MOOCCorporateFinance-北京理工大學中國大學慕課答案1.1WhatisCorporateFinance?1、問題：Wecanusethe（）toanswerthequestion:Whatlongterminvestmentsshouldthefirmchoose?選項：A、TheCapitalBudgetingDecisionB、TheCapitalStructureDecisionC、Short-TermAssetManagementD、CashManagement正確答案:【TheCapitalBudgetingDecision】1.2FormsofBusinessOrganization1、問題：Thebusinessorganizationownedbyonepersoniscalled()選項：A、PartnershipB、CorporationC、SoleProprietorshipD、Noneofabove正確答案:【SoleProprietorship】1.3TheImportanceofCashFlows1、問題：CashFlowisequaltoAccountingIncome.選項：A、正確B、錯誤正確答案:【錯誤】1.4TheGoalofFinancialManagement1、問題：Fromtheaspectoftheshareholder,thegoaloffinancialmanagementisto()選項：A、minimizecostsB、maximizeoutputC、maximizesalesormarketshareD、maximizethecurrentvaluepershareoftheexistingstock正確答案:【maximizethecurrentvaluepershareoftheexistingstock】1.5TheAgencyProblemandControloftheCorporation1、問題：Incentivescan’tbeusedtoalignmanagementandstockholder.選項：A、正確B、錯誤正確答案:【錯誤】1.IntroductiononCorporateFinance單元測驗1、問題：Theagencyproblemistheconflictofinterestbetweenprincipaland()選項：A、StakeholderB、AgentC、StaffD、Noneoftheabove正確答案:【Stakeholder】2、問題：Whichofthefollowingmeasurescanmanagemanagers?選項：A、CorporatecontrolB、InfluenceofotherstakeholdersC、ManagerialcompensationD、Alloftheabove正確答案:【Alloftheabove】3、問題：Thethreeformsofbusinessorganizationare()選項：A、SoleproprietorshipB、PartnershipC、CommercialbankD、Thecorporation正確答案:【Soleproprietorship#Partnership#Thecorporation】4、問題：Fixedassetscanbedividedintotangibleassetsandintangibleassets.選項：A、正確B、錯誤正確答案:【正確】5、問題：Corporatefinanceisthestudyoftherelationshipbetweenbusinessdecisions選項：A、正確B、錯誤正確答案:【正確】2.1TheBalanceSheet1、問題：Whatistheassetequalto？選項：A、liabilities+equityB、currentliabilities+long-termdebtC、shareholder’sequalityD、currentassets+currentliabilities正確答案:【liabilities+equity】2.2BalanceSheetAnalysis1、問題：Whichofthefollowingistrue?選項：A、Thebookvalueofthecompanyisequaltothemarketvalue.B、Currentassetsarethemostliquid.C、Thelessliquidacompanyis,thelesslikelyitistomeetlong-termdebtobligations.D、Currentassetstendtoyieldhigherreturnsthanfixedassets.正確答案:【Currentassetsarethemostliquid.】2.3TheIncomeStatement1、問題：Whichofthefollowingistrue?選項：A、TheIncomeStatementisatableofmeasuringfinancialperformanceoveraspecificperiodoftime.B、Theaccountingdefinitionofincomeis:Revenue–Expenses≡Income.C、Thenon-operatingsectionoftheincomestatementincludesallfinancingcosts,suchasinterestexpense.D、Onlycashitemsneedtobeconsideredintheincomestatement.正確答案:【TheIncomeStatementisatableofmeasuringfinancialperformanceoveraspecificperiodoftime.#Theaccountingdefinitionofincomeis:Revenue–Expenses≡Income.#Thenon-operatingsectionoftheincomestatementincludesallfinancingcosts,suchasinterestexpense.】2.4IncomeStatementAnalysis1、問題：Whichofthefollowingistrue?選項：A、ThematchingprincipalofGAAPdictatesthatrevenuesbematchedwithexpenses.B、Ifcashflowhavenotoccurred,incomeandexpensesarenothavetobereportedwhenearnedorincurred.C、Somenoncashaccountsincludeaccountreceivable,accountpayableanddeferredtaxes,noneofwhichrepresentacashflow.D、Intheshortrunsomecostsarefixedandothersvariable;Inthelongrunallcostsarevariable.