tb15Word文档格式.docx
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tb15Word文档格式.docx
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False.Real(notnominal)requiredreturnsareequal.
6.Incapitalbudgeting,repatriationoccurswhenexpatriateemployeesreturntotheparentfirm.
False.Repatriationistheactofremittingcashflowstotheparentfirm.
7.Relevantcashflowsfromtheparent’spointofviewarethosethatareremittedtotheparentinitsfunctionalcurrency.
True.
8.Theonlyrelevantcashflowsfromtheproject’spointofviewarethosethataretoberemittedtotheparentintheparent’sfunctionalcurrency.
False.Cashflowsinthelocalcurrencyareimportantfromtheproject’sperspective.
9.Blockedfundsarecashflowsgeneratedbyaforeignprojectthatarenotimmediatelyrepatriatedtotheparentbecausetheprojecthasbetteropportunitiesthantheparentcorporation.
False.Blockedfundsareblockedbecauseofrestrictionsimposedbyhostgovernments.
10.Blockedfundsinaforeigncountryshouldbediscountedattheriskfreerateofinterestintheforeigncurrency.
False.Thediscountrateshoulddependontheriskinessoftheasset(s)inwhichtheyareinvested.
11.Cashflowsfromsubsidizedfinancingarenecessarilytiedtoaspecificproject.
False.Financialsubsidiesaresometimesseparablefromanyparticularproject.
12.Accordingtofinancetheory,thevalueofsubsidizedfinancingthatisseparablefromaparticularprojectmuststillbeaddedtothevalueoftheprojectincalculatingprojectvalue.
False.Separablefinancialsubsidiesmaynotbeincrementalcashflowstoaparticularproject.
13.Developingcountriessometimesrequirethatforeigncompaniesinvestingcapitallocallytakeonadditionaldevelopmentorinfrastructureprojects.
14.Project-specificexpropriationriskhasnoeffectonexpectedfuturecashflowsfromaproject,butcanincreasethediscountrate.
False.Asset-specificrisks(includingexpropriationrisk)doinfluencecashflowsbutareusuallynotsystematicrisksandhencedonotaffectthediscountrate.
15.Managerscareonlyaboutsystematicriskandhenceshouldnothedgepoliticalrisk.
False.Undiversifiedmanagerscareabouttotalriskandsohaveanincentivetohedge.
MultipleChoice
1.Expectedfuturecashflowsareestimatedby____onlyincrementalcashflowsand____allopportunitycosts.
a.including;
including
b.including;
excluding
c.excluding;
d.excluding;
e.noneoftheabove
A
2.Nominalcashflowsinaforeigncurrencyshouldbediscounted____.
a.atanominaldiscountrateintheforeigncurrency
b.ataratereflectingtheparent’sopportunitycostofcapitalinthedomesticcurrency
c.ataweightedaveragecostofcapital
d.atthecostofdebt
e.atthecostofequity
3.Whichofthefollowingisfalse?
a.Cashflowsinaparticularcurrencyshouldbediscountedinthatcurrency.
b.Cashflowsshouldbediscountedattheopportunitycostofcapital.
c.Cashflowstoequityshouldbediscountedattheweightedaveragecostofcapital.
d.Nominalcashflowsshouldbediscountedatnominaldiscountrates.
e.Realcashflowsshouldbediscountedatrealdiscountrates.
C
4.Whichofstepsa)throughd)isinappropriatewhendiscountingforeigncurrencycashflowsusingtheparent’sperspective?
a.Estimateexpectedfuturecashflowsfromtheprojectintheforeigncurrencyandputthemonatimeline.
b.Convertexpectedfuturecashflowsintothedomesticcurrencyatthecurrentspotexchangerate.
c.Identifytheappropriaterisk-adjusteddiscountrateinthedomesticcurrencyfortheproject.
d.CalculatetheNPVinthedomesticcurrency.
e.Eachoftheaboveisappropriate.
B
5.IfaprojecthasapositiveNPVfromboththeparent’sandtheproject’sperspective,thentheparentfirmshould____.
a.accepttheproject
b.rejecttheproject
c.accepttheprojectandtrytocapturethevalueintheforeigncurrencytoday
d.rejecttheprojectandcontinuetolookforpositive-NPVprojectsintheforeigncurrency
5.IfaprojecthasapositiveNPVfromtheparent’sperspectivebutanegativeNPVfromtheproject’sperspective,thentheparentfirmshould____.
