大学MOOC 高级财务管理(首都经济贸易大学)1463457161 最新慕课完整章节测试答案
Chapter1.CorporateFinance,OwnershipStructure,andCorporateGovernance
文章目录
1.1Test
1、单选题：
Which of the following statement is False?
选项：
A: Financial policy is determined by managers.
B: Financial policy is determined by the board of directors and management authorities.
C: The financial policy should be carried out by managers.
D: Having a clear and stable financial policy is of great importance to a modern company.
答案: 【 Financial policy is determined by managers.】
2、单选题：
Which of the following statement is False?
选项：
A: The business environment is more complicated than ever.
B: The financial policy is just a conceptual framework that makes no sense for the corporate.
C: The cost of capital is a basic concept for modern corporate finance.
D: The board of directors and management authorities should take the basic theory of financial management, financial rules, the development strategy of the corporate and the business environment into consideration when making finance policy.
答案: 【 The financial policy is just a conceptual framework that makes no sense for the corporate.】
3、判断题：
Survey research is the only method for finance academics to solve corporate problems.
选项：
A: 正确
B: 错误
答案: 【 错误】
2.1Test
1、单选题：
What is the most optimal corporate finance?
选项：
A: Aiming for the maximization of shareholder wealth.
B: Aiming for the maximization of the stock price.
C: Aiming for the maximization of social welfare.
D: Aiming for the maximization of the assets.
答案: 【 Aiming for the maximization of shareholder wealth.】
2、单选题：
Which of the following statement is False?
选项：
A: The determining right of the financial policy is the board of directors and senior management.
B: Optimal corporate finance is rational and planning corporate finance, which is embodied in a set of scientific, reasonable, and stable financial policies.
C: Only when the actual rate of return equals the required rate of return can we say the maximization of shareholder wealth has realized.
D: Financial policy is the reflection of the financial will of the board of directors.
答案: 【 Only when the actual rate of return equals the required rate of return can we say the maximization of shareholder wealth has realized.】
3、多选题：
Which of the following are the contents of a financial policy?
选项：
A: Cost of capital estimation policy.
B: Dividend payout ratio policy.
C: “Zero” working capital policy.
D: IPO policy.
答案: 【 Cost of capital estimation policy.;
Dividend payout ratio policy.;
“Zero” working capital policy.;
IPO policy.】
2.2Test
1、单选题：
Based on the maximization of shareholder wealth, which of the following statement is False?
选项：
A: Only when the discount rate equals the project’s risk-adjusted cost of capital can we accept the project investment opportunity.
B: For the realization of the optimal capital budget, the marginal cost of capital should equal the marginal investment efficiency.
C: The optimal capital structure is one that minimizes the firm’s cost of equity capital.
D: The board of directors and management should and also have the obligation to arrange the amount and the structure of financing through scientific methods and reasonable ways.
答案: 【 The optimal capital structure is one that minimizes the firm’s cost of equity capital.】
2、多选题：
Which financial policy is anchored by the cost of capital?
选项：
A: Capital investment performance evaluation policy.
B: Publicly policy.
C: Dividend payout amount policy.
D: Capital investment project classification policy.
答案: 【 Capital investment performance evaluation policy.;
Publicly policy.;
Dividend payout amount policy.;
Capital investment project classification policy.】
3、判断题：
A modern company should try to minimize its cost of capital which is a balance between debt and equity, and it can achieve value maximization hereafter.
选项：
A: 正确
B: 错误
答案: 【 正确】
3.1Test
1、单选题：
The list of corporate scandals seems to go on forever: Sunbeam, Enron, ImClone, WorldCom, Tyco, Adelphia … Although details vary from company to company, the common themes always have some relationship with the manager and shareholder, especially their conflicts. Which financial theory can we use when analyzing these issues?
选项：
A: Tax Hypothesis
B: Life-Cycle Theory
C: Signaling Hypothesis
D: Agency Conflict-Free Cash Flow Hypothesis
答案: 【 Agency Conflict-Free Cash Flow Hypothesis】
2、多选题：
Which are the fundamental theories we can use in corporate financial policy analysis?
