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1、PRACTICEPROBLEMS1Corporategovernance:Acomplieswithasetofglobalstandards.Bisindependentofbothshareholdertheoryandstakeholdertheory.Cseekstominimizeandmanageconflictinginterestsbetweeninsidersandexternalshareholders.2Whichgroupofcompanystakeholderswouldbeleastaffectedifthefirmsfinancialpositionweakens
2、?ASuppliersBCustomersCManagersandemployees3Whichofthefollowingrepresentsaprincipal-agentconflictbetweenshareholdersandmanagement?ARisktoleranceBMultipleshareclassesCAccountingandreportingpractices4Whichofthefollowingissuesdiscussedatashareholders,generalmeetingwouldmostlikelyrequireonlyasimplemajori
3、tyvoteforapproval?AVotingonamergerBElectionofdirectors(Amendmentstobylaws$Whichofthefollowingstatementsregardingstakeholdermanagementismostaccurate?ACompanymanagementensurescompliancewithallapplicablelawsandregulations.BDirectorsareexcludedfromvotingontransactionsinwhichtheyholdmaterialinterest.1The
4、useofvariableincentiveplansinexecutiveremunerationisdecreasing.6Whichofthefollowingrepresentsaresponsibilityofacompanysboardofdirectors?AImplementationofstrategyBEnterpriseriskmanagement(Consideringtheinterestsofshareholdersonly7Whichofthefollowingstatementsaboutnon-marketfactorsincorporategovernanc
5、eismostaccurate?AStakeholderscanspreadinformationquicklyandshapepublicopinion.BAcivillawsystemoffersbetterprotectionofshareholderintereststhandoesacommonlawsystem.CVendorsprovidingcorporategovernanceserviceshavelimitedinfluenceoncorporategovernancepractices.XWhichofthefollowingstatementsregardingcor
6、porateshareholdersismostaccurate?ACross-shareholdingshelppromotecorporatemergers.45PracticeoblnsBDUaLClaSSstructuresareusedtoaligneconomicownershipwithcontrol.(Affiliatedshareholderscanprotectacompanyagainsthostiletakeoverbids.9Whichofthefollowingstatementsaboutenvironmental,social,andgovernance(ESG
7、)ininvestmentanalysisiscorrect?AESGfactorsarestrictlyintangibleinnature.BESGterminologyiseasilydistinguishableamonginvestors.CEnvironmentalandsocialfactorshavebeenadoptedininvestmentanalysismoreslowlythangovernancefactors.10MZhiChofthefollowingstatementsregardingESGimplementationmethodsismostaccurat
8、e?ANegativescreeningisthemostcommonlyappliedmethod.BThematicinvestingconsidersmultiplefactors.(Relative/best-in-classscreeningexcludesindustrieswithunfavorableESGaspects.SOLUTIONS1Ciscorrect.Corporategovernanceisthearrangementofchecks,balances,andincentivesacompanyneedstominimizeandmanagetheconflict
9、inginterestsbetweeninsidersandexternalshareholders.2Biscorrect.Comparedwithotherstakeholdergroups,customerstendtobelessconcernedwith,andaffectedby,acompanysfinancialperformance.3Aiscorrect.Shareholderandmanagerinterestscandivergewithrespecttorisktolerance.Insomecases,shareholderswithdiversifiedinves
10、tmentportfolioscanhaveafairlyhighrisktolerancebecausespecificcompanyriskcanbediversifiedaway.Managersaretypicallymoreriskaverseintheircorporatedecisionmakingtobetterprotecttheiremploymentstatus.1BiscorrectIheelectionofdirectorsisconsideredanordinaryresolutionand,therefore,requiresonlyasimplemajority
11、Ofvotestobepassed.5Biscorrect.Often,policiesonrelated-partytransactionsrequirethatsuchtransactionsormattersbevotedonbytheboard(orshareholders),excludingthedirectorholdingtheinterest.6Biscorrect.Theboardtypicallyensuresthatthecompanyhasanappropriateenterpriseriskmanagementsysteminplace.7Aiscorrect.So
12、cialmediahasbecomeapowerfultoolforstakeholderstoinstantlybroadcastinformationwithlittlecostoreffortandtocompetewithcompanymanagementininfluencingpublicsentiment.*Ciscorrect.Thepresenceofasizableaffiliatedstockholder(suchasanindividual,familytrust,endowment,orprivateequityfund)canshieldacompanyfromth
