部分答案期末考试卷.pdfVIP

Answers

SectionA:

1.BThesensitivitytoachangeinsalespricex1,300/50,025=

2.CFRAandforwardcontract原理一样。

选项A错在flexible,是标准的合同，不是灵活的。选项BOPTION是rights不是

obligation。选项D概念好解释错配。解释是smoothing.

3.BUsingPPPTtheory,expectedsix-monthspotrate=20·00x(1·05/1·02)0·5=20·30Dinar

per$Alternatively,20x(1·025/1·01)=20·30Dinarper$

4.AIfpastinformationcanhelpmakeinvestmentdecision,themarketmustbeaninefficient

market.

5.D传统理论是U型的不是线性的。

6.C

7C

TotalcashflowJointprobabilityEVofcashflow($)($)

36,0000·11254,050

14,0000·0375525

32,0000·450014,400

10,0000·15001,500

16,0000·18753,000

(6,000)0·0625(375)

23,100

Lessinitialinvestment(12,000)

EVoftheNPV11,100

8B

9A85，479

10D

11D

12A

13B

14C

15D

SectionB:(2Markeach)

16.D日和结算日之间汇率波动带来的叫风险。

17.B500,000/1.99=251,256

18.D492,611/2=246,305

19.BMatch适用于有相同时间相同外币的一收一付的时候。

20.B根据利息率或者通胀率或者已知的六个月和一年后的汇率都是本币在贬值。

21.V(E=fixedasset+currentasset-currentliability-longliability-preferenceshare)

22.Dshareprice=8x80c=6.40sharepricexNO.ofshares=6.4x5m/0.5=64million

23.C54million36x)/-5)=5.405.40x5m/0.5=54million

24.B9X3.791+100X0.621=96.22(useasdiscountrate)

25.BStatementA讲的是operationalefficiency.Csemistrongprivate有用Dstrong

form什么信息也没用的，都不能赚取超额回报。

26.A

MarketvaluesMarketvalueofequity=20mx5·50=$110million

Marketvalueofconvertibledebt=29mx107·11/100=$31·06million

Bookvalueofbankloan$2million

Totalmarketvalue=110+31·06+2=$143·06million

D/(D+E)=(31.06+2)

27.B

Willconvertonyear6notyear8,asitisarighttoconvertat6orrepaycapitalatyear8.

Conversionappearslikely,setheconversionvalueismuchgreaterthanparvalue.

Sharepriceinsixyears’time==$7·80

Conversionvalue=7·80x15=$117·00perbond

CostofconvertibledebtAnnualafter-taxinterestpayment=7x(1–0·3)=$4·90