The primary disadvantage of the corporate form is the double taxation to shareholders of distributed earnings and dividends. Some advantages include: limited liability, ease of transferability, ability to raise capital, and unlimited life. 企业形式的主要缺点是股东收益和红利的双重征税。一些优势包括:有限责任,便于可转让性,筹集资金的能力,和无限的生活。
1.6Who owns a corporation? Describe the process whereby the owners control the firm’s management. What is the main reason that an agency relationship exists in the corporate form of organization?In this context, what kinds of problem can arise?
谁拥有一个公司?描述所有者控制公司的管理过程。是什么主要原因导致代理关系存在于企业组织形式中?在这种情况下,会出现什么样的问题?
In the corporate form of ownership, the shareholders are the owners of the firm. The shareholders elect the directors of the corporation, who in turn appoint the firm's management. This separation of ownership from control in the corporate form of organization is what causes agency problems to exist. Management may act in its own or someone else's best interests, rather than those of the shareholders. If such events occur, they may contradict the goal of maximizing the share price of the equity of the firm.
企业的所有制形式,股东是公司的所有者。公司的股东选举董事,他反过来任命公司的管理层。这种分离的所有权从企业组织形式的控制代理问题存在的原因。管理层可能会在自己的或别人的最佳利益,而不是股东。如果这样的事件发生时,他们可能会反驳最大化的目标公司的股票的股价。
1.9 Suppose you were the financial manager of a not-for-profit business (a not-for-profit hospital,perhaps).What kinds of goals do you think would be appropriate?
假设你是一个非盈利业务的财务经理(非营利性医院,也许)。你认为什么样的目标将是适当的?
Since such organizations frequently pursue goals are providing approach conceivable. One goal that is social or political missions, many different often cited is revenue minimization; i.e., their goods and services to society at the lowest possible cost. Another might be to observe that even a appropriate goal would be to maximize the not-for-profit business has equity. Thus, an value of the equity.
因为这样可以想象经常组织追求的目标是提供方法。一个目标是社会或政治任务,许多不同的被认为是收入最小化,即。,他们的商品和服务社会以尽可能低的成本。另一个可能是观察,即使是一个适当的目标是最大化非盈利企业股权。因此,股票的价值
1.12 Suppose you own stock in company. The current price per share is $25. Anther company has just announced that is wants to buy your company and will pay $35 per share to acquire all the outstanding stock. Your company’s management immediately begins fighting off this hostile bid.Is management acting in stockholders’ best interests? Why or why not?假设您的公司的股票。目前的价格是每股25美元。花药公司刚刚宣布,想买你的公司和将支付每股35美元收购所有的已发行股份。贵公司的管理层立即开始抵抗这种敌意收购。是管理代理股东的最佳利益?为什么或为什么不呢?
The goal of management should be to maximize the share price for the current shareholders. If management believes that it can improve the profitability of the firm so that the share price will exceed $35, then they should fight the offer from the outside company. If management believes that this bidder or other unidentified bidders will actually pay more than $35 per share to acquire the company, then they should still fight the offer. However, if the current management cannot increase the value of the firm beyond the bid price, and no other higher bids come in, then management is not acting in the interests of the shareholders by fighting the offer. Since current managers often lose their jobs when the corporation is acquired, poorly monitored managers have an incentive to fight corporate takeovers in situations such as this.
管理的目标应该是使现有股东的股票价格最大化。如果管理层认为,它可以提高公司的盈利能力,股价将超过35美元,那么他们应该从外部公司提供。如果管理层认为本投标人或其他身份不明的竞标者会支付超过每股35美元收购该公司,然后他们仍应提供。但是,如果当前的管理不能增加价值的公司在投标价格之外,并没有其他更高出价进来,然后管理不是代理的股东的利益战斗。由于当前经理经常失去工作公司收购时,缺乏监控经理有动机斗争等情况下的企业收购。
1.15、In response to the Sarbanes-Oxley Act,many small firms in the Unite States have opted to “go dark” and delist their stock. Why might a company choose this route? What are the costs of “going dark”?
n对萨班斯-奥克斯利法案,很多小公司在美国选择“黑暗”和他们的股票摘牌。为什么一个公司选择这条路?“黑暗”的成本是什么?