选项：
A: Agency Conflict-Free Cash Flow Hypothesis
B: Information Asymmetry
C: Life-Cycle Theory
D: Capital Structure Hypothesis
答案: 【 Agency Conflict-Free Cash Flow Hypothesis;
Information Asymmetry;
Life-Cycle Theory;
Capital Structure Hypothesis】
3、判断题：
According to the tax hypothesis, a company should consider the corporate tax rate. As for the individual tax rate, the company doesn’t need to care.
选项：
A: 正确
B: 错误
答案: 【 错误】
3.2Test
1、单选题：
If a company is considering a stock repurchase policy, which financial theory can we use when analyzing this company?
选项：
A: Tax Hypothesis.
B: Life-Cycle Theory.
C: Capital Structure Hypothesis.
D: Industry Convention Hypothesis.
答案: 【 Capital Structure Hypothesis.】
2、单选题：
Which of the following is not the reason for the development of behavioral corporate finance?
选项：
A: Target deviation.
B: Market inefficiency.
C: Scientific defects in management methods and procedures.
D: Managers rationality.
答案: 【 Managers rationality.】
3、单选题：
Which of the following cases is NOT an illustration of behavioral corporate finance?
选项：
A: Managers are more concerned about the company size and some related party’s interests.
B: The cost of capital is determined by easy methods by the boards of directors and managers.
C: Managers need to change the dividend policy in time to realize the maximization of shareholder wealth, and they don’t need to care about dividend stability.
D: Managers will consider the financial flexibility when determining the optimal capital structure.
答案: 【 Managers need to change the dividend policy in time to realize the maximization of shareholder wealth, and they don’t need to care about dividend stability.】
4.1Test
1、单选题：
Which is NOT the basic issue of corporate governance?
选项：
A: Board of directors
B: Controlling shareholder and ownership structure
C: Social welfare
D: Executive compensation system
答案: 【 Social welfare】
2、多选题：
Which are the components of the external corporate governance policy?
选项：
A: Government regulations
B: Demand for and assessment of performance information
C: Debt covenants
D: Managerial labor market
答案: 【 Government regulations;
Demand for and assessment of performance information;
Debt covenants;
Managerial labor market】
3、判断题：
Corporate governance aims to better understand the shareholders’ investment requirement, protect the safety of shareholder wealth and maximize the shareholder wealth. And corporate governance is no different from corporate finance.
选项：
A: 正确
B: 错误
答案: 【 错误】
4.2Test
1、单选题：
According to LLS(1999), which of the following statement is False?
选项：
A: A modest concentration of ownership exists even among the largest American firms.
B: Having large shareholders is not a common phenomenon and large shareholders are always negative in corporate governance.
C: Large shareholders have control rights in firms in excess of their cash flow rights, largely through the use of pyramids, but they also participate in management.
D: The occasions of large shareholders vary from country and region.
答案: 【 Having large shareholders is not a common phenomenon and large shareholders are always negative in corporate governance.】
2、多选题：
Which types can be the large (ultimate) owners?
选项：
A: Family.
B: A widely held financial institution such as a bank or an insurance company.
C: Miscellaneous, such as a cooperative, a voting trust, or a group with no single controlling investor.
D: A widely held corporation.
答案: 【 Family.;
A widely held financial institution such as a bank or an insurance company.;
Miscellaneous, such as a cooperative, a voting trust, or a group with no single controlling investor.;
A widely held corporation.】
3、判断题：
Finance theory generally identifies the primary goal of management as maximizing shareholder wealth or maximizing the value of the firm.
选项：
A: 正确
B: 错误
答案: 【 正确】
TestforChapter1
1、单选题：
Concerning the characteristics of shareholder heterogeneity, which of the following is False?
选项：
A: Shareholders have different requirements for corporate governance.
