< Financial Management (F9) 答案> 21130084E 课序号： 二 10 三 15 01 四 55 开课单位： 五 六 七 会计学院 总 分 100 课程号： 题 号 题 分 得 分 评阅人 一 20 Question 1 (20 marks) 4 4 2 3 2 1 4 1 1 4 1 2 1 3 1 2 1 1 3 3 Question 2 (10 marks) ∨ × × ∨ × ∨ × ∨ × ∨ Question 3 (15 marks) 1. (6 marks) Answers: (1) Liquidity preference theory (1 mark) This theory suggests that investors prefer to have cash now and so require compensation for lending money. The longer the period for which money is lent, the higher will be the interest rate to compensate the lender for deferring their use of the loaned cash. (1 mark) (2) Expectations theory (1 mark) This theory suggests that the relationship between short-term and long-term interest rates can be explained by expectations regarding interest rate movements. (1 mark) (3) Market segmentation theory (1 mark) The reason why interest rates may differ between loans of different maturity could be because the balance between supply and demand differs between markets for loans of different maturity. (1 mark) 2. (4 marks) Answers: Invoice discounting refers to the purchase of selected invoices by a financial company at a discount to their face value. (2 marks) Invoice discounting can therefore aid in the management of trade receivables by accelerating cash inflow from trade receivables when short-term cash flow problems arise. (2 marks) 3. (5 marks) Answers: The cost of equity is the return required by ordinary shareholders (equity investors), in order to compensate them for the risk associated with their equity investment, i.e. their investment in the ordinary shares of a company. (2 marks) If the risk of an investment increases, the return expected by the investor also increases. (1 mark) The claims of providers of debt finance (debt holders) must be paid off before any cash can be distributed to ordinary shareholders (the owners). (1 mark) The risk faced by shareholders is therefore greater than the risk faced by debt holders, and the cost of equity is therefore greater than the cost of debt. (1 mark) Question 4 (55 marks) 1. P3.003.303.643.64(15%)$65.62 (5 marks) (110%)(110%)2(110%)3(110%)3(10%5%)2. (1) the value=15,000×PVIFA7%,15=15,000×9.1079=$136,618.5 (2 marks) (2) the value=15,000×PVIFA7%,25=15,000×11.6536=$174,804 (2 marks) (3) the value=15,000×PVIFA7%,40=15,000×13.3317=$199,975.5 (2 marks) (4) the value=15,000÷7%=$214,285.71 (4 marks) 3. The constant dividend growth model is: Pt = Dt × (1 + g) / (R – g) Today is 2010, so D1 is 2011 when the dividend is €0.60. So the share price today is: P0 = D1 / (R – g) = €0.60 / (.10 – .08) = $30 (4 marks) P3 = D3 (1 + g) / (R – g) = D1 (1 + g)3 / (R – g) = $0.60 (1.08)3 / (.10 – .08) = $37.79 Or, 30(1.08)3 = $37.79 (3 marks) P5 = D5 (1 + g) / (R – g) = D1 (1 + g)5 / (R – g) = $0.60 (1.08)5 / (.10 – .08) = $44.08 Or, 30(1.08)5 = $44.08 (3 marks) 本文来源：https://www.wddqw.com/doc/c13fb425d4bbfd0a79563c1ec5da50e2534dd18e.html