CFA课后习题：公司金融.docx

PRACTICEPROBLEMS1Corporategovernance:Acomplieswithasetofglobalstandards.Bisindependentofbothshareholdertheoryandstakeholdertheory.Cseekstominimizeandmanageconflictinginterestsbetweeninsidersandexternalshareholders.2Whichgroupofcompanystakeholderswouldbeleastaffectedifthefirm'sfinancialpositionweakens?ASuppliersBCustomersCManagersandemployees3Whichofthefollowingrepresentsaprincipal-agentconflictbetweenshareholdersandmanagement?ARisktoleranceBMultipleshareclassesCAccountingandreportingpractices4Whichofthefollowingissuesdiscussedatashareholders,generalmeetingwouldmostlikelyrequireonlyasimplemajorityvoteforapproval?AVotingonamergerBElectionofdirectors(Amendmentstobylaws$Whichofthefollowingstatementsregardingstakeholdermanagementismostaccurate?ACompanymanagementensurescompliancewithallapplicablelawsandregulations.BDirectorsareexcludedfromvotingontransactionsinwhichtheyholdmaterialinterest.1Theuseofvariableincentiveplansinexecutiveremunerationisdecreasing.6Whichofthefollowingrepresentsaresponsibilityofacompany'sboardofdirectors?AImplementationofstrategyBEnterpriseriskmanagement(Consideringtheinterestsofshareholdersonly7Whichofthefollowingstatementsaboutnon-marketfactorsincorporategovernanceismostaccurate?AStakeholderscanspreadinformationquicklyandshapepublicopinion.BAcivillawsystemoffersbetterprotectionofshareholderintereststhandoesacommonlawsystem.CVendorsprovidingcorporategovernanceserviceshavelimitedinfluenceoncorporategovernancepractices.XWhichofthefollowingstatementsregardingcorporateshareholdersismostaccurate?ACross-shareholdingshelppromotecorporatemergers.45PracticeoblnsBDUaLClaSSstructuresareusedtoaligneconomicownershipwithcontrol.(Affiliatedshareholderscanprotectacompanyagainsthostiletakeoverbids.9Whichofthefollowingstatementsaboutenvironmental,social,andgovernance(ESG)ininvestmentanalysisiscorrect?AESGfactorsarestrictlyintangibleinnature.BESGterminologyiseasilydistinguishableamonginvestors.CEnvironmentalandsocialfactorshavebeenadoptedininvestmentanalysismoreslowlythangovernancefactors.10MZhiChofthefollowingstatementsregardingESGimplementationmethodsismostaccurate?ANegativescreeningisthemostcommonlyappliedmethod.BThematicinvestingconsidersmultiplefactors.(Relative/best-in-classscreeningexcludesindustrieswithunfavorableESGaspects.SOLUTIONS1Ciscorrect.Corporategovernanceisthearrangementofchecks,balances,andincentivesacompanyneedstominimizeandmanagetheconflictinginterestsbetweeninsidersandexternalshareholders.2Biscorrect.Comparedwithotherstakeholdergroups,customerstendtobelessconcernedwith,andaffectedby,acompany'sfinancialperformance.3Aiscorrect.Shareholderandmanagerinterestscandivergewithrespecttorisktolerance.Insomecases,shareholderswithdiversifiedinvestmentportfolioscanhaveafairlyhighrisktolerancebecausespecificcompanyriskcanbediversifiedaway.Managersaretypicallymoreriskaverseintheircorporatedecisionmakingtobetterprotecttheiremploymentstatus.1BiscorrectIheelectionofdirectorsisconsideredanordinaryresolutionand,therefore,requiresonlyasimplemajorityOfvotestobepassed.5Biscorrect.Often,policiesonrelated-partytransactionsrequirethatsuchtransactionsormattersbevotedonbytheboard(orshareholders),excludingthedirectorholdingtheinterest.6Biscorrect.Theboardtypicallyensuresthatthecompanyhasanappropriateenterpriseriskmanagementsysteminplace.7Aiscorrect.Socialmediahasbecomeapowerfultoolforstakeholderstoinstantlybroadcastinformationwithlittlecostoreffortandtocompetewithcompanymanagementininfluencingpublicsentiment.*Ciscorrect.Thepresenceofasizableaffiliatedstockholder(suchasanindividual,familytrust,endowment,orprivateequityfund)canshieldacompanyfromtheeffectsofvotingbyoutsideshareholders.9Ciscorrect.Therisksofpoorcorporategovernancehavelongbeenunderstoodbyanalystsandshareholders.Incontrast,thepracticeofconsideringenvironmentalandsocialfactorshasbeenslowertotakehold.10Aiscorrect.Negativescreening,whichreferstothepracticeofexcludingcertainsectors,companies,orpracticesthatviolateacceptedstandardsinsuchareasashumanrightsorenvironmentalconcerns,isthemostcommonESGinvestmentstyle.PRACTICEPROBLEMS1Thenetpresentvalue(NPV)ofaninvestmentisequaltothesumoftheexpectedcashflowsdiscountedatthe：Ainternalrateofreturn.Brisk-freerate.Iopportunitycostofcapital.'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.Btime-weightedrateofreturn.(discountratethatmakesthenetpresentvalueequaltozero.1Athree-yearinvestmentrequiresaninitialoutlayof£1,000.Itisexpectedtoprovidethreeyear-endcashflowsof£200plusanetsalvagevalueof£700attheendofthreeyears.ItsinternalrateOfreturn(IRR)isclosestto:a10%.B11%.C20%.65Giventhefollowingcashflowsforaca