B: Shareholders have different preferences on the age of the chief executive officer.
C: Shareholders have different required returns on the corporate.
D: Shareholders have different expectations on the corporate.
答案: 【 Shareholders have different preferences on the age of the chief executive officer.】
2、单选题：
Which of the following statement is False about the finance policy?
选项：
A: Having a clear and stable financial policy is of great importance to a modern company.
B: Financial policy is determined by the board of directors and management authorities.
C: The determining right of the financial policy is senior managers.
D: Finance policy can guide and restrict corporate behaviors.
答案: 【 The determining right of the financial policy is senior managers.】
3、单选题：
Which of the following statement is False about the optimal finance policy?
选项：
A: Optimal corporate finance could achieve the financial goal of maximizing the wealth of shareholders under the premise of corporate long-term sustainable development.
B: Optimal corporate finance is rational and planning corporate finance, which is embodied in a set of scientific, reasonable, and stable financial theories.
C: Optimal corporate finance can organically combine the corporate philosophy, corporate governance and management behavior, which can build up first-class corporate competitive ability.
D: Optimal finance policy needs to achieve the optimal capital structure, which has the lowest cost of equity capital.
答案: 【 Optimal finance policy needs to achieve the optimal capital structure, which has the lowest cost of equity capital.】
4、单选题：
Which of the following statement is False about the large shareholders?
选项：
A: LLS (1999) finds that even among the largest American firms, there is a modest concentration of ownership.
B: LLS (1999) suggests that in many countries large corporations have large shareholders and, further, that these shareholders are active in corporate governance.
C: LLS (1999) finds that in different countries and different regions, the type of large shareholders has no difference.
D: Large shareholders can be a family or an individual, the state, a widely held financial institution such as a bank or an insurance company, a widely held corporation, or miscellaneous such as a cooperative, a voting trust, or a group with no single controlling investor.
答案: 【 LLS (1999) finds that in different countries and different regions, the type of large shareholders has no difference.】
5、单选题：
What is the financial objective of the corporates?
选项：
A: Maximization of shareholder wealth.
B: Maximization of the stock price.
C: Maximization of social welfare.
D: Minimization of the accruals.
答案: 【 Maximization of shareholder wealth.】
6、多选题：
What are the important characteristics of finance policy?
选项：
A: Purposeful.
B: Industrial.
C: Timely.
D: Conventionally.
E: Invariable.
F: Unstable.
答案: 【 Purposeful.;
Industrial.;
Timely.;
Conventionally.】
7、多选题：
What are the three significant finance policies to corporate?
选项：
A: Cost of capital estimation policy.
B: Capital budgeting policy.
C: Financing policy
D: Dividend policy
E: Working capital policy
F: Financial risks control policy
答案: 【 Capital budgeting policy.;
Financing policy;
Dividend policy】
8、多选题：
What are the characteristics of finance policy under the cost of equity anchoring effect?
选项：
A: Have a specific tendency to estimate techniques of cost of capital.
B: Have measurable goals on the maximization of shareholders' wealth.
C: Have a harmonious investor relationship and specific debt-to-equity ratio which is agreed by investors.
D: Have specific hurdle rate on investment projects.
E: Have proper dividend payout plans which trade off the required return and corporate long-term development.
F: Have a clear understanding on the external effect of the cost of capital.
答案: 【 Have a specific tendency to estimate techniques of cost of capital.;
Have measurable goals on the maximization of shareholders' wealth.;
Have a harmonious investor relationship and specific debt-to-equity ratio which is agreed by investors.;
Have specific hurdle rate on investment projects.;
Have proper dividend payout plans which trade off the required return and corporate long-term development.;
Have a clear understanding on the external effect of the cost of capital.】
9、多选题：
What are the fundamental theories of corporate financial policy analysis?