The biggest reason that a company would “go dark” is because of the increased audit costs associated with Sarbanes-Oxley compliance. A company should always do a cost-benefit analysis, and it may be the case that the costs of complying with Sarbox outweigh the benefits. Of course, the company could always be trying to hide financial issues of the company! This is also one of the costs of going dark: Investors surely believe that some companies are going dark to avoid the increased scrutiny from SarbOx. This taints other companies that go dark just to avoid compliance costs. This is similar to the lemon problem with used automobiles: Buyers tend to underpay because they know a certain percentage of used cars are lemons. So, investors will tend to pay less for the company stock than they otherwise would. It is important to note that even if the company delists, its stock is still likely traded, but on the over-the-counter market pink sheets rather than on an organized exchange. This adds another cost since the stock is likely less to be liquid now. All else the same, investors pay less for an asset with less liquidity. Overall, the cost to the company is likely a reduced market value. Whether this is good or bad for investors depends on the individual circumstances of the company. It is also important to remember that there are already many small companies that file only limited financial information already.
最大的原因,一个公司将“黑暗”是因为增加审计成本与萨班斯-奥克斯利法案合规相关。一个公司应该做一个成本效益分析,可能的情况是,符合sox法案的成本大于收益。当然,公司总是可以试图隐瞒公司的财务问题!这也是将黑暗的成本之一:投资者肯定相信,一些公司正在黑暗的避免sox法案加强审查。这个会损害其他公司去黑暗只是为了避免合规成本。这类似于使用汽车的柠檬问题:买家倾向于付给因为他们知道一定百分比的二手车是柠檬。所以,公司股票的投资者往往会支付更少比其他。重要的是要注意,即使公司delists,其股票交易仍有可能,但在场外交易市场粉单市场,而不是在一个有组织的交易所。这增加了另一个成本因为股票现在少可能是液体。一切不变,投资者支付少的资产流动性。总体而言,该公司的成本可能降低市场价值。这是否对投资者是好还是坏取决于公司的个别情况。同样重要的是要记住,已经有许多小公司,文件已经有限的财务信息。
chapter 2
2.3 In preparing a balance sheet, why do you think standard accounting practice focuses on historical cost rather then market value?
在编制资产负债表,为什么你认为标准的会计实践关注历史成本而市场价值?
Historical costs can be objectively and precisely measured, whereas market values can be difficult to estimate, and different analysts would come up with different numbers. Thus, there is a tradeoff between relevance (market values) and objectivity (book values). 历史成本可以客观、精确测量,而市场价值难以估计,和不同的分析师会想出不同的号码。因此,之间有一个权衡相关性(市场价值)和客观性(账面价值)。
2.6 Suppose a company’s cash flow from asset was negative for a particular period.Is this necessarily a good sign or a bad sign?
假设一个公司的现金流的资产为负一个特定的时期。这一定是一个好迹象或坏迹象?
For a successful company that is rapidly expanding, capital outlays would typically be large, possibly leading to negative cash flow from assets. in general, what matters is whether the money is spent wisely, not whether cash flow from assets is positive or negative. 对于一个成功的公司快速扩张,资本支出通常会很大,可能导致负现金流的资产。通常来说,重要的是钱是否花了明智,不是来自资产的现金流是否积极的还是消极的。
2.9Could a company’s cash flow to stockholder be negative in a given year?(Hint:Yes.)Explain how this might come about.
一个公司股东的现金流是负的在一个给定的?(提示:是的。)解释这是怎么出来的。
If a company raises more money from selling stock than it pays particular period, its cash flow to stockholders will be negative. If a more than it pays in interest, its cash flow to creditors will be negative.
