武汉大学 金融系 公司金融题目.doc

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1、1.YourjobattheSouthPoledoesn’tworkout,sonowyouhavedecidedtobuyanewsportscartoreplaceyourbelovedbeetle.Thepriceis$37,450andyourbankerwillfinancetheentirecostwitha60-monthloanwithanAPRof16.5%(whatdoyouexpectwithnodownpayment?).Whatwillyourmonthlypaymentsbe?WhatistheEARon

2、thisloan?2.TheonlyorebodybeingoperatedbytheTarnishedGoldMineisbeingdepletedandtheDirectorshavedecidedtoslowlydistributetheassetsofthecompanyinaseriesofdividendpayments.Thecompanyjustpaida$30dividendandwillreducethedividendby8%peryear,indefinitely.Ifa20%returnwererequir

3、ed,whatwouldyoupayforthestocktoday?3.FirmUNLEVhasanexpectedEBIT(inperpetuity)of$4,000.Theunleveredcostofcapitalis15%.Thefirmisconsideringrestructuringbyissuingnewdebttoaddsomefinancialleveragetothefirm.Theentireproceedsofthedebtissuewillbeusedtorepurchaseequity.Therequ

4、iredrateofreturnonthedebtis10%andthedebtwillbesoldatpar.Therearenoflotationcosts.i.Assumethattherearenotaxes.WhatisthevalueofUNLEVbeforetherestructuring?ii.Continuingwiththeassumptionsthatthetaxrateis34%andthefirmissues$8,800indebt,whatisthevalueofUNLEV’sequityafterthe

5、restructuring?iii.Again,continuingwiththeassumptionsthatthetaxrateis34%andthefirmissues$8,800indebt,whatisUNLEV’scostofequityaftertherestructuring?4.SupposeyouhavethefollowinginformationconcerninganacquiringFirmAandatargetFirmB.Neitherfirmhasanydebt.Theincrementalvalue

6、oftheacquisitionisestimatedtobe$250,000.FirmBiswillingtobeacquiredfor$30pershareincash.FirmAFirmBNumberofshares50,00018,000Pricepershare$50.00$22.50i.WhatisthevalueofFirmBtoFirmA?ii.WhatistheNPVofacquiringFirmB?iii.WhatisthepricepershareofFirmAaftertheacquisitionofFirm

7、Biscompleted?