选项：
A: Agency Conflict-Free Cash Flow Hypothesis
B: Information Asymmetry
C: Signaling Hypothesis
D: Capital Structure Hypothesis
E: Industry Convention Hypothesis
F: Behavioral Hypothesis
答案: 【 Agency Conflict-Free Cash Flow Hypothesis;
Information Asymmetry;
Signaling Hypothesis;
Capital Structure Hypothesis;
Industry Convention Hypothesis;
Behavioral Hypothesis】
10、多选题：
Which are the components of the external corporate governance policy?
选项：
A: Government regulations
B: Demand for and assessment of performance information
C: Debt covenants
D: Competition
E: Media pressure
F: Managerial labor market
答案: 【 Government regulations;
Demand for and assessment of performance information;
Debt covenants;
Competition;
Media pressure;
Managerial labor market】
Chapter2.CostofCapital
1.1Test
1、单选题：
Which of the following item has the cost of capital?
选项：
A: Accruals
B: Debt
C: Deferred taxes
D: Accounts payable
答案: 【 Debt】
2、单选题：
“Capital” refers to the sources of funding that come from ____.
选项：
A: investors
B: suppliers
C: manufacturers
D: all of the above
答案: 【 investors】
3、单选题：
Cost of capital is the ____?
选项：
A: actual cost
B: sunk cost
C: historical cost
D: opportunity cost
答案: 【 opportunity cost】
2.1Test
1、单选题：
Calculating the firm’s WACC, we should use ____ to calculate the weights of debt and equity.
选项：
A: book value
B: liquidation value
C: market value
D: investment value
答案: 【 market value】
2、单选题：
The cost of debt can be measured by the ____ of a bond.
选项：
A: coupon rate
B: expected yield
C: market rate
D: yield to maturity
答案: 【 yield to maturity】
3、单选题：
In the context of the Capital Asset Pricing Model, the relevant measure of risk is ____.
选项：
A: unique risk
B: systematic risk
C: specific risk
D: reinvestment risk
答案: 【 systematic risk】
2.2Test
1、单选题：
Which of the following method is feasible for estimating the growth rate “g” in Gordon Model?
选项：
A: Use the historical growth rate.
B: Use the growth rate forecasted by analysts.
C: Use the earnings retention growth model.
D: All of the above
答案: 【 All of the above】
2、单选题：
Which of the following is the correct form of Gordon Model?
选项：
A: r=D0/P0+g
B: r=D1/P0+g
C: r=D0(1+g)/P1+g
D: r=D1(1+g)/P0+g
答案: 【 r=D1/P0+g】
3、多选题：
Compared with the CAPM, which of the following are the new factors added to the Fama-French three-factor model?
选项：
A: Risk premium
B: SMB
C: HML
D: RMW
答案: 【 SMB;
HML】
3.1Test
1、单选题：
Which of the following is the application of cost of capital？
选项：
A: As the benchmark for compensation plans
B: Determining the target capital structure
C: As the hurdle rate in evaluating capital budgeting projects
D: All of the above
答案: 【 All of the above】
2、单选题：
Which of the following does not need to be considered when using CAPM to estimate the cost of equity?
选项：
A: risk-free rate
B: beta factor
C: market-risk premium
D: inflation rate
答案: 【 inflation rate】
3、判断题：
The after-tax cost of debt is predominantly based on marginal pretax costs, and marginal or statutory tax rates.
选项：
A: 正确
B: 错误
答案: 【 正确】
3.2Test
1、单选题：
In estimating the weighted average cost of capital, it is best to use the ____.
选项：
A: target capital structure weights
B: current market-value weights
C: book-value weights
D: some other weighting scheme
答案: 【 target capital structure weights】
2、判断题：
Most survey researches found that there is no discount-rate differences on foreign and domestic projects.
选项：
A: 正确
B: 错误
答案: 【 正确】
3、判断题：
Finance theory suggests that firms using long-term debt as a future source of financing should identify and use the pre-tax cost of that debt in calculating WACC.
选项：
A: 正确
B: 错误
答案: 【 错误】
3.3Test
1、单选题：
Regarding the hurdle rates, Finance theory suggests that firms use ____.