如果一个公司带来了更多的钱通过出售股票支付特定的时期,其股东的现金流将是负面的。如果大于支付的利息,其债权人现金流将是负面的。
2.12 How did Mr.Sullivan’s reclassifying some costs as asset purchases affect net income at the time? In the future? How did this action affect cash flows?What doe this tell you about the importance of examining cash flow relative to net income?
Mr.Sullivan将一些成本作为资产购买计划是怎么影响净利润的时间吗?在未来?这一行动是如何影响现金流?这能源部什么告诉你检查的重要性相对于净利润现金流?
By reclassifying costs as assets, it lowered costs when the lines were leased. This increased the net income for the company. 1t probably increased most future net income amounts, although not as much as you might think. Since the telephone lines were fixed assets, they would have been depreciated in the future. This depreciation would reduce the effect of expensing the telephone lines. The cash flows of the firm would basically be unaffected no matter what the accounting treatment of the telephone lines.
通过将成本作为资产,线路租用时降低成本。这增加了该公司的净收益。1 t可能增加最未来净收益,虽然不是像你想象的一样多。自从电话线路是固定资产,他们将来就会贬值。这种折旧减少电话线路费用化的影响。该公司的现金流主要是无论如何会计处理的影响的电话线。
chapter 3
3.3 Explain what it means for a firm to have a current ratio equal to .50. Would the firm be better off if the current ratio were 1.50? What if it where 15.0? Explain your answer.
解释一个公司意味着什么有流动比率等于.50。公司会更好如果流动比率1.50 ?如果在15.0呢?解释你的答案。
A current ratio of 0.50 means that the firm has twice as much in current liabilities as it does in current assets; the firm potentially has poor liquidity. If pressed by its short-term creditors and suppliers for immediate payment, the firm might have a difficult time meeting its obligations. A current ratio of 1.50 means the firm has 50% more current assets than it does current liabilities. This probably represents an improvement in liquidity; short-term obligations can generally be met completely with a safety factor built in. A current ratio of 15.0, however, might be excessive. Any excess funds sitting in current assets generally earn little or no return. These excess funds might be put to better use by investing in productive long-term assets or distributing the funds to shareholders.
0.50意味着公司的流动比率的两倍在流动负债是流动资产;公司潜在的流动性不足的困境。如果迫于其短期债权人和供应商立即付款,该公司可能很难满足其义务。流动比率为1.50时表示该公司流动资产比流动负债多50%。这可能代表一个改善流动性;短期债务通常可以完全会见了一个内置的安全系数。然而,流动比率为15.0,可能是过度的。任何多余的资金通常坐在流动资产赚取很少或没有回报。这些多余的资金可能是更好的投资生产使用长期资产或分发给股东的资金。
3.6 Explain what peer group analysis means. As a financial manager, how could you use the result of peer group analysis to evaluate the performance of your firm? How is a peer group different from an aspirant group?
解释了对等组分析意味着什么。作为一个财务经理,你怎么能使用对等组分析的结果来评估公司的性能?对等组从一群上进有何不同?
Peer group analysis involves comparing the financial ratios and operating performance of a particular firm to a set of peer group firms in the same industry or line of business. Comparing a firm to its peers allows the financial manager to evaluate whether some aspects of the firm's operations, finances, or investment activities are out of line with the norm, thereby providing some guidance on appropriate actions to take to adjust these ratios, if appropriate. An aspirant group would be a set of firms whose performance the company in question would like to emulate. The financial manager often uses the financial ratios of aspirant groups as the target ratios for his or her firm; some managers are evaluated by how well they match the performance of an identified aspirant group. 对等组分析包括比较财务比率和经营业绩的一个特定的一组同龄群体公司在同一行业或业务部门。比较一个公司同行允许财务经理评估是否某些方面公司的业务,财务状况,或投资活动是不符合规范,从而提供一些指导采取适当行动来调整这些比率,如果合适。一组野心家集团将是一个公司的表现公司的问题想效仿。财务经理经常使用野心家集团的财务比率作为目标比率为他或她的公司;一些经理的评价,是如何匹配的性能确定野心家。 3.9 So-called some-store sales are very important measure for companies as diverse as McDonald’s and Sears. As the name suggests, examining same-store sale means comparing revenues from the same stores or restaurant at two different points in time.Why might companies focus on same-store sales rather than total sales?