正確答案:【ThematchingprincipalofGAAPdictatesthatrevenuesbematchedwithexpenses.#Somenoncashaccountsincludeaccountreceivable,accountpayableanddeferredtaxes,noneofwhichrepresentacashflow.#Intheshortrunsomecostsarefixedandothersvariable;Inthelongrunallcostsarevariable.】2.5Taxes1、問題：Thepercentagepaidonthenextdollarearnedismarginaltaxrates.選項：A、正確B、錯誤正確答案:【正確】2.6TheStatementofCashFlows1、問題：Whichofthefollowingstatementsaboutthecashflowstatementiswrong?選項：A、Cashflowreceivedfromthefirm’sassetsmustequalthecashflowstothefirm’screditorsandstockholders.B、Accountingcashflowandfinancialcashflowareequal.C、Thethreecomponentsofthestatementofcashflowsare:Cashflowfromoperatingactivities;Cashflowfrominvestingactivities;Cashflowfromfinancingactivities.D、Cashflowfrominvestingactivitiesinvolveschangesincapitalassets:acquisitionoffixedassetsandsalesoffixedassets.正確答案:【Accountingcashflowandfinancialcashflowareequal.】2.7IntegratedReport1、問題：Whichofthefollowingiswrong?選項：A、Anintegratedreportisconcisecommunicationabouthowanorganization'sstrategy,governance,performanceandprospects,inthecontextofitsexternalenvironmentleadtothecreationofvalueintheshort,mediumandlongterm.B、IntegratedReportincludesCorporateSocialResponsibilityReport(CSR);SustainabilityReport;Environment,SocialResponsibility,CorporateGovernance(ESG);CitizenshipReportInternationallntegratedReportingCouncil(IIRC)andsoon.C、IRisaprocessfoundedonintegratedthinkingthatresultsinaperiodicintegratedreportbyanorganizationaboutvaluecreationovertimeandrelatedcommunicationsregardingaspectsofvaluecreation.D、Integratedreportisaformofcommunication,whichinitselfisnotmeaningful.正確答案:【Integratedreportisaformofcommunication,whichinitselfisnotmeaningful.】2.FinancialStatementsandCashFlow1、問題：Whatarenotthethreecomponentsofthestatementofcashflows?選項：A、CashflowfromoperatingactivitieB、CashflowfrominvestingactivitiesC、CashflowfromfinancingactivitiesD、Cashflowfromdepreciatingactivities正確答案:【Cashflowfromdepreciatingactivities】2、問題：Whichofthefollowingiswrong?選項：A、Cashflowstoandfromcreditorsandownersincludechangesinequityanddebt.B、Tocalculatecashflowfromoperations,startwithnetincome,addbacknoncashitemslikedepreciationandadjustforchangesincurrentassetsandliabilities(otherthancash).C、Cashflowfrominvestingactivitiesinvolveschangesincapitalassets:acquisitionoffixedassetsandsalesoffixedassets(i.e.,netcapitalexpenditures).D、TheBalanceSheetistheadditionofcashflowsfromoperations,investing,andfinancing.正確答案:【TheBalanceSheetistheadditionofcashflowsfromoperations,investing,andfinancing.】3、問題：Whatistheassetequalto?選項：A、Assets=Liabilities+Shareholders’equityB、Assets=Currentasserts+netfixedassetsC、Assets=Currentliabilities+Long-termdebt+Shareholders’equityD、Assets=Currentasserts+netfixedassets+Currentliabilities+Long-termdebt+Shareholders’equity正確答案:【Assets=Liabilities+Shareholders’equity#Assets=Currentasserts+netfixedassets#Assets=Currentliabilities+Long-termdebt+Shareholders’equity】4、問題：Bookvalueisalwaysequaltomarketvalue.