澳大利亚阿德雷德大学 Adelaide University：金融与投资的十大问题及相关内容

QUESTION 1 [Total 4 marks]
问题1[4分]

(a) Explain what is meant by the market capitalisation of a listed company.
(1 mark)
解释上市公司的市值是什么意思。（1分）
(b) If a company has 10,000,000 ordinary shares on issue with a current market price of
$1.50 per share, calculate the market capitalisation of the company.(1 mark)
如果一家公司发行的10,000,000股普通股，与目前的市场价格每股1.50美元，该公司的市值计算。（1分）
(c) On the Australian share market, explain briefly why the market capitalisation of most
companies decreased in 2008.(2 marks)
于澳大利亚的市场份额，简要解释为什么在2008年大部分的市值公司减少。（2分）

QUESTION 2 [Total 5 marks]
问题2[5分]
http://ukthesis.org/Thesis_Writing/Finance

Consider a share investment which has four possible returns : -5%, -2%, 5%, 10%.
考虑A股投资有四种可能的回报：-5％，-2％，5％，10％。
The probability of each of these returns occurring is respectively : 0.4, 0.1, 0.2, 0.3.
发生这些回报的概率分别为0.4，0.1，0.2，0.3。
(a) What is the expected return for the investment? (2 marks)
什么是预期的投资回报？ （2分）
(b) What is the risk of the investment? (3 marks)
投资的风险是什么？ （3分）

QUESTION 3 [Total 10 marks]
问题3[共10分]

The rate of return for bonds issued by the Australian Commonwealth Government Treasury is given as 5% per annum. The return for the Australian share market is given as 12% per annum. Suppose a listed company has a beta value of 1.5.
由澳大利亚联邦政府财政部发行的债券的回报率定为每年5％。澳大利亚的市场份额以每年12％的回报。假设一家上市公司的beta值为1.5。
State the risk-free rate of interest. (1 mark)
国家无风险的利率。 （1分）
(a) Calculate the market premium. (1 mark)
计算的市场溢价。 （1分）
(b) Calculate the investors’ required rate of return for the company’s shares.(4 marks)
计算投资者要求公司的股份的回报率。（4分）
(d) Explain how the All Ordinaries Index can be used to estimate the market return of the
Australian share market. (2 marks)
解释所有普通股指数可以用来估计市场的回报澳大利亚的市场份额。 （2分）
(e) Explain why Australian Commonwealth Government Treasury Bonds are considered to be
risk-free. (2 marks)
解释为什么澳大利亚联邦政府国债被认为是无风险。 （2分）

QUESTION 4 [Total 8 marks]
问题4 [共8分]

Consider a corporate bond with a par value of $1,000 that will mature in 10 years. You are given that the investors’ required rate of return is 5% per annum.#p#分页标题#e#
考虑公司债券，票面价值1000美元，将在10年内到期。您给投资者要求的回报率是每年5％。
(a) Calculate the coupon interest payments and the price of the bond if the coupon
interest rate is 4% per annum, paid annually.(3 marks)
计算的息票利息付款和债券价格，如果优惠券利率为每年4％，每年付息一次。（3分）
(b) Calculate the coupon interest payments and the price of the bond if the coupon
interest rate is 4% per annum, paid half-yearly.(3 marks)
计算的息票利息付款和债券价格，如果优惠券利率为每年4％，每半年支付。（3分）
(c) Explain why there is an inverse relationship between the price and yield for bonds.
(2 marks)
解释为什么有债券的价格和收益率之间的反比关系。（2分）

QUESTION 5 [Total 4 marks]
问题5[4分]

Welles Ltd wants to sell preference shares at $7 per share. A very similar issue of preference shares having similar risk characteristics already on issue has a price of $3 per share and offers a dividend of $0.15 every year.
威尔斯有限公司希望出售优先股每股7美元。一个非常类似的问题，具有类似信用风险特征已发行的优先股每股3美元的价格，并提供每年0.15美元的股息。
(a) Calculate the investor’s expected rate of return for the current issue of preference
shares.(2 marks)
计算本期优先投资者的预期回报率股份。（2分）
(b) What dividend will Welles Ltd have to offer if the new preference shares to be issued
are going to sell?(2 marks)
什么样的股息将于威尔斯有限公司所提供的，如果新的优先股将予发行要出售？（2分）

QUESTION 6 [Total 10 marks]
问题6[共10分]

Consider a company with the following capital structure:
考虑以下资本结构的公司：
Market Value Market Yield
市场价值市场回报率
Ordinary shares $2,000,000 16.00%
Preference shares $1,000,000 15.00%
Bonds $2,000,000 12.00%
(a) Calculate the after-tax weighted average cost of capital for the company. Assume a
company tax rate of 30%.(6 marks)
计算的税后加权平均资本成本为公司。假设一个公司税率为30％。（6分）
 (b) Using your answer to part (a), if the company had a proposed investment project with an internal rate of return of 15%, would you accept the investment project? Explain
your answer.(2 marks)
使用（a）部分的答案，如果该公司有一个建议的投资项目内部回报率15％，你会接受的投资项目吗？说明你的答案。（2分）
(c) Explain what is meant by the operating (or business) risk of a company.(1 mark)
解释何谓操作（或业务）的公司的风险。（1分）
(d) Explain what is meant by the financial risk of a company.(1 mark)#p#分页标题#e#
解释，一家公司的财务风险是什么意思。（1分）

