这个作业是完成债券、股息等金融相关的问题
FINANCE 251 Final Assessment Semester 1, 2020
1. BBB有限公司于2016年7月1日发行了20年零息债券。现在是2020年7月1日。
该债券的到期收益率为5％。
一个。今天这种债券每100美元的价格是多少？
（2分）
b。在未来12个月内，如果此类债券的市场利率恢复到4％
p.a.今天购买债券的投资者将获得多少回报率？
他们是否在2021年7月1日出售了债券？
（3分）
2.如果昨天刚支付了$ 1的股息，那么5年后将要支付的预期股息是多少，
股息预计将以每年5％的恒定速度增长，而公司的预期股息为15％
返回？
（2分）
3.以每股2.50美元的价格出售，每年支付0.25美元的股票的预期收益率是多少
股息，并有望在一年内以每股3.00美元的价格出售？
（3分）
4.对于拥有2500万美元资产负债表权益的公司，当前的股票价格是多少？
发行量为2,500,000股，市盈率为2？
（2分）
5. A股当前价格为25.00美元，贝塔系数为1.25，股息收益率为6％。如果无风险
利率为5％，预计市场投资组合每年将回报14％，A股应卖什么
在投资者的两年投资期结束时？
（7分）
6.如果由于Covid-19大流行引起的破坏而导致股票市场回报
2020年变成–20％，请解释一下如果我们使用历史平均值来估计
明年的预期市场风险溢价。讨论这是否有意义以及我们
应该做的。
（6分）
7.您正在考虑将您的积蓄投资到股票投资组合中。您已确定
以下股份作为合适的投资对象：
股份预期收益Beta（β）
A有限公司6％0.8
B有限公司9％1.0
C有限公司15％1.2
一个。每个公司的权重相等的投资组合的预期收益是多少
分享？
（2分）
b。每个公司的股票都具有同等权重的投资组合的Beta是多少？
（2分）
8. GT-KiwiSaver基金的经理预计该基金今年将获得12％的收益率。
基金投资组合的beta（β）为0.8。国库券的可用收益率（无风险）
资产）为每年5％。并且您期望NZSX50指数基金（市场
投资组合）为每年15％
一个。演示您是否应该投资GT-KiwiSaver基金。
（6分）
b。展示如何使用问题中提到的工具创建投资组合，
风险与GT-KiwiSaver基金相同，但预期收益率更高。
（7分）
C。说明为什么实际上，共同基金（例如KiwiSaver基金）必须能够提供
预期收益率高于证券市场预期的收益率
为了让投资者认为该基金是有吸引力的投资机会。
（6分）
9. BBB Ltd.的首席财务官指出，该公司的债务成本低于其成本
权益。他们认为公司应确保能够增加其
借款，因为否则将被迫使用更昂贵的股权为其融资
新项目。如果使用股权，那么公司可能不得不拒绝一些它
以较低的债务成本进行评估时，本来可以接受的。评论这个推理。
（6分）
10. Calculate a company’s weighted-average cost of capital if the shares have a beta of 1.5,
Treasury bills yield 3% p.a., and the market portfolio offers an expected return of 9% p.a. In
addition to equity, the company finances 50% of its assets with debt that has a yield to
maturity of 7% p.a. The company’s corporate tax rate is 28%.
(5 marks)
11. Your business can continue to use an older, less efficient machine at a cost of $8,000 annually.
Alternatively, you can purchase a more efficient machine for $12,000 today plus $5,000 annual
maintenance costs at the end of each year. If the new machine lasts 5 years and the cost of
capital is 15% p.a., which alternative should you choose? Show all your workings and explain
your choice.
(5 marks)
12. A company owns a tract of timber that will keep growing for a number of years. It calculates
that the timber’s value less the cost of harvesting is currently $50,000 and that this figure will
grow by 10% in the next year and by 5% in the following year. If the cost of capital is 8% p.a.,
when should the company harvest the timber?
(6 marks)
13. Briefly explain how you would compare projects with different useful lives.
(6 marks)
14. BBB Ltd., is considering shortening its credit period from 30 days to 20 days and believes, as a
result of this change, its average collection period will decrease from 36 days to 30 days. Bad
debt expenses are also expected to decrease from 1.5% to 0.5% of sales. The firm is currently
selling 300,000 units but believes as a result of the change, sales will decline to 275,000 units.
On 300,000 units, sales revenue is $4,200,000, variable costs total $3,300,000, and fixed costs
are $300,000. The firm has a required return on similar-risk investments of 15 p.a. Evaluate this
proposed change and make a recommendation to the firm.
(7 marks)
15. BBB Ltd., needs to raise $10 million more capital for an investment project and has decided to
do so via a renounceable rights issue. BBB Ltd., has 10 million shares outstanding and the
current market price of shares is $5.00. BBB Ltd.’s advisers have suggested new shares should
be issued at a discounted price of $4.00 per share.
a. How many new shares will be required?
(2 marks)
b. How many exiting shares would be required to obtain one right.
(2 marks)
c. How much would one right be worth?
(2 marks)
d. What is the theoretical ex-rights price of a BBB Ltd., share?
(2 marks)
e. What is the new share discount to the theoretical ex-rights price?
(3 marks)
16. BBB Ltd., is a New Zealand domiciled company which is considering entering into a joint
venture in China with a local company based in Guangzhou. The investment is expected to
generate (in millions of Yuan) the following cash flows:
Year 0 1 2 3
CF -4,500.0 1,300.0 2,400.0 3,500.0
The NZ risk-free rate is 2% and the rate in China is 4%. The spot rate is: CNY4.50 : NZD1.00 and
BBB Ltd., has a New Zealand Dollar WACC of 12%.
a. Calculate the appropriate forward exchange rates for this project.
(2 marks)
b. Calculate the appropriate NZD equivalent cash flows for this project.
(2 marks)
c. Calculate the appropriate NPV of this project.
(2 marks)