所谓some-store销售是非常重要的衡量麦当劳等公司和西尔斯。顾名思义,检查同店销售意味着比较收入相同的商店或餐厅在两个不同的时间点。为什么公司关注同店销售,而不是总销售额?
If a company is growing by opening new stores, then presumably total revenues would be rising. Comparing total sales at two different points in time might be misleading. Same-store sales control for this by only looking at revenues of stores open within a specific period. 如果一家公司增加开设新店,总收入大概就会上升。比较总销售额在两个不同的时间点可能会误导人。同店销售控制这只看收入的商店开在一个特定的时期。
3.12 In the previous question,what actions might managers take to improve these ratios? 在前面的问题,管理者可能会采取什么行动来改善这些比率?
If we assume that the cause is negative, the two reasons for the trend of increasing cost of goods sold as a percentage of sales are that costs are becoming too high or the sales price is not increasing fast enough. If the cause is an increase in the cost of goods sold, the manager should look at possible actions to control costs. If costs can be lowered by seeking lower cost suppliers of similar or higher quality, the cost of goods sold as a percentage of sales should decrease. Another alternative is to increase the sales price to cover the increase in the cost of goods sold. Depending on the industry, this may be difficult or impossible. For example, if the company sells most of its products under a long-temp contract that has a fixed price, it may not be able to increase the sales price and will be forced to look for other cost-cutting possibilities. Additionally, if the market is competitive, the company might also be unable to increase the sales price.
如果我们假设的原因是消极的,两个原因增加的趋势销货成本占销售额的比例,成本正变得过高或销售价格不足够快的速度增加。如果原因是增加销货成本,经理应该看看可能的行动来控制成本。如果成本可以降低寻求低成本供应商的类似或更高质量、销货成本占销售的比例应该减少。另一种选择是增加销售价格售出商品成本的增加。根据不同的行业,这可能是困难的或不可能的。例如,如果该公司销售的大部分产品long-temp合同固定价格,它可能无法提高销售价格,将被迫寻找其他降低成本的可能性。另外,如果市场竞争力,公司可能也无法提高销售价格。
4.3What happens o a future values if you increase the rate, r? What happens to a present value?
如果你增加,r FV会发生什么?现值又怎样?
The future value rises (assuming a positive rate of return); the present value falls.
4.6 Why would Government of India be willing to accept Rs.1,000 today in exchange for a promise to repay twice that amount in the future?
为什么印度政府愿意接受Rs.1,000今天以换取承诺将来偿还金额两倍吗?
4.9Suppose that when Government of India offered the security of Rs.1,000,Gupta Brothers had offered an essentially identical security. Do you think it would have doubled in shorter period or longer? Why?
5.3 Tri-State Megabucks Lottery advertises a $10 million grand prize. The winner receives $500,000 today and 19 annual payments of $500,000. A lump sum option of $5 million payable immediately is also available. Is this deceptive advertising?
州彩票广告百万富翁1000万美元的大奖。比赛冠军将获得500000美元的今天,19年支付500000美元。500万美元的一次性选择也可以立即支付。这是欺骗性的广告吗?
It's deceptive, but very common. The deception is particularly irritating given that such lotteries are usually government sponsored ！
这是骗人的,但很常见。欺骗是特别刺激,这种彩票通常是政府赞助!
5.6 Suppose two athletes sign 10-year contract for $80 million. In one case, we’re told that the $80 million will be paid in 10 equal installments, but the installment will increase by 5 percent per year. Who got the better deal?