選項：A、正確B、錯誤正確答案:【錯誤】5、問題：Cashflowreceivedfromthefirm’sassetsmustequalthecashflowstothefirm’screditorsandstockholders.選項：A、正確B、錯誤正確答案:【正確】3.1Common-SizeStatements1、問題：Inordertomakemeaningfulcomparisonsofcompaniesofdifferentsizefinancialprofessionalsusetwokeyechniques:Common-SizeStatementsandFinancialRatios.選項：A、正確B、錯誤正確答案:【正確】3.2RatioAnalysis——liquidityRatiosandLeverageRatios1、問題：WhatistheQuickRatioequalto？選項：A、CA/CB、(CA–Inventory)/CLC、Cash/CLD、(TA–TE)/TA正確答案:【(CA–Inventory)/CL】3.3RatioAnalysis——TurnoverRatios1、問題：Days’SalesinInventory=InventoryTurnover/365選項：A、正確B、錯誤正確答案:【錯誤】3.4ProfitabilityRatiosandMarketValueRatios1、問題：Whichofthefollowingistrue?選項：A、ProfitMargin=NetIncome/SalesB、ReturnonAssets(ROA)=NetIncome/TotalAssetsC、ReturnonEquity(ROE)=NetIncome/TotalEquityD、EBITDAMargin=EBITDA/Sales正確答案:【ProfitMargin=NetIncome/Sales#ReturnonAssets(ROA)=NetIncome/TotalAssets#ReturnonEquity(ROE)=NetIncome/TotalEquity#EBITDAMargin=EBITDA/Sales】3.5TheDuPontIdentity1、問題：Whichofthefollowingistrue?選項：A、Profitmarginisameasureofthefirm’soperatingefficiency–howwellitcontrolscosts.B、Totalassetturnoverisameasureofthefirm’sassetuseefficiency–howwellitmanagesitsassets.C、TheDuPontIdentityholdsthatROEisactuallyafunctionof3measures:OperatingEfficiency(ProfitMargin)AssetUseEfficiency(TotalAssetTurnover)FinancialLeverage(EquityMultiplier)D、Equitymultiplierisameasureofthefirm’sfinancialleverage.正確答案:【Profitmarginisameasureofthefirm’soperatingefficiency–howwellitcontrolscosts.#Totalassetturnoverisameasureofthefirm’sassetuseefficiency–howwellitmanagesitsassets.#TheDuPontIdentityholdsthatROEisactuallyafunctionof3measures:OperatingEfficiency(ProfitMargin)AssetUseEfficiency(TotalAssetTurnover)FinancialLeverage(EquityMultiplier)#Equitymultiplierisameasureofthefirm’sfinancialleverage.】3.FinancialStatementsAnalysis1、問題：（）cancomputeallaccountsasapercentoftotalassets.選項：A、BalanceSheetsB、Common-SizeBalanceSheetsC、IncomeStatementsD、Common-SizeIncomeStatements正確答案:【Common-SizeBalanceSheets】2、問題：（）cancomputealllineitemsasapercentofsales.選項：A、BalanceSheetsB、Common-SizeBalanceSheetsC、IncomeStatementsD、Common-SizeIncomeStatements正確答案:【Common-SizeIncomeStatements】3、問題：Whichofthefollowingistrue?選項：A、EquityMultiplier=TA/TEB、TotalDebtRatio=TD/TEC、EquityMultiplier=1+D/ED、TotalDebtRatio=(TA–TE)/TA正確答案:【EquityMultiplier=TA/TE#EquityMultiplier=1+D/E#TotalDebtRatio=(TA–TE)/TA】4、問題：Time-TrendAnalysisisusedtoseehowthefirm’sperformanceischangingthroughtime.選項：A、正確B、錯誤正確答案:【正確】5、問題：PeerGroupAnalysiscomparestosimilarcompaniesorwithinindustries.選項：A、正確B、錯誤正確答案:【正確】4.1TheOne-PeriodCase1、問題：Intheone-periodcase,theformulaforFVcanbewrittenas:FV=Co×(1+r).選項：A、正確B、錯誤正確答案:【正確】4.2TheMultiperiodCase1、問題：Supposeastockcurrentlypaysadividendof$1.20,whichisexpectedtogrowat30%peryearforthenextfouryears.Whatwillthedividendbeinfouryears?