the value of a share of stock ? Comment on the reasonableness of these assumptions.6：Chapter 7, P193, Payback and Internal Rate of Return A project has perpetual ca

7、sh flows of c per period, a cost of l, and a required return of R. Please defining: a)Payback periodb)Internal rate of returnc)Net present valueWhat is the relationship between the projects payback and its IRR? What implications does your answer have for long-lived projects with relatively constant

8、cash flows？7：Chapter8, P214, Q2 Incremental Cash Flows Which of the following should be treated as an incremental cash flow when computing the NPV of an investment?a. A reduction of the sales of a companys other products caused by the investment.b. An expenditure on plant and equipment that has not

9、yet been made and will be made only if the project is accepted.c. Costs of research and development undertaken in connection with the product during the past three years.d. Annual depreciation expense from the investment.e. Dividend payments by the firm.f. The resale value of plant and equipment at

10、the end of the projects life.g. Salary and medical costs for production personnel who will be employed only if the project is accepted.8：Chapter 8, The information of a project as following (i=10%) ,Year 1Year 2Year 3Year 4Sales7,0007,0007,0007,000 Costs2,0002,0002,0002,000 Depreciation 2,

11、500 2,500 2,500 2,500 EBT  Tax 850 850 850 850 Net income  OCF0  Capital spending10,0000000 Net Working Captial 200 250 300 200 950 Incremental cash flow Please :a) Finish the tableb) Calculate the NPVc) Calculate the IRRd) Critically evaluate this project.9：Chapte

12、r 9, A company investment 1,500,000() to a project in the first year, and the project can be operated about 5 years. The revenue and the variable costs each year of the project as following (I=13%):   Pessimistic Expected Optimistic  Revenue2,783,0003,600,0004,387,500 Variable co

13、sts1,742,4002,100,0002,386,800 Fixed costs850,000800,000750,000 Depreciation300,000300,000300,000 EBT  Tax43,760160,000380,280 Net income  OCF The company should accept the project?10：Chapter 12, P310, Q6SML Cost of Equity Estimation What are the advantages of using the

14、 SML approach to finding the cost of equity capital? What are the disadvantages? What are the specific pieces of information needed to use this method? Are all of these variable observable, or do they need to be estimated? What are some of the ways in which you could get these estimates?11：Chapter13

15、, P340, Q10Efficient Market Hypothesis For each of the following scenarios, discuss whether profit opportunities exist from trading in the stock of the firm under the conditions that (1) the market is not weak form efficient, (2) the market is weak form but not semistrong form efficient, (3) the mar

16、ket is semistrong form but not strong form efficient, and (4) the market is strong form efficient.a. The stock price has risen steadily each day for the past 30 days.b. The financial statement for a company were released three days ago, and you believe youve uncovered some anomalies in the companys

17、inventory and cost control reporting techniques that are causing the firms true liquidity strength to be understated.c. You observe that the senior management of a company has been buying a lot of the companys stock on the open market over the past week.Use the following information for the next two

18、 questions:Technical analysis is a controversial investment practice. Technical analysis covers a wide array of techniques, which are all used in an attempt to predict the direction of a particular stock, or the market. Technical analysts look at two major types of information: historical stock prices and investor sentiment. A technical analyst would argue the