企业融资 十章：普通股估值business finance.doc

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1、Chapter10COMMONSTOCKVALUATIONMultipleChoiceQuestionsOverview1.Allofthefollowingarerelativevaluationtechniquesexcept:a.P/Eratio.b.Price/bookvalueratioc.Price/salesratiod.Price/dividendratio(d,moderate)DiscountedCashFlowTechniques2.Theestimatedvalueofcommonstockisthe:a.presentvalueofallexpectedcashfl

2、ows.b.presentvalueofallcapitalgains.c.futurevalueofalldividendpayments.d.presentvalueofalldividendpayments.(a,moderate)3.Discountedcashflowtechniquesusedinvaluingcommonstockarebasedon:a.futurevalueanalysis.b.presentvalueanalysis.c.theCAPM.d.theAPT.(b,easy)TheDividendDiscountModel4.Allofthefollowing

3、areinterchangeabletermsexceptfor:a.discountrateb.couponratec.requiredrateofreturnd.capitalizationrate(b,moderate)TheDividendDiscountModel5.Whichofthefollowingisaproblemusingthedividenddiscountmodeltovaluecommonstock?a.Themodeldoesnotaccountfortheriskofthestock.b.Themodeldoesnotconsiderthepresentval

4、ueofthedividends.c.Themodeldoesnotconsiderthatdividendsmaynotbepaidd.Themodeldoesnotaccountforsmalldividends.(c,moderate)6.Whichofthefollowingisnotoneofthedividendgrowthratemodels?a.theinfinitegrowthmodelb.thezerogrowthmodelc.theconstantgrowthmodeld.themultiplegrowthmodel(a,moderate)7.Theconstantgr

5、owthdividendmodelusesthe:a.historicalgrowthrateindividends.b.historicalgrowthrateinearnings.c.estimatedgrowthrateindividends.d.estimatedgrowthrateinearnings.(c,moderate)8.Thezero-growthdividendmodel:a.givesthehighestvalueforacommonstock.b.isthemostaccuratemodeltouse.c.isequivalenttothevaluationmode

6、lforpreferredstock.d.assumesthehighestrequiredreturnpossible.(c,easy)9.Thedividendmodelthatismostappropriateforayoungcompanythatpayssmalldividendsnowbutisexpectedtoincreasedividendsinafewyearsisthe:a.zero-growthmodel.b.constantgrowthmodel.c.expansiongrowthmodel.d.multiplegrowthmodel.(d,moderate)10.

7、Underthemultiplegrowthmodel,atleast------differentgrowthratesareused.a.twob.threec.fourd.five(a,easy)11.TheconstantgrowthratemodeloftheDDMimpliesthat:a.earningsarenotrelevanttostockprices.b.dividendsremainc