公司理财罗斯第九版课后答案
公司理财罗斯第九版课后答案
【篇一：罗斯公司理财第九版课后习题答案中文版】
形式的公司中,股东是公司的所有者。股东选举公司的董事会,董事会任命该公司的管理层。企业的所有权和控制权分离的组织形式是导致的代理关系存在的主要原因。管理者可能追求自身或别人的利益最大化,而不是股东的利益最大化。在这种环境下,他们可能因为目标不一致而存在代理问题
2.非营利公司经常追求社会或政治任务等各种目标。非营利公司财务管理的目标是获取并有效使用资金以最大限度地实现组织的社会使命。
3.这句话是不正确的。管理者实施财务管理的目标就是最大化现有股票的每股价值，当前的股票价值反映了短期和长期的风险、时间以及未来现金流量。
4.有两种结论。一种极端,在市场经济中所有的东西都被定价。因此所有目标都有一个最优水平，包括避免不道德或非法的行为，股票价值最大化。另一种极端,我们可以认为这是非经济现象,最好的处理方式是通过政治手段。一个经典的思考问题给出了这种争论的答案:公司估计提高某种产品安全性的成本是30美元万。然而,该公司认为提高产品的安全性只会节省20美元万。请问公司应该怎么做呢?”
5.财务管理的目标都是相同的,但实现目标的最好方式可能是不同的,因为不同的国家有不同的社会、政治环境和经济制度。
7.其他国家的代理问题并不严重,主要取决于其他国家的私人投资者占比重较小。较少的私人投资者能减少不同的企业目标。高比重的机构所有权导致高学历的股东和管理层讨论决策风险项目。此外,机构投资者比私人投资者可以根据自己的资源和经验更好地对管理层实施有效的监督机制。
8.大型金融机构成为股票的主要持有者可能减少美国公司的代理问题，形成更有效率的公司控制权市场。但也不一定能。如果共同基金或者退休基金的管理层并不关心的投资者的利益，代理问题可能仍然存在,甚至有可能增加基金和投资者之间的代理问题。
9.就像市场需求其他劳动力一样，市场也需求首席执行官，首席执行官的薪酬是由市场决定的。这同样适用于运动员和演员。首席执行官薪酬大幅度增长的一个主要原因是现在越来越多的公司实行股票报酬，这样的改革是为了更好的协调股东和管理者的利益。这些
报酬有时被认为仅仅对股票价格上涨的回报,而不是对管理能力的奖励。或许在将来,高管薪酬仅用来奖励特别的能力,即,股票价格的上涨
增加了超过一般的市场。
10.最大化现在公司股票的价格和最大化未来股票价格是一样的。股票的价值取决于公司未来所有的现金流量。从另一方面来看,支付大
量的现金股利给股东,股票的预期价格将会上升。
第二章
1.正确。所有的资产都可以以某种价格转换为现金。但是提及流动
资产,假定该资产转换为现金时可达到或接近其市场价值是很重要的。
2.按公认会计原则中配比准则的要求，收入应与费用相配比，这样，在收入发生或应计的时候，即使没有现金流量，也要在利润表上报告。注意,这种方式是不正确的;但是会计必须这么做。
3.现金流量表最后一栏数字表明了现金流量的变化。这个数字对于
分析一家公司并没有太大的作用。
4.两种现金流量主要的区别在于利息费用的处理。会计现金流量将
利息作为营运现金流量,而财务现金流量将利息作为财务现金流量。
会计现金流量的逻辑是，利息在利润表的营运阶段出现，因此利息
是营运现金流量。事实上,利息是财务费用,这是公司对负债和权益的
选择的结果。比较这两种现金流量，财务现金流量更适合衡量公司
业绩。
5.市场价值不可能为负。想象某种股票价格为- 20美元。这就意味
着如果你订购100股的股票,你会损失两万美元的支票。你会想要买
多少这种股票?根据企业和个人破产法,个人或公司的净值不能为负,
这意味着负债不能超过资产的市场价值。
6.比如，作为一家成功并且飞速发展的公司，资本支出是巨大的,可
能导致负的资产现金流量。一般来说,最重要的问题是资本使用是否
恰当,而不是资产的现金流量是正还是负。
7.对于已建立的公司出现负的经营性现金流量可能不是好的表象,但
对于刚起步的公司这种现象是很正常的。
8.例如,如果一个公司的库存管理变得更有效率,一定数量的存货需要将会下降。如果该公司可以提高应收帐款回收率，同样可以降低存
货需求。一般来说,
任何导致期末的nwc相对与期初下降的事情都会有这样的作用。负
净资本性支出意味着资产的使用寿命比购买时长。
9.如果公司在某一特定时期销售股票比分配股利的数额多,公司对股
东的现金流量是负的。如果公司借债超过它支付的利息和本金，对
债权人的现金流量就是负的。
10.那些核销仅仅是会计上的调整。
11.ragsdale公司的利润表如下
=4700000-4200000+925000 =1425000美元
13.对债权人的现金流量=340000-(3100000-2800000)=40000美元
对股东的现金流量
=600000-(855000-820000)-(7600000-6800000)=-235000美元
企业流向投资者的现金流量=40000+(-235000)=-195000美元经营
性现金流量=(-195000)+760000-165000=205000美元14.
【篇二：罗斯公司理财第九版第十一章课后答案对应版】ass=txt>1.系统性风险通常是不可分散的，而非系统性风险是可分散
的。但是，系统风险是可以控制的，这需要很大的降低投资者的期
望收益。
2.（1）系统性风险（2）非系统性风险（3）都有，但大多数是系统
性风险（4）非系统性风险（5）非系统性风险（6）系统性风险