13、eeffectsofvotingbyoutsideshareholders.9Ciscorrect.Therisksofpoorcorporategovernancehavelongbeenunderstoodbyanalystsandshareholders.Incontrast,thepracticeofconsideringenvironmentalandsocialfactorshasbeenslowertotakehold.10Aiscorrect.Negativescreening,whichreferstothepracticeofexcludingcertainsectors,
14、companies,orpracticesthatviolateacceptedstandardsinsuchareasashumanrightsorenvironmentalconcerns,isthemostcommonESGinvestmentstyle.PRACTICEPROBLEMS1Thenetpresentvalue(NPV)ofaninvestmentisequaltothesumoftheexpectedcashflowsdiscountedatthe：Ainternalrateofreturn.Brisk-freerate.Iopportunitycostofcapital
15、.AS2.2millioninvestmentwillresultinthecashflowsshownbelow:YearYeaEndCashFlow(millions)1$L32$L63$1.94$0.8Usingan8%opportunitycostofcapital,theprojectsnetpresentvalue(NPV)isclosestto：A$2.47million.B$3.40million.($4.67million,3Theinternalrateofreturn(IRR)isbestdescribedasthe：Aopportunitycostofcapital.B
16、time-weightedrateofreturn.(discountratethatmakesthenetpresentvalueequaltozero.1Athree-yearinvestmentrequiresaninitialoutlayof1,000.Itisexpectedtoprovidethreeyear-endcashflowsof200plusanetsalvagevalueof700attheendofthreeyears.ItsinternalrateOfreturn(IRR)isclosestto:a10%.B11%.C20%.65Giventhefollowingc
17、ashflowsforacapitalproject,calculatetheNPVandIRR.Therequiredrateofreturnis8percent.Year012345Cashflow-50t015,00015,020,00010,0005,000NPVIRRA$1,90510.9%U$1,90526.0%C$3,37910.9%Giventhefollowingcashflowsforacapitalproject,calculateitspaybackperiodanddiscountedpaybackperiod.Therequiredrateofreturnis8pe
18、rcent.Year012345Cashflow-50,00015,(X)O15,020t010,0005,000Thediscountedpaybackperiodis:A0.16yearslongerthanthepaybackperiod.R0.51yearslongerthanthepaybackperiod.C1.01yearslongerthanthepaybackperiod.7Aninvestmentof$100generatesafter-taxcashflowsof$40inYear1,$80inYear2,and$120inYear3.Therequiredrateofr
19、eturnis20percent.Thenetpresentvalueisclosestto:A$4222.B$58.33.C$68.52.8Aninvestmentof$150,000isexpectedtogenerateanafter-taxcashflowof$100,000inoneyearandanother$120,000intwoyears.Thecostofcapitalis10percent.Whatistheinternalrateofreturn?A28,39percent.B28.59percent.C28.79percent.9KimCorporationiscon
20、sideringaninvestmentof750millionwonwithexpectedafter-taxcashinflowsof175millionwonperyearforsevenyears.Therequiredrateofreturnis10percent.Whatistheprojects:NPV?1RR?A102millionwon14.0%B157millionwon23.3%C193millionwon10.0%10KimCorporationisconsideringaninvestmentof750millionwonwithexpectedafter-taxca
21、shinflowsof175millionwonperyearforsevenyears.Therequiredrateofreturnis10percent.Expressedinyears,theprojectspaybackperiodanddiscountedpaybackperiod,respectively,areclosestto:A4.3yearsand5.4years.B4.3yearsand5.9years.C4.8yearsand6.3years.11Aninvestmentof$20,0(X)willcreateaperpetualafter-taxcashflowof
22、$2,000.Therequiredrateofreturnis8percent.Whatistheinvestmentsprofitabilityindex?AL0&B1.16,c1.25.12HermannCorporationisconsideringaninvestmentof375millionwithexpectedafter-taxcashinflowsof115millionperyearforsevenyearsandanadditionalafter-taxsalvagevalueOf50millioninYear7.Therequiredrateofreturnis10p
23、ercent.WhatistheinvestmentsPl?A1.19.R1.33.C1.56.13ErinChouisreviewingaprofitableinvestmentprojectthathasaconventionalcashflowpattern.Ifthecashflowsfortheproject,initialoutlay,andfutureafter-taxcashflowsalldouble,ChouwouldpredictthattheIRRwould:AincreaseandtheNPVwouldincrease.BstaythesameandtheNPVwou