選項：A、2.03B、3.43C、2.64D、1.56正確答案:【3.43】4.3CompoundingPeriods1、問題：Ifarateisexpressedannually,butcompoundedmorefrequently,thentheeffectiverateishigherthanthestatedrate.Thisconceptiscalled（）選項：A、APRB、RC、EARD、Noneofabove正確答案:【EAR】4.4Simplifications1、問題：WhatisthevalueofaBritishconsolbondthatpromisestopay$20everyyearforever?Theinterestrateis5-percent.選項：A、400B、20C、200D、21正確答案:【400】4.DiscountedCashFlowValuation1、問題：Supposeaninvestmentthatpromisestopay$5,000inoneyearisofferedforsalefor$4500.Yourinterestrateis10%.WhatistheNPVinthissituation?選項：A、5500B、4725C、4545.45D、45.45正確答案:【45.45】2、問題：Howmuchwouldaninvestorhavetosetasidetodayinordertohave$20,000fouryearsfromnowifthecurrentrateis10%?選項：A、14000B、29282C、13,660.27D、14285.71正確答案:【13,660.27】3、問題：Ifyouinvest$50for4yearsat10%compoundedsemi-annually,yourinvestmentwillgrowto()選項：A、73.87B、70C、52.03D、73.21正確答案:【73.87】4、問題：Astreamofcashflowsthatgrowsataconstantrateforeveriscalled()選項：A、PerpetuityB、GrowingPerpetuityC、AnnuityD、Growingannuity正確答案:【GrowingPerpetuity】5、問題：Therearefourvariables,WhicharePV,FV,T,R.Ifyouhaveanythreeyoucansolveforthefourth.選項：A、正確B、錯誤正確答案:【正確】5.1NPV1、問題：Foraproject,theestimatedcashflowisasfollowsYear0:C0=-165,000;Year1:NCF1=63,120;Year2:NCF2=70,800；Year3:NCF3=91,080；Therequiredrateofreturnonthisriskyassetis12%WhatistheNPVofthisproject?選項：A、12,627.42B、177,627.42C、200,892.86D、35,892.86正確答案:【12,627.42】5.2IRR1、問題：WhichofthefollowingiswrongaboutIRR?選項：A、IRRisthediscountratewhensetsNPVtozeroB、WeusuallyselectalternativewiththelowestIRRC、TheremaybemultipleIRRsD、Theremaybemutuallyexclusiveinvestmentproblems正確答案:【W(wǎng)eusuallyselectalternativewiththelowestIRR】5.3IRR21、問題：NPVandIRRwillgenerallygivethesamedecision,buttherewillbeexceptionsinnon-conventionalcashflowsandmutuallyexclusiveprojects.選項：A、正確B、錯誤正確答案:【正確】5.4PI1、問題：TheMinimumAcceptanceCriteriaisifPI1,wewillacceptit.AndweusuallyselectalternativewiththehighestPI.選項：A、正確B、錯誤正確答案:【正確】5.5PPandDPP1、問題：WhichofthefollowingistrueaboutPP?選項：A、ThePaybackPeriodMethodignoresthetimevalueofmoney.B、ThePaybackPeriodMethodignorescashflowsafterthepaybackperiod.C、AprojectacceptedbasedonthepaybackcriteriamaynothaveapositiveNPV.D、ThePaybackPeriodMethodhasquickcashrecovery.正確答案:【ThePaybackPeriodMethodignoresthetimevalueofmoney.#ThePaybackPeriodMethodignorescashflowsafterthepaybackperiod.#AprojectacceptedbasedonthepaybackcriteriamaynothaveapositiveNPV.#ThePaybackPeriodMethodhasquickcashrecovery.】5.6AARandsummary1、問題：ARRisanattractiveapproachthatisoftenusedwithoutmajordrawbacks.選項：A、正確B、錯誤正確答案:【錯誤】5.InvestmentRules1、問題：()=TotalPVoffutureprojectCF’s-theInitialInvestment;()=TotalPVoffuturecashflows/Initialinvestment;()=Averagenetincome/Averagebookvalueofinvestment;()=thediscountratethatsetsNPVtozero.選項：A、NPV;PI;AAR;IRRB、PI;NPV;AAR;IRRC、NPV;PI;AAR;PPD、PI;NPV;PP;IRR正確答案:【NPV;PI;AAR;IRR】2、問題：Asoftwarecompanyplanstoinvest2000millionyuaninthedevelopmentofaproductinearly2006andisexpectedtostartmakingaprofitin2007,withannualproductsalesasshowninthetable.Accordingtothedatainthetable,thepaybackperiodfortheproductis()yearsandthediscountedpaybackperiodis()years.