3.否，应在两者之间
4.错误，单个资产的方差是对总风险的衡量。
5.是的，组合标准差会比组合中各种资产的标准差小，但是投资组
合的贝塔系数不会小于最小的贝塔值。
6. 可能为0，因为当贝塔值为0 时，贝塔值为0 的风险资产收益=无
风险资产的收益，也可能存在负的贝塔值，此时风险资产收益小于
无风险资产收益。
7.因为协方差可以衡量一种证券与组合中其他证券方差之间的关系。
8. 如果我们假设，在过去3 年市场并没有停留不变，那么南方公司
的股价价格缺乏变化表明该股票要么有一个标准差或贝塔值非常接
近零。德州仪器的股票价格变动大并不意味着该公司的贝塔值高，
只能说德州仪器总风险很高。
10. the statement is false. if a security has a negative beta, investors would want to hold the asset to reduce the variability
of their portfolios. those assets will have expected returns that are lower than the risk-free rate. to see this, examine the
capital asset pricing model: e(rs) = rf + ?s[e(rm) – rf] if ?s 0, then the e(rs) rf
11. total value = 95($53) + 120($29) = $8,515
the portfolio weight for each stock is:
weighta = 95($53)/$8,515 = .5913weightb = 120($29)/$8,515
= .4087 12.total value = $1,900 + 2,300 = $4,200
so, the expected return of this portfolio is:
e(rp) = ($1,900/$4,200)(0.10) + ($2,300/$4,200)(0.15) = .1274 or
12.74%
13. e(rp) = .40(.11) + .35(.17) + .25(.14) = .1385 or 13.85%
14. here we are given the expected return of the portfolio and the expected return of each asset in the portfolio and are asked to find the weight of each asset. we can use the equation for the expected return of a portfolio to solve this problem. since the total weight of a
portfolio must equal 1 (100%), the weight of stock y must be one minus the weight of stock x. mathematically speaking, this means:
e(rp) = .129 = .16wx + .10(1 – w) x
we can now solve this equation for the weight of stock x as: .129 = .16wx + .10 – .10wx wx = 0.4833
so, the dollar amount invested in stock x is the weight of stock x times the total portfolio value, or:investment in x =
0.4833($10,000) = $4,833.33
and the dollar amount invested in stock y is:
investment in y = (1 – 0.4833)($10,000) = $5,166.67
15. e(r) = .2(–.09) + .5(.11) + .3(.23) = .1060 or 10.60%
16. e(ra) = .15(.06) + .65(.07) + .20(.11) = .0765 or 7.65%
e(rb) = .15(–
.2) + .65(.13) + .20(.33) = .1205 or 12.05%
17. e(ra) = .10(–.045) + .25 (.044) + .45(.12) + .20(.207) = .1019
or 10.19%
方差=.10(–.045 – .1019)⌒2 + .25(.044 – .1019)⌒2 + .45(.12 –
.1019)⌒2 + .20(.207 – .1019)⌒2 = .00535
标准差 = (.00535)1/2 = .0732 or 7.32%
18. e(rp) = .15(.08) + .65(.15) + .20(.24) = .1575 or 15.75%
if we own this portfolio, we would expect to get a return of 15.75 percent.
