财务管理期末考试卷(英文).doc

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1、ShanghaiInstituteofForeignTradeFinalexaminationofcorporatefinance2006.6（PaperA）Name:____________________________StudentsNumber:___________________________Marks：__________________________ExamRules:2.5hours,noformulas,references,orot

2、hermechanicaldevicesexceptnon-programmablecalculatorscanbeused.Showallyourwork,alltheformulas.Markswillonlybeassignedforproblemsforwhichcompletemethodology,formulas,andtheprocessisshown.Peeking,copyingorduplicatingothers'workwillbeconsideredas"cheating"andsuchstudentswillb

3、easkedtoleavetheexaminationroomimmediately.Trueorfalse(1markeachforproblemsfrom1to20)1.Inestimatingthemarketvalueofabond,thecouponrateshouldbeusedasthediscountrate.2.Theyieldtomaturityisequaltotheinterestpaymentofabond..3.Whentheinterestrateonabondanditsyieldtomaturityaree

4、qual,thebondwilltradeatparvalue..4.Retainedearningsrepresentaninternalsourceoffundsthatisraisedwithoutthepaymentofinterest,orcosttothefirm’sshareholders.5.Ifyouexpectinterestratestogoup,youshouldbuyalong-termbondnow.6.Stripbondsaresoldatfacevalue.7.Wheninterestratesrise,bo

5、ndrefundingbecomesquitepopular.8.Thelongerthematurityofabond,thegreatertheimpactonpricetochangesinmarketrates.9.Valuationofacommonstockwithnodividendgrowthpotentialistreatedinthesamemanneraspreferredstock.10.FirmswithgreatpotentialtendtotradeatlowP/Eratios.11.Thecostofnewc

6、ommonstockisgreaterthanthecostofoutstandingcommonstock..12.Thecostofretainedearningsisequaltotherequiredrateofreturnonafirm'scommonstock..13.Thecalculationofthecostofcapitaldependsuponhistoricalcostsoffunds.14.Generally,thehigherthecoefficientofvariationaprojecthas,thehigh

7、erthediscountrateitshouldbeassigned.15.Projectsthataretotallyuncorrelatedprovidesomeoverallreductioninportfoliorisk.16.Acommonstockwithabetaof1.0issaidtobeofequalriskwiththemarket.17.Riskisnotonlymeasuredintermsoflosses,butalsointermsofvariability.18.Theefficientmarkethypo

8、thesisisgenerallyconcernwiththeimpactofinformationonthebehaviorofstockprices.19.Astockspl