24、ldincrease.CstaythesameandtheNPVwouldstaythesame.14ShirleySheahasevaluatedaninvestmentproposalandfoundthatitspaybackperiodisoneyear,ithasanegativeNPV,andithasapositive1RR.Isthiscombinationofresultspossible?AYes.BNo,becauseaprojectwithapositiveIRRhasapositiveNPV.(No,becauseaprojectwithsucharapidpayba
25、ckperiodhasapositiveNPV.15Aninvestmenthasanoutlayof100andafter-taxcashflowsof40annuallyforfouryears.Aprojectenhancementincreasestheoutlayby15andtheannualafter-taxcashflowsby5.Asaresult,theverticalinterceptoftheNPVprofileoftheenhancedprojectshifts:Aupandthehorizontalinterceptshiftsleft.Bupandthehoriz
26、ontalinterceptshiftsright.(downandthehorizontalinterceptshiftsleft.16Projects1and2havesimilaroutlays,althoughthepatternsoffuturecashflowsaredifferent.ThecashflowsaswellastheNPVandIRRforthetwoprojectsareshownbelow.Forbothprojects,therequiredrateofreturnis10percent.CashHowsYear01234NPVIRR(%)Project1-5
27、02020202013.4021.86Project2-50000118.3018.92Ihetwoprojectsaremutuallyexclusive.Whatistheappropriateinvestmentdecision?AInvestinbothprojects.BInvestinProject1becauseithasthehigher1RR.(InvestinProject2becauseithasthehigherNPV.17Considerthetwoprojectsbelow.ThecashflowsaswellastheNPVandIRRforthetwoproje
28、ctsaregiven.Forbothprojects,therequiredrateofreturnis10percent.YearCashFlowsYPYIRR(%)0234Project1-1003636363614.1216.37Project2-10000017519.5315.02WhatdiscountratewouldresultinthesameNPVforbothprojects?AAratebetween0.00percentand10.00percent.BAratebetween10.0()percentand15.02percent.(Aratebetween15.
29、02percentand16.37percent,18WilsonFlanneryisconcernedthatthisprojecthasmultipleIRRs.Year0123Cashflows-50100O-50HowmanydiscountratesproduceazeroNPVforthisproject?AOne,adiscountrateof0percent.BTwo,discountratesof0percentand32percent.(Two,discountratesof0percentand62percent.19Withregardtothenetpresentva
30、lue(NPV)profilesoftwoprojects,thecrossoverrateisbestdescribedasthediscountrateatwhich:AtwoprojectshavethesameNPV.Btwoprojectshavethesameinternalrateofreturn.Caproject,sNPVchangesfrompositivetonegative.20Withregardtonetpresentvalue(NPV)profiles,thepointatwhichaprofilecrossestheverticalaxisisbestdescr
31、ibedas:AthepointatwhichtwoprojectshavethesameNPV.Bthesumoftheundiscountedcashflowsfromaproject.(aprojectsinternalrateofreturnwhentheproject,sNPVisequaltozero.21Withregardtonetpresentvalue(NPV)profiles,thepointatwhichaprofilecrossesthehorizontalaxisisbestdescribedas:Athepointatwhichtwoprojectshavethe
32、sameNPV.Bthesumoftheundiscountedcashflowsfromaproject.Caproject,sinternalrateofreturnwhentheprojectsNPVisequaltozero.22Withregardtocapitalbudgeting,anappropriateestimateoftheincrementalcashflowsfromaprojectisleastlikelytoinclude:Aexternalities.Binterestcosts.(opportunitycosts.SOLUTIONS1Ciscorrect.Th
33、eNPVsumstheprojectsexpectedcashflows(CF)discountedattheopportunitycostofcapital.TheNPVcalculationisNrPNPV=t=0Q+r)twhereCFt=theexpectednetcashflowattimetN=theinvestmentsprojectedlifer=thediscountrateoropportunitycostofcapital2Aiscorrect.$L3一$1.6一$1.9一$0.8TheNPV=-$22+砌言=$2.47million.3Ciscorrect.Theint
34、ernalrateofreturniscomputedbyidentifyingallcashflowsandsolvingfortheratethatmakesthenetpresentvalueofthosecashflowsequaltozero.1Biscorrect.IRRisdeterminedbysettingthenetpresentvalueequaltozeroforthecashflowsshowninthetable.YearCashFlow()0T,0001200220039005Ciscorrect.npv=.0ooo4.1.000150002Q000.1Q000*
35、50001.08L082L083.O841.085NPV=TQOOo+13,88&89+12,86Qo8+1387664+7,35Q30+340292NPV=-5Q000+5337&83=3,37&83TheIRR,foundwithafinancialcalculator,is10.88percent,Ciscorrect.Year012345Cashflow-50,00015,00015QOo20,00010,0005fOOOCumulativecashflow-50,000-35,0-20,000010,00015,000Discountedcashflow-50,013,888.891