假设两个运动员签署10年8000万美元的合同。在一个案例中,我们被告知,8000万美元将在10年内支付相等的部分,但部分将每年增长5%。谁得到了更好的交易? The better deal is the one with equal installments 更好的交易是平等的部分
5.9 In words, how would you go about valuing the subsidy on a subsidized Stafford loan? 你如何评估的补贴补贴斯塔福德贷款吗?
The subsidy is the present value (on the day the loan would have accrued up until the time it actually begins to is made) of the interest that accrue.
补贴是现值(当天贷款应计直到时间实际上开始了)的兴趣增加。
6.3 With regard to bid and ask prices on a Treasure bond, is it possible for the bid price to be higher? Why or why not?
关于收购国债,问价格,有可能对投标价格高吗?为什么或为什么不呢?
No. If the bid were higher than the ask, the implication would be that a dealer was willing to sell a bond and immediately buy it back at a higher price. How many such transactions would you like to do?
不。如果出价高于问,言外之意是,经销商愿意出售债券和立即购买它在一个更高的价格。有多少这样的交易你想做什么?
6.6 How does a bond issuer decide on the appropriate coupon rate to set on its bonds? Explain the difference between the coupon rate and the required return on a bond.
债券发行人如何决定合适的债券票面利率设置?解释之间的不同债券的票面利率和所需的回报率。
Bond issuers look at outstanding bonds of similar maturity and risk. The yields on such bonds are used to establish the coupon rate necessary for a particular issue to initially sell for par value. Bond issuers also simply ask potential purchasers what coupon rate would be necessary to attract them. The coupon rate is fixed and simply determines what the bond's coupon payments will be. The required return is what investors actually demand on the issue, and it will fluctuate through time. The coupon rate and required return are equal only if the bond sells for exactly par. 债券发行人看看优秀债券类似的成熟度和风险。这种债券的收益率是用于建立必要的票面利率为特定问题最初为票面价值出售。债券发行人也只是问潜在购买者需要什么票面利率来吸引他们。票面利率是固定的,只是决定将债券的票面利率。所需的回报就是投资者在这个问题上的实际需求,并将通过时间波动。所需的票面利率和回报是平等的只有债券售价差不多。
6.9 U.S, Treasure bonds are not rated. Why? Often, junk bonds are not rated. Why? us宝藏债券评级。为什么?通常情况下,垃圾债券评级。为什么?
Treasury bonds have no credit risk, so a rating is not necessary. Junk bonds often are not rated because there would no point in an issuer paying a rating agency to assign its bonds a low rating (it's like paying someone to kick you!).
国债没有信用风险,所以评级不是必要的。垃圾债券通常并不认为,因为会毫无意义的发行人支付评级机构将其债券评级较低(就像支付有人踢你!)。
6.12 All treasure bonds are relatively liquid,but some are more liquid than others. Take a look back at Figure 6.3. Which issues appear to be the most liquid? The least liquid?
所有财宝债券相对具有流动性,但有一些比其他更具有流动性。回顾图6.3。似乎最具流动性的哪些问题?最少的流动性吗?
One measure of liquidity is the bid-ask spread. Liquid instruments have relatively small spreads. Looking at Figure 6.4, the bellwether bond has a spread of one tick; it is one of the most liquid of all investments. Generally, liquidity declines after a bond is issued.
流动性的一个指标是买卖价差。流动性有相对较小的传播工具。观察图6.4,领头羊债券蔓延的蜱虫,它是一个最具流动性的投资。一般来说,债券发行后流动性下降。 6.15 a What is the relationship between the price of a bond and its YTM 什么是债券的价格和其到期利率之间的关系
The bond price is the present value when discounting the future cash flows from a bond; YTM is the interest rate used in discounting the future cash flows (coupon payments and principal) back to their present values.
债券价格时的现值贴现未来现金流从一个债券,到期利率的利率用于贴现未来现金流(息票付款和校长)回到他们的现值。
6.15 b Explain why some bonds sell at premium over par value while other bonds sell at a discount. 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? 解释为什么有些债券溢价出售超过票面价值而其他债券折价出售。你知道关于票面利率之间的关系和溢价债券的到期利率吗?贴现债券呢?债券面值出售吗?