D
6.IfaprojecthasanegativeNPVfromtheparent’sperspectivebutapositiveNPVfromtheproject’sperspective,thentheparentfirmshould____.
d.rejecttheprojectandcontinuetolookforpositive-NPVprojectsintheforeigncountry
7.IfaprojecthasapositiveNPVbuttheNPVisgreaterfromtheproject’sthanfromtheparent’sperspective,thentheparentfirmshould____.
c.accepttheprojectandhedgetheforeigncurrencycashflows
8.AprojecthasanetpresentvalueofNPV€=€10,000.Inordertoinvestintheproject,theGermangovernmentrequiresthatyouundertakeanotherprojectwiththefollowingcashflowstream:
CF0€=-€5000,E[CF1€]=€1000,E[CF2€]=€1000,andE[CF3€]=€1000.Theappropriatediscountrateforthisprojectisi€=10%.Whataffectdoesthistie-inprojecthaveonyouroriginalNPV€estimate?
a.ItincreasesNPV€from€10,000to€12,513.15.
b.ItincreasesNPV€from€10,000to€17,486.85.
c.ItdecreasesNPV€from€10,000to€7,486.85.
d.ItincreasesNPV€from€10,000to€2,513.15.
e.ItisaseparateprojectandhasnoeffectonNPV.
9.SupposethegovernmentofGermanyoffersyoua3-year,non-amortizing€50,000loantoenticeyoutoundertakeaparticularprojectwithinitsborders.Inaddition,thegovernmentoffersyouanattractiverateofi€=10%whenloansofsimilarriskyieldareturnofi€=15%.TheGermantaxrateis50%.Whatisthepresentvalueoftheinterestsubsidyonthisloan?
a.€2854.03
b.€3108.56
c.€3250.66
d.€4895.60
e.€5708.06
10.RefertoExhibitT15.1.AssumethattheappropriatediscountrateforthecashflowsinExhibitT15.1isi€=5%.WhatistheNPV€ineuros?
a.€25,598.43
b.€26,232.48
c.€27,232.48
d.€29,000.00
e.€29,432.52
11.RefertoExhibitT15.1.Assumetheinternationalparityconditionshold.ThecurrentspotrateisS0£
/€=£
2/€.Ifi£
=7%andi€=5%,whatistheexpectedfuturespotrate[E(S3£
/€)]attimet=3?
a.£
1.890/€
b.£
1.963/€
c.£
2.020/€
d.£
2.116/€
e.£
2.250/€
12.RefertoExhibitT15.1.Assumetheinternationalparityconditionshold.ThecurrentspotrateisS0£
=7%andi€=5%,whatisNPV£
?
48,591.54
50,786.92
52,464.96
54,527.33
55,328.10
13.RefertoExhibitT15.1.Assumetheinternationalparityconditionsdonothold.Expectedfuturespotratesare:
E(S1£
/€)=£
2.060/€,E(S2£
2.100/€,andE(S3£
/€)=£
2.220/€.CalculateNPV£
byconvertingeurostopoundsattheexpectedfuturespotratesanddiscountinginpounds.AssumeS0£
2/€andi£
=7%.
a.NPV£
=£
b.NPV£
52,978.31
c.NPV£
53,015.25
d.NPV£
53,716.36
e.NPV£
54,142.84
14.RefertoExhibitT15.1.Supposethereisa10%chancethatthehostgovernmentwillseizetheassetsoftheprojectinyear3.Iftheassetsarenotseized,youexpecttoreceivethecashflowsasshown.Iftheassetsareseized,youexpecttoreceiverepatriatedfundsinyear1andyear2only.Assuminginternationalparityconditionshold,S0£
2/€,i€=5%,andi£
=7%,whatistheNPVinpounds?
42,431.49
47,018.46
47,368.32
49.652.21
50,737.29
E
15.RefertoExhibitT15.1.Supposethatbeginninginyear1,thereisa10%chanceeachyearthehostgovernmentwillseizetheproject’sassets.Iftheassetsarenotseized,youexpecttoreceivethecashflowsasstatedabove.Iftheassetsareseizedinaparticularyear,youexpecttoreceivenorepatriatedfundsthereafter.Assuminginternationalparityconditionshold,S0£
16.RefertoExhibitT15.1.Assumethat50%oftheproject’sexp
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