CFA课后习题：公司金融.docx

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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%.65Giventhefollowingcashflowsforaca