If the coupon rate is higher than the required return on a bond, the bond will sell at a premium, since it provides periodic income in the form of coupon payments in excess of that required by investors on other similar bonds. If the coupon rate is lower than the required return on a bond, the bond will sell at a discount, since it provides insufficient coupon payments compared to that required by investors on other similar bonds. For premium bonds, the coupon rate exceeds the YTM; for discount bonds, the YTM exceeds the coupon rate, and for bonds selling at par, the YTM is equal to the coupon rate. 如果票面利率高于所需的回报债券,债券将溢价出售,因为它提供了定期收入以优惠券的形式支付超过所需的其他类似债券投资者。如果票面利率低于所需的回报债券,债券折价出售,因为它提供了息票付款不足相比,投资者所要求的其他类似债券。溢价债券,票面利率超过到期利率;贴现债券,到期利率超过票面利率时,债券按面值出售,到期利率等于票面利率。
6.15 c What is the relationship between the current yield and YTM for premium bonds? For discount bonds? For bonds selling at par value?
当前收益率和到期利率溢价债券之间是什么关系的?贴现债券吗?债券面值出售吗? Current yield is defined as the annual coupon payment divided by the current bond price. For premium bonds, the current yield exceeds the YTM, for discount bonds the current yield is less than the YTM, and for bonds selling at par value, the current yield is equal to the YTM. In all cases, the current yield plus the expected one-period capital gains yield of the bond must be equal to the required return. 当前收益率被定义为当前债券价格除以年度优惠券支付。溢价债券,当前收益率超过到期利率,贴现债券的当前收益率低于到期利率,债券,票面价值出售,当前收益率等于到期利率。在所有情况下,当前收益率加上预期的一年期债券的资本利得收益率必须等于所需的回报。
7.3 Referring to the previous question,under what circumstance might a company choose not to pay dividends?
在前一个问题,在什么情况下会选择不支付股息公司吗?
In general, companies that need the cash will often forgo dividends since dividends are a cash expense. Young, growing companies with profitable investment opportunities are one example; another example is a company in financial distress. This question is examined in depth in a later chapter.
一般来说,需要现金的公司往往会放弃以来股息红利是一个现金费用。年轻,越来越有利可图的投资机会的公司就是一个例子;另一个例子是一个公司在金融危机。检查这个问题在后面章节的深度。
7.6 Based on the dividend growth model, what are the two components of the total return on a share? Which do you think is typically larger?
基于股息增长模型,两个组件的总回报分享?你认为哪个通常是大的吗?
The two components are the dividend yield and companies, the capital gains yield is larger. This is no dividends. For companies that do pay dividends, five percent and are often much less. the capital gains yield. For most easy to see for companies that pay the dividend yields are rarely over 两个组件是股息收益率和公司资本利得收益更大。这不是股息。公司的分红,百分之五,通常要少得多。资本利得收益率。最容易看到的公司支付股息收益很少
7.9 Is it unfair or unethical for corporations to create classes of stock with unequal voting rights?
这是不公平的或不道德的公司创建类和不平等投票权的股票吗?
It wouldn't seem to be. Investors who don't like the voting features of a particular class of stock are under no obligation to buy it.
它似乎不会。投资者不喜欢投票的特点一个特定类的股票没有义务去买它。
7.12 In the constant dividend growth model, what is the hightest reasonable growth rate for a stock’s dividend?
在不断的股息增长模型中,最高的是什么合理的股票的股息增长率
A reasonable limit for the growth rate is the growth rate of the economy, which in the U.S. has historically been about 3 to 3.5 percent (after accounting for inflation). As we will see in a later chapter, inflation has historically averaged about 3 percent, so 6 to 6.5 percent (after accounting for inflation} would be a reasonable limit.
合理限制的增长速度是经济的增长速度,这在美国历来约3 - 3.5%(经通胀因素调整后)。在后面的一章,我们将看到通胀历来平均约为3%,因此6 - 6.5%(经通胀因素调整后}将是一个合理的限制。
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