财务管理学及财务知识分析(英文版).pptxVIP

;;;;;;;;Note:;;;;;;;;;Suppose the company has been earning 15% on equity (ROE = 15%) and retaining 35% (dividend payout = 65%), and this situation is expected to continue.What’s the expected future g?;;;;;1. When a company issues new common stock they also have to pay flotation costs to the underwriter. 2. Issuing new common stock may send a negative signal to the capital markets, which may depress stock price.;;;;;;;;;;What are the three types of project risk?;How is each type of risk used?;;Methods for Estimating a Project’s Beta;2. Accounting beta. Run regression between project’s ROA and SP index ROA. Accounting betas are correlated (0.5 – 0.6) with market betas. But normally can’t get data on new projects’ ROAs before the capital budgeting decision has been made.;Find the division’s market risk and cost of capital based on the CAPM, given these inputs:;Beta = 1.7, so division has more market risk than average. Division’s required return on equity: ks = kRF + (kM – kRF)bDiv. = 7% + (6%)1.7 = 17.2%. WACCDiv. = wdkd(1 – T) + wcks = 0.4(12%)(0.6) + 0.6(17.2%) = 13.2%.;How does the division’s market risk compare with the firm’s overall market risk?;9、春去春又回，新桃换旧符。在那桃花盛开的地方，在这醉人芬芳的季节，愿你生活像春天一样阳光，心情像桃花一样美丽，日子像桃子一样甜蜜。10月-2010月-20Thursday, October 15, 2020 10、人的志向通常和他们的能力成正比例。01:53:2401:53:2401:5310/15/2020 1:53:24 AM 11、夫学须志也，才须学也，非学无以广才，非志无以成学。10月-2001:53:2401:53Oct-2015-Oct-20 12、越是无能的人，越喜欢挑剔别人的错儿。01:53:2401:53:2401:53Thursday, October 15, 2020 13、志不立，天下无可成之事。10月-2010月-2001:53:2401:53:24October 15, 2020 14、Thank you very much for taking me with you on that splendid outing to London. It was the first time that I had seen the Tower or any of the other famous sights. If Id gone alone, I couldnt have seen nearly as much, because I wouldnt have known my way about. 。15 十月 20201:53:24 上午01:53:2410月-20 15、会当凌绝顶，一览众山小。十月 201:53 上午10月-2001:53October 15, 2020 16、如果一个人不知道他要驶向哪头，那么任何风都不是顺风。2020/10/15 1:53:2401:53:2415 October 2020 17、一个人如果不到最高峰，他就没有片刻的安宁，他也就不会感到生命的