19. a.boom: e(rp) = (.07 + .15 + .33)/3 = .1833 or 18.33%
bust: e(rp) = (.13 + .03 ?.06)/3 = .0333 or 3.33%
e(rp) = .80(.1833) + .20(.0333) = .1533 or 15.33%
b. boom: e(rp)=.20(.07) +.20(.15) + .60(.33) =.2420 or 24.20%
bust: e(rp) =.20(.13) +.20(.03) + .60(?.06) = –.0040 or –0.40%
e(rp) = .80(.2420) + .20(?.004) = .1928 or 19.28%
p的方差= .80(.2420 – .1928)⌒2 + .20(?.0040 – .1928)⌒2
= .00968
20.a．boom: e(rp) = .30(.3) + .40(.45) + .30(.33) = .3690 or 36.90% good: e(rp) = .30(.12) + .40(.10) + .30(.15) = .1210 or 12.10%
poor: e(rp) = .30(.01) + .40(–.15) + .30(–.05) = –.0720 or –7.20%
bust: e(rp) = .30(–.06) + .40(–.30) + .30(–.09) = –.1650 or –16.50% e(rp) = .20(.3690) + .35(.1210) + .30(–.0720) + .15(–.1650) = .0698 or 6.98%
b．?p⌒2 = .20(.3690 – .0698)⌒2 + .35(.1210 – .0698)⌒2 + .30(–.0720 – .0698)⌒2 + .15(–.1650 – .0698)⌒2 = .03312
p的标准差= (.03312)⌒1/2 = .1820 or 18.20%
e(ri) = .05 + (.12 – .05)(1.25) = .1375 or 13.75%
24. we are given the values for the capm except for the ? of
the stock. we need to
substitute these values into the capm, and solve for the ? of
the stock. one important thing we need to realize is that we are given the market risk premium. the market risk premium is the expected return of the market minus the risk-free rate. we must be careful not to use this value as the expected return of the market. using the capm, we find:
25. e(ri) = .105 = .055 + [e(rm) – .055](.73) 则 e(rm) = .1235 or 12.35%
26. e(ri) = .162 = rf + (.11 – rf)(1.75)
.162 = rf + .1925 – 1.75rf 则 rf = .0407 or 4.07%
27. a. e(rp) = (.103 + .05)/2 = .0765 or 7.65%
b. we need to find the portfolio weights that result in a
portfolio with a ? of 0.50. we know the 贝塔of the risk-free
asset is zero. we also know the weight of the risk-free asset is one minus the weight of the stock since the portfolio weights must sum to one, or 100 percent. so:
c. we need to find the portfolio weights that result in a
portfolio with an expected return of 9 percent. we also know
the weight of the risk-free asset is one minus the weight of the stock
since the portfolio weights must sum to one, or 100 percent. so: d. solving for the ? of the portfolio as we did in part a
, we find:
even though we are solving for the ? and expected return of a portfolio of one stock and the risk-free asset for different portfolio weights, we are really solving for the sml. any combination of this stock and the risk-free asset will fall on the sml. for that matter, a
portfolio of any stock and the risk-free asset, or any portfolio of stocks, will fall on the sml. we know the slope of the sml line is the market risk premium, so using the capm and the information concerning this stock, the market risk premium is: e(rw) = .138 = .05 + mrp(1.30)
mrp = .088/1.3 = .0677 or 6.77%
so, now we know the capm equation for any stock is:
e(rp) = .05 + .0677*贝塔p
29. e(ry) = .055 + .068(1.35) = .1468 or 14.68%
e(rz) = .055 + .068(0.85) = .1128 or 11.28%
reward-to-risk ratio y = (.14 – .055) / 1.35 = .0630
reward-to-risk ratio z = (.115 – .055) / .85 = .0706
30. (.14 – rf)/1.35 = (.115 – rf)/0.85
we can cross multiply to get:0.85(.14 – rf) = 1.35(.115 – rf)
solving for the risk-free rate, we find:
0.119 – 0.85rf = 0.15525 – 1.35rf rf = .0725 or 7.25%
31.