(Tip:Discountrateis0.1)yearinvestmentearnings20062000-2007-9902008-12102009-11982010-1277選項：A、2.2;3B、2;2.4C、1.8;2.1D、1.9;2正確答案:【1.8;2.1】3、問題：WhichofthefollowingistrueaboutNPV?選項：A、NPVusesallrelevantcashflowsoftheproject.B、NPVdiscountsthecashflowsproperly.C、ReinvestmentassumptionisthattheNPVruleassumesthatallcashflowscanbereinvestedatthediscountrate.D、NPV=TotalPVoffutureprojectCF’slesstheInitialInvestment.正確答案:【NPVusesallrelevantcashflowsoftheproject.#NPVdiscountsthecashflowsproperly.#ReinvestmentassumptionisthattheNPVruleassumesthatallcashflowscanbereinvestedatthediscountrate.#NPV=TotalPVoffutureprojectCF’slesstheInitialInvestment.】4、問題：WhichofthefollowingistrueaboutAAR?選項：A、Ignoresthetimevalueofmoney.B、Usesanarbitrarybenchmarkcutoffrate.C、Basedonbookvalues,notcashflowsandmarketvalues.D、Theaccountinginformationisusuallyavailable.正確答案:【Ignoresthetimevalueofmoney.#Usesanarbitrarybenchmarkcutoffrate.#Basedonbookvalues,notcashflowsandmarketvalues.#Theaccountinginformationisusuallyavailable.】5、問題：TheMinimumAcceptanceCriteriaforinvestingtypeprojectisifIRRislessthanthediscountratewewillacceptit.AndtheMinimumAcceptanceCriteriaforfinancingtypeprojectisifIRRisgreaterthanthediscountratewewillacceptit.選項：A、正確B、錯誤正確答案:【錯誤】6.1Bondvaluation11、問題：Abondisalegallybindingagreementbetweenaborrowerandalenderthatspecifiesthe（）.選項：A、Par(face)valueB、CouponrateC、CouponpaymentD、MaturityDate正確答案:【Par(face)value#Couponrate#Couponpayment#MaturityDate】6.2Bondvaluation21、問題：Thesensitivityofinterestrateriskdirectlydependsontwothings:thetimetomaturityandthecouponrate.選項：A、正確B、錯誤正確答案:【正確】6.3GovernmentandCorporateBonds1、問題：Coupondebtwithoriginalmaturitybetweenoneandtenyearsiscalled（）選項：A、FederalgovernmentdebtB、T-billsC、T-notesD、T-bonds正確答案:【T-notes】6.4InflationandInterestRates1、問題：Ifwerequirea12%realreturnandweexpectinflationtobe10%,whatisthenominalrate?選項：A、23.2%B、22%C、123.2%D、2%正確答案:【23.2%】6.BondValuation1、問題：Thevalueofa3-yearzero-couponbondwitha$100parvalueand5%interestrateis().選項：A、100B、86.38C、186.38D、Noneofabove正確答案:【86.38】2、問題：Informationneededforvaluingpurediscountbondsis（）選項：A、TimetomaturityB、FacevalueC、DiscountrateD、Maturitydate正確答案:【Timetomaturity#Facevalue#Discountrate】3、問題：Interestratesareinverselyrelatedtopresent(i.e,bond)values.選項：A、正確B、錯誤正確答案:【正確】4、問題：Governmentbondshasgreaterdefaultriskrelativetocorporatebonds.選項：A、正確B、錯誤正確答案:【錯誤】5、問題：Thelong-maturitybondwillhavemuchlessvolatilitywithrespecttochangesinthediscountrate.選項：A、正確B、錯誤正確答案:【錯誤】7.1ThePresentValueofCommonStocks1、問題：StockA'sdividendisexpectedtogrowby8%.Eachsharehasjustreceivedadividendof$3.24(annually).Atamarketdiscountrateof15%,whatisthevalueofthecommonstock?選項：A、$46.29B、$43.75C、$49.99D、$23.33正確答案:【$49.99】7.2EstimatesofParameters1、問題：Supposeacompanyhasaretentionratioof75%andearnsanROEof11%.WhatistheGrowthRate,g=()?選項：A、8.25%B、6.82%C、75%D、11%正確答案:【8.25%】7.3SomeFeaturesofCommonandPreferredStocks1、問題：Preferredstockgenerallydoesnotcarryvotingrights.Butcommonstockgenerallycarriesvotingrights.