QUESTION 7 [Total 9 marks]
问题7 [共9分]

The dividend payments for a listed company are expected to grow at 4% per year. Suppose the investor’s required rate of return is 10% per annum.
一家上市公司的股息支付，预计每年将增长4％。假设投资者要求的回报率是每年10％。

(a) Calculate the intrinsic value of a share in the company if this year’s dividend (the
current dividend) is $3 per share.(4 marks)
计算在该公司的股份的内在价值，如果今年的股息（目前的股息）为每股3美元。（4分）
(b) Using your answer to part (a), if the market price of a share in the company is $50,
would you buy shares in the company? Explain your answer.(2 marks)
使用（a）部分，如果你的答案在公司的股份的市场价格是50美元，你会购买该公司的股份？解释你的答案。（2分）
(c) Calculate the intrinsic value of a share in the company if next year’s dividend is $3
per share.(3 marks)
计算的股份在公司的内在价值，如果明年的股息是3美元每股（3分）
BANK 2005: Study Period 2, 2010 Deferred and Supplementary Examination Page 5
2005年银行：研究期间，2010年递延补考5

QUESTION 8 [Total 32 marks]
问题8[共32分]

Consider two mutually exclusive investment projects, project A and project B. You are given project A has an expected life of 3 years and project B has an expected life of 9 years. Project A has expected future net cash flows in each of years 1-3 of $12,590. Project B has expected future net cash flows in each of years 1-9 of $6,625. The initial investment required for each project is $20,000. Assume a required rate of return of 15% per annum for each project.
考虑两个互斥的投资项目，项目A和项目B项目有一个预期寿命为3年，项目B，有9年的预期寿命。项目已预期未来净现金流量在年1-312590美元。项目B预计未来净现金流量在1-9每个年6625美元的。每个项目所需的初始投资为20,000元。假设每年15％的回报率，每个项目所需。
(a) What is meant by the payback period of an investment project? Explain why the
payback period method is used as a risk-screening device in capital budgeting.(3 marks)
(b) Calculate the payback period for project A and for project B.(2 marks)
(c) Calculate the discounted payback period for project A and project B.(8 marks)
(d) Calculate the net present value (NPV) for project A and for project B.(4 marks)
(e) Calculate the internal rate of return (IRR) for project A and for project B.(2 marks)
(f) Is project A an acceptable investment project? Is project B an acceptable investment
project? Explain your answers.(2 marks)
(g) Calculate the equivalent annual annuity (EAA) for project A and for project B.#p#分页标题#e#
(4 marks)
(h) Which project should be selected? Support your recommendation.(2 marks)
(i) When project risk is incorporated into the discount rate in capital budgeting, does this
increase or decrease the discount rate? Does the net present value increase or decrease
as a result of this? Explain your answers.(4 marks)
(j) Explain what is meant by capital rationing in capital budgeting.(1 mark)
BANK 2005: Study Period 2, 2010 Deferred and Supplementary Examination Page 6

QUESTION 9 [Total 10 marks]
问题9[10分]

Consider a company listed on the Australian share market where the shareholders are fully integrated with Australia’s dividend imputation system. The ordinary share price is currently $2.75 per share and the current fully franked dividend is $0.18 per share. Dividends are expected to grow at a rate of 7% per year. The company is considering a new issue of ordinary shares where 5% issue costs are anticipated. Assume a company tax rate of 30%.
考虑上市公司在澳大利亚的市场份额，股东与澳大利亚的股息归集系统完全集成。目前普通股股价是每股2.75美元和，目前完全税务减免股息为每股0.18美元。预期股息以每年7％的速度增长。该公司正在考虑发行新普通股，其中5％的发行成本预计。假定公司所得税税率为30％。
(a) What is the main advantage for shareholders of a dividend imputation system compared to a classical taxation system?(2 marks)
相比，一个经典的税制为股东的股息归集抵免制的主要优点是什么？（2分）
(b) Explain what is meant by a fully franked dividend.(1 mark)
解释完全税务减免股息是什么意思（1分）
(c) Is the company in this question a taxation category 1 or taxation category 2 company?
Explain your answer.(2 marks)
公司在这个问题上一个税务类别1或税项2类公司？解释你的答案。（2分）
(c) Calculate the company’s cost of capital for the new issue of ordinary shares.(4 marks)
计算该公司的新发行普通股的资本成本（4分）
(e) Explain why it is cheaper for a company to raise equity finance using retained earnings rather than a new share issue.(1 mark)
解释为什么它是便宜的公司使用留存收益，而不是一个新的股票发行筹集股本融资（1分）。

QUESTION 10 [Total 8 marks]
问题10 [共8分]

Suppose $1,000 is invested at the end of each year in perpetuity. The interest rate is 10% per year.
假设投资额为1,000元在如履薄冰每年年底。利率为每年10％。

(a) Calculate the present value (PV) of the investment to the nearest cent after : (i) 1 year
(ii) 10 years (iii) 50 years (iv) 100 years.(4 marks)
(b) Do the present values calculated in (a) appear to be approaching a limiting value as
the number of years increases? If so, what is this value? Explain your answer.(4 marks)#p#分页标题#e#
1年数年的增加吗？如果是这样，这是什么价值？