36、2,860.0815,876.647*350,3Q3,402,92CumulativeDCF-50,000-36,111.11-23,251.03-7,374.38-24.093,378.83Astheexhibitshows,thecumulativecashflowoffsetstheinitialinvestmentinexactlythreeyears.Thepaybackperiodis3.00years.Thediscountedpaybackperiodisbetweenfourandfiveyears.Thediscountedpaybackperiodis4yearsplus
37、24.093,4)2.92=0.007ofthefifthyearcashflow,or4.007=4.01years,11discountedpaybackperiodis4.01-3.00=1.01yearslongerthanthepaybackperiod.7Biscorrect.NPV1-接、掾喙338Ciscorrect.TheIRRcanbefoundusingafinancialcalculatororwithtrialanderror.Usingtrialanderror,thetotalPVisequaltozeroifthediscountrateis28.79perce
38、nt.YearCashHowPresentValue2&19%2a39%2&59%28.79%0-150,0-150,0-150,0-150,0-150,01100,078,00977,88877,76777,6462120,073,02572,79872,57272,346Total1,034686338-8AmorepreciseIRRof28.7854percenthasatotalPVclosertozero.9Aiscorrect.7175TheNPV=-750+E=-750+851.97=101.97millionwonTheIRR,foundwithafinancialcalcu
39、lator,is14.02percent(ThPVis-750,N=7,andPMT=175.)10Biscorrect.YearOI234567Cashflow-750175175175175175175175Cumulativecashflow-750-575-400-225-50125300475Thepaybackperiodisbetweenfourandfiveyears.Thepaybackperiodisfouryearsplus50/175=0.29ofthefifthyearcashflow,or4.29years.Year01234567Cashflow-75017517
40、5175175175175175Discountedcashflow-750159.09144.63131.48119.53108.6698.7889.80CumulativeDCF-750-590.91-446.28-314.80-195.27-86.6112.17101.97Thediscountedpaybackperiodisbetweenfiveandsixyears,lediscountedpaybackperiodisfiveyearsplus86.61/98.78=0.88ofthesixthyearcashflow,or5.88years.11CiscorrectThepre
41、sentVaIUeoffuturecashflowsisPV八八。25,TheprofitabilityindexisPl1.25Investment20,0001213141516171819202122Ciscorrect.PV=玄至1.ICF1.10j=58553millioneuros58S53Pl=3751.56Biscorrect.TheIRRwouldstaythesamebecauseboththeinitialoutlayandtheafter-taxcashflowsdouble,sothatthereturnoneachdollarinvestedremainsthesa
42、me.Allofthecashflowsandtheirpresentvaluesdouble.Thedifferencebetweentotalpresentvalueofthefuturecashflowsandtheinitialoutlay(theNPV)alsodoubles.Aiscorrect.Ifthecumulativecashflowinoneyearequalstheoutlayandadditionalcashflowsarenotver)rlarge,thisscenarioispossible.Forexample,assumetheoutlayis100,thec
43、ashflowinYear1isI(X)andthecashflowinYear2is5.Derequiredreturnis10percent.ThiSprojectwouldhaveapaybackof1.0years,anNPVof-4.96,andanIRRof4.77percent.Aiscorrect.Theverticalinterceptchangesfrom60to65(NPVwhencostofcapitalis0%),andthehorizontalintercept(1RR,whenNPVequalszero)changesfrom21.86percentto20.68
44、percent.Ciscorrect.Whenvaluingmutuallyexclusiveprojects,thedecisionshouldbemadewiththeNPVmethodbecausethismethodusesthemostrealisticdiscountrate,namelytheopportunitycostoffunds.Inthisexample,thereinvestmentratefortheNPVmethod(here10percent)ismorerealisticthanthereinvestmentratefortheIRRmethod(here21
45、.86percentor18.92percent).Biscorrect.Fortheseprojects,adiscountrateof13.16percentwouldyieldthesameNPVforboth(anNPVof6.73).Ciscorrect.Discountratesof0percentandapproximately61.8percentbothgiveazeroNPV.Rate0%20%40%60%61.8%80%100%NPV0.004.403.210.290.00-3.02-6.25Aiscorrect.Thecrossoverrateisthediscount
46、rateatwhichtheNPVprofilesfortwoprojectscross;itistheonlypointwheretheNPVsoftheprojectsarethesame.Biscorrect.Theverticalaxisrepresentsadiscountrateofzero.Thepointwheretheprofilecrossestheverticalaxisissimplythesumofthecashflows.Ciscorrect.ThehorizontalaxisrepresentsanNPVofzero.Bydefinition,theproject,sIRRequalsanNPVofzero.Biscorrect.Coststofinancetheprojectaretakenintoaccountwhenthecashflowsarediscountedattheappropriatecostofcapital;includinginterestcostsinthecashflowswouldresultind