選項：A、正確B、錯誤正確答案:【正確】7.StockValuation1、問題：StockB'sdividendgrowthratiowas16%inthefirstthreeyearsand8%inthefollowingyear.Eachsharehasjustreceivedadividendof$3.24(annually).Themarketdiscountrateis15%.Whatisthevalueofcommonstock?選項：A、$78B、$9.9C、$51.32D、$61.22正確答案:【$61.22】2、問題：Acompany'sdividendof10yuanpershare,dividendsaregrowingatarateof4%andthecurrentpriceis15yuanpershare,Ris()?選項：A、66.67%B、69.33%C、73.33%D、73.67%正確答案:【73.33%】3、問題：Whichofthefollowingisright?選項：A、Commonstocksharesproportionallyindeclareddividends.B、Commonstocksharesproportionallyinremainingassetsduringliquidation.C、Preferredstockdividendsarenotaliabilityofthefirm,andpreferreddividendscanbedeferredindefinitely.D、Mostpreferreddividendsarecumulative–anymissedpreferreddividendshavetobepaidbeforecommondividendscanbepaid.正確答案:【Commonstocksharesproportionallyindeclareddividends.#Commonstocksharesproportionallyinremainingassetsduringliquidation.#Preferredstockdividendsarenotaliabilityofthefirm,andpreferreddividendscanbedeferredindefinitely.#Mostpreferreddividendsarecumulative–anymissedpreferreddividendshavetobepaidbeforecommondividendscanbepaid.】4、問題：Thevalueofafirmonlydependsuponitsgrowthrate,andhasnothingtodowithitsdiscountrate.選項：A、正確B、錯誤正確答案:【錯誤】5、問題：Thediscountratecanbebrokenintotwoparts:thedividendyieldandthegrowthrate(individends)orthecapitalgainsyield.選項：A、正確B、錯誤正確答案:【正確】8.1Return1、問題：PercentageReturn=()選項：A、dollarreturn/beginningmarketvalueB、(dividend+changeinmarketvalue)/beginningmarketvalueC、dividendyield+capitalgainsyieldD、dividend+changeinmarketvalue正確答案:【dollarreturn/beginningmarketvalue#(dividend+changeinmarketvalue)/beginningmarketvalue#dividendyield+capitalgainsyield】8.2Return21、問題：Supposethatthecurrentrateforone-yearTreasurybillsis5%.Theaveragereturnonsmallcompanycommonstocksfortheperiod1926through2019was13.6%.Whatistheexpectedreturnonthemarketofsmall-companystocks?選項：A、5%B、8.6%C、13.6%D、18.6%正確答案:【18.6%】8.3Risk1、問題：Considerthefollowingtworiskyassets.Thereisa1/3chanceofeachstateoftheeconomy,andtheonlyassetsareastockfundandabondfund.??RateofReturnScenarioProbabilityStockFundBondFundRecession33.3%-7%17%Normal33.3%12%7%Boom33.3%28%-3%Stockfund:ExpectedReturnis____;Varianceis____;StandardDeviationis____()①11.00%②7.00%③3.240%④14.31%⑤2.047%⑥0.667%⑦8.16%選項：A、①⑤④B、①④⑤C、②⑥⑦D、②③⑤正確答案:【①⑤④】8.4Risk21、問題：Thereisaminimumlevelofriskthatcannotbediversifiedaway,andthatistheunsystematicportion.選項：A、正確B、錯誤正確答案:【錯誤】8.5CAPM1、問題：Iftherisk-freereturnis4.4%andtheaverageA-shareyieldis12.41%,whatistheexpectedreturnonthesethreestocks?security?InvestmentweightPingAnBank（000001）0.4540%Newandinto（002001）1.0230%Trident（300001）1.2330%選項：A、8.00%B、11.25%C、12.57%D、14.25%正確答案:【11.25%】8.RiskandReturn1、問題：Webought50sharesofacertainstockoneyearagotodayat$50pershare.Overthelastyear,wereceived$200individends($4pershare).Attheendoftheyear,thestocksellsfor$60pershare.Thepercentagegainfortheyearis:()選項：A、23.3%B、28%C、40%D、48%正確答案:【28%】2、問題：SupposeyouareconsideringbuyingsharesinMooreOilandyouexpecttoreceiveadividendof$2pershareinayear'stime,andyouthinkyoucansellat$14pershareatthattime.Ifyouaskfora20%yield,whatisthemaximumpriceyouarewillingtopayforthisstock?