32. [e(ra) – rf]/?a = [e(rb) – rf]/?b
33. boom: e(rp) = .4(.20) + .4(.35) + .2(.60) = .3400 or 34.00%
normal: e(rp) = .4(.15) + .4(.12) + .2(.05) = .1180 or 11.80%
bust: e(rp) = .4(.01) + .4(–.25) + .2(–.50) = –.1960 or –19.60%
e(rp) = .35(.34) + .40(.118) + .25(–.196) = .1172 or 11.72%
?p⌒2= .35(.34 – .1172)2 + .40(.118 – .1172)2 + .25(–.196 –
.1172)2 = .04190
??p = (.04190)1/2 = .2047 or 20.47%
b. rpi = e(rp) – rf = .1172 – .038 = .0792 or 7.92%
c．approximate expected real return = .1172 – .035 = .0822 or 8.22%
1 + e(ri) = (1 + h)[1 + e(ri)]
1.1172 = (1.0350)[1 + e(ri)]
e(ri) = (1.1172/1.035) – 1 = .0794 or 7.94%
approximate expected real risk premium = .0792 – .035 = .0442 or 4.42%
exact expected real risk premium = (1.0792/1.035) – 1 = .0427 or 4.27%
34. wa = $180,000 / $1,000,000 = .18wb = $290,000/$1,000,000
= .29
invest in stock c = .33655172($1,000,000) = $336,551.72
1 = wa + wb + wc + wrf 1 = .18 + .29 + .3365517
2 + wrf wrf
= .19344828 invest in risk-free asset = .19344828($1,000,000) = $193,448.28
35. e(rp) = .1070 = wx(.172) + wy(.0875) + (1 – wx – wy)(.055)
wx = –0.11111wy = 2.00000wrf = –0.88889
investment in stock x = –0.11111($100,000) = –$11,111.11
36. e(ra) = .33(.082) + .33(.095) + .33(.063) = .0800 or 8.00%
e(rb) = .33(–.065) + .33(.124) + .33(.185) = .0813 or 8.13%
股票a：方差=.33(.082 – .0800)⌒2 + .33(.095 – .0800)⌒2
+ .33(.063 – .0800)⌒2 = .00017 标准差=(.00017)⌒1/2 = .0131 or 1.31%
股票b：方差=.33(–.065 – .0813)⌒2 + .33(.124 – .0813)⌒2
+ .33(.185 – .0813)⌒2 = .01133 标准差= (.01133)1/2 = .1064 or 1064%
cov(a,b) = .33(.092 – .0800)(–.065 – .0813) + .33(.095 –
.0800)(.124 – .0813) + .33(.063 – .0800)(.185 – .0813) = –.000472 ?a,b = cov(a,b) / ?（标准差a ?标准差b） = –.000472 /
(.0131)(.1064) = –.3373 37. e(ra) = .30(–.020) + .50(.138)
+ .20(.218) = .1066 or 10.66%
e(rb) = .30(.034) + .50(.062) + .20(.092) = .0596 or 5.96%
