第六章 Capital Structure and Payout Policy：Sinking Funds and Convertible Provisions6.1Introduction to Capital Structure Choices:Introduction to Capital Structure Choices[判断题]Financial managers prefer to choose the same debt level no matter which industry they operate in.选项:[对, 错]
6.2Capital Structure in Perfect Capital Markets:Capital Structure in Perfect Capital Markets
6.3Debt and Taxes:Debt and Taxes
6.4The Costs of Bankruptcy and Financial Distress:The Costs of Bankruptcy and Financial Distress
6.5Optimal Capital Structure:The Tradeoff Theory:Optimal Capital Structure:The Tradeoff Theory
6.6Additional Consequences of Leverage:Agency Costs and Information:Additional Consequences of Leverage:Agency Costs and Information
6.7Cash Distributions to Shareholders:Cash Distributions to Shareholders
6.8Dividends vs. Share Repurchases in a Perfect Capital Market:Dividends vs. Share Repurchases in a Perfect Capital Market
6.9Market Imperfections and Dividend Policy:Market Imperfections and Dividend Policy
[判断题]In a perfect capital market, when a dividend is paid, the share price drops by the amount of the dividend when the stock begins to trade ex-dividend.选项:[错, 对]
[单选题]The relative proportions of debt, equity, and other securities that a firm has outstanding constitute its ________.选项:[retained earnings, paid out capital, capital structure, dividend expense]
[判断题]Even if two firms operate in the same industry, they may prefer different choices of debt-equity ratios.选项:[错, 对]
[单选题]Assume that MM's perfect capital markets conditions are met and that you can borrow and lend at the same 5% rate as Firm X. You have $5,000 of your own money to invest and you plan on buying Firm X stock. Using homemade (un)leverage you invest enough at the risk-free rate so that the payoff of your account will be the same as a $5,000 investment in Firm Y stock. The number of shares of Firm X stock you purchased is closest to ________.选项:[100, 1,650, 825, 417]
[单选题]By adding leverage, the returns on a firm are split between debt holders and equity holders, but equity holder risk increases because ________.选项:[debt and equity have equal priority, dividends are paid first, interest payments can be rolled over, interest payments have first priority]
[单选题]Which of the following statements is FALSE?选项:[MM Proposition I applies to capital structure decisions made at any time during the life of a firm., The choice of capital structure does not change the value of a firm if the cost of equity is higher than the cost of debt., When a firm borrows significant money to repurchase shares or pay a large cash dividend, the transaction is called a leveraged recapitalization., By choosing positive-NPV projects that are worth more than their initial investment, a firm can enhance its value.]
[单选题]A firm has a market value of equity of $30,000. It borrows $7500 at 8%. If the unlevered cost of equity is 15%, what is the firm's cost of equity capital?选项:[6.70%, 23.45%, 16.75%, 20.10%]
[判断题]A project's net present value (NPV) represents the value to the new investors of a firm created by the project.选项:[对, 错]
[判断题]The presence of financial distress costs can explain why firms choose debt levels that are too low to exploit the interest tax shield.选项:[错, 对]
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