選項：A、11.67B、13.33C、13.67D、16.33正確答案:【13.33】3、問題：Whichofthefollowingisright?選項：A、Systematicriskistheriskfactorsthataffectalargenumberofassets.B、Unsystematicriskistheriskfactorsthataffectalimitednumberofassets.C、Systematicriskisknownasnon-diversifiableriskormarketrisk.D、Unsystematicriskisknownasuniqueriskandasset-specificrisk.正確答案:【Systematicriskistheriskfactorsthataffectalargenumberofassets.#Unsystematicriskistheriskfactorsthataffectalimitednumberofassets.#Systematicriskisknownasnon-diversifiableriskormarketrisk.#Unsystematicriskisknownasuniqueriskandasset-specificrisk.】4、問題：Whichofthefollowingisright?選項：A、Effectivediversificationofportfoliosspreadsnon-systematicrisk,withonlysystematicrisks.B、Thebetacoefficientmeasuresthelevelofsystematicrisk.C、Thecapitalassetpricingmodeldefinestherelationshipbetweenrisk(systematicrisk)andexpectedreturn.D、Thetotalriskfordiversifiedportfolioisessentiallyequivalenttothesystematicrisk.正確答案:【Effectivediversificationofportfoliosspreadsnon-systematicrisk,withonlysystematicrisks.#Thebetacoefficientmeasuresthelevelofsystematicrisk.#Thecapitalassetpricingmodeldefinestherelationshipbetweenrisk(systematicrisk)andexpectedreturn.#Thetotalriskfordiversifiedportfolioisessentiallyequivalenttothesystematicrisk.】5、問題：Investmentsdon’tofferreturnsonaconsistentbasis.Andthemostrewardinginvestmentshavethemostvolatilereturns.Theleastrewardinginvestmentshavetheleastvolatilereturns.選項：A、正確B、錯誤正確答案:【正確】9.1RisingCapital1、問題：PrivateissuerequiresESCregistration.選項：A、正確B、錯誤正確答案:【錯誤】9.2Underwriters1、問題：IntheUniformPriceAuction,thepricepersharethatallsuccessfulbidderspayis().選項：A、accordingtothesituationB、differentC、thesameD、noneofall正確答案:【thesame】9.3IPOsandUnderpricing1、問題：MostCommonMotivationsforIPOare()選項：A、CreatePublicSharesforUseinAcquisitionsB、EstablishMarketValueoftheFirmC、EnhanceReputationofFirmD、DiversifyOwnershipandOwnerWealth正確答案:【CreatePublicSharesforUseinAcquisitions#EstablishMarketValueoftheFirm#EnhanceReputationofFirm#DiversifyOwnershipandOwnerWealth】9.Financing1、問題：1.Whatstageisgroundmoneyandseedmoneyusuallybelongtointheventurecapital?選項：A、ThefirststageB、ThesecondstageC、ThethirdstageD、Noneofall正確答案:【Thefirststage】2、問題：MostCommonReasonsforUnderpricingare()選項：A、CompensateInvestorsforIPORiskB、IncreasePost-issueTradingVolumeC、DecreasePost-issueTradingVolumeD、Noneofabove正確答案:【CompensateInvestorsforIPORisk#IncreasePost-issueTradingVolume】3、問題：TheCostofIssuingSecuritiesinclude()選項：A、SpreadandOtherdirectexpenseB、IndirectexpensesandAbnormalreturnC、UnderpricingD、GreenShoeoption正確答案:【SpreadandOtherdirectexpense#IndirectexpensesandAbnormalreturn#Underpricing#GreenShoeoption】4、問題：VentureCapitalistheprivatefinancingfornew,highriskbusinessesinexchangeforstock.選項：A、正確B、錯誤正確答案:【正確】5、問題：GreenShoeProvisioncanalsobecalled“OverallotmentOption”選項：A、正確B、錯誤正確答案:【正確】10.1CashDividend1、問題：TypesofDivid