选项：
A: one rate for all projects
B: risk-adjusted discount rates
C: risk-free rate
D: indifference
答案: 【 risk-adjusted discount rates】
2、判断题：
Finance theory suggests that for large publicly traded firms, stockholders should diversify their portfolios, eliminating diversifiable risk and leaving only systematic risk in their portfolios.
选项：
A: 正确
B: 错误
答案: 【 正确】
3、判断题：
Firms considering projects on an annual basis, semiannual basis, or quarterly basis should estimate their cost of capital annually, semiannually, or quarterly to match the length of time between project-evaluating episodes.
选项：
A: 正确
B: 错误
答案: 【 正确】
Chapter2.CostofCapital
1、单选题：
（此测试仅作为巩固练习，不计入期末成绩）Which of the following item has the cost of capital?
选项：
A: Accruals
B: Debt
C: Deferred taxes
D: Accounts payable
答案: 【 Debt】
2、单选题：
Cost of capital is the ____?
选项：
A: actual cost
B: sunk cost
C: historical cost
D: opportunity cost
答案: 【 opportunity cost】
3、单选题：
The cost of debt can be measured by the ____ of a bond.
选项：
A: coupon rate
B: expected yield
C: market rate
D: yield to maturity
答案: 【 yield to maturity】
4、单选题：
Which of the following is the application of cost of capital？
选项：
A: As the benchmark for compensation plans
B: Determining the target capital structure
C: As the hurdle rate in evaluating capital budgeting projects
D: All of the above
答案: 【 All of the above】
5、单选题：
Which of the following method is feasible for estimating the growth rate “g” in Gordon Model?
选项：
A: Use the historical growth rate.
B: Use the growth rate forecasted by analysts.
C: Use the earnings retention growth model.
D: All of the above
答案: 【 All of the above】
6、多选题：
Which of the following statements about the cost of capital are true?
选项：
A: Cost of capital is the opportunity cost.
B: Cost of capital is the actual cost paid by a firm to raise funds.
C: Cost of capital represents the degree of perceived risk.
D: Cost of capital is the return expected by investors who provide capital for a business.
E: Calculating the firm’s WACC, we should use book value to calculate the weights of debt and equity.
F: We should use the WACC to evaluate all potential investment projects.
答案: 【 Cost of capital is the opportunity cost.;
Cost of capital represents the degree of perceived risk. ;
Cost of capital is the return expected by investors who provide capital for a business.】
7、多选题：
The cost of capital is central to modern finance touching on ____.
选项：
A: investment decisions
B: measures of economic profit
C: divestment decisions
D: performance appraisal
E: incentive systems
F: none
答案: 【 investment decisions;
measures of economic profit;
divestment decisions;
performance appraisal;
incentive systems】
8、多选题：
External factors that affect the cost of capital include ____.
选项：
A: market interest rates
B: tax rates
C: underwriting costs
D: risk
E: capital structure
F: investment policy
答案: 【 market interest rates;
tax rates;
underwriting costs;
risk】
9、多选题：
Compared with the CAPM, which of the following are the new factors added to the Fama-French three-factor model?
选项：
A: Risk premium
B: SMB
C: HML
D: RMW
E: CMA
F: Momentum
答案: 【 SMB;
HML】
10、多选题：
Which of the following item does not have the cost of capital?
选项：
A: Accruals
B: Debt
C: Deferred taxes
D: Accounts payable
E: Common stock
F: Preferred stock
答案: 【 Accruals;
Deferred taxes;
Accounts payable】
TestforChapter2
1、单选题：
Which of the following item has the cost of capital?
选项：
A: Accruals
B: Debt
C: Deferred taxes
D: Accounts payable
答案: 【 Debt】
2、单选题：
Suppose we are given the following information about security i. The market rate and the risk-free rate is 10%, 6%, respectively. Beta is 1.2. According to the Capital Asset Pricing Model, the expected rate of return on