?的方差 ?=.30(–.020 – .1066)⌒2 + .50(.138 – .1066)⌒2
+ .20(.218 – .1066)⌒2 = .00778 2 a的标准差 = (.00778)⌒1/2
= .0882 or 8.82%
b的方差=.30(.034 – .0596)⌒2 + .50(.062 – .0596)⌒2 + .20(.092 – .0596)⌒2 = .00041 b的标准差 = (.00041)⌒1/2 = .0202 or 2.02%
cov(a,b) = .30(–.020 – .1066)(.034 – .0596) + .50(.138 –
.1066)(.062 – .0596) + .20(.218 – .1066)(.092 – .0596) = .001732 ?a,b = cov(a,b) / a的标准差 *b的标准差 = .001732 / (.0882)(.0202) = .9701
38. a. e(rp) = wfe(rf) + wge(rg)
e(rp) = .30(.10) + .70(.17) = .1490 or 14.90%
b
. the variance of a portfolio of two assets can be expressed as: ?标准差= (.18675)⌒1/2 = .4322 or 43.22%
39. a. the expected return of the portfolio is the sum of the weight of each asset times the expected return of each asset, so:
e(rp) = wae(ra) + wbe(rb
) = .45(.13) + .55(.19) = .1630 or 16.30%
【篇三：罗斯公司理财第九版第十章课后答案对应版】
s=txt>1. 因为公司的表现具有不可预见性。
2. 投资者很容易看到最坏的投资结果，但是确很难预测到。
3. 不是，股票具有更高的风险，一些投资者属于风险规避者，他们
认为这点额外的报酬率还不至于吸引他们付出更高风险的代价。
4. 股票市场与赌博是不同的，它实际是个零和市场，所有人都可能赢。而且投机者带给市场更高的流动性，有利于市场效率。
5. 在80 年代初是最高的，因为伴随着高通胀和费雪效应。
6. 有可能，当投资风险资产报酬非常低，而无风险资产报酬非常高，或者同时出现这两种现象时就会发生这样的情况。
7. 相同，假设两公司2 年前股票价格都为p0，则两年后g 公司股
票价格为
1.1*0.9* p0，而s 公司股票价格为0.9*1.1 p0，所以两个公司两年
后的股价是一样的。
8. 不相同，lake minerals 2年后股票价格 = 100(1.10)(1.10) = $121.00 而smalltown furniture 2年后股票价格= 100(1.25)(.95) = $118.75
9. 算数平均收益率仅仅是对所有收益率简单加总平均，它没有考虑
到所有收益率组合的效果，而几何平均收益率考虑到了收益率组合
的效果，所以后者比较重要。
10. 不管是否考虑通货膨胀因素，其风险溢价没有变化，因为风险溢价是风险资产收益率与无风险资产收益率的差额，若这两者都考虑
到通货膨胀的因素，其差额仍然是相互抵消的。而在考虑税收后收
益率就会降低，因为税后收益会降低。
11. r = [($104 – 92) + 1.45] / $92 = .1462 or 14.62%
12. dividend yield = $1.45 / $92 = .0158 or 1.58%
capital gains yield = ($104 – 92) / $92 = .1304 or 13.04%
13. r = [($81 – 92) + 1.45] / $92 = –.1038 or –10.38%
dividend yield = $1.45 / $92 = .0158 or 1.58%
capital gains yield = ($81 – 92) / $92 = –.1196 or –11.96%
14.
15. a. to find the average return, we sum all the returns and divide by the number of returns, so: arithmetic average return = (.34 +.16 + .19 – .21 + .08)/5 = .1120 or 11.20%
b. using the equation to calculate variance, we find:
variance = 1/4[(.34 – .112)⌒2 + (.16 – .112)⌒2 + (.19 – .112)⌒2 + (–.21 – .112)⌒2 + (.08 – .112)⌒2] = 0.041270
so, the standard deviation is:
standard deviation = (0.041270)⌒1/2 = 0.2032 or 20.32%
16. a. to calculate the average real return, we can use the average return of the asset and the average inflation rate in the fisher equation. doing so, we find:
(1 + r) = (1 + r)(1 + h)则r = (1.1120/1.042) – 1=.0672 or 6.72%
b. the average risk premium is simply the average return of the asset, minus the average real riskfree rate, so, the average risk premium for this asset would be:
rp ??r – f r= .1120 – .0510= .0610 or 6.10%
17. we can find the average real risk-free rate using the fisher equation. the average real risk-free rate was: (1 + r) = (1 + r)(1 + h)
r f = (1.051/1.042) – 1= .0086 or 0.86%
and to calculate the average real risk premium, we can subtract the average risk-free rate from the average real return. so, the average real risk premium was:
rp ??r – r f = 6.72% – 0.86%= 5.85%
18. apply the five-year holding-period return formula to calculate the total return of the stock over the five-year period, we find:
5-year holding-period return = [(1 + r1)(1 + r2)(1 +r3)(1 +r4)(1
+r5)] – 1
= [(1 + .1843)(1 + .1682)(1 + .0683)(1 + .3219)(1 – .1987)] – 1
= 0.5655 or 56.55%
19. to find the return on the zero coupon bond, we first need to find the price of the bond
today. since one year has elapsed, the bond now has 29 years to maturity, so the price today is: p1 = $1,000/1.0929 = $82.15
there are no intermediate cash flows on a zero coupon bond, so the return is the capital gains, or: r = ($82.15 – 77.81) / $77.81 = .0558 or 5.58%
20. the return of any asset is the increase in price, plus any dividends or cash flows, all divided by the initial price. this stock paid no dividend, so the return was:
r = ($82.01 – 75.15) / $75.15 = .0913 or 9.13%
this is the return for three months, so the apr is:
apr = 4(9.13%) = 36.51%
and the ear is:
ear = (1 + .0913)⌒4 – 1 = .4182 or 41.82%
21.
22. to calculate the arithmetic and geometric average returns, we must first calculate the return for each year. the return for each year is:
r1 = ($55.83 – 49.62 + 0.68) / $49.62 = .1389 or 13.89%
r2 = ($57.03 – 55.83 + 0.73) / $55.83 = .0346 or 3.46%
r3 = ($50.25 – 57.03 + 0.84) / $57.03 = –.1042 or –10.42%
r4 = ($53.82 – 50.25 + 0.91)/ $50.25 = .0892 or 8.92%
r5 = ($64.18 – 53.82 + 1.02) / $53.82 = .2114 or 21.14%
the arithmetic average return was:
ra = (0.1389 + 0.0346 – 0.1042 + 0.0892 + 0.2114)/5 = 0.0740 or 7.40%
and the geometric average return was:
rg = [(1 + .1389)(1 + .0346)(1 – .1042)(1 + .0892)(1 + .2114)]1/5 –1 = 0.0685 or 6.85%
23. to find the return on the coupon bond, we first need to find the price of the bond today. since one year has elapsed, the bond now has six years to maturity, so the price today is: p1 = $70(pvifa8%,6) + $1,000/1.086 = $953.77
you received the coupon payments on the bond, so the nominal return was:
r = ($953.77 – 943.82 + 70) / $943.82 = .0847 or 8.47%
and using the fisher equation to find the real return, we get:
r = (1.0847 / 1.048) – 1 = .0350 or 3.50%
24. looking at the long-term government bond return history in table 10.2, we see that the mean return was 6.1 percent, with a standard deviation of 9.4 percent. in the normal probability distribution, approximately 2/3 of the observations are within one standard deviation of the mean. this means that 1/3 of the observations are outside one standard deviation away from the mean. or:
pr(r –3.3 or r15.5) ≈1/3
but we are only interested in one tail here, that is, returns less than –3.3 percent, so: pr(r –3.3) ≈1/6
you can use the z-statistic and the cumulative normal distribution table to find the answer as well. doing so, we find: z = (–3.3% – 6.1)/9.4% = –1.00
looking at the z-table, this gives a probability of 15.87%, or:
pr(r –3.3) ≈.1587 or 15.87%
the range of returns you would expect to see 95 percent of the time is the mean plus or minus
2 standard deviations, or:
the range of returns you would expect to see 99 percent of the time is the mean plus or